Core Insights - Jiumuwang (601566.SH) reported a revenue of 2.13 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 6.02% [1] - The company's net profit attributable to shareholders reached 310 million yuan, showing a significant year-on-year increase of 129.63% [1] - The non-recurring net profit was 84.6453 million yuan, which reflects a year-on-year decrease of 17.38% [1] - Basic earnings per share stood at 0.54 yuan [1]

Core Viewpoint - Jiumuwang (601566.SH) reported a decline in total operating revenue for the first three quarters of 2025, while net profit attributable to shareholders saw significant growth [1] Financial Performance - Total operating revenue for the first three quarters reached 2.13 billion yuan, representing a year-on-year decrease of 6.02% [1] - Net profit attributable to shareholders was 310 million yuan, showing a year-on-year increase of 129.63% [1] - Basic earnings per share stood at 0.54 yuan [1]

一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 1 / 2 会议召开时间：2025 年 11 月 12 日 （星期三） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 05 日 （星期三） 至 11 月 11 日 （星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 司邮箱 ir@joeone.net 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 证券代码：601566 证券简称：九牧王 公告编号：临 2025-029 九牧王股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要 ...

证券代码：601566 证券简称：九牧王 公告编号：临 2025-028 九牧王股份有限公司 第六届董事会第六次会议决议公告 九牧王股份有限公司董事会 二○二五年十月二十九日 1 / 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 九牧王股份有限公司（以下简称"公司"）第六届董事会第六次会议于 2025 年 10 月 28 日以现场与通讯相结合的方式，在厦门市思明区宜兰路 1 号九牧王国 际商务中心五楼会议室召开，会议由董事长林聪颖先生主持。本次会议通知及相 关资料于 2025 年 10 月 23 日以专人送达或电子邮件方式送达全体董事、高级管 理人员。 本次会议应到董事 9 人，实到董事 9 人，其中董事长林聪颖、董事陈加芽， 因公出差，以视频方式参加会议。公司非董事高级管理人员列席了会议。本次会 议符合《公司法》及《公司章程》的规定。 经与会董事以记名方式投票表决，本次会议审议并形成了以下决议： 审议并通过了《2025 年第三季度报告》。 本议案经董事会审计委员会审议通过，审计委员会全体委员对本议案发表了 同意的 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 63,313.33 million, a decrease of 8.33% compared to the same period last year[5]. - Total profit for the quarter reached CNY 12,399.56 million, an increase of 82.36% year-on-year[5]. - Net profit attributable to shareholders was CNY 13,585.84 million, reflecting a year-on-year increase of 59.71%[5]. - The basic earnings per share for the quarter was CNY 0.24, up 60.00% compared to the previous year[6]. - The weighted average return on equity increased to 3.39%, up by 1.18 percentage points from the previous year[6]. - The total operating revenue for the main business was 210,201.10 million RMB, a decrease of 6.40% compared to the same period last year[12]. - The total profit for the current reporting period reached 12,399.56 million RMB, an increase of 82.36% compared to the previous period[10]. - The net profit attributable to shareholders for the current period was 13,585.84 million RMB, reflecting a growth of 59.71% year-on-year[10]. - The basic earnings per share for the current period was 0.24 RMB, up 60.00% from 0.15 RMB in the previous period[10]. - The company reported a net profit margin of approximately 25% for the first three quarters of 2025[44]. - Net profit for the first three quarters of 2025 reached CNY 306,478,382.94, representing a significant increase of 131.96% compared to CNY 132,207,448.41 in 2024[45]. Assets and Liabilities - Total assets at the end of the quarter were CNY 565,018.34 million, a decrease of 1.20% from the end of the previous year[6]. - Current assets as of September 30, 2025, totaled CNY 3,280,622,081.22, an increase from CNY 3,165,322,463.76 at the end of 2024[39]. - Total liabilities as of September 30, 2025, were CNY 1,614,600,904.37, down from CNY 1,812,613,770.93 at the end of 2024[41]. - Total assets as of September 30, 2025, were CNY 6,058,934,556.54, a slight decrease from CNY 6,140,310,692.75 at the end of 2024[52]. - Total liabilities as of September 30, 2025, were CNY 2,239,992,694.72, an increase from CNY 2,123,908,297.64 at the end of 2024[52]. Cash Flow - Cash flow from operating activities for the year-to-date was CNY 9,277.32 million, an increase of 1,244.56% compared to the previous year[5]. - The company reported a net cash flow from operating activities of 9,277.32 million RMB, a significant increase from 689.99 million RMB in the previous period[10]. - Cash flow from operating activities generated a net inflow of CNY 92,773,183.72, compared to CNY 6,899,881.23 in the previous year, indicating improved operational efficiency[48]. - Cash flow from investing activities resulted in a net outflow of CNY 94,767,722.90, compared to a smaller outflow of CNY 21,064,410.09 in 2024[49]. - Cash flow from financing activities showed a net outflow of CNY 166,283,475.53, an improvement from the outflow of CNY 249,290,021.74 in the previous year[49]. Investments - The company reported a significant increase in trading financial assets, which rose by 91.56% to CNY 137,809.33 million[9]. - The company has made substantial equity investments, including a direct investment in UR Group Inc. through Shanghai Jinglin Jiusheng Xinian Investment Center[25]. - The total amount of financial assets measured at fair value is 678,252.59 million RMB, with a total investment of 285,240.62 million RMB in wealth management products[26]. - The company reported a fair value change gain of 16,332.36 million RMB for the year-to-date period[26]. - The company has invested 30,000.00 million RMB in Beijing Ruiteng Yihong Investment Management Co., Ltd., focusing on Sunshine Insurance Group Co., Ltd.[25]. - The company’s investment in bonds amounts to 17,430.58 million RMB, with a year-end book value of 14,205.26 million RMB[26]. - The company has a total of 89,073.45 million RMB in equity investments, with a year-end book value of 73,025.06 million RMB[26]. - The company’s investment in private equity funds totals 20,000.00 million RMB, with a year-end book value of 29,796.18 million RMB[26]. - The company has made a significant investment of 18,540.00 million RMB in Xiamen Zhongjin Qitong Investment Partnership, focusing on the insurance sector[25]. - The company’s wealth management investments have generated a total of 391.71 million RMB in fair value gains year-to-date[26]. Market Presence and Strategy - The company plans to expand its market presence and invest in new product development in the upcoming quarters[44]. - The company closed 117 stores during the reporting period, while 41 franchise stores were converted to direct stores[19]. Shareholder Information - The total number of shareholders at the end of the reporting period was 14,220, with the largest shareholder holding 53.73% of the shares[21]. - The company has significant shareholders, with Jiumuwang International Investment Holding Co., Ltd. holding 308,768,140 shares, representing the largest stake[22]. Financial Products - The company is actively engaging in fixed income products, indicating a focus on stable returns amidst market fluctuations[29]. - The company reported a total of 3,000.00 million in fixed income products with a floating rate, set to mature on 2025/9/10[31]. - The company has a projected return of 39.19% on a fixed income product of 3,000.00 million maturing on 2025/2/17[30]. - A new fixed income product of 1,500.00 million is scheduled for maturity on 2025/6/25, with a floating rate[31]. - The company plans to issue a fixed income product of 2,000.00 million with a projected return of 24.66% maturing on 2025/6/11[30].

Core Insights - The company reported a third-quarter revenue of 633 million, a year-on-year decrease of 8.33% [1] - Net profit for the third quarter was 136 million, showing a year-on-year increase of 59.71% [1] - For the first three quarters, the company achieved a revenue of 2.13 billion, down 6.02% year-on-year [1] - Net profit for the first three quarters reached 310 million, reflecting a significant year-on-year increase of 129.63% [1]

Core Insights - The apparel and home textile sector experienced a slight decline of 0.09% on October 23, with Yangzhou Jinqian leading the losses [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Sector Performance - Notable gainers in the apparel and home textile sector included: - Mercury Home Textiles (603365) with a closing price of 18.96, up 4.35% [1] - ST Erya (600107) with a closing price of 8.79, up 3.41% [1] - Kai Run Co., Ltd. (300577) with a closing price of 24.06, up 2.82% [1] - Conversely, Yangzhou Jinqian (603307) saw a significant decline of 5.15%, closing at 43.32 [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 296 million yuan from institutional investors, while retail investors saw a net inflow of 326 million yuan [2] - The detailed capital flow for specific stocks showed: - Langsha Co., Ltd. (600137) had a net inflow of 25.56 million yuan from institutional investors [3] - ST Erya (600107) had a net inflow of 2.99 million yuan from institutional investors [3]

Core Insights - Jiumuwang's stock price increased by 0.11% on October 15, with a trading volume of 36.58 million yuan [1] - The company experienced a net financing outflow of 12.24 million yuan on the same day, with a total financing balance of 160 million yuan, representing 3.17% of its market capitalization [1] - For the first half of 2025, Jiumuwang reported a revenue of 1.497 billion yuan, a year-on-year decrease of 5.02%, while net profit attributable to shareholders increased by 248.54% to 174 million yuan [2] Financing and Trading Activity - On October 15, Jiumuwang had a financing buy-in of 2.69 million yuan and a financing repayment of 14.92 million yuan, resulting in a net financing buy of -12.24 million yuan [1] - The current financing balance of 160 million yuan is above the 80th percentile of the past year, indicating a high level of financing activity [1] - The company had a low short-selling balance of 122,000 yuan, with a short-selling volume of 13,900 shares, which is below the 10th percentile of the past year [1] Shareholder and Dividend Information - As of June 30, 2025, Jiumuwang had 15,100 shareholders, an increase of 6.59% from the previous period, with an average of 37,979 circulating shares per shareholder, a decrease of 6.18% [2] - Since its A-share listing, Jiumuwang has distributed a total of 5.09 billion yuan in dividends, with 402 million yuan distributed over the past three years [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.15 million shares, a decrease of 1.96 million shares from the previous period [2]

Core Insights - The production and demand for suits in China have been declining due to decreased industry prosperity, widespread market saturation, and increased competition from foreign markets. In 2015, the production of suit sets was 594 million pieces, while it is projected to be approximately 165 million pieces by 2024 [1][5]. Industry Overview - Suits, also known as western-style clothing, are characterized by features such as lapels and pockets, and are typically worn in formal settings. They can be categorized by gender, occasion, production process, and button style [2][3]. Current Industry Status - The suit industry in China is experiencing a downward trend in both production and demand. The production of suit sets is expected to decline by 8.61% year-on-year in the first half of 2025 [5][6]. Consumer Demand - There is a growing demand for personalized and comfortable suits, particularly among younger consumers, especially Generation Z. Key preferences include unique styles (53%), body-shaping designs (51%), and high-quality fabrics (48%) [6][7]. Customization Trend - Personalized customization is identified as the future direction of the suit industry, with the high-end custom suit market expected to reach 6.8 billion yuan in 2024 and potentially 8 billion yuan in 2025 [7][11]. Industry Chain - The upstream of the suit industry includes raw materials like cotton, viscose, and wool, while the midstream involves manufacturing. The downstream consists of retail and customization channels, serving consumers through both online and offline methods [8][9]. Historical Development - The suit entered China in 1911 and has evolved from a single style to a diverse range of options, reflecting cultural shifts. The industry is currently transitioning from scale expansion to category restructuring, driven by technological innovation [9][10]. Competitive Landscape - The Chinese suit industry has shifted from OEM production for foreign brands to developing independent brands with advanced technology. The market is competitive, with major players including HLA, Hongdou, Youngor, and Kute Intelligent [10][11]. Future Trends - The demand for suits is expanding beyond business professionals to the general public, with a focus on quality. Future trends include high-end, eco-friendly, and customized products, supported by advancements in smart manufacturing technology [10][11].

Core Insights - Jiumuwang's stock increased by 0.93% on September 29, with a trading volume of 25.13 million yuan, indicating positive market sentiment [1] - The company experienced a net financing outflow of 77,200 yuan on the same day, with a total financing and margin balance of 163 million yuan, which is 3.27% of its market capitalization [1] - Jiumuwang's main business includes the production and sale of men's business casual apparel, with significant revenue contributions from men's trousers (51.28%) and jackets (18.81%) [1] Financial Performance - For the first half of 2025, Jiumuwang reported a revenue of 1.497 billion yuan, a year-on-year decrease of 5.02%, while net profit attributable to shareholders increased by 248.54% to 174 million yuan [2] - The company has distributed a total of 5.09 billion yuan in dividends since its A-share listing, with 402 million yuan distributed over the past three years [2] Shareholder Information - As of June 30, 2025, Jiumuwang had 15,100 shareholders, an increase of 6.59% from the previous period, while the average number of circulating shares per shareholder decreased by 6.18% to 37,979 shares [2] - Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 7.151 million shares, a decrease of 1.9643 million shares from the previous period [2]