Core Insights - The article highlights the contrasting investment strategies of two companies in the men's apparel sector: Youngor, which has successfully generated significant returns from cross-industry investments, and Jiumuwang, which has faced substantial losses from its investment ventures and is now refocusing on its core business [2][5][15]. Company Performance - Youngor has achieved an investment return of approximately 41 billion yuan, with a market value of around 337 billion yuan as of now [5]. - Jiumuwang's total assets are projected to be 5.7 billion yuan by the end of 2024, with an investment book value of 2.27 billion yuan, accounting for 40% of its total assets [2]. - Jiumuwang has reported continuous investment losses over the past three years, with net losses of 169 million yuan in 2022, 116 million yuan in 2023, and an expected loss of 59 million yuan in 2024 [2]. Investment Strategy - Jiumuwang began its "industry + investment" strategy in 2014, aiming to boost its main apparel business through investments in related industries and explore new growth avenues through cross-industry investments [3][10]. - In contrast, Youngor has been recognized as a model for cross-industry investment in the traditional apparel retail sector, having entered real estate in 1992 and later ventured into financial investments [5][3]. Investment Losses - Jiumuwang's investment portfolio includes a wide range of assets, such as equity investments, stocks, bonds, and private equity funds, with a total investment cost of 1.86 billion yuan in primary equity across 28 projects since 2014 [10][12]. - The company has seen a stark contrast in its investment outcomes, with 10 exited projects yielding a profit of 490 million yuan against a cost of 610 million yuan, while 18 remaining projects have only returned 150 million yuan against a cost of 1.25 billion yuan, leading to significant unrealized losses [12][14]. Market Position - Jiumuwang, known as the "men's pants expert," has struggled to attract younger consumers despite acquisitions of brands like ZIOZIA and FUN, which have contributed less than 8% to its revenue as of 2024 [14][15]. - The company has decided to refocus on its core business, aiming to become a leading multi-brand fashion business group, although its ability to achieve this remains uncertain [15].

Core Viewpoint - The investment business of Jomoo King, exceeding 2 billion, appears to be intertwined with the actual controller and his daughter's external companies, raising concerns about potential profit transfer risks and the safety of the company's funds [1] Group 1: Company Overview - Jomoo King's main business is the production and sale of men's pants and business casual clothing, with men's pants accounting for about half of its revenue [1] - The company has maintained the largest market share in the domestic men's pants market for 25 consecutive years [1] Group 2: Financial Performance - In 2024, Jomoo King's revenue was 3.181 billion, a year-on-year increase of 4.13%, while the net profit attributable to the parent company was 176 million, a decrease of 7.86% [13] - The company has experienced a significant increase in sales expenses, which rose by 24.2% to 1.39 billion in 2024, outpacing revenue growth [13] - The company’s cash dividend payout ratio has been exceptionally high, reaching 163.94% at its peak, indicating that it has distributed more than its annual profits [7] Group 3: Investment Business - As of the end of 2024, the company held various financial assets, including bonds, deposits, stocks, and private equity investments, with a total balance of 12.77 billion in other assets [3] - The company’s investment activities are closely linked to its actual controller and related parties, raising regulatory concerns about fund safety [4] - The company has faced continuous losses in fair value changes related to its investment business, with losses of 1.69 billion, 1.16 billion, and 585.6 million from 2022 to 2024, respectively [17] Group 4: Governance and Control - The actual controller of Jomoo King, Lin Congying, controls 53.73% of the company's shares through Jomoo International Investment [4] - The company has been required by regulators to disclose detailed information regarding its private equity investments and their relationship with the controlling shareholder [10]

Core Viewpoint - The company, Jiumuwang Co., Ltd., is under scrutiny regarding its financial disclosures, particularly concerning its cash management, debt situation, and investment strategies, as highlighted in the inquiry from the Shanghai Stock Exchange [1]. Group 1: Financial Situation - The company's cash balance at the end of 2022, 2023, and 2024 was RMB 672 million, RMB 1,066 million, and RMB 766 million respectively, while total short-term and long-term borrowings were RMB 612 million, RMB 407 million, and RMB 224 million for the same years [1]. - Financial assets and equity investments accounted for 44%, 39%, and 40% of total assets from 2022 to 2024, indicating a significant portion of the company's asset base is tied up in these investments [1]. Group 2: Cash Management - The company has implemented strict cash management policies, ensuring that cash funds are accurately recorded and that there are no instances of fund misappropriation or unauthorized use [2]. - The cash management report for 2024 shows a total cash balance of RMB 3.32 million in cash, with significant amounts held in various banks, including RMB 1,424.17 million in Industrial and Commercial Bank of China and RMB 743.36 million in China Minsheng Bank [2][3]. Group 3: Investment Strategy - The company has engaged in substantial financial and equity investments, with a total investment of RMB 1.86 billion in primary equity investments from 2014 to 2024, achieving a profit of RMB 490 million from exited projects [6]. - The company aims to leverage its own funds to invest in related industries and new technologies, aligning with its vision of becoming a leading fashion industry group [6][8]. - The company has decided to stop increasing its primary equity investment projects and is focusing on exiting existing investments to streamline its financial strategy [9]. Group 4: Investment Performance - The company reported investment income of RMB 469.7 million in 2024, with significant losses in fair value changes, particularly in secondary market investments, amounting to RMB 585.55 million [10]. - The fair value changes in investments have primarily been influenced by market fluctuations, with notable losses in 2022 and 2023 due to secondary market volatility [10][11]. Group 5: Risk Management - The company maintains that its investments in bonds and certificates of deposit are of high credit quality and liquidity, mitigating the risk of non-redeemability or significant losses [10][11]. - The company has reduced its secondary market investment scale from RMB 481 million at the end of 2022 to RMB 221 million at the end of 2024, reflecting a cautious approach to investment risk [10].

Core Viewpoint - The company, Jomoo Wang Co., Ltd., has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, detailing its financial situation, including cash reserves, loans, and investment strategies, while emphasizing its commitment to transparency and compliance with regulations [1]. Financial Situation - The company's cash reserves at the end of 2022, 2023, and 2024 were RMB 672 million, RMB 1,066 million, and RMB 766 million respectively. The total short-term and long-term loans were RMB 612 million, RMB 407 million, and RMB 224 million for the same years [1]. - The company's financial assets and equity investments were valued at RMB 2,479 million, RMB 2,280 million, and RMB 2,270 million at the end of 2022, 2023, and 2024, representing 44%, 39%, and 40% of total assets respectively [1]. Investment Strategy - The company has engaged in significant financial and equity investments, with a total investment of RMB 1,860 million from 2014 to 2024, achieving a profit of RMB 490 million from exited projects [4]. - The company has maintained a high dividend payout ratio, distributing a total of RMB 5,137 million in cash dividends from 2011 to 2024, reflecting a commitment to shareholder returns [4]. Market Position - Compared to industry peers, the company holds a relatively high level of financial assets and equity investments, with a total of RMB 1,596 million, accounting for 28% of total assets, which is higher than several competitors [6]. - The company has decided to stop increasing its primary equity investment projects and is focusing on clearing existing investments while shifting towards lower-risk financial products [7]. Performance Impact - The company's financial and equity investments have shown mixed results over the past three years, with total investment income of RMB 4,696.95 million in 2022, RMB 2,220.09 million in 2023, and a loss of RMB 13.09 million in 2024 [8]. - The fair value changes in investments have led to significant losses, particularly in 2022 and 2023, primarily due to fluctuations in the secondary market [8].

关于九牧王股份有限公司 2024 年年度报告的信息披露监管问询函 相关问题的专项说明 容诚专字[2025]361Z0433号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 关于九牧王股份有限公司 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 2024 年年度报告的信息披露监管问询函相关问题的专项说明 容诚专字[2025]361Z0433号 上海证券交易所： 贵所于近日向九牧王股份有限公司（以下简称"公司"、"九牧王"）发 出了《关于九牧王股份有限公司 2024 年年度报告的信息披露监管问询函》 （上证公函【2025】0655 号）（以下简称"问询函"），容诚会计师事务所 （特殊普通合伙）对问询函中提到的需要年审会计师说明或发表意见的问题进 行了认真核查。现做专项说明如下： （除特别注明外，以下金额 ...

证券代码：601566 证券简称：九牧王 公告编号：临 2025-019 九牧王股份有限公司 关于上海证券交易所对公司 2024 年年度报告的 信息披露监管问询函的回复公告 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。 九牧王股份有限公司（以下简称"公司"）于 2025 年 5 月 27 日收到上海证 券交易所发来的《关于九牧王股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证公函【2025】0655 号）（以下简称"《问询函》"）。根据《问 询函》的要求，公司会同年审会计师对《问询函》所列事项逐项复核落实，现将 《问询函》相关回复具体内容公告如下（除特别注明外，相关金额单位为人民币 万元）： 一、关于资金情况。公司主营男装的生产、销售。2022 年至 2024 年年末， 公司货币资金期末余额分别为 6.72 亿元、10.66 亿元、7.66 亿元，短期借款及长 期借款合计金额分别为 6.12 亿元、4.07 亿元、2.24 亿元。此外，公司金融资产 及股权投资规模较大，包括一级股权投资、股票、债券、私募 ...

Core Points - The announcement details the release of pledged shares by a major shareholder of Jiuwu Wang Co., Ltd. [2] - The shareholder, Quanzhou Borui Investment Management Co., Ltd., released 13,000,000 shares, which is 68.60% of their total holdings in the company [2] - After the release, Borui Investment and its concerted parties hold a total of 35,350,079 shares, representing 6.15% of the total share capital [2] Summary by Sections - **Shareholder Information** - Quanzhou Borui Investment Management Co., Ltd. holds 18,950,000 shares, accounting for 3.30% of the total share capital [2] - Following the release of the pledge, Borui Investment has no remaining pledged shares [2] - **Pledge Release Details** - The release of the pledged shares was completed on June 18, 2025, at the China Securities Depository and Clearing Corporation [2] - Borui Investment indicated that the release was an early termination of the pledge, with no delays involved [2] - Future pledging of the released shares will depend on operational needs, and the company will comply with relevant disclosure obligations [2]

证券代码：601566 证券简称：九牧王 公告编号：临 2025-018 1、股份被解质或解冻情况 1 / 2 九牧王股份有限公司（以下简称"公司"）股东泉州市铂锐投资管理有限 公司（以下简称"铂锐投资"）持有公司股份 18,950,000 股，占公司总股 本的 3.30%，本次解除质押股份 13,000,000 股，占其持有公司股数的 68.60%。 铂锐投资及其一致行动人合计持有公司股份 35,350,079 股，占公司总股 本的 6.15%。本次解除质押后，铂锐投资及其一致行动人剩余被质押股 份数量为 0。 九牧王股份有限公司 关于股东股份解除质押的公告 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。 重要内容提示： 2025 年 6 月 18 日，公司接到公司股东铂锐投资的通知，铂锐投资将其质押 给国泰海通证券股份有限公司（合并前国泰君安证券股份有限公司）的公司股票 13,000,000 股，于 2025 年 6 月 18 日在中国证券登记结算有限公司上海分公司办 理了解除质押的手续。具体事项如下： | 股东名称 ...

Core Viewpoint - The article explores the phenomenon of wealth and business success in Jinjiang, Fujian, highlighting its unique characteristics and the prevalence of family-run enterprises and "bosses" in the region. Group 1: Wealth and Business Landscape - Jinjiang has over a thousand enterprises with a valuation exceeding 100 million, producing 26 super-rich individuals with a total wealth of 750 billion yuan [5] - The region is known for its significant contribution to the sportswear industry, with one in every five pairs of sports shoes globally produced in Jinjiang [12] - Jinjiang is home to numerous well-known brands such as Anta, Xtep, and Peak, which dominate the sportswear market [13][14] - In 2022, over half of the new entrants in the Hurun Rich List from Quanzhou were from Jinjiang [11] Group 2: Family and Business Connections - The business community in Jinjiang often relies on family connections for collaboration, with many enterprises being family-run [7] - Marriages among the wealthy families in Jinjiang are strategic, often involving significant dowries and business partnerships [30][34] - The article describes a high-profile wedding where the bride's dowry was rumored to be 1.8 billion yuan, showcasing the intertwining of wealth and family ties [34] Group 3: Economic Growth and Development - Jinjiang's GDP is projected to reach 350 billion yuan in 2024, ranking third among China's top 100 counties [27][28] - The region has developed specialized industrial clusters, including a shoe and clothing industry worth over 200 billion yuan [25] - Jinjiang's economic model emphasizes "one village, one product" and "one town, one industry," fostering a collaborative business environment [75][76] Group 4: Cultural and Social Dynamics - The article contrasts the romanticized portrayals of wealth in Jinjiang literature with the practical realities of business operations in the region [68][89] - Jinjiang's business leaders often come from humble beginnings, emphasizing hard work and community support in their success stories [71][72] - The social fabric of Jinjiang is characterized by strong community ties, with local businesses often collaborating and supporting each other [93][94]

证券代码：601566 证券简称：九牧王 公告编号：2025-017 九牧王股份有限公司2024年年度权益分派实施公告 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法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.3元 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/6 | － | 2025/6/9 | 2025/6/9 | | ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/6 | － | 2025/6/9 | 2025/6/9 | | ? 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登 ...