Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is experiencing significant growth in its IP licensing and cloud brocade business, with IP licensing revenue expected to reach 33.56 million yuan in 2024, a year-on-year increase of 88%, and a gross margin of 99%. The cloud brocade business is projected to generate 81.37 million yuan, reflecting a 64% year-on-year growth with a gross margin of 75% [2][4] - The company is successfully integrating its IP with consumer experiences, enhancing brand value through innovative retail formats and online engagement strategies, such as live streaming events that attract over 250,000 viewers [2][3] - The company is adjusting its profit forecasts, expecting revenues of 4.6 billion yuan, 4.9 billion yuan, and 5.2 billion yuan for 2025 to 2027, respectively, with net profits projected at 360 million yuan, 430 million yuan, and 490 million yuan [4][10] Summary by Sections Business Development - The company is set to open a flagship store in Suzhou in April 2025, featuring six themed areas that blend classic and modern aesthetics [1] - The cloud brocade, recognized as the pinnacle of Chinese silk weaving, is being commercialized through high-end art products, fashion accessories, and cultural creative items, with an average of 30 new SKUs launched monthly [3] Financial Performance - The company has adjusted its revenue forecasts for 2025 to 2027, now estimating revenues of 46 billion yuan, 49 billion yuan, and 52 billion yuan, with corresponding net profits of 3.6 billion yuan, 4.3 billion yuan, and 5.0 billion yuan [4][10] - Earnings per share (EPS) are projected to be 1.03 yuan, 1.24 yuan, and 1.44 yuan for the same period [4] Market Position - The company is positioned in the textile and apparel industry, focusing on innovative retail strategies and leveraging its IP assets to enhance consumer engagement and brand loyalty [6][2]

Investment Rating - The report assigns a "Buy" rating for the company [3] Core Views - Jin Hong Group is a leading fashion group in China, with a diverse brand matrix that includes high-end women's wear brands VGRASS, mid-to-high-end retro academy style brand TEENIEWEENIE, and high-end boutique brand Yuanxian, catering to different consumer segments and sharing resources for product development and channel expansion [3][17] - The company achieved a revenue of 4.395 billion yuan in 2024, with TEENIEWEENIE contributing 3.477 billion yuan (80% of total revenue) and VGRASS contributing 780 million yuan (18% of total revenue) [3][23] - The company is expected to see revenue growth of 9%/7%/6% from 2025 to 2027, reaching 4.786 billion yuan, 5.127 billion yuan, and 5.433 billion yuan respectively, with net profit growth of 8%/23%/11% [5][96] Summary by Sections Company Overview - Jin Hong Group is a top-tier fashion group in China, focusing on high-end women's wear design, production, and sales, with brands targeting various consumer demographics [17][31] Brand Performance - TEENIEWEENIE is the core brand, with a revenue of 3.5 billion yuan in 2024 and a gross margin of 67%. The brand has shown a CAGR of 8% from 2018 to 2024 [4][46] - VGRASS, a high-end women's wear brand, generated 780 million yuan in 2024, down 19% year-on-year [31][23] - Yuanxian, focusing on traditional cloud brocade craftsmanship, achieved a revenue of 81.37 million yuan in 2024, growing 64% year-on-year [5][72] Financial Analysis - The company maintained a gross margin of approximately 70%, with 2024's gross margin at 68.63% [78] - The company has been managing its financial expenses effectively, with a gradual reduction in debt pressure expected to enhance profit margins [83][84] - Inventory turnover days have decreased to 255 days, indicating improved operational efficiency [88] Revenue and Profit Forecast - The company forecasts revenue growth of 9%/7%/6% for 2025-2027, with net profit expected to grow by 8%/23%/11% during the same period [92][96] - The estimated earnings per share (EPS) for 2025 is projected at 0.95 yuan, with a price-to-earnings (P/E) ratio of 10.52 [6][93] Valuation and Investment Recommendation - The report suggests that Jin Hong Group's valuation is below the industry average, with a P/E ratio of 11/9/8 for 2025-2027, indicating potential for valuation appreciation due to its rich IP resources and cultural heritage [93][96]

Meeting Details - The 37th meeting of the 5th Supervisory Board of Jin Hong Fashion Group Co., Ltd. was held on June 25, 2025, in Nanjing, combining in-person and remote attendance [1] - The meeting was attended by all 3 supervisors, and the proceedings complied with relevant laws, regulations, and the company's articles of association [1][2] Resolutions Passed - The Supervisory Board approved a proposal for the company to apply for comprehensive credit from a bank, necessary for daily operational development [2] - The credit amount and loan interest rate will be determined through negotiations between the management and the bank, with a credit term of one year [1][2]

Group 1 - The company announced the completion of the second lock-up period for its employee stock ownership plan, with the conditions for unlocking being met [1][3][6] - The total number of shares that can be attributed to the first grant of the employee stock ownership plan during the second lock-up period is 450,000 shares, which accounts for 0.13% of the company's total share capital [4][7] - The company achieved a net profit of 317,153,320.62 yuan for 2024, surpassing the performance target of 306 million yuan, resulting in a company-level attribution coefficient of 100% [6][8] Group 2 - The employee stock ownership plan consists of three phases of vesting, with the second phase's shares being unlocked after 24 months [5] - The personal performance assessment for the stock ownership plan resulted in 11 out of 13 participants achieving a performance level of "B" or above, allowing for full unlocking of their shares [7] - The company will adhere to market trading rules and regulations regarding stock trading during sensitive periods [8][9]

证券代码：603518 证券简称：锦泓集团 公告编号：2025-045 锦泓时装集团股份有限公司 关于第二期员工持股计划首次授予部分 第二个锁定期届满暨解锁条件成就的公告 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。 锦泓时装集团股份有限公司（以下简称"公司"）于2025年6月25日召开第 五届董事会第三十八次会议，审议通过了《关于第二期员工持股计划首次授予部 分第二个锁定期届满暨解锁条件成就的议案》，公司第二期员工持股计划（以下 简称"本次员工持股计划"）首次授予部分第二个锁定期已届满，解锁条件已成 就。现将相关事项公告如下： 一、本次员工持股计划的相关情况 公司于 2023 年 3 月 3 日召开第五届董事会第十次会议和第五届监事会第十 次会议、2023 年 3 月 21 日召开 2023 年第一次临时股东大会，审议通过了《关 于<锦泓集团第二期员工持股计划（草案修订稿）>及其摘要的议案》等相关议案， 具体内容详见公司于 2023 年 3 月 4 日、2023 年 3 月 22 日披露在上海证券交易 所网站（www ...

第五届监事会第三十七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 证券代码：603518 证券简称：锦泓集团 公告编号：2025-044 锦泓时装集团股份有限公司 因公司经营所需，现拟向银行申请综合授信： 锦泓时装集团股份有限公司（以下简称"公司"）第五届监事会第三十七 次会议于 2025 年 6 月 25 日（星期三）在南京市茶亭东街 240 号公司大会议室以 现场结合通讯的方式召开。会议通知已于 2025 年 6 月 20 日通过邮件的方式送达 各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席祁冬君女士主持。会议召开符合有关法律、法规、规章 和《公司章程》的规定。出席会议的监事对各项议案进行了审议并做出如下决议： 1.公司拟向宁波银行南京分行申请综合授信，综合授信金额不超过9,000万 元人民币。 2.公司拟向光大银行南京分行申请综合授信，综合授信金额不超过10,000 万元人民币。 3.公司拟向兴业银行南京分行申请综合授信，综合授信金额不超过1 ...

证券代码：603518 证券简称：锦泓集团 公告编号：2025-043 锦泓时装集团股份有限公司 第五届董事会第三十八次会议决议公告 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。 一、董事会会议召开情况 1.公司拟向宁波银行南京分行申请综合授信，综合授信金额不超过9,000万 元人民币。 会议由董事长王致勤先生主持，监事、高管列席。会议召开符合有关法律、 法规、规章和《公司章程》的规定。经各位董事审议，会议形成了如下决议： 二、董事会会议审议情况 （一）审议通过《关于第二期员工持股计划首次授予部分第二个锁定期届 满暨解锁条件成就的议案》 本议案已经公司第五届董事会薪酬与考核委员会第十次会议审议通过。具体 详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《锦泓时装集团 股份有限公司关于第二期员工持股计划首次授予部分第二个锁定期届满暨解锁 条件成就的公告》（公告编号：2025-045）。 表决结果：4 票同意，0 票反对，0 票弃权。关联董事王致勤、宋艳俊、赵 玥回避表决。 （二）审议通过《关于公司拟 ...

证券代码：603518 证券简称：锦泓集团 公告编号：2025-042 锦泓时装集团股份有限公司 关于股权激励限制性股票回购注销实施公告 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个别及连带责任。 重要内容提示： | 回购股份数量 | 注销股份数量 | | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 216,300 股 | 216,300 | 股 | 2025 | 年 | 6 月 | 26 | 日 | 一、 本次限制性股票回购注销的决策与信息披露 锦泓时装集团股份有限公司（以下简称"公司"）于 2025 年 3 月 26 日召开 第五届董事会第三十六次会议、2025 年 4 月 25 日召开 2024 年年度股东大会， 审议通过了《关于回购注销 2023 年限制性股票激励计划部分限制性股票的议案》， 同意公司以 4.10 元/股回购注销已获授但尚未解除限售的限制性股票合计 216,300 股。具体详见公司分别于 2025 年 3 月 27 日、 ...

Group 1 - The A-share clothing and home textile sector experienced a significant drop at the beginning of trading, with Jin Hong Group hitting the daily limit down [1] - Mingpai Jewelry and Anzheng Fashion both fell over 5%, indicating a broader decline in the sector [1] - Other companies such as Feiya, Chaohongji, Mankalong, and Tanshizhe also followed the downward trend [1]

证券代码：603518 证券简称：锦泓集团 公告编号：2025-041 锦泓时装集团股份有限公司 关于股票交易异常波动的公告 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： 一、股票交易异常波动的具体情况 锦泓时装集团股份有限公司(以下简称"公司")股票于 2025 年 6 月 3 日至 6 月 5 日连续 3 个交易日内收盘价格涨幅偏离值累计超过 20%,根据《上海证券交易 所交易规则》的有关规定,属于股票交易异常波动情形。 根据上海证券交易所相关规定,公司对相关问题进行了必要核实。现说明如下： （一）生产经营情况 经公司自查，公司目前经营状况正常，内外部经营环境未发生重大变化。不 存在应披露而未披露的重大信息。 （二）重大事项情况 经自查,并向公司控股股东及实际控制人发函询问核实,截至本公告披露日, 公司及其控股股东、实际控制人不存在影响公司股票交易价格异常波动的重大事 项；不存在其他应披露而未披露的重大信息, 包括但不限于重大资产重组、发行 股份、上市公司收购、债务重组、业务重组、资产剥离、资产注入 ...