证券代码：603518 证券简称：锦泓集团 公告编号：2025-037 锦泓时装集团股份有限公司 关于完成工商变更登记暨取得换发营业执照的公告 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。 类型：股份有限公司（上市） 住所：南京市秦淮区中山南路 1 号 60 层 法定代表人：王致勤 注册资本：34557.5784 万元整 成立日期：2003 年 03 月 14 日 经营范围：许可项目：代理记账；第二类增值电信业务（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准） 锦泓时装集团股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召开 2025 年第一次临时股东大会，审议通过了《关于变更注册资本暨修订<公司章程> 的议案》。具体详见公司分别于 2025 年 2 月 12 日、2025 年 2 月 28 日在上海证 券交易所网站（www.sse.com.cn）披露的《关于变更注册资本暨修订<公司章程> 的公告》（公告编号：2025-014）、《2025 年第一次临时股东大会决 ...

锦泓集团（603518）发布异动公告，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。公司已于2025年4月30日披露了2025年一季度报告，一季度实现营业收入 11.11亿元，同比下降3.59%；实现归属于上市公司股东的净利润0.89亿元，同比下降23.35%。报告期内 公司"维格转债"到期赎回，影响公司货币资金3.23亿元，影响当期净利润0.28亿元。 ...

Group 1 - The consumer sector continues to strengthen, with new beverage and new retail sectors leading the gains [1] - Companies such as Huanlejia, Lehui International, Guofang Group, Huijishan, Youa Shares, Jinhong Group, and Anzheng Fashion have reached their daily limit up [1] - Dongpeng Beverage has increased nearly 5%, reaching a historical high with a total market value approaching 160 billion [1]

Summary of Jin Hong Group Conference Call Company Overview - Jin Hong Group experienced a slight decline in overall performance, but the Vigna brand's decline has narrowed, and the Yun Jin business showed strong growth, with a 10% increase in Q1 and a remarkable 40%-50% growth in April and May, indicating significant growth potential [2][4] Key Business Segments IP Licensing Business - Jing Hong Group's IP licensing business generated over 30 million in revenue with a gross margin exceeding 90%, primarily from the Tini Vini brand. The rapid growth is attributed to a revenue-sharing model with suppliers, achieving over 100% growth in April and May [2][5][6] - The company signs three-year contracts with partners, ensuring brand protection, product approval, and quality requirements, aiming for long-term cooperation with leading suppliers [2][7] - The IP licensing business is expected to continue expanding, with plans to introduce two to three new product categories this year [10][22] Yun Jin Business - The Yun Jin business set a growth target of 40%, driven by the appeal of national trends and cultural heritage IP to younger consumers. The projected revenue for this year is 130 million, with future targets of 800-1,000 million [2][12][13] - The Yun Jin product line saw significant online growth of approximately 50%, with sales channels including Tmall, JD.com, and Douyin [3][24] Financial Performance - The gross margin for the Yun Jin business is over 70%, with a net margin of 20%-24%. The upcoming Yun Jin Museum project is expected to maintain a net margin above 15% [2][14] - The company's debt has significantly decreased, with acquisition loans reduced from 3.3 billion to 450 million, and current working capital loans below 300 million, alleviating previous debt concerns [2][15] Market Position and Valuation - Jin Hong Group's online business growth rate exceeds 50%, with a gross margin of over 70%. The company is positioned in the mid-to-upper tier of the textile and apparel industry, yet its valuation remains low despite strong growth potential [27][28] - The company has unique IP and intangible cultural heritage products, which provide a competitive advantage over other textile and apparel firms [28] Additional Insights - The company is focusing on expanding its product offerings, including plush toys, which are expected to launch soon and have shown good sales performance in offline stores [11][21] - The pricing strategy for Yun Jin products varies significantly, catering to different consumer segments, with prices ranging from hundreds to tens of thousands of yuan [25] Conclusion - Jin Hong Group is navigating a challenging market environment with strategic growth in its IP licensing and Yun Jin businesses, while effectively managing debt and maintaining a strong gross margin. The company is well-positioned for future growth, particularly among younger consumers, and is expected to leverage its unique IP assets for further expansion [2][28]

证券代码：603518 证券简称：锦泓集团 公告编号：2025-036 锦泓时装集团股份有限公司 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0.31元 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 | 2025/5/19 | － | 2025/5/20 | 2025/5/20 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本346,685,984股为基数， ...

Core Viewpoint - The textile and apparel industry is experiencing high marketing expenditures, with several companies significantly increasing their sales expenses, which raises concerns about the balance between marketing and research and development investments [1][4]. Sales Expenses Overview - The top three companies in terms of sales expenses for 2024 are Haier Home (48.41 billion), Semir Apparel (37.51 billion), and Taiping Bird (26.39 billion) [1][2]. - Sales expenses for Haier Home and Semir Apparel have increased by 11.21% and 13.89% respectively compared to the previous year [1][2]. - Notable increases in sales expenses are observed in Jiuwang (13.88 billion, up 24.2%), Biyinlefen (16.13 billion, up 22.96%), and Semir Apparel (37.51 billion, up 13.89%) [1][2]. Sales Expense Ratios - In 2024, companies like Xinhe (54.36%), Jinhong Group (50.8%), Annail (50.42%), and Geli Si (50%) are allocating over 50% of their revenue to marketing expenses, indicating high marketing spending [2][3]. - Jiuwang's sales expense ratio is 43.64%, reflecting a significant increase from the previous year [3]. Marketing vs. R&D Investment - The industry shows a trend of high marketing expenses compared to low R&D investments, with Xinhe's sales expense ratio at 54.36% and R&D expense ratio at only 4.4% [4]. - This imbalance contributes to product homogeneity and insufficient innovation, leading to inventory issues and price wars among brands [4].

Core Insights - The apparel industry continues to exhibit high gross margins and low net margins, with over half of the selected 25 listed companies achieving gross margins above 50% and many exceeding 65%, while net margins are generally below 15% [1][6] Group 1: Gross Margin Analysis - Among the selected companies, the top three in terms of gross margin for 2024 are: - Bi Yi Le Fen at 77.01% - Di Su Shi Shang at 74.84% - Jin Hong Group at 68.63% [1] - Only two companies, Mu Gao Di and Mei Bang Fu Shi, reported gross margins below 40%, with figures of 28.48% and 27.44% respectively [1] Group 2: Net Margin Analysis - A significant number of companies have net margins below 7%, with 14 out of 25 companies falling into this category [2] - The net margins for specific companies are as follows: - Jin Hong Group at 6.97% - Mu Gao Di at 6.42% - Jiu Mu Wang at 5.48% - Ai Mu Shares at 5.27% - Lang Zi Shares at 5.19% - Tu Lu Zhe at 4.70% - Du Shi Li Ren at 3.83% - Tai Ping Niao at 3.77% - Xin He Shares at -4.79% - An Zheng Shi Shang at -6.50% - Ge Li Si at -8.42% - San Fu Outdoor at -10.65% - An Nai Er at -18.13% - Mei Bang Fu Shi at -28.70% [4][6] Group 3: Trends and Observations - In 2024, nine companies experienced simultaneous declines in both gross and net margins, including Mei Bang Fu Shi, An Zheng Shi Shang, Xin He Shares, An Nai Er, Bi Yi Le Fen, Ai Mu Shares, Zhong Guo Li Lang, Ge Li Si, and Sen Ma Fu Shi [2][6] - The disparity between gross and net margins is attributed to high selling expense ratios in the textile and apparel industry, which significantly erodes profits [6]

证券代码：603518 证券简称：锦泓集团 公告编号：2025-035 锦泓时装集团股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 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、募集资金基本情况 （一）公开发行可转换债券 经中国证券监督管理委员会证监许可《关于核准维格娜丝时装股份有限公司 公开发行可转换公司债券的批复》（证监许可[2018]1971号）核准，锦泓集团向 社会公开发行面值总额74,600.00万元可转换公司债券，期限6年。本次可转换公 司债券的募集资金总额为人民币74,600.00万元，扣除与本次可转换公司债券发 行相关的发行费用2,134.36万元（含增值税），加上发行费用可抵扣增值税120.81 万元，共计募集资金净额为人民币72,586.45万元。上述募集资金净额已于2019 年1月30日到位，公证天业会计师事务所（特殊普通合伙）（原名称为江苏公证 天业会计师事务所（特殊普通合伙），于2019年6月更名为以上名称）已对本次 发行的募集资金到位情况进行审验，并出具了苏 ...

证券代码：603518 证券简称：锦泓集团 公告编号：2025-033 锦泓时装集团股份有限公司 第五届监事会第三十六次会议决议公告 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 锦泓时装集团股份有限公司（以下简称"公司"）第五届监事会第三十六次 会议于 2025 年 4 月 29 日（星期二）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 4 月 23 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： 二、监事会会议审议情况 （一）审议通过《关于<2025 年第一季度报告>的议案》 监事会认为：公司 2025 年一季度报告的编制和审议程序符合法律、法规和 《公司章程》的规定，报告的内容和格式符合中国证监会和上海证券交易所的规 定，报告所包含的信息能充分反映报告期内公司的财务状 ...

证券代码：603518 证券简称：锦泓集团 公告编号：2025-032 锦泓时装集团股份有限公司 第五届董事会第三十七次会议决议公告 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 锦泓时装集团股份有限公司（以下简称"公司"）第五届董事会第三十七次 会议于 2025 年 4 月 29 日（星期二）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 4 月 23 日通过邮件的方式送达各 位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 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<2025 年第一季度报告>的议案》 本议案已经公司第五届董事会审计委员会第十五次会议审议通过。具体内容 详见公司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 2025 年第一季度报告》。 表决 ...