Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [5] Core Insights - The company reported a revenue of 1.5 billion in Q4 2024, a 2% year-on-year increase, and a net profit attributable to shareholders of 140 million, a 35% year-on-year increase [1] - For the full year 2024, the company expects a revenue of 4.4 billion, a 3% decrease year-on-year, and a net profit of 300 million, a 3% increase year-on-year [1] - The company is focusing on the potential of its IP licensing business, particularly through the Teenie Weenie brand, which has a rich IP asset reserve [2][3] Financial Performance Summary - In Q4 2024, revenue by brand showed Teenie Weenie at 3.5 billion (down 1%), Vgrass at 800 million (down 19%), and Yun Jin at 80 million (up 64%) [1] - The gross margin for Teenie Weenie was 67% (down 1 percentage point), Vgrass at 75% (up 0.3 percentage points), and Yun Jin at 75% (up 1.4 percentage points) [1] - The direct sales model generated 2.2 billion (down 10%) with a gross margin of 73% (down 1.1 percentage points), while franchise revenue was 400 million (up 21%) with a gross margin of 62% (up 4.3 percentage points) [1] IP Asset Development - The company is making significant progress in diversifying and monetizing its IP assets, particularly through the Teenie Weenie brand, which includes 18 anthropomorphized cartoon bear characters [2] - The company is leveraging data analytics to identify consumer-preferred product categories that align with the lifestyle of the bear family, establishing strategic licensing partnerships with quality suppliers and distributors [2][3] Channel Ecosystem Reconstruction - The company is enhancing market penetration and operational efficiency through offline store structure adjustments and online content ecosystem reconstruction [4] - New store formats have been introduced, including brand concept stores and city flagship stores, which have significantly increased foot traffic and customer engagement [4]

Core Viewpoint - In 2024, the company reported a slight decline in revenue but a modest increase in net profit, indicating stable performance amid a challenging environment [1] Financial Performance - The company achieved a revenue of 4.4 billion yuan, down 3.3% year-on-year, while net profit attributable to shareholders was 310 million yuan, up 2.9% year-on-year [1] - The earnings per share (EPS) was 0.89 yuan, with a proposed cash dividend of 0.13 yuan per share, resulting in a payout ratio of 35.0% [1] - Quarterly revenue trends showed a decline in Q1 to Q3, with Q4 showing a recovery with a 1.6% increase [1] Brand Performance - The TW brand revenue slightly decreased by 1%, while the cloud brocade brand experienced significant growth of 63.9% [2] - The revenue contribution from TW brand, Vigna, and cloud brocade was 79%, 18%, and 2% respectively [2] - The TW brand's revenue breakdown by category showed women's wear, men's wear, and children's wear contributing 66%, 13%, and 21% respectively [2] Channel and Store Performance - Online and offline channels contributed 40% and 59% to total revenue, with offline channels experiencing a 6.7% decline [2] - The number of offline stores for TW brand, Vigna, and cloud brocade was 1,047, 186, and 1 respectively, with a notable increase in franchise stores [3] - The average monthly store efficiency for TW brand and Vigna decreased by 4.4% and 6.6% respectively [3] Profitability and Cost Management - The gross margin for 2024 was 68.6%, a slight decrease of 0.6 percentage points year-on-year [4] - The company managed to reduce its expense ratio to 59.5%, with a notable decrease in sales expenses [5] - Inventory turnover improved, while accounts receivable turnover slowed down [5] Future Outlook - The company plans to enhance product and channel transformation to drive high-quality growth and improve profitability [6] - The TW brand is focusing on expanding its product categories and optimizing its retail strategy [6] - High-growth segments such as the Yuanxian brand and IP licensing are expected to contribute significantly to future revenue [7]

Core Viewpoint - Jin Hong Group reported a decline in revenue for 2024, but managed to achieve a slight increase in net profit, indicating resilience in profitability despite revenue challenges [1][2][4]. Financial Performance - The total operating revenue for 2024 was approximately 4.395 billion yuan, a decrease of 3.29% compared to 2023 [2]. - The net profit attributable to shareholders was approximately 306 million yuan, reflecting a year-on-year increase of 2.90% [2]. - The net profit after deducting non-recurring gains and losses was about 278 million yuan, up by 2.77% from the previous year [2]. - The net cash flow from operating activities was approximately 771 million yuan, down 17.35% year-on-year [3]. Shareholding Structure - As of the end of the reporting period, Wang Zhiqin held 18.06% of the shares, while Song Yanjun held 15.22%, with both being the controlling shareholders and actual controllers of the company [3][4]. - Wang Zhiqin and Song Yanjun are married, with Wang serving as the chairman and general manager, and Song as a board member [3]. Stock Issuance - Jin Hong Group announced the termination of a plan to issue shares to specific investors, citing sufficient funding from current operations and bank credit to meet business development needs [4]. - The company had previously planned to raise up to 200 million yuan through a private placement, primarily for working capital and repaying bank loans [5]. - The issuance was intended for Wang Zhiqin and Song Yanjun, who are related parties, and would not change the control of the company post-issuance [6]. Business Outlook - In Q4 2024, the company achieved approximately 1.473 billion yuan in revenue, a year-on-year increase of about 2%, reversing the revenue decline seen in Q2 and Q3 [4]. - The net profit for Q4 was approximately 145 million yuan, representing a significant year-on-year growth of about 35% [4]. - The company successfully repaid approximately 323 million yuan of principal and interest on previously issued convertible bonds using its own funds and bank loans [4].

Core Viewpoint - Jin Hong Group has decided to terminate its plan to issue 200 million RMB in new shares due to improved business performance and sufficient funding from existing resources [1][3]. Financing - The company initially planned to raise up to 200 million RMB through a private placement to enhance liquidity and repay bank loans [1]. - As of the announcement date, the private placement had not yet been approved by the shareholders' meeting [1]. - The company reported a revenue of approximately 1.473 billion RMB in Q4 2024, a year-on-year increase of about 2%, reversing the revenue decline seen in Q2 and Q3 [1]. Financial Performance - For the full year 2024, the company reported total revenue of 4.395 billion RMB, a decrease of 3.29% year-on-year, while net profit attributable to shareholders increased by 2.90% to 306 million RMB [2]. - The basic earnings per share were reported at 0.89 RMB, with a proposed cash dividend of 3.10 RMB per 10 shares [2]. - The company successfully repaid approximately 323 million RMB of principal and interest on previously issued convertible bonds using its own funds and bank loans [2]. Shareholder Dynamics - The company's major shareholders, including the controlling shareholders Wang Zhiqin and Song Yanjun, were initially set to participate in the private placement, but their personal fundraising was not fully secured [2]. - The latest report indicates changes in the top ten circulating shareholders, with the National Social Security Fund increasing its holdings by 985,100 shares [4]. - Conversely, Shumingde Investment Co., Ltd. reduced its holdings by 3.3328 million shares [5].

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： 证券代码：603518 证券简称：锦泓集团 公告编号：2025-024 锦泓时装集团股份有限公司 关于回购注销 2023 年限制性股票激励计划 部分限制性股票的公告 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和第五届监事会第三十五次会议，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》，同意公司将 2023 年限制性股票激励计划（以下简称"激励计划"）已授予尚未解除限售的 216,300 股限制性股票予以回购注销。本议案需提交公司股东大会审议，现将有 关事项公告如下： 一、本激励计划已履行的相关审批程序 1、2023年2月23日，公司召开第五届董事会第九次会议、第五届监事会第九 次会议，审议通过了《关于<锦泓集团2023年限制性股票激励计划（草案）>及其 摘要的议案》《关于<锦泓集团2023年限制性股票激励计划实施考核管理办法> 的议案》等议案。公司独立董事就本激励 ...

证券代码：603518 证券简称：锦泓集团 公告编号：2025-021 锦泓时装集团股份有限公司 关于终止向特定对象发行股票事项的公告 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会议、第五届监事会第三十五次会议，审议通过了《关于 终止向特定对象发行股票事项的议案》。现将有关事项公告如下： 一、公司向特定对象发行股票事项的基本情况 公司于 2024 年 10 月 7 日召开第五届董事会第三十一次会议、第五届监事 会第三十次会议，审议通过了《关于公司向特定对象发行股票方案的议案》等相 关议案，同意公司向特定对象发行 A 股股票募集资金总额不超过人民币 2 亿元， 用于补充流动资金及偿还银行借款。截至本公告披露日，该事项尚未经过股东大 会审议。 二、终止本次向特定对象发行股票事项的原因 （一）董事会审议情况 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。 自董事会审议通过本次发行方案以来，公司业务发展持续向好。2024 年四 季度公司实现营业收入约 14.73 亿元 ...

公证天业会计师事务所（特殊普通合伙） 中国. 江苏. 无锡 Wuxi . Jiangsu . China 总机：86 (510)68798988 Tel： 86 (510)68798988 传真：86 (510)68567788 Fax： 86 (510)68567788 电子信箱：mail@gztycpa.cn E-mail：mail@gztycpa.cn 募集资金年度存放与使用情况鉴证报告 苏公W[2025]E1047号 锦泓时装集团股份有限公司全体股东： 我们接受委托，对后附的锦泓时装集团股份有限公司（以下简称"锦泓集团"） 2024年度《关于募集资金年度存放与使用情况的专项报告》进行了鉴证。 一、对报告使用者和使用目的的限定 本鉴证报告仅供锦泓集团年度报告披露时使用，不得用作任何其他目的。我 们同意将本鉴证报告作为锦泓集团年度报告的必备文件，随其他文件一起报送并 对外披露。 二、董事会的责任 锦泓集团董事会的责任是提供真实、合法、完整的相关资料，按照中国证券 监督管理委员会《上市公司监管指引第2号——上市公司募集资金管理和使用的监 管要求》、上海证券交易所《上海证券交易所上市公司自律监管指引第1号—— ...

关于锦泓时装集团股份有限公司 2023 年限制性股票激励计划 回购注销部分限制性股票的 上海兰迪律师事务所 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 关于锦泓时装集团股份有限公司 2023 年限制性股票激励计划 回购注销部分限制性股票的法律意见书 致:锦泓时装集团股份有限公司 上海兰迪律师事务所接受锦泓时装集团股份有限公司(以下简称"锦泓集 团"或"公司",证券代码为603518）的委托,为公司实施2023年限制性股票 激励计划(以下简称"本激励计划")所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》等有关法律、法规、规范性文 ...

公证天业会计师事务所（特殊普通合伙） Gongzheng Tianye Certified Public Accountants, SGP 中国. 江苏. 无锡 Wuxi . Jiangsu . China 总机：86 (510)68798988 Tel： 86 (510)68798988 传真：86 (510)68567788 Fax： 86 (510)68567788 电子信箱：mail@gztycpa.cn E-mail：mail@gztycpa.cn 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 苏公W[2025]E1046号 锦泓时装集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了锦泓时装集团股份有 ...

公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 中国 . 江苏 . 无锡 Wuxi . Jiangsu . China 总机：86（510）68798988 Tel：86（510）68798988 传真：86（510）68567788 Fax：86（510）68567788 电子信箱：mail@gztycpa.cn E-mail：mail@gztycpa.cn 审计报告 苏公 W[2025]A145 号 锦泓时装集团股份有限公司全体股东： 一、审计意见 我们审计了锦泓时装集团股份有限公司（以下简称"锦泓集团"）财务报表，包括 2024年12月31日的合并及母公司资产负债表，2024年度的合并及母公司利润表、合并及 母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了锦泓集团2024年12月31日的合并及母公司财务状况以及2024年度的合并及母公司 经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规 ...