锦泓时装集团股份有限公司 关于第二期员工持股计划预留授予部分 第一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。 重要内容提示： 锦泓时装集团股份有限公司（以下简称"公司"）于2025年1月2日召开第五 届董事会第三十四次会议，审议通过了《关于第二期员工持股计划预留授予部分 第一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"）预留授予部分第一个锁定期已届满，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 证券代码：603518 证券简称：锦泓集团 公告编号：2025-004 转债代码：113527 转债简称：维格转债 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、202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - TeenieWeenie, as a mid-to-high-end collegiate casual wear brand, is expected to drive profitability beyond expectations through multiple initiatives, including enhancing offline efficiency and leveraging IP licensing business growth [5][17] - The company is anticipated to return to a positive growth trajectory in 2025, supported by ongoing adjustments in its offline store structure and the expansion of flagship stores [5][17] Summary by Relevant Sections Financial Forecast - Projected revenue for 2023 is 4,544.93 million, with a growth of 16.55%. For 2024, a decline of 3.06% is expected, followed by a recovery with growth rates of 6.32% in 2025 and 5.41% in 2026 [8] - The net profit attributable to the parent company is forecasted to be 298 million in 2023, with a significant increase of 316.76%. A slight decline of 5.79% is expected in 2024, followed by growth of 15.66% in 2025 and 12.45% in 2026 [8][11] Operational Strategy - The company has been actively closing inefficient stores and transitioning from direct operation to franchising, resulting in a net reduction of 104 direct stores in the first three quarters of 2024 [17] - New store formats, including flagship and concept stores, are being introduced in key urban areas to enhance customer traffic and retail performance [17] IP Licensing Business - The IP licensing business, established in 2020, has shown remarkable growth with a CAGR of 112% from 2021 to 2023, and revenue in the first half of 2024 reached 14.07 million, up 118% year-on-year [17] - This segment is expected to become a new growth point for the TeenieWeenie brand, catering to diverse lifestyle needs of younger consumers [17] Valuation Analysis - The current market capitalization is 3.5 billion, with a projected PE ratio of 12.3 for 2024, 10.7 for 2025, and 9.5 for 2026. A target PE of 14X for 2025 suggests a potential market cap of 4.5 billion, indicating an upside of 30% from the current valuation [17]

| 证券代码：603518 | 证券简称：锦泓集团 | 公告编号：2024-096 | | --- | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | | 锦泓时装集团股份有限公司 关于变更签字会计师的公告 二、本次变更签字注册会计师的基本信息、诚信和独立性情况 1、基本信息 本次变更签字注册会计师姚琪，2012 年成为注册会计师，2008 年开始从事 上市公司审计，2004 年开始在公证天业执业，2024 年开始为本公司提供审计服 务；近三年签署的上市公司审计报告有丰山集团（603810）、迪威尔（688377）， 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 2024 年 4 月 25 日召开 了第五届董事会第二十四次会议，并于 2024 年 6 月 12 日召开了 2023 年年度股 东大会，审议通过了《关于续聘公司 2024 年度审计机构及内控审计机构的议案》， 同意续聘公证天业会计师事务所（特殊普通合伙）（以下简称"公证天业"）为 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company involved in the fashion and IP licensing industry, specifically focusing on its traditional business and new growth areas such as cloud brocade (云锦) and IP licensing. Key Points and Arguments Business Performance - The company has seen a slight recovery in demand, with a notable change in the downward trend of store performance, indicating improved store performance despite a 10% reduction in the number of stores [1] - In October and November, the company reported small single-digit growth, suggesting stability in both online and offline sales channels [1] - The cloud brocade business has shown significant growth, with revenue exceeding 90 million this year compared to over 50 million last year [2][4] - The company has adjusted its offline business strategy, reducing the proportion of direct sales from over 90% and focusing on new first-tier cities for direct store operations [2][3] Store and Inventory Management - The company has implemented structural changes in its store formats, categorizing them into 11 types, including city concept stores and flagship stores [2][3] - New flagship stores in Wuhan have achieved monthly sales exceeding 1.4 million, indicating strong performance [4] - The company is also expanding its online presence, maintaining stable profitability and experiencing slight growth in online sales [4][6] IP Licensing and Future Growth - The company has generated approximately 30 million in revenue from IP licensing this year, with plans to expand into various consumer goods categories [7][8] - The potential for growth in IP licensing is significant, with discussions ongoing for new partnerships and product categories, including toys and home goods [9][10] - The company aims to leverage its existing IP assets more effectively, with a focus on collaboration and licensing rather than heavy asset investment [11][12] Financial Outlook - The company has reduced financial expenses by approximately 30 million compared to the previous year and expects further reductions in the coming year [15][16] - The current valuation of the company is considered low relative to its assets and market potential, with a focus on improving financial performance and leveraging IP assets for growth [15][19] Market Position and Strategy - The company believes it has a competitive edge due to its unique IP assets, such as the cloud brocade museum, which few competitors possess [17][19] - The management emphasizes the importance of stabilizing core business operations to support future growth in IP licensing and other ventures [19] Additional Important Content - The company is exploring various channels for its products, including online and offline strategies, to maximize market reach [10][18] - There is a recognition of the need for continuous investment in IP development and market positioning to capitalize on growth opportunities [17][19] - The management is optimistic about future performance, citing improvements in market conditions and consumer demand [19]

| 证券代码：603518 | 证券简称：锦泓集团 | 公告编号：2024-095 | | --- | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | | 锦泓时装集团股份有限公司 关于全资子公司获得高新技术企业重新认定的公告 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。 根据全国高新技术企业认定管理工作领导小组办公室发布的《对江苏省认定 机构 2024 年认定报备的第一批高新技术企业进行备案的公告》，锦泓时装集团 股份有限公司（以下简称"公司"）全资子公司南京云锦研究所有限公司（以下 简称"云锦研究所"）通过了江苏省高新技术企业的重新认定，证书编号为 GR202432000428，发证时间为 2024 年 11 月 6 日，有效期为三年。 本次系云锦研究所原高新技术企业证书有效期满后进行的重新认定。根据 《中华人民共和国企业所得税法》及国家关于高新技术企业的相关税收优惠政策 规定，公司全资子公司云锦研究所自获得高新技术企业认证通过后三年内可享受 国家关于高新技术企业的相关优惠政策，即按 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook with expected relative returns of 10%-20% over the next six months [8][22]. Core Insights - The company is expected to achieve revenue of 4.7 billion, 5.2 billion, and 5.9 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 288.63 million, 335.98 million, and 397.28 million yuan [22][26]. - The EPS (Earnings Per Share) is projected to be 0.83 yuan, 0.97 yuan, and 1.15 yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11x, 10x, and 8x [22][26]. - The company has a strong focus on the Teenie Weenie brand, which has a rich IP asset base and targets the Z generation and children, integrating trendy design elements into its offerings [19][15]. Financial Summary - The company's revenue for 2022 was 3.9 billion yuan, with a projected growth rate of 16.55% in 2023, followed by a modest growth of 3.50% in 2024 [26]. - The gross profit margin is expected to stabilize around 69% over the forecast period, indicating strong operational efficiency [2]. - The net profit margin is projected to improve from 1.83% in 2023 to 6.76% in 2026, reflecting enhanced profitability [2][22]. Brand and Market Position - The Teenie Weenie brand, acquired in 2017, has been positioned as a high-end retro collegiate style brand in China, appealing to young consumers through collaborations and innovative marketing strategies [14][15]. - The brand leverages its IP assets by creating engaging narratives and characters, which resonate well with its target audience, enhancing brand loyalty and consumer engagement [19][20].

锦泓时装集团股份有限公司关于 | 证券代码：603518 | 证券简称：锦泓集团 公告编号：2024-094 | | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | "维格转债"到期兑付暨摘牌的第三次提示性公告 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： 自 2025 年 1 月 21 日至 2025 年 1 月 23 日，维格转债持有人仍可以依据 约定的条件将维格转债转换为公司股票。 经中国证券监督管理委员会《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，锦泓时装集团股 份有限公司（以下简称"公司"）于 2019 年 1 月 24 日通过上海证券交易所（以 下简称"上交所"）公开发行了 746 万张可转换公司债券（以下简称"可转债"）， 每张面值 100 元，发行总额 74,600 万元，期限 6 年（即自 2019 年 1 月 24 日至 2025 年 1 月 23 日）。公司可转债自 2019 年 7 月 ...

| 证券代码：603518 | 证券简称：锦泓集团 公告编号：2024-093 | | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | 锦泓时装集团股份有限公司关于 "维格转债"到期兑付暨摘牌的第二次提示性公告 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： 自 2025 年 1 月 21 日至 2025 年 1 月 23 日，维格转债持有人仍可以依据 约定的条件将维格转债转换为公司股票。 经中国证券监督管理委员会《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，锦泓时装集团股 份有限公司（以下简称"公司"）于 2019 年 1 月 24 日通过上海证券交易所（以 下简称"上交所"）公开发行了 746 万张可转换公司债券（以下简称"可转债"）， 每张面值 100 元，发行总额 74,600 万元，期限 6 年（即自 2019 年 1 月 24 日至 2025 年 1 月 23 日）。公司可转债自 2019 年 7 月 ...

Group 1 - The central economic work conference emphasizes expanding domestic demand and boosting consumption as key policy focuses for 2025, with actions to enhance consumer spending and investment returns [1] - The government plans to implement special actions to stimulate consumption, support new policies, and strengthen the coordination between fiscal and financial measures [1] - There is a focus on increasing income for middle and low-income groups, raising pensions for retirees, and enhancing basic pensions and medical insurance subsidies for urban and rural residents [1] Group 2 - The policy support is expected to benefit three major sectors: the domestic sports industry, men's apparel, and home textiles [1] - The sports apparel sector is anticipated to grow due to increased health consciousness and the rise of outdoor activities, benefiting leading companies in the sports apparel market [1] - The men's apparel sector is characterized by relatively inelastic demand, showing resilience and improvement under supportive policies [1] - Home textile subsidies are ongoing, with the potential for increased consumer awareness and sales as policies are promoted [1] Group 3 - The textile and apparel sector saw significant stock price increases, with companies like Huasi Co., Jin Hong Group, and Anzheng Fashion reaching their daily limits [2] - The apparel industry has historically experienced lower consumption growth compared to overall retail, with fluctuations in retail growth being more pronounced during economic downturns [3] - Looking ahead to 2025, the ongoing government policies are expected to create a turning point for domestic consumption, potentially stabilizing the volatility in apparel retail [3]

| 证券代码：603518 | 证券简称：锦泓集团 | 公告编号：2024-092 | | --- | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | | 锦泓时装集团股份有限公司关于 "维格转债"到期兑付暨摘牌的第一次提示性公告 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： 自 2025 年 1 月 21 日至 2025 年 1 月 23 日，维格转债持有人仍可以依据 约定的条件将维格转债转换为公司股票。 经中国证券监督管理委员会《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，锦泓时装集团股 份有限公司（以下简称"公司"）于 2019 年 1 月 24 日通过上海证券交易所（以 下简称"上交所"）公开发行了 746 万张可转换公司债券（以下简称"可转债"）， 每张面值 100 元，发行总额 74,600 万元，期限 6 年（即自 2019 年 1 月 24 日至 2025 年 1 月 23 日）。公司可转债自 ...