| 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 ...

Core Viewpoint - Jin Hong Group (603518) announced that it received a total of government subsidies amounting to 34.9838 million yuan from January 1, 2024, to November 13, 2024, which accounts for 11.75% of the company's most recent audited net profit [1] Summary by Category - **Government Subsidies** - The company and its subsidiaries received government subsidies totaling 34.9838 million yuan [1] - This amount represents 11.75% of the company's latest audited net profit [1]

证券代码：603518 证券简称：锦泓集团 公告编号：2024-091 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 关于获得政府补助的公告 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、获取补助的基本情况 锦泓时装集团股份有限公司董事会 2024 年 11 月 15 日 | 序号 | 获得时间 | 补助类型 | 补助金额（元） | 占公司最近一期经审计 | | --- | --- | --- | --- | --- | | | | | | 净利润的比例（%） | | 1 | 2024年1月 | 与收益相关 | 18,000.00 | 0.01% | | 2 | 2024年2月 | 与收益相关 | 50,000.00 | 0.02% | | 3 | 2024年3月 | 与收益相关 | 1,500.00 | 0.00% | | 4 | 2024年4月 | 与收益相关 | 22,000.00 | 0.01% | | 5 | 2024年5月 | 与收益相关 | 10,340,000 ...

Investment Rating - The report downgrades the company's rating to "Overweight" from a previous higher rating due to underperformance in revenue, profit, and net profit margin in 24Q1-3 [3][5] Core Views - The company's 24Q3 revenue was RMB 845 million, a YoY decrease of 14%, with net profit attributable to the parent company at RMB 14 million, a YoY decrease of 71% [1] - For 24Q1-3, the company's revenue was RMB 2.9 billion, a YoY decrease of 6%, with net profit attributable to the parent company at RMB 160 million, a YoY decrease of 15% [1] - The company's gross profit margin for 24Q1-3 was 69.3%, a slight increase of 0.1 percentage points YoY, while the net profit margin was 5.5%, a decrease of 0.6 percentage points YoY [1] - The company is actively transforming its business towards online channels, enhancing its competitive advantage in the domestic mid-to-high-end apparel industry [2] - Teenie Weenie, a key brand, has successfully leveraged innovative online marketing strategies, such as live streaming events, to boost sales and improve its ranking on major e-commerce platforms [2] Financial Performance Summary - The company's 24Q1-3 revenue was RMB 2.9 billion, with a net profit attributable to the parent company of RMB 160 million [1] - The company's gross profit margin for 24Q1-3 was 69.3%, while the net profit margin was 5.5% [1] - The company's EBITDA for 2024E is projected to be RMB 550.59 million, with a net profit attributable to the parent company of RMB 288.63 million [4] - The company's EPS for 2024E is forecasted to be RMB 0.83, with a P/E ratio of 8.95x [4] Online Channel Strategy - The company is strengthening its online channel competitiveness through innovative marketing strategies, particularly for its Teenie Weenie brand [2] - Teenie Weenie has successfully implemented live streaming events and other online marketing campaigns, leading to improved sales performance and platform rankings [2] - The brand has also optimized its offline retail system, focusing on improving single-store performance despite a reduction in the number of stores [2] Financial Forecasts - The company's revenue for 2024E is projected to be RMB 4.704 billion, with a growth rate of 3.5% YoY [4] - The net profit attributable to the parent company for 2024E is forecasted to be RMB 288.63 million, a slight decrease of 3.02% YoY [4] - The company's EPS for 2024E is expected to be RMB 0.83, with a P/E ratio of 8.95x [4] Industry and Market Position - The company operates in the textile and apparel industry, specifically in the mid-to-high-end apparel segment [5] - The company's market position is strengthened by its successful online channel strategies and innovative marketing campaigns, particularly for its Teenie Weenie brand [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company's Q3 performance has weakened sequentially, with expectations for gradual recovery in terminal retail [8] - The company is optimizing its channel structure, transitioning offline stores from direct management to franchise models to enhance operational efficiency [8] - There is an anticipated improvement in sales performance during the winter clothing season, alongside a more balanced business structure and increased franchise ratios leading to sustained profitability [8] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 2.92 billion yuan, a year-on-year decline of 5.6%, and a net profit attributable to shareholders of 160 million yuan, down 15.2% year-on-year [3] - In Q3 2024 alone, revenue was 850 million yuan, a 14.2% year-on-year decrease, with net profit dropping 70.6% to 13.89 million yuan [3] - The company's net profit margin for the first three quarters decreased by 0.6 percentage points to 5.5% [3] Brand and Channel Performance - Revenue by brand for the first three quarters showed TW brand down 3.8%, VIGOROUS down 17.7%, and Yunjin up 75.7% [4] - Online and offline channel revenues declined by 2.0% and 7.9% respectively, with Q3 showing a more pronounced drop of 5.8% online and 19.2% offline [4] Store Count and Structure - As of September 2024, the number of offline stores for TW brand and VIGOROUS was 1,060 and 189 respectively, reflecting a decrease of 38 and 8 stores since the beginning of the year [5] - The TW brand saw a shift of 53 direct stores to franchise, while VIGOROUS had a slight increase in direct stores [5] Profitability and Cost Structure - The gross margin for the first three quarters of 2024 was 69.3%, a slight increase of 0.1 percentage points year-on-year [6] - The operating expense ratio increased by 1.1 percentage points to 62.0%, with sales expenses rising [6] Cash Flow and Inventory - As of September 2024, inventory increased by 15.5% from the beginning of the year to 1.07 billion yuan, while accounts receivable decreased by 25.7% to 310 million yuan [7] - Operating cash flow for the first three quarters was 370 million yuan, a decrease of 21.6% year-on-year [7] Earnings Forecast - The company has adjusted its profit forecasts for 2024-2026, with net profit estimates reduced by 30%, 28%, and 28% respectively [8] - The expected EPS for 2024-2026 is projected at 0.73, 0.93, and 1.08 yuan, with corresponding P/E ratios of 10, 8, and 7 [8]