Group 1 - The company, DIZO Fashion, announced the completion of its share repurchase program on July 28, 2025, having repurchased a total of 8,326,640 shares, which represents 1.7563% of its total share capital [1] - The repurchase was conducted through centralized bidding, with the highest transaction price at RMB 13.50 per share, the lowest at RMB 10.19 per share, and an average price of RMB 12.13 per share, totaling RMB 100,969,520.00 (excluding transaction fees) [1] - For the year 2024, the company's revenue composition shows that clothing accounts for 99.76% of total revenue, while other businesses contribute 0.24% [1] Group 2 - As of the latest report, DIZO Fashion has a market capitalization of RMB 6 billion [2]

证券代码：603587 证券简称：地素时尚 公告编号：2025-040 地素时尚股份有限公司 关于股份回购实施结果暨股份变动的公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 7 月 7 | 29 | 日~2025 | 年 | 月 | 28 日 | | 预计回购金额 | 1亿元~2亿元 | | | | | | | 回购价格上限 | 16.61 元/股 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 8,326,640股 | | | | | | | 实际回购股数占总股本比例 | 1.7563% | | | | | | | 实际回购金额 | 10,0 ...

证券代码：603587 证券简称：地素时尚 公告编号：2025-039 地素时尚股份有限公司 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法律责任。 重要内容提示： 回购注销原因：地素时尚股份有限公司（以下简称"公司"或"地素时尚"） 根据《公司 2023 年股票期权与限制性股票激励计划》（以下简称"《激励计划》"或 "本激励计划"）的规定，同时鉴于本激励计划第二个解除限售期公司层面的业绩 考核未达成，及授予的部分激励对象已离职之情形，本次拟回购注销上述激励对象 已获授但尚未解除限售的限制性股票合计 2,670,495 股。 本次注销股份的有关情况 | 回购股份数量 | | 注销股份数量 | | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2,670,495 | 股 | 2,670,495 | 股 | 2025 7 | 年 | 月 | 日 24 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 4 ...

Core Viewpoint - The fashion brand Dazzle is facing significant challenges, with declining revenues and profits, as well as a loss of market position among urban women's clothing brands, reflecting a broader shift in consumer preferences and fashion trends [3][10][24]. Financial Performance - Dazzle's financial report indicates a decline in both revenue and net profit for the fiscal year 2024, with a continued downward trend into the first quarter of 2025 [3][10]. - The company closed over 100 stores within a year, with its main brand Dazzle experiencing an 18.37% revenue drop, the largest among its four brands [3][10][24]. - The revenue in the East China region, which contributes the most to Dazzle's earnings, fell by 15.16% to 9.62 billion [10]. Market Position and Competition - Dazzle's main brand did not make it to the top sales rankings during major promotional events, while competitors like Moco, Cos, and Edition performed well [3][10][24]. - The brand's image and offerings are perceived as lacking differentiation in a market that has become increasingly segmented and competitive [21][24]. Consumer Behavior and Trends - There is a noticeable shift in consumer preferences, with high heels and luxury handbags losing their appeal, leading to a more casual workplace attire [26]. - Consumers express dissatisfaction with Dazzle's current offerings, citing a lack of appealing designs [10][21]. Marketing and Brand Strategy - Dazzle is attempting to revitalize its brand image through collaborations with popular celebrities and influencers, but this has not translated into increased sales [22][24]. - The brand's marketing expenses have decreased, which may impact its visibility and sales performance [24][25]. Online and Offline Sales Channels - Dazzle's online revenue decreased by 7.31% to 3.68 billion, accounting for 16.60% of total revenue, while offline sales dropped by 17.88% to 18.46 billion, making up 83.40% of total revenue [24][25]. - The total number of Dazzle stores decreased to 890, with the main brand closing the most locations [24].

Group 1 - The core stock price of Dizhu Fashion (603587) closed at 12.4 yuan on July 11, 2025, reflecting a 0.98% increase from the previous week's closing price of 12.28 yuan [1] - The stock reached a weekly high of 12.54 yuan on July 9, 2025, and a low of 12.25 yuan on July 7, 2025 [1] - The current total market capitalization of Dizhu Fashion is 5.912 billion yuan, ranking 12th out of 60 in the apparel and home textile sector and 2647th out of 5149 in the A-share market [1] Group 2 - Dizhu Fashion's wholly-owned subsidiary, Shanghai Yixin, has participated in a private equity investment fund that added a new limited partner, Xiangpiaopiao Food Co., Ltd., which committed 100 million yuan [1] - The partnership with Changsha Quanzhong Venture Capital Partnership (Limited Partnership) saw Xiangpiaopiao Food Co., Ltd. join as a new limited partner, with a total subscription amount increasing to 75.26 million yuan [1] - The fund is managed by Suzhou Weitili New Venture Capital Management Co., Ltd., which is responsible for daily management and risk control [1]

Core Viewpoint - Dazzle Fashion Co., Ltd. will close all offline stores of its menswear brand RAZZLE in China by the end of August 2025 due to business adjustments, focusing future efforts on women's clothing [1][2][9] Group 1: RAZZLE Brand Closure - RAZZLE will cease operations and close its micro-store by May 30, 2025, with all offline stores shutting down by August 31, 2025 [2][4] - Consumers can still use their membership cards in physical stores until the closure and can transfer their benefits to DAZZLE membership cards [4] - As of now, RAZZLE's flagship store on JD.com is no longer visible, while its Tmall store remains operational [4] Group 2: Performance Issues - RAZZLE has been underperforming, with a reported revenue of 41.26 million yuan in 2024, a year-on-year decline of 11.79%, accounting for only 1.86% of the group's total revenue [6] - The number of RAZZLE's offline stores decreased from 22 at the end of 2023 to 18 by the end of 2024 [6] - The brand's target demographic is men aged 25 to 40, but it has struggled to gain market traction despite a mid-to-high-end positioning [5][6] Group 3: Overall Company Performance - Dazzle Fashion's total revenue fell by 16.23% to 2.219 billion yuan in 2024, with all brands, including DAZZLE, DIAMOND DAZZLE, and d'zzit, experiencing declines [7][8] - The company closed 243 stores in 2024, resulting in a total of 890 stores, marking the first time since its IPO in 2018 that the number of stores fell below 1,000 [8] - The menswear market in China is undergoing significant changes, with traditional business menswear struggling, leading to increased competition for RAZZLE [8][9]

Core Viewpoint - Dazzle Fashion has decided to close its underperforming men's brand RAZZLE by August 31, aiming to reallocate resources towards its women's clothing business [1][4]. Group 1: Brand Performance - RAZZLE, launched in 2017, was intended to target quality-conscious male consumers aged 25-40 but has failed to gain significant traction, with revenue never exceeding 50 million yuan and consistently accounting for less than 2% of Dazzle's overall revenue [3]. - In 2024, RAZZLE's revenue declined by 11.79%, contributing to Dazzle's overall revenue drop of 16.23% to 2.219 billion yuan and a net profit decrease of 38.52% to 304 million yuan [3][5]. - The number of RAZZLE stores decreased from 22 to 18, part of a broader trend where Dazzle closed 147 stores in the same year [3]. Group 2: Strategic Shift - The decision to shut down RAZZLE is part of a strategy to focus more on the women's clothing segment, which has also faced challenges, as all women's brands under Dazzle reported revenue declines in 2024 [4][5]. - Dazzle's main brand, DAZZLE, saw an 18.37% revenue drop to 1.163 billion yuan, while the high-end line DIAMOND DAZZLE fell by 17.78% to 120 million yuan [5]. - The competitive landscape for women's fashion is intensifying, with both domestic and international fast-fashion brands increasing their presence, posing significant challenges for Dazzle as it seeks to revitalize its performance through a focus on women's clothing [5].

证券代码：603587 证券简称：地素时尚 公告编号：2025-038 地素时尚股份有限公司 关于全资子公司参与投资私募股权投资基金的进展公告 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。 一、基本情况 地素时尚股份有限公司（以下简称"公司"）的全资子公司上海亿炘股权投 资有限公司认购长沙泉仲创业投资合伙企业（有限合伙）（以下简称"合伙企业" 或"基金"）基金份额并成为合伙企业的有限合伙人之一。具体内容详见公司于 2025 年 1 月 7 日在上海证券交易所网站（www.sse.com.cn）披露的《地素时尚关 于全资子公司参与投资私募股权投资基金的公告》（公告编号：2025-002）。 二、本次进展情况 | 序号 | 合伙人类别 | 名称 | 认缴出资额 （万元人民币） | 认缴出资 比例 | | --- | --- | --- | --- | --- | | 13 | 有限合伙人 刘丹 | | 1,000 | 1.33% | | 14 | 有限合伙人 苏辉云 | | 1,000 | 1.33% | | 15 | 有限合伙 ...

Core Viewpoint - The company has completed the cancellation of certain stock options and restricted shares due to unmet performance targets and voluntary forfeiture by certain incentive participants [1][2] Group 1: Stock Option Cancellation - The company announced the cancellation of 655,000 stock options corresponding to the second exercise period that were granted but not exercised due to unmet performance targets [1] - Additionally, 655,000 stock options were voluntarily forfeited by 16 incentive participants who met the conditions for the first exercise period [1] - A total of 1,310,000 stock options have been cancelled, and this action will not affect the company's share capital [2]

证券代码：603587 证券简称：地素时尚 公告编号：2025-037 地素时尚股份有限公司 关于部分股票期权注销完成的公告 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法律责任。 地素时尚股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第 四届董事会第十五次会议和第四届监事会第十五次会议，审议通过了《关于注销 部分股票期权与回购注销部分限制性股票的议案》等议案。 根据《上市公司股权激励管理办法》《地素时尚股份有限公司 2023 年股票期 权与限制性股票激励计划》的相关规定，本激励计划第二个行权期/解除限售期 公司层面的业绩考核未达成，公司拟注销 16 名激励对象对应第二个行权期已获 授但尚未行权的股票期权共计 655,000 份；同时上述 16 名激励对象因个人原因 自愿放弃行使第一个行权期符合行权条件的 655,000 份股票期权权益，公司拟注 销上述激励对象自愿放弃的可行权股票期权 655,000 份股票期权。具体内容详见 公司于 2025 年 04 月 29 日披露于上海证券交易所网站（www.sse. ...