Group 1 - The company reported a total of 890 retail terminals as of June 2025, with a net increase of 34 terminals compared to the previous period [2] - The breakdown of retail terminals includes 262 direct-operated stores and 628 franchised stores, with DAZZLE brand having the highest number of direct-operated stores at 113 [2] - The company experienced a total revenue of approximately 1.07 billion yuan for the first half of 2025, reflecting a year-on-year decrease of 5.55% [2] Group 2 - The revenue for the DAZZLE brand was approximately 548.45 million yuan, showing a decline of 4.15% year-on-year, while the gross margin improved to 77.18% [2] - Online sales increased by 22.53% year-on-year, reaching approximately 233.58 million yuan, while offline sales decreased by 11.27% to about 831.12 million yuan [2] - The overall gross margin for the company was reported at 76.23%, slightly up from 75.36% in the same period last year [2]

Core Viewpoint - The report highlights a decline in revenue and net profit for Dazzle Fashion Co., Ltd in the first half of 2025, attributed to weak retail performance and increased competition in the fashion industry [6][14]. Company Overview and Financial Indicators - Dazzle Fashion Co., Ltd reported a revenue of approximately 1.067 billion yuan, a decrease of 5.55% compared to the same period last year [6][12]. - The total profit for the period was approximately 224 million yuan, down 24.48% year-on-year [6][12]. - The net profit attributable to shareholders was approximately 170 million yuan, reflecting a 23.54% decline from the previous year [6][12]. - The company's total assets were approximately 4.339 billion yuan, a decrease of 1.33% from the end of the previous year [6][12]. Business Model and Brand Strategy - Dazzle Fashion operates multiple brands including DAZZLE, DIAMOND DAZZLE, d'zzit, and RAZZLE, focusing on mid-to-high-end fashion [6][14]. - The company employs a combination of direct sales, distribution, and e-commerce to reach consumers, with a significant emphasis on maintaining a strong retail network [6][14]. - The company is undergoing a brand repositioning for d'zzit to better align with younger consumers' preferences, including a new brand ambassador and visual identity [7][8]. Industry Context - The Chinese fashion industry is facing challenges such as weak domestic and international demand, increased competition, and rising costs, which have pressured profit margins [6][14]. - The industry is characterized by a large market size but intense competition, particularly from international brands that are increasingly focusing on the Chinese market [14][15]. - The report indicates that the mid-to-high-end women's fashion sector is still in a growth phase, with many small players and low market concentration [14][15]. Operational Insights - The company has implemented a digital transformation strategy to enhance operational efficiency, including the establishment of a unified data analysis platform [10][11]. - Dazzle Fashion has focused on improving its supply chain management and product quality through strategic partnerships with suppliers [6][14]. - The company has also invested in research and development to innovate in fabric and design, ensuring its products remain competitive in the market [16][17].

| 地素时尚股份有限公司2025 | 年半年度报告摘要 | | | | --- | --- | --- | --- | | 公司代码：603587 | 公司简称：地素时尚 | | | | 地素时尚股份有限公司 | | | | | 地素时尚股份有限公司2025 | 年半年度报告摘要 | | | | 第一节 重要提示 | | | | | 展规划，投资者应当到 www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 不适用。 | | | | | 地素时尚股份有限公司2025 | 年半年度报告摘要 | | | | 第二节 公司基本情况 | | | | | 公司股票简况 | | | | | 股票种类 股票上市交易所 | 股票简称 | 股票代码 | | | 变更前股票简称 | | | | | A股 上海证券交易所 地素时尚 | | 603587 | 无 | | 联系人和联系方式 董事会秘书 | | 证券事务代表 | | | 姓名 沈志春 | | 张黎俐 | | | 021-31085111、021-31085300 ...

地素时尚股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 地素时尚股份有限公司2025 年半年度报告 公司代码：603587 公司简称：地素时尚 1 / 137 地素时尚股份有限公司 2025 年半年度报告 四、 公司负责人马瑞敏、主管会计工作负责人张俊及会计机构负责人（会计主管人员）黄彩芬 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 公司已在本报告中详细描述了存在的相关风险，敬请参阅本报告"第三节管理层讨论与分析" 之"五、其他披露事项"之"（一）可能面对的风险" ...

证券代码：603587 证券简称：地素时尚 公告编号：2025-043 地素时尚股份有限公司 2025 年第二季度主要经营数据的公告 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。 备注：DA 指 DAZZLE 品牌 DM 指 DIAMOND DAZZLE 品牌 DZ 指 d'zzit 品牌 RA 指 RAZZLE 品牌 （下同） 二、2025 年 1-6 月按品牌收入、成本和毛利分析 | 品牌 | 营业收入 | | 营业成本 | | 毛利率 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 同比 | 金额 | 同比 | 当期 | 上年 同期 | | DA | 548,448,128.39 | -4.15% | 125,152,818.92 | -7.79% | 77.18% | 76.28% | | DM | 52,112,684.66 | -22.91% | 9,225,926.42 | -32.63% | 82.30% | 79.74% | | DZ | 4 ...

Market Performance - The primary economic sector rose by 0.76% compared to the previous trading day, with *ST Yanzhen leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Highlights - *ST Yanzhen closed at 27.29, up 5.00% with a trading volume of 15,500 and a transaction value of 42.0171 million [1] - Other notable stocks include: - Tingwai Rongmi at 16.67, up 4.51% with a trading volume of 148,900 and a transaction value of 245 million [1] - Kairun Co., Ltd. at 23.43, up 4.18% with a trading volume of 48,500 and a transaction value of 113 million [1] - Wushang Group at 11.52, up 1.23% with a trading volume of 405,700 and a transaction value of 459 million [1] Capital Flow Analysis - The primary economic sector experienced a net outflow of 136 million from main funds, while retail investors saw a net inflow of 154 million [2] - The capital flow for individual stocks shows: - Wushang Group had a net inflow of 23.7578 million from main funds, but a net outflow of 17.1747 million from speculative funds [3] - Yimin Group had a net inflow of 12.2702 million from main funds, with a net outflow of 3.8982 million from speculative funds [3] - *ST Yanzhen had a net inflow of 3.6343 million from main funds, with a net outflow of 4.1877 million from retail investors [3]

证券代码：603587 证券简称：地素时尚 公告编号：2025-042 地素时尚股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 3 日（星期三）下午 16:00-17:00 （二）会议召开地点：上海证券交易所上证路演中心（网址： ? 会议召开时间：2025 年 9 月 3 日（星期三）下午 16:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 8 月 27 日（星期三）至 9 月 2 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 info@dazzle-fashion.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 地素时尚股份有限公司（以下简称"公司"）将于 2025 ...

证券代码：603587 证券简称：地素时尚 公告编号：2025-042 地素时尚股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 3 日（星期三）下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 27 日（星期三）至 9 月 2 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 info@dazzle-fashion.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演 ...

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The luxury brand market in China is experiencing a slowdown, with a 38% decrease in new store openings and a 30% decline in store renovations in the first half of 2025, yet brands like Louis Vuitton and Tiffany continue to invest in large store openings, indicating confidence in the market [4][6] - The outdoor sports brands are increasingly capturing market share from luxury brands by adopting high-end strategies and innovative designs, with a focus on enhancing customer experience [6][7] - The domestic sportswear market is facing challenges, with growth slowing to 5.9%, and major brands like Anta and Li Ning experiencing stagnation, prompting a need for strategic shifts [7][9] - The rise of natural materials in clothing, particularly linen, is becoming a trend, with a reported 3.1% increase in retail sales in the apparel sector [13] - The sunscreen clothing market is projected to exceed 80 billion yuan in 2024, driven by increased consumer awareness and demand for outdoor activities [14] Industry Trends - The perfume business is becoming a significant area for fashion brands, with the global perfume market expected to grow from $53 billion in 2025 to $77.53 billion by 2032, highlighting a trend towards high-end niche fragrances [4] - The luxury goods sector is facing a potential zero growth period globally, with a significant drop in consumer spending among Generation Z, leading to a shift towards more value-driven purchases [9] - The innerwear market is undergoing a transformation, with traditional brands struggling while new brands focusing on comfort and innovative designs are gaining traction [10] - The trend of debranding is emerging, with niche retro brands gaining popularity by emphasizing craftsmanship and authenticity [10] Brand Dynamics - Bosideng is expanding into the sunscreen clothing market, but faces challenges in maintaining high-end positioning while competing with more cost-effective options [16] - La Chapelle has successfully transitioned from bankruptcy to becoming a top seller on Douyin by adopting a brand authorization model, although it faces challenges in quality control [17] - District Vision is establishing itself in the outdoor fashion space with high-end sports eyewear, focusing on craftsmanship and sustainability [20] - Lao Pu Gold is experiencing significant revenue growth, with projected earnings of 12 to 12.5 billion yuan in the first half of 2025, driven by product optimization and channel expansion [20] - The brand GU is closing stores in China as part of a strategic realignment, indicating challenges in market penetration despite initial growth [24]

证券之星消息，8月18日首发经济板块较上一交易日上涨0.97%，遥望科技领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。首发经济板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600826 | 兰生股份 | | 1500.04万 | 5.47% | -983.47万 | -3.59% | -516.57万 | -1.88% | | 600679 | 上海凤凰 | | 1201.40万 | 6.09% | -1270.74万 | -6.45% | 69.34万 | 0.35% | | 002291 | 遥望科技 | | 1103.41万 | 2.77% | -2163.60万 | -5.43% | 1060.19万 | 2.66% | | 300296 | 利亚德 | | 775.20万 | 0.65% | 3119.02万 ...