Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.55 CNY [1]. Core Views - The company reported a revenue of 2.649 billion CNY in 2023, representing a year-on-year growth of 10.35%, and a net profit of 494 million CNY, which is a 28.31% increase year-on-year [1]. - The first quarter of 2024 saw a decline in revenue and net profit, with a year-on-year decrease of 11.98% and 33.03% respectively [1]. - The company has adjusted its profit forecasts for 2024 and 2025 downwards by 26% and 29% respectively, while introducing a new profit forecast for 2026 [4]. Financial Performance Summary - In 2023, the company achieved a gross profit margin of 74.46%, a decrease of 0.90 percentage points from the previous year [6]. - The operating cash flow for 2023 was 703 million CNY, an increase of 41.62% year-on-year [3]. - The company plans to enhance product and brand strength in 2024, integrating online and offline resources to drive growth and improve operational efficiency [13]. Revenue and Profit Forecasts - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.09 CNY, 1.19 CNY, and 1.31 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 12 and 11 [4][5]. - The company’s average dividend yield from 2021 to 2023 was 6.64% [4]. Market Position and Strategy - The company has diversified its brand portfolio and is focusing on enhancing brand influence through innovative marketing strategies and improved retail training [4]. - The online sales channel has shown significant growth, with some product series achieving over 1 million CNY in sales on launch day [4].

证券代码：603587 证券简称：地素时尚 公告编号：2024-007 一、日常关联交易基本情况 地素时尚股份有限公司 关于确认公司 2023 年度日常关联交易及 预计公司 2024 年度日常关联交易的公告 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： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《地素时尚股 份有限公司章程》、《上海证券交易所股票上市规则》（以下简称"《股票上市规 则》"）对关联交易事项相关要求，地素时尚股份有限公司（以下简称"公司"或 "本公司"）第四届董事会第九次会议审议通过了《关于确认公司2023年度日常 关联交易及预计公司2024年度日常关联交易的议案》，该议案无需提交股东大会 审议。 本次日常关联交易是基于公司正常生产经营所需，关联交易定价公平、 公正，不存在损害公司及全体股东利益的情形，不会对公司的独立性构成影响。 （一）日常关联交易履行的审议程序 2024年4月24日，公司召开了2024年第四次独立董事专门会议，对《关于确 认公司2023年度日常关联交易及预计公司2 ...

关于地素时尚股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 关于地素时尚股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZA11681 号 地素时尚股份有限公司全体股东: 我们审计了地素时尚股份有限公司(以下简称"贵公司")2023年 度的财务报表,包括2023年12月31日的合并及母公司资产负债表、 2023 年度合并及母公司利润表、合并及母公司现金流量表、合并及 母公司所有者权益变动表和相关财务报表附注,并于 2024年4月25 日出具了报告号为信会师报字(2024)第 ZA11678 号的无保留意见审 计报告。 贵公司管理层根据中国证券监督管理委员会《上市公司监管指引 第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监会公告 (2022)26 号)和《上海证券交易所上市公司自律监管指南第 2 号 -- 业务办理》的相关规定编制了后附的 2023 年度非经营性资金占 用及其他关联资金往来情况汇总表(以下简称"汇总表")。 编制汇总表并确保其真实、准确、完整是贵公司管理层的责任。 我们将汇总表所载信息与我们审计贵公司 ...

Financial Performance - The company's operating revenue for 2023 reached ¥2,648,819,535.18, representing a 10.35% increase compared to ¥2,400,371,623.03 in 2022[24]. - Net profit attributable to shareholders was ¥493,632,406.42, a 28.31% increase from ¥384,723,707.81 in the previous year[24]. - The basic earnings per share for 2023 was ¥1.04, up 28.40% from ¥0.81 in 2022[25]. - The weighted average return on equity increased to 13.37%, up by 3.09 percentage points from 10.28% in 2022[25]. - Cash flow from operating activities amounted to ¥702,978,869.32, reflecting a 41.62% increase from ¥496,371,793.66 in 2022[24]. - The total assets of the company at the end of 2023 were ¥4,629,726,249.11, a 6.18% increase from ¥4,360,229,143.43 at the end of 2022[24]. - The net assets attributable to shareholders increased to ¥3,745,348,721.01, a 3.79% rise from ¥3,608,716,477.62 at the end of 2022[24]. - The company's gross profit margin for the apparel segment was 74.53%, a decrease of 0.87 percentage points year-on-year[73]. - The total sales volume of major products was 1,914,456 units, showing a year-on-year increase of 7.79%[76]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 8.00 CNY per 10 shares, totaling approximately 380.80 million CNY, which represents 77.14% of the net profit attributable to shareholders for 2023[7]. - The total cash distribution, including share repurchase, amounts to RMB 420,906,398.93, representing 85.27% of the net profit attributable to shareholders[155]. - The company repurchased a total of 2,508,668 shares during the year, with an amount of RMB 40,109,373.33 included in the cash dividend[155]. - The proposed cash dividend for 2023 is RMB 8.00 per 10 shares, totaling RMB 380,797,025.60, which accounts for 77.14% of the net profit attributable to shareholders[159]. Corporate Governance - The company has established a comprehensive corporate governance structure, including a board of 9 directors with 3 independent directors, to enhance operational transparency and compliance[124]. - The company has implemented various internal control systems and management rules to ensure effective governance and protect shareholder rights[125]. - The company has not reported any significant deviations from the regulations regarding corporate governance as per the relevant laws and guidelines[125]. - The company held its annual general meeting on May 22, 2023, where several key resolutions were passed, including the approval of the 2022 annual financial report[128]. - The company is focused on maintaining operational independence and has not reported any significant issues regarding conflicts of interest with controlling shareholders[125]. Risk Management - The company has detailed risk descriptions in the management discussion and analysis section of the report[11]. - The company faces risks from increasing market competition in the mid-to-high-end women's apparel sector, which may impact sales and market share[117]. - The company faces risks from macroeconomic fluctuations, which may lead to reduced consumer spending on apparel due to a slowdown in domestic economic growth and declining consumer income expectations[121]. - Extreme weather events, such as El Niño, have resulted in mismatches between customer demand and product sales schedules, potentially impacting sales performance[121]. - Consumer confidence remains low, with a risk of slower-than-expected recovery in consumption, as disposable income decreases and savings rates increase[121]. Marketing and Sales Strategy - The company operates under both direct sales and distribution models for its products[15]. - The company operates a multi-brand strategy with four main brands: DAZZLE, DIAMOND DAZZLE, d'zzit, and RAZZLE, focusing on mid-to-high-end fashion[35]. - The company is focusing on optimizing its marketing network and enhancing store quality rather than merely increasing the number of stores[56]. - The company is actively exploring new channels such as Douyin and Xiaohongshu to engage younger consumer demographics[56]. - The company aims to enhance brand value and market presence through a focus on excellent retail support and member management, while also considering the introduction of new brands and business lines[110]. Research and Development - The company invests heavily in new fabric research and development each year to maintain brand uniqueness and quality[43]. - The design and R&D team consists of 209 members, with a focus on innovative and unique fabric selection, resulting in nearly 1,000 new clothing designs each quarter[63]. - The company emphasizes the importance of independent design and R&D, ensuring that all seasonal products are uniquely developed in-house[63]. - The company is committed to strengthening its design and R&D capabilities to keep up with fashion trends and consumer preferences[119]. Employee and Talent Management - The company has implemented a performance assessment and incentive mechanism to boost employee productivity and engagement[59]. - The company has a strong focus on attracting and nurturing diverse talent through various recruitment channels and internal training programs[59]. - The company is focused on talent development and organizational culture to enhance its innovation capabilities and achieve sustainable growth[116]. - The company is enhancing employee training and development, establishing a digital online learning platform to support skill development and brand knowledge dissemination[151]. Social Responsibility and Sustainability - The company is committed to sustainable development, focusing on responsible consumption and production, and aims to improve its ESG performance[111]. - The company launched new eco-friendly products, including a down jacket made with THERMOLITE ECO MADE fibers and a bag made from 80% recycled polyester[172]. - The company donated 5 million RMB worth of warm clothing to earthquake victims in Gansu Province following a 6.2 magnitude earthquake[175]. - The company has implemented carbon reduction measures, although specific metrics on CO2 equivalent reductions were not disclosed[172]. Digital Transformation - The company is leveraging digital transformation to enhance precision marketing and improve overall business management through data visualization[57]. - The company plans to invest in digital transformation, utilizing technologies like cloud computing and smart devices to enhance supply chain and member management, aiming for a comprehensive digital operation[111]. - The company is enhancing its product lifecycle management through AI tools, optimizing multi-channel operations, and automating business decision-making with data empowerment[115]. Shareholder Commitments - The company has committed to a stock reduction plan where shareholders can reduce their holdings by no more than 20% of their shares each year after the lock-up period ends[178]. - Shareholders are required to notify the company 5 trading days in advance before any stock reduction, ensuring compliance with disclosure obligations[180]. - The shareholders' commitment includes a provision that any illegal proceeds from stock reductions will be returned to the company within 5 trading days[180]. - The company has established a clear framework for shareholder commitments to ensure transparency and stability in stock trading[180].

地素时尚股份有限公司 募集资金存放与使用情况专项报告 的鉴证报告 2023 年度 您可使用手机"扫一扫"或进入"注册会计师行业线一监管平台（http://acc.mof.gov.cn)"进 报告编码: 关于地素时尚股份有限公司 2023年度募集资金存放与使用情况专项报告的 鉴证报告 信会师报字[2024]第ZA11680号 地素时尚股份有限公司全体股东: 我们接受委托,对后附的地素时尚股份有限公司(以下简称"贵 公司") 2023年度募集资金存放与使用情况专项报告(以下简称"募 集资金专项报告")执行了合理保证的鉴证业务。 一、董事会的责任 贵公司董事会的责任是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(2022 年修订)》(证监会公告(2022)15号)、《上海证券交易所上市公 司自律监管指引第1号 -- 规范运作》以及《上海证券交易所上市公 司自律监管指南第1号 -- 公告格式》的相关规定编制募集资金专项 报告。这种责任包括设计、执行和维护与募集资金专项报告编制相关 的内部控制,确保募集资金专项报告真实、准确、完整,不存在虚假 记载、误导性陈述或重大遗 ...

地素时尚股份有限公司 董事会议事规则 地素时尚股份有限公司 董事会议事规则 （2024 年 4 月修订） 第一章 总则 第一条 为了进一步明确地素时尚股份有限公司（以下简称"公司"）董事 会的职责权限，规范董事会内部机构及运作程序，充分发挥董事会的经营决策中 心作用，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交 易所股票上市规则》等法律、法规和规范性文件及《地素时尚股份有限公司章程》 （以下简称"《公司章程》"）的规定，制定本规则。 第二章 董事会的组成机构 第二条 公司设董事会，对股东大会负责，行使法律、行政法规、部门规章、 《公司章程》和股东大会授予的职权。 第三条 董事会由 9 名董事组成，其中包括独立董事 3 人。董事会下设办公 室，处理董事会日常事务。 第四条 董事会下设审计委员会、薪酬与考核委员会、战略发展委员会、提 名委员会等专门委员会。委员会成员全部由董事组成，且成员不得少于三名。除 战略发展委员会外，其他委员会成员中应当有半数以上的独立董事，并由独立董 事担任召集人。审计委员会的成员应当为不在公司担任高级管理人员的董事，且 其召集人应为会计专业人士。 各专门委员会可以 ...

地素时尚股份有限公司 2023 年度内部控制评价报告 地素时尚股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司代码：603587 公司简称：地素时尚 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可能导致内 ...

证券代码：603587 证券简称：地素时尚 公告编号：2024-003 地素时尚股份有限公司 2023 年第四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。 地素时尚股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号行业信息披露：第十号——服装》的相关规定，现将公司 2023 年四季度主要经营数据（经审计）公告如下： | 品牌 | 2022 | 年末数量 | 报告期新开 | 报告期关闭 | 报告期末数量 | | --- | --- | --- | --- | --- | --- | | | （家） | | （家） | （家） | （家） | | 直营 | | 312 | 31 | 67 | 276 | | 其中： DA | | 149 | 4 | 38 | 115 | | DM | | 22 | 3 | 7 | 18 | | DZ | | 127 | 14 | 20 | 121 | | RA | | 14 | 10 | 2 | 22 | | 经销 | | 811 | 6 ...

地素时尚股份有限公司章程 地素时尚股份有限公司 章 程 2024 年 4 月修订 | 第一章 | 总 | 则 1 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 1 | | 第三章 | 股 | 份 2 | | 第一节 | | 股份发行 2 | | 第二节 | | 股份增减和回购 3 | | 第三节 | | 股份转让 4 | | 第四章 | | 股东和股东大会 4 | | 第一节 | | 股 东 4 | | 第二节 | | 股东大会的一般规定 6 | | 第三节 | | 股东大会的召集 8 | | 第四节 | | 股东大会的提案与通知 9 | | 第五节 | | 股东大会的召开 11 | | 第六节 | | 股东大会的表决和决议 13 | | 第五章 | | 董事会 16 | | 第一节 | | 董 事 16 | | 第二节 | | 董事会 18 | | 第六章 | | 总经理及其他高级管理人员 21 | | 第七章 | | 监事会 23 | | 第一节 | | 监 事 23 | | 第二节 | | 监事会 23 | | 第八章 | | 财务会计制度、利润分配和审计 24 | | ...

证券代码：603587 证券简称：地素时尚 公告编号：2024-009 地素时尚股份有限公司 关于续聘 2024 年度会计师事务所的公告 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： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 地素时尚股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开了第四 届董事会第九次会议，会议审议通过了《关于续聘 2024 年度会计师事务所的议 案》，公司拟继续聘任立信会计师事务所（特殊普通合伙）（以下简称"立信"）为 公司 2024 年度财务审计机构和内控审计机构，该议案尚需提请公司 2023 年年度 股东大会审议。现将相关事宜公告如下： 一、拟聘任会计师事务的基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年在 上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师 事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期 ...