Core Insights - The apparel industry in China is experiencing a slowdown in growth, with retail sales of clothing reaching 1,071.62 billion yuan in 2024, reflecting a mere 0.1% increase year-on-year, a significant decline of 15.3% compared to 2023 [1] - Among 25 selected publicly listed companies in the apparel sector, only 7 reported increases in both revenue and net profit, while 10 companies experienced declines in both metrics [1][2] Revenue and Profit Overview - In 2024, 15 companies reported a decline in net profit, and 13 saw a decrease in revenue. Notably, 10 companies experienced declines in both revenue and net profit [2] - Companies with declining performance include: - Baoxini: Revenue of 5.153 billion yuan, down 1.91%; net profit of 495 million yuan, down 29.07% [2][3] - Hailan Home: Revenue of 20.957 billion yuan, down 2.65%; net profit of 2.159 billion yuan, down 26.88% [2][3] - Sanfu Outdoor: Revenue of 800 million yuan, down 5.45%; net profit loss of 21 million yuan, down 158.83% [2][3] - Anzheng Fashion: Revenue of 2.034 billion yuan, down 6.23%; net profit loss of 124 million yuan, down 365.03% [2][3] - Aimer: Revenue of 3.163 billion yuan, down 7.71%; net profit of 163 million yuan, down 46.56% [2][3] Losses and Underperformance - Six companies reported losses, including: - Ge Li Si: Loss of 310 million yuan [4][5] - Sanfu Outdoor: Loss of 21 million yuan [4][5] - Anzheng Fashion: Loss of 124 million yuan [4][5] - Xinhe Shares: Loss of 67 million yuan [4][5] - Meibang Clothing: Loss of 195 million yuan [4][5] - Annai: Loss of 115 million yuan [4][5] Performance Rankings - The top three companies in revenue growth are: - 361 Degrees: 19.6% growth [7] - Tanshan: 14.44% growth [7] - Anta Sports: 13.6% growth [7] - The bottom three in revenue growth are: - Meibang Clothing: -49.79% [7] - Annai: -20.7% [7] - Xinhe Shares: -20.1% [7] Net Profit Growth Rankings - The top three companies in net profit growth are: - Urban Beauty: 197% growth [9] - Anta Sports: 52.4% growth [9] - Tanshan: 48.5% growth [9] - The bottom three in net profit growth are: - Meibang Clothing: -715.45% [9] - Ge Li Si: -392.99% [9] - Anzheng Fashion: -365.03% [9]

证券代码：603587 证券简称：地素时尚 公告编号：2025-027 地素时尚股份有限公司 关于股份回购进展公告 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。 重要内容提示： 具 体 内 容 详 见 公 司 于 2024 年 7 月 30 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《地素时尚关于以集中竞价方式回购股份的回购报告书》 （公告编号：2024-026）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应在每个月的前 3 个交易 日内公告截至上月末的回购进展情况。现公司将实施回购股份的进展情况公告如 下： 2025 年 4 月，公司通过上海证券交易所交易系统以集中竞价交易方式已累计 回购公司股份 661,200 股，占公司总股本的比例为 0.1387%，最高成交价格为人民 币 12.79 元/股，最低成交价格为人民币 10.87 元/股，已支付的资金总额为人民币 7,852,45 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing a decline in revenue and profit margins, with a focus on optimizing organizational management and accelerating resource integration to enhance operational efficiency [1][3] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 2.7 billion yuan, which represents 89% of the net profit attributable to shareholders for 2024 [1] - The company is adjusting its profit forecasts for 2025-2026 due to weak retail performance and the integration of online and offline channels, with expected net profits of 330 million yuan and 350 million yuan for 2025 and 2026, respectively [4] Financial Performance Summary - For Q1 2025, the company reported revenue of 480 million yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 80 million yuan, down 25% year-on-year [1] - For Q4 2024, the company reported revenue of 610 million yuan, a year-on-year decrease of 25%, and a net profit attributable to shareholders of 20 million yuan, down 69% year-on-year [1] - For the full year 2024, the company reported revenue of 2.2 billion yuan, a year-on-year decrease of 16%, and a net profit attributable to shareholders of 300 million yuan, down 39% year-on-year [1] Brand Performance Summary - In Q1 2025, the DA brand generated revenue of 240 million yuan, down 9% year-on-year, with a gross margin of 77% [2] - The DM brand reported revenue of 30 million yuan, down 29% year-on-year, with a gross margin of 82% [2] - The DZ brand generated revenue of 200 million yuan, down 10% year-on-year, with a gross margin of 74% [2] Strategic Initiatives - The company plans to establish a marketing center to integrate its marketing team and adopt a flat, modular management model to enhance business collaboration [3] - The e-commerce module will be optimized by adjusting the talent structure based on brand dimensions and focusing on platform characteristics to improve team capabilities [3]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing a decline in revenue and profit margins, with a focus on optimizing organizational management and accelerating resource integration [1][3] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 2.7 billion yuan, which represents 89% of the net profit attributable to shareholders for 2024 [1] Financial Performance Summary - In Q1 2025, the company reported revenue of 480 million yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 80 million yuan, down 25% [1] - For Q4 2024, revenue was 610 million yuan, down 25% year-on-year, with a net profit of 20 million yuan, a decline of 69% [1] - The total revenue for 2024 was 2.2 billion yuan, a decrease of 16% year-on-year, with a net profit of 300 million yuan, down 39% [1] Brand Performance Summary - The DA brand generated revenue of 240 million yuan in Q1 2025, down 9% year-on-year, with a gross margin of 77% [2] - The DM brand reported revenue of 30 million yuan, a decrease of 29%, with a gross margin of 82% [2] - The DZ brand's revenue was 200 million yuan, down 10%, with a gross margin of 74% [2] - The RA brand had revenue of 10 million yuan, down 22%, with a gross margin of 81% [2] Profit Forecast Adjustments - The profit forecast for 2025-2026 has been adjusted downwards, with expected net profits of 330 million yuan and 350 million yuan respectively, compared to previous estimates of 410 million yuan and 460 million yuan [4] - The expected EPS for 2025 and 2026 is adjusted to 0.69 yuan and 0.74 yuan respectively, down from 0.86 yuan and 0.97 yuan [4] - The PE ratios for 2025, 2026, and 2027 are projected to be 17x, 16x, and 14x respectively [4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 02 年 月 日 地素时尚（603587.SH） 2025Q1 收入降幅收窄，期待全年业绩稳健增长 2024 年公司收入同比-16%/归母净利润同比-39%。1）2024 年公司收入为 22.2 亿元， 同比-16%；归母净利润为 3 亿元，同比-39%；扣非归母净利润为 2.5 亿元，同比-46%；非 经常损益主要系政府补助及公允价值变动损益。2）盈利质量：全年毛利率同比+0.4pct 至 74.8%；销售/管理/财务费用率同比分别+5.3/+1.6/+0.1pct 至 45.7%/8.7%/-2.0%（我们 判断销售费用率提升主要系直营渠道存在刚性费用）；净利率同比-5.0pct 至 13.7%。3）单 四季度：2024Q4 收入为 6.1 亿元，同比-25%；归母净利润为 0.2 亿元，同比-69%；扣非归 母净利润为 0.1 亿元，同比-89%。4）公司 2024 年合计拟分配现金股利 2.35 亿元，股利支 付率约为 78%，以 2025 年 4 月 30 日收盘价计算的股息率约为 4.2%。 2025Q1 公司收入同比-11 ...

Core Viewpoint - The opening of Maison DAZZLE flagship store in Shanghai marks a significant step for the brand, integrating local cultural elements with modern aesthetics to enhance consumer experience [1][4]. Group 1: Store Opening and Design - The new store is inspired by Shanghai's historical Shikumen architecture and aims to blend the brand's aesthetic philosophy into the commercial space [1]. - The store's design was led by renowned designer Masamichi Katayama from Wonderwall, creating a diverse space that merges local culture with contemporary fashion elements [4]. - The opening event featured the brand's spokesperson, Shu Qi, showcasing the DAZZLE 2025 summer collection, highlighting the brand's fashion appeal [3]. Group 2: Brand Strategy and Market Positioning - Since 2024, the company has focused on enhancing store quality and brand image, with significant renovations and expansions in key locations across major Chinese cities [6]. - The new store in Shanghai is part of the company's strategy to increase market penetration and brand awareness among core consumer demographics [6]. - The brand's resilience in the retail environment is attributed to its commitment to long-term value creation and strong brand competitiveness [6]. Group 3: Product Development and Consumer Engagement - In 2025, DAZZLE will launch a new brand identity "Clock Flower," featuring unique designs that incorporate artistic elements and innovative craftsmanship [7]. - The "Clock Flower" series aims to resonate with the "she economy," addressing women's deeper needs for emotional connection and identity recognition [7]. - DAZZLE has effectively connected with consumers through initiatives like the "Shining Figures" series, enhancing brand loyalty and driving online traffic to physical stores [7]. Group 4: Market Trends and Consumer Insights - The "she economy" is a growing market force, with 624 million active female users in China contributing nearly 50% of online consumption, of which 33.1% have high purchasing power [8]. - Female consumers prioritize brand value and emotional resonance over price sensitivity, making DAZZLE's focus on women's narratives a strong market strategy [9]. - With the expanding female consumer base, DAZZLE is well-positioned to leverage its understanding of women's needs and its competitive advantages in the mid-to-high-end market [9].

Core Viewpoint - The company, DIZU Fashion, reported a decline in revenue and net profit for 2024, with a focus on enhancing brand value and operational efficiency through various strategic initiatives. Company Overview - DIZU Fashion operates in the mid-to-high-end women's apparel segment, focusing on design, brand promotion, and direct sales through proprietary and franchise stores [4]. - The company achieved a revenue of 2.218 billion yuan in 2024, a decrease of 16.23% year-on-year, and a net profit of 303.51 million yuan, down 38.52% from the previous year [7]. Industry Context - The apparel industry in China experienced a mild growth in 2024, with retail sales of clothing reaching 1.07162 trillion yuan, a year-on-year increase of only 0.1%, significantly lower than the previous year's growth rate [4][5]. - The market faced challenges such as insufficient consumer willingness and intensified competition, leading to a slowdown in growth [4]. Financial Performance - The proposed profit distribution plan includes a cash dividend of 5.00 yuan per 10 shares, totaling approximately 235.34 million yuan, which represents 77.54% of the net profit attributable to shareholders [2][34]. - The total amount for cash dividends and share buybacks is projected to be 269.12 million yuan, accounting for 88.67% of the net profit for 2024 [2]. Strategic Initiatives - The company is focusing on enhancing brand culture and values through initiatives like the "Embrace Trilogy," which aims to connect emotionally with consumers [8][9]. - DIZU Fashion is implementing a strategy of product segmentation and promotion, emphasizing core products to improve market competitiveness and profitability [10]. - The company is also enhancing its digital transformation efforts, including the establishment of a comprehensive lifecycle management system for products and improving data analytics capabilities [13]. Membership and Marketing Strategies - DIZU Fashion is advancing its all-channel membership management and marketing strategies to enhance customer loyalty and drive sales growth [12]. - The company is exploring new shopping experiences, including home shopping options, to adapt to changing consumer behaviors [12]. Sustainability Efforts - The company is committed to sustainable fashion development, collaborating with organizations like WWF to protect biodiversity and promote environmental initiatives [16]. - DIZU Fashion is launching a sustainable re-creation series, focusing on reusing materials and promoting eco-friendly practices [16].

■ 除上述修订外，《公司章程》其他条款不变。 本次取消监事会、变更注册资本及修订《公司章程》事项尚需提交公司2024年年度股东大会审议，同时 董事会提请股东大会授权董事会及董事会授权人士办理相关工商变更登记手续。以上事项以工商登记部 门最终核定为准。 修订后的《公司章程》同日在上海证券交易所网站（http://www.sse.com.cn）披露。 四、修订公司制度的相关情况 ■ 上述公司治理制度已经公司第四届董事会第十五次会议审议通过，部分制度尚需提交公司股东大会审 议。 特此公告。 地素时尚股份有限公司 董事会 2025年4月29日 证券代码：603587 证券简称：地素时尚 公告编号：2025-022 地素时尚股份有限公司 第四届董事会第十五次会议决议公告 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、董事会会议召开情况 地素时尚股份有限公司（以下简称"地素时尚"或"公司"）于2025年4月28日14时以现场结合通讯方式在 上海市普陀区丹巴路28弄1-2号旭辉世纪广场8号楼7楼会议室召开了第四届董事会第十五次会议。公 ...

Group 1 - The company plans to reappoint Lixin Certified Public Accountants (Special General Partnership) as its financial audit and internal control audit institution for the year 2025, pending approval at the 2024 annual general meeting [2][10] - Lixin was founded in 1927 and has a total of 10,021 employees, including 2,498 registered accountants and 296 partners, with a strong focus on securities services [2][3][4] - In 2024, Lixin's audited business revenue was 4.778 billion RMB, with 3.672 billion RMB from audit services and 1.505 billion RMB from securities services [3] Group 2 - The audit fees for the company in 2024 were set at 1.2 million RMB, unchanged from 2023, with expectations for similar fees in 2025 [9] - The audit committee evaluated Lixin's professional competence, investor protection capability, independence, and integrity, concluding that Lixin is qualified to conduct the audit for the company [10] - The board of directors approved the reappointment of Lixin with a unanimous vote of 8 in favor [10] Group 3 - The company announced the cancellation of 1,310,000 stock options and the repurchase of 2,670,495 restricted stocks due to unmet performance targets in the incentive plan [12][13] - The total amount for the stock repurchase is approximately 20.56 million RMB, with additional interest payments for certain departing employees [38][29] - Following the repurchase, the company's total share capital will decrease from 476,763,282 shares to 474,092,787 shares [30][38] Group 4 - The company has decided to abolish the supervisory board, transferring its powers to the audit committee of the board of directors, in accordance with recent legal revisions [42] - The company's registered capital will be adjusted to reflect the stock repurchase and cancellation, aligning with regulatory requirements [42][38]

Core Insights - The company reported a revenue of 2.219 billion yuan for 2024, with a fourth-quarter revenue of 605 million yuan, reflecting a 25% quarter-on-quarter growth [1] - The first quarter of 2025 showed a robust performance with a net cash flow from operating activities of 162 million yuan, a 130% year-on-year increase [1] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, amounting to 77.54% of the net profit attributable to shareholders for 2024 [1] Financial Performance - The company achieved a total revenue of 2.219 billion yuan in 2024, with a significant increase in the fourth quarter [1] - The first quarter of 2025 demonstrated strong cash flow performance, with a net cash flow of 162 million yuan [1] Market Strategy - The company is focusing on enhancing brand image and optimizing store locations and management to meet consumer demand for high-quality shopping experiences [2] - The company is actively exploring omnichannel membership marketing to increase customer loyalty and drive repeat purchases [5] Brand Development - The company opened a new flagship store in Shanghai, integrating local culture and modern aesthetics [3] - The main brand DAZZLE introduced a new brand identity "Clock Flower," symbolizing various traits of women [4] Sustainability Initiatives - The company released its 2024 ESG report, emphasizing its commitment to sustainable fashion and environmental protection [6] - Collaborations with organizations like WWF and the launch of a sustainable capsule collection demonstrate the company's dedication to environmental initiatives [6] Future Outlook - The company anticipates benefiting from a recovery in consumer demand and structural reforms in the textile and apparel industry in 2025 [6]