重要内容提示： 深圳歌力思服饰股份有限公司（以下简称"公司"）股票价格于2026年3 月24日、3月25日、3月26日连续三个交易日内日收盘价格涨幅偏离值累计超过20%， 根据《上海证券交易所交易规则》的相关规定，属于股票交易异常波动。 经公司自查，并向公司控股股东及实际控制人发函询证，截至本公告披 露日，除公司已披露事项外，公司不存在应披露而未披露的重大事项。 一、股票交易异常波动的具体情况 公司股票于2026年3月24日、3月25日、3月26日连续三个交易日内日收盘价 格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的相关规定，属 于股票交易异常波动的情形。 二、公司关注并核实的相关情况 （一）生产经营情况 证券代码：603808 证券简称：歌力思 公告编号：2026-008 深圳歌力思服饰股份有限公司 股票交易异常波动公告 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。 （四）其他股价敏感信息 经核查，公司控股股东、实际控制人及公司董事、高级管理人员在公司本次 股票交易异常波动期间不存在买卖公司股票的行为。 三 ...

Investment Strategy Overview - The report indicates that 2026 is expected to be a turning point for consumption in the textile and apparel industry, focusing on areas with potential for penetration growth [4][6] - In the first two months of 2026, both domestic consumption and export of textiles and apparel exceeded expectations, suggesting a favorable window for low-positioned investments in the sector [5][6] - The report anticipates a recovery in the industry chain, with upstream prices rising, midstream facing pressure, and downstream showing differentiation [5][6] Textile Manufacturing Insights - The report highlights a strong cycle in textile manufacturing post-industry reshuffling, with stronger cycles leading to stronger growth [6] - Upstream price increases are noted, particularly for Australian wool and cotton, with significant price elasticity observed due to production cuts and demand recovery [5][6] - Midstream sports manufacturing is under short-term pressure but is expected to see new growth in the medium to long term, influenced by the recovery of key clients like Nike [5][6] Apparel and Home Textiles Trends - The report identifies 2026 as a pivotal year for apparel and home textiles, emphasizing the need to explore market penetration opportunities [6] - The high-performance outdoor apparel market is highlighted as having low penetration and significant growth potential, with a market size of 102.7 billion yuan in 2024 [5][6] - The report also notes a correlation between high-end apparel demand and travel/business activities, suggesting a recovery in mid-to-high-end apparel consumption [5][6] Investment Recommendations - The report recommends focusing on quality wool spinning companies and companies with global supply chains that have sufficient low-cost materials, such as Baolong Oriental [5][6] - For midstream sports manufacturing, companies like Shenzhou International, Huayi Group, and Yuanyuan Group are recommended, with a watch on the recovery pace of Nike [5][6] - The report suggests that companies in the sleep economy, such as Luolai Life and Mercury Home Textiles, are well-positioned to benefit from the growing market for innovative home textile products [5][6] Cotton Market Analysis - The report predicts a reduction in global cotton production in the 2026/27 season, which may lead to a decrease in inventory-to-consumption ratios, potentially driving cotton prices higher [40][45] - The report notes that the cotton market is currently experiencing a price bottom, with external cotton prices expected to rebound due to significant price differentials [46][48] Brand Recovery Pathways - The report outlines a two-phase recovery pathway for brands, emphasizing the importance of inventory clearance as a precursor to a new operational cycle [64][66] - The first phase involves clearing inventory across all channels, while the second phase sees a recovery in retail sales and expansion of franchise operations, leading to increased profitability [66]

证券代码：603808 证券简称：歌力思 公告编号：2026-007 深圳歌力思服饰股份有限公司 关于注销回购股份并减少注册资本暨通知债权人公 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、通知债权人的原由 深圳歌力思服饰股份有限公司（以下简称"公司"）分别于 2026 年 2 月 10 日、2026 年 3 月 9 日召开了第五届董事会第十一次临时会议、2026 年第一次 临时股东会，审议通过了《关于变更公司回购专户回购股份用途并注销暨减少注 册资本的议案》《关于变更公司注册资本暨修订<公司章程>的议案》，具体内容 详见公司分别于 2026 年 2 月 11 日、2026 年 3 月 10 日在上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体上披露的《关于变更公司回购专户 回购股份用途并注销暨减少注册资本的公告》（公告编号：2026-002）《关于变更 公司注册资本暨修订公司章程的公告》(公告编号：2026-003)、《2026 年第一次 临时股东会决议公告》（公告编号：2026-006） ...

证券代码：603808 证券简称：歌力思 公告编号：2026-006 深圳歌力思服饰股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 93 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 207,634,385 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.0842 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，董事长夏国新先生主持。股东会采用现场投票和网 络投票相结合的表决方式进行表决。会议的召开和表决方式符合《公司法》及《公 审议结果：通过 | 表决情况： | | --- | | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | ...

北京市中伦（深圳）律师事务所 关于深圳歌力思服饰股份有限公司 2026 年第一次临时股东会的 法律意见书 致：深圳歌力思服饰股份有限公司 根据《中华人民共和国公司法》(简称"《公司法》")《上市公司股东会规则》 (简称"《股东会规则》")和《深圳歌力思服饰股份有限公司章程》(简称"《公司 章程》")的规定，以及深圳歌力思服饰股份有限公司（简称"公司"）与北京市 中伦（深圳）律师事务所（简称"本所"）签订的《常年法律顾问合同》的约定， 本所律师受指派作为公司的常年法律顾问出席公司 2026 年第一次临时股东会 (简称"本次股东会")，并就本次股东会的召集和召开程序、召集人资格、出席 和列席会议人员资格、表决程序及表决结果等事宜发表法律意见。 $$\Xi\,{\cal O}\,{\longrightarrow}\,\lambda^{*}\!\!/\,\Xi\,{\longrightarrow}\,{\cal H}$$ 北京市中伦（深圳）律师事务所 关于深圳歌力思服饰股份有限公司 2026 年第一次临时股东会的 法律意见书 一、本次股东会的召集和召开程序 为召开本次股东会，公司董事会于 2026 年 2 月 11 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overall demand for sports footwear and apparel remains weak, with no clear turning point observed in January orders. Retail performance in the US and UK shows some resilience, while demand in continental Europe and Japan remains weak. Growth is primarily driven by high-end consumption, with mass apparel recovery expected to take more time. Export performance is improving in Vietnam, while China's export remains under pressure [2][6][24] - The upstream manufacturing sector shows strong performance certainty, with retail sales of apparel brands improving. The US Supreme Court's rejection of Trump's tariff policy is favorable for the manufacturing sector. The performance of upstream manufacturing is expected to be more certain in the first half of 2026, while the downstream sports supply chain is on a recovery path. Retail sales growth for apparel brands in January and February is promising, and sentiment in the sector is likely to improve [7][32] Summary by Sections Manufacturing Performance - In January, the revenue growth for major footwear manufacturers varied: Yuanyuan Group's revenue increased by 0.6% year-on-year, while Fengtai's revenue decreased by 1.8%, Zhijiang International's by 3.3%, and Yuchi-KY's by 5.1%. For apparel manufacturers, Ruhong's revenue grew by 7.6%, while Juyang's revenue fell by 19.2% [5][17] Demand Analysis - Retail demand in January showed resilience in the US and UK, with the US maintaining low positive growth and the UK showing relative stability. France's retail remains near zero growth, Germany shows some recovery, while Japan's growth is significantly weakening. The US consumer confidence index continues to decline, indicating that growth is mainly supported by high-end consumption, with mass apparel consumption recovery lagging [6][24][27] Upstream and Downstream Insights - The manufacturing sector is expected to recover in 2026, with strong performance certainty driven by rising material prices. Recommended stocks include Xin'ao Co. and others with strong earnings potential. The A-share market is expected to see continued destocking in 2025, with a potential for profit optimization in 2026. Recommended stocks include Mercury Home Textiles and others focusing on high-end apparel [32][33]

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights significant growth in the textile and apparel industry, with major companies like On Running and Adidas reporting record sales and profits for 2025. On Running's net sales reached 3.014 billion Swiss Francs, a 30% increase year-on-year, while Adidas reported global revenue of 24.8 billion Euros, a 13% increase [2][3]. Summary by Sections Company Performance - On Running's net sales for 2025 reached 3.014 billion Swiss Francs, a 30% increase year-on-year, with a net profit of 203 million Swiss Francs, down 15.9%. The gross margin improved to 62.8% [2]. - Adidas achieved a record global revenue of 24.8 billion Euros, up 13% year-on-year, with operating profit increasing by 54% to 2.06 billion Euros and net profit rising over 70% to 1.34 billion Euros [3]. Regional Performance - On Running's sales in the Asia-Pacific region surged by 96.4% to 511 million Swiss Francs, while EMEA sales increased by 32% to 763 million Swiss Francs, and Americas sales rose by 17.6% to 1.740 billion Swiss Francs [2]. - Adidas reported a 13% increase in Greater China sales to 3.62 billion Euros, marking eleven consecutive quarters of growth, with a 15% increase in Q4 [3]. Product Category Performance - On Running's apparel sales grew by 68.2% to 170 million Swiss Francs, accessories by 124.1% to 37 million Swiss Francs, and footwear by 27.5% to 2.804 billion Swiss Francs [2]. - Adidas saw footwear revenue increase by 12% to 1.423 billion Euros, with running business revenue growing over 30% [3]. Financial Health - On Running reported a cash reserve exceeding 1 billion Swiss Francs and an operating cash flow of 359.5 million Swiss Francs [2]. - Adidas improved its operating expense ratio from 34.2% to 31.4%, with inventory rising by 70% as part of preparations for 2026 growth [3]. Future Guidance - On Running expects net sales to grow at least 23% in 2026, with a gross margin of no less than 63% and an adjusted EBITDA margin of 18.5%-19% [2]. - Adidas anticipates near double-digit revenue growth in 2026, with a focus on key markets and product categories, projecting an operating profit of around 2.3 billion Euros [3]. Investment Recommendations - The report recommends several companies based on current market conditions, including Baolong Oriental, New Australia, and Fuchun Dyeing & Weaving in the manufacturing sector, and Jin Hong Group, Ge Li Si, and Luo Lai Life in the brand sector [4][17].

深圳歌力思服饰股份有限公司 2026 年第一次临时股东会 会议资料 1 | 目录 | | --- | | 2026 年第一次临时股东会会议议程 3 | | | --- | --- | | 2026 年第一次临时股东会会议须知 5 | | | 议案一 | 关于变更公司回购专户回购股份用途并注销暨减少注册资本的议案 6 | | 议案二 | 关于变更公司注册资本暨修订《公司章程》的议案 9 | 2026 年第一次临时股东会会议议程 一、会议召开和表决方式 本次会议采用现场投票与网络投票相结合的表决方式。深圳歌力思服饰股份 有限公司（以下简称"公司"）通过上海证券交易所股东会网络投票系统向股东 提供网络投票平台，公司股东可以在网络投票时间内通过上述系统行使表决权。 二、会议召开时间 现场会议时间：2026 年 3 月 9 日 14:50 网络投票起止时间：自 2026 年 3 月 9 日 至 2026 年 3 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股 ...

深圳歌力思服饰股份有限公司 2026 年第一次临时股东会 会议资料 1 | 1.0 | 1 | | --- | --- | | | 2 | | 2026 | 年第一次临时股东会会议须知 5 | | --- | --- | | 议案一 | 关于变更公司回购专户回购股份用途并注销暨减少注册资本的议案 6 | | 议案二 | 关于变更公司注册资本暨修订《公司章程》的议案 8 | 2026 年第一次临时股东会会议议程 一、会议召开和表决方式 本次会议采用现场投票与网络投票相结合的表决方式。深圳歌力思服饰股份 有限公司（以下简称"公司"）通过上海证券交易所股东会网络投票系统向股东 提供网络投票平台，公司股东可以在网络投票时间内通过上述系统行使表决权。 二、会议召开时间 现场会议时间：2026 年 3 月 9 日 14:50 网络投票起止时间：自 2026 年 3 月 9 日 至 2026 年 3 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东会召开当日的 ...

Investment Rating - The industry rating is "Recommended" [6] Core Insights - Amer Sports reported Q4 and full-year results for 2025, exceeding market expectations with revenue and net profit growth of 27% and 489% respectively, with Greater China revenue increasing by 43.4% [3][15] - Jiangnan Buyi's FY2026H1 revenue, net profit, and operating cash flow were 3.376 billion, 676 million, and 996 million CNY, reflecting year-on-year growth of 7.0%, 11.9%, and 21.1% respectively [4][16] - The report highlights a strong expectation for upstream price increases in manufacturing, particularly for wool and cotton, with recommendations for specific companies benefiting from these trends [5][17] Summary by Sections Company Performance - Amer Sports' brand performance showed significant growth, with Arc'teryx, Salomon, and Wilson revenues increasing by 30%, 31%, and 13% respectively [3][15] - Jiangnan Buyi declared an interim dividend of 0.52 HKD per share, yielding a 5.18% dividend rate [4][16] Market Trends - The report notes a strong expectation for price increases in raw materials, including wool and cotton, with recommendations for companies like Baolong Oriental and New Australia [5][17] - The easing of tariffs is expected to positively impact the industry, with a potential reduction of 5%-10% in tariffs on Chinese goods exported to the U.S. [4][16] Online Sales Data - Sales data from Taobao and Tmall for January 2026 showed a year-on-year increase in sportswear sales by 15.81%, indicating a recovery in consumer demand [5][17] - The outdoor category saw significant growth, with sales for outdoor climbing and camping gear increasing by 25.63% [5][17] Raw Material Prices - As of February 27, 2026, the Chinese cotton price index rose to 16,731 CNY/ton, reflecting a 3.88% increase [8][32] - Wool prices have increased by 4.13% year-to-date, with the Australian wool market index at 1,716 AUD/kg [8][39] Export Data - In 2025, textile and apparel exports decreased by 2.26% year-on-year, with textile exports growing by 0.5% and apparel exports declining by 5% [51][52] - Vietnam's footwear exports showed a positive trend, with a year-on-year increase of 7.79% in January 2026 [60][61]