Investment Rating - The report maintains a rating of "Accumulate" for the company, with an expected PE of 13.5 times for 2025 [6][8]. Core Views - The company has experienced a 4% year-on-year increase in revenue for Q1-Q3 2024, but its net profit attributable to shareholders has significantly decreased by 84% [2]. - The domestic business remains stable, while overseas operations are under pressure, leading to a substantial decline in profitability [4][6]. - The company is expected to improve its profitability quality in 2025-2026 as it optimizes its overseas business [6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company's revenue was 2.15 billion yuan, with a net profit of 20 million yuan, down 84% year-on-year [2]. - In Q3 2024, revenue was 700 million yuan, a 2% increase year-on-year, but the net profit was a loss of 40 million yuan, a 239% decline [3]. - The gross profit margin for Q1-Q3 2024 was 68.2%, up 1.3 percentage points year-on-year, while the net profit margin fell to 2.9%, down 5.8 percentage points [2]. Business Segments - Domestic revenue for Q1-Q3 2024 increased by 11.5%, while overseas revenue saw a significant decline, impacting overall performance [4]. - Online sales grew rapidly, with a 38% increase year-on-year, while offline sales decreased by 2% [4]. - Direct sales outperformed franchise sales, with direct sales revenue increasing by 10% compared to a 26% decline in franchise sales [4]. Brand Performance - Key brands such as ELLASSAY and Laurel showed positive sales growth, while other brands experienced declines due to fluctuations in consumer traffic [5]. - The total number of stores increased by 13 compared to the beginning of the year, indicating a steady expansion of the company's channel scale [5]. Inventory and Cash Flow - Inventory turnover days increased by 68.4 days to 374.6 days, with ending inventory up 22.8% year-on-year to 950 million yuan [6]. - The operating cash flow for Q1-Q3 2024 was 240 million yuan, indicating good cash flow management [6]. Future Outlook - The company anticipates a challenging profit performance in 2024 but expects significant improvements in profitability quality in 2025-2026 [6]. - Revenue projections for 2024-2026 are 3.004 billion yuan, 3.362 billion yuan, and 3.767 billion yuan, respectively [7].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 7.08 yuan [1]. Core Views - The company experienced a 4.2% year-on-year increase in revenue for the first three quarters of 2024, but a significant decline of 84.2% in net profit attributable to shareholders [1]. - The company is expected to increase adjustments in its overseas business due to ongoing pressure, particularly from the IRO brand, while domestic operations remain stable [1][2]. - The report anticipates a temporary performance pressure due to intensified overseas business adjustments, but there is still potential for recovery in the future [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 2.15 billion yuan, with a net profit of 21.53 million yuan, reflecting a year-on-year decline of 84.2% [1]. - The company's earnings per share (EPS) for 2024 is projected at 0.06 yuan, with subsequent years showing a recovery to 0.14 yuan in 2025 and 0.53 yuan in 2026 [2][4]. - The gross profit margin for the first three quarters of 2024 improved by 1.3 percentage points to 68.2% [1]. Brand and Channel Performance - Revenue contributions from various brands for the first three quarters of 2024 were as follows: Self-portrait (38.1%), Laurel (13.1%), Ed Hardy (8.4%), IRO (21.6%), and EH (16.5%), with notable growth in Self-portrait and Laurel [1]. - The company’s direct sales and distribution channels accounted for 84.2% and 13.7% of revenue, respectively, with direct sales showing a year-on-year increase of 10.3% [1]. Store Expansion and Inventory Management - As of September 2024, the total number of stores was 658, with a net increase of 6 stores since the beginning of the year [1]. - Inventory as of September 2024 increased by 1.1% to 0.95 billion yuan, with inventory turnover days rising by 68 days to 375 days [1].

证券代码：603808 证券简称：歌力思 公告编号：2024-024 深圳歌力思服饰股份有限公司 第五届董事会第五次临时会议决议公告 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 深圳歌力思服饰股份有限公司（以下简称"公司"）第五届董事会第五次临 时会议于 2024 年 10 月 29 日上午 10:30 在广东省深圳市福田区沙头街道天安社 区泰然四路泰然立城大厦 B 座 12 楼会议室以现场结合通讯表决方式召开，会议 通知及相关材料已于 2024 年 10 月 26 日以书面、电子邮件、电话等方式发出。 本次会议应到董事 7 名，实到 7 名。本次会议由公司董事长夏国新先生主持，公 司监事和高级管理人员列席了会议。本次会议的召集和召开程序符合国家有关法 律、法规及《公司章程》等规定，会议合法有效。 二、董事会会议审议情况 （一）会议审议通过《2024 年第三季度报告》 表决结果：同意 7 票，反对 0 票，弃权 0 票，通过。 详见公司同日在上海证券交易所网站披露的《关于使用闲置自有资金进行委 托理 ...

证券代码：603808 证券简称：歌力思 公告编号：2024-025 表决结果：同意 3 票，反对 0 票，弃权 0 票，通过。 （二）会议审议通过《关于使用闲置自有资金进行委托理财的议案》 1、公司本次使用闲置自有资金进行委托理财，不影响公司正常经营，不存 在损害股东利益特别是中小股东利益的情形，符合有关法律、法规的规定。公司 深圳歌力思服饰股份有限公司 第五届监事会第四次临时会议决议公告 本公司监事会及全体监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、监事会会议召开情况 深圳歌力思服饰股份有限公司（以下简称"公司"）第五届监事会第四次临 时会议于 2024 年 10 月 29 日下午 14:30 在广东省深圳市福田区沙头街道天安社 区泰然四路泰然立城大厦 B 座 12 楼会议室以现场表决方式召开，会议通知及相 关材料已于 2024 年 10 月 26 日以书面、电子邮件及电话方式发出。本次会议应 到监事 3 名，实到 3 名，由公司监事会主席涂丽萍女士主持。本次会议的召集和 召开程序符合国家有关法律、法规及《公司章程》等规定，会议合法 ...

证券代码：603808 证券简称：歌力思 公告编号：2024-026 深圳歌力思服饰股份有限公司 关于使用闲置自有资金进行委托理财的公告 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： （一）投资目的 为了提高公司资金的使用效率和收益水平，在符合国家有关法律法规及不影 响公司正常经营的情况下，公司合理、适度使用部分闲置自有资金进行委托理财， 以更好地实现公司现金资产的保值增值，为公司和股东创造更大的收益。 （二）投资金额 公司以不超过人民币6亿元（含6亿元）的闲置自有资金进行委托理财，期限 自公司董事会审议通过之日起一年。在上述额度及期限内，资金可循环滚动使用， 并授权公司经营管理层决定具体实施事宜。 （三）资金来源 委托理财的资金为公司及其全资子（孙）公司、控股子（孙）公司的闲置自 有资金，资金来源合法合规。 （四）投资方式 深圳歌力思服饰股份有限公司（以下简称"公司"）于2024年10月29日召开 了第五届董事会第五次临时会议和第五届监事会第四次临时会议，审议通过了 《关于使用闲置自有资金进行委托理财的议案 ...

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： 证券代码：603808 证券简称：歌力思 公告编号：2024-028 深圳歌力思服饰股份有限公司 关于召开 2024 年第二次临时股东大会的通知 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 11 月 20 日 14 点 50 分 召开地点：深圳市福田区沙头街道天安社区泰然四路泰然立城大厦 B 座 12 楼会议室 股东大会召开日期：2024年11月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 20 日 至 2024 年 11 月 20 日 2、 特别决议议案：无 3、 对中 ...

证券代码：603808 证券简称：歌力思 公告编号：2024-027 深圳歌力思服饰股份有限公司 关于续聘 2024 年度审计机构的公告 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： 拟续聘的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以下简 称"容诚会计师事务所"）。公司于 2024 年 10 月 29 日召开了第五届董事会第五 次临时会议和第五届监事会第四次临时会议，分别审议通过了《关于续聘 2024 年度审计机构的议案》，同意公司续聘容诚会计师事务所为 2024 年度财务审计机 构和内部控制审计机构，聘期一年。具体情况如下 一、拟续聘会计师事务所的基本情况 容诚会计师事务所共承担394家上市公司2023年年报审计业务，审计收费总 额48,840.19万元，客户主要集中在制造业（包括但不限于计算机、通信和其他 电子设备制造业、专用设备制造业、电气机械和器材制造业、化学原料和化学制 品制造业、汽车制造业、医药制造业、橡胶和塑料制品业、有色金属冶炼和压延 加工业、建筑装饰和其他建筑业）及信息传输、软件 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][5] Core Views - The company's overseas business has negatively impacted overall performance, while the main brand, ELLASSAY, continues to grow rapidly [1][5] - The company is expected to improve profitability as consumer demand gradually recovers and consumption promotion policies are implemented [5] Financial Performance Summary - In H1 2024, the company's revenue was 1.448 billion yuan, a year-on-year increase of 5.49%, while net profit attributable to shareholders was 59 million yuan, a decrease of 46.60% [1] - The gross margin for H1 2024 was 69.24%, an increase of 1.75 percentage points year-on-year [2] - The net profit margin for H1 2024 was 5.98%, a decrease of 4.26 percentage points year-on-year [2] Brand Performance Summary - Revenue from various brands in H1 2024: ELLASSAY 579 million yuan (+21.32%), Laurel 196 million yuan (+27.53%), Ed Hardy 130 million yuan (-19.72%), Ed Hardy X 291 million yuan (-17.11%), IRO Paris 236 million yuan (+12.46%) [3] - Online sales reached 256 million yuan, a year-on-year increase of 33.25%, with ELLASSAY brand achieving a 63% increase on Tmall [3] Future Earnings Forecast - The company forecasts EPS for 2024, 2025, and 2026 to be 0.45 yuan, 0.61 yuan, and 0.79 yuan respectively, with corresponding P/E ratios of 14.0X, 10.5X, and 8.1X [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported strong domestic business growth in the first half of 2024, with revenue of 1.45 billion yuan, a year-on-year increase of 5.5%, while net profit attributable to shareholders was 58.55 million yuan, a year-on-year decrease of 46.6%, primarily due to losses in overseas operations [1] - Domestic brands, excluding Ed Hardy, showed good growth, with the main brand and others like Laurel and IRO experiencing revenue increases of 21%, 28%, and 20% respectively [1] - Online sales channels have seen significant growth, with online revenue increasing by 33.2% year-on-year, while the overall performance was impacted by a decline in overseas markets [1] Summary by Sections Financial Performance - Total revenue for 2022 was 2.395 billion yuan, with a projected increase to 3.108 billion yuan in 2024, reflecting a year-on-year growth of 6.62% [1] - Net profit attributable to shareholders was 20.45 million yuan in 2022, expected to rise to 184.44 million yuan in 2024, indicating a year-on-year growth of 74.59% [1] - The company’s gross margin improved slightly to 69.24% in the first half of 2024, while the net profit margin decreased to 4.04% [1] Revenue Breakdown - In the first half of 2024, domestic business revenue grew by 9% when excluding overseas operations, indicating resilience in the domestic market [1] - Online sales accounted for 18% of total revenue, with significant contributions from various platforms [1] Future Projections - The company’s net profit forecasts for 2024 and 2025 have been adjusted to 184 million yuan and 272 million yuan respectively, with a new projection for 2026 at 315 million yuan [1] - The price-to-earnings ratio is projected to decrease from 13x in 2024 to 7x in 2026, reflecting a more favorable valuation outlook [1]

深圳歌力思服饰股份有限公司 关于完成注册地址工商变更登记的公告 证券代码：603808 证券简称：歌力思 公告编号：2024-020 特此公告。 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。 1 深圳歌力思服饰股份有限公司（以下简称"公司"或"歌力思"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第五届董事会第三次临时会议、2023 年年 度股东大会，审议通过了《关于变更注册地址、公司章程修订暨办理工商变更登 记的议案》。 深圳歌力思服饰股份有限公司 董事会 2024 年 7 月 12 日 近日，公司完成了注册地址的工商变更登记手续，并取得了深圳市市场监督 管理局换发的《营业执照》，公司注册地址由"深圳市福田区车公庙天安创新科 技广场 A 栋 1901-1905"变更为"深圳市福田区沙头街道天安社区泰然四路 85 号 泰然立城 B 座 1201"。 ...