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。 深圳歌力思服饰股份有限公司 关于召开 2024 年度暨 2025 年第一季度 重要内容提示： ? 会议召开时间：2025年5月30日(星期五) 上午10:30-11:30 ? 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：上证路演中心视频直播和网络互动 证券代码：603808 证券简称：歌力思 公告编号：2025-012 业绩说明会的公告 （三） 会议召开方式：上证路演中心视频直播和网络互动 三、 参加人员 公司董事长、总经理夏国新先生，董事、副总经理兼财务负责人刘树祥先生， 董事、副总经理兼董事会秘书王薇女士，独立董事周到先生等。如遇特殊情况， 参会人员可能进行调整。 ? 投资者可于2025年5月23日（星期五） 至2025年5月29日（星期四）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 zqfw@ellassay.com进行提问。公司将在说明会上对投资者普遍关注的 ...

证券代码：603808 证券简称：歌力思 公告编号：2025-012 深圳歌力思服饰股份有限公司 关于召开 2024 年度暨 2025 年第一季度 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： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于2025年5月23日（星期五） 至2025年5月29日（星期四）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 zqfw@ellassay.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。 深圳歌力思服饰股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日 发布公司 2024 年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公司计划于 2025 年 5 月 30 日（星期五）10:30-11:30 举行 2024 年度暨 2025 ...

Group 1 - The core viewpoint is that Geli Si (603808.SH) has shown strong performance in Q1 2025, with optimistic profit expectations from multiple institutions [1][2] - The company achieved a revenue of 690 million yuan and a net profit attributable to shareholders of 40 million yuan, representing a year-on-year growth of 40% [1] - Shenwan Hongyuan noted that the performance recovery in Q1 2025 exceeded expectations, driven by stable domestic profits, accelerated overseas business handling, and effective cost reduction [1] Group 2 - Tianfeng Securities indicated that after excluding EdHardy from the consolidated financial statements, the comparable revenue growth was 1.5%, with domestic market revenue increasing by 8.1% year-on-year [1][2] - The company is focusing on a differentiated high-end multi-brand matrix, enhancing channel resource expansion and brand channel operational efficiency [1] - Guosheng Securities expects the company's core domestic brands to continue leading the industry, with the removal of EdHardy alleviating performance pressure [2]

Core Insights - The company reported a revenue increase in 2024 but faced significant challenges in overseas operations, resulting in a net loss [1][2] Financial Performance - In 2024, the company achieved an operating revenue of 3.036 billion yuan, a year-on-year increase of 4.14% [1] - The net profit attributable to shareholders was -310 million yuan, a decline of 392.99% year-on-year [1] - The basic earnings per share were -0.85 yuan, compared to 0.29 yuan in the same period last year [1] - The gross profit margin for 2024 was 67.36%, a decrease of 0.42 percentage points year-on-year [3] - The net profit margin was -8.42%, down 13.98 percentage points year-on-year [3] Brand Performance - The main brand, ELLASSAY, saw comprehensive development in both online and offline channels, with online sales growing by 55% year-on-year [2] - The German brand Laurèl increased its store count to 94 and achieved a revenue growth of 19% [2] - The UK brand self-portrait experienced a 21% increase in sales revenue, surpassing 500 million yuan [2] - The French brand IRO had a good performance in China, with revenue growth of 17% [2] Strategic Adjustments - The company transferred 50% of its stake in the subsidiary Dongming International, which holds the Ed Hardy brand, in December 2024, meaning Ed Hardy will not be included in the consolidated financial statements from 2025 [1] - The company is implementing cost reduction and efficiency improvement measures for its underperforming overseas operations [2] Market Trends - In Q1 2025, the company reported an operating revenue of 690 million yuan, a decline of 7.82% year-on-year, primarily due to the exclusion of Ed Hardy from the consolidated financials [4] - On a comparable basis, domestic market revenue grew by 8.1% year-on-year [4] Investment Outlook - The company has established a diverse brand matrix covering various market segments, including high-end fashion brands [5] - The projected earnings per share (EPS) for 2025-2027 are 0.51 yuan, 0.68 yuan, and 0.83 yuan, with corresponding price-to-earnings (PE) ratios of 14.0X, 10.5X, and 8.7X [5]

Core Viewpoint - The A-share clothing companies are facing multiple challenges such as intensified market competition, restructuring supply-demand relationships, and pressures on inventory and cash flow, leading to overall performance decline in the past year [1] Group 1: Performance of Men's Clothing Companies - Several leading men's clothing companies, including Hailan Home, Youngor, Semir, and Baoxiniao, have shown resilience despite facing growth challenges, with net profits around or above 500 million yuan [1] - Hailan Home reported a revenue of 20.957 billion yuan in 2024, a decrease of 2.65%, and a net profit of 2.159 billion yuan, down 26.88% [2] - Youngor achieved a revenue of 14.188 billion yuan, up 3.19%, but its net profit fell by 19.41% to 2.767 billion yuan [2] - Semir's revenue reached 4.004 billion yuan, a growth of 13.24%, while its net profit decreased by 14.28% to 781 million yuan [2] - Baoxiniao's revenue was 5.153 billion yuan, down 1.91%, with a net profit of 495 million yuan, a decline of 29.07% [2] Group 2: Expansion into Outdoor Sports - Leading men's clothing companies are expanding into outdoor sports categories, with Hailan Home investing 248 million yuan to acquire a 51% stake in Spobz, which will manage Adidas products in China [3] - Baoxiniao is acquiring the global intellectual property rights of the high-end outdoor brand Woolrich for approximately 384 million yuan [3] - Semir is also focusing on the outdoor apparel segment, aiming to create a "trendy outdoor" brand [4] Group 3: Performance of Women's Clothing Companies - The women's clothing sector is experiencing more severe impacts, with companies like Ge Li Si, Ri Bo Shi Shang, and An Zheng Shi Shang reporting significant losses [5][6] - Ge Li Si's revenue grew by 4.14% to 3.036 billion yuan, but it reported a net loss of 310 million yuan [6] - Ri Bo Shi Shang's revenue fell by 15.68% to 866 million yuan, resulting in a net loss of 159 million yuan [6] - An Zheng Shi Shang's revenue decreased by 6.23% to 2.034 billion yuan, with a net loss of 124 million yuan [7] Group 4: Growth in Children's Clothing - Semir is one of the few companies that maintained growth in both revenue and net profit in 2024, driven by its children's clothing segment [8] - Semir's revenue reached 14.626 billion yuan, up 7.06%, with a net profit of 1.137 billion yuan, a growth of 1.42% [8] - The children's clothing segment contributed 10.268 billion yuan, accounting for 70.21% of total revenue [8] - Other companies like Youngor and An Zheng Shi Shang are also entering the children's clothing market, with Youngor acquiring the luxury children's brand Bonpoint [10] and An Zheng Shi Shang partnering with the Korean brand ALLO&LUGH [11]

Core Insights - The company reported a revenue of 3.036 billion yuan for the year 2024, reflecting a year-on-year growth of 4% [1] - In Q1 2025, the company achieved a revenue of 690 million yuan, with a net profit attributable to shareholders of 40 million yuan, marking a 40% year-on-year increase [1] Business Performance - The company's brands, including ELLASSAY, Laurèl, IRO China, and self-portrait, showed strong sales growth in 2024, with increases of 8%, 19%, 17%, and 21% respectively [1] - In Q1 2025, the international brands continued to perform well in the domestic market, with self-portrait, Laurèl, and IRO China growing by 17%, 13%, and 14% respectively, while ELLASSAY remained stable [1] Online Sales Growth - Online sales grew by 32% in 2024, with significant contributions from platforms like Douyin, Xiaohongshu, and Tmall [2] - In Q1 2025, online sales on a comparable basis increased by 26%, with online sales accounting for 18% of total sales, up 4.1 percentage points from the previous year [2] Store Expansion and Market Position - The company added 27 new stores in 2024, expanding its presence in key cities such as Macau, Shenzhen, Nanjing, and Hangzhou [2] - The multi-brand and multi-platform strategy has begun to yield results, enhancing the brand matrix's collaborative capabilities and solidifying the company's competitive position in the mid-to-high-end women's wear market [2] Shareholder Value - The company has consistently returned value to shareholders since its listing, proposing a cash dividend of 18.1867 million yuan for the year 2024 [2]

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]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown a significant recovery in Q1 2025, with a notable improvement in net profit and operational efficiency despite previous losses in 2024 due to one-time factors [7] - The company aims to become a competitive high-end fashion brand group, with a focus on domestic growth and brand acquisitions [7] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 3,036 million, with a slight decline to 3,008 million in 2025, followed by growth in subsequent years [6] - The net profit for Q1 2025 is reported at 41 million, a 40.2% increase year-on-year, indicating a positive trend in profitability [6][15] - The gross margin is expected to stabilize around 69% in the coming years, with a slight decrease noted in Q1 2025 [6][10] - The company plans to distribute a cash dividend of 0.5 yuan per share despite the overall loss in 2024, reflecting a commitment to shareholder returns [7] Brand Performance - Domestic core brands have shown positive revenue growth in 2024, with notable increases in revenue for SP, Laurèl, IRO, and the main brand [7] - Online sales have continued to grow rapidly, with a 32.4% increase in 2024, while offline sales remained stable [7] Cost and Inventory Management - The company has maintained a stable inventory level, with a slight decrease in stock compared to the previous year [7] - The sales expense ratio increased in 2024 but has shown signs of recovery in Q1 2025 [12][13]

深圳歌力思服饰股份有限公司于1999年6月8日成立，主营业务涉及品牌时装的设计研发、生产和销售， 于2015年4月22日在上海证券交易所成功上市（股票简称：歌力思，股票代码：603808）。 对于2024年归母净利润亏损3.10亿元的原因，歌力思方面对GPLP犀牛财经表示，2024年歌力思经营没 有亏损，亏损主要系商誉、商标计提以及一次性费用导致。 歌力思近日发布的年报显示，2024年歌力思营收为30.36亿元，同比增长4.14%；归母净利润为-3.10亿 元，同比下降392.99%；扣非归母净利润为-3.13亿元，同比下降489.37%。 "若不考虑计提长期资产（商誉、商标）减值准备、处置唐利国际股权以及实施法国IRO降本增效措施 产生的一次性费用等因素的影响，则归属于上市公司股东的净利润为约0.3亿元，上述计提以及一次性 费用共约3.83亿元。2025年第一季度歌力思已没有受到商誉、商标减值计提及一次性费用影响，归母净 利润同比增长40%至4094万元。"歌力思进一步解释道。 谈到店铺运营管理、成本控制方面，歌力思透露，2024年随着直营店铺数量的增加，相应的店铺费用有 所增加，但同时也推动公司收入高质量 ...

股票研究 /[Table_Date] 2025.05.06 国内业务稳健，海外业务持续改善 歌力思(603808) ——歌力思 2024 年报及 2025 年一季报点评 | [table_Authors] 盛开(分析师) | 赵博(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880525040044 | S0880524070004 | | | | 本报告导读： 2024 年国内业务经营稳健，海外业务亏损拖累业绩；2025Q1 海外业务企稳改善， 同时汇兑收益等增厚利润。 投资要点： 纺织服装业[Table_Industry] /可选消费品 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,915 | 3,036 | 3,201 | 3,397 | 3,601 | | (+/-)% | 21.7% | 4.1% | 5.4% | 6.1% | 6 ...