Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company has reported a revenue of 690 million yuan in Q1 2025, a year-on-year decrease of 8%, while the net profit attributable to shareholders increased by 40% to 40 million yuan [1] - The company has successfully divested Ed Hardy, which has alleviated the financial burden and allowed for a comparable revenue growth of 1.5% when excluding this brand [1][4] - The domestic market revenue has shown a growth of 8.1% year-on-year, with significant online sales growth of 26% [1][3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3 billion yuan, a year-on-year increase of 4%, but a net loss of 300 million yuan, a decline of 393% [2] - The company incurred one-time expenses of approximately 383 million yuan due to goodwill and trademark impairment related to the IRO brand and the divestment of Ed Hardy [2] - The revenue from the self-portrait brand exceeded 500 million yuan, growing by 21%, while Laurèl brand revenue reached 415 million yuan, up 19% [2] Online Sales Strategy - The company has adopted a multi-brand and multi-platform online development strategy, achieving a 32% year-on-year increase in online sales revenue in 2024 [3] - ELLASSAY brand saw a significant online revenue increase of 55%, while Laurèl and IRO brands also reported substantial growth [3] Profit Forecast Adjustments - The profit forecast has been adjusted, with expected revenues for 2025-2027 set at 3.2 billion, 3.3 billion, and 3.5 billion yuan respectively [4] - The net profit attributable to shareholders is projected to be 160 million, 180 million, and 200 million yuan for the years 2025-2027 [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has reported a revenue of 690 million yuan in Q1 2025, a year-on-year decrease of 8%, while the net profit attributable to shareholders increased by 40% to 40 million yuan [1] - The divestment of the Ed Hardy brand has alleviated the company's financial burden, leading to a comparable revenue growth of 1.5% when excluding this brand [1] - The self-portrait, Laurèl, and IRO brands have shown significant growth in the Chinese market, with increases of 17%, 13%, and 14% respectively [1] - The online sales channel has performed well, with a year-on-year growth of 26%, driven by strong performances on platforms like Tmall and Douyin [1] Financial Performance Summary - For the year 2024, the company reported a revenue of 3 billion yuan, a year-on-year increase of 4%, but a net loss of 300 million yuan, a significant decline of 393% [2] - The self-portrait brand achieved a revenue of over 500 million yuan, growing by 21%, while Laurèl brand revenue reached 415 million yuan, up 19% [2] - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 3.2 billion, 3.3 billion, and 3.5 billion yuan respectively, with net profits projected at 160 million, 180 million, and 200 million yuan [4] Strategic Developments - The company is implementing a multi-brand and multi-platform strategy, which has resulted in a 32% year-on-year growth in online sales for 2024 [3] - The company has expanded its physical presence by adding 27 new stores in various cities, including Macau and Shenzhen, indicating a robust expansion strategy [3]

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted profit forecast for 2025-2027 [5][8]. Core Views - The company is expected to face pressure on performance in 2024 due to overseas adjustments, but is anticipated to return to profitability in 2025 as it sheds burdens from its overseas business [5]. - The domestic core brand is leading the industry, with healthy growth in revenue, while overseas operations are expected to continue impacting overall performance negatively [3][5]. Financial Performance Summary - For 2024, the company is projected to have a revenue of 3.04 billion yuan, a year-on-year increase of 4%, but a net loss of 310 million yuan. Adjusted for one-time expenses, the net profit would be approximately 30 million yuan [1]. - In Q1 2025, the company reported a revenue of 690 million yuan, a decrease of 8% year-on-year, but a net profit of 40 million yuan, reflecting a 40% increase compared to the previous year [2]. - The gross margin for 2024 is expected to decline by 0.4 percentage points to 67.4%, with an overall net margin of -8.4% [1]. Market and Brand Analysis - The domestic market is showing robust growth, with a projected revenue increase of 10% in 2024 and 8.1% in Q1 2025 for the core brand [3]. - The company is focusing on enhancing its e-commerce channels, which have shown significant growth, with online sales increasing by 32.4% in 2024 [3]. - The main brands, including ELLASSAY and Laurel, are expected to continue their growth trajectory, with sales increases of 8% and 19% respectively in 2024 [4]. Cash Flow and Inventory Management - The company has effectively managed its cash flow, with a net operating cash flow of 420 million yuan at the end of 2024 [5]. - Inventory levels have decreased, with a year-on-year reduction of 12.3% by the end of 2024, indicating efficient inventory management [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to benefit from the divestiture of inefficient businesses and aims for a leaner operation in 2025, with a projected recovery in profitability [12] - In 2024, the company reported a revenue of 3.04 billion yuan, a year-on-year increase of 4.1%, but a net loss attributable to shareholders of 310 million yuan [5][12] - The company anticipates a rebound in profits in 2025, with net profits projected at 160 million yuan, and earnings per share (EPS) expected to be 0.43 yuan [12] Revenue Performance - The company achieved a revenue of 3.04 billion yuan in 2024, with a year-on-year growth of 4.1% [5] - The first quarter of 2025 saw a revenue of 690 million yuan, a year-on-year decrease of 7.8% [6] - The revenue breakdown by brand shows that ELLASSAY, LAUREL, and IRO had varying performances, with IRO facing challenges in overseas markets [7][8] Profitability Metrics - The gross margin for 2024 decreased by 0.4 percentage points to 67.4% [9] - The company’s operating profit for 2024 was reported at -238 million yuan, with a projected recovery to 243 million yuan in 2025 [16] - The report indicates a significant increase in asset impairment losses in 2024, which impacted profitability [11] Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are 160 million yuan, 240 million yuan, and 330 million yuan respectively [12] - The projected EPS for the same years is 0.43 yuan, 0.65 yuan, and 0.91 yuan [12] - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 24 in 2023 to 16 in 2025 [19] Operational Adjustments - The company plans to continue adjusting its overseas business operations and expects to see reduced impacts from the IRO brand in 2025 [12] - The total number of stores decreased by 14.5% by the end of March 2025, primarily due to the divestiture of the EH brand [8] Market Position - The company’s market capitalization is reported at 2.573 billion yuan, with a total share capital of 369 million shares [1] - The stock price as of the report is 6.97 yuan, with a 52-week range of 5.72 to 9.23 yuan [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2024 was 3.036 billion, with a year-on-year growth of 4.1%, but it reported a net loss of 310 million due to impairment losses and one-time expenses totaling approximately 383 million [2][4] - The company plans to optimize its overseas business and has already taken steps to divest from the Ed Hardy brand, which will no longer be included in the consolidated financial statements [3][4] - The domestic business showed resilience with a revenue increase of 14% in the first half of 2024, despite challenges in the overseas market [4][5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.036 billion, with a net loss of 310 million, primarily due to impairment losses [2] - The operating cash flow was positive at 417 million, indicating better cash management despite the net loss [2] - For Q1 2025, the company reported a revenue of 690 million, a decrease of 7.82% year-on-year, but the net profit increased by 40.24% due to reduced expenses [3][6] Brand Performance - The brands LAUREL and Self-Portrait showed the highest growth rates in 2024, while IRO faced challenges in Europe but grew by 17% in China [5] - The online sales strategy has been effective, with significant growth in e-commerce channels, particularly on platforms like Douyin and Tmall [5][9] Operational Efficiency - The company has been focusing on cost reduction and efficiency improvements, especially in its overseas operations, to mitigate losses [4][9] - Inventory levels decreased by 12% year-on-year, and inventory turnover days improved, indicating better inventory management [8] Future Outlook - The company maintains a positive outlook for revenue growth, projecting 3.263 billion for 2025 and 3.536 billion for 2026, with a gradual recovery in net profit expected [9][11] - The EPS is projected to improve from -0.84 in 2024 to 0.59 in 2025, reflecting a recovery in profitability [11]

Core Insights - The report provides a comprehensive analysis of the high-end women's clothing industry in China, focusing on market trends, consumer behavior, and competitive landscape leading up to 2025 [1] Group 1: Industry Overview - The high-end women's clothing market is categorized into various segments including dresses, professional attire, fashion wear, and trousers [4] - Key international high-end women's clothing brands are introduced, highlighting their market presence and influence [4] Group 2: Market Environment Analysis - The macroeconomic environment for 2025 indicates a positive GDP growth outlook, which is expected to support the high-end women's clothing market [5] - The report discusses the regulatory framework governing the industry, including relevant laws and policies affecting retail operations [5] Group 3: Market Development Analysis - The high-end women's clothing sector is experiencing a notable trend towards premiumization, with increasing consumer demand for high-quality products [6] - The market size for high-end women's clothing is projected to grow, driven by rising disposable incomes and a growing middle class [6] Group 4: Competitive Landscape - The competitive landscape shows a low concentration of brands, with many domestic players competing against established international brands [7] - The report highlights the competitive advantages of foreign brands, such as brand recognition and established distribution channels [7] Group 5: Marketing Strategies - High-end women's clothing brands are adopting multi-channel marketing strategies to enhance their market reach and consumer engagement [8] - The report emphasizes the importance of visual merchandising and brand storytelling in attracting consumers [8] Group 6: Future Outlook - The high-end women's clothing market is expected to see significant growth from 2025 to 2031, with opportunities for domestic brands to capture market share [10] - The report suggests that investment in brand culture and operational capabilities will be crucial for success in the evolving market landscape [10]

深圳歌力思服饰股份有限公司 2024 年度董事会工作报告 2024 年度，深圳歌力思服饰股份有限公司（以下简称"公司"）董事会严格遵守《中 华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《上市公司治理准则》《上海证券交易所股票上市规则》以及《公司章程》 《公司董事会议事规则》等有关规定，恪尽职守，勤勉尽责，积极有效地行使各项职权，严 格贯彻落实股东大会的各项决议，科学决策，不断规范公司治理，保障了公司的良好运作及 可持续发展。 2024 年面对复杂的宏观环境，公司旗下多品牌矩阵多点发力，在国内总体保持了良好 的增长态势，带动公司实现主营收入 30.36 亿元，同比增长 4.14%。公司在国内市场为长期 发展加大投入的策略实现了良好的收效，主要品牌 ELLASSAY 品牌、self-portrait 品牌、 Laurèl 品牌以及 IRO 品牌在国内市场均保持正增长，其中国际品牌 self-portrait、Laurèl 以 及 IRO 在国内市场表现突出，推动国内业务营收同比增长 10%。 但 2024 年欧美市场仍受通货膨胀、宏观局势等因素影响，旗下 IR ...

公司简称：歌力思 公司代码：603808 深圳歌力思服饰股份有限公司 2024年度环境、社会及公司治理（ESG）报告 01 02 深圳歌力思服饰股份有限公司 2024年度环境、社会及公司治理（ESG）报告 序言 序言 报告说明 本报告是深圳歌力思服饰股份有限公司（以下简称"公司""本公司""歌力思"）发布的第四份环境、社会 及治理（ESG）报告，反映了公司及其下属子公司2024年度在环境、社会及治理方面的理念、实践和成果。本 报告经公司2025年4月28日召开的第五届董事会第七次临时会议审议通过。本报告以电子版形式发布，可在上 海证券交易所网站（www.sse.com.cn）等中国证券监督管理委员会指定媒体查阅获取。 报告组织范围: 深圳歌力思服饰股份有限公司及其下属子公司。 报告时间范围: 本报告涵盖的时间范围主要为2024年1 月1 日至2024年12 月31 日（以下简称"报告期"或"本年度"）。 歌力思代言人 童瑶 报告编制依据: 本报告依据《公司法》《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第1号——规范运作》和《上海证券交易所上市 公司自律监管指引第 ...

深圳歌力思服饰股份有限公司 2024 年度监事会工作报告 2024 年度，深圳歌力思服饰股份有限公司（以下简称"公司"）监事会按 照《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）以及《公司章程》《公司监事会议事规则》 等有关规定，认真履行监督职责，对公司依法运作、经营管理、财务状况、董事 会及高级管理人员履行职责等进行有效监督和检查，有效地维护了公司和全体股 东的合法权益，提升了公司的规范运作水平。现将公司监事会 2024 年度工作情 况汇报如下： | | | | | | | （九）《关于注销部分股票期权的议案》 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | （十）《关于会计政策变更的议案》 | | | | | | | | （十一）《关于计提资产减值的议案》 | | | | | | | | 具体内容详见公司于 年 月 日在上海证券交 2024 4 30 | | | | | | | | 易所网站和指定媒体披露的《第五届监事会第二次临 | | | | | | | | 时会议决议公告》 ...

证券代码：603808 证券简称：歌力思 公告编号：2025-008 深圳歌力思服饰股份有限公司 关于 2024 年度计提资产减值准备的公告 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。 一、本次计提资产减值准备概述 为了更加真实、准确地反映公司 2024 年度财务报告，根据《企业会计准则》 及公司会计政策等相关规定，公司对 2024 年末各项资产进行了全面检查和减值 测试，并对所属资产可收回金额进行了充分的评估和分析，对商誉、无形资产合 计计提资产减值准备 32,384.57 万元，具体情况如下： 单位：人民币 万元 | 项 目 | 年度 2024 | | --- | --- | | 一、商誉减值损失 | -12,270.59 | | 二、无形资产减值损失 | -20,113.98 | | 合计 | -32,384.57 | 二、本次计提资产减值准备的情况说明 根据评估报告，前海上林资产组或相关资产可收回金额低于账面价值，公司 对前海上林商誉及商标使用权计提减值准备合计 21,584.49 万元。 由于唐利国际（运营 Ed ...