Core Viewpoint - The textile and apparel industry is experiencing high marketing expenditures, with several companies significantly increasing their sales expenses, which raises concerns about the balance between marketing and research and development investments [1][4]. Sales Expenses Overview - The top three companies in terms of sales expenses for 2024 are Haier Home (48.41 billion), Semir Apparel (37.51 billion), and Taiping Bird (26.39 billion) [1][2]. - Sales expenses for Haier Home and Semir Apparel have increased by 11.21% and 13.89% respectively compared to the previous year [1][2]. - Notable increases in sales expenses are observed in Jiuwang (13.88 billion, up 24.2%), Biyinlefen (16.13 billion, up 22.96%), and Semir Apparel (37.51 billion, up 13.89%) [1][2]. Sales Expense Ratios - In 2024, companies like Xinhe (54.36%), Jinhong Group (50.8%), Annail (50.42%), and Geli Si (50%) are allocating over 50% of their revenue to marketing expenses, indicating high marketing spending [2][3]. - Jiuwang's sales expense ratio is 43.64%, reflecting a significant increase from the previous year [3]. Marketing vs. R&D Investment - The industry shows a trend of high marketing expenses compared to low R&D investments, with Xinhe's sales expense ratio at 54.36% and R&D expense ratio at only 4.4% [4]. - This imbalance contributes to product homogeneity and insufficient innovation, leading to inventory issues and price wars among brands [4].

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]

Core Viewpoint - In 2024, Taiping Bird reported disappointing financial results, with total revenue of 6.802 billion yuan, a year-on-year decline of 12.7%, and a net profit attributable to shareholders down by 38.75%, indicating a deep crisis in brand appeal and operational efficiency [1][2]. Group 1: Financial Performance - Total revenue for Taiping Bird in 2024 was 6.802 billion yuan, down 12.7% year-on-year [1]. - Net profit attributable to shareholders decreased by 38.75%, while the net profit excluding non-recurring items plummeted by 57.38% [1]. - The revenue decline was reflected across all brands, with PEACEBIRD women's wear down 13.12%, men's wear down 8.56%, LEDiN women's wear down 28.27%, and mini peace children's wear down 13.77% [2][3]. Group 2: Brand and Market Position - The decline in sales is attributed to a misalignment between brand positioning and market demand, particularly among younger consumers [5]. - Taiping Bird, once a leader in the national trend, has struggled to meet the personalized and experiential consumption demands of Generation Z, leading to a loss of market relevance [5]. Group 3: Store Network and Channel Strategy - In 2024, Taiping Bird had a total of 3,373 stores, a net decrease of 358 stores, with 477 new openings and 835 closures [6][7]. - The aggressive store closure strategy has resulted in a fragmented sales network, particularly in second- and third-tier cities, allowing emerging brands to capture market share [7]. - Revenue from direct channels fell by 14.15%, while franchise channel revenue decreased by 12.62%, indicating ineffective channel management [8]. Group 4: Operational Efficiency - Inventory turnover days reached 192, indicating a prolonged period for goods to sell, which ties up significant capital and leads to potential inventory depreciation [9]. - The net cash flow from operating activities dropped by 32.59%, highlighting a cash flow crisis that exacerbates operational risks [9]. Group 5: Strategic Recommendations - To address its challenges, Taiping Bird needs to optimize inventory structure and rebuild channel confidence in the short term [10]. - Long-term strategies should focus on redefining brand value through cross-border collaborations and digital marketing to regain appeal among younger consumers [10]. - The company must integrate brand revitalization with operational efficiency improvements to navigate the current market downturn successfully [10].

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 关于实施权益分派时"太平转债"停止转股的提示性公告 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、本次权益分派方案的基本情况 （一）宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）2024 年度利润 分配方案为：以实施权益分派股权登记日总股本扣除拟回购注销的限制性股票为 基数，向全体股东每股派发现金红利 0.4 元（含税）。 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113627 | 太平转债 | 可转债转股停牌 | 2025/5/13 | | | ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 关于控股股东及其一致行动人权益变动的提示性公告 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： | 通讯地址 | 浙江省宁波市北仑区梅山七星路 | 88 | 号 1 | 幢 | 401 | 室 | B 区 | | --- | --- | --- | --- | --- | --- | --- | --- | | 主要股东 | 太平鸟集团有限公司持股 100% N0052 | | | | | | | 一、本次权益变动基本情况 （一）信息披露义务人及其一致行动人的基本情况 | 公司名称 | 太平鸟集团有限公司 | | --- | --- | | 统一社会信用代码 | 9133020025408198XJ | | 注册地址 | 浙江省宁波市海曙区古林镇鄞县大道古林段 1 号三楼南 面办公室 | | 注册 ...

证券代码：603877 证券简称：太平鸟 债券代码：113627 债券简称：太平转债 宁波太平鸟时尚服饰股份有限公司 简式权益变动报告书 住所： 浙江省宁波市海曙区古林镇鄞县大道古林段 1 号三楼南面办公室 通讯地址： 浙江省宁波市鄞州区高新区新晖南路 255 号 一致行动人 1： 张江平 住所/通讯地址： 浙江省宁波市*** 一致行动人 2： 张江波 住所/通讯地址： 浙江省宁波市*** 一致行动人 3： 宁波泛美投资管理有限公司 住所/通讯地址： 浙江省宁波高新区朝里中心 1 幢 1 号 19-4 一致行动人 4： 宁波鹏源资产管理有限公司 住所： 浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 B 区 N0050 信息披露义务人声明 本部分所述的词语或简称与本报告书"释义"部分所定义的词语或简称具 有相同的含义。 一、本报告书系依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》等相关法律、法规和规范性文件编制。 二、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本 报告书 ...

公司已于近日完成工商变更登记及修订后《公司章程》的工商备案，并取得 由宁波市市场监督管理局换发的《营业执照》。换发后的《营业执照》基本信息 如下： 统一社会信用代码：91330200730186169P 名称：宁波太平鸟时尚服饰股份有限公司 证券代码：603877 证券简称：太平鸟 公告编号：2025-035 债券代码：113627 债券简称：太平转债 宁波太平鸟时尚服饰股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）分别于 2025 年 2 月 26 日和 2025 年 3 月 17 日召开第五届董事会第二次会议和 2025 年第一次临时 股东大会，审议通过了《关于修订<公司章程>的议案》，具体内容详见公司披露 于上海证券交易所网站（www.sse.com.cn）及指定媒体的《关于变更公司注册地 址及修订公司章程的公告》（公告编号：2025-013）。 注册资本：肆亿柒仟陆佰柒拾贰万柒仟柒佰玖拾元 类型：股份有限公司（上 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - In the short term, the company is expected to see a recovery in profit growth due to the nearing end of store closures, gradual retail improvement, and enhanced franchise gross margins. In the long term, structural adjustments within the company are anticipated to significantly improve operational quality and profit elasticity. The company is shifting from profit elasticity driven by high retail growth to a more sustainable and robust internal capability-driven profit elasticity. The projected net profits for 2025, 2026, and 2027 are estimated at 360 million, 470 million, and 560 million yuan, respectively, with corresponding PE ratios of 21, 16, and 14 [2][4][11]. Financial Performance - For Q1 2025, the company reported revenues of 1.67 billion yuan, a year-on-year decrease of 7.6%. The net profit attributable to the parent company was 120 million yuan, down 22.0% year-on-year, while the net profit excluding non-recurring items was 90 million yuan, a decline of 20.7% [4][11]. - The company’s gross margin improved by 4.8 percentage points in Q1, while the net profit margin decreased by 1.4 percentage points to 7.4% due to negative operating leverage [11]. - The company’s inventory stood at 1.64 billion yuan, reflecting a year-on-year increase of 20% and a quarter-on-quarter decrease of 6% [11]. Brand and Channel Performance - Revenue from various brands showed a decline in Q1, with women's clothing down 12.8%, men's clothing down 6.7%, and children's clothing down 6.6%. However, gross margins for these categories improved significantly [11]. - In terms of sales channels, direct sales, franchise, and online revenues decreased by 3.6%, 12.7%, and 12.7% respectively, with franchise gross margins seeing a notable increase [11]. Future Outlook - The company is expected to experience a rebound in profit growth as store closures come to an end, retail conditions improve, and franchise gross margins enhance. The long-term outlook remains positive with anticipated structural adjustments leading to improved operational quality and profit elasticity [2][11].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - In the short term, the company is expected to see a recovery in profit growth due to the nearing end of store closures, gradual retail improvement, and enhanced franchise gross margins. In the long term, structural adjustments within the company are anticipated to significantly improve operational quality and profit elasticity. The company is shifting from profit elasticity driven by high retail growth to a more sustainable and robust internal capability-driven profit elasticity. Projected net profits for 2025, 2026, and 2027 are estimated at 360 million, 470 million, and 560 million yuan respectively, with corresponding PE ratios of 21, 16, and 14 [2][11]. Financial Performance Summary - For Q1 2025, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring gains and losses of 1.67 billion, 120 million, and 90 million yuan respectively, reflecting year-on-year changes of -7.6%, -22.0%, and -20.7% [5]. - The company experienced a decline in revenue across various brands, with women's clothing, men's clothing, and children's clothing revenues down by 12.8%, 6.7%, and 6.6% respectively. However, gross margins improved across all categories due to strong discount control and a low base effect [11]. - The company closed a net of 23 direct-operated stores and 34 franchise stores in Q1, continuing its strategy to shut down inefficient outlets and consolidate some locations [11]. - The gross margin for Q1 increased by 4.8 percentage points, while the net profit margin decreased by 1.4 percentage points to 7.4% due to negative operating leverage [11]. Operational Quality - The company's inventory for Q1 stood at 1.64 billion yuan, showing a year-on-year increase of 20% and a quarter-on-quarter decrease of 6%. The increase is attributed to weak sales of winter merchandise and reduced clearance of old stock [11]. - The net operating cash flow for Q1 was -300 million yuan, primarily due to increased payments to franchisees and declining revenues [11].

出于对公司发展前景的信心及投资价值的认可，多家上市公司控股股东发起增持"接力赛"。 4月22日晚间，雪天盐业、派能科技、太平鸟齐发控股股东增持公告，其中雪天盐业控股股东湖南盐业集团有 限公司（简称"湖南盐业集团"）刚刚完成上一轮增持，又火速发起下一轮增持计划。 回溯2024年6月，湖南盐业集团发布增持计划，拟斥资1亿元至2亿元增持雪天盐业股份。截至目前，湖南盐业 集团已通过集中竞价交易方式累计增持1895.74万股，占总股本的1.16%，合计增持金额为1亿元，已超前述增 持计划下限，增持实施完毕。 前轮增持计划刚刚完成，湖南盐业集团又马不停蹄地开始筹划新一轮增持。根据公告，该公司本轮对雪天盐业 的累计增持金额不低于1.5亿元，不超过3亿元，后续将根据股票价格波动情况及二级市场整体趋势择机逐步实 施。 截至目前，湖南盐业集团及其一致行动人直接持有雪天盐业35.88%股份，此外还通过"23轻盐EB"担保及信托 专户持有上市公司25.29%股份，合计实际控制的有表决权股份比例为61.17%。 派能科技控股股东中兴新通讯有限公司（以下简称"中兴新"）增持行动颇为迅速。4月22日，中兴新以自有资 金2675.97万元增 ...