宁波太平鸟时尚服饰股份有限公司 关于控股股东增持公司股份计划的公告 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： 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日收到公司控股股东太平鸟集团有限公司（以下简称"太平鸟集团"）的通知，拟 通过上海证券交易所以集中竞价交易方式增持公司 A 股股份，增持计划的实施期限 为自本公告披露之日起 6 个月，增持不设定价格区间，增持总金额不低于人民币 1.5 亿元，不超过人民币 3.0 亿元（以下简称"本次增持计划"）。 | 证券代码：603877 | 证券简称：太平鸟 公告编号：2024-080 | | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | （二）增持主体已持有股份的数量、占公司总股本的比例：本次增持前，太平 鸟集团持有公司 181,848,288 股，占公司总股本的 38.38%；太平鸟集团及其一致 行动人合计持有公司 321,586,307 股，占公司总股本的 67.87%。 （三）本次公告 ...

关于召开 2024 年第三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： | | | 宁波太平鸟时尚服饰股份有限公司 投资者可于 2024 年 11 月 15 日(星期五)至 11 月 21 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 board@peacebird.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。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 22 日下午 16:00- 17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资 ...

Investment Rating - The report maintains a "Buy" rating for Taiping Bird (603877 SH) with expected net profits of 300 million, 370 million, and 440 million yuan for 2024, 2025, and 2026 respectively, and P/E ratios of 21X, 17X, and 15X [2] Core Views - Taiping Bird's Q3 2024 performance continued to face pressure, with revenue, net profit, and non-GAAP net profit at 14 billion, -60 million, and -70 million yuan respectively, representing a year-on-year decline of 13 9%, an increase in losses of 20 million, and an increase in losses of 30 million [3] - The company's retail performance remained weak across brands and channels, with PB Women's, Men's, Ledin, and Children's wear revenues declining by 14 0%, 9 0%, 21 9%, and 23 2% respectively [3] - The company continued to close inefficient stores, with 33 directly operated and 29 franchised stores closed in Q3, indicating a slowdown in optimization and nearing the end of the store closure phase [3] Financial Performance - Q3 2024 gross margin remained flat year-on-year, while the period expense ratio increased by 5 3 percentage points, mainly due to a 3 5 percentage point increase in the sales expense ratio [3] - The company's inventory at the end of Q3 2024 was 1 79 billion yuan, a year-on-year decrease of 7 9% but a quarter-on-quarter increase of 29 7%, likely due to higher-priced autumn and winter new product stockpiling [3] - Operating cash flow in Q3 decreased by 100 million yuan year-on-year, primarily due to reduced cash received from sales [3] Future Outlook - Short-term improvements are expected as store closures near completion, retail conditions gradually improve, and franchise gross margins recover, leading to enhanced cost control and potential profit growth [3] - Long-term growth is anticipated through structural adjustments, improved operational quality, and a shift from retail-driven profit elasticity to a more sustainable and stable profit model [3]

Investment Rating - The report maintains a "Buy" rating for the company, reflecting its status as a leading domestic fashion brand group despite short-term performance fluctuations [5][7]. Core Views - The company's revenue for Q1 to Q3 2024 was 45.4 billion yuan, a year-on-year decrease of 13%, with a net profit of 1.1 billion yuan, down 49% year-on-year. The adjusted net profit showed a loss of 0.1 billion yuan, primarily due to non-recurring gains from government subsidies [1][2]. - The report highlights that the retail sector is under pressure, impacting short-term performance, but structural optimization is expected to enhance efficiency in the long run [1][4]. Summary by Sections Financial Performance - For Q3 2024, the company's revenue was 14.0 billion yuan, a decline of 14% year-on-year, with a net loss of 0.6 billion yuan. The gross margin remained stable at 52.1%, while the net margin fell to -4.6% [2]. - The company's revenue breakdown for Q1 to Q3 2024 shows declines across various brands, with PB women's wear down 12%, men's wear down 7%, and other brands experiencing significant drops [2][3]. Channel Performance - Online sales for Q1 to Q3 2024 decreased by 10% to 12.0 billion yuan, with a gross margin of 42.0%. Offline direct sales fell by 19% to 19.0 billion yuan, maintaining a higher gross margin of 70.8% [3]. - The company is adjusting its channel structure, focusing on quality improvement, with a reduction in the number of direct and franchise stores [3]. Inventory and Cash Flow Management - The company has effectively managed inventory, with a year-on-year decrease in inventory of 7.9% to 17.9 billion yuan and a reduction in inventory turnover days by 23.4 days to 217.3 days [4]. - Operating cash flow showed a net outflow of 0.9 billion yuan for Q1 to Q3 2024, indicating a need for improvement in cash flow management [4]. Future Outlook - The company has announced organizational restructuring, establishing independent brand divisions for children's wear and other lines, aiming for improved operational efficiency [4]. - The long-term strategic goals remain clear, with adjusted profit forecasts for 2024 to 2026 indicating a gradual recovery in net profit [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][9] Core Views - The company experienced a 14% decline in revenue in Q3 2024, with a net loss of 0.63 billion yuan compared to a loss of 0.41 billion yuan in the same period last year [1][3] - The company is focusing on improving store quality and profitability by closing inefficient stores, resulting in a slowdown in the net store closure rate [1][3] - The company is attempting to develop new business formats and enhance brand image through flagship stores and product upgrades [1][3] Summary by Sections Financial Performance - Q3 2024 revenue decreased by 13.9% to 1.4 billion yuan, with a net profit loss of 0.63 billion yuan [1][3] - The gross margin remained stable, but the overall expense ratio increased by 5.3 percentage points due to higher sales and management expenses [1][3] - Inventory turnover days improved by 23 days to 217 days, with inventory value decreasing by 7.9% to 1.79 billion yuan [1][3] Store Operations - As of September 30, 2024, the total number of stores was 3,476, with a net closure of 62 stores in Q3 [1][3] - Revenue changes by channel showed a decline in direct sales (-18.4%) and online sales (-13.5%), while franchise sales decreased by 12.1% [1][3] - The company closed 80 direct stores and 175 franchise stores since the beginning of the year, focusing on enhancing profitability [1][3] Future Outlook - The company expects a potential recovery in performance as store adjustments slow down, with a forecasted net profit of 3.0 billion yuan for 2024, down from previous estimates [1][3] - The reasonable valuation range for the company has been adjusted to 13.8-14.2 yuan, corresponding to a PE ratio of 18.0-18.5x for 2025 [1][3]

2024 年第三次临时股东大会会议资料 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 2024 年第三次临时股东大会会议资料 2024 年 11 月 18 日 2024 年第三次临时股东大会会议资料 目录 | 2024 年第三次临时股东大会会议议程 | 2 | | --- | --- | | 会议须知 | 4 | | 议案一关于公司第五届董事会独立董事津贴的议案 | 6 | | 议案二关于选举第五届董事会非独立董事的议案 | 7 | | 议案三关于选举第五届董事会独立董事的议案 | 10 | | 议案四关于选举第五届监事会非职工监事的议案 | 12 | 1 2024 年第三次临时股东大会会议资料 宁波太平鸟时尚服饰股份有限公司 2024 年第三次临时股东大会会议议程 一、现场会议时间：2024 年 11 月 18 日（星期一） 下午 15:00 网络投票时间：2024 年 11 月 18 日（星期一） 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 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:3 ...

Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [1] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue down 13.1% year-on-year to 4.54 billion yuan and net profit down 48.6% to 110 million yuan [1] - The report highlights the pressure on various brands and channels, particularly in direct sales stores, amid a weak retail environment [1] - The company anticipates a potential recovery in Q4 due to the traditional winter sales season and consumer stimulus policies [1] Financial Performance Summary - For the first three quarters of 2024, the company's revenue and net profit showed significant declines, with quarterly revenue for Q3 at 1.4 billion yuan and a net loss of 63.38 million yuan [1] - Year-on-year revenue changes for Q1 to Q3 were -12.9%, -12.3%, and -13.9%, while net profit changes were -26.9%, -62.9%, and an expanded loss [1] - The gross margin for the first three quarters of 2024 decreased by 1.4 percentage points to 54.9% [1] - The company has adjusted its profit forecasts for 2024-2026, reducing net profit estimates by 59%, 34%, and 22% respectively, with expected EPS of 0.47, 0.93, and 1.24 yuan for those years [1][2] Brand and Channel Performance - Revenue contributions from various brands in the first three quarters of 2024 were as follows: PB Women's wear (39%), PB Men's wear (39%), Le Town (8%), MP Children's wear (12%), and other income (1%), with respective year-on-year declines of -11.6%, -7.4%, -31.5%, -16.8%, and -59.8% [1] - Online and offline revenue accounted for 26% and 73% of total revenue, with year-on-year declines of -9.5% and -14.7% respectively [1] - The company had a total of 3,476 stores by the end of September 2024, a net decrease of 255 stores since the beginning of the year [1] Cost and Expense Analysis - The expense ratio for the first three quarters of 2024 increased by 3.4 percentage points to 52.2%, with sales, management, R&D, and financial expense ratios at 40.5%, 8.0%, 2.8%, and 1.0% respectively [1] - The report indicates that while sales, management, and R&D expenses decreased in absolute terms, the overall expense ratio increased due to declining revenue [1] Future Outlook - The company is expected to benefit from the winter sales season and consumer stimulus policies, which may improve performance in Q4 [1] - The report emphasizes the need to monitor changes in the retail environment and consumer demand moving forward [1]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" from "Buy" [2][3] Core Views - The company reported a revenue of 1.396 billion yuan in Q3 2024, a decrease of 13.9% year-on-year, with a net loss attributable to shareholders of 63 million yuan. For the first three quarters of 2024, revenue totaled 4.5 billion yuan, down 13% year-on-year, and net profit attributable to shareholders was 110 million yuan, down 49% year-on-year [2][3] - The gross margin for Q3 2024 was 54.9%, a decrease of 1.4 percentage points, while the net margin was 2.4%, down 1.6 percentage points [2] - The company is focusing on building a brand matrix to cover the young consumer demographic, enhancing customer loyalty and satisfaction through data-driven strategies across design, production, logistics, and marketing [3][5] - Due to changes in the consumption environment, the company has adjusted its revenue forecasts for 2024-2026 to 7.218 billion, 7.479 billion, and 7.882 billion yuan respectively, with net profits of 274 million, 422 million, and 466 million yuan respectively [3] Financial Performance - For Q1-Q3 2024, online revenue was 1.2 billion yuan, down 9.5%, with a gross margin of 42.0%, down 3.1 percentage points. Offline revenue was 3.3 billion yuan, down 14.7%, with a gross margin of 60.2%, down 0.4 percentage points [2] - The company had a total of 3,476 stores as of the end of Q3 2024, a net decrease of 255 stores [4] - The company’s total market capitalization is approximately 6.491 billion yuan, with a circulating market capitalization of about 6.430 billion yuan [7] Future Outlook - The company aims to enhance its online presence through traditional e-commerce and new social retail channels, targeting platforms popular among young consumers [3][5] - The company is expected to maintain a focus on improving customer experience in physical stores, particularly in shopping centers and department stores [5]

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2024-076 | | --- | --- | | 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 根据《公司章程》，公司第五届董事会将由 9 名董事组成，其中非独立董事 6 名、独立董事 3 名。董事会提名委员会对第五届董事会董事候选人的任职资格进行 了审查，公司于 2024 年 10 月 24 日召开第四届董事会第二十九次会议，审议通过 了董事会换届选举相关议案，有关情况如下： （一）选举张江平先生、张江波先生、戴志勇先生、朱伟先生、王明峰先生、 翁江宏先生为公司第五届董事会非独立董事候选人。 （二）选举李学兰女士、陈灵国先生、王文虎先生为公司第五届董事会独立董 事候选人，并拟以每人每年税前 8 万元人民币支付独立董事津贴。 相关议案尚需提交公司 2024 年第三次临时股东大会审议，其中非独立董事、 独立董事选举将分别以累积投票制方式进行。 公司第五届董事会董事的任期为自股东大会审议通过之日起三年。股东大会选 举产生新一届董事会之前，公司第四届董事会继续履行职责。独立董事候选人的任 职资格和独立性已经上海证券 ...

Financial Performance - Total revenue for Q3 2024 was approximately ¥1.40 billion, a decrease of 13.93% compared to the same period last year[3] - Net profit attributable to shareholders was a loss of ¥63.38 million, representing a decline of 48.55% year-to-date[3] - The basic and diluted earnings per share for the quarter were both -¥0.13, down 48.89% from ¥0.23 in the previous year[4] - Total operating revenue for the first three quarters of 2024 was CNY 4,541,599,747.01, a decrease of 13.06% compared to CNY 5,223,420,085.90 in the same period of 2023[22] - Net profit for the third quarter of 2024 was CNY 106,653,912.86, down 48.96% from CNY 208,665,831.42 in the third quarter of 2023[23] - Total profit for the third quarter of 2024 was CNY 148,435,909.46, down 48.54% from CNY 288,645,154.90 in the same quarter of 2023[23] Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥7.87 billion, a decrease of 2.63% from the previous year[4] - The total assets of Ningbo Peacebird Fashion Co., Ltd. as of September 30, 2024, amounted to CNY 7,870,576,581.55, a decrease from CNY 8,083,289,181.07 on December 31, 2023[17] - The company's current assets decreased to CNY 4,902,693,610.89 from CNY 5,477,632,582.87, reflecting a decline of approximately 10.5%[19] - The total liabilities decreased slightly to CNY 3,500,836,243.90 from CNY 3,553,262,355.70, indicating a reduction of approximately 1.5%[20] - The company's equity attributable to shareholders decreased to CNY 4,361,743,881.48 from CNY 4,520,870,266.81, a decline of about 3.5%[21] Cash Flow - The net cash flow from operating activities for the year-to-date was a negative ¥86.31 million, a decline of 130.96% compared to the previous year[3] - The net cash flow from operating activities was -86,307,936.93, a decrease from 278,739,456.04 in the previous year[26] - Cash inflow from investment activities totaled 3,106,553,954.82, compared to 2,641,429,874.19 in the same period last year, marking an increase of approximately 17.6%[26] - The net cash flow from investment activities was 201,616,552.89, a significant improvement from -254,194,005.20 in the previous year[26] - The total cash outflow from operating activities was 4,741,720,832.21, compared to 5,117,027,525.02 in the previous year, showing a decrease of approximately 7.4%[26] Sales and Revenue Breakdown - The total revenue for the apparel operation segment was CNY 4,496,002,559.88, with a year-on-year decrease of 13.39%[11] - The revenue from the online sales channel was CNY 1,196,672,113.53, reflecting a year-on-year decrease of 9.52%[14] - The offline sales channel generated revenue of CNY 3,299,330,446.35, with a year-on-year decrease of 14.71%[14] - The revenue from PEACEBIRD women's wear was CNY 1,763,191,984.26, down 11.55% year-on-year[12] - The revenue from PEACEBIRD men's wear was CNY 1,792,885,060.14, with a decrease of 7.38% year-on-year[12] - The revenue from LEDiN girls' wear was CNY 369,428,839.49, reflecting a significant decline of 31.48% year-on-year[12] Operating Costs and Profitability - The total operating cost for the apparel operation segment was CNY 2,008,502,636.94, down 10.78% year-on-year[11] - The gross profit margin for the apparel operation segment decreased by 1.30 percentage points to 55.33%[11] - The gross profit margin for the offline sales channel was 60.15%, a decrease of 0.41 percentage points compared to the previous year[14] - The company reported an operating profit of CNY 144,128,559.86 for the third quarter of 2024, a decrease of 51.32% from CNY 296,013,226.29 in the third quarter of 2023[23] Shareholder Information - The largest shareholder, Peacebird Group Co., Ltd., holds 38.38% of the shares[7] - The total number of ordinary shareholders at the end of the reporting period was 13,693[7] Other Financial Metrics - The weighted average return on equity was -1.44%, down 2.53 percentage points from the previous year[4] - The company received government subsidies amounting to approximately ¥2.73 million during the reporting period[5] - Research and development expenses for the first three quarters of 2024 were CNY 128,830,346.12, slightly down from CNY 129,396,690.96 in the same period of 2023[22] - The company experienced a decrease in tax expenses, which were CNY 41,781,996.60 in the third quarter of 2024 compared to CNY 79,979,323.48 in the same quarter of 2023[23] - Investment income from joint ventures and associates showed a loss of CNY 2,523,667.65 in the third quarter of 2024, compared to a loss of CNY 1,321,140.85 in the same quarter of 2023[23]