| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-084 | | --- | --- | --- | | 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 关于董事会、监事会完成换届选举 及聘任高级管理人员、证券事务代表的公告 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"）于 2024 年 11 月 18 日 召开 2024 年第三次临时股东大会，审议通过了《关于选举第五届董事会非独立董 事的议案》《关于选举第五届董事会独立董事的议案》与《关于选举第五届监事会 非职工监事的议案》。同日，公司召开第五届董事会第一次会议选举产生公司董事 长、董事会各专门委员会委员并聘任高级管理人员和证券事务代表；公司召开第五 届监事会第一次会议选举产生公司第五届监事会主席。现将公司董事会、监事会换 届选举及聘任高级管理人员、证券事务代表的具体情况公告如下： 一、第五届董事会组成情况 （一）董事长：张江平先生 （二）非独立董事：张江平先 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-082 | | --- | --- | --- | | 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 第五届董事会第一次会议决议公告 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。 重要内容提示： 一、董事会会议召开情况 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 18 日召开 2024 年第三次临时股东大会，选举产生了公司第五届董事会成员。全体董 事一致认可第五届董事会第一次会议于 2024 年 11 月 18 日在公司会议室以现场会 议的方式召开。会议应出席董事 9 名，实际出席会议董事 9 名。公司全体董事共同 推举张江平先生主持本次会议，公司全体监事及部分高级管理人员列席了本次会议。 会议的召开符合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 选举张江平先生为公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The major shareholder, Taiping Bird Group, plans to increase its stake in the company, demonstrating confidence in its future development. The total amount for the buyback is set between RMB 1.5 billion and RMB 3.0 billion over a period of six months [2]. - The company's performance in the first three quarters of 2024 has been under pressure, with revenue of RMB 4.542 billion, a year-on-year decrease of 13.05%, and a net profit attributable to shareholders of RMB 108 million, down 48.55% year-on-year. Revenue changes by category include women's wear (-11.55%), men's wear (-7.38%), Le Town (-31.48%), and children's wear (-16.75%) [2][3]. - The gross margin for the first three quarters of 2024 is 54.89%, a decrease of 1.44 percentage points year-on-year, while the expense ratio increased by 3.41 percentage points to 52.25% [3]. - There is optimism for improved performance in Q4 2024 due to a favorable shift in consumer policy and management restructuring aimed at enhancing operational efficiency [3]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at RMB 0.73, RMB 0.97, and RMB 1.21 respectively, with a target price of RMB 14.56 per share based on a 15x PE ratio for 2025 [3]. Financial Summary - Revenue for 2024 is expected to be RMB 7.247 billion, with a growth rate of -7.0%. The net profit for 2024 is projected at RMB 346 million, reflecting a decline of 17.9% [8]. - The company’s EBITDA for 2024 is estimated at RMB 1.192 billion, with a corresponding EBITDA margin of 16.5% [8]. - The company’s total assets are projected to be RMB 8.132 billion by the end of 2024, with total liabilities of RMB 3.463 billion [10].

Group 1 - The textile and apparel sector experienced a significant rally on the 15th, with companies like Kute Intelligent and Taiping Bird hitting the daily limit up, indicating strong market interest [1] - The Ministry of Commerce announced the launch of the "China International Consumer Center City Boutique Consumption Month" activity, which is expected to boost consumer spending and improve market conditions [1] - Retail sales data for early November showed substantial year-on-year growth in key categories, with home appliances up 45%, communication equipment up 28%, and clothing sales up 6% [1] Group 2 - Ping An Securities highlighted opportunities for apparel manufacturing and export-related companies due to the recovery in discretionary consumption, suggesting a favorable environment for these sectors [2] - The report recommends focusing on leading companies in the apparel manufacturing sector, particularly those with improved market share and valuation, such as Shenzhou International and Huali Group [2] - It also suggests identifying strong-performing blue-chip stocks with stable dividend yields, recommending brands like Anta Sports and Bosideng for investment [2]

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 ...