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]

宁波太平鸟时尚服饰股份有限公司 独立董事候选人声明与承诺 （王文虎） 本人王文虎，已充分了解并同意由提名人宁波太平鸟时尚服饰股份有限公 司董事会提名为宁波太平鸟时尚服饰股份有限公司第五届董事会独立董事候选 人。本人公开声明，本人具备独立董事任职资格，保证不存在任何影响本人担 任宁波太平鸟时尚服饰股份有限公司独立董事独立性的关系，具体声明并承诺 如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门 规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其 他履行独立董事职责所必需的工作经验。 本人已参加并完成上海证券交易所独立董事履职学习平台课程培训。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要 求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （三）其他法律法规、部门规章、规范性文件和上海证券交易所规定的情 形。 三、本人具备独立性，不属于下列情形： （一）在上市公司或者其附属企业任职的人员及其配偶、父母、子女、主 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-078 | | --- | --- | --- | | 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 关于召开 2024 年第三次临时股东大会的通知 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。 2024 年第三次临时股东大会 召开的日期时间：2024 年 11 月 18 日 15 点 00 分 召开地点：宁波市新晖南路 258 号太平鸟时尚中心公司会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 18 日 至 2024 年 11 月 18 日 采用上 ...

宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）第四届监事会任期即 将届满，根据《中华人民共和国公司法》和《宁波太平鸟时尚服饰股份有限公司章 程》等有关规定，公司于近日召开职工代表大会，选举戎益勤先生和邱银飞女士为 公司第五届监事会职工代表监事。戎益勤先生和邱银飞女士以其在公司任职的实际 职务领取薪酬，不领取监事薪酬。 戎益勤先生和邱银飞女士将与公司 2024 年第三次临时股东大会选举出的非职 工监事共同组成公司第五届监事会，任期为自股东大会审议通过《关于选举第五届 监事会非职工监事的议案》之日起三年。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-077 | | --- | --- | --- | | 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 关于职工代表监事选举结果的公告 本公司监事会及全体监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。 职工代表监事简历 （一）戎益勤先生 戎益勤，男，1973 年出生，中国国籍，无境外永久居留权，硕士学历，律师。 现任公司第四届监事 ...

宁波太平鸟时尚服饰股份有限公司 独立董事提名人声明与承诺 （陈灵国） 提名人宁波太平鸟时尚服饰股份有限公司董事会，现提名陈灵国先生为宁 波太平鸟时尚服饰股份有限公司第五届董事会独立董事候选人，并已充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不 良记录等情况。被提名人已同意出任宁波太平鸟时尚服饰股份有限公司第五届 董事会独立董事候选人（参见该独立董事候选人声明）。提名人认为，被提名人 具备独立董事任职资格，与宁波太平鸟时尚服饰股份有限公司之间不存在任何 影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其 他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （三）其他 ...

本人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要 求： 宁波太平鸟时尚服饰股份有限公司 独立董事候选人声明与承诺 （陈灵国） 本人陈灵国，已充分了解并同意由提名人宁波太平鸟时尚服饰股份有限公 司董事会提名为宁波太平鸟时尚服饰股份有限公司第五届董事会独立董事候选 人。本人公开声明，本人具备独立董事任职资格，保证不存在任何影响本人担 任宁波太平鸟时尚服饰股份有限公司独立董事独立性的关系，具体声明并承诺 如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门 规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其 他履行独立董事职责所必需的工作经验。 （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （三）其他法律法规、部门规章、规范性文件和上海证券交易所规定的情 形。 三、本人具备独立性，不属于下列情形： （一）在上市公司或者其附属企业任职的人员及其配偶、父母、子女、主 要社 ...

重要内容提示： 一、 监事会会议召开情况 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）第四届监事会第二 十三次会议的书面通知于 2024 年 10 月 18 日以电子邮件及专人送达等方式发出， 会议于 2024 年 10 月 24 日在公司会议室以现场与通讯相结合的方式召开。本次 会议应出席监事 3 名，实际出席监事 3 名。会议由监事长戎益勤先生主持。财务 总监兼董事会秘书王青林先生列席会议。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。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-074 | | --- | --- | --- | | 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 第四届监事会第二十三次会议决议公告 本公司监事会及全体监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。 公司全体监事出席了本次会议 本次监事会全部议案均获通过，无反对票 及指定媒体的《2024 年第三季度报告》。 2、审议并通过了《关于选举第五届 ...