Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue and net profit faced short-term pressure in H1 2024, with revenue down 13% YoY to 3.15 billion yuan and net profit attributable to shareholders down 32% YoY to 170 million yuan [1] - Non-recurring gains and losses mainly came from government subsidies of 118 million yuan, compared to 85 million yuan in H1 2023 [1] - Gross margin decreased by 2.1 percentage points to 56.2%, while net margin dropped by 1.5 percentage points to 5.4% [1] - In Q2 2024, revenue declined by 12% YoY to 1.34 billion yuan, and net profit attributable to shareholders fell by 63% YoY to 10 million yuan [1] Financial Performance - For H1 2024, the company's operating cash flow was 20 million yuan, approximately 0.1 times the net profit attributable to shareholders [2] - Inventory turnover days decreased by 43.2 days to 188.4 days, and inventory at the end of the period decreased by 21.1% YoY to 1.38 billion yuan [2] - The company expects net profit attributable to shareholders to be 370 million yuan, 418 million yuan, and 468 million yuan for 2024, 2025, and 2026, respectively [2] Brand Performance - PB Women's wear, Men's wear, Ledin, and MP sales decreased by 10%, 7%, 35%, and 14% YoY, respectively, in H1 2024 [1] - The number of stores for PB Women's wear, Men's wear, Ledin, and MP decreased by 88, 28, 53, and 29, respectively, compared to the beginning of the year [1] - The proportion of quality products in the Men's and Women's wear brands reached 70% by the end of 2023 [1] Channel Performance - E-commerce sales decreased by 8% YoY to 890 million yuan in H1 2024, with gross margin down 3.50 percentage points to 44.18% [2] - Direct sales and franchise sales decreased by 19% and 5% YoY, respectively, in H1 2024 [2] - The number of direct and franchise stores decreased by 47 and 146, respectively, compared to the beginning of the year [2] Industry and Market Context - The company is a leading domestic mass fashion brand group with a clear long-term strategic goal [2] - The report expects the company's PE ratio to be 17.5x for 2024 [2] - The company's stock price underperformed the CSI 300 index from August 2023 to August 2024 [5]

第四届监事会第二十二次会议决议公告 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。 重要内容提示： 一、 监事会会议召开情况 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-064 | | --- | --- | --- | | 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 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 十二次会议的书面通知于 2024 年 8 月 9 日以电子邮件及专人送达等方式发出， 会议于 2024 年 8 月 19 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。 二、 监事会会议审议情况 1、审议并通过了《2024 年半年度报告全文及摘要》 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 2、审议并通过 ...

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。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-066 | | --- | --- | --- | | 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 年半年度募集资金存放与实际使用情况的专项报告 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准宁波太平鸟时尚服饰股份有限公司公开 发行可转换公司债券的批复》（证监许可[2021]646 号）核准，宁波太平鸟时尚服饰 股份有限公司（以下简称"公司"）公开发行可转换公司债券（以下简称"可转债"） 8,000,000 张，每张面值 100 元，募集资金总额为 800,000,000 元，上述募集资金 扣除已支付的保荐承销费用 4,500,000 元（含税），实际收到可转债募集资金 795,500,000 元。上述募集资金已于 2021 年 7 月 21 日全部到位，扣除发行费用后 募集资金净额为 793,661,32 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-065 | | --- | --- | --- | | 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 为客观、公允地反映宁波太平鸟时尚服饰股份有限公司（以下简称"公司"） 2024 年半年度的财务状况和经营成果，根据《企业会计准则》及公司会计政策等相 关规定，基于谨慎性原则，公司对截至 2024 年 6 月 30 日合并报表范围内的各类资 产进行了充分的评估和分析，根据测试结果对存在减值迹象的资产相应计提了减值 准备。2024 年半年度公司计提各类减值准备共计 52,604,155.48 元，具体如下： 单位：元 币种：人民币 | 序号 | 项目 | 计提金额 | | --- | --- | --- | | 1 | 存货跌价准备 | 46,769,442.78 | | 2 | 应收账款坏账准备 | -8,440,197.81 | | 3 | 其他应收款坏账准备 | 14,274,910.51 | | | 合计 | 52,604,155.48 | 二、计提资产减值准备事项的相关说明 （一）存货跌价 ...

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2024-063 | | --- | --- | | 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 第四届董事会第二十七次会议决议公告 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 详见 2024 年 8 月 20 日公司披露于上海证券交易所网站（www.sse.com.cn）及 指定媒体的《2024 年半年度募集资金存放与实际使用情况的专项报告》。 公司全体董事出席了本次会议 本次董事会全部议案均获通过，无反对票 特此公告。 宁波太平鸟时尚服饰股份有限公司董事会 2024 年 8 月 20 日 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 详见 2024 年 8 月 20 日公司披露于上海证券交易所网站（www.sse.com.cn）及 指定媒体的《2024 年半年度报告》及《2024 年半年度报告摘要》。 2、审议并通过了《2024 年半年度募集资金存放与实际使用情况的专项报告 ...

Financial Performance - The company's operating revenue for the reporting period was CNY 3,145,573,814.83, a decrease of 12.66% compared to the same period last year[15]. - The net profit attributable to shareholders of the listed company was CNY 171,192,734.30, down 31.73% year-on-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 65,006,256.05, a decline of 63.57% compared to the previous year[15]. - The net cash flow from operating activities was CNY 19,745,355.35, a significant drop of 92.98% from the same period last year[15]. - The total assets at the end of the reporting period were CNY 7,125,970,986.78, down 11.84% from the end of the previous year[15]. - The net assets attributable to shareholders of the listed company were CNY 4,416,761,465.58, a decrease of 2.30% compared to the previous year[15]. - Basic earnings per share decreased by 32.08% to CNY 0.36 from CNY 0.53 in the same period last year[16]. - The weighted average return on net assets decreased by 2.12 percentage points to 3.75% from 5.87% in the previous year[16]. - The company reported a revenue of 3.15 billion RMB for the first half of 2024, a decrease of 12.7% year-on-year[37]. - The net profit attributable to shareholders was 170 million RMB, down 31.7% compared to the previous year[37]. - The company achieved a non-recurring net profit of 70 million RMB, reflecting a significant decline of 63.6% year-on-year[37]. Revenue Sources - Total revenue from direct sales reached ¥1,405,744,358.32, a decrease of 19.15% compared to the previous year, with a gross margin of 71.62%, an increase of 1.24 percentage points[45]. - Total revenue from franchise sales was ¥825,930,057.88, down 5.23% year-over-year, with a gross margin of 44.19%, a decrease of 2.88 percentage points[45]. - Overall revenue decreased by 14.50% to ¥2,231,674,416.20, with a gross margin of 61.47%, down 1.13 percentage points from the previous year[45]. - Online sales generated ¥889,730,910.49, a decline of 8.06% year-over-year, with a gross margin of 44.18%, down 3.50 percentage points[46]. - Offline sales totaled ¥2,231,674,416.20, down 14.50% year-over-year, with a gross margin of 61.47%, a decrease of 1.13 percentage points[46]. Inventory and Assets - The inventory value at the end of the reporting period was 1.43 billion RMB, a reduction of 22.1% or 410 million RMB year-on-year[40]. - The company's total current assets decreased from approximately 5.48 billion RMB to about 4.53 billion RMB during the reporting period[88]. - The company's long-term equity investments decreased from approximately 7.29 million RMB to about 5.76 million RMB[88]. - Total assets decreased from 8,083,289,181.07 to 7,125,970,986.78, a decline of approximately 11.9%[89]. - Total liabilities decreased from 3,553,262,355.70 to 2,700,781,966.62, a reduction of about 24.2%[90]. Cash Flow and Financial Management - Cash and cash equivalents at the end of the period were ¥542,422,006.12, a decrease of 46.02% compared to the previous year[47]. - The company's cash flow from operating activities for the first half of 2024 was negative at -507,006,627.85 RMB, compared to a positive cash flow of 242,166,341.75 RMB in the same period of 2023[101]. - Cash flow from investment activities showed a net inflow of CNY 9,149,874.76, a significant recovery from a net outflow of CNY -287,731,080.05 in the same period last year[100]. - The company received CNY 5,079,375.31 in tax refunds, contributing positively to cash flow from operating activities[99]. - The company’s financial expenses decreased to CNY 17,748,066.85 from CNY 23,967,932.09, reflecting improved financial management[97]. Strategic Initiatives - The company focuses on enhancing brand strength and product quality to improve operational efficiency and brand value[37]. - The company aims to enhance brand loyalty by focusing on high customer satisfaction and creating a multi-brand matrix to cover diverse consumer segments[30]. - The company utilizes a data-driven product development model, leveraging big data and AI to better understand consumer needs and market trends[23]. - The retail model includes a multi-channel approach, enhancing consumer interaction through popular platforms like Douyin and Xiaohongshu[24]. - The company has implemented a rapid and flexible production supply model, improving efficiency through close collaboration with strategic suppliers[25]. Risks and Challenges - The company faces risks related to brand operation and market competition, emphasizing the need to ensure product quality and brand influence to meet consumer demands[52]. - The company acknowledges macroeconomic volatility risks that could affect consumer spending on apparel, and it aims to optimize operations based on the economic environment[53]. - Franchise model risks are present due to the independent operation of franchisees, and the company will strengthen support and guidance to improve franchisee profitability[54]. - The company is focused on inventory management to mitigate risks associated with high inventory levels, implementing strategies to enhance sales and reduce stock[55]. Corporate Governance and Compliance - The company held its annual general meeting on April 26, 2024, where 19 proposals, including the annual report and profit distribution plan, were approved[56]. - A stock option and restricted stock incentive plan was approved during the first extraordinary general meeting on May 31, 2024, to enhance employee motivation[57]. - The company complies with environmental regulations and does not fall under the category of key pollutant discharge units, ensuring adherence to environmental protection laws[59]. - The company has committed to not engaging in any business activities that would compete with its own operations, ensuring no direct or indirect competition[61]. - The company has maintained compliance with all relevant laws and regulations regarding its public commitments during the IPO process[60]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 14,057[77]. - The top shareholder, Taiping Bird Group Co., Ltd., holds 205,539,588 shares, accounting for 43.38% of total shares[78]. - The total number of restricted shares at the beginning of the period was 1,173,000, with 24,000 shares reduced during the reporting period, resulting in 1,149,000 restricted shares at the end[79]. - Director Wang Mingfeng increased his shareholding by 1,859,000 shares, bringing his total to 5,394,845 shares[80]. - The company reported no changes in the controlling shareholder or actual controller during the reporting period[80]. Accounting Policies and Financial Reporting - The company adheres to the accounting standards and principles applicable to its financial reporting[112]. - The company has not made any changes to significant accounting policies or estimates for the reporting period[178]. - The company recognizes revenue when control of goods or services is transferred to the customer, which is when the customer can direct the use and obtain almost all economic benefits[165]. - Government grants are classified as either asset-related or income-related, with specific accounting treatments for each type[170]. - The company recognizes deferred tax assets and liabilities based on the difference between the tax base and the book value of assets and liabilities, calculated from temporary differences[171].

2024 年第二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 年第二次临时股东大会会议资料 2024 年 8 月 22 日 | 2024 | 年第二次临时股东大会会议议程 | 2 | | --- | --- | --- | | 会议须知 | | 3 | | 议案一关于变更会计师事务所的议案 | | 5 | 2024 年第二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 年第二次临时股东大会会议议程 一、现场会议时间：2024 年 8 月 22 日（星期四） 下午 14:00 网络投票时间：2024 年 8 月 22 日（星期四） 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 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议地点：宁波市新晖南路 258 号太平鸟时尚中心公司会议室 三、表决方式：现场投票与网络投票相结合的表决方式 四、议 ...

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2024-059 | | --- | --- | | 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 第四届董事会第二十六次会议决议公告 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。 1、审议并通过了《关于变更会计师事务所的议案》 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 本议案已经公司第四届董事会审计委员会第十四次会议审议通过。详见 2024 年 8 月 1 日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 于变更会计师事务所的公告》。 本议案尚需提交公司股东大会审议。 2、审议并通过了《关于召开 2024 年第二次临时股东大会的议案》 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 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"）第四届董事会第二十 六次会议的书面通知于 2024 年 7 月 26 日以电子邮件及专人送达等方式发出，会议 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-062 | | --- | --- | --- | | 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 年第二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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 8 月 22 日 14 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。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年8月22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 网络投票起止时间：自 2024 年 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-060 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 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 十一次会议的书面通知于 2024 年 7 月 26 日以电子邮件及专人送达等方式发出， 会议于 2024 年 7 月 31 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。 二、 监事会会议审议情况 1、审议并通过了《关于变更会计师事务所的议案》 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 同意聘任毕马威华振会计师事务所（特殊普通合伙）为本公司 2024 年度财 务报告审计机构和内控审计机构。 宁波太平鸟时尚服饰股份有限公司 第四届监事会第二十一次会议决议公告 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 ...