Core Viewpoint - The report outlines the equity changes of Chen Hongzhao, a significant shareholder of Ningbo Taiping Bird Fashion Co., Ltd., indicating a reduction in shareholding from over 5% to below 5%, which does not trigger a change in control of the company [12][13]. Group 1: Equity Change Overview - The equity change is a result of Chen Hongzhao's transactions from August 27, 2018, to April 15, 2025, including both increases and decreases in shareholding, as well as passive dilution from stock incentives and convertible bonds [12][13]. - Following the equity change, Chen Hongzhao's shareholding decreased from 49,098,000 shares to 23,691,200 shares, reducing the ownership percentage from 10.33642% to 4.99999% [12][13]. - The equity change does not involve any restrictions on voting rights or transferability of shares [13]. Group 2: Future Plans and Compliance - The company disclosed a plan for Chen Hongzhao to reduce his holdings by up to 6,748,700 shares, which is 25% of his total holdings, from February 17, 2025, to May 16, 2025 [4]. - The company confirms that there are no plans for increasing shareholding in the next 12 months, only for reduction [4]. - The report emphasizes compliance with relevant laws and regulations regarding the disclosure of equity changes [5][13].

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 签署日期：2025 年 4 月 上市公司名称： 宁波太平鸟时尚服饰股份有限公司 上市地点： 上海证券交易所 股票简称： 太平鸟 股票代码： 603877 信息披露义务人： 陈红朝 住所/通讯地址： 浙江省宁波市*** 权益变动性质： 减少 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 报告书已全面披露了信息披露义务人在太平鸟中拥有权益的股份变动情况。 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通过 任何其他方式增加或减少其在太平鸟中拥有权益的股份。 三、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反其章程或内部 ...

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2025-032 | | --- | --- | | 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 关于持股 5%以上股东权益变动至 5%以下的提示性公告 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： 本次权益变动系宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）持 股 5%以上的股东陈红朝先生自 2018 年 8 月 27 日至 2025 年 4 月 15 日期间增持、减 持太平鸟股份，以及股权激励授予、注销及可转债转股等被动稀释、被动增加持股 比例所致，不触及要约收购，不会导致公司控股股东及实际控制人发生变化。 本次权益变动后，陈红朝先生持有公司股份从 49,098,000 股减少至 23,691,200 股，持股比例从 10.33642%减少至 4.99999%，不再为公司持股 5%以上 的股东。 公司于近日收到股东陈红朝先生发来的函告，现将有关权益变动的具体情况 公告如下： | | 名称 身份证 | | ...

Core Viewpoint - The announcement indicates that shareholder Chen Hongchao's stake in Taiping Bird (603877) has decreased from 10.33642% to 4.99999% due to various factors including share buybacks, stock incentives, and convertible bond conversions, resulting in him no longer being a major shareholder with over 5% ownership [1] Summary by Relevant Categories - **Shareholder Changes** - Chen Hongchao's shareholding has been reduced from 10.33642% to 4.99999% [1] - The reduction in stake is attributed to share buybacks, stock incentive grants, cancellations, and passive dilution from convertible bond conversions [1] - **Company Ownership Structure** - Chen Hongchao is no longer classified as a shareholder holding more than 5% of the company's shares [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a revenue of 1.67 billion yuan in Q1 2025, a year-on-year decrease of 7.6%. The net profit attributable to the parent company was 120 million yuan, down 22.0% [6] - The company is nearing the end of its channel adjustment phase, with expectations for high-quality development. The short-term revenue pressure is anticipated to continue, but the company is expected to control store closures and enhance brand renewal to improve store efficiency [6] - The gross margin improved significantly to 60.0% in Q1 2025, an increase of 4.8 percentage points year-on-year, driven by product structure optimization and improved terminal discount rates [9] Summary by Relevant Sections Financial Performance - Q1 2025 revenue was 1.67 billion yuan, with a net profit of 120 million yuan. The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 340 million, 420 million, and 470 million yuan respectively [6][10] - The gross margin for Q1 2025 was 60.0%, with a year-on-year increase of 4.8 percentage points. The operating profit margin was 7.4%, down 1.4 percentage points year-on-year [9][10] Brand Performance - Revenue from women's wear, men's wear, and children's wear decreased by 12.8%, 6.7%, and 6.6% respectively in Q1 2025, primarily due to store closures by franchisees [7] - The total number of stores decreased, with net closures of 27 for women's wear and 23 for men's wear since the beginning of 2025 [7] Channel Performance - Online revenue in Q1 2025 was 450 million yuan, down 12.7%, while offline revenue was 1.2 billion yuan, down 6.7%. Direct sales outperformed franchise sales [8] - The company closed a total of 57 stores in the year-to-date, with a total of 3,316 stores remaining [8] Inventory and Cash Flow - As of the end of Q1 2025, inventory stood at 1.64 billion yuan, a year-on-year increase of 19.8%, with inventory turnover days increasing to 228 days [9] - The net operating cash flow turned negative to -300 million yuan, primarily due to declining revenue and accelerated payments to suppliers [9]

Core Viewpoint - The company is undergoing a channel adjustment phase, with expectations for high-quality development, maintaining a "buy" rating despite short-term revenue pressure due to store closures [1] Group 1: Financial Performance - In Q1 2025, the company reported revenue of 1.67 billion yuan, a year-on-year decrease of 7.6%, with net profit attributable to shareholders at 120 million yuan, down 22.0% [1] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 340 million, 420 million, and 470 million yuan respectively, down from previous estimates of 660 million and 750 million yuan [1] - The current price-to-earnings ratio is projected at 23.5, 19.4, and 17.1 times for 2025-2027 [1] Group 2: Brand Performance - Revenue from women's wear, men's wear, and children's wear decreased by 12.8%, 6.7%, and 6.6% respectively in Q1 2025, primarily due to store closures by franchisees [2] - The total number of stores has decreased, with net closures of 27 for women's wear, 23 for men's wear, 7 for leisure wear, and 10 for children's wear, bringing totals to 1,225, 1,267, 283, and 468 stores respectively [2] Group 3: Channel Performance - Online revenue in Q1 2025 was 450 million yuan, down 12.7%, while offline revenue was 1.20 billion yuan, down 6.7% [3] - Directly operated stores outperformed franchise stores, with direct sales generating 820 million yuan (down 3.6%) compared to franchise sales of 380 million yuan (down 12.7%) [3] - The company has closed a total of 57 stores this year, with 23 direct and 34 franchise closures [3] Group 4: Profitability and Operational Efficiency - The gross margin improved to 60.0% in Q1 2025, an increase of 4.8 percentage points year-on-year, driven by product structure optimization and improved terminal discount rates [4] - The operating expense ratio increased to 51.4%, with sales, management, financial, and R&D expense ratios rising by 4.8, 0.7, 0.3, and 0.1 percentage points respectively [4] - The company reported a negative operating cash flow of -300 million yuan, primarily due to declining revenue and accelerated payments to suppliers [4] Group 5: Market Sentiment - In the last 90 days, 9 institutions have rated the stock, with 7 "buy" ratings and 2 "hold" ratings, and the average target price set at 16.86 yuan [5]

纺织服饰/服装家纺 太平鸟（603877.SH） 2025Q1 毛利率显著改善，渠道调整临近尾声 2025 年 04 月 15 日 投资评级：买入（维持） | 日期 | 2025/4/15 | | --- | --- | | 当前股价(元) | 16.95 | | 一年最高最低(元) | 17.25/10.89 | | 总市值(亿元) | 80.31 | | 流通市值(亿元) | 79.55 | | 总股本(亿股) | 4.74 | | 流通股本(亿股) | 4.69 | | 近 3 个月换手率(%) | 32.84 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 太平鸟 沪深300 相关研究报告 《2024Q1 流水短期承压，期待产品调 整完成恢复增长—公司信息更新报 告》-2024.4.16 ——公司信息更新报告 | 吕明（分析师） | 周嘉乐（分析师） | | --- | --- | | lvming@kysec.cn | zhoujiale@kysec.cn | | 证书编号：S079052003000 ...

Investment Rating - The report indicates a positive outlook for the textile and apparel industry, highlighting potential recovery opportunities due to evolving tariff policies and domestic demand [5][9]. Core Insights - The manufacturing sector is expected to see a valuation recovery as the peak of risk aversion related to tariff policies has passed, with major brands maintaining order volumes and shipment schedules [5][9]. - The brand sector is poised for a valuation recovery driven by improved consumer sentiment and policy support, particularly in discretionary spending categories like apparel [5][9]. Industry Data Tracking - The Cotlook A index and China cotton price index decreased by 1.3% and 4.2% respectively, while wool prices fell by 4.3% [27]. - In March 2025, Vietnam's textile and apparel exports increased by 14.77% year-on-year, with footwear exports rising by 15.77% [31][33]. - Retail sales in China showed a year-on-year growth of 4% in the first two months of 2025, with notable increases in categories such as clothing and home appliances [24][25]. Company Dynamics - Anta Sports reported a double-digit revenue growth in Q1 2025, with a significant increase in sales from its various brands [3]. - Huali Group's revenue for 2024 reached 24 billion yuan, reflecting a 19.35% year-on-year increase, driven by both returning and new customers [3]. - Taiping Bird's Q1 2025 revenue declined by 7% year-on-year, but the company is expected to benefit from strategic adjustments and improved gross margins [3]. Market Performance - The textile and apparel sector experienced a decline of 5.72% this week, underperforming compared to the Shanghai Composite Index [6][14]. - The report highlights the performance of individual stocks, with notable gains from companies like Wan Shili and Tai Mu Shi, while companies like Kai Run and Mu Gao Di faced significant declines [21][22].

上 市 公 司 2025 年 04 月 13 日 太平鸟 (603877) ——一季度表现符合预期，毛利率改善反映运营质量提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 16.12 | | 一年内最高/最低（元） | 17.69/10.89 | | 市净率 | 1.7 | | 息率（分红/股价） | 3.72 | | 流通 A 股市值（百万元） | 7,565 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 9.62 | | 资产负债率% | | 37.68 | | 总股本/流通 A 股（百万） | | 474/469 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： -40% -20% 0% 20% 40% 04-11 05-11 06-11 07-11 08- ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4][7]. Core Views - The company reported a revenue decline of 8% year-on-year in Q1 2025, with a net profit decrease of 22%. However, the gross margin improved significantly by 4.8 percentage points to 60.0% due to better control over product structure and discount management [1][4]. - The company is nearing the end of its channel adjustments, with expectations for improved cash flow and operational efficiency in the future [4][3]. Revenue and Profit Analysis - In Q1 2025, the company's revenue was 1.67 billion yuan, and the net profit was 120 million yuan. The non-recurring profit was 40 million yuan, mainly from government subsidies [1]. - The gross margin showed a notable improvement, but the net profit margin decreased by 1.4 percentage points to 7.4% due to rising expense ratios [1]. Brand Performance - All brands experienced a decline in revenue in Q1 2025, with PB Women's wear down 13%, PB Men's wear down 7%, and others showing similar trends. However, gross margins improved across the board [2]. - The company is focusing on a "one brand" strategy, enhancing its multi-brand collection stores in key cities [2]. Channel Performance - Online sales decreased by 13% to 450 million yuan, but the gross margin improved by 4.4 percentage points to 49.7%. Offline direct sales fell by 4% to 820 million yuan, with a gross margin of 70.6% [3]. - The company has streamlined its channel structure, with a reduction in the number of direct and franchise stores, indicating that channel adjustments are nearly complete [3]. Inventory and Cash Flow - Inventory increased by 19.8% year-on-year to 1.64 billion yuan, with inventory turnover days rising by 67.6 days to 227.8 days [4]. - The operating cash flow for Q1 2025 was a net outflow of 300 million yuan, attributed to decreased revenue and accelerated payment schedules [4]. Future Outlook - The company expects stable revenue growth in 2025, with improved profit quality as channel and management adjustments take effect [4]. - Profit forecasts for 2025 to 2027 are 359 million yuan, 410 million yuan, and 466 million yuan respectively, with a projected P/E ratio of 22 times for 2025 [4].