Financial Performance - The company's revenue for Q1 2025 was CNY 1,667,974,604.93, a decrease of 7.63% compared to CNY 1,805,673,197.46 in the same period last year[7] - Net profit attributable to shareholders was CNY 123,881,397.20, down 21.97% from CNY 158,764,894.92 year-on-year[7] - Basic earnings per share decreased by 23.53% to CNY 0.26 from CNY 0.34 in the previous year[8] - Total revenue for the first quarter of 2025 was CNY 1,646,612,592.88, a decrease of 8.42% year-over-year[16] - Total operating revenue for Q1 2025 was CNY 1,667,974,604.93, a decrease of 7.6% compared to CNY 1,805,673,197.46 in Q1 2024[30] - Net profit for Q1 2025 was CNY 123,541,735.20, a decline of 22.0% from CNY 158,382,101.34 in Q1 2024[31] - Basic earnings per share for Q1 2025 were CNY 0.26, compared to CNY 0.34 in Q1 2024, representing a decrease of 23.5%[32] Cash Flow - The net cash flow from operating activities was negative CNY 298,574,889.31, a significant decline from positive CNY 8,168,946.60 in the same period last year, representing a change of -3,755.00%[10] - Cash inflow from operating activities in Q1 2025 was CNY 1,842,336,100.67, down from CNY 1,972,518,823.82 in Q1 2024, a decrease of 6.6%[33] - Cash paid for goods and services in Q1 2025 was CNY 1,400,066,487.03, an increase from CNY 1,098,787,356.94 in Q1 2024, reflecting a rise of 27.5%[33] - The net cash flow from operating activities was -$298.57 million, a significant decline from $8.17 million in the previous period[34] - Total cash outflow from operating activities amounted to $2.14 billion, compared to $1.96 billion last year[34] - The ending balance of cash and cash equivalents was $485.06 million, down from $841.33 million in the previous period[35] - The company experienced a net decrease in cash and cash equivalents of -$506.41 million, compared to -$163.44 million last year[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,431,617,085.15, down 11.79% from CNY 8,424,478,406.26 at the end of the previous year[8] - The total liabilities decreased to CNY 4,431,617,085.15 from CNY 5,424,478,406.26[27] - Total liabilities as of the reporting date were CNY 2,800,473,698.55, down from CNY 3,912,232,754.86 in the previous period[28] - Total equity increased to CNY 4,631,143,386.60 from CNY 4,512,245,651.40, marking a growth of 2.6%[28] - The total equity attributable to shareholders increased by 2.65% to CNY 4,624,169,363.59 from CNY 4,504,931,966.39 at the end of the previous year[8] Operational Metrics - The weighted average return on equity decreased by 0.74 percentage points to 2.71% from 3.45%[8] - The company reported a non-recurring profit of CNY 38,116,538.67 for the period[9] - The gross profit margin for the apparel operation segment was 60.84%, reflecting a year-over-year increase of 5.38 percentage points[16] - The revenue from the PEACEBIRD women's wear brand was CNY 567,756,460.30, with a gross margin of 61.70%, down 12.83% from the previous year[19] - Online sales generated CNY 450,179,402.01 with a gross margin of 49.70%, a decrease of 12.71% year-over-year[24] - The gross profit margin for offline sales channels was 65.02%, an increase of 5.46 percentage points year-over-year[24] - The total number of stores decreased by 57, with 3,316 stores at the end of the quarter compared to 3,373 at the beginning[24] Future Plans - The company plans to continue expanding its brand presence and improve operational efficiency in the upcoming quarters[18] - The company’s controlling shareholder, Taiping Bird Group, plans to increase its stake in the company by CNY 150 million to CNY 300 million over a six-month period, with CNY 214 million sourced from a special loan[14] - As of March 31, 2025, Taiping Bird Group had already acquired 7,881,900 shares, totaling CNY 114,632,500[14]

太平鸟（603877）公告，2025年第一季度营收为16.68亿元，同比下降7.63%；净利润为1.24亿元，同比 下降21.97%。 ...

事件描述 公司2024 年实现营收/归母净利润/扣非归母净利润68.0/2.6/1.2 亿元，同比变动-12.7%/-38.7%/-57.4%。 其中单Q4 实现营收/归母净利润/扣非归母净利润22.6/1.5/1.3 亿元，同比变动-12.0%/-29.1%/-13.4%。 预计2025/2026/2027 年公司归母净利润为3.7/5.0/5.9 亿元，PE 为20/15/12X，维持"买入"评级。 风险提示 1、零售环境波动； 2、库存去化不及预期； 3、费用投放转化效果弱。 事件评论 品牌调整下零售延续承压，加盟毛利率显著改善。1）分品牌：Q4 延续关店叠加产品调整下零售持续承 压，PB 女装/男装/乐町/童装收入分别同比-16.7%/-10.6%/-20.3%/-7.5%，毛利率分别同比+4.6 pct /+5.4 pct /+17.0 pct /+3.7pct，男装与童装收入表现延续优于女装，预计与老货去化以女装为主、品类消费韧 性差异有关，乐町调整周期经营延续疲态。 强控折扣叠加低基数下各品类毛利率均有所提升，乐町改善最为显著。2）分渠道：变革调整下除直营 外各渠道下滑明显，Q4 直营/加盟/线 ...

丨证券研究报告丨 公司研究丨点评报告丨太平鸟（603877.SH） [Table_Title] 太平鸟 2024 年年报点评：零售承压下毛利率改 善显著，期待未来高质量增长 报告要点 [Table_Summary] 短期，预计伴随公司净关近尾声、零售逐步改善以及加盟毛利率改善，控费力增强下后续利润 增速有望回升。长期，伴随公司架构调整，经营质量以及利润弹性将显著提升。公司亦由之前 的零售高增驱动的利润弹性，切换至重内功驱动的利润弹性，更为持续且稳健。预计 2025/2026/2027 年公司归母净利润为 3.7/5.0/5.9 亿元，PE 为 20/15/12X，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 风险提示 丨证券研究报告丨 2025-04-08 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 太平鸟（603877.SH） cjzqdt11111 ...

Trading Information Summary - On April 2, 2025, Peacebird's main funds experienced a net outflow of 2.6311 million RMB, while speculative funds saw a net outflow of 4.4241 million RMB, and retail investors had a net inflow of 7.0553 million RMB [1][3]. Company Announcement Summary - As of March 31, 2025, a total of 248,000 RMB of "Peacebird Convertible Bonds" have been converted into the company's A-shares, accounting for 0.0022% of the total shares issued before the conversion of the convertible bonds. The amount of unconverted "Peacebird Convertible Bonds" stands at 799.752 million RMB [1][3]. - The current conversion price for the "Peacebird Convertible Bonds" is 21.21 RMB per share. The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million RMB and a term of 6 years [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue decline of 13% to 6.8 billion yuan and a net profit decline of 39% to 260 million yuan, attributed to economic slowdown and intensified industry competition [6][13] - The company is focusing on enhancing brand image through flagship stores and digital retail innovations, despite short-term challenges in market demand [6][7] - The gross margin improved by 1.1 percentage points to 55.2% in 2024, driven by effective inventory management and discount control [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027: 7.79 billion (2023), 6.80 billion (2024), 7.25 billion (2025E), 7.60 billion (2026E), 7.94 billion (2027E) [5] - Net profit forecast: 422 million (2023), 258 million (2024), 368 million (2025E), 450 million (2026E), 470 million (2027E) [5] - Earnings per share forecast: 0.90 (2023), 0.55 (2024), 0.78 (2025E), 0.95 (2026E), 0.99 (2027E) [5] - The company aims to achieve a target market value of 9.7 billion yuan, indicating a potential upside of 27% from the current market value [6]

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2025-031 | | --- | --- | | 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 可转债转股结果暨股份变动公告 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、可转债发行上市概况 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"）于 2021 年 7 月 15 日公开发行可转债 800 万张，每张面值人民币 100 元，募集资金总额为 80,000 万元，期限 6 年。 内容详见公司 2022 年 5 月 24 日披露于上海证券交易所网站（www.sse.com.cn）及 指定媒体的《关于"太平转债"转股价格调整的提示性公告》（公告编号：2022- 035）。 （二）因回购注销 280,000 股限制性股票，转股价格调整为 49.74 元/股，具 体内容详见 ...

Core Insights - The company reported a revenue of 6.8 billion yuan for 2024, marking a year-on-year decline of 12.7%, continuing a trend of negative growth for the third consecutive year [1] - The net profit attributable to shareholders was 260 million yuan, down 38.7% year-on-year, while the net profit excluding non-recurring items fell by 57.4% to 120 million yuan [1] Revenue Performance - All three major revenue channels—direct sales, franchising, and online sales—experienced a contraction, with revenues of 2.81 billion yuan, 2.05 billion yuan, and 1.83 billion yuan respectively, accounting for 42%, 31%, and 27% of total revenue [2] - The regional market showed a "full-line decline," with East China leading at 2.062 billion yuan but down 15.34% year-on-year; Central and North China contributed 1.393 billion yuan and 1.534 billion yuan, with declines of 12.37% and 13.73% respectively [3] Brand Performance - None of the four main brands saw revenue growth, with PEACEBIRD women's and men's clothing generating 2.503 billion yuan and 2.783 billion yuan, down 13.12% and 8.56% respectively; LEDiN girls' clothing revenue was 543 million yuan, down 28.27%; mini peace children's clothing revenue was 827 million yuan, down 13.77% [5] Cost and Expense Management - The company reduced sales, management, and R&D expenses by 5.85%, 8.80%, and 8.95% respectively, indicating a strategic adjustment to enhance profitability, including store reductions and marketing cost cuts [7] - As of the end of 2024, the company had 3,373 stores, net closing 358 stores during the year, with 477 new openings and 835 closures [7] Strategic Direction - The company is shifting its strategy towards a "quality fashion" positioning, moving away from frequent collaborations and fast fashion, focusing instead on high-quality materials and craftsmanship [7] - The company has launched a new winter quality series and is targeting the popular "urban outdoor" segment with premium winter products [7] Store Strategy - The company is implementing a new store strategy centered around a "single brand" approach, opening large experiential stores over 1,000 square meters in key cities such as Ningbo, Wuhan, and Shenzhen [8] Executive Compensation - The chairman and general manager's annual salary for 2024 was 3.5384 million yuan, a decrease of 850,000 yuan from 2023, reflecting the company's current challenges [9]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 15.69 CNY [6] Core Viewpoints - The company reported a revenue of 2.3 billion CNY in Q4 2024, a year-on-year decrease of 12%, and a net profit attributable to the parent company of 150 million CNY, down 29% year-on-year [1] - For the full year 2024, the company achieved a revenue of 6.8 billion CNY, a decline of 13% year-on-year, primarily due to a decrease in retail sales [1] - The company is focusing on enhancing brand strength and product quality despite facing retail environment pressures, resulting in a gross margin of 56% for 2024, an increase of 1.4 percentage points year-on-year [2] - The company is actively closing inefficient stores to improve operational quality and profitability, with a total of 3,373 offline stores at the end of 2024, having closed 358 stores during the year [3] - The company is restructuring its channels and enhancing online and offline integration, aiming to build a comprehensive retail network and improve retail operational efficiency [4] Financial Performance Summary - The company's revenue for 2024 was 6.8 billion CNY, with a year-on-year growth rate of -12.7% [13] - The net profit attributable to the parent company for 2024 was 258.46 million CNY, reflecting a year-on-year decrease of 38.75% [13] - The company’s gross margin for 2024 was 56%, with a projected gross margin of 56% for the following years [14] - The company’s total assets at the end of 2024 were 8.42 billion CNY, with a debt-to-asset ratio of 46.44% [14] Brand Strategy - The company plans to upgrade its three major brands in 2025, focusing on different target demographics to enhance brand value [5][11] - The main brand, Peacebird, will target the 25-35 age group, while the LEDiN brand will focus on young urban women aged 18-28, and MiniPeace will cater to children under 14 [5][11] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 7 billion CNY, 7.3 billion CNY, and 7.7 billion CNY respectively [12] - The projected net profits for 2025-2027 are 390 million CNY, 480 million CNY, and 510 million CNY respectively, with corresponding EPS of 0.82 CNY, 1.00 CNY, and 1.08 CNY [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has opened 8 flagship stores, expecting operational leverage and profit elasticity [1] - In 2024, the company's revenue, net profit attributable to the parent, net profit excluding non-recurring items, and operating cash flow were 6.802 billion, 258 million, 123 million, and 860 million yuan respectively, showing year-on-year declines of 12.7%, 38.8%, 57.4%, and 32.6% [2] - The company plans to distribute a final dividend of 0.4 yuan per share, with a payout ratio of 72.91% and a dividend yield of 2.55% [2] Summary by Sections Revenue and Profitability - The company's revenue for 2024 was 6.802 billion yuan, down 12.7% year-on-year, primarily due to store closures and a controlled discount strategy [2][3] - The net profit attributable to the parent decreased by 38.7% to 258 million yuan, with a net profit margin of 3.8% [2][5] - The gross margin for 2024 was 55.2%, an increase of 1.1 percentage points year-on-year, driven by improved franchise gross margins [5] Store Operations - The company closed a total of 358 stores in 2024, with a net opening of 33 stores in Q4 [4] - The total number of stores at the end of 2024 was 3,373, down from 5,214 in 2021 [4] - The company is focusing on enhancing brand image and store efficiency through the opening of flagship stores and the closure of underperforming locations [3][4] Future Outlook - For 2025, the company expects a revenue growth of approximately 10%, with e-commerce facing downward pressure due to discount control [7] - The company has adjusted its revenue forecasts for 2025 and 2026 to 7.457 billion and 7.979 billion yuan respectively, while lowering net profit forecasts to 421 million and 507 million yuan [8] - The company maintains a "Buy" rating with projected PE ratios of 18, 15, and 12 for 2025, 2026, and 2027 respectively [8]