股票代码：603877 股票简称：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 2023 年度向特定对象发行股票 募集说明书 （修订稿） 保荐人（主承销商） 北京市朝阳区安立路 66 号 4 号楼 二〇二四年四月 宁波太平鸟时尚服饰股份有限公司 2023 年度向特定对象发行股票募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格 ...

宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）于2023年6月9日向 上海证券交易所提交了向特定对象发行股票(以下简称"本次发行")申请，于2023 年6月21日被受理。公司聘请立信会计师事务所（特殊普通合伙）（以下简称"立 信会计师事务所"）为本次发行的审计机构。 | 证券代码：603877 | 证券简称：太平鸟 公告编号：2024-026 | | --- | --- | | 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 关于向特定对象发行股票变更签字会计师的公告 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。 2024 年 4 月 3 日 本次变更前，签字会计师为陈瑜、白红霞、侯力行，现拟变更为陈瑜、陈林 栋、丁伟良。变更原因为，原签字注册会计师白红霞因累计签字届满轮换，原签 字注册会计师侯力行因个人原因自立信会计师事务所离职。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《宁 波太平鸟时尚服饰股份有限公司关于向特定对象发行股票项目变更签字会计师 ...

上海市锦天城律师事务所 关于宁波太平鸟时尚服饰股份有限公司 向特定对象发行股票的 补充法律意见书（三） 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 目 录 | 1 | | --- | --- | | 声 明 | 3 | | 第一部分 年报更新 | 4 | | 一、本次发行的批准和授权 | 4 | | 二、本次发行的主体资格 | 5 | | 三、本次发行的实质条件 | 7 | | 四、发行人的独立性 | 11 | | 五、发起人或股东（实际控制人） | 16 | | 六、发行人期间的股本及其演变 | 18 | | 七、发行人的业务 | 19 | | 八、关联方及关联交易 | 19 | | 九、发行人的主要财产 | 26 | | 十、发行人的重大债权债务 | 28 | | 十一、发行人股东大会、董事会、监事会规范运作 | 29 | | 十二、发行人期间董事、监事和高级管理人员及其变化 | 29 | | 十三、发行人的税务 | 30 | | 十四、发行人的环境保护和产品质量、技术等标准 | 32 | | ...

中信建投证券股份有限公司 关于宁波太平鸟时尚服饰股份有限公司向特定对象发行股 票项目变更签字会计师的专项说明 上海证券交易所： 一、 基本情况 宁波太平鸟时尚服饰股份有限公司(以下简称发行人)于 2023 年 6 月 9 日向 贵所提交了向特定对象发行股票(以下简称"本次发行")申请，于 2023 年 6 月 21 日被受理。中信建投证券股份有限公司（以下简称"保荐人"或"本公司"）作 为保荐人承担本次发行的保荐工作。发行人聘请的立信会计师事务所（特殊普通 合伙）（以下简称"立信会计师事务所"）为本次发行的审计机构。本次变更前， 立信会计师事务所的签字会计师为陈瑜、白红霞、侯力行,现拟变更为陈瑜、陈林 栋、丁伟良。 陈林栋、丁伟良同意承担会计师职责,履行尽职调查义务,承诺对白红霞、侯 力行签署的相关文件均予以认可并承担相应法律责任，并对今后签署材料的真实 性、准确性、完整性承担相应法律责任。 本公司对立信会计师事务所出具的专项说明和陈林栋、丁伟良的承诺进行复 核，认为陈林栋、丁伟良已履行尽职调查义务,并出具专业意见，且与白红霞、侯 力行的结论性意见一致。 1 二、 变更事由 原签字注册会计师白红霞因累计签字届 ...

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2023年8月29日在 上海证券交易所（以下简称"上交所"）网站（http://www.sse.com.cn）披露了 《关于宁波太平鸟时尚服饰股份有限公司向特定对象发行股票申请文件的审核 问询函的回复（修订稿）（2023年半年度财务数据更新版）》及《宁波太平鸟时尚 服饰股份有限公司2023年度向特定对象发行股票募集说明书（修订稿）（2023年 半年度财务数据更新版）》等相关文件。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-025 | | --- | --- | --- | | 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 关于向特定对象发行股票审核问询函回复（修订稿） 及募集说明书（修订稿）等申请文件更新的提示性公告 特此公告。 宁波太平鸟时尚服饰股份有限公司董事会 2024 年 4 月 3 日 因公司于2024年3月22日披露了《2023年年度报告》，公 ...

中信建投证券股份有限公司 关于 宁波太平鸟时尚服饰股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人 二〇二四年四月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人赵彬彬、闫明庆已根据《中 华人民共和国公司法》《中华人民共和国证券法》等法律、法规和中国证监会及 上海证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规 则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-2-1 | 释 义 4 | | --- | | 一、发行人基本情况 5 | | （一）发行人概况 5 | | （二）发行人主营业务 5 | | （三）发行人主要经营和财务数据及指标 6 | | （四）发行人存在的主要风险 7 | | 二、发行人本次发行情况 11 | | （一）本次发行股票的种类和面值 11 | | （二）发行方式及发行时间 11 | | （三）发行对象及认购方式 12 | | （四）定价基准日、发行价格及定价原则 12 | | （五）发行数量 13 | | （六）限售期 13 | | （七）募集资金规模及用途 13 | | （八）上市地点 13 ...

宁波太平鸟时尚服饰股份有限公司 关于宁波太平鸟时尚服饰股份有限公司 向特定对象发行股票 申请文件的审核问询函的回复（修订稿） 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二四年四月 上海证券交易所： 贵所于 2023 年 7 月 6 日出具的《关于宁波太平鸟时尚服饰股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2023〕454 号） （以下简称"审核问询函"）已收悉。宁波太平鸟时尚服饰股份有限公司（以下 简称"太平鸟"、"发行人"、"公司"）与中信建投证券股份有限公司（以下 简称"保荐机构"）、上海市锦天城律师事务所（以下简称"发行人律师"、"律 师"）、立信会计师事务所（特殊普通合伙）（以下简称"申报会计师"、"会计 师"）等相关方对审核问询函所列问题进行了逐项核查，现回复如下，请予审核。 本问询函回复中简称与《宁波太平鸟时尚服饰股份有限公司 2023 年度向特 定对象发行股票募集说明书（修订稿）》中简称具有相同含义，其中涉及募集说 明书的修改及补充披露部分，已用楷体加粗予以标明。 本问询函回复中若出现合计数值与各分项数值之和尾数不符的情况，均为四 舍 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [27]. Core Views - The company has shown improvement in operational quality post-reform, with expectations for gradual recovery in terminal retail [1]. - The company has implemented significant organizational changes and cost control measures, leading to enhanced profitability despite revenue pressures in 2023 [4]. - The company is anticipated to benefit from a recovery in consumer demand and improved brand synergy in 2024, further enhancing profitability [22]. Financial Performance Summary - The total share capital is 474 million shares, with a market price of 16.07 yuan, resulting in a market capitalization of 7,615 million yuan [2]. - For the fiscal year 2023, the company reported revenues of 7,792 million yuan, a decrease of 9% year-on-year, while net profit increased by 127% to 422 million yuan [20]. - The company’s gross margin improved significantly, with an overall gross margin of 54.13% for 2023, reflecting a year-on-year increase of 5.91 percentage points [22]. - The company’s net profit for 2024 is projected to be 564 million yuan, with a year-on-year growth of 34% [20]. Brand and Channel Performance - The women's clothing segment saw a revenue decline of 12.01%, while men's clothing increased by 4.16% [2]. - Online sales faced challenges, with a 23.39% decrease in revenue, while offline direct sales improved with a 7.92 percentage point increase in gross margin [11][21]. - The company closed 252 underperforming stores, resulting in a total of 1,175 direct stores, which contributed to improved store efficiency [11]. Inventory and Cash Flow Management - The company reported a significant reduction in inventory, with a year-on-year decrease of 27.8%, leading to healthier inventory turnover [23]. - Operating cash flow for 2023 was 1,276 million yuan, with a focus on maintaining a low inventory level and efficient cash management [24].

Investment Rating - The report maintains a "Buy" rating for the company [6][23]. Core Insights - In the short term, the company is expected to continue profit elasticity due to store expansion and improved profitability in direct channels. In the long term, despite a potential slowdown in revenue growth due to cost control and discount management, the quality of operations and profit elasticity will significantly improve. The company is transitioning from profit elasticity driven by high retail growth to a more sustainable and robust internal capability-driven profit elasticity. The projected net profit attributable to the parent company for 2024-2026 is 550 million, 640 million, and 730 million, with corresponding PE ratios of 14, 12, and 10 times [6][22]. Financial Performance Summary - In 2023, the company achieved revenue of 7.79 billion, net profit attributable to the parent company of 420 million, and net profit excluding non-recurring items of 290 million, with year-on-year changes of -9.4%, +127.1%, and a turnaround of 316 million respectively. In Q4 alone, revenue was 2.57 billion, net profit was 210 million, and net profit excluding non-recurring items was 150 million, with year-on-year changes of +8.0%, +538%, and a turnaround of 184 million [4][6]. Channel Performance - The women's clothing segment continues to show weak performance under ongoing adjustments, while direct sales gross margin has significantly improved. In Q4, revenue from direct sales, franchises, and online channels saw year-on-year declines of -33.5%, +0.1%, and -37.7% respectively, with gross margins changing by +6.5, -3.9, and -4.0 percentage points year-on-year. The direct sales channel experienced a significant improvement in gross margin despite a large revenue decline due to optimized product structure and strong discount management [5][21]. Cost Management and Asset Quality - The report highlights that cost optimization and improved asset quality have driven performance elasticity. By the end of 2023, inventory was 1.51 billion, down 29% year-on-year, primarily due to enhanced management of product supply and demand. The current inventory scale and structure are healthy, with only 3% of inventory being over two years old [22][21].

Investment Rating - The investment rating for the company is "Buy" with a current price of 16.82 CNY and a fair value of 18.66 CNY [2][13]. Core Views - The report highlights that the company's operating conditions are improving, and the major shareholder's full participation in the capital increase demonstrates confidence in the company's future [3][13]. - The company is expected to see significant rebounds in revenue and net profit in 2024, driven by organizational reforms and a focus on enhancing brand image and core product lines [8][13]. Financial Performance - In 2023, the company reported revenue of 7.792 billion CNY, a year-on-year decrease of 9.41%, while net profit attributable to shareholders was 422 million CNY, a year-on-year increase of 127.06% [5][13]. - The fourth quarter of 2023 saw a year-on-year increase in revenue and net profit of 8.01% and 538.15%, respectively [13]. - The company plans to distribute a cash dividend of 6 CNY for every 10 shares [13]. Store and Channel Strategy - The total number of stores decreased by 940 to 3,731 in 2023, as the company shifted its strategy to focus on store quality and profitability rather than sheer growth [6][13]. - The company aims to enhance the brand image and improve store efficiency, with a significant reduction in underperforming stores [6][13]. Future Projections - Revenue from the franchise business is projected to grow from 2.621 billion CNY in 2024 to 3.184 billion CNY by 2026, with expected growth rates of 11.1%, 10.5%, and 10.0% respectively [10][23]. - The company anticipates a net profit of 5.89 billion CNY in 2024, with a compound annual growth rate of 39.7% from 2023 to 2024 [23][13]. Profitability Metrics - The gross profit margin for 2023 was 54.13%, an increase of 5.91 percentage points year-on-year, while the operating cash flow increased by 220.01% to 1.276 billion CNY [13][21]. - The report forecasts earnings per share (EPS) of 1.24 CNY, 1.43 CNY, and 1.73 CNY for 2024, 2025, and 2026, respectively [23][13].