临近毕业季，各大高校应届生迎来求职关键期。一套得体的西服，不仅是职场新人的第一张形象名片， 更承载着对未来的信心与期许。4月15日，报喜鸟（002154）×夫子庙联名西服即将正式上线，并于京 东服饰独家首发。此款西服内兜处绣有"压胜钱"设计图案，旨在为有求职、面试等需求的消费者带来好 运。值得一提的是，即日起，消费者打开京东APP搜索"人生第一套"，即可提前购买联名款西服，前 100名用户还可享受500元大额惊喜券，先到先得。 此次双方首次开展跨界合作，将富有美好寓意的传统意象与现代服饰巧妙结合，共同为消费者带来加持 好运的品质正装。通过将含有"压胜钱"元素的图案绣在联名西服内兜上，报喜鸟希望能帮助穿着者增强 信念感，从而为求职与面试加持好运。 据了解，此款联名西服不仅适合求职面试，也同样适配述职、演讲、宴会等各类场合，值得成为更多年 轻消费者在面临不同重要正式场合时，必备的"人生第一套"品质正装。此款西服采用报喜鸟特色"金羊 毛"原料，该原料曾获RWS国际羊毛局认证，纤维细度低于19.5微米，使西服更具弹力和质感，助力穿 着者自信应对每一个人生重要时刻。 京东服饰作为本款联名西服的独家首发平台，将发挥自身优 ...

本款联名西服由国内知名服饰品牌报喜鸟和南京夫子庙共同打造。其中，报喜鸟的品牌名称本就具 有"传递喜讯"之意，而南京秦淮河畔的夫子庙被誉为"中国四大文庙"之一，是古代学子祈求仕途顺利的 重要场所。此次报喜鸟为联名西服特别设计了内兜图案，融合品牌logo、夫子庙和"压胜钱"元素。其中 的"压胜钱"是古代学子必备的祈福钱币，承载着学子们"连中三元""一品当朝"的美好心愿。 临近毕业季，各大高校应届生迎来求职关键期。一套得体的西服，不仅是职场新人的第一张形象名片， 更承载着对未来的信心与期许。4月15日，报喜鸟×夫子庙联名西服即将正式上线，并于京东服饰独家 首发。此款西服内兜处绣有"压胜钱"设计图案，旨在为有求职、面试等需求的消费者带来好运。值得一 提的是，即日起，消费者打开京东APP搜索"人生第一套"，即可提前购买联名款西服，前100名用户还 可享受500元大额惊喜券，先到先得。 此次双方首次开展跨界合作，将富有美好寓意的传统意象与现代服饰巧妙结合，共同为消费者带来加持 好运的品质正装。通过将含有"压胜钱"元素的图案绣在联名西服内兜上，报喜鸟希望能帮助穿着者增强 信念感，从而为求职与面试加持好运。 据了解，此款联名 ...

报喜鸟控股股份有限公司投资者关系活动记录表 编号：20250408 | | | √ 特定对象调研 □ 分析师会议 | | --- | --- | --- | | 投 资 | 者 | □ 媒体采访 □ 业绩说明会 | | 关系活动 | | □ 新闻发布会 □ 路演活动 | | 类别 | | □ 现场参观 | | | | □ 其他 （请文字说明其他活动内容） | | | | 中欧基金、富国基金、华安基金、海富通基金、鹏扬基金、嘉实基金、 太平洋资产、泉果基金、华西证券、申万宏源证券、广发证券、银河 | | 参与单位 | | 基金、光大保德信基金、兴全基金、国海富兰克林基金、华泰保兴基 | | 名称及人 | | 金、汇安基金、华能贵诚信托、太平基金、华宝基金、国联安基金、 | | 员姓名 | | 申万菱信基金、长城基金、东方红、永赢基金、国泰基金、交银施罗 | | | | 德基金、中金证券、农银汇理基金、恒越基金、浙商证券 | | 时间 | | 2025 年 4 月 7 日 14:00-16:30 | | | | 年 月 日 2025 4 8 09:30-11:30 | | 地点 | | 上海长宁区临虹路报喜鸟大楼 ...

Core Viewpoint - The acquisition of the Woolrich brand by Baoxiniang for approximately 384 million RMB marks a strategic move to enhance its outdoor segment and diversify its brand portfolio [1][2]. Group 1: Acquisition Details - Baoxiniang has completed the acquisition of Woolrich's global intellectual property (excluding Europe) for a total consideration of 50.83 million euros, equivalent to about 384 million RMB [1]. - The acquisition includes trademarks, domain names, and copyrights across 26 countries and regions, while Woolrich retains its European rights [2]. - A five-year product procurement and brand consulting agreement has been signed to maintain a unified brand image globally [2]. Group 2: Brand and Market Position - Woolrich, established in 1830, is one of the oldest high-end outdoor brands in the U.S., known for its classic products like buffalo check shirts and Arctic parkas [3]. - The brand targets the high-end market with products priced between 200 to 1000 USD, focusing on American retro and workwear styles [3]. Group 3: Strategic Implications - The acquisition is expected to enhance Baoxiniang's outdoor business, complementing its existing multi-brand strategy that includes brands like HAZZYS and Baonia [1][5]. - Baoxiniang's revenue from its main brands exceeded 10 billion RMB each, with total revenue for 2023 reported at 5.254 billion RMB [6]. - The company aims to increase operational investment in Woolrich to support its global development [3][6]. Group 4: Previous Outdoor Ventures - Prior to acquiring Woolrich, Baoxiniang entered the outdoor market in 2016 by representing the French brand Lafuma, which has shown significant growth recently [6][7]. - Lafuma achieved a revenue of 260 million RMB in 2023, marking a 40.5% year-on-year increase, and continued to grow in the first half of 2024 [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The acquisition of Woolrich's global intellectual property (excluding Europe) for approximately 380 million RMB is completed, allowing the company to own trademarks and related rights in 26 countries [1] - The company plans to leverage Woolrich's nearly 200 years of brand heritage and global influence, establishing a research center in Shanghai to enhance product development capabilities [2] - The company will implement a diversified business model including direct sales, franchising, brand licensing, and e-commerce to promote global brand development [2] Financial Forecasts - The expected EPS for 2024-2026 is projected to be 0.36 RMB, 0.47 RMB, and 0.59 RMB respectively, with corresponding PE ratios of 12x, 9x, and 7x [3] - Revenue is forecasted to grow from 5,264.13 million RMB in 2024 to 6,467.31 million RMB in 2026, reflecting a growth rate of 12.30% [4] - The net profit attributable to the parent company is expected to be 532.39 million RMB in 2024, increasing to 862.59 million RMB by 2026 [4] Financial Data and Valuation - The company's total revenue for 2022 was 4,312.76 million RMB, with a projected increase to 5,253.63 million RMB in 2023 [4] - The company's net profit margin is expected to improve from 10.64% in 2022 to 13.34% in 2026 [10] - The company's asset-liability ratio is projected to be 31.72% in 2024, indicating a stable financial position [10]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has successfully completed the acquisition of Woolrich's global intellectual property (excluding Europe) for approximately 3.8 billion RMB, enhancing its brand portfolio [1] - Woolrich is one of the oldest high-end outdoor brands in the United States, established in 1830, and has a strong global presence with a diverse product range [2] - The company plans to leverage Woolrich's nearly 200 years of brand heritage and global influence, establishing a research and development center in Shanghai to enhance product development capabilities [2] - The business model will include direct sales, franchising, brand licensing, and e-commerce to promote global brand development [2] Financial Data and Valuation - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.36 RMB, 0.47 RMB, and 0.59 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 11.59x, 8.93x, and 7.16x [3] - Revenue is expected to grow from 5,264.13 million RMB in 2024 to 6,467.31 million RMB in 2026, reflecting a growth rate of 12.30% [4] - The net profit attributable to the parent company is forecasted to be 532.39 million RMB in 2024, increasing to 862.59 million RMB by 2026 [4] - The company’s total assets are projected to reach 7,001.65 million RMB by 2026, with a debt-to-asset ratio of 33.33% [10]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has acquired the outdoor brand Woolrich, aiming to introduce it to the Chinese market, enhancing its multi-brand matrix [1][10]. - A new R&D center and headquarters in Shanghai are planned, with an investment of approximately 300 to 400 million RMB, expected to improve operational efficiency and R&D capabilities [2]. - The main brand HAZZYS is performing well, with a projected revenue growth of 10-15% year-on-year for early 2025, while the main brand's revenue decline has narrowed to single digits [3]. - The company anticipates stable revenue growth for 2025, driven by successful channel expansion and optimization of store structures [3]. - Inventory turnover has slowed due to retail pressures, but cash flow management is expected to improve as operations normalize [4]. Financial Summary - The company is projected to achieve net profits of 550 million, 637 million, and 732 million RMB for 2024, 2025, and 2026 respectively, with a PE ratio of 10 times for 2025 [4]. - Revenue for 2024 is estimated at 5,196 million RMB, with a slight decline of 1.1% year-on-year, followed by an expected growth of 11.3% in 2025 [5]. - The latest diluted EPS is projected to be 0.38, 0.44, and 0.50 RMB for 2024, 2025, and 2026 respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The acquisition of the Woolrich brand marks a significant milestone for the company, enhancing its presence in the outdoor segment and establishing it as a high-potential player in functional outdoor apparel [7]. - The company plans to invest 300-400 million RMB to establish a research and development center in Shanghai, aiming to integrate global supply chain resources and enhance product development capabilities [7]. - The report anticipates a gradual recovery in domestic consumption, projecting a turnaround for the company in 2025, supported by the confidence shown by major shareholders through a recent capital increase [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 5,254 million RMB, with a year-on-year growth rate of 21.8%. However, revenue is expected to decline by 3.6% in the first three quarters of 2024 [6][12]. - The net profit attributable to the parent company is forecasted to be 698 million RMB for 2023, with a significant decline of 25.2% expected in the first three quarters of 2024 [6][8]. - The company expects net profits of 549 million RMB in 2024, 651 million RMB in 2025, and 752 million RMB in 2026, corresponding to price-earnings ratios of 11, 10, and 8 respectively [7][12].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has acquired the outdoor brand Woolrich, aiming to introduce it to the Chinese market, enhancing its multi-brand matrix [1][10] - A new R&D center and headquarters in Shanghai are planned, with an investment of approximately 300 to 400 million RMB, expected to improve operational efficiency and R&D capabilities [2] - The main brand HAZZYS is performing well, with a projected revenue growth of 10-15% year-on-year for early 2025, while the main brand's revenue decline has narrowed to single digits [3] - The company anticipates stable revenue growth in 2025, driven by successful channel expansion and optimization of store structures [3] - Inventory turnover has slowed, with an increase of 28.6 days to 287.8 days, but cash flow management is expected to improve as operations normalize [4] Financial Summary - The company is projected to achieve net profits of 550 million, 637 million, and 732 million RMB for 2024, 2025, and 2026 respectively, with a PE ratio of 10 times for 2025 [4] - Revenue for 2024 is estimated at 5.196 billion RMB, with a slight decline of 1.1% year-on-year, followed by an expected growth of 11.3% in 2025 [5] - The company’s total assets are projected to reach 7.655 billion RMB by 2025, with a net profit margin of approximately 11% [11]

为进一步提升报喜鸟控股股份有限公司（以下简称"报喜鸟"或"公司"） 行业竞争力和国际影响力，公司持续推进和深化多品牌战略，择机适时推进品牌 收购，报喜鸟与 Woolrich International Limited、Woolrich Inc.、Woolrich Europe S.p.A、WOOLRICH OUTDOOR FOUNDATION 和 John Rich and Sons Investment Holding Company（前述五个交易主体统称"Woolrich 集团"）签订《关于收购 Woolrich 品牌全球（欧洲除外）知识产权的收购协议》。近日，公司与 Woolrich 集团已完成相关知识产权的交割。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：本次资产收购约定总对价为 5,083.38 万欧元（以合同签署当日汇 率和税率计算，折合人民币约 38,372.41 万元。该金额包含本次交易的知识产权 作价、为期五年的产品采购与品牌咨询服务作价及交易双方在中国应依法缴纳的 相关税费等），占公司最近一期经审计净资产的 8.84%。根据 ...