金融界7月29日消息，有投资者在互动平台向报 喜 鸟提问：在当前市场环境下，公司管理层认为自身具 备哪些应对企业困境的核心能力？具体有哪些针对性举措来缓解经济波动带来的影响？关于海外布局， 公司是否有通过拓展国际市场以降低对单一区域经济景气度依赖的规划？目前相关进展如何，预期能起 到怎样的对冲效果？市场关注到当前存在一定的经济宽松政策，但公司所在的高端消费领域似乎受受影 响有限。对于这一行业现状与公司经营的关联，此前的回应是否充分考虑了投资者关切？ 来源：金融界 公司回答表示：您好！感谢您的关注。公司核心竞争力主要体现在良好发展梯队的品牌矩阵、扁平高效 的"品牌+平台"运营架构、线上线下相互融合的全渠道营销模式、满足个性化需求的全品类私人量体定 制、大规模个性化智能生产、建立了与发展战略相适应的多元激励机制等方面。关于海外布局，公司正 在积极研究、规划和稳步推进中。谢谢！ ...

Investment Rating - The report assigns a "Cautious Recommendation" rating for the company, indicating a potential for growth but with caution advised [2][30]. Core Views - The company is experiencing short-term performance pressure due to a decline in domestic textile and apparel retail consumption, with a reported revenue of 5.153 billion yuan in 2024, a decrease of 1.91% year-on-year, and a net profit of 494.96 million yuan, down 29.07% year-on-year [7][10]. - The company is focusing on multi-brand development and has established a comprehensive marketing network that integrates online and offline channels, aiming to enhance market share and operational efficiency [7][24][27]. - The acquisition of the global intellectual property rights of the high-end outdoor brand Woolrich is expected to strengthen the company's international presence and brand portfolio [10][24]. Financial Performance Forecast - The projected financial metrics for the company are as follows: - Revenue (in million yuan): 5,153.23 in 2024, 5,494.92 in 2025, 5,868.72 in 2026, and 6,260.34 in 2027 [2][31]. - Net profit (in million yuan): 494.96 in 2024, 475.39 in 2025, 534.90 in 2026, and 595.86 in 2027 [2][31]. - Earnings per share (EPS): 0.34 in 2024, 0.33 in 2025, 0.37 in 2026, and 0.41 in 2027 [2][31]. - Price-to-earnings ratio (PE): 11.59 in 2024, 12.06 in 2025, 10.72 in 2026, and 9.63 in 2027 [2][31]. Business Strategy and Development - The company employs a "one main, one subsidiary, one vertical, one horizontal" strategy, establishing a balanced multi-brand matrix that includes mature, growing, and nurturing brands [7][24]. - The company has developed a full-channel marketing model that combines direct sales and franchise operations, supported by a robust online presence through major e-commerce platforms and live streaming channels [7][27]. - The company is leading the digital transformation and smart manufacturing in the apparel industry, implementing a large-scale personalized smart customization system to enhance production efficiency and quality [7][29].

证券代码：002154 证券简称：报喜鸟 公告编号：2025-030 报喜鸟控股股份有限公司 | | | | | | 占公司 | | 已质押股份情况 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 | 持股 | 累计被质押 | 占其所持 | 总股本 | 已质押股份 | 占已质押 | 未质押股份 | 占未质 | | | （股） | 比例 | 数量 | 股份比例 | | 限售和冻结 | 股份比例 | 限售和冻结 | 押股份 | | | | | | | 比例 | 数量（股） | | 数量（股） | 比例 | | 吴志泽 | 367,777,954 | 25.20% | 119,250,000 | 32.42% | 8.17% | 27,305,511 | 22.90% | 248,527,954 | 100.00% | | 吴婷婷 | 185,564,542 | 12.72% | 11,600,000 | 6.25% | 0.79% | 0 | —— | 0 | —— | | 上海金纱 ...

Group 1 - The company disclosed a plan for board member Wu Liya to reduce her shareholding by selling up to 468,750 shares from July 14, 2025, to October 13, 2025, through centralized bidding [2][3] - Wu Liya completed the reduction on July 15, 2025, at an average price of 3.85 yuan per share, representing 0.0321% of the total share capital [2] - After the reduction, Wu Liya holds 1,406,250 shares, which is 0.0964% of the total share capital, down from 1,875,000 shares, or 0.1285% [2] Group 2 - The reduction of shares was sourced from restricted stock granted under the company's incentive plan [2] - The actual reduction aligns with the previously disclosed plan, and there are no violations of shareholder commitments [3] - The reduction will not adversely affect the company's governance structure or ongoing operations [3]

Summary of Key Points Core Viewpoint - The company reported that its controlling shareholder, Wu Zhize, has pledged part of his shares, specifically 33,500,000 shares, which accounts for 9.11% of his holdings and 2.30% of the company's total shares [1]. Share Pledge Details - Wu Zhize's pledged shares are set to mature on July 15, 2028, and the pledge is made to Guojin Securities Co., Ltd. for personal financial needs [1]. - As of the announcement date, the total number of shares pledged by Wu Zhize and his concerted actors is 167,150,000, representing 30.07% of their total holdings [1]. - The total shareholding of Wu Zhize is 367,777,954 shares, which is 25.20% of the company's total shares, with 155,550,000 shares already pledged [1]. Other Relevant Information - The pledged shares do not pose any risk of forced liquidation, do not involve performance compensation obligations, and will not affect the company's operations or governance [1]. - The company will continue to monitor the pledge situation and comply with relevant disclosure regulations [1].

证券代码：002154 证券简称：报喜鸟 公告编号：2025-029 报喜鸟控股股份有限公司 关于公司部分董事减持计划实施完成的公告 公司董事吴利亚女士保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 报喜鸟控股股份有限公司（以下简称"公司"）于2025年6月21日披露了《关 于公司部分董事减持股份预披露公告》，公司董事吴利亚女士拟自减持计划公告 之日起15个交易日后的3个月内，暨自2025年7月14日至2025年10月13日期间通过 集中竞价交易方式减持公司股票不超过468,750股。具体内容详见巨潮资讯网 （www.cninfo.com.cn）和2025年6月21日《证券时报》、《上海证券报》和《中国 证券报》。 公司于 2025 年 7 月 16 日收到公司董事吴利亚女士通知，截至 2025 年 7 月 15 日，吴利亚女士股份减持计划已经实施完毕。现将上述股东股份减持计划实 施完成情况公告如下： 一、股东股份减持情况 1、股东本次减持情况 | 股东名称 | 减持方式 | 减持期间 | | | 减持均价 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025-028 报喜鸟控股股份有限公司 关于公司控股股东部分股票质押的公告 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。 报喜鸟控股股份有限公司（以下简称"公司"）于2025年7月16日收到公司控 股股东吴志泽先生部分股票办理了质押手续的通知，具体事项如下： 一、股东股份质押的基本情况 | | 是否为控股 | | | 占公 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 本次质押 | 占其所持 | 司总 | 是否为 | 是否为 | 质押 | 质押 | | 质押 | | 名称 | 大股东及其 | 数量（股） | 股份比例 | 股本 | 限售股 | 补充质 押 | 起始日 | 到期日 | 质权人 | 用途 | | | 一致行动人 | | | 比例 | | | | | | | | 吴志泽 | 是 | 33,500,000 | 9.11% | 2.30% | 为高管 | ...

Core Viewpoint - The company reported that director Wu Liya has reduced her shareholding in the company through centralized bidding, indicating a strategic move in her investment portfolio [1] Summary by Relevant Sections - **Shareholding Reduction** - Wu Liya reduced her shareholding by 468,800 shares, which accounts for 0.0321% of the total share capital [1] - After the reduction, Wu Liya holds 1,406,200 shares, representing 0.0964% of the total share capital [1] - **Compliance and Regulations** - The share reduction plan has been completed in accordance with relevant laws, regulations, and normative documents [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Xtep International, among others [10]. Core Insights - The overall performance of the sportswear sector is stable, with a forecasted slowdown in revenue growth for Q2 2025 compared to Q1 2025 due to fluctuations in the consumer environment [1][4]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality, anticipating performance recovery and valuation increases in 2025 [4]. - The jewelry sector is experiencing significant disparities in performance among companies, influenced by high gold prices and varying consumer demand for gold jewelry [3][29]. Summary by Sections Sportswear Sector - The sportswear companies are expected to maintain a healthy inventory turnover ratio of around 5 as of the end of Q2 2025, despite a forecasted revenue growth slowdown [1][15]. - Anta Sports is projected to achieve over 10% revenue growth in H1 2025, while Li Ning's revenue is expected to remain flat with a 20% decline in net profit [1][18]. - Xtep International is anticipated to see a 5% revenue growth and a 10% increase in net profit for H1 2025 [1][19]. - 361 Degrees is expected to achieve a revenue growth of 10% to 15% and a similar increase in net profit for H1 2025 [1][19]. A-Share Brand Apparel - The A-share brand apparel sector is experiencing stable terminal retail performance, but individual company performance is diverging [2][20]. - Companies like Hailan Home are expected to see a revenue growth of 0% to 5% in Q2 2025, while Steady Medical is projected to grow by 15% to 25% [2][24]. - The report indicates that companies with healthy terminal performance and effective cost management may see year-on-year growth, while those struggling with revenue scale may face pressure [2][20]. Jewelry Sector - The jewelry sector is benefiting from rising gold prices, with retail sales of gold and silver jewelry expected to grow by 12.3% year-on-year in 2025 [3][29]. - Companies like Chow Tai Fook and Chao Hong Ji are highlighted for their strong product differentiation and market competitiveness, with Chow Tai Fook expected to see a 10% increase in operating profit year-on-year [7][29]. - However, companies like Lao Feng Xiang and Zhou Da Sheng are projected to experience revenue declines of 20% to 10% and 15% to 5%, respectively, due to fluctuating consumer demand [3][29]. Apparel Manufacturing - The apparel manufacturing sector is expected to see stable output in finished garments, while upstream textile manufacturing orders are affected by pessimistic expectations [3][6]. - Shenzhou International is projected to achieve a revenue growth of 10% to 15% in H1 2025, while Wei Xing Co. is expected to see a decline in both revenue and net profit by 10% to 15% [3][6]. - The report suggests that leading companies with integrated and international supply chains are likely to outperform the industry in the medium to long term [3][6].

Core Views - The report highlights that increased consumer subsidy policies across various regions are expected to stimulate market vitality and promote sustained terminal demand recovery [2][67] - The 618 shopping festival saw a 15% year-on-year increase in total e-commerce sales, indicating a shift towards a "long cycle + strong wave" promotional model [2][79] - Despite a temporary easing of global trade tensions, the textile manufacturing industry may still face impacts from potential future tariff escalations [2][99] Market Review - As of June 20, 2025, the textile and apparel industry has seen a slight increase of 0.12%, outperforming the Shanghai Composite Index by 2.36 percentage points [9] - The textile manufacturing sub-industry has decreased by 8.41%, while the accessories sub-industry has surged by 23.16%, significantly outperforming the market [10][9] Industry Overview - The report notes that consumer confidence has stabilized, with per capita GDP reaching 95,700 yuan in 2024, and a GDP growth rate of 5.0% [31][28] - Retail sales in May 2025 showed a significant increase, with total retail sales reaching 4,132.6 billion yuan, up 6.4% year-on-year [35] Mid-term Investment Strategy - The report emphasizes the importance of consumer subsidy policies and the gradual recovery of terminal demand, particularly in the brand apparel and home textile sectors [71][67] - Leading companies in the home textile sector, such as Luolai Life and Mercury Home Textile, are expected to benefit from ongoing subsidy policies [72] Investment Recommendations - Recommended stocks include Chao Hong Ji, Huali Group, Xingye Technology, Mercury Home Textile, Luolai Life, Semir Apparel, and Baoxiniang, focusing on companies with strong brand and product capabilities [2] Company Performance - In Q1 2025, the textile manufacturing sub-industry reported a revenue increase of 0.73% and a net profit increase of 11.38% [57] - Key companies like Chao Hong Ji and Huali Group have shown significant stock price increases of 151.80% and 12.34% respectively [16][66] Global Trade Dynamics - The report indicates that while the recent tariff conflicts have eased, the textile manufacturing industry remains vulnerable to future trade tensions [99] - Companies with high export ratios, such as Huali Group and Bailong Oriental, have established overseas production capacities to mitigate tariff impacts [99][102]