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]

Investment Rating - The textile and apparel industry is rated positively, with a focus on new growth directions due to the recovery of domestic demand in 2025 [2][10]. Core Insights - The textile and apparel sector underperformed the market recently, with the SW textile and apparel index dropping by 5.1% from June 16 to June 20, lagging behind the SW All A index by 3.9 percentage points [1][3]. - Recent industry data shows a 3.1% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 493.9 billion yuan from January to April 2025 [2][23]. - Exports of textiles and apparel from January to May 2025 reached 116.67 billion USD, a 1.0% increase year-on-year, with specific categories showing varied performance [2][27]. Summary by Sections Textile Sector - The textile export performance from China and Vietnam showed a decline in May, with China's textile and apparel exports amounting to 26.21 billion USD, a 0.6% year-on-year increase [7][27]. - The U.S. International Trade Court ruled against unilateral tariff increases, which may positively impact the textile sector by easing trade barriers [7][8]. - Short-term opportunities are identified in companies like Weixing and Xin'ao, which are expected to benefit from improved export conditions [8][10]. Apparel Sector - The 618 shopping festival reported significant growth, with Tmall's GMV increasing by 10% year-on-year and JD's user orders more than doubling [9][10]. - Notable brands like FILA and Nike continue to dominate the sports and outdoor categories, with FILA leading in sales during the festival [9][10]. - The report emphasizes the importance of domestic demand recovery as a key investment theme for 2025, highlighting potential growth in high-performance sports apparel and home textiles [10][39]. Market Dynamics - The cotton price index showed a slight increase in domestic prices, while international cotton prices experienced a decline [35][36]. - The report notes a significant shift in consumer behavior towards high-quality growth and simplified purchasing processes during major sales events [9][10]. - The overall textile and apparel market is expected to see structural investment opportunities rather than broad-based recovery, focusing on quality brands and innovative products [8][10].

证券代码：002154 证券简称：报喜鸟 公告编号：2025-027 | 股东名称 | 职务 | 所持公司股份总数量（股） | 占公司总股本的比例 | | --- | --- | --- | --- | | 吴利亚 | 董事 | 1,875,000 | 0.13% | 二、本次减持计划的主要内容 （一）本次减持计划的具体安排 报喜鸟控股股份有限公司 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。 特别提示： 公司董事吴利亚女士持有本公司股份1,875,000股（占本公司总股本比例 0.13%），计划在2025年7月14日至2025年10月13日期间（窗口期不得减持）以集 中竞价方式减持本公司股份468,750股（占本公司总股本比例0.03%）。 报喜鸟控股股份有限公司（以下简称"公司"）于近日收到公司董事吴利亚女 士的《关于减持公司股份计划的告知函》。现将有关情况公告如下： 一、拟减持股东的基本情况 1、减持原因：个人资金需求。 2、减持价格：根据减持时 ...

Core Viewpoint - The company reports that director Wu Liya plans to reduce her shareholding by 468,800 shares, representing 0.03% of the total share capital, due to personal funding needs [1] Summary by Relevant Sections - **Shareholding Details** - Wu Liya currently holds 1,875,000 shares, which is 0.13% of the total share capital [1] - **Reduction Plan** - The reduction will occur between July 14, 2025, and October 13, 2025, through centralized bidding [1] - The selling price will be determined based on market conditions [1] - **Control Implications** - Wu Liya is not a controlling shareholder or actual controller of the company, and this reduction will not lead to any change in the company's control [1]

Core Insights - The Chinese men's clothing industry is projected to reach a market size of approximately 650 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.83% over the past five years [1][3]. Market Segmentation - Men's clothing can be categorized into formal wear, casual wear, sportswear, and underwear. Formal wear includes suits, shirts, and ties; casual wear encompasses casual pants, jackets, and T-shirts; sportswear consists of sports jackets, pants, and undergarments; while underwear includes base layers and thermal wear [3]. - According to Statista, the men's pants market and men's sportswear and swimwear market are the two largest segments within the Chinese men's clothing industry, accounting for 24% and 16% of the market share, respectively [3]. Industry Competition - Leading companies in the Chinese men's clothing sector include Hailan Home (海澜之家), China Lilang (中国利郎), and Baoxini (报喜鸟). The specific competitive landscape and strategies of these companies are detailed in the report by Qianzhan Industry Research Institute [5].

Overview of Guarantee Situation - The company has approved a guarantee for its subsidiaries, allowing a total guarantee amount of up to RMB 700 million for various credit facilities, with a single guarantee not exceeding RMB 100 million [2] - The guarantee period for each loan or credit facility is up to 3 years, starting from the date of the loan [2] Progress of Guarantee - The company has signed a maximum guarantee contract with the Industrial and Commercial Bank of China for a credit facility not exceeding RMB 50 million for its subsidiary Anhui Baoniao [3] Basic Information of the Guaranteed Party - Anhui Baoniao was established on May 6, 2011, with a registered capital of RMB 30 million, and is a wholly-owned subsidiary of Shanghai Baoniao, in which the company holds a 75% stake [5] Main Content of the Guarantee Agreement - The guarantee amount is set at a maximum of RMB 50 million, covering various costs including principal, interest, and other related fees [6] - The guarantee period extends for three years after the loan term ends [6] Cumulative External Guarantee Amount - After this guarantee, the total guarantee amount for the company and its subsidiaries is RMB 700 million, with an actual guarantee balance of RMB 315.62 million, accounting for 7.22% of the company's latest audited net assets [7]

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。 一、担保情况概述 证券代码：002154 证券简称：报喜鸟 公告编号：2025-026 报喜鸟控股股份有限公司 关于为合并范围内子公司提供贷款担保的进展公告 报喜鸟控股股份有限公司（以下简称"公司"）分别于2025年4月17日、2025 年5月16日召开公司第八届董事会第十六次会议和2024年度股东大会，审议通过 了《关于为合并范围内子公司提供贷款担保的议案》，同意公司对全资子公司浙 江凤凰尚品品牌管理有限公司、控股子公司上海宝鸟服饰有限公司（以下简称"上 海宝鸟"）及其下属全资子公司报喜鸟集团安徽宝鸟服饰有限公司（以下简称"安 徽宝鸟"）提供流动资金贷款、银行承兑汇票、保函等各类授信业务不超过人民 币7亿元的连带责任担保，单笔担保金额不高于人民币1亿元。担保期限为各笔流 动资金贷款、银行承兑汇票、保函等之日起不超过3年，具体担保办理事宜由公 司经营层具体执行，有效期为2024年度股东大会审议通过之日起至下一年度股东 会召开前一日。本年度因续贷而产生的担保计入本次授权额度内。具体内容详见 巨潮资讯网（www.cni ...