Core Viewpoint - The company reported a decline in revenue and net profit for the first quarter of 2025, attributing the downturn to decreased sales, increased expenses, asset impairment provisions, and reduced government subsidies [1][3]. Financial Performance Summary - In Q1 2025, the company's revenue was 1.303 billion, a year-on-year decrease of 3.66%, and the net profit attributable to shareholders was 170 million, down 31.90% [1]. - For the full year 2024, the company reported revenue of 5.153 billion, a decline of 1.91%, and a net profit of 495 million, down 29.07% [2][3]. - The operating cash flow for 2024 was 702 million, a decrease of nearly 40% compared to the previous year [2]. Brand Performance Analysis - The main brands, including Baoxini, HAZZYS, and Baoniao, collectively accounted for approximately 87.16% of total sales, with only HAZZYS showing a slight increase of 1.29% [9][10]. - Baoxini's revenue fell by 8.35%, while Baoniao's decreased by 2.89% [9][10]. - The company has focused on a multi-brand strategy, which has been a key driver of growth, but the main brands are now facing challenges [8][11]. Market Environment and Challenges - The overall apparel industry is under pressure due to a slowing macroeconomic environment and a decline in consumer spending, particularly affecting clothing demand [3][13]. - The men's apparel market in China has shown limited growth potential, with many consumers opting for custom suits rather than ready-to-wear options [13]. - The company faces competition from both domestic and international brands, with a significant market share held by foreign high-end brands [13]. Strategic Moves and Future Outlook - The company has begun acquiring the American outdoor brand Woolrich, aiming to enhance its product offerings and brand portfolio [24][32]. - Woolrich's acquisition is seen as a potential avenue for growth, although it does not include contributions from the European market, which is its primary revenue source [32]. - The company is also investing in a new R&D center in Shanghai to support the global development of Woolrich [32]. Conclusion - The company is navigating a challenging market landscape with declining revenues and profits, while attempting to diversify its brand portfolio through strategic acquisitions and investments in new product lines [37].

Group 1 - The core viewpoint of the news is that Baoxiniang (002154.SZ) reported its Q1 2025 results, highlighting the institutional investor holdings and changes in share ownership [1] - As of April 30, 2025, a total of 12 institutional investors disclosed holdings in Baoxiniang A-shares, with a combined holding of 88.01 million shares, representing 6.03% of the total share capital [1] - The top ten institutional investors collectively held 6.02% of the shares, with a decrease of 0.87 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Hai Fu Tong Consumer Preferred Mixed A, increased its holdings, while two funds, including Zhong Ou Value Discovery Mixed A and Southern CSI 1000 ETF, reduced their holdings by 0.74% [2] - Five new public funds were disclosed this quarter, including Zhong Ou Jia Xuan Mixed A and Xi Bu Li De New Power Mixed A [2] - A total of 121 public funds were not disclosed this quarter, including Zhong Ou Potential Value Flexible Allocation Mixed A and Hua Xia CSI 1000 ETF [2] Group 3 - In the insurance fund sector, one pension fund, Great Wall Life Insurance Co., Ltd. - Self-owned funds, was not disclosed this quarter [3] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.14% compared to the previous quarter [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a decline in performance due to increased expenses, with a focus on high-quality development across multiple brands [12] - In 2024, the company reported a revenue of 5.15 billion yuan, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 495 million yuan, down 29.1% year-on-year [5][12] - The company is expanding its brand portfolio, including the acquisition of the global intellectual property rights for the high-end outdoor brand Woolrich for approximately 384 million yuan [12] Financial Performance - The company's gross profit margin increased by 0.3 percentage points to 65.0% in 2024, while the net profit margin decreased to 9.6%, down 3.7 percentage points year-on-year [6][9] - The company’s operating income for 2025 Q1 was 1.3 billion yuan, a year-on-year decline of 3.7%, with a net profit of 170 million yuan, down 31.9% year-on-year [6][12] - The total number of stores for the main brands as of the end of 2024 was 821 for Baoxini, 478 for Haggis, and 95 for Le Fei Ye, with Le Fei Ye showing a significant growth rate of 26.7% [8] Expense and Profitability Analysis - The company's expense ratio increased by 3.0 percentage points to 49.9% in 2024, primarily due to higher sales and marketing costs [9][10] - The sales expense ratio rose to 41.3%, reflecting increased investment in market expansion and brand promotion [9][18] - The company’s net cash flow from operating activities decreased by 39.1% in 2024, primarily due to reduced sales collections [11] Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, with net profits projected at 517 million yuan and 570 million yuan, respectively [12] - The report anticipates continued growth in the outdoor segment, particularly for the Le Fei Ye brand, benefiting from trends in outdoor activities [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.40 RMB [8][9]. Core Views - The company reported a revenue of 5.15 billion RMB in 2024, a year-on-year decrease of 1.9%, and a net profit of 490 million RMB, down 29.1% year-on-year, slightly below previous expectations [1]. - The company is expected to recover growth through refined management, strict control of terminal discounts, and channel expansion, alongside the acquisition of the Woolrich brand to enhance its multi-brand strategy [1][5]. - The company's gross margin increased by 0.3 percentage points to 65.0% in 2024, attributed to a higher proportion of T-shirts, wool sweaters, and jackets, as well as strict control over retail discounts [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.3 billion RMB, a decrease of 3.7% year-on-year, with a net profit of 170 million RMB, down 31.9% year-on-year [1]. - The proposed dividend for 2024 is 0.05 RMB per share, with a payout ratio of approximately 35.4% [1]. Brand Performance - Revenue for the main brands in 2024 showed mixed results: Baoxiniang down 8.4% to 1.59 billion RMB, Haggis up 1.3% to 1.78 billion RMB, Le Fei Ye up 28.0% to 350 million RMB, and Baoniao down 2.9% to 1.01 billion RMB [2]. - The company is actively responding to external challenges by enhancing brand promotion and optimizing channel structures [2]. Cost and Margin Analysis - Sales expense ratio increased by 2.7 percentage points to 41.3%, primarily due to increased advertising and sales personnel costs [3]. - The net profit margin decreased by 3.7 percentage points to 9.6% in 2024, with expectations for recovery in 2025 [3]. Operational Efficiency - Inventory turnover days increased by 9 days to 235 days due to slower terminal sales [4]. - Cash and cash equivalents increased by 7.1% to 2.03 billion RMB, providing sufficient support for stable development [4]. Acquisition and Strategic Outlook - The company acquired the global intellectual property rights of the Woolrich brand (excluding Europe) for 384 million RMB, aiming to enhance its brand matrix and international presence [4]. - Profit forecasts for 2025 and 2026 have been adjusted to 590 million RMB and 680 million RMB, respectively, with a new forecast for 2027 set at 740 million RMB [5].

报喜鸟控股股份有限公司 董事会专门委员会制度 （2025 年 4 月 28 日第八届董事会第十七次会议审议通过） 战略委员会制度 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力,确定公司发展规 划,健全投资决策程序，加强决策科学性,提高重大投资决策的效益和决策的质量， 完善公司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》《上 市公司章程指引》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》相关规定，特制定本制度。 第三章 职责权限 第七条 战略委员会的主要职责权限： （一）对公司长期发展战略规划和重大投资决策进行研究并提出建议； （二）对须经董事会批准的重大投资、融资方案进行研究并提出建议； 第二条 董事会战略委员会是董事会按照股东会决议设立的专门工作机构， 对董事会负责。 第二章 人员组成 第三条 战略委员会成员由三名董事组成，其中应至少包括一名独立董事。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 战略委员会设召集人一名，由公司董事长担任。 第六条 战略委员会任期与董事会任期一致， ...

报喜鸟控股股份有限公司 信息披露管理制度 （2025 年 4 月 28 日第八次董事会第十七次会议审议通过） 第一章 总则 第一条 为规范报喜鸟控股股份有限公司（以下简称"本公司"或"公司"）的 信息披露行为，加强信息披露事务管理，保护投资者合法权益，根据《中华人民共和 国公司法》、《中华人民共和国证券法》、《深圳证券交易所股票上市规则》、《上 市公司信息披露管理办法》和《深圳证券交易所上市公司自律监管指引第 5 号——信 息披露事务管理（2025 修订）》等相关法律、法规、规范性文件（以下简称"法律、 法规和规范性文件"）和公司章程的有关要求制定本管理制度。 第二条 信息披露义务人应当及时依法履行信息披露义务，披露的信息应当真实、 准确、完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或重大遗漏。 信息披露义务人披露的信息应当同时向所有投资者披露，不得提前向任何单位 和个人泄露。但是，法律、行政法规另有规定的除外。 在内幕信息依法披露前，内幕信息的知情人和非法获取内幕信息的人不得公开 或者泄露该信息，不得利用该信息进行内幕交易。任何单位和个人不得非法要求信息 披露义务人提供依法需要披露但尚未披露的信息。 ...

报喜鸟控股股份有限公司 股东会议事规则 （2025 年 4 月 28 日第八届董事会第十七次会议审议通过） 第一章 总则 第一条 为规范报喜鸟控股股份有限公司（以下简称"公司"）行为，保证 股东会依法行使职权，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》及《报 喜鸟控股股份有限公司章程》（以下简称"公司章程"）等的规定，特制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定 召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。出现《公司法》第一百一十三条规 定的应当召开临时股东会的情形时，临时股东会应当在 2 个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司 ...

报喜鸟控股股份有限公司 董事会议事规则 （2025 年 4 月 28 日第八届董事会第十七次会议审议通过） 1 第一章 总则 第一条 为规范董事会的决策行为和运作程序，保证公司决策行为的民主化、 科学化，建立适应现代市场经济规律和要求的公司治理机制，完善公司的法人治 理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）等法律、法规， 以及《报喜鸟控股股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 特制订本规则。 本规则所涉及的术语和未载明的事项均以《公司章程》为准，不以公司的其 他规章作为解释和引用的条款。 第二条 公司董事会由股东会选举产生，并对股东会负责。 第二章 董事会的组成和职权 第三条 董事会由 7 名董事组成，其中职工代表董事不少于一人，设董 事长 1 人。 （四）担任因违法被吊销营业执照、责令关闭的公司、企业的法定代表人， 并负有个人责任的，自该公司、企业被吊销营业执照之日起未逾 3 年； 第四条 公司董事为自然人，有下列情形之一的，不能担任公司的董事： （五）个人所负数额较大的债务到期未清偿被人民法院列为失信被执行人； （一）无民事行为能力或者限制民事行为能力； （六）被 ...

报喜鸟控股股份有限公司 公 司 章 程 1 | | 目录 2 | | --- | --- | | 第一章 | 总则 3 | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东会 7 | | 第一节 | 股东的一般规定 7 | | 第二节 | 控股股东和实际控制人 10 | | 第三节 | 股东会的一般规定 11 | | 第四节 | 股东会的召集 13 | | 第五节 | 股东会的提案与通知 15 | | 第六节 | 股东会的召开 16 | | 第七节 | 股东会的表决和决议 19 | | 第五章 | 董事会 22 | | 第一节 | 董事 22 | | 第二节 | 董事会 25 | | 第三节 | 独立董事 29 | | 第四节 | 董事会专门委员会 31 | | 第六章 | 高级管理人员 33 | | 第七章 | 财务会计制度、利润分配和审计 34 | | 第一节 | 财务会计制度 34 | | 第二节 | 内部审计 35 | | 第三节 | 会计师事务所 ...

报喜鸟控股股份有限公司 董事离职管理制度 （2025年4月28日第八届董事会第十七次会议审议通过） 第一章 总则 第一条 为规范报喜鸟控股股份有限公司（以下简称"公司 "）董事离职程序， 确保公司治理结构的稳定性和连续性，维护公司及股东的合法权益，公司根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司治理准则》、《深圳证券交易所股票上市规则》、 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》等法律法规、 规范性文件、证券交易所业务规则及《报喜鸟控股股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）因任期届满、辞职、被解 除职务或其他原因离职的情形。 第三条 公司董事离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》 的要求； （二）公开透明原则：及时、准确、完整地披露董事离职相关信息； （三）平稳过渡原则：确保董事离职不影响公司正常经营和治理结构的稳 定性； （四）保护股东权益原则：维护公司及全体股东的 ...