Core Insights - The Chinese suit industry is undergoing a deep transformation from scale competition to specialized competition driven by consumer upgrades and personalized demands [1][2][16] - The report aims to provide authoritative information for industry enterprises, practitioners, and consumers, promoting the high-quality development of Chinese suit brands [1] Industry Development History - Since the reform and opening up, the Chinese suit industry has transitioned from scale expansion to category reconstruction, with a shift from a supply-driven seller's market to a demand-driven buyer's market post-2020 [2][4] - The future of the industry will be led by domestic brands through technological innovation and sustainable materials [2][4] Brand Innovation - Leading domestic brands have continuously innovated over the past 40 years, transitioning from imitation to innovation and from standardization to personalization [4][6] - Each development stage has seen leading companies identify market pain points and drive industry transformation through technological innovation [4] Market Dynamics - The market is entering a phase dominated by stock competition and structural recovery, focusing on value cultivation and breakthroughs in niche markets [6][7] - The high-end market, personalized customization, and segmented scenarios are experiencing significant growth, indicating a structural recovery in the domestic suit market [7] Consumer Demand - There is a growing demand for high-quality, personalized, and customized suits, with over half of consumers wanting suits that reflect personal style and fashion [9][12] - The suit market is shifting from a single business scenario to diversified applications, leading to differentiated consumer demands [12][20] Supply-Side Innovations - Intelligent manufacturing technologies are driving a transformation in the supply side, with a significant annual growth rate in customized suits exceeding 20% [14][67] - Technologies such as AI and 3D virtual samples are reshaping the research and production processes, significantly reducing customization cycles [14] Industry Trends - The suit industry is transitioning from scale competition to specialized competition, with consumers seeking products that meet personal tastes and body types [16][31] - 82% of consumers believe that the degree of brand specialization significantly influences their purchasing decisions [16] Consumer Preferences - Different age groups have varying preferences for suits, with younger consumers prioritizing comfort and fashion, while middle-aged consumers focus on quality and fit [22][35] - The demand for suits is evolving to accommodate various life stages and occasions, emphasizing the need for flexibility and style [20][24] Quality Assessment Standards - The report establishes a six-dimensional quality evaluation standard for suits, covering aspects such as fit design, fabric elasticity, stiffness, maintenance difficulty, and lining craftsmanship [1][41] - This standard aims to help consumers make informed purchasing decisions based on their specific needs and preferences [39][44] Cultural Integration - The integration of traditional culture into suit design is becoming a new competitive advantage, with brands exploring cultural narratives and emotional connections [70] - The report highlights the importance of cultural elements in enhancing the market competitiveness of Chinese suit brands [70] Sustainable Development - The industry faces environmental challenges and opportunities for green transformation, with leading brands implementing sustainable practices and innovations [67][69] - There is a growing consumer expectation for the use of eco-friendly materials in suit production [67]

Core Viewpoint - The traditional business men's clothing market is undergoing significant changes, placing the company Baoxini at a critical juncture for transformation as it faces challenges in its performance amid a recovering consumer environment [1] Performance and Underlying Reasons - In the first half of the year, Baoxini's brand matrix showed a mixed performance, with the core main brand and group purchasing business facing market pressure [2] - Conversely, the international outdoor leisure brands and a Korean leisure brand that the company represents experienced counter-cyclical growth, becoming highlights in the group's performance report [2] - The company's gross profit margin remained stable, but profit margins were significantly squeezed due to rising period expenses, which became a major drag on net profit performance [2] Management and Asset Issues - A substantial increase in management expenses was primarily due to intangible asset amortization and related transaction costs from brand acquisitions [3] - Asset impairment issues have also drawn market attention, as the company made various asset impairment provisions, indicating potential value shrinkage or failure to generate expected returns from certain assets [3] Strategic Adjustments and Future Outlook - In response to changing market conditions, Baoxini is actively promoting brand rejuvenation and upgrading while seeking new growth opportunities in the outdoor sector [4] - The company has completed the acquisition of global intellectual property rights for the American outdoor brand Warich, excluding Europe, demonstrating its determination to break through [5] - The online channel has shown impressive performance with double-digit growth, while franchise and group purchasing channels have seen declines [6] - The company is optimizing its channel structure, although increased online promotion expenses have added pressure to sales costs [7] - Looking ahead, the group purchasing business has shown an increase in order volume, suggesting potential improvement in performance for the second half of the year [8] - The effectiveness of the company's layout in the outdoor sector and its ability to break through in a market already dominated by brands like Arc'teryx and ANTA remain to be tested [8] - As workplace dress codes become more relaxed and outdoor and sports leisure styles become mainstream, the consumption frequency and customer base for traditional suits and shirts are continuously declining [8] Industry Context - In this industry backdrop, Baoxini's transformation journey presents both opportunities and challenges [9]

Core Viewpoint - The stock of Baoxiniang has experienced a decline in recent trading sessions, with significant net outflows of capital and a notable drop in year-to-date performance [1][2]. Group 1: Stock Performance - On September 30, Baoxiniang's stock fell by 2.16%, trading at 4.08 CNY per share, with a total transaction volume of 205 million CNY and a turnover rate of 4.20%, resulting in a market capitalization of 5.954 billion CNY [1]. - Year-to-date, Baoxiniang's stock price has decreased by 6.42%, with an 11.11% drop over the last five trading days, a 7.65% increase over the last 20 days, and a 6.53% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Baoxiniang reported a revenue of 2.391 billion CNY, a year-on-year decrease of 3.58%, and a net profit attributable to shareholders of 197 million CNY, down 42.66% year-on-year [2]. - Since its A-share listing, Baoxiniang has distributed a total of 2.325 billion CNY in dividends, with 832 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Baoxiniang had 64,200 shareholders, an increase of 1.74% from the previous period, with an average of 18,364 circulating shares per shareholder, a decrease of 18.42% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 12.914 million shares, a decrease of 20.306 million shares from the previous period, while Southern CSI 1000 ETF increased its holdings by 3.1329 million shares to 10.7725 million shares [3].

Core Points - The company held its ninth board meeting on September 29, 2025, with all seven directors present, approving several important proposals [1] - The board approved the revision and establishment of multiple internal regulations, including the internal audit system and the management system for securities investment and derivatives trading [1] - A total of ten regulations were revised or newly established, which will be submitted for review at the third extraordinary general meeting of shareholders in 2025 [1] - The proposal to amend the company's articles of association was also unanimously approved and will be submitted for shareholder review [1] - The board decided to convene the third extraordinary general meeting of shareholders in 2025, with details available on various financial news platforms [1] - The adjustments to the company's regulations and articles of association are significant for the company's future operations and development, making the upcoming shareholder meeting's outcomes noteworthy for the market [1]

公司章程修正案 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开第九 届董事会第二次会议，审议通过了《关于修订<公司章程>的议案》。为进一步完 善公司治理规范，公司根据《公司法》、《证券法》、《深圳证券交易所股票上市规 则》、《上市公司章程指引（2025 年修订）》等有关法律法规、规范性文件等有关 规定，结合实际情况对《公司章程》进行修订，主要条款修订如下： 报喜鸟控股股份有限公司 | 序号 | 原公司章程条款 | 修订后公司章程条款 | | --- | --- | --- | | | 第四十五条 公司下述对外投资、收购出售资产、资产抵押、 | 第四十五条 公司发生对外投资、收购出售资 | | | 对外担保、委托理财、关联交易、对外捐赠事项，须经公司股 | 产、资产抵押、对外担保、委托理财、关联交易、 | | | 东会审议通过： | 对外捐赠等交易事项达到下述标准，须经公司股东 | | | （一）下列对外担保事项： | 会审议通过： | | | （1）公司及其控股子公司的对外担保总额，达到或超过 | （一）下列对外担保事项： | | | 最近一期经审计净资产的 50%以后提供的 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025-043 报喜鸟控股股份有限公司 关于召开2025 年第三次临时股东会的通知公告 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。 一、召开会议的基本情况 1、股东会届次：2025年第三次临时股东会 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间：2025年10月15日 9:15—9:25、9:30—11:30 和13:00—15:00； （2）通过深圳证券交易所互联网投票系统投票的时间：2025年10月15日 9:15-15:00期间的任意时间。 5、会议的召开方式：本次股东会采用现场表决与网络投票相结合的方式召 开。公司股东应选择现场投票、网络投票中的一种方式，如果同一表决权出现重 复投票表决的，以第一次投票表决结果为准。 6、会议的股权登记日：本次股东会的股权登记日为2025年10月9日（星期四）。 7、出席对象： （1）截至2025年10月9日下午收市时在中国证券登记结算有限责任公司深圳 分公司登记在册的本公司全体股东。上述本公司全体股东均有权出席股东会并参 加表决，并可以以 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025——042 报喜鸟控股股份有限公司 第九届董事会第二次会议决议公告 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。 一、董事会会议召开情况 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日以专人送 达或邮件形式发出了召开第九届董事会第二次会议的通知，会议于 2025 年 9 月 29 日以现场结合通讯方式召开，应出席董事 7 名，实际出席董事 7 名。会议的 召集、召开程序及出席的董事人数符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定，合法、有效。会议由公司董事长兼总经理吴志泽先生主 持，高级管理人员列席了会议。 二、董事会会议审议情况 经全体出席会议的董事审议表决，形成以下决议： 1、审议通过了《关于修订、制定及废止公司部分制度的议案》； 本次修订了《内部审计制度》、《证券投资与衍生品交易管理制度》、《投资者 关系管理制度》、《独立董事工作制度》、《董事会秘书工作制度》、《关联交易决策 制度》、《募集资金管理制度》；制定了《信息披露暂缓与豁免管理制度》、《 ...

Group 1 - The company Baoxiniang (SZ 002154) held its ninth second board meeting on September 29, 2025, to discuss the proposal for the third extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, Baoxiniang's revenue composition was 97.0% from the textile and apparel industry and 3.0% from other businesses [1] - As of the report date, Baoxiniang's market capitalization was 6.1 billion yuan [1]

报喜鸟控股股份有限公司 投资者关系管理制度 第一章 总则 第一条 为进一步完善公司治理结构，规范公司投资者关系工作，加强公司与 投资者和潜在投资者（以下统称"投资者"）之间的沟通，加深投资者对公司的了 解和认同，促进公司和投资者之间长期、稳定的良好关系，提升公司的诚信度、核 心竞争能力和持续发展能力，实现公司价值最大化和股东利益最大化，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》）、《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》、《上市公司投资者关系工作指引》及其他有关法律、法规、规章及 公司章程的规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交 流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公司 的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报投资 者、保护投资者目的的相关活动。 第二章 投资者关系管理的目的和基本原则 第三条 投资者关系管理的目的是： （一）促进公司与投资者之间的良性关系，增进投资者对公司的进一步了解和 熟悉； ...

报喜鸟控股股份有限公司 董事会秘书制度 第一章 总则 第一条 为进一步规范报喜鸟控股股份有限公司（以下简称"公司"）董事 会秘书履职行为，充分发挥董事会秘书的作用，特制定本制度。 第三条 公司设董事会秘书一名，作为公司与相关信息披露义务人与证券监 管部门和深圳证券交易所之间的指定联络人。 董事会秘书是公司的高级管理人员，对公司和董事会负责，应忠实、勤勉地 履行职责。 证券部是由董事会秘书负责管理的信息披露事务部门。 第四条 董事会秘书的任职资格 董事会秘书应当具备履行职责所必需的财务、管理、法律专业知识，具有 良好的职业道德和个人品德，并取得深圳证券交易所颁发的董事会秘书资格证 书。有下列情形之一的人士不得担任公司董事会秘书： （一）根据《公司法》等法律法规及其他有关规定不得担任董事、高级管理 人员的情形； （二）被中国证监会采取不得担任上市公司董事、高级管理人员的证券市场 禁入措施，期限尚未届满； （三）被证券交易场所公开认定为不适合担任上市公司董事、高级管理人员 等，期限尚未届满； （四）最近三十六个月受到中国证监会行政处罚； 第二条 本制度依照《中华人民共和国公司法》（以下简称《公司法》）、 《报喜鸟控 ...