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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][2]. Core Views - The company's Q1 2025 performance was impacted by a slower-than-expected consumer recovery and high expense ratios, but it is now considered to have investment value. Projected net profits for 2025-2027 are estimated at 480 million, 530 million, and 610 million yuan, with corresponding PE ratios of 11, 10, and 9 times [2][4]. Summary by Sections Revenue Performance - In Q1 2025, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.3 billion, 170 million, and 160 million yuan, respectively, reflecting year-on-year declines of 4%, 32%, and 30% [4]. Profitability - The gross margin remained stable with a year-on-year increase of 0.1 percentage points. However, the expense ratio increased by 5.8 percentage points year-on-year, driven by higher sales, management, and financial expenses. The net profit margin decreased by 5.4 percentage points to 13.1% [4][2]. Operational Efficiency - Inventory increased by 3.5% year-on-year but decreased by 8.2% quarter-on-quarter, totaling 1.11 billion yuan. The cash flow from operating activities saw a significant increase of 353% year-on-year, reaching 79 million yuan, mainly due to improved cash collection and reduced procurement payments [4][2]. Future Outlook - The report suggests that once the negative impacts of the consumer recovery and high expense ratios dissipate, the company will present investment opportunities. The projected net profits for 2025-2027 indicate a positive growth trajectory [2][4].

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 0.5 per 10 shares, approved by the shareholders' meeting held on May 16, 2025 [1][2]. Summary by Sections Shareholders' Meeting Approval - The 2024 annual profit distribution plan was approved at the shareholders' meeting on May 16, 2025, based on a total share capital of 1,459,333,729 shares as of December 31, 2024 [1][2]. - The total dividend amount remains unchanged at RMB 72,966,686.45, with unallocated profits of RMB 575,286,790.33 carried forward to the next year [1]. Profit Distribution Plan - The distribution plan entails a cash dividend of RMB 0.5 per 10 shares (tax included), with no bonus shares or capital reserve transfers [2]. - If the total share capital changes before the implementation of the distribution plan, the dividend total will remain the same, calculated based on the share capital on the record date [2]. - For investors holding shares through the Shenzhen-Hong Kong Stock Connect, the cash dividend will be RMB 0.45 per 10 shares after tax [2]. Record and Ex-Dividend Dates - The record date for the distribution is set for May 27, 2025, and the ex-dividend date is May 28, 2025 [3]. Distribution Method - Cash dividends for A-share shareholders will be directly credited to their accounts through their securities companies on the ex-dividend date [3]. - The company will bear all legal responsibilities if there are insufficient funds for the cash dividend due to a decrease in the shareholders' securities account during the application period [4].

证券代码：002154 证券简称：报喜鸟 公告编号：2025-025 报喜鸟控股股份有限公司 2024 年度权益分派实施公告 三、股权登记日与除权除息日 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。 报喜鸟控股股份有限公司（以下简称"报喜鸟"或"公司"）2024 年度权益分派 方案已获 2025 年 5 月 16 日召开的公司 2024 年度股东大会审议通过，现将权益 分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 1、2025 年 5 月 16 日，公司 2024 年度股东大会审议通过了《关于公司 2024 年度利润分配预案》：同意公司以 2024 年 12 月 31 日的总股本 1,459,333,729 股 为基数，向全体股东每 10 股派发现金红利人民币 0.5 元（含税），不送红股、不 进行公积金转增股本。若在分配方案实施前公司总股本发生变化，公司将以 2024 年度权益分派方案实施的股权登记日当天的总股本为基数，分红总额不变仍为 72,966,686.45 元，剩余未分配利润 575,286,790.33 元结转下一年度。 2、本利润分 ...

Core Viewpoint - The company has completed the acquisition of the global intellectual property rights for the Woolrich brand, excluding Europe, and plans to implement a diversified global strategy including direct sales, franchising, brand licensing, and e-commerce [1][6]. Group 1: Financial Performance - In 2024, the company reported total revenue of 5.153 billion yuan, a year-on-year decrease of 1.91%, and a net profit attributable to shareholders of 495 million yuan, down 29.07% [1]. - The main brand, Baoxini, generated revenue of 1.585 billion yuan, a decline of 8.35% compared to the previous year [4]. - The HAZZYS brand continued its strong performance with revenue of 1.781 billion yuan, a slight increase of 1.29% [4]. - Lafuma brand revenue reached 335 million yuan, showing a significant year-on-year growth of 27.95% [4]. Group 2: Brand Strategy - The company categorizes its brands into mature brands (Baoxini, HAZZYS, Baoniao, Suoluo), growth brands (Kaimiqie, Lafuma), and nurturing brands (Henry Grand, TB, Yilite), adopting a differentiated development strategy [2]. - The Lafuma brand targets outdoor leisure enthusiasts aged 30-50 and has expanded its offline presence to 95 stores, an increase of 20 stores from the previous year [5]. Group 3: Woolrich Acquisition - The company announced the acquisition of Woolrich's global intellectual property rights for approximately 384 million yuan, with the expectation of leveraging this brand for future growth [6][8]. - Woolrich will maintain its intellectual property rights in Europe and continue its operations there, while the company will manage the brand in other regions [7]. - A five-year product procurement and brand consulting agreement has been established to ensure a unified brand image and product quality globally [8]. Group 4: Market Challenges - The company faces challenges in integrating and nurturing the Woolrich brand amid a volatile retail environment, which will test its operational capabilities [10].

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于报喜鸟控股股份有限公司 2024 年度股东大会的法律意见书 致：报喜鸟控股股份有限公司 报喜鸟控股股份有限公司（以下简称"公司"）2024 年度股东大会（以下简称 "本次股东大会"）现场会议定于 2025 年 5 月 16 日下午 14：00 在浙江永嘉瓯北 镇双塔路 2299 号报喜鸟研发大楼四楼会议室召开，国浩律师（上海）事务所（以 下简称"本所"）接受公司的委托，指派本所律师出席会议，并依据《中华人民共 和国证券法》《中华人民共和国公司法》、中国证券监督管理委员会《上市公司 股东大会规则》和《报喜鸟控股股份有限公司章程》（以下简称《公司章程》） 出具本法律意见书。 本所律师已经按照有关法律、法规的规定对本次股东大会召集、召开程序是 否合法及是否符合《公司章程》、股东大会召集人资格的合法有效性、出席会议 人员资格的合法有效性和股东大会表决程序、表决结果等发表法律意见。法律意 见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意承担相应的法律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规的规定 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025-024 报喜鸟控股股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1、报喜鸟控股股份有限公司（以下简称"报喜鸟"或"公司"）于 2025 年 4 月 19 日披露了《关于召开 2024 年度股东大会的通知公告》。2025 年 4 月 28 日，公司董事会收到公司控股股东吴志泽先生出具的《关于提请报喜鸟控股股份 有限公司增加 2024 年度股东大会临时提案的函》，2025 年 4 月 30 日，公司在《中 国证券报》、《上海证券报》、《证券时报》及巨潮资讯网上披露了《关于 2024 年 度股东大会增加临时提案暨股东大会补充通知的公告》。除增加上述临时提案外， 本次股东大会未发生否决或修改提案的情况。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召集人：公司董事会 （2）会议主持人：董事长兼总经理吴志泽先生因公出差，经公司过半数董 事共同推举董事吴跃现女士主持会议。 （3）会议召开的时间： ...

Core Viewpoint - The company, known for its multi-brand strategy, is facing significant challenges as its annual revenue declined by 1.91% to 5.153 billion yuan, and net profit plummeted by 29.07% to 495 million yuan, indicating a potential crisis due to aging core brands, inventory buildup, and cash flow issues [1] Group 1: Financial Performance - The company's three main brands are experiencing a downturn, with Baoxiniang generating 1.585 billion yuan, Haji Si at 1.781 billion yuan, and Baoniao at 1.009 billion yuan, collectively accounting for approximately 87.16% of total sales [2] - The primary brand, Baoxiniang, saw an 8.35% revenue decline, reflecting a continuous shrinkage in the business men's apparel market, while Haji Si experienced a slight increase of 1.29%, and Baoniao's revenue fell by 2.89% [2] Group 2: Inventory and Efficiency - The company's inventory turnover efficiency is deteriorating, with inventory valued at 1.205 billion yuan, representing 18.05% of total assets, and a turnover cycle of 247 days, significantly exceeding the industry average [2] Group 3: Strategic Decisions and Risks - Despite the profit decline, the company invested 384 million yuan to acquire Woolrich's global intellectual property, raising market skepticism due to the mismatch with current outdoor equipment trends and existing intellectual property rights in Europe [3] - The company plans to invest 300-400 million yuan in building a headquarters in the Yangtze River Delta, which may strain cash reserves [3] - Historical acquisitions have led to revenue declines and significant impairment losses, raising concerns about the company's ability to navigate the competitive outdoor market and its weak technological reserves in key areas [3] Group 4: Strategic Outlook - The company's predicament reflects the broader challenges faced by traditional apparel firms in transformation, where a multi-brand strategy has shifted from a protective advantage to a resource drain [4] - Short-term survival may require accelerating inventory clearance and reducing non-core investments, while long-term success hinges on revitalizing the main brand and establishing a flexible digital supply chain [4] - The company faces time constraints as competitors like Anta and Bosideng intensify their positions in the outdoor market, risking a cycle of "inefficient scale" if strategic breakthroughs are not achieved [4]