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 ...

报喜鸟控股股份有限公司 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 4 月 28 日召开第八 届董事会第十七次会议、第八届监事会第十五次会议，审议通过了《关于取消监 事会并修订《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，公司将不 再设置监事会，监事会的职权由董事会审计委员会行使，并对《公司章程》进行 修订，《公司章程》全文"股东大会"修订为"股东会"，删除"第七章 监事会" 章节，主要条款修订如下： | 序号 | 原公司章程条款 | 修订后公司章程条款 | | --- | --- | --- | | | 第二条…… | 第二条…… | | | 经浙江省人民政府企业上市工作领导小组浙上 | 经浙江省人民政府企业上市工作领导小组浙上市 | | | 市（2001）32 号文批准，公司以发起设立方式设立； | （2001）32 号文批准，公司以发起设立方式设立；于 2001 | | 1 | 于 年 月 日在浙江省市场监督管理局 ...

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 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 报喜鸟控股股份有限公司（以下简称"公司"或"报喜鸟"）于2025年4月 17日召开公司第八届董事会第十六次会议，会议决定于2025年5月16日召开公司 2024年度股东大会，具体内容详见巨潮资讯网（www.cninfo.com.cn）和2025年4 月19日《证券时报》、《上海证券报》、《中国证券报》。 证券代码：002154 证券简称：报喜鸟 公告编号：2025-022 《关于修订<信息披露管理制度>的议案》、《关于制定<董事离职管理制度>的议案》 作为临时提案，提交公司2024年度股东大会审议。经核查，截至本公告披露日， 吴志泽先生持有公司367,777,954股股份，占公司总股本的25.20%，根据《公司 法》等法律、行政法规、部门规章、规范性文件和《公司章程》的相关规定，吴 志泽先生具备提出临时提案的资格，其提出的临时提案的内容属于股东大会职权 范围，有明确的议题和具体决议事项，符合法律、行政法规、部门规章、规范性 ...

二、监事会会议审议情况 经出席会议的监事审议表决，形成以下决议： 1、审议通过了《公司 2025 年第一季度报告》； 经审核，监事会认为董事会编制和审核公司 2025 年第一季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：002154 证券简称：报喜鸟 公告编号：2025——020 报喜鸟控股股份有限公司 第八届监事会第十五次会议决议公告 本公司及监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、监事会会议召开情况 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日以专人送 达及邮件形式发出了召开第八届监事会第十五次会议的通知，会议于 2025 年 4 月 28 日在报喜鸟研发大楼十一楼会议室召开，应出席监事 3 名，实到 3 名，公 司董事会秘书列席了会议，会议的召开符合公司法和公司章程的有关规定。会议 由余承唐先生主持。 2、审议通过了《关于修订<公司章程>的议案》； 表决结果：同意票 3 票，反对票 0 票，弃权票 0 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025——019 报喜鸟控股股份有限公司 第八届董事会第十七次会议决议公告 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 4 月 25 日以专人送 达或邮件形式发出了召开第八届董事会第十七次会议的通知，会议于 2025 年 4 月 28 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。公司监事会成员及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《公司 2025 年第一季度报告》； 该事项已经公司董事会审计委员会审议通过。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 具体内容详见巨潮资讯网（www.cninfo.com.cn）和 2025 年 4 月 30 日《证券 时报 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,303,353,865.47, a decrease of 3.66% compared to ¥1,352,909,154.08 in the same period last year[4] - Net profit attributable to shareholders was ¥170,397,305.29, down 31.90% from ¥250,232,447.93 year-on-year[4] - Basic and diluted earnings per share decreased by 29.41% to ¥0.12 from ¥0.17 in the same period last year[4] - Operating profit decreased by 32.30% to around $217.68 million, driven by a decline in revenue and increased expenses[8] - Net profit fell by 32.98% to approximately $172.60 million, reflecting a decrease in revenue and government subsidies[8] - Total profit decreased by 32.06% to around $218.42 million, influenced by lower revenue and increased expenses[8] - Net profit for the current period was ¥172,597,116.64, down 32.9% from ¥257,526,932.68 in the previous period[16] Cash Flow - The net cash flow from operating activities increased significantly by 352.80%, reaching ¥79,351,661.43 compared to ¥17,524,605.83 in the previous year[4] - Cash flow from operating activities surged by 352.80% to about $79.35 million, mainly due to increased cash collection from sales[8] - Cash inflow from operating activities totaled CNY 1,249,527,659.23, slightly up from CNY 1,241,144,456.20 in the previous period[17] - Cash outflow from operating activities decreased to CNY 1,170,175,997.80 from CNY 1,223,619,850.37, indicating better cost management[17] - Net cash flow from investing activities was negative at CNY -266,807,520.85, a decline from CNY 468,903,925.21 in the previous period[18] - The ending balance of cash and cash equivalents was CNY 1,513,975,517.62, down from CNY 2,358,918,146.20 in the previous period[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,647,487,401.91, a slight decrease of 0.43% from ¥6,675,973,040.78 at the end of the previous year[4] - Total current assets decreased from ¥4,237,098,419.02 to ¥3,914,351,918.48, a reduction of approximately 7.63%[12] - Total liabilities decreased to ¥1,973,566,631.12 from ¥2,174,789,628.03 in the previous period[14] - Non-current assets totaled ¥2,733,135,483.43, an increase from ¥2,438,874,621.76 in the previous period[14] Equity and Shareholder Information - The company's equity attributable to shareholders increased by 3.90% to ¥4,540,341,173.32 from ¥4,369,803,626.63 at the end of the previous year[4] - Total number of common shareholders at the end of the reporting period is 63,144[10] - The largest shareholder, Wu Zhize, holds 25.20% of shares, totaling 367,777,954 shares, with 122,050,000 shares pledged[10] - The total number of preferred shareholders at the end of the reporting period is 0[11] Expenses - Sales expenses increased by 5.73% to approximately $517.55 million, primarily due to increased brand promotion and fixed costs related to the acquisition of the Woolrich brand[8] - Management expenses rose by 26.17% to about $105.80 million, attributed to increased depreciation from new industrial parks[8] - Research and development expenses were ¥17,333,776.43, down 19.5% from ¥21,578,618.85 in the previous period[15] Other Financial Metrics - The company reported a significant increase of 1818.18% in trading financial assets, totaling ¥211,000,000.00 due to the purchase of financial products during the reporting period[7] - The company completed the acquisition of Woolrich brand intellectual property, resulting in a 133.67% increase in intangible assets to ¥533,989,562.58[7] - Other income dropped by 57.15% to approximately $8.27 million, mainly due to reduced government subsidies[8] - Financial income improved by 82.24%, resulting in a net financial expense of approximately -$1.88 million, due to reduced bank deposits and lower interest rates[8] - The company received government subsidies amounting to ¥3,755,811.09, primarily related to industry support funds during the reporting period[5] Audit and Reporting - The company did not undergo an audit for the first quarter report[19] - The company has not disclosed any new product developments or market expansion strategies in the current reporting period[11]

Investment Rating - The report maintains a "Buy" rating for the company [6][2]. Core Views - The company's profits are under short-term pressure due to negative factors such as retail challenges, rising expense ratios, and unclear subsidy expectations. However, the current position shows defensive value, with expectations for profit elasticity as retail improves in the future. The projected net profit for the company from 2025 to 2027 is estimated at 530 million, 610 million, and 690 million yuan, with corresponding PE ratios of 11, 9, and 8 times [2][4]. Financial Performance Summary - In 2024, the company reported revenues, net profit attributable to the parent company, and net profit excluding non-recurring items of 5.15 billion, 490 million, and 440 million yuan, respectively, reflecting year-on-year changes of -2%, -29%, and -28%. In Q4, the company achieved revenues, net profit attributable to the parent company, and net profit excluding non-recurring items of 1.62 billion, 80 million, and 80 million yuan, with year-on-year changes of +2%, -44%, and -37% [4][2]. Profitability Analysis - The Q4 gross margin decreased by 1.5 percentage points to 63.4%, while the annual gross margin slightly increased by 0.3 percentage points to 65%. The Q4 net profit margin decreased by 4.1 percentage points year-on-year to 4.9%, and the annual net profit margin decreased by 3.7 percentage points to 9.6% [4][2].

Core Viewpoint - The company reported a challenging performance in 2024, with declines in revenue and net profit, attributed to increased marketing expenses and losses from store sales [1][3][4] Financial Performance - In 2024, the company achieved operating revenue of 5.153 billion yuan, net profit attributable to shareholders of 495 million yuan, and net profit excluding non-recurring items of 436 million yuan, representing year-on-year changes of -1.91%, -29.07%, and -27.88% respectively [1] - For Q4 2024, the company reported operating revenue of 1.617 billion yuan, net profit attributable to shareholders of 80 million yuan, and net profit excluding non-recurring items of 77 million yuan, with year-on-year changes of +1.97%, -44.17%, and -36.91% respectively [1] - The gross margin for 2024 was 65.02%, while the net profit margin and net profit margin excluding non-recurring items were 9.6% and 8.47%, showing year-on-year changes of +0.31 percentage points, -3.68 percentage points, and -3.05 percentage points respectively [3] Channel Performance - The company’s revenue from various channels in 2024 was as follows: direct sales 1.998 billion yuan (-4.37%), franchise 801 million yuan (-0.78%), group buying 1.148 billion yuan (-1.49%), and online sales 817 million yuan (+1.65%) [1] - The overall retail performance was weaker than expected, influenced by adverse weather and high base effects [1] Brand Performance - Revenue changes by brand in 2024 included: Baoshiniao -8.4%, Haji's +1.3%, Baoniao -2.9%, Le Fei Ye +28.0%, and Kaimiqie & TB -8.0% [2] - The average sales amount for stores open for more than 12 months was 2.4248 million yuan, down 10.5% year-on-year, with a sales per square meter of 19,600 yuan, down 14% [2] Cost and Expenses - The company increased its marketing and promotional efforts, leading to a rise in sales expense ratio to 41.3%, which is an increase of 2.67 percentage points year-on-year [3] - The financial expenses ratio decreased by 0.6 percentage points, while management and R&D expenses ratios saw slight increases [3] Cash Flow and Financial Health - The net increase in cash and cash equivalents decreased by 141.39% year-on-year, with operating cash flow at 700 million yuan, down 39.13% [4] - Accounts receivable, inventory, and accounts payable values were 693 million yuan, 1.205 billion yuan, and 460 million yuan respectively, with year-on-year increases of 6.93%, 4.66%, and 1.59% [4] Strategic Developments - The company completed the acquisition of Woolrich's intellectual property in 26 countries, enhancing its multi-brand matrix and international development strategy [4] - The acquisition is expected to leverage the company's extensive membership and marketing network to support Woolrich's growth and enhance overall brand value [4]