证券代码：002154 证券简称：报喜鸟 公告编号：2024-022 报喜鸟控股股份有限公司 关于控股股东部分股票解除质押的公告 上述股东及其一致行动人所质押的股份不存在平仓风险，不涉及业绩补偿义 务，不会对公司生产经营、公司治理等产生影响。公司将持续关注相关质押情况， 严格遵守相关规定，及时履行信息披露义务。敬请广大投资者注意投资风险。 三、 备查文件 | 股东 名称 | 是否为控股股东 或第一大股东及 | 本次解除质押 数量（股） | 占其所持 股份比例 | 占公司总 股本比例 | 质押 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | | | | | 华泰证券（上海）资产 | | 吴志泽 | 是 | 33,000,000 | 8.97% | 2.26% | 2023 年 7 月 6 日 | 2024 年 5 月 20 日 | 管理有限公司 | | | 合计 | 33,000,000 | 8.97% | 2.26% | | | | 1、本次股份解除质押基本情况 2、股东股份累计质押情况 截 ...

Group 1: Company Performance - In 2023, the company achieved a revenue of 5.254 billion yuan, with a net profit of 698 million yuan, representing year-on-year growth of 21.82% and 52.11% respectively [5] - As of December 31, 2023, the company's investment property had a book value of 1.099 billion yuan and a balance of 523.12 million yuan, with an impairment provision of 46.48 million yuan for the year [3] - In Q1 2024, the company reported a revenue of 1.353 billion yuan, a year-on-year increase of 4.84%, and a net profit of 235 million yuan, up 6.93% [6] Group 2: Operational Strategies - The company focuses on enhancing operational quality through a comprehensive member management system and digital marketing strategies [2] - It aims to strengthen its core competitiveness in personalized custom services and increase investment in member marketing management [3] - The company employs a multi-channel strategy, integrating online and offline sales, and has established flagship stores on major e-commerce platforms [5] Group 3: Governance and Management - The terms for the board of directors and supervisors are set from the date of approval at the shareholders' meeting until completion, with recent changes in independent directors and supervisors due to term expirations [4] - The company has a stable management team and has implemented a mature talent selection and training mechanism [4] Group 4: Financial Management - Non-recurring gains and losses, including asset disposal gains and government subsidies, have positively impacted the company's net profit and operating cash flow in 2023 [4] - The company has established a dedicated team to manage government subsidies and investment projects, ensuring compliance with relevant policies [4] Group 5: Future Outlook - The company plans to continue its dual strategy of focusing on clothing as the main business while investing in other sectors [7] - It is actively preparing for the production of new facilities in Shanghai and Anhui, which are expected to enhance operational efficiency and long-term development [7] - The company is exploring brand acquisition opportunities based on strategic needs and market conditions [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [24]. Core Views - In Q1 2024, the company's revenue increased by 4.8% year-on-year to 1.35 billion, while the net profit attributable to the parent company decreased by 2.1% to 250 million. The net profit excluding non-recurring items increased by 6.9% to 230 million [24][25]. - The overall gross margin improved by 1.7 percentage points year-on-year to 67.8%, marking the best performance for the same period since the company went public, indicating steady brand strength and operational capability [25]. - The company’s inventory decreased by 1% year-on-year and 7% quarter-on-quarter, with a net operating cycle shortening to nearly the best level in the same period, reflecting good asset quality for future stable development [25][26]. - The outlook for April shows a slight improvement in retail growth due to high base effects and fewer public holidays, while May is expected to benefit from lower bases and extended holiday consumption time, leading to a positive catalyst for retail [26]. Financial Summary - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 800 million, 910 million, and 1.04 billion respectively, with price-to-earnings ratios of 11, 9, and 8 times [26].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, expecting a stock price increase of over 15% relative to the industry index in the next six months [18]. Core Views - The company is expected to continue deepening brand development, channel expansion, and marketing efficiency, focusing on building a multi-brand matrix. The online channel is anticipated to grow steadily, while the offline channel will continue to optimize. The company's brand is developing steadily, and the expansion of the Haggis channel is expected to drive high growth. The multi-brand incubation is likely to reserve new growth curves. The company reported continuous revenue growth in Q1 2024, with further expansion in net profit after deducting non-recurring items, indicating broad future development space and steady growth in performance. The forecasted EPS for 2024-2026 is 0.56, 0.65, and 0.73 yuan, corresponding to P/E ratios of 10.7X, 9.1X, and 8.2X respectively [12]. Financial Summary - The company's revenue for 2022 was 4,313 million yuan, with a projected increase to 5,254 million yuan in 2023, and further growth to 6,110 million yuan in 2024, reflecting a year-on-year growth rate of 21.8% in 2023 and 16.3% in 2024 [1]. - The net profit attributable to the parent company for 2022 was 459 million yuan, expected to rise to 698 million yuan in 2023, and 816 million yuan in 2024, with a year-on-year growth rate of 52.1% in 2023 and 17.0% in 2024 [1]. - The company's return on equity (ROE) is projected to increase from 11.8% in 2022 to 16.3% in 2023, and further to 17.2% in 2024 [1]. - The latest diluted EPS is expected to grow from 0.31 yuan in 2022 to 0.48 yuan in 2023, and 0.56 yuan in 2024 [1]. Dividend Distribution - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares (before tax) to all shareholders based on the total share capital of 1.459 billion shares as of December 31, 2023, with a total dividend amount of 365 million yuan [2].

为进一步加强与投资者的沟通交流，报喜鸟控股股份有限公司（以下简称"公 司"）将参加由浙江证监局、浙江上市公司协会与深圳市全景网络有限公司联合 举办的"2024 年浙江辖区上市公司投资者网上集体接待日"暨 2023 年度业绩说 明会，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）或关注微信公众号"全景财经"、下载全景路演 APP 参与本 次互动交流，活动时间为 2024 年 5 月 14 日（周二）15:00-17:00。届时，公司董 事长兼总经理吴志泽先生、董事兼财务总监、副总经理吴跃现女士、独立董事苏 葆燕女士、副总经理兼董事会秘书谢海静女士、保荐代表人黄诚先生、刘波先生 将通过平台与投资者进行网络沟通和交流，欢迎广大投资者参加。 为提高互动交流的效率，现提前向所有关心公司的投资者公开征集交流问题， 广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 13 日（星期一）15:00 前访问 http://ir.p5w.net/zj/，进入问题征集专题页面，提交您所关心的问题。公司 将在活动上对投资者所关心的问题进行回答 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2024-020 报喜鸟控股股份有限公司 2023 年度权益分派实施公告 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（以下简称"报喜鸟"或"公司"）2023 年度权益分派 方案已获 2024 年 5 月 7 日召开的公司 2023 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、2024 年 5 月 7 日，公司 2023 年度股东大会审议通过了《关于公司 2023 年度利润分配预案》：同意公司以 2023 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 2.5 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 2023 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 364,833,432.25 元，剩余未分配利润 493,251,915.55 元结转下一年度。 四、权益分派对象 本次分派对象为：截止 2 ...

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 本法律意见书依据国家有关法律、法规的规定而出具。 本所律师同意将本法律意见书作为公司本次股东大会的必备文件公告，并依 法对本所出具的法律意见承担责任。 本所律师已经对与出具法律意见书有关的所有文件材料及证言进行审查判 断，并据此出具法律意见如下： 一、本次股东大会的召集、召开程序 2023 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"）2023 年度股东大会（以下简称 "本次股东大会"）现场会议定于 2024 年 5 月 7 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 ...

报喜鸟控股股份有限公司 2023年度股东大会决议公告 证券代码：002154 证券简称：报喜鸟 公告编号：2024-019 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、本次股东大会无变更和否决提案的情形。 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：公司董事长兼总经理吴志泽先生 （3）会议召开的时间： 现场会议召开时间：2024年5月7日（星期二）下午14:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间：2024 年5月7日9:15—9:25、9:30—11:30 和13:00—15:00；通过深圳证券交易所互联网 投票系统投票的时间：2024年5月7日9:15-15:00期间的任意时间。 （4）会议的召开方式：本次股东大会采用现场会议及网络投票相结合的方 式召开。 （5）现场会议地点：浙江省永嘉县瓯北镇双塔路2299号报喜鸟研发大楼四 楼会议室。 （6）会议的召集、召开与表决程序符合《公司法》、《深圳证券交易所股 票上市规 ...

Investment Rating - Maintain "Buy" rating [4] Core Views - The company's 24Q1 revenue reached 1.353 billion yuan, a year-on-year increase of 4.8%, while net profit attributable to the parent company was 250 million yuan, a year-on-year decrease of 2.1% [1] - The company's gross margin in 24Q1 was 67.8%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 19.0%, a decrease of 1.1 percentage points year-on-year [6] - The company is optimistic about the development of its multi-brand matrix and is focusing on optimizing channel structure and improving store operation quality [6][7] - The company adheres to a multi-brand strategy, promoting the steady development of mature brands, rapid growth of emerging brands, and low-cost trial and error for new brands [12][14] Financial Performance - The company's 24Q1 non-GAAP net profit attributable to the parent company was 235 million yuan, a year-on-year increase of 6.9%, with non-recurring gains mainly from government subsidies of 19 million yuan [1] - The company's intangible assets were 2.2433 billion yuan, 2.3642 billion yuan, 2.1654 billion yuan, 1.9666 billion yuan, and 1.7678 billion yuan over the past five years [3] - The company's investment income was 128.8 million yuan, 217.1 million yuan, 179.6 million yuan, 175.1 million yuan, and 190.6 million yuan over the past five years [3] - The company's accounts receivable and notes receivable were 6.1869 billion yuan, 6.6108 billion yuan, 8.7554 billion yuan, 4.9664 billion yuan, and 10.4446 billion yuan over the past five years [5] - The company's operating costs were 16.0709 billion yuan, 18.5412 billion yuan, 20.9541 billion yuan, 23.3094 billion yuan, and 25.9896 billion yuan over the past five years [5] Strategic Initiatives - The company is advancing a large-store plan, upgrading terminal store images, and optimizing channel structure by closing underperforming stores [7] - The company is actively expanding high-quality franchisees and accelerating channel penetration to expand its channel scale [7] - The company is focusing on improving single-store performance, controlling online discounts, and optimizing inventory structure [7] Financial Forecasts - The company's revenue is expected to grow from 5.96812 billion yuan in 2024E to 7.56611 billion yuan in 2026E, with a compound annual growth rate of 12.31% [15] - The company's net profit attributable to the parent company is expected to grow from 821.23 million yuan in 2024E to 1.09555 billion yuan in 2026E, with a compound annual growth rate of 15.03% [15] - The company's EPS is expected to grow from 0.56 yuan in 2024E to 0.75 yuan in 2026E [15] - The company's P/E ratio is expected to decrease from 10.75 in 2024E to 8.06 in 2026E [15] Valuation Metrics - The company's P/B ratio is expected to decrease from 1.97 in 2024E to 1.67 in 2026E [15] - The company's EV/EBITDA ratio is expected to decrease from 5.31 in 2024E to 3.91 in 2026E [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 6.05 CNY [12]. Core Insights - The company reported a Q1 2024 gross margin of 67.8%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 19.0%, a decrease of 1.1 percentage points year-on-year [1]. - The company's revenue for Q1 2024 was 1.353 billion CNY, representing a year-on-year growth of 4.8%, while the net profit attributable to the parent company was 250 million CNY, a decrease of 2.1% [7]. - The company is focused on a multi-brand strategy, emphasizing the development of mature brands and the rapid growth of emerging brands, while maintaining a low-cost trial and error approach for new brands [8][9]. Financial Performance - The company’s operating costs for Q1 2024 were reported at 1.607 billion CNY, with sales, management, R&D, and financial expense ratios at 36.1%, 6.2%, 1.6%, and -0.8% respectively, showing year-on-year changes of +1.3, +0.2, -0.1, and -0.7 percentage points [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 821.23 million CNY, 952.40 million CNY, and 1.09555 billion CNY respectively, with corresponding EPS of 0.56 CNY, 0.65 CNY, and 0.75 CNY [10][11]. Strategic Initiatives - The company is optimizing its channel structure by upgrading store images and closing underperforming stores to enhance overall store quality [2]. - The company is committed to enhancing product development, brand image, channel layout, and operational management efficiency to achieve high-quality and sustainable growth [10].