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]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company experienced a revenue decline of 1.9% in 2024, with a significant drop in net profit by 29.1% due to increased market investment and brand promotion costs [1][2]. - The multi-brand strategy has been successfully implemented, enhancing the company's core competitiveness and risk resistance [9]. - The company has established a balanced development of its brand matrix, with three brands exceeding 1 billion in revenue [4]. Financial Performance Summary - **Revenue and Profit**: - 2023 revenue was 5,254 million, projected to decrease to 5,153 million in 2024, then increase to 5,505 million in 2025 [1]. - Net profit for 2023 was 698 million, expected to drop to 495 million in 2024, with a recovery to 544 million in 2025 [1]. - **Profitability Ratios**: - The gross margin for 2024 is projected at 65.02%, a slight increase from the previous year [2]. - The net profit margin for 2024 is expected to be 10.09%, down 3.78 percentage points year-on-year [2]. - **Earnings Per Share (EPS)**: - The latest diluted EPS for 2024 is projected at 0.34, down from 0.48 in 2023, with a gradual increase expected in subsequent years [1][9]. Brand Performance Summary - **Brand Revenue**: - The Hazzys brand achieved a revenue of 1.781 billion, a growth of 1.29%, while the Lefuye brand saw a significant increase of 27.95% to 335 million [3]. - The Baonia brand's revenue was 1.009 billion, down 2.89%, and the Baoxin brand revenue decreased by 8.35% to 1.585 billion [3]. - **Channel Development**: - The company has established 1,815 offline stores across various key locations and is actively expanding its online presence through major e-commerce platforms [3]. Market Position and Strategy - The company has a well-balanced brand matrix with mature, growth, and nurturing brands, allowing for resource sharing and collaborative development [4]. - The acquisition of the international outdoor brand Woolrich marks a significant step towards enhancing the company's multi-brand strategy and international expansion [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.45 CNY based on a 16x PE valuation for 2025 [2][3][9] Core Views - The company's short-term profitability is under pressure, but there are expectations for multi-brand development in the future [1] - The company has adjusted its earnings forecast, projecting earnings per share of 0.34, 0.40, and 0.46 CNY for 2025, 2026, and 2027 respectively [2][9] - The report highlights a decline in revenue and net profit for 2024, with a revenue of 5.15 billion CNY, down 1.9% year-on-year, and a net profit of 495 million CNY, down 29.1% year-on-year [8] Financial Performance Summary - **Revenue**: - 2023A: 5,254 million CNY - 2024A: 5,153 million CNY (down 1.9%) - 2025E: 5,373 million CNY (up 4.3%) - 2026E: 5,833 million CNY (up 8.6%) - 2027E: 6,340 million CNY (up 8.7%) [2][8][13] - **Net Profit**: - 2023A: 698 million CNY - 2024A: 495 million CNY (down 29.1%) - 2025E: 497 million CNY (up 0.4%) - 2026E: 577 million CNY (up 16.1%) - 2027E: 672 million CNY (up 16.5%) [2][8][13] - **Earnings Per Share**: - 2023A: 0.48 CNY - 2024A: 0.34 CNY - 2025E: 0.34 CNY - 2026E: 0.40 CNY - 2027E: 0.46 CNY [2][8][13] - **Profitability Ratios**: - Gross Margin: 64.7% in 2023A, expected to be 65.0% in 2024A - Net Margin: 13.3% in 2023A, expected to be 9.6% in 2024A - Return on Equity: 16.9% in 2023A, expected to be 11.4% in 2024A [2][8][13] Brand Performance - The report indicates that the Baohiniao brand is under pressure, while the Haji Si brand shows resilience, and the Le Fei Ye brand is experiencing high growth [8] - Revenue growth for 2024 by brand: - Baohiniao: -8.4% - Haji Si: +1.3% - Le Fei Ye: +28% - Bao Niao: -2.9% [8] Strategic Developments - The company announced the acquisition of Woolrich brand's global intellectual property for 384 million CNY, which is expected to enhance its presence in the American retro outdoor market [8] - The establishment of a new R&D center and headquarters in Shanghai with an investment of approximately 300-400 million CNY is also planned [8]

Core Viewpoint - The company is experiencing a decline in both revenue and net profit for 2024, prompting a shift towards the outdoor market as a strategic response to ongoing performance pressures [1][3][4]. Financial Performance - In 2024, the company reported revenue of 5.153 billion yuan, a year-on-year decrease of 1.91%, and a net profit of 495 million yuan, down 29.07% [3][4]. - Marketing expenses increased to 2.13 billion yuan in 2024, up 4.88% from the previous year, contributing to the decline in profitability [3][4]. - The company had previously seen revenue and net profit growth of 21.82% and 52.11% respectively in 2023, indicating a significant reversal in performance [4]. Marketing Strategy - The rise in marketing expenses is attributed to increased efforts in market expansion and brand promotion, which have not yielded the expected results [3][5]. - The company has engaged various celebrities for marketing campaigns, but the effectiveness of these strategies has diminished over time [3][4]. Outdoor Market Expansion - The company is intensifying its focus on the outdoor market, highlighted by the acquisition of the American high-end outdoor brand Woolrich for 384 million yuan [7][9]. - The outdoor brand Lefeiye, which the company has been representing since 2016, saw revenue growth of 27.95% in 2024, indicating a positive trend in this segment [6][8]. - The overall outdoor equipment market in China is projected to grow from 87.2 billion yuan in 2023 to over 100 billion yuan by 2028, suggesting a lucrative opportunity for the company [8][10]. Competitive Landscape - The outdoor market is becoming increasingly competitive, with established players like Anta and Nike already present, making it challenging for the company to gain market share [9][10]. - Analysts suggest that the company's lack of expertise in the outdoor sector may hinder its ability to compete effectively against more specialized brands [10].

Core Viewpoint - The company reported a significant decline in net profit by 29% to 495 million yuan while investing 384 million yuan in acquiring the global intellectual property of the high-end outdoor brand Woolrich, indicating a commitment to a multi-brand strategy and international expansion despite facing financial challenges and inventory pressures [2][3][6]. Financial Performance - In 2024, the company's operating revenue was 5.15 billion yuan, a decrease of 1.91% year-on-year, while the net profit attributable to shareholders fell by 29.07% [3][4]. - The fourth quarter saw a slight increase in revenue to 1.62 billion yuan, but net profit dropped significantly by 44% to 79.63 million yuan [3]. - The company's main business costs were controlled at 1.68 billion yuan, down 3.53% year-on-year, but total expenses rose to 2.57 billion yuan, an increase of 4.45% [3]. Sales and Marketing Expenses - Sales expenses reached 2.13 billion yuan, accounting for 41% of revenue, indicating a substantial investment in advertising and channel development to maintain brand image and visibility [3][7]. - Research and development expenses decreased by 14.59% to 92.73 million yuan, reflecting a shift in focus towards marketing and sales efforts [3]. Acquisition of Woolrich - The acquisition of Woolrich for 384 million yuan includes global intellectual property rights and aims to enhance the company's multi-brand portfolio and international presence [6][9]. - The deal represents 8.84% of the company's latest audited net assets and includes rights to operate in 26 countries and regions outside of Europe [6][9]. Inventory and Cash Flow Concerns - The company faced cash flow challenges, with net cash flow from operating activities dropping by 39.13% to 700 million yuan due to reduced sales returns [7]. - Inventory levels remained high, with values of 1.18 billion yuan, 1.15 billion yuan, and 1.20 billion yuan over the past three years, leading to an extended inventory turnover period of 238 days in 2024 [7][10]. Market Context - The domestic apparel market is highly competitive, particularly for traditional menswear brands, prompting many companies to enter the high-end outdoor segment [9][10]. - The acquisition aligns with industry trends where companies are increasingly partnering with international outdoor brands to drive growth amid slowing performance [9][10].

Investment Rating - The report maintains a strong buy rating for the company [1][10] Core Views - In 2024, the company's revenue and profit are expected to decline by 1.91% and 29.07% year-on-year, respectively, due to increased expenses and losses from shop sales [2][10] - The company is focusing on controlling discounts and improving gross margins across channels, with an expected net profit of 5.17 billion, 5.86 billion, and 6.55 billion for 2025-2027 [10][12] Revenue Performance - The company's revenue for 2024 is projected at 51.53 billion, slightly down from the previous year, with a net profit of 4.95 billion [2][9] - The fourth quarter of 2024 shows a revenue increase of 1.97% year-on-year, but a significant decline in net profit by 44.17% [2] Brand Performance - Revenue breakdown by brand shows a decline for Baoxiniang and Kaimiqie, while Le Fei Ye has a significant growth of 27.95% [3][4] - The number of stores for Baoxiniang increased by 4 to 821, while Haji Si saw an increase of 21 stores to 478 [3] Channel Performance - Online revenue for 2024 is expected to grow by 1.65%, while offline revenue is declining despite an increase in store numbers [4][10] - The company has seen a decrease in revenue from both direct and franchise stores, with a total of 1,815 stores by the end of 2024 [8] Financial Data and Valuation - The company’s total revenue for 2023 was 52.54 billion, with a projected increase to 54.52 billion in 2025 [9][12] - The current market capitalization corresponds to a PE ratio of 11X for 2025 and 9.5X for 2026 [10][12] Profitability Metrics - The gross margin for 2024 is expected to improve to 65.02%, with a net profit margin of 10.09% [10][13] - The company’s return on equity (ROE) is projected to be 11.3% for 2025, indicating stable profitability [13]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 1.6 billion in Q4 2024, a year-on-year increase of 2%, while the net profit attributable to shareholders was 80 million, down 44% year-on-year [1] - For the full year 2024, the company expects a revenue of 5.2 billion, a decrease of 2% year-on-year, and a net profit of 500 million, down 29% year-on-year [1] - The company is facing challenges due to weak domestic textile and apparel retail consumption and intensified industry competition, leading to a slight decline in revenue despite efforts to enhance management and control discounts [1][4] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares to all shareholders, with a dividend payout ratio of 15% [1] Revenue Breakdown - In 2024, the direct sales channel generated 2 billion in revenue, down 4% year-on-year, with a net increase of 58 stores; the franchise channel generated 800 million, slightly down, with a net decrease of 4 stores; online sales generated 800 million, up 2%; and group purchases generated 1.1 billion, down 1% [2] - The brand "Baoxini" generated 1.6 billion in revenue, down 8% year-on-year, with a net increase of 4 stores; "Haggis" generated 1.8 billion, up 1%, with a net increase of 21 stores; and "Baoniao" generated 1 billion, down 3% [2][3] Financial Performance - The company achieved a gross margin of 65% in 2024, an increase of 0.3 percentage points year-on-year, with online gross margin at 72%, direct sales at 78%, franchise at 69%, and group purchases at 46% [4] - Total expenses for the period amounted to 2.6 billion, up 4% year-on-year, with sales expenses at 2.1 billion, up 5% due to increased market expansion and brand promotion efforts [4] - The inventory turnover days increased to 235 days, up 9 days year-on-year [5] Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2025-2027 at 540 million, 680 million, and 810 million respectively, with EPS projected at 0.4 yuan, 0.5 yuan, and 0.6 yuan [9]