Overview - Socks are essential clothing items that are widely used in daily life, characterized as fast-moving consumer goods with a relatively low average price compared to other textile and apparel products, making the sock market a vast opportunity [1][9] - In 2024, China's sock sales are projected to reach 12.229 billion pairs, generating a revenue of 101.074 billion yuan, with non-transparent socks accounting for over 60% of the market [1][9] - As living standards improve and consumer preferences evolve, there is a growing demand for comfort, functionality (such as antibacterial, moisture-wicking, and odor-resistant features), and fashion, leading to increased opportunities in niche markets [1][9] Market Policies - The Chinese government has implemented various policies to support the development of the textile and apparel industry, including initiatives to promote fashionable domestic products and enhance the innovation of traditional brands [4][6] - Key policies include the promotion of cultural and tourism consumption, support for the innovation of time-honored brands, and the encouragement of high-quality development in the textile sector [4][6] Industry Chain - The upstream of the sock industry includes suppliers of raw materials such as cotton, wool, silk, and synthetic fibers, as well as equipment manufacturers for sock production [7] - The midstream consists of sock manufacturing companies, while the downstream includes various sales channels such as supermarkets, department stores, specialty shops, wholesale markets, and e-commerce platforms [7] Competitive Landscape - The sock industry in China is characterized by a low entry barrier, resulting in a large number of participants, primarily small and medium-sized enterprises, leading to a highly fragmented market [11] - In 2024, the top 10 brands in the sock market accounted for less than 5% of the total market share, indicating significant competition and product homogeneity [11] Company Analysis - **Langsha Co., Ltd.**: One of the world's largest sock manufacturers with advanced digital equipment and a daily production capacity exceeding 4 million pairs. In 2024, Langsha's revenue reached 380 million yuan with a gross profit of 77 million yuan, resulting in a gross margin of 20.38% [13] - **Jiansheng Group Co., Ltd.**: A leading manufacturer of knitted sports apparel, producing 500 million pairs of cotton socks annually. In 2024, the company's revenue was 2.574 billion yuan, with knitted sports socks accounting for 60.61% of total sales [15] Development Trends - The demand for socks is becoming increasingly diversified, with consumers seeking additional functionalities such as anti-slip, antibacterial, and odor-resistant features [17] - Smart socks equipped with sensors to monitor foot health and adjust temperature and humidity are expected to become a market trend, providing personalized experiences for consumers [17]

Core Viewpoint - The company has approved a share repurchase plan to buy back its own shares using funds between RMB 30 million and RMB 50 million at a price not exceeding RMB 1.75 per share, aimed at implementing equity incentives or employee stock ownership plans [2][3]. Share Repurchase Plan - The company held a board meeting on June 30, 2024, and a shareholder meeting on July 18, 2024, to approve the share repurchase plan [2]. - The repurchase will be conducted through centralized bidding within a period of six months from the approval date [2]. - The maximum repurchase price was later adjusted to RMB 2.30 per share, and the implementation period was extended [3]. Implementation Status - As of July 17, 2025, the company repurchased a total of 15,458,700 shares, accounting for 0.6153% of the total share capital, with a total expenditure of approximately RMB 30.07 million [4][6]. - The highest transaction price during the repurchase was RMB 2.30 per share, and the lowest was RMB 1.79 per share [4]. Compliance and Impact - The repurchase was conducted in accordance with relevant regulations and did not deviate from the approved plan [4]. - The completion of the share repurchase is not expected to significantly impact the company's financials, operations, or future development [4]. - The repurchased shares will not confer voting rights or other shareholder privileges while held in the repurchase account [6]. Future Plans - The repurchased shares are intended for equity incentives or employee stock ownership plans, with a stipulation that if not utilized within 36 months, the unutilized shares will be canceled [6].

股票代码：002269 股票简称：美邦服饰 编号：2025-034 上海美特斯邦威服饰股份有限公司 关于股份回购结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承 担法律责任。 上海美特斯邦威服饰股份有限公司（以下简称"公司"）于 2024 年 6 月 30 日 召开第六届董事会第十二次会议，于 2024 年 07 月 18 日召开 2024 年第三次临时 股东大会，审议通过了《关于回购公司股份方案的议案》，同意公司使用控股股 东借款、自有资金不低于人民币 3,000.00 万元、不超过人民币 5,000.00 万元，通 过集中竞价交易方式以不超过 1.75 元/股的价格回购公司发行的人民币普通股（A 股）股票，具体回购资金总额以及回购股份数量以回购期限届满或回购实施完成 时的实际情况为准，回购的股份用于实施股权激励或员工持股计划。本次回购股 份的实施期限为自股东大会审议通过本次回购股份方案之日起 6 个月内。具体内 容详见公司于 2024 年 7 月 1 日、2024 年 7 月 18 日、2024 年 8 月 7 ...

Core Viewpoint - Meibang Apparel has struggled to find effective methods to revitalize its performance despite significant reforms over the past year, with a projected net profit decline of approximately 90.88% to 86.98% for the first half of 2025 [1][3] Financial Performance - The company expects a net profit of about 7 to 10 million yuan for the first half of 2025, a drastic decrease compared to the previous year [1] - In the first half of 2024, Meibang Apparel reported a net profit of 76.78 million yuan, a year-on-year increase of 648.07%, while the non-recurring net profit was 8.12 million yuan, up 133.7% [3] - The company’s net profit for 2024 was reported at a loss of 195 million yuan, with revenue down 49.79% [4] - For the first quarter of 2025, revenue and net profit fell by 48.74% and 90.62%, respectively [4] Strategic Transformation - Meibang Apparel announced a strategic shift towards the outdoor sector, aiming to become a well-known outdoor brand, which includes the implementation of a "5.0 new retail strategy" that integrates various retail methods [3][4] - The company plans to establish 50 urban lifestyle experience centers and 10,000 community service stations as part of its new retail model [3] Market Challenges - The founder of Meibang Apparel expressed concerns about the low barriers to entry in the fast fashion sector, indicating that the outdoor market presents a more substantial opportunity due to growing consumer demand [4] - However, industry experts suggest that entering the outdoor market may not be timely for Meibang Apparel, as competition is fierce and the company lacks significant technological advantages [4][5] Operational Issues - Reports indicate that Meibang Apparel's e-commerce headquarters in Hangzhou has been vacated, and many suppliers have reportedly left the company [5] - As of the end of 2024, the company had 54 direct stores and 553 franchise stores, with a net increase of 29 direct stores but a net decrease of 235 franchise stores [5] - During the 2024 autumn and winter ordering period, over 200 suppliers chose to abandon Meibang Apparel, and the company's procurement volume decreased by 31.84% [5]

Group 1 - The core message of the news highlights the significant decline in the financial performance of Shanghai Metersbonwe Fashion & Accessories Co., Ltd., with a projected net profit drop of 86.98%-90.88% for the first half of the year, amounting to 7-10 million yuan [2] - The company has been listed among those with overdue bills, with a total overdue amount of 102.72 million yuan as of June 30, 2025, indicating serious liquidity issues [4][7] - Metersbonwe's stock price fell by 3.03% to 1.92 yuan following the profit warning announcement, reflecting investor concerns about the company's financial health [2] Group 2 - The company has faced a cumulative loss of 3.1 billion yuan from 2016 to 2023, with a drastic reduction in store numbers from over 5,000 in 2012 to 607 by April 2024 [11] - In 2024, Metersbonwe attempted to reposition its brand from casual wear to outdoor leisure, aiming for a revenue target of 1 billion yuan within three years [12] - The founder, Zhou Chengjian, has resumed leadership after a brief period of his daughter, Hu Jiajia, leading the company, which has been referred to as a "reverse succession" [7][9]

[Core Performance Forecast Data](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant year-on-year decline in net profit and net profit after non-recurring items for H1 2025, with basic EPS falling to RMB 0.00 Core Performance Forecast Data | Item | Jan 1 - Jun 30, 2025 (Estimated) | Prior Year Same Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: RMB 7 million - RMB 10 million | Profit: RMB 76.7806 million | | Year-on-Year Change | Decrease 90.88% - 86.98% | - | | **Net Profit After Non-Recurring Items** | Profit: RMB 0.65 million - RMB 0.95 million | Profit: RMB 8.1194 million | | Year-on-Year Change | Decrease 91.99% - 88.30% | - | | **Basic Earnings Per Share (RMB/share)** | 0.00 | 0.03 | - The financial data related to this performance forecast is **unaudited** by an accounting firm[4](index=4&type=chunk) [Analysis of Performance Change](index=1&type=section&id=Item%203.%20Explanation%20of%20Performance%20Change) The significant performance decline is attributed to increased credit impairment losses and the absence of a large non-recurring gain from property disposal present in the prior year - Credit impairment losses for the current period **significantly increased** compared to the prior year, contributing to the performance change[5](index=5&type=chunk) - The prior year included a **substantial one-time gain** from the disposal of Nanchang property, which is absent this period, leading to a significant year-on-year decrease[5](index=5&type=chunk) [Other Explanations and Risk Warnings](index=1&type=section&id=Item%204.%20Other%20Relevant%20Explanations) The company clarifies that this forecast is a preliminary estimate, with final data subject to the official semi-annual report, and advises investors to be aware of investment risks - The company explicitly states that this forecast is a **preliminary estimate**, and final financial data will be based on the officially disclosed semi-annual report[7](index=7&type=chunk) - The company reminds investors to be **aware of investment risks**[7](index=7&type=chunk)

Group 1 - The company Meibang Apparel (002269) expects a net profit attributable to shareholders of 7 million to 10 million yuan for the period from January 1, 2025, to June 30, 2025, representing a year-on-year decline of 90.88% to 86.98% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 650,000 and 950,000 yuan, reflecting a year-on-year decrease of 91.99% to 88.30% [1] - The basic earnings per share is expected to be 0 yuan per share [1] Group 2 - The significant decline in performance is primarily attributed to a substantial increase in credit impairment losses compared to the same period last year [1] - In the previous year, the company recorded substantial gains from the disposal of Nanchang property, which will not be repeated in the current period [1]

Core Viewpoint - The article discusses the resurgence of once-popular brands in the fashion industry, highlighting their strategies for adaptation and transformation in response to changing consumer preferences and market dynamics [1][2][3]. Group 1: Brand Resurgence - Many once-familiar brands have shown remarkable performance in recent years, with Daphne leading the women's shoe sales on Douyin, and brands like Meisibangwei and True Vivus experiencing significant online sales growth [5][6]. - Brands such as Camel and others are beginning to show signs of recovery despite undergoing painful transformations [6]. Group 2: Transformation Strategies - The article categorizes the transformation strategies of these brands into four types: Dolphin, Belt Fish, Octopus, and Flounder, each representing different approaches to adaptation [8]. - Dolphin-type brands actively explore new fields and shed their old images, exemplified by Camel's shift to outdoor apparel and collaborations with young influencers [8][9]. - Belt Fish-type brands focus on downsizing and outsourcing production, as seen with Daphne and Huili, which have reduced their physical stores significantly while enhancing brand management [9][11]. - Octopus-type brands, like Meisibangwei, aim to expand their reach by reopening stores in lower-tier markets while leveraging online promotions to drive foot traffic [11][12]. - Flounder-type brands, such as Bannilu and True Vivus, maintain a low profile, focusing on existing operations without aggressive expansion or contraction [12]. Group 3: Embracing E-commerce - The brands have recognized the necessity of embracing e-commerce to compete effectively, leveraging their established brand recognition to drive online sales [15]. - True Vivus has amassed 5 million followers on Taobao, with e-commerce sales accounting for over 80% of its revenue, while Daphne has developed a robust live-streaming strategy [16][18]. Group 4: Supply Chain and Product Innovation - Brands are investing in digital technologies and AI tools to enhance their supply chain efficiency, reducing design cycles and improving inventory turnover [18][21]. - Belle has successfully shortened its design cycle from 45 days to 15 days and has implemented a custom shoe service based on user data, increasing the price point of its products [18][20]. Group 5: Market Positioning and Consumer Engagement - The brands are focusing on creating premium experiences in flagship stores, which can generate significantly higher average transaction values compared to regular stores [21][22]. - In lower-tier markets, the strategies differ, with Belt Fish brands outsourcing production, which may dilute brand identity, while Octopus brands face challenges in maintaining consumer engagement [24][25]. Group 6: Future Outlook - The article suggests that the next phase of industry evolution is approaching, driven by improved logistics and changing consumer behaviors, particularly with the rise of instant retail [26][35]. - Brands must address supply chain weaknesses and re-establish connections with consumers to avoid fading into obscurity, emphasizing the importance of adapting to new market realities [37].

Core Viewpoint - The legal opinion letter confirms that the convening and holding of the shareholders' meeting of Shanghai Metersbonwe Fashion & Accessories Co., Ltd. complies with relevant laws, regulations, and the company's articles of association [4][9][11]. Group 1: Shareholders' Meeting Procedures - The shareholders' meeting is scheduled for July 3, 2025, with detailed notifications regarding voting methods, meeting time, location, and agenda provided [7][8]. - The actual time and method of the meeting were consistent with the notifications sent out [8]. Group 2: Attendance and Voting - The meeting was convened by the company's board of directors, with 4 shareholders representing 42.4033% of the company's shares present in person, and 1,133 shareholders participating via online voting, representing 0.8066% of the total voting shares [8][9]. - The voting process was conducted through a named voting method, with no objections raised regarding the results from the attending shareholders [9][10]. Group 3: Voting Results - The voting results showed that 1,080,477,711 shares were in favor of the proposals, accounting for the majority of the valid votes cast [10][11]. - Among the minority shareholders, 76.4484% voted in favor, while 15.3511% opposed the proposals [10].

中国上海市石门一路 288 号 兴业太古汇香港兴业中心办公楼一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于上海美特斯邦威服饰股份有限公司 2025 年第一次临时股东会的法律意见书 致：上海美特斯邦威服饰股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受上海美特斯邦威服饰股份有 限公司（以下简称"公司"）的委托，指派本所经办律师出席了公司于 2025 年 7 月 3 日召开的公司 2025 年第一次临时股东会（以下简称"本次股东会"）的现场会议。 现本所根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规 则》等中国（仅为本法律意见书之目的，"中国"不包括香港特别行政区、澳门特别 行政区及台湾地区）现行有效的法律、法规、规范性文件以及公司现行有效的《上海 美特斯邦威服饰股份有限公司章程》（以下简称"《公司章程》"）和《上海美特斯邦 威服饰股份有限公司股东大会议事规则》的有关规定，出具本法律意见书。 为出具本法律意见书，本所审查了公司提供的有关文件及其复 ...