Core Insights - The apparel industry continues to exhibit high gross margins and low net margins, with over half of the selected 25 listed companies achieving gross margins above 50% and many exceeding 65%, while net margins are generally below 15% [1][6] Group 1: Gross Margin Analysis - Among the selected companies, the top three in terms of gross margin for 2024 are: - Bi Yi Le Fen at 77.01% - Di Su Shi Shang at 74.84% - Jin Hong Group at 68.63% [1] - Only two companies, Mu Gao Di and Mei Bang Fu Shi, reported gross margins below 40%, with figures of 28.48% and 27.44% respectively [1] Group 2: Net Margin Analysis - A significant number of companies have net margins below 7%, with 14 out of 25 companies falling into this category [2] - The net margins for specific companies are as follows: - Jin Hong Group at 6.97% - Mu Gao Di at 6.42% - Jiu Mu Wang at 5.48% - Ai Mu Shares at 5.27% - Lang Zi Shares at 5.19% - Tu Lu Zhe at 4.70% - Du Shi Li Ren at 3.83% - Tai Ping Niao at 3.77% - Xin He Shares at -4.79% - An Zheng Shi Shang at -6.50% - Ge Li Si at -8.42% - San Fu Outdoor at -10.65% - An Nai Er at -18.13% - Mei Bang Fu Shi at -28.70% [4][6] Group 3: Trends and Observations - In 2024, nine companies experienced simultaneous declines in both gross and net margins, including Mei Bang Fu Shi, An Zheng Shi Shang, Xin He Shares, An Nai Er, Bi Yi Le Fen, Ai Mu Shares, Zhong Guo Li Lang, Ge Li Si, and Sen Ma Fu Shi [2][6] - The disparity between gross and net margins is attributed to high selling expense ratios in the textile and apparel industry, which significantly erodes profits [6]

Core Insights - The apparel industry in China is experiencing a slowdown in growth, with retail sales of clothing reaching 1,071.62 billion yuan in 2024, reflecting a mere 0.1% increase year-on-year, a significant decline of 15.3% compared to 2023 [1] - Among 25 selected publicly listed companies in the apparel sector, only 7 reported increases in both revenue and net profit, while 10 companies experienced declines in both metrics [1][2] Revenue and Profit Overview - In 2024, 15 companies reported a decline in net profit, and 13 saw a decrease in revenue. Notably, 10 companies experienced declines in both revenue and net profit [2] - Companies with declining performance include: - Baoxini: Revenue of 5.153 billion yuan, down 1.91%; net profit of 495 million yuan, down 29.07% [2][3] - Hailan Home: Revenue of 20.957 billion yuan, down 2.65%; net profit of 2.159 billion yuan, down 26.88% [2][3] - Sanfu Outdoor: Revenue of 800 million yuan, down 5.45%; net profit loss of 21 million yuan, down 158.83% [2][3] - Anzheng Fashion: Revenue of 2.034 billion yuan, down 6.23%; net profit loss of 124 million yuan, down 365.03% [2][3] - Aimer: Revenue of 3.163 billion yuan, down 7.71%; net profit of 163 million yuan, down 46.56% [2][3] Losses and Underperformance - Six companies reported losses, including: - Ge Li Si: Loss of 310 million yuan [4][5] - Sanfu Outdoor: Loss of 21 million yuan [4][5] - Anzheng Fashion: Loss of 124 million yuan [4][5] - Xinhe Shares: Loss of 67 million yuan [4][5] - Meibang Clothing: Loss of 195 million yuan [4][5] - Annai: Loss of 115 million yuan [4][5] Performance Rankings - The top three companies in revenue growth are: - 361 Degrees: 19.6% growth [7] - Tanshan: 14.44% growth [7] - Anta Sports: 13.6% growth [7] - The bottom three in revenue growth are: - Meibang Clothing: -49.79% [7] - Annai: -20.7% [7] - Xinhe Shares: -20.1% [7] Net Profit Growth Rankings - The top three companies in net profit growth are: - Urban Beauty: 197% growth [9] - Anta Sports: 52.4% growth [9] - Tanshan: 48.5% growth [9] - The bottom three in net profit growth are: - Meibang Clothing: -715.45% [9] - Ge Li Si: -392.99% [9] - Anzheng Fashion: -365.03% [9]

Group 1 - The core achievement of Meibang includes testing the "5.0 new retail" business model in Changsha, achieving over 100 million GMV in 40 days, and opening new stores in Wuhan, Shanghai, and Yunnan, receiving positive feedback from consumers nationwide [1] - Meibang's 2024 annual performance report shows total revenue of 681 million yuan, a year-on-year decline of 49.79%, and a net loss of 195 million yuan, compared to a net profit of 31.74 million yuan in the same period last year, indicating a dramatic drop of approximately 714% [2] - The founder Zhou Chengjian's return to leadership in early 2024 is marked by a push for reform and a focus on live streaming to revitalize the brand [3] Group 2 - Meibang's transformation strategy, termed "grabbing birds," aims to position its products as "affordable luxury" in the outdoor market, targeting a broader consumer base through competitive pricing and extensive offline networks [9][10] - The "5.0 new retail" model integrates various retail methods, including traditional retail, search e-commerce, social e-commerce, and content e-commerce, to enhance consumer experience without increasing costs [10] - Despite the ambitious transformation, Meibang faced significant challenges, including the loss of over 200 franchisees who opted to partner with competitors, reflecting skepticism about the shift from casual wear to outdoor fashion [11] Group 3 - The outdoor functional clothing sector, led by brands like Arc'teryx, has shown strong growth, with a reported revenue increase of 36% to 2.194 billion USD and a same-store sales growth of 28% [13] - The overall apparel industry in China is experiencing low demand, with online retail sales of clothing declining by 0.6% year-on-year in early 2025, indicating a challenging market environment [12][14] - Meibang's aggressive expansion plans include opening over 1,000 community lifestyle stores within the next 1,000 days, reflecting a shift in strategy to adapt to market conditions [15]

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号--回购股份》等相关规定，现将公司截至上月末的回购股份的进展情况公告 如下： 股票代码：002269 股票简称：美邦服饰 编号：2025-023 上海美特斯邦威服饰股份有限公司 关于回购股份的进展公告 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 万元回购 股份，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 ...

Core Insights - The company reported a significant decline in revenue and a deep net loss for the year 2024, indicating severe financial distress [1][4][7] Financial Performance - Total revenue for 2024 was 681 million yuan, a decrease of 49.79% from 2023's 1.356 billion yuan [1][4] - Net profit attributable to shareholders fell to -195 million yuan, a staggering decline of 715.45% compared to a profit of 32 million yuan in 2023 [1][4] - Gross profit also saw a sharp decline, dropping from 532 million yuan to 187 million yuan, a decrease of approximately 65% [4] - The company's weighted average return on net assets was -53.43%, down 62.59 percentage points year-on-year, indicating poor asset utilization [4] Strategic Initiatives - The company introduced a "trendy outdoor" brand upgrade strategy and a "5.0 new retail" strategy aimed at digital transformation and sales improvement, but these efforts have not yet yielded positive results [5] - Despite opening several new experience stores nationwide, sales growth remained ineffective [5] - The "trendy outdoor" strategy aimed to capitalize on the outdoor apparel market but did not lead to significant performance improvements [5] Inventory and R&D Challenges - As of the end of 2024, the company's inventory value was 330 million yuan, accounting for 117.75% of net assets, with a significant inventory impairment provision of 139 million yuan [6] - R&D investment decreased by 40.57% to 25.43 million yuan, potentially impacting future product innovation and market competitiveness [6] Shareholder Dynamics - The shareholder structure changed significantly by the end of 2024, with new shareholders entering and some existing ones exiting, reflecting a lack of market confidence in the company's future [6] - The decline in holdings by institutional investors, such as Goldman Sachs, further indicates a bearish outlook on the company [6] Valuation Metrics - The company's price-to-earnings ratio (TTM) was -21.35, price-to-book ratio (LF) was 14.88, and price-to-sales ratio (TTM) was 6.13, reflecting pessimistic market expectations regarding profitability and asset quality [7]

Core Insights - In 2024, the company reported disappointing financial results, with revenue of 681 million yuan, a year-on-year decline of 49.8%, and a net loss of 195 million yuan, a staggering year-on-year decrease of 715.4% [1] - The company faces multiple challenges, including brand aging, intensified market competition, and obstacles in strategic transformation, necessitating urgent brand upgrades and channel adjustments to find new growth points [1] Group 1: Core Business Weaknesses - The core business, particularly the casual wear segment, is suffering from brand aging and intensified market competition [2] - The company's brand positioning has become unclear, failing to keep pace with rapidly changing consumer preferences, leading to a loss of market share as some franchisees shift to other brands [2] - The gross margin is continuously declining due to the loss of pricing strategy and product differentiation, forcing the company to resort to discount promotions, which further erodes profitability [2] Group 2: Cash Flow Crisis and Strategic Challenges - The company is experiencing a persistent negative cash flow, with the net cash flow from operating activities being negative and the gap widening year-on-year, indicating poor sales collection efficiency [3] - Franchisee attrition and heavy short-term debt pressure are significant risks, with the company's debt-to-asset ratio far exceeding the industry average, raising concerns about financial safety [3] - Despite attempts to implement a "5.0 new retail" model, the high costs associated with promoting this new model hinder its short-term effectiveness [3] Group 3: Path to Recovery - To turn around its fortunes, the company must focus on product innovation through increased R&D investment to enhance product value [4] - Strengthening franchisee cooperation and optimizing channel structure are essential for improving business performance [4] - A deepened brand upgrade and a redefined brand positioning are crucial to meet the dual demands of young consumers for fashion and quality [4]

股票代码：002269 股票简称：美邦服饰 编号：2025-013 上海美特斯邦威服饰股份有限公司 关于召开 2024 年年度股东大会的通知 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、准确性和完整性承担个别及连带责任。 上海美特斯邦威服饰股份有限公司（以下简称"公司"）拟定于 2025 年 5 月 21 日在上海市浦东新区环桥路 208 号公司会议室召开公司 2024 年年度股东大会， 具体情况通知如下： 一、 召开会议的基本情况 1、股东大会届次：公司 2024 年年度股东大会 2、召集人：公司董事会 3、会议的召集、召开符合《中华人民共和国公司法》、《中华人民共和国证 券法》、《深圳证券交易所股票上市规则》、《公司章程》等规定。 4、会议召开的日期和时间：2025 年 5 月 21 日（星期三）下午 2:30。 通过深圳证券交易所交易系统进行投票的时间为：2025 年 5 月 21 日上午 9： 15-9:25,9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行投票的时间为：2025 年 5 月 21 日 ...

股票代码：002269 股票简称：美邦服饰 编号：2025-012 第六届董事会第十七次会议决议公告 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、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 上海美特斯邦威服饰股份有限公司（以下简称"公司"）日前以书面和电子 邮件方式向董事发出第六届董事会第十七次会议通知，会议于 2025 年 4 月 28 日在上海市浦东新区环桥路 208 号公司会议室召开。本次会议应出席董事 6 人， 实际出席董事 6 人，周成建、林晓东、游君源、张纯、袁敏、陆敬波参加了本次 会议。会议由董事周成建先生主持，会议召开符合《公司法》及《公司章程》的 有关规定。 二、董事会会议审议情况 1. 审议通过《2024 年度总经理工作报告》 会议以 6 票同意，0 票反对，0 票弃权，审议通过了公司《2024 年度总经理 工作报告》。同意公司 2024 年度总经理工作报告的相关内容，具体内容详情请 见同时披露的《2024 年度总经理工作报告》。 上海美特斯邦威服饰股份有限公司 2. 审议通过《2024 年度董事会工作报告》 会议以 ...

上海美特斯邦威服饰股份有限公司 中兴财光华审会字（2025）第 337025 号 | 目录 | | --- | 审计报告 | 合并及公司资产负债表 | 1-2 | | --- | --- | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-82 | 审计报告 一、审计意见 我们审计了上海美特斯邦威服饰股份有限公司（以下简称"美邦服饰"） 财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并 及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及财务 报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了美邦服饰 2024 年 12 月 31 日的财务状况以及 2024 年度的经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的 责任。按照中国注册会计师职业道德守则，我们独立于美邦服饰，并履行了职 业道德方 ...