浙商证券研报指出，森马服饰25H1实现归母净利润/扣非归母净利润3.3/3.0亿元，分别同 比-41.2%/-45.2%，25年中分红率达124%，零售环境波动下收入逆势增长彰显韧性，积极开店和开展品 牌营销的动作，加大费用投放致使利润率短期承压，期待零售环境好转公司业绩弹性释放。直营渠道实 现高质量增长彰显公司渠道变革成效，加盟收入略降主要受零售环境疲软影响，25H1直营、加盟分别 净变动+19、-66家至999家、7194家，直营大店表现较好有望逐渐激发加盟开店信心。公司深耕服饰行 业，主要品牌巴拉巴拉及森马具备较强品牌力，未来将受益于门店逆势扩张及组织变革，24/9发布股权 激励彰显发展信心，25中报分红率达124%，维持"买入"评级。 ...

北京商报讯（记者 张君花）9月15日，森马服饰发布公告称，公司董事会近期收到公司副总经理黄剑忠 送达书面申请，黄剑忠因其已到法定退休年龄，申请辞去公司副总经理职务，其离任申请自送达董事会 之日起生效。黄剑忠离任公司副总经理职务后，公司将返聘其担任公司顾问。 ...

证券日报网讯9月15日晚间，森马服饰（002563）发布公告称，公司董事会近期收到公司副总经理黄剑 忠先生送达书面申请：黄剑忠先生因其已到法定退休年龄，申请辞去公司副总经理职务，其离任申请自 送达董事会之日起生效。黄剑忠先生离任公司副总经理职务后，公司将返聘其担任公司顾问。 ...

截至发稿，森马服饰市值为150亿元。 每经头条（nbdtoutiao）——重大突破！中国这款新药，中美官方都认定有突破性疗效！世界肺癌大会 沸腾了 每经AI快讯，森马服饰（SZ 002563，收盘价：5.55元）9月15日晚间发布公告称，浙江森马服饰股份有 限公司董事会近期收到公司副总经理黄剑忠先生送达书面申请：黄剑忠先生因其已到法定退休年龄，申 请辞去公司副总经理职务，其离任申请自送达董事会之日起生效。黄剑忠先生离任公司副总经理职务 后，公司将返聘其担任公司顾问。 2025年1至6月份，森马服饰的营业收入构成为：服装业占比98.17%，其他业务占比1.83%。 （记者 曾健辉） ...

浙江森马服饰股份有限公司 关于公司高级管理人员退休离任的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 浙江森马服饰股份有限公司(以下简称"公司")董事会近期收到公司副总经理黄剑忠 先生送达书面申请：黄剑忠先生因其已到法定退休年龄，申请辞去公司副总经理职务，其 离任申请自送达董事会之日起生效。黄剑忠先生离任公司副总经理职务后，公司将返聘其 担任公司顾问。 证券代码：002563 证券简称：森马服饰 公告编号：2025-27 截至本公告日，黄剑忠先生持有公司 1.00 万股股份，所持股份将按照中国证监会、 深圳证券交易所股份变动的相关规定进行管理。黄剑忠先生不存在未履行完毕的公开承诺 事项，并已按照公司相关规定做好工作交接，其退休离任不会影响公司的正常生产经营。 公司董事会对黄剑忠先生在担任公司副总经理期间尽职勤勉、辛勤付出及为公司健康 发展所作出的杰出贡献表示衷心感谢！ 浙江森马服饰股份有限公司 董事会 二〇二五年九月十六日 1 ...

以下文章来源于证券之星 ，作者吴凡 国内成人休闲和童装业务品牌森马服饰(002563.SZ)于近期发布了一份"增收降利"的半年报，今年上半年，公司实现营收61.49亿元，同比增长 3.26%；归母净利润同比大幅下降41.17%至3.25亿元，尽管森马服饰未进一步解释盈利承压的原因，不过证券之星注意到，公司销售费用和管理费 用分别较上年同期增加17.67%和9.1%，是拖累业绩的主因之一。 此前，因收购的法国童装品牌Kidiliz经营不及预期叠加疫情因素冲击，森马服饰在2020年至2022年遭遇业绩波动式下滑。2023年以来，公司推 出"新森马"概念，对品牌定位进行重新梳理与调整，一系列举措推动公司业绩逐步回暖，其中2024 年上半年其线下渠道门店规模已实现复苏增长。 然而在今年上半年，公司渠道格局却呈现分化：直营门店延续正向增长态势，加盟和联营门店却出现规模收缩，其中作为核心渠道的加盟门店，上半 年净减少66个，对应收入也较上年同期下滑2.8%，是制约公司收入增速的重要原因之一。 01 二季度营收增长难抵利润下滑 分季度看，今年一季度，森马服饰实现营收30.79亿元，同比下滑1.93%，二季度收入增长环比转正 ...

Core Insights - The traditional apparel industry in A-shares continues to face pressure, with many companies reporting declines in revenue and net profit, indicating a deep adjustment period [1][2][3] Industry Overview - The overall performance of the traditional apparel sector remains under pressure, with many companies experiencing a continuation of the revenue and net profit declines seen in 2024 [1] - The children's clothing segment shows relative stability, with leading company Semir achieving revenue growth, while the women's and men's clothing markets are relatively flat, with significant declines in fashion women's wear [1][4] - The industry is transitioning from "channel scale competition" to "user value competition," as companies increase direct-to-consumer (DTC) store openings while reducing franchise stores [1][6] Company Performance - Semir's revenue reached 6.149 billion yuan, a 3.26% increase, but net profit fell by 41.17% [2] - Taiping Bird's revenue decreased by 7.86% to 2.898 billion yuan, with net profit down 54.61% [2] - Other companies like YOUNGOR, Baoxini, and Qipilang also reported revenue declines, while Haizhu's revenue increased by 1.73% but net profit decreased by 3.42% [2][4] - The children's clothing market is performing better, with 45.9% of consumers indicating increased spending on children's clothing [4] Strategic Shifts - Many companies are focusing on opening flagship stores in key urban areas, moving away from the franchise model to enhance brand experience [5][6] - Taiping Bird is implementing a "super store" strategy, opening large flagship stores to integrate multiple brands [5] - YOUNGOR has strengthened its direct sales channels, with over 95% of sales coming from direct stores [6] Investment Trends - Several apparel companies are showing a preference for investment to boost profits, with Langzi Co. reporting a 64% increase in net profit due to stock sales [7] - Jiuzhou Wang's net profit surged by 248.54%, attributed to gains from financial asset valuations [7] - Baoxini's financial assets increased dramatically by 2072.73%, indicating a shift towards financial investments to offset core business pressures [8]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company experienced pressure on its performance in the first half of 2025, with a decline in net profit due to increased expense ratios, despite maintaining mid-single-digit growth in retail [1][2] - The company is focusing on retail transformation and expanding its overseas business, emphasizing consumer-centric strategies and brand health management [3] Financial Summary - **Revenue**: The company reported revenue of 13,661 million in 2023, with projections of 15,248 million in 2025 and 16,923 million in 2027, reflecting a growth rate of 2.5% in 2023 and an estimated 4.3% in 2025 [1] - **Net Profit**: The net profit for 2023 was 1,122 million, expected to decline to 926 million in 2025, with a significant drop of 18.6% year-on-year [1] - **Gross Margin**: The gross margin for the first half of 2025 was 46.70%, showing a slight increase of 0.59 percentage points year-on-year [2] - **Net Margin**: The net margin for the first half of 2025 was 5.19%, down by 4.05 percentage points year-on-year due to increased expense ratios [2] - **Store Count**: The company opened 540 stores and closed 629 in the first half of 2025, resulting in a total of 8,236 stores by mid-2025 [2] Business Strategy - The company is committed to a consumer-centric approach, focusing on retail transformation and enhancing operational efficiency through improved supply chain capabilities and product development [3] - The company is expanding its overseas presence, with multiple brands entering emerging markets and achieving growth in both online and offline retail channels [3] Valuation Metrics - The projected EPS for 2025 is 0.34, with corresponding P/E ratios of 16.4 for 2025, 13.3 for 2026, and 11.4 for 2027 [8]

热浪与蝉鸣中的上海武夷路，在盛夏迎来难得的静谧时刻。去年12月，美特斯邦威在此开出001号生活馆。半年过去，客流看上去不如人意。八月的一 天，上午11点，店内仅有零星顾客，整个上午一单未成交。 创始人回归，拯救品牌的努力正在走向失败。2025年上半年，美特斯邦威营收仅有2.26亿元同比下降45.23%，扣非净利润66.64万元下降91.79%。要知 道，巅峰时期，美特斯邦威年营收近百亿，净利润10多亿元。 这既是品牌起伏波动的缩影，也折射出服饰行业的普遍困境。今年上半年，中国社会消费品零售总额同比增长 5.0%，服饰类零售额同比增长为3.1%，弱 于社零大盘。亿邦动力梳理19家A股服饰品牌半年报发现，总营收428.49亿元下降1.37%，归母净利润37.08亿元下降19.11%（去年同期45.84亿元，减少 8.76亿元）。 | 名称 | 营收（亿元） | 归母净利润(亿元) | 扣非净利润(亿元) | | --- | --- | --- | --- | | 海澜之家 | 115.66 (+1.73%) | 15.80 (-3.42%) | 15.66 (+3.83%) | | 七匹狼 | 13.75 (-5 ...

9月9日，森马服饰涨0.90%，成交额2.13亿元。两融数据显示，当日森马服饰获融资买入额2310.96万 元，融资偿还2472.10万元，融资净买入-161.14万元。截至9月9日，森马服饰融资融券余额合计1.38亿 元。 融资方面，森马服饰当日融资买入2310.96万元。当前融资余额1.35亿元，占流通市值的0.89%，融资余 额超过近一年90%分位水平，处于高位。 分红方面，森马服饰A股上市后累计派现121.81亿元。近三年，累计派现22.90亿元。 机构持仓方面，截止2025年6月30日，森马服饰十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.72亿股，相比上期减少1133.18万股。国投证券股份有限公司退出十大流通股东之列。 责任编辑：小浪快报 融券方面，森马服饰9月9日融券偿还500.00股，融券卖出2.78万股，按当日收盘价计算，卖出金额15.62 万元；融券余量54.31万股，融券余额305.22万元，超过近一年90%分位水平，处于高位。 资料显示，浙江森马服饰股份有限公司位于上海市闵行区莲花南路2689号，成立日期2002年2月5日，上 市日期2011年3月11日，公司主营 ...