Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company reported a revenue of 15.09 billion yuan and a net profit attributable to shareholders of 892 million yuan for 2025, reflecting a year-on-year change of +3.17% and -21.54% respectively [3] - The company has implemented a global strategy focusing on core market deepening and agile exploration of new markets, resulting in overseas revenue of 130 million yuan, a year-on-year increase of 58.1% [3] - The company plans to accelerate development in key regions and optimize channel combinations to enhance store profitability, with expected EPS for 2026-2028 at 0.44, 0.48, and 0.53 yuan respectively [4][5] Financial Performance - For 2025, the company achieved a gross margin of 45.1%, with a projected gross margin of 45.3% for 2026 [5] - The company’s total revenue is expected to grow from 15.09 billion yuan in 2025 to 18.81 billion yuan in 2028, with a compound annual growth rate of approximately 8.2% [5] - The net profit attributable to shareholders is projected to increase from 892 million yuan in 2025 to 1.43 billion yuan in 2028, with a year-on-year growth of 9.9% in 2028 [5] Product Segment Performance - The children's clothing segment outperformed casual wear, with children's clothing revenue reaching 10.8 billion yuan, a year-on-year increase of 5.18% [3] - Casual wear revenue was 4.05 billion yuan, reflecting a decline of 3.2% year-on-year, but with an improved gross margin of 40.5%, up by 5.02 percentage points [3] Channel Expansion - The company expanded its direct sales channels, ending 2025 with 1,028 direct stores, a net increase of 48 stores [3] - Direct sales revenue grew by 30.3% year-on-year to 2.02 billion yuan, while franchise revenue decreased by 5.0% to 5.77 billion yuan [3] Inventory Management - The company reported a year-end inventory value of 3.18 billion yuan, a decrease of 8.6% year-on-year, indicating improved inventory management [3] - The cash flow from operating activities increased by 37.0% year-on-year to 1.73 billion yuan, primarily due to increased sales collections [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [7]. Core Views - The company's revenue for 2025 is projected to be CNY 15.09 billion, reflecting a year-on-year increase of 3%, while the net profit attributable to shareholders is expected to decline by 22% to CNY 0.89 billion [1]. - The company plans to distribute a total dividend of CNY 0.808 billion, resulting in a high payout ratio of 91% and a dividend yield of 5.5% based on the closing price on March 31, 2026 [1]. - The company is expected to achieve steady growth in revenue and net profit in the coming years, with net profit projected to reach CNY 1.03 billion in 2026, representing a year-on-year increase of 15.3% [5]. Summary by Sections Financial Performance - For Q4 2025, the company's revenue remained flat at CNY 5.25 billion, while net profit decreased by 7% to CNY 0.36 billion [2]. - The gross margin for Q4 2025 improved by 3.0 percentage points to 45.1%, indicating better cost management [2]. - The company reported an asset impairment loss of CNY 0.21 billion in Q4 2025, up from CNY 0.07 billion in the same period last year [2]. Business Segments - The children's clothing segment is expected to generate CNY 10.8 billion in revenue for 2025, a 5% increase year-on-year, while the adult casual wear segment is projected to decline by 3% to CNY 4.05 billion [3]. - The company has opened 743 new stores in the children's clothing segment, while closing 1,002, resulting in a net addition of 259 stores [3]. - Online sales are anticipated to grow by 5% to CNY 6.97 billion, with a gross margin increase of 0.5 percentage points to 45.8% [4]. Cash Flow and Inventory Management - The company reported a year-on-year decrease in inventory of 8.7% to CNY 3.18 billion, with inventory turnover days increasing by 8.3 days to 144.7 days [4]. - The net cash flow from operating activities for the year was CNY 1.73 billion, approximately 1.9 times the net profit attributable to shareholders [4]. Future Outlook - The company is expected to achieve steady growth in revenue and net profit in 2026, with projected net profit reaching CNY 1.03 billion [5]. - The report estimates that the company's revenue will grow at a high single-digit rate in the coming years, supported by ongoing business reforms and market expansion [5].

证券研究报告 | 年报点评报告 gszqdatemark 2026 04 01 年 月 日 森马服饰（002563.SZ） 营开带数及收入持续加长，主盟规模收缩。 1）电商：销售稳健加长，我们判断线上业务产 品结构持续优化。2025 年线上销售同比加长 5%至 69.7 亿元，毛利率同比+0.5pct 至 45.8%。 2）线下：2025 年公司线下营开/主盟/联开道刚收入分别 20.2/57.7/1.0 亿元，同比分别 +30%/-5%/-40%，毛利率分别-0.2/+0.4/+2.0pct 至 65.9%/36.6%/62.3%，带数分别较年 初+48/-388/-54 家至 1028/6872/31 家。公司坚定零售改革的战略方向，提升商品、服务、 门带体验，持续新店优质带铺、出清低效门带，我们判断中长期品牌及管理效率的提升有望 持续贡献带效加长。 现金流管理良好，存货表现正常。开运方面，公司 2025 年末存货同比-8.7%至 31.8 亿元， 存货周转天数+8.3 天至 144.7 天，应收账款周转天数+0.7 天至 36.9 天，全年经开费现金流 量净额 17.3 亿元（约为同期归母净利润的 1. ...

公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 市场数据： | 2026 年 03 月 31 日 | | --- | --- | | 收盘价（元） | 5.43 | | 一年内最高/最低（元） | 7.48/4.98 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 9.21 | | 流通 A 股市值（百万元） | 11,985 | | 上证指数/深证成指 | 3,891.86/13,478.06 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 -20% -10% 0% 10% 20% 30% 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 森马服饰 沪深300指数 (收益率) 相关研究 《森马服饰（002563）点评：25Q3 营收、 利润均恢复正增长，经营周期触底回升》 2025/11/02 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsre ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a trend of cost control since the second half of the year, with improvements noted in the latter part of the year despite challenges in revenue growth and profitability [2][7] - Revenue growth is primarily driven by children's apparel and overseas business, while casual wear has seen a decline [2][3] - The company plans to distribute a dividend of 0.15 yuan per share, with a total dividend payout of 0.30 yuan, resulting in a payout ratio of 90.6% and a dividend yield of 5.4% [2] Financial Performance Summary - In 2025, the company's revenue, net profit attributable to the parent, and operating cash flow were 15.09 billion, 0.892 billion, and 1.73 billion yuan respectively, with year-on-year changes of 3.17%, -21.54%, and +36.95% [2] - The gross margin for the company improved to 45.10%, with a notable increase in the main brand's gross margin to 40.50% [4] - The company experienced a decline in net profit margin to 5.91%, primarily due to increased sales expenses and asset impairment losses [4] Store Performance and Strategy - The company has seen a net reduction in stores, with a total of 7,931 stores at the end of 2025, and a focus on improving direct store efficiency [3][7] - The company is accelerating its overseas expansion, with the children's brand having entered over 20 countries and regions [3] Future Outlook - The company is expected to continue its cost control trend into 2026, with potential for net store openings despite ongoing inventory challenges among franchisees [7] - Revenue growth drivers include overseas store openings and new retail strategies [7] - Earnings forecasts for 2026 and 2027 have been adjusted downwards, with projected revenues of 15.62 billion and 16.63 billion yuan respectively [7]

证券代码：002563 证券简称：森马服饰 浙江森马服饰股份有限公司 投资者关系活动记录表 编号：2026-01 | 投资者关系活动类别 | □特定对象调研 分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | | □新闻发布会 □路演活动 | | | 现场调研 | | | □其他 | | 活动参与人员 | 上市公司接待人员姓名： 宗惠春（董事会秘书）、范亚杰（证券事务代表）、 潘 丽（财务中心高级总监） | | | 其他与会人员：见附件 | | 时间 | 2026 年 3 月 31 日 | | | 10:00-11:00 | | 地点 | 上海市闵行区莲花南路 2689 号 | | 形式 | 电话会议 | | 交流内容及具体问答记录 | 见附件 | | 关于本次活动是否涉及应 | 未涉及 | | 披露重大信息的说明 | | | 活动过程中所使用的演示 | | | 文稿、提供的文档等附件 | 不适用 | | （如有，可作为附件） | | 附件 浙江森马服饰股份有限公司 投资者参与人： | 王立平 | 申万宏源研究 | 鲍宇晨 | 景顺长城基金 | | --- | --- | --- | ...

证券代码：002563 证券简称：森马服饰 公告编号：2026-11 浙江森马服饰股份有限公司 关于 2024 年股票期权激励计划第二个行权期行权条件未成就、注销 部分股票期权及调整期权价格的公告 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。 浙江森马服饰股份有限公司(以下简称"公司"或"本公司")于 2026 年 3 月 27 日在 公司召开第七届董事会第三次会议，会议审议通过了《关于 2024 年股票期权激励计划第 二个行权期行权条件未成就、注销部分股票期权及调整期权价格的议案》，具体如下： 一、本激励计划已履行的相关审批程序 （一）2024 年 9 月 5 日，公司召开第六届董事会第十次会议，会议审议通过了《关于 <公司 2024 年股票期权激励计划（草案）>及其摘要的议案》、《关于<公司 2024 年股票 期权激励计划实施考核管理办法>的议案》、《关于提请股东大会授权董事会办理公司股 权激励计划相关事项的议案》。 同日，公司召开第六届监事会第九次会议，会议审议通过了《2024 年股票期权激励计 划（草案）》及其摘要、《2024 年股票期权激励计划实施 ...

（2025 年 01 月 01 日至 2025 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-112 | 浙江森马服饰股份有限公司 审计报告及财务报表 二○二五年度 浙江森马服饰股份有限公司 审计报告及财务报表 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，公允反映了森马服饰 2025 年 12 月 31 日的合并及母公司 财务状况以及 2025 年度的合并及母公司经营成果和现金流量。 审 计 报 告 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《中国注册会计师独立性准则第 1 号 ...

上海精诚磐明律师事务所 上海环球金融中心15楼T61 邮政编码: 200120 中国上海市浦东新区世纪大道100号 Brightstone Lawyers Suite T61, 15/F, Shanghai World Financial Center No.100 Century Avenue, Pudong New District Shanghai 200120, China Tel 电话: +86 21 6881 5499 www.brightstonelawyers.com 上海精诚磐明律师事务所 关于浙江森马服饰股份有限公司 2024 年股票期权激励计划 第二个行权期行权条件未成就、注销部分股票期权 及调整期权价格的 法律意见书 精诚磐明法字(2026)第 SHE2024056-2 号 二〇二六年三月 1 上海精诚磐明律师事务所 上海精诚磐明律师事务所（以下简称"本所"）接受浙江森马服饰股份有限公司 （以下简称"森马服饰"或"公司"）的委托，担任森马服饰 2024 年股票期权激励计划 （以下简称"本激励计划"）项目的专项法律顾问，现本所律师根据《中华人民共和 国公司法》（以下简称《公司法》）、《中 ...

内部控制审计报告 浙江森马服饰股份有限公司 内部控制审计报告 2025 年度 信会师报字[2026]第 ZF10174 号 浙江森马服饰股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了浙江森马服饰股份有限公司（以下简称贵公司） 2025 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 内控审计报告 第 1页 四、 财务报告内部控制审计意见 我们认为，贵公司于 2025 年 12 月 31 日按照《企业内部控制基 本规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是贵公司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 ...