证券代码：002563 证券简称：森马服饰 公告编号：2025-20 浙江森马服饰股份有限公司 关于 2025 年度新增日常关联交易预计的公告 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")于 2025 年 6 月 11 日在公司会议室召 开第六届董事会第十五次会议，会议审议通过了《关于 2025 年度新增日常关联交易预计 的议案》，具体如下： 一、日常关联交易基本情况 （二）预计日常关联交易类别和金额 单位：元 | | | | 关 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关 | | 关 | 联 | | | | | | | 联 | | 联 | 交 | | | | | | | 交 | | 交 | 易 | 本年度已预计金 | 本次调整预计金 | | 截至披露日已 | | | 易 | 关联人 | 易 | 定 | 额 | 额 | 调整后预计金额 | 发生金额 | 上年发生金额 | | 类 | | 内 | 价 | | | | | ...

证券代码：002563 证券简称：森马服饰 公告编号：2025-19 浙江森马服饰股份有限公司(以下简称"公司")于 2021 年 8 月 27 日在公司召开第五 届董事会第十六次会议，审议通过《关于上海产业园改扩建的议案》，通过公司全资子公 司上海森马服饰有限公司（以下简称"上海森马"）改扩建上海产业园仓储物流区域，项 目计划投资 10.06 亿元。 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。 因森马服饰上海产业园改扩建项目（以下简称"本项目"）方案调整等因素，需增加 投资规模。公司于 2025 年 6 月 11 日在公司召开第六届董事会第十五次会议，审议通过《关 于上海产业园改扩建项目调整的议案》，将项目原计划总投资 10.06 亿元调整至 15.00 亿 元。 根据《深圳证券交易所股票上市规则》及《公司章程》的相关规定，此项投资不构成 关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组，此议案无需 提交股东大会审议表决。 二、调整后项目的基本情况 1、项目名称：森马服饰上海产业园改扩建项目； 5、资金来源：公司自筹资金； 浙江森马服饰股 ...

证券代码：002563 证券简称：森马服饰 公告编号：2025-18 浙江森马服饰股份有限公司 第六届董事会第十五次会议决议公告 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。 内容详见巨潮资讯网（http://www.cninfo.com.cn）同期披露的《浙江森马服饰股份 有限公司关于上海产业园改扩建项目调整的公告》。 2、审议通过《关于 2025 年度新增日常关联交易预计的议案》。 表决结果：赞成 7 票；反对 0 票；弃权 0 票；回避 2 票。其中，关联人董事长邱坚强、 副董事长周平凡回避表决。 上述议案经公司 2025 年第二次独立董事专门会议一致同意并提交董事会审议。 一、董事会会议召开情况 浙江森马服饰股份有限公司(以下简称"公司")于 2025 年 6 月 11 日在公司召开第六 届董事会第十五次会议，本次会议以现场与视频通讯表决相结合的方式召开。会议通知已 于 2025 年 6 月 6 日以书面及电子邮件的方式向全体董事发出并送达。 本次会议应出席董事 9 人，实际出席董事 9 人，全体董事以现场或视频通讯方式出席 并表决，会议由董事长邱坚 ...

Group 1 - The company announced an investment of 1.006 billion yuan for the expansion of its Shanghai industrial park on August 27, 2021 [1] - On June 11, 2025, the company revised the total investment for the Shanghai industrial park expansion project to 1.5 billion yuan due to plan adjustments and increased investment scale [1] - The project will be implemented by Shanghai Semir Garment Co., Ltd., located at 2689 Lianhua South Road, Wujing Town, Minhang District, Shanghai, with a planned completion date of September 2026 [1] Group 2 - The total construction area of the project after adjustment is 220,900 square meters, including an above-ground area of 152,900 square meters and a two-level underground area of 68,000 square meters [1]

Industry Overview - The baby and children's clothing industry caters to children aged 0-14 years, with a focus on quality and safety standards in design and production [1][4] - The market size of China's baby and children's clothing industry has grown from 157.08 billion yuan in 2016 to 260.7 billion yuan in 2024, reflecting a robust growth trend [1][12] Market Environment - The demand for baby and children's clothing is directly linked to birth rates and national fertility policies, with a projected increase in birth rates to 9.54 million in 2024 [6][10] - Despite a decline in birth rates in recent years, the rising costs associated with child-rearing have led to increased spending on baby and children's clothing, with average costs reaching 538,000 yuan per child [8][10] Competitive Landscape - The market is characterized by intense competition, featuring both domestic brands like Balabala and international brands such as Disney and Nike Kids [14][15] - Major players include Jinfa Labi, Semir, and Anner, with varying market shares and brand recognition [15][18] Development Trends - The market is expected to continue expanding, driven by increasing birth rates and a shift towards higher quality and more personalized clothing options [20] - Sales channels are diversifying, with a significant shift towards online platforms, while offline channels are innovating to enhance customer experience [21] - Technological innovation and environmental considerations are becoming key drivers of industry growth, with a focus on smart and eco-friendly products [22]

Core Points - The company announced the cancellation of 39,145,520 stock options due to the failure to meet the exercise conditions for the first exercise period of the 2024 stock option incentive plan [1][2] - The cancellation was approved at the company's annual general meeting held on May 8, 2025, and completed on May 23, 2025 [2] - The cancellation process complies with relevant laws and regulations, ensuring no adverse effects on the company's capital structure or the interests of shareholders, particularly minority shareholders [2] Summary by Sections - **Stock Option Cancellation**: The company canceled a total of 39,145,520 stock options, which includes 38,725,320 options from 143 incentive targets who did not meet the exercise conditions and 420,200 options from a departing employee [1] - **Approval and Completion**: The cancellation was approved during the shareholder meeting on May 8, 2025, and was finalized by the China Securities Depository and Clearing Corporation on May 23, 2025 [2] - **Regulatory Compliance**: The cancellation adheres to the company's stock option incentive plan and relevant regulatory guidelines, confirming that the reasons and quantities for cancellation are legal and valid [2]

证券代码：002563 证券简称：森马服饰 公告编号：2025-17 浙江森马服饰股份有限公司 关于部分股票期权注销完成的公告 经中国证券登记结算有限责任公司深圳分公司审核确认，公司已于 2025 年 5 月 23 日 完成上述共计 39,145,520 份股票期权的注销事宜。 公司本次注销股票期权事项符合公司 2024 年股票期权激励计划、《上市公司股权激励 管理办法》、《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》等法律法规 和规范性文件的相关规定，注销原因及数量合法、有效，且程序合规。本次注销股票期权 不会对公司股本结构造成影响，不存在损害公司及其他股东特别是中小股东利益的情况。 特此公告。 1 浙江森马服饰股份有限公司 董事会 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")于 2025 年 3 月 28 日在公司召开第 六届董事会第十三次会议、第六届监事会第十二次会议，会议审议通过了《关于 2024 年 股票期权激励计划第一个行权期行权条件未成就及注销部分股票期权的议案》，因公司 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is expected to benefit from the sentiment boost due to childbirth subsidy policies, which may enhance the performance of its retail brand, Balabala. The ongoing new retail reforms are anticipated to yield positive results, and continued store openings could provide additional revenue and performance flexibility. The projected net profits for 2025-2027 are estimated at 1.18 billion, 1.31 billion, and 1.45 billion yuan, with corresponding P/E ratios of 14, 12, and 11 times. Assuming an 80% dividend payout ratio, the estimated dividend yield for 2025 is approximately 5.9% [2][5]. Financial Performance Summary - In Q1 2025, the company reported revenues of 3.08 billion yuan, a year-on-year decrease of 2%. The net profit attributable to the parent company was 210 million yuan, down 38% year-on-year, while the net profit after deducting non-recurring gains and losses fell by 43% [5]. - The gross profit margin for Q1 increased by 0.4 percentage points to 47%, attributed to reduced discounts and an increase in direct sales. However, the expense ratio rose significantly by 5.9 percentage points, with sales, management, and financial expense ratios increasing by 4.1, 0.7, and 1.2 percentage points, respectively. Consequently, the net profit margin decreased by 4.1 percentage points to 7.0% [5][10]. - Inventory levels increased by 29.4% year-on-year to 3.35 billion yuan, with a turnover rate declining by 0.15 times to 0.48 times. The net cash flow from operating activities dropped by 82% year-on-year to 150 million yuan, primarily due to increased payments for goods [10][11].

Core Viewpoint - Guki Down Material (001390.SZ) has initiated its subscription with an issue price of 12.08 CNY per share and a price-to-earnings ratio of 14.65 times, focusing on high-end down products for clothing and bedding applications [1] Business Overview - The company specializes in the research, production, and sales of high-specification down products, primarily goose and duck down, targeting the mid-to-high-end market [1] - Guki Down Material has established partnerships with notable clients such as Hailan Home, Semir Apparel, and Luolai Life [1] Production Capacity and Utilization - The company's production capacity for 2022 was 1,144 million units, with a production volume of 757.15 million units and a sales volume of 743.90 million units, resulting in a capacity utilization rate of 66.18% [2] - The capacity utilization rates for previous years were 76.70% in 2021, 87.09% in 2020, and 87.39% in 2019, indicating a downward trend in utilization [2] Financial Performance - The company reported revenues of approximately 4.59 billion CNY in 2019, 4.44 billion CNY in 2020, and 5.96 billion CNY in 2021, with net profits of 358.15 million CNY, 539.93 million CNY, and 768.12 million CNY respectively [2] - For the first half of 2022, the company achieved a revenue of 25.88 million CNY and a net profit of 2.77 million CNY [5] Cash Flow Analysis - The net cash flow from operating activities was negative in several periods, with figures of -25.86 million CNY, -47.75 million CNY, 29.91 million CNY, and -47.73 million CNY [6] - The company faces challenges with long accounts receivable cycles from downstream customers, which has led to significant working capital constraints [7]

近日，安徽古麒绒材股份有限公司（以下简称"古麒绒材"）在深交所披露主板上市招股意向书，将于2025年5月19日开启申 购，预计融资金额5.01亿元。 古麒绒材本次IPO相关中介机构分别为国信证券、立信所及锦天城，评估机构为银信资产评估有限公司。 古麒绒材2001年成立，主营业务为高规格羽绒产品的研发、生产和销售，主要产品为鹅绒和鸭绒。同行业可比公司包括华 英农业（002321.SZ）、兴业科技（002674.SZ）、华斯股份（002494.SZ）。 公司主要客户包括海澜之家（600398.SH）、森马服饰（002563.SZ）、鸭鸭股份等羽绒服装、羽绒寝具企业。 2022年度、2023年度、2024年度，公司营业收入分别为6.67亿元、8.30亿元、9.67亿元；归母净利润分别为0.97亿元、1.22 亿元、1.68亿元；扣非归母净利润分别为0.90亿元、1.21亿元、1.65亿元。 | 项目 | 2024-12-31/ | 2023-12-31/ | 2022-12-31/ | | --- | --- | --- | --- | | | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总 ...