浙江森马服饰股份有限公司 2024 年股票期权激励计划自查表 4 | | （9）其他应当说明的事项 不适用 | | | | | | --- | --- | --- | --- | --- | --- | | 36 | 上市公司如聘请独立财务顾问，独立财务顾问报告所发表的专 是 | | | | | | | 业意见是否完整，符合管理办法的要求 | | | | | | | 审议程序合规性要求 | | | | | | 37 | 董事会表决股权激励计划草案时，关联董事是否回避表决 是 | | | | | | 38 | 股东大会审议股权激励计划草案时，关联股东是否拟回避表决 是 | | | | | | 39 | 是否不存在重大无先例事项 是 | | | | | | 切法律责任。 | 本公司保证所填写的情况真实、准确、完整、合法，并承担因所填写情况有误产生的一 | | | | | | | 浙江森马服饰股份有限公司董事会 | | | | | | | | 2024 | 年 9 | 月 5 | 日 | | 15 | 上市公司全部在有效期内的股权激励计划所涉及的标的股票总 | 是 | | --- | --- | --- | | | ...

为保证公司 2024 年股票期权激励计划（以下简称"本激励计划"）的顺利 实施，现根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上 市公司自律监管指南第 1 号——业务办理》等有关法律、行政法规、规范性文 件和《公司章程》的有关规定，并结合公司实际情况，公司特制定本办法。 第一条 考核目的 浙江森马服饰股份有限公司 2024 年股票期权激励计划实施考核管理办法 浙江森马服饰股份有限公司 2024 年股票期权激励计划 实施考核管理办法 浙江森马服饰股份有限公司（以下简称"公司"或"森马服饰"）将人才视 为核心的无形资产，不断通过增强正向激励和调节薪酬等措施，建立和完善中长 期的激励与约束机制，以有效吸引和保留优秀人才，提升团队的凝聚力和企业的 核心竞争力。在此基础上，公司推行薪酬证券化改革，以进一步激励和保留关键 人才，激发他们的积极性和创造力，推动公司长期战略目标的实现。薪酬证券化 改革的第一步是通过有效激励将股东、公司和核心团队三方利益结合在一起。在 充分保障股东利益的前提下，按照激励与约束对等的原则，公司制定了《森马服 饰 ...

证券代码：002563 证券简称：森马服饰 公告编号:2024-25 浙江森马服饰股份有限公司 表决结果：赞成 3 票；反对 0 票；弃权 0 票。 2、审议通过《2024 年股票期权激励计划实施考核管理办法》，并提交股东大会审议。 表决结果：赞成 3 票；反对 0 票；弃权 0 票。 3、审议通过《浙江森马服饰股份有限公司 2024 年股票期权激励计划激励对象名单》。 第六届监事会第九次会议决议公告 本公司及监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。 一、监事会会议召开情况 浙江森马服饰股份有限公司(以下简称"公司")于 2024 年 9 月 5 日在公司会议室召 开第六届监事会第九次会议，本次会议以通讯表决的方式召开。会议通知已于 2024 年 8 月 16 日以书面及电子邮件的方式向全体监事发出并送达。本次会议由监事会主席姜捷先 生主持，应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开符合《中华人民共 和国公司法》及《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《2024 年股票期权激励计划（草案）》及其摘要，并提交股东大会审议。 ...

浙江森马服饰股份有限公司 章 程 | | | | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 2 | | | 第一节 | 股份发行 3 | | | 第二节 | 股份增减和回购 3 | | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东大会 | 6 | | | 第一节 | 股东 6 | | | 第二节 | 股东大会 9 | | | 第三节 | 股东大会的召集 11 | | | 第四节 | 股东大会的提案与通知 13 | | | 第五节 | 股东大会的召开 15 | | | 第六节 | 股东大会的表决和决议 18 | | 第五章 | 董事会 | 22 | | | 第一节 | 董事 23 | | | 第二节 | 独立董事 25 | | | 第三节 | 董事会 30 | | | 第四节 | 董事会秘书 37 | | 第六章 | | 总经理及其他高级管理人员 38 | | 第七章 | 监事会 | 39 | | | 第一节 | 监事 39 | | | 第二节 | 监事会 40 | | 第八章 | 党建 | 42 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 森马服饰（002563.SZ） 上半年业绩实现稳健增长，全渠道持续发力 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 13,331 | 13,661 | 14,896 | 16,451 | 17,851 | 股票信息 | | | 增长率 yoy （ % ） | -13.5 | 2.5 | 9.0 | 10.4 | 8.5 | | | | 归母净利润（百万元） | 637 | 1,122 | 1,236 | 1,438 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.06 CNY, based on a 2024 PE valuation of 11 times [2][3][6] Core Insights - The company reported a revenue of 5.96 billion CNY for the first half of 2024, representing a year-on-year growth of 7.1%, with a net profit attributable to the parent company of 0.55 billion CNY, also up 7.1% [1] - The growth in children's apparel outpaced that of adult clothing, with net store openings in offline channels. The company added 52 and 151 stores for leisure and children's apparel respectively, reaching a total of 2,755 and 5,385 stores [1] - The gross margin improved significantly, with a gross margin of 46.11% for the first half of 2024, an increase of 1.5 percentage points year-on-year [1] - Inventory turnover days decreased significantly to 157 days, down 48 days year-on-year, with inventory balance decreasing by 10.3% [1] - The company is focusing on brand development, with a transformation of the Semir brand and continued emphasis on core categories for the Balabala brand [1] Financial Summary - The company’s revenue for 2024 is projected to be 14.84 billion CNY, with a year-on-year growth of 8.6% [2] - The net profit attributable to the parent company is expected to reach 1.25 billion CNY in 2024, reflecting an 11% increase [2] - The earnings per share are forecasted to be 0.46 CNY for 2024, 0.52 CNY for 2025, and 0.58 CNY for 2026 [2][6] - The gross margin is expected to improve to 44.6% in 2024, with a net margin of 8.4% [2]

森马服饰（002563.SZ） 优于大市 上半年收入与净利润增长 7%，线上毛利率提升显著 上半年收入和利润同步增长 7%，毛利率提升。森马旗下拥有以森马品牌为代 表的成人休闲服饰和以巴拉巴拉品牌为代表的儿童服饰。公司积极推进数字 化建设和全渠道融合发展，提升运营效率，2024 上半年实现收入 59.6 亿元， 归母净利润 5.5 亿元，均同比增长 7.1%。通过全渠道融合发展，线上线下产 品价差逐渐收窄，线上渠道毛利率+5.7 百分点，整体毛利率同比提升 1.5 百 分点至 46.1%。公司整体费用率基本持平，其中销售费用率略增加 0.8 百分 点至 26.0%，主要系广告宣传费及服务费同比增加所致。库存情况持续改善， 存货同比-10.2%，存货周转天数同比-48 天至 157 天。 第二季度收入增长环比提速，归母净利润小幅提升。第二季度实现收入 28.2 亿元，同比增长 10.1%，环比一季度提速；毛利率同比改善 0.6 百分点。由 于加大营销和研发费用投入，整体费用率环比一季度增加 5 百分点，同比基 本持平；扣非净利润同比增长 8.2%至 2.0 亿元；净利润主要受政府补助、理 财产品公允价值变动收益 ...

公司报告 | 半年报点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|-------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a revenue of 5.95 billion yuan in H1 2024, representing a year-on-year increase of 7.1%. The net profit attributable to the parent company is 550 million yuan, also up by 7.1% [4] - The report anticipates continued growth in the second half of 2024 due to channel expansion, despite a downward adjustment in profit forecasts for 2024-2026 [4] - The company is focusing on optimizing its channel structure and seizing new growth opportunities in the market [5] Financial Performance Summary - H1 2024 revenue breakdown: - Casual wear revenue: 1.81 billion yuan (up 7.66%) - Children's wear revenue: 4.07 billion yuan (up 6.43%) - Online sales: 2.69 billion yuan (up 3.36%) - Offline sales: Direct sales: 700 million yuan (up 4.96%), Franchise sales: 2.4 billion yuan (up 11.82%) [5] - The total number of stores as of H1 2024 is 8,140, with a net increase of 203 stores since the beginning of the year [5] - The overall gross margin for H1 2024 is 46.1%, an increase of 1.5 percentage points year-on-year [5] - The net profit margin for H1 2024 is 9.3%, remaining stable compared to the previous year [5] Earnings Forecast - The forecasted net profit for 2024-2026 is 1.23 billion yuan, 1.39 billion yuan, and 1.53 billion yuan respectively, with corresponding EPS of 0.46 yuan, 0.52 yuan, and 0.57 yuan [4] - The current price-to-earnings ratio (PE) is projected to be 9.9, 8.8, and 8.0 for the years 2024, 2025, and 2026 respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.96 billion yuan for H1 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 550 million yuan, also up 7.1% year-on-year [2] - The company has resumed net store openings in casual wear and is renovating children's clothing stores, with a focus on enhancing digital capabilities and operational efficiency [2][3] - The gross profit margin for H1 2024 increased by 1.48 percentage points to 46.11%, driven by improvements in online product structure and discount strategies [3] - The company has adjusted its net profit forecasts for 2024-2025 to 1.24 billion yuan and 1.37 billion yuan, respectively, while introducing a new forecast for 2026 at 1.51 billion yuan [3] Summary by Sections Financial Performance - Total revenue for 2022 was 13.33 billion yuan, with a decline of 13.54% year-on-year, while 2023 revenue was 13.66 billion yuan, showing a growth of 2.47% [1] - The net profit attributable to shareholders for 2022 was 637 million yuan, down 57.15% year-on-year, while 2023 net profit was 1.12 billion yuan, up 76.06% [1] - The company expects total revenue to reach 15.03 billion yuan in 2024, with a growth rate of 10% [1] Store and Product Development - As of H1 2024, the company had 2,755 casual wear stores and 5,385 children's clothing stores, with casual wear showing a year-on-year revenue increase of 7.7% [2] - The company has opened over 200 new stores under the "New Semir" model, which includes adult clothing, children's wear, footwear, and underwear [2] Online and Offline Sales Channels - Online sales increased by 3.4%, while direct sales and franchise sales grew by 5.0% and 11.8%, respectively [2] - The company is enhancing its "full-domain integration" reform to improve the consistency of pricing and product offerings across online and offline channels [2] Profitability and Cash Flow - The net profit margin for H1 2024 remained stable at 9.28%, despite challenges such as reduced government subsidies and increased tax liabilities [3] - The company reported a cash flow from operating activities of -5.43 million yuan for H1 2024, primarily due to increased prepayments for autumn and winter inventory [3]