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 ...

2、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均累 计未超过公司股本总额的 1%。公司全部在有效期内股权激励计划所涉及的标的股票总数累 计未超过公司股本总额的 10%。激励对象因个人原因自愿放弃获授权益的，由董事会对授予 数量作相应调整，将激励对象放弃的股票期权份额直接调减或在激励对象之间进行分配。 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 注：1、上表中部分合计数与各明细数相加之和在尾数上如有差异，系以上百分比结果 四舍五入所致。 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 胡翔舟 | 核心管理（技术）人员 | | 2 | 徐素珍 | 核心管理（技术）人员 | | 3 | 吴茜茜 | 核心管理（技术）人员 | | 4 | 马赛优 | 核心管理（技术）人员 | | 5 | 韩丹 | 核心管理（技术）人员 | | 6 | 陈小燕 | 核心管理（技术）人员 | | 7 | 汤叶 | 核心管理（技术）人员 | 姓名 职务 获授的股票期 权数量（万份） 占本激励计划拟 授出全部权益数 量的比例 占本激励计划草案 公布日股本总 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company achieved steady growth in the first half of 2024, with revenue reaching 5.955 billion yuan, a year-on-year increase of 7.11%, and net profit of 553 million yuan, also up 7.14% year-on-year [1][2] - The gross margin improved to 46.11%, up 1.47 percentage points year-on-year, while the net profit margin remained stable at 9.25% [2] - The company is focusing on brand upgrades and market expansion, particularly in Southeast Asia, where it has opened seven stores in Vietnam and entered the Shopee e-commerce platform [2] Financial Performance - Revenue for 2022 was 13.331 billion yuan, with a projected increase to 14.896 billion yuan in 2024, reflecting a growth rate of 9.0% [1][5] - The net profit for 2022 was 637 million yuan, expected to rise to 1.236 billion yuan by 2024, indicating a growth rate of 10.2% [1][5] - The company's return on equity (ROE) improved from 5.6% in 2022 to a projected 10.2% in 2024 [1][5] Business Segments - In the first half of 2024, revenue from leisure apparel, children's apparel, and other segments were 1.814 billion yuan, 4.070 billion yuan, and 71 million yuan, respectively, with year-on-year growth rates of 7.66%, 6.43%, and 39.80% [2] - Online sales contributed 2.695 billion yuan, while direct sales, franchise sales, and joint sales generated 703 million yuan, 2.401 billion yuan, and 85 million yuan, respectively, with all channels showing stable growth [2] Future Outlook - The company forecasts earnings per share (EPS) of 0.46 yuan in 2024, 0.53 yuan in 2025, and 0.60 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 9.7X, 8.4X, and 7.5X [4][5]

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]

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：2024-06 1 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 2024 年 8 月 29 日： | --- | --- | --- | --- | |------------------------|---------------------------------------|-------|-------| | | 10:00-11:00；13:30-14:00；15:00-16:00 | | | | 地点 | 上海闵行区莲花南路 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 | | | | | 披露重大信息的说明 | 未涉及 | | | | 活动过程中所使用的演示 | | | | | 文稿、提供的文 ...