Financial Performance - The company's operating revenue for the current period is ¥3,139,311,437.98, representing a 4.58% increase compared to ¥3,001,865,677.61 in the same period last year [18]. - Net profit attributable to shareholders of the listed company is ¥346,443,875.90, an increase of 11.40% from ¥310,983,875.03 year-on-year [18]. - The net profit after deducting non-recurring gains and losses is ¥337,697,749.92, reflecting a 15.55% increase from ¥292,255,067.89 in the previous year [18]. - Basic and diluted earnings per share are both ¥0.13, up 8.33% from ¥0.12 in the previous year [18]. - The net profit attributable to shareholders for Q1 2024 was CNY 8,746,125.98 after accounting for various income and expenses, including a tax impact of CNY 2,818,971.25 [48]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 114.18% to ¥833,987,358.15, primarily due to increased sales receipts and reduced payments [8]. - The company's cash and cash equivalents at the end of the period reached ¥8,867,240,956.02, up from ¥8,103,728,168.05 at the beginning of the period [14]. - The company reported a significant increase in cash received from sales of goods and services, totaling ¥3,713,488,428.92, compared to ¥3,548,981,431.99 in the previous year [26]. - The cash inflow from investment activities was 105,773,092.56 CNY, down from 357,487,647.26 CNY in the previous period, indicating a decrease in investment returns [28]. - The cash outflow from financing activities was 927,384,504.55 CNY, significantly higher than 53,581,533.26 CNY in the previous period, reflecting increased financing costs [28]. Assets and Liabilities - Total assets at the end of the reporting period amount to ¥18,148,207,803.73, a 1.18% increase from ¥17,936,916,562.62 at the end of the previous year [18]. - The total liabilities decreased by 45.61% for employee compensation, reflecting the payment of year-end bonuses for 2023 [8]. - The company has reclassified a significant amount of time deposits to current assets, resulting in a 76.31% decrease in other non-current assets to ¥102,462,776.00 [8]. - The company reported a total non-current liabilities of 165,901,908.40 CNY, slightly decreased from 167,092,769.35 CNY in the previous period [38]. - The total equity attributable to shareholders increased to 11,839,416,989.71 CNY from 11,493,310,382.57 CNY, showing a positive trend in shareholder equity [38]. Operational Efficiency - The total inventory decreased to ¥2,586,803,267.67 from ¥2,746,691,829.09, indicating a reduction in stock levels [14]. - The company’s cash outflow for purchasing goods and services was 1,737,373,740.90 CNY, a decrease from 2,000,989,875.15 CNY in the previous period, indicating improved cost management [28]. - Total operating costs for Q1 2024 were CNY 2,581,259,263.76, up from CNY 2,544,099,611.51, reflecting a year-on-year increase of 1.47% [53]. Investments and Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing investments in new technologies and product development [8]. - The company has invested 162,996,730.59 CNY in asset custody plans, focusing on low-risk investments such as bank deposits and bonds [33]. - The company pledged 700,000,000 CNY of its time deposits for bank credit applications in 2024 [34]. Other Income and Expenses - The company reported a decrease in other income by 56.69% to ¥5,984,830.30, primarily due to reduced government subsidies received [8]. - The company received government subsidies amounting to CNY 3,744,828.89 during the quarter, contributing positively to the financial results [48]. - The company recorded a fair value change gain of CNY 4,822,731.15 from financial assets and liabilities during the quarter [48]. - The impairment provision reversal for receivables amounted to CNY 1,648,318.57, indicating improved asset quality [48]. - Other income for the quarter was CNY 5,984,830.30, down from CNY 13,817,523.23 in the previous year, reflecting a decline in non-operating income sources [53].

上海磐明律师事务所 中国上海市浦东新区世纪大道100号 上海环球金融中心15楼T61 邮政编码: 200120 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 致：浙江森马服饰股份有限公司 关于浙江森马服饰股份有限公司 2023 年年度股东大会的法律意见书 浙江森马服饰股份有限公司（下称"公司"）2023年年度股东大会（下称"本次股东大会"） 的现场会议于 2024 年 4 月 25 日（星期四）下午 2:00 在上海市闵行区莲花南路 2689 号如期 召开，本次股东大会采取现场会议与网络投票结合的方式。上海磐明律师事务所（下称"本 所"）接受公司的委托，指派黄栩、杨露律师（下称"本所律师"）出席本次股东大会，根据 《中华人民共和国公司法》（下称《公司法》）、《中华人民共和国证券法》（下称 ...

证券代码：002563 证券简称：森马服饰 公告编号：2024-12 浙江森马服饰股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 出席本次股东大会的股东及股东代表共计 33 名，代表本公司有表决权股份 数 1,793,117,884 股，占公司有表决权股份总数的 66.5575%；其中现场参加本 次股东 大会 的股 东 及股东 代表 共 17 名，代 表本 公司 有 表决权 股份数 1,639,590,645 股，占公司有表决权股份总数的 60.8588%；通过网络投票的股东 16 人，代表本公司有表决权股份数 153,527,239 股，占公司有表决权股份总数 的 5.6987%。 本次会议由公司董事会召集，董事长邱坚强先生主持，公司董事、监事、高 级管理人员及上海磐明律师事务所律师现场参加了会议。本次会议的召集、召开 程序符合《中华人民共和国公司法》及其他法律、行政法规、部门规章、规范性 文件及《公司章程》等的规定。 二、提案审议表决情况 本次股东大会无新议案提交表决，也无议案被修改或否决情况。出席会议的 股东 ...

Investment Rating - Buy rating is given to the company with a target price of 5 99 yuan [7][9] Core Views - The company's 2023 annual report shows a revenue of 13 66 billion yuan, a year-on-year increase of 2 5%, and a net profit attributable to the parent company of 1 12 billion yuan, a year-on-year increase of 76 1% [10] - The company's dividend payout ratio for 2023 is 72%, with a dividend per share of 0 3 yuan, corresponding to a dividend yield of 5 2% [10] - The children's wear business has shown steady growth, with revenue increasing by 4 9% year-on-year to 9 37 billion yuan, accounting for 69% of total revenue [10] - The company's gross profit margin increased by 2 7 percentage points to 44% in 2023, driven by improved discount rates and an increase in the proportion of high-margin direct sales [10] - The company's inventory turnover days decreased by 25 8 days to 155 days, and inventory net value decreased by 28 6% to 2 75 billion yuan, indicating improved operational efficiency [10] - The company's operating cash flow increased by 65 1% to 1 941 billion yuan in 2023, reflecting a healthy cash flow position [10] Financial Forecasts - The company's revenue is expected to grow by 11 4% in 2024, 9 2% in 2025, and 8 5% in 2026 [11] - Net profit attributable to the parent company is expected to be 1 272 billion yuan in 2024, 1 489 billion yuan in 2025, and 1 747 billion yuan in 2026 [11] - The company's PE ratio is expected to be 13x in 2024, 11x in 2025, and 9x in 2026 [11] Business Performance - The company's offline channel recovery is evident, with direct sales revenue increasing by 19 2% year-on-year to 1 37 billion yuan [10] - The number of offline stores decreased by 213 in 2023, but the company expects to resume net store openings in 2024 [10] - The company's sales, management, R&D, and financial expense ratios decreased by 0 4, 0 2, 0 2, and 0 8 percentage points respectively in 2023, indicating effective cost control [10]

现就公司 2023 年度网上业绩说明会向投资者公开征集问题，听取投资者的意见和建议。 投资者可于 2024 年 4 月 22 日（周一）17:00 前将所关注问题发送至公司电子信箱 ir@semir.com。公司将在 2023 年度网上业绩说明会上回复投资者普遍关注的问题。 欢迎广大投资者积极参与。 浙江森马服饰股份有限公司 关于举行网上业绩说明会的通知 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")已于 2024 年 4 月 2 日发布了《浙江 森马服饰股份有限公司 2023 年年度报告》。为便于广大投资者更深入全面地了解公司情 况，现定于 2024 年 4 月 23 日（周二）15:00-16:00 在全景网举办 2023 年度网上业绩说明 会，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度 业绩说明会。 证券代码：002563 证券简称：森马服饰 公告编号：2024-11 出席本次网上业绩说明会的人员有：公司董事长邱坚强先生，董事兼总经理徐波先生， 董事、副总经理 ...

公 司 点 评 报 告 ＃相关报告 relatedReport＃ 增持 ( 投资要点 ＃⚫summary 全年收入利润提升，四季度盈利不及预期。 ＃ ①2023 年公司实现营业收入/归母净利 润 / 扣 非 归 母 净利润 136.61/11.22/10.21 亿 元 ， 分 别 同 比 2022 年 +2.47%/+76.06%/+105.29%，分别同比 2021 年-11.41%/-24.55%/-24.58%。②2023Q4 单季度公司实现营业收入/归母净利润/扣非归母净利润 47.62/2.89/2.45 亿元，分别 同比 2022 年+8.52%/-20.81%/-25.01%。23Q4 业绩有所下滑主要系 Q4 投资性房地 产计提减值损失。 ⚫ 休闲服饰下滑幅度收窄，儿童服饰恢复增长，直营和加盟增长较好。①分业务看， 2023 年休闲服饰/儿童服饰/其他业务分别实现收入 41.71/93.73/1.17 亿元，分别同比 -2.58%/+4.92%/+0.20%。②分渠道看，线上/直营/加盟/联营/其他分别实现收入 62.28/13.74/57.79/1.63/1.17 亿元，分别同比-3.51% ...

[Table_Authors] 陈梦 首席分析师 SAC 执证编号：S0110521070002 chenmeng@sczq.com.cn 电话：010-81152649 | --- | --- | |---------------------------------|------------| | | | | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 5.87 | | 一年内最高 / 最低价（元） | 6.82/4.80 | | 市盈率（当前） | | | 市净率（当前） | 14.10 1.38 | | 总股本（亿股） | 26.94 | | 总市值（亿元） | 158.14 | | 资料来源：聚源数据 | | [Table_Title] 经营质量提升，货品周转加速 [Table_Summary] ⚫ 事件：公司发布 2023 年报，期内实现营收 136.6 亿元，同比+2.5%；实 现归母净利润 11.21 亿元，同比+76.1%。拟每股派发现金红利 0.3 元。 点评： ⚫ 童装业务增长稳健，直营渠道表现亮眼。分业务看，2023 年公司休闲 装/童装分别实现营收 ...

公 司 更 新 报 告 56% 58% 61% 63% 65% 68% 6445 6884 7323 7762 8200 8639 21A 22A 23E 24E 25E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来自合规渠道，分析 逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或 影响，特此声明。 本公司利用信息隔离墙控制内部一个或多个领域、部门或关联机构之间的信息流动。因此，投资者应注意，在法律许可的情 况下，本公司及其所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为这些公 司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务。在法律许可的情况下，本公司的员工可能担任本报告所 提到的公司的董事。 国泰君安证券研究所 请务必阅读正文之后的免责条款部分 -10% 3% 17% 30% 44% 57% -15% -5% 4% 14% 23% 33% 2023-04 2023-08 2023 ...

| --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | 会计年度 2022A | | 2023A | 2024E | 2025E | 2026E | | 经营活动现金流 | 1176 | 1941 | 1999 | 1871 | 2426 | | 净利润 | 610 | 1120 | 1322 | 1474 | 1642 | | 折旧摊销 | 265 | 246 | 208 | 228 | 230 | | 财务费用 | -54 | -159 | -157 | -179 | -208 | | 投资损失 | -12 | -6 | -40 | -33 | -23 | | 营运资金变动 | -546 | -155 | 112 | -236 | 84 | | 其他经营现金流 | 913 | 895 | 555 | 617 | 700 | | 投资活动现金流 | 1867 | 566 | -59 | -69 | -150 | | 资本支出 | 111 | 261 | 121 ...

公司研究丨点评报告丨森马服饰（002563.SZ） [Table_Title] 森马服饰 2023 年年报点评：H2 收入环比改善， 资产质量优化 分析师及联系人 SAC：S0490518020002 SAC：S0490513080003 SAC：S0490524020003 SFC：BQT624 森马服饰（002563.SZ） cjzqdt11111 2024-04-09 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Title 森马服饰 2023 2] 年年报点评：H2 收入环比改善， 资产质量优化 公司单 Q4 实现营收、归母净利润、扣非归母净利润 47.6、2.89、2.45 亿元，同比变动 8.5%、 -20.8%、-25%。2023 年累计实现营收、归母净利润、扣非归母净利润 136.6、11.2、10.2 亿 元，同比变动 2.5%、76.1%、105.3%。2023 年公司分红比例为 72%，派息 0.3 元/股，对应 股息率 5.2%。 ⚫ 收入 H2环比改善，加盟、休闲环比改善较多。分渠道，2023H1/H2 主业收入同比-1%/+5%， 其中直营收入同比 ...