Core Viewpoint - George White is a leading enterprise in the professional clothing sector in China, with a comprehensive product line and an efficient supply chain, indicating high investment value [1] Group 1: Business Performance - In Q3 2025, George White reported revenue of 805 million yuan, ranking 23rd out of 38 in the industry, with the top competitor, Hailan Home, generating 15.599 billion yuan [2] - The net profit for the same period was 18.1563 million yuan, also ranking 23rd in the industry, with the leading company, Youngor, achieving 2.334 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, George White's debt-to-asset ratio was 23.05%, an increase from 22.71% year-on-year, which is lower than the industry average of 38.41% [3] - The gross profit margin for Q3 2025 was 45.99%, down from 48.65% year-on-year, but still above the industry average of 44.68% [3] Group 3: Executive Compensation - The chairman, Chi Ye, received a salary of 998,500 yuan in 2024, a slight decrease from 1 million yuan in 2023 [4] - The general manager, Bai Guangyu, earned 837,300 yuan in 2024, down from 1 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.82% to 16,200, with an average holding of 25,500 circulating A-shares, a decrease of 0.81% [5]

Core Points - The stock price of George White increased by 2.12% on October 31, reaching 4.82 CNY per share, with a total market capitalization of 2.433 billion CNY [1] - Year-to-date, George White's stock price has risen by 10.05%, with a 1.69% increase over the last five trading days and a 7.83% increase over the last 20 days [2] - For the period from January to September 2025, George White reported a revenue of 805 million CNY, representing a year-on-year growth of 2.51%, while the net profit attributable to shareholders decreased by 54.88% to 23.8591 million CNY [2] Company Overview - George White, established on July 31, 2001, and listed on July 13, 2012, is located in Pingyang County, Zhejiang Province, and specializes in the production and sale of professional attire, men's clothing, and casual wear [2] - The company's main products include suits, trousers, vests, skirts, shirts, jackets, and trench coats, with revenue composition as follows: other 32.66%, shirts 25.73%, tops 23.28%, trousers 17.33%, others (supplement) 0.98%, and design fee income 0.03% [2] - As of October 20, the number of shareholders for George White was 16,400, an increase of 1.12% from the previous period, with an average of 25,214 circulating shares per person, a decrease of 1.10% [2] Dividend Information - Since its A-share listing, George White has distributed a total of 692 million CNY in dividends, with 174 million CNY distributed over the past three years [3]

浙江乔治白服饰股份有限公司（以下简称"公司"）于 2025 年 4 月 3 日召 开第七届监事会第十三次会议、第七届董事会第十九次会议和 2025 年 4 月 29 日召开 2024 年度股东大会，审议通过了《关于续聘中审众环会计师事务所（特 殊普通合伙）为公司 2025 年审计机构的议案》，同意继续聘任中审众环会计师 事务所（特殊普通合伙）为公司 2025 年度财务审计机构。具体内容详见公司于 2025 年 4 月 7 日 在 《 证 券 时 报 》 《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于续聘任会计师事务所的公告》（公告编号： 2025-008）。 近日，公司收到中审众环出具的《关于变更签字注册会计师的函》，现将相 关情况公告如下： 一、变更签字会计师的基本情况 证券代码：002687 证券简称：乔治白 公告编号：2025-035 浙江乔治白服饰股份有限公司 关于变更签字注册会计师的公告 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。 1、基本信息 杜明不存在违反《中国注册会计师职业道德守则》有 ...

Core Viewpoint - The company has released its third-quarter financial report, highlighting significant changes in various financial metrics and operational activities, including a notable decline in net profit and substantial increases in certain asset categories. Financial Data Summary - The company reported a 53.74% decrease in cash and cash equivalents, primarily due to increased investment expenditures [4] - Net cash flow from operating activities increased by 47.08%, attributed to higher cash receipts from sales of goods and services [5] - Trading financial assets rose by 119.49%, driven by increased wealth management investments [5] - Accounts receivable increased by 111.14%, reflecting a rise in received bills [5] - Prepaid accounts surged by 461.40%, linked to increased procurement activities [5] - Other current assets decreased by 53.51%, due to a reduction in receivable return costs [5] - Investment properties fell by 32.83%, as some rental properties were converted for self-use [5] - Construction in progress increased by 38.13%, reflecting higher investment in ongoing projects [5] - Other non-current assets rose by 85.27%, mainly due to an increase in fixed-term deposits [5] - Net profit decreased by 63.57%, primarily due to a decline in gross sales margin [5] Shareholder Information - The company held its first temporary shareholders' meeting and employee representative assembly on September 1, 2025, resulting in the election of nine directors to form the eighth board of directors [7] - The company reduced its stake in a former subsidiary, Shanghai Zhishang Creative Design Co., Ltd., by 31%, losing control and excluding it from consolidated financial statements [7] Other Important Matters - The company held board meetings to revise its articles of association and various internal regulations, completing the necessary business registration by September [6][7] - A subsidiary made two new external investments, acquiring 12.5% of Wenzhou Cuiyi Mountain Catering Co., Ltd. and 50% of Wenzhou Qiuming Glasses Co., Ltd. [7]

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit for the first three quarters of 2025 [1] Financial Performance - The company achieved an operating revenue of 805 million yuan, representing a year-on-year growth of 2.51% [1] - The net profit attributable to shareholders of the listed company was 23.86 million yuan, showing a year-on-year decrease of 54.88% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 26.19 million yuan, reflecting a year-on-year decline of 3.92% [1]

Core Insights - The company reported third-quarter revenue of 281 million, representing a year-on-year increase of 4.54% [1] - Net profit for the third quarter was 9.3 million, showing a year-on-year growth of 28.17% [1] - For the first three quarters, total revenue reached 805 million, reflecting a year-on-year increase of 2.51% [1] - However, net profit for the first three quarters was 23.8591 million, which is a year-on-year decline of 54.88% [1]

Financial Performance - Q3 2025 revenue reached ¥280,926,367.08, an increase of 4.54% year-over-year[5] - Net profit attributable to shareholders was ¥9,299,970.16, up 28.17% compared to the same period last year[5] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 133.61% to ¥6,658,650.69[5] - Total operating revenue for Q3 2025 reached ¥804,605,937.73, an increase of 2.3% compared to ¥784,897,417.12 in the same period last year[18] - Net profit for the period was ¥18,156,284.20, a decrease of 63.6% from ¥49,840,350.27 in the previous year[19] - The total comprehensive income attributable to the parent company was CNY 22,917,437.01, compared to CNY 52,884,143.43 in the previous period, reflecting a significant decrease[20] - The company reported a basic and diluted earnings per share of CNY 0.05, down from CNY 0.11 in the previous period[20] Assets and Liabilities - Total assets decreased by 3.70% to ¥2,052,287,618.04 compared to the end of the previous year[5] - The company's total assets decreased to ¥2,052,287,618.04 from ¥2,131,041,224.15, a decline of 3.7%[16] - Total liabilities decreased to ¥473,049,825.26, down from ¥579,722,471.12, representing a reduction of 18.3%[16] - The equity attributable to shareholders of the parent company increased to ¥1,492,277,550.75 from ¥1,468,060,184.14, a growth of 1.6%[16] Cash Flow - Cash flow from operating activities showed a net decrease of 89,664,075.99, reflecting a 47.08% increase in cash received from sales[5][8] - The net cash flow from operating activities was negative at CNY -89,664,075.99, an improvement from CNY -169,424,440.47 in the previous period[23] - Cash inflow from operating activities totaled CNY 844,192,613.03, slightly up from CNY 824,837,150.68 year-over-year[22] - The company’s cash and cash equivalents decreased to ¥308,753,502.72 from ¥667,378,911.44[14] - The company’s cash and cash equivalents decreased to ¥1,331,069,755.19 from ¥1,447,797,765.62, a decline of 8.0%[16] - The company experienced a net decrease in cash and cash equivalents of CNY -358,120,404.12, compared to CNY -470,096,373.18 in the previous period[23] Investments and Shareholder Information - The company reduced its stake in Shanghai Zhishang Creative Design Co., Ltd. by 31%, losing control and excluding it from consolidated financial statements[12] - The company made two new investments through its subsidiary, acquiring 12.5% of Wenzhou Cuiyi Mountain Catering Co., Ltd. and 50% of Wenzhou Qiuming Glasses Co., Ltd.[11] - The total number of common shareholders at the end of the reporting period is 16,216[9] - The largest shareholder, Chi Fangran, holds 13.73% of shares, totaling 69,282,566 shares[9] Expenses - Total operating costs increased to ¥756,409,190.02, up from ¥729,826,868.80, reflecting a rise of 3.4% year-over-year[18] - Research and development expenses for the quarter were ¥52,988,879.39, down from ¥56,817,427.72, a decrease of 6.3%[18] - The company reported a significant decrease in financial expenses, improving to -¥1,510,414.27 from -¥5,378,029.31[19] Other Financial Metrics - The basic earnings per share for the period was ¥0.0184, a slight increase of 0.25%[5] - The weighted average return on net assets was 0.62%, a decrease of 2.15% compared to the previous year[5] - The company’s deferred income tax assets increased to ¥45,321,682.93 from ¥42,296,984.65, an increase of 7.1%[16] Regulatory and Audit Information - The company completed the registration of amendments to its articles of association and various internal regulations in September 2025[11] - The company did not undergo an audit for the third quarter financial report[24]

Company Overview - George White Clothing Co., Ltd. is located in Pingyang County, Zhejiang Province, and was established on July 31, 2001. The company was listed on July 13, 2012. Its main business involves the production and sales of the "George White" brand, which includes professional attire, men's clothing, and casual wear [1][2]. Financial Performance - As of October 20, 2023, George White reported a revenue of 524 million yuan for the first half of 2025, representing a year-on-year growth of 1.46%. However, the net profit attributable to shareholders was 14.56 million yuan, showing a significant decline of 68.09% compared to the previous year [2]. - The company has cumulatively distributed 692 million yuan in dividends since its A-share listing, with 174 million yuan distributed over the past three years [3]. Stock Performance - On October 29, 2023, George White's stock price decreased by 2.09%, trading at 4.68 yuan per share, with a total market capitalization of 2.362 billion yuan. The stock has seen a year-to-date increase of 6.85%, but a decline of 0.85% over the last five trading days [1]. - The stock's trading volume on October 29 was 11.33 million yuan, with a turnover rate of 0.58%. The net inflow of main funds was 906,300 yuan, with large orders accounting for 10.15% of total purchases [1]. Shareholder Information - As of October 20, 2023, the number of shareholders for George White was 16,400, an increase of 1.12% from the previous period. The average number of circulating shares per shareholder was 25,214, which decreased by 1.10% [2]. Business Segmentation - The revenue composition of George White's main business includes: other products (32.66%), shirts (25.73%), tops (23.28%), and trousers (17.33%). Additional income from other sources is minimal [1]. Industry Classification - George White is classified under the Shenwan industry category of textile and apparel, specifically in non-sports clothing. The company is also associated with concepts such as micro-cap stocks, low-priced stocks, small-cap stocks, shell resources, and QFII holdings [1].

Group 1 - The company, George White, reported that as of September 30, 2025, the total number of shareholders is 16,216 [2]

Core Points - Zhejiang George White Garment Co., Ltd. has completed the registration of changes in business and amendments to its articles of association [1][2] - The company held its seventh board of directors' 22nd meeting on August 15, 2025, and the first extraordinary shareholders' meeting on September 1, 2025, to approve the amendments to the articles of association and the election of the board of directors and senior management [1] - The amendments to the articles of association include the unification of "shareholders' meeting" to "shareholders' assembly," removal of terms like "supervisor" and "supervisory committee," and adjustments to descriptions to "audit committee," among other non-substantive revisions [1] Summary of Changes - The company has revised its articles of association, which now reflect changes in terminology and structure without altering the substantive content of other clauses [1] - The registration of the board of directors' election and senior management appointments has been completed [1]