- The report does not contain any quantitative models or factors for analysis[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42]

在资本市场，"业绩对赌"往往是一把双刃剑，赌赢了皆大欢喜，赌输了则可能引发连绵不断的诉讼风 波。 2月10日晚间，国内知名户外用品企业三夫户外（SZ002780，股价16.92元，市值27.98亿元）披露，公 司已向北京市第一中级人民法院提起诉讼，向成都乐投帮企业管理咨询中心（有限合伙）（以下简称成 都乐投帮）及宋勇追讨高达1.21亿元的业绩补偿款。 这起诉讼的导火索，是三夫户外旗下控股子公司上海悉乐文化发展有限公司（以下简称上海悉乐）在 2022年至2024年期间未能实现业绩承诺。截至公告披露日，该案尚未开庭审理。 三年承诺未达成，合同纠纷案已进入司法程序 三夫户外2月10日晚间披露，公司已收到法院送达的《受理案件通知书》[（2026）京01民初209号]。公 司与成都乐投帮、宋勇合同纠纷一案已于近日立案。 这意味着，三夫户外与成都乐投帮及宋勇之间的合同纠纷案已正式进入司法程序。 这起纠纷的根源可以追溯到2018年。当时，三夫户外通过增资方式入股上海悉乐，并签署了一系列协 议。公告称，三夫户外与成都乐投帮、宋勇、上海悉地工程设计与顾问股份有限公司、上海悉乐签署了 《增资协议》，明确约定了上海悉乐的业绩承诺条 ...

运动·快乐·梦想 证券代码：002780 证券简称：三夫户外 公告编号：2026-007 北京三夫户外用品股份有限公司 公司于近日收到北京市第一中级人民法院送达的《受理案件通知书》[（2026）京 01 民 初 209 号]。根据《受理案件通知书》显示，公司与被告成都乐投帮企业管理咨询中心（有限 合伙）、宋勇合同纠纷一案，北京市第一中级人民法院已于近日立案。截至本公告披露日，本 案尚未开庭审理。 二、本次诉讼事项的基本情况 （一） 诉讼当事人 原告：北京三夫户外用品股份有限公司 关于控股子公司上海悉乐文化发展有限公司业绩承诺补偿进展 暨公司提起诉讼的公告 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。 特别提示： 北京三夫户外用品股份有限公司（以下简称"公司"）控股子公司上海悉乐文化发展有限 公司（以下称"上海悉乐"）未完成 2022-2024 年度的业绩承诺。根据相关协议约定，成都乐 投帮企业管理咨询中心（以下简称"成都乐投帮"）需承担业绩补偿责任；宋勇作为成都乐投 帮普通合伙人，承担无限连带责任。具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯 ...

Investment Rating - The industry rating is "Buy" [5] Core Insights - Sanfu Outdoor has released a performance forecast for 2025, with a net profit attributable to shareholders expected to be between 45 million to 67.5 million yuan, representing a year-on-year growth of 309% to 414%, exceeding market expectations [2][14] - The growth in revenue for brand X is expected to accelerate, with a projected increase of around 40% in 2026, driven by a reduction in losses from Squirrel Paradise [2][14] - The report anticipates a significant reduction in losses for Squirrel Paradise, with adjustments made to revenue forecasts for 2025-2027 due to the impact of a warm winter [2][14] - The report highlights the potential for high-end consumer recovery in 2026, which could benefit the consumer sector [3][15] Summary by Sections Performance Forecast - Sanfu Outdoor's net profit forecast for 2025 is between 45 million to 67.5 million yuan, with a central estimate exceeding market expectations [2][14] - The expected revenue growth for brand X is attributed to the reduction in losses from Squirrel Paradise, with a projected revenue increase of approximately 40% in 2026 [2][14] Investment Recommendations - For manufacturing, there is a strong expectation of price increases in upstream materials, with recommendations for companies such as Baolong Oriental and New Australia [3][15] - In the brand category, high-end consumption shows signs of recovery, with recommendations for Jin Hong Group and Ge Li Si [3][15] Market Trends - The textile and apparel sector has shown resilience, with the SW textile and apparel sector rising by 1.52%, outperforming the Shanghai Composite Index by 2.79% [16] - The report notes that the sales growth for women's clothing on the Taobao Tmall platform has improved, with a notable increase in sales for certain brands [4][15]

Core Viewpoint - The company plans to enhance its brand presence through a combination of new offline stores and online integration by 2026, focusing on diverse outdoor styles to adapt to market changes [1] Group 1: Store Expansion Plans - The company intends to open 15 new offline specialty stores by 2026, featuring various outdoor styles such as "quiet luxury," "tactical," "old money," and "mix and match" [1] - The new stores are planned to be located in key areas, including Beijing's 798 Art District in April-May, Harbin's West City Red Square in May, and Shanghai's Qingpu Outlet in September [1] Group 2: Online and Offline Integration - The company aims to integrate online and offline channels, leveraging the unique characteristics of the new stores to amplify their market impact [1]

每经AI快讯，三夫户外发布公告称，2026年2月5日15:00-16:30，三夫户外接受汇丰晋信基金等投资者调 研，公司董事长、总经理张恒；董事会秘书秦亚敏参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——仅老年独居者就数千万，谁能帮他们从容老去？意定监护在国内诞生已14 年，距全面落地还差"最后一公里" （记者 张明双） ...

Group 1: Company Overview and Performance - Beijing Sanfu Outdoor Products Co., Ltd. reported a projected net profit of 45 million to 67.5 million yuan for 2025, with a non-recurring net profit of 46 million to 69 million yuan, indicating a turnaround from losses in 2024 [2] - 2024 marked the company's transition from channel operation to brand operation, with 2025 being the second year of brand-focused operations, showing good overall performance [2] - The outdoor industry is expected to remain a consumer hotspot in 2026, with emerging trends in differentiated outdoor styles [2] Group 2: Brand and Sales Strategy - The X-BIONIC brand showed strong sales performance in 2025, with online sales surpassing offline for the first time, and is expected to continue growing in 2026 [3] - The company plans to open 15 new offline specialty stores in 2026, focusing on various outdoor styles such as "quiet luxury" and "tactical" [3] - X-BIONIC will maintain consistent pricing and product offerings across online and offline channels while controlling the number of stores to enhance quality and efficiency [3] Group 3: Product Development and Innovation - X-BIONIC products are recognized for their advanced technology, with endorsements from professional athletes, including Olympic champion Marco Odermatt [3] - The company has introduced new product lines in 2025 and is developing a "quiet" series for 2026 to meet consumer demands for various layers of outdoor clothing [3] - X-BIONIC operates three R&D centers in Switzerland, Italy, and China, focusing on different product categories [3] Group 4: Future Expectations - In 2026, X-BIONIC is expected to outperform its 2025 performance across products, marketing, and channels [3] - The CRISPI brand is anticipated to be a highlight in 2026 due to its strong heritage and product quality, while HOUDINI is expected to grow after relocating its production line to Southeast Asia [3]

银华盛世精选灵活配置混合发起式A（003940）基金经理为张萍、李晓星。 截至发稿，张萍累计任职时间7年92天，现任基金资产总规模174.37亿元，任职期间最佳基金回报 254.44%， 任职期间最差基金回报-37.41%。 2月3日，三夫户外涨5.24%，截至发稿，报17.27元/股，成交3.75亿元，换手率16.92%，总市值28.56亿 元。三夫户外股价已经连续3天上涨，区间累计涨幅12.78%。 资料显示，北京三夫户外用品股份有限公司位于北京市昌平区陈家营西路3号院23号楼，成立日期2001 年6月22日，上市日期2015年12月9日，公司主营业务涉及研发销售专业优质户外运动用品、运营X- BIONIC黑科技运动奢侈品牌、组织户外活动赛事团建、设计建设运营"松鼠部落亲子户外乐园+鹰极安 全教育培训+三夫小勇士+Sanfo Hood野奢营地"亲子青少年综合素质教育项目。主营业务收入构成为： 服装类59.21%，鞋袜类25.95%，装备类10.77%，户外服务4.07%。 从三夫户外十大流通股东角度 数据显示，银华基金旗下1只基金位居三夫户外十大流通股东。银华盛世精选灵活配置混合发起式A （003940） ...

证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 30 日 [Table_Title] 业绩超预期，期待 26 年加速开店 [Table_Title2] 三夫户外(002780) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 002780 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 19.2/8.74 | | 目标价格： | | 总市值(亿) | 24.67 | | 最新收盘价： | 14.92 | 自由流通市值(亿) | 19.49 | | | | 自由流通股数(百万) | 130.65 | [Table_Summary] 事件概述 公司发布 2025 业绩预告，归母净利为 4500-6750 万元，同比增长 309-414%，预告中枢净利超市场预期。 分析判断: 我们分析，X 品牌营收持续增长、我们预计超预期主要来自松鼠乐园减亏，我们此前预计亏损 2000 万，上 半年为亏损 420 万元，减亏明显，全年我们预计亏损为几百万元。 投资建议 我们分析，展望 26 年，（1）X 品 ...

Group 1 - The company expects a positive net profit for the fiscal year 2025, indicating a turnaround from previous losses [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies between the company and the auditors [1] Group 2 - The company is focusing on a development strategy centered around "self-owned brands + exclusive agency brands," which has led to significant improvements in product development and brand marketing [1] - The revenue from the key sports technology brand X-BIONIC has shown continuous year-on-year growth, while exclusive agency brands such as CRISPI, HOUDINI, MYSTERY RANCH, and LA SPORTIVA have also performed well [1] - Overall, the company's revenue and profitability have significantly increased, with a substantial year-on-year growth in net profit [1]