证券代码：003016 证券简称：欣贺股份 公告编号：2025-027 欣贺股份有限公司 第五届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 欣贺股份有限公司（以下简称"公司"）第五届董事会第九次会议于 2025 年 5 月 21 日下午以现场与通讯相结合的方式召开，本次会议通知已于 2025 年 5 月 15 日通过专人、电子邮件或传真的形式送达公司全体董事。本次会议应出席 董事 9 人，实际表决的董事 9 人；公司监事和高管列席本次会议。本次会议由董 事长孙柏豪先生主持，会议的召开符合《公司法》《公司章程》等有关规定。 三、备查文件 1、第五届董事会第九次会议决议。 特此公告。 欣贺股份有限公司董事会 1、审议通过《关于对外投资成立全资子公司的议案》 根据公司经营规划和主营业务持续发展的需要，为更好地在当地开展经营活 动、满足区域门店经营需求，公司拟以自有资金投资 2,000 万元于上海市设立全 资子公司上海欣贺杰鸿贸易有限公司（最终以工商登记机关核准登记名称为准）。 根据《公司章程》和《深圳证券交易所股 ...

上 市 公 司 纺织服饰 王立平 A0230511040052 wanglp@swsresearch.com 2025 年 05 月 18 日 欣贺股份 (003016) ——24 年业绩短期承压，25Q1 利润拐点显现 报告原因：有业绩公布需要点评 中性（下调） | 市场数据： | 2025 年 05 月 16 日 | | --- | --- | | 收盘价（元） | 7.34 | | 一年内最高/最低（元） | 10.25/5.72 | | 市净率 | 1.2 | | 股息率%（分红/股价） | 3.13 | | 流通 A 股市值（百万元） | 3,075 | | 上证指数/深证成指 | 3,367.46/10,179.60 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 6.21 | | 资产负债率% | 20.64 | | 总股本/流通 A 股（百万） | 429/419 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-16 06-16 07- ...

Core Insights - The financial report for 2024 reveals that Xinha shares will face a significant downturn, with a revenue of 1.405 billion yuan, a year-on-year decline of 20.10%, and a net profit of -67.3781 million yuan, marking the first annual loss since the company's listing [1] - The crisis stems from the failure of brand premium, slow channel transformation, and inventory accumulation, reflecting deep fractures in the traditional high-end women's wear business model [1] - The company's high-end women's wear matrix is collapsing, with brand positioning losing focus, as the core customer demographic ages and the Gen Z consumer base remains insufficient [1] Company Challenges - The essence of Xinha's predicament is the collapse of high-end women's wear business logic, as the "high pricing + heavy channel" model clashes with the "high cost-performance + content-driven" new consumerism [2] - To break through, the company must reconstruct value across three dimensions: focusing on core products instead of full series development, building a data-driven agile supply chain to improve inventory turnover efficiency by over 50%, and reshaping high-end recognition through artistic collaborations and sustainable fashion [2] - The transformation window is closing, and if Xinha cannot achieve a breakthrough in its business model, it risks becoming a casualty of industry changes [2]

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 □现场参观 □其他 参与单位名称及人 员姓名 投资者网上提问 时间 2025 年 5 月 15 日下午 15:40-17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式参加厦门辖区上市公司 2024 年年报 业绩说明会暨投资者网上集体接待日活动 上市公司接待人员 姓名 董事长兼总经理孙柏豪先生；董事、副总经理兼财务总监 （代行）陈国汉先生；副总经理兼董事会秘书朱晓峰先生； 独立董事陈瑞先生 投资者关系活动主 要内容介绍 公司于 2025 年 5 月 8 日披露了《关于参加厦门辖区 上市公司 2024 年年报业绩说明会暨投资者网上集体接待 日活动的公告》，通过公司投资者关系邮箱、投资者关系 咨询热线提前征集了投资者关注的问题，并于 2025 年 5 月 15 日下午与投资者进行了网络互动问答。 投资者关系咨询热线预征集问答： 一、去年上半年的业绩情况不好，请问一下同比去年 今年上半年的业绩情况是怎么样，预期如何？ 尊敬的投资者，您好！公司坚持做好主营 ...

Core Viewpoint - The textile and apparel industry is experiencing high marketing expenditures, with several companies significantly increasing their sales expenses, which raises concerns about the balance between marketing and research and development investments [1][4]. Sales Expenses Overview - The top three companies in terms of sales expenses for 2024 are Haier Home (48.41 billion), Semir Apparel (37.51 billion), and Taiping Bird (26.39 billion) [1][2]. - Sales expenses for Haier Home and Semir Apparel have increased by 11.21% and 13.89% respectively compared to the previous year [1][2]. - Notable increases in sales expenses are observed in Jiuwang (13.88 billion, up 24.2%), Biyinlefen (16.13 billion, up 22.96%), and Semir Apparel (37.51 billion, up 13.89%) [1][2]. Sales Expense Ratios - In 2024, companies like Xinhe (54.36%), Jinhong Group (50.8%), Annail (50.42%), and Geli Si (50%) are allocating over 50% of their revenue to marketing expenses, indicating high marketing spending [2][3]. - Jiuwang's sales expense ratio is 43.64%, reflecting a significant increase from the previous year [3]. Marketing vs. R&D Investment - The industry shows a trend of high marketing expenses compared to low R&D investments, with Xinhe's sales expense ratio at 54.36% and R&D expense ratio at only 4.4% [4]. - This imbalance contributes to product homogeneity and insufficient innovation, leading to inventory issues and price wars among brands [4].

Core Insights - The apparel industry in China is experiencing a slowdown in growth, with retail sales of clothing reaching 1,071.62 billion yuan in 2024, reflecting a mere 0.1% increase year-on-year, a significant decline of 15.3% compared to 2023 [1] - Among 25 selected publicly listed companies in the apparel sector, only 7 reported increases in both revenue and net profit, while 10 companies experienced declines in both metrics [1][2] Revenue and Profit Overview - In 2024, 15 companies reported a decline in net profit, and 13 saw a decrease in revenue. Notably, 10 companies experienced declines in both revenue and net profit [2] - Companies with declining performance include: - Baoxini: Revenue of 5.153 billion yuan, down 1.91%; net profit of 495 million yuan, down 29.07% [2][3] - Hailan Home: Revenue of 20.957 billion yuan, down 2.65%; net profit of 2.159 billion yuan, down 26.88% [2][3] - Sanfu Outdoor: Revenue of 800 million yuan, down 5.45%; net profit loss of 21 million yuan, down 158.83% [2][3] - Anzheng Fashion: Revenue of 2.034 billion yuan, down 6.23%; net profit loss of 124 million yuan, down 365.03% [2][3] - Aimer: Revenue of 3.163 billion yuan, down 7.71%; net profit of 163 million yuan, down 46.56% [2][3] Losses and Underperformance - Six companies reported losses, including: - Ge Li Si: Loss of 310 million yuan [4][5] - Sanfu Outdoor: Loss of 21 million yuan [4][5] - Anzheng Fashion: Loss of 124 million yuan [4][5] - Xinhe Shares: Loss of 67 million yuan [4][5] - Meibang Clothing: Loss of 195 million yuan [4][5] - Annai: Loss of 115 million yuan [4][5] Performance Rankings - The top three companies in revenue growth are: - 361 Degrees: 19.6% growth [7] - Tanshan: 14.44% growth [7] - Anta Sports: 13.6% growth [7] - The bottom three in revenue growth are: - Meibang Clothing: -49.79% [7] - Annai: -20.7% [7] - Xinhe Shares: -20.1% [7] Net Profit Growth Rankings - The top three companies in net profit growth are: - Urban Beauty: 197% growth [9] - Anta Sports: 52.4% growth [9] - Tanshan: 48.5% growth [9] - The bottom three in net profit growth are: - Meibang Clothing: -715.45% [9] - Ge Li Si: -392.99% [9] - Anzheng Fashion: -365.03% [9]

Core Insights - In 2024, the company faced significant financial losses, with a revenue of 1.405 billion yuan, a year-on-year decline of 20.10%, and a net profit of -67.38 million yuan, representing a 167.29% decrease [1] - The company's strategic adjustments revealed systemic risks, including brand positioning issues, operational inefficiencies, and an imbalanced cost structure [1][2] Financial Performance - The company's revenue for 2024 was 1.405 billion yuan, down 20.10% year-on-year [1] - The net profit was -67.38 million yuan, a decline of 167.29% compared to the previous year [1] - The basic earnings per share were -0.16 yuan [1] Strategic Challenges - The strategic shift initiated at the end of 2023 aimed to upgrade brand positioning but resulted in resource misallocation [2] - The company attempted to reposition its main brand JORYA towards a younger, more affordable luxury market, but failed to maintain loyalty among existing high-end customers [2] - The aggressive closure of underperforming stores led to a fragmented sales network, allowing emerging designer brands to capture market share in second and third-tier cities [2] Operational Efficiency - The company's sales expense ratio reached 54.36%, indicating that over 50% of revenue was spent on marketing, significantly higher than the industry average [2] - Inventory turnover days were alarmingly high at 554 days, indicating a severe disconnect between product design, supply chain responsiveness, and market demand [3] - Operating cash flow dropped by 66.41% year-on-year, highlighting a decline in the company's ability to generate cash from its core business [3] Conclusion - The company's predicament reflects the broader challenges faced by traditional women's apparel brands in balancing brand upgrades with operational efficiency [4] - Short-term solutions include optimizing inventory structure and reconstructing channel cost models, while long-term strategies should focus on reassessing brand positioning [4]

证券代码：003016 证券简称：欣贺股份 公告编号：2025-026 欣贺股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会 暨投资者网上集体接待日活动的公告 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。 欣贺股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日披露了《2024 年 年度报告》及《2024 年年度报告摘要》。为进一步加强与投资者的互动交流，公司 将于 2025 年 5 月 15 日参加由厦门证监局、厦门上市公司协会与深圳市全景网络 有限公司联合举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集 体接待日活动"，届时公司出席人员将在线就公司 2024 年度业绩、公司治理、发 展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 现将相关事项公告如下： 一、活动召开时间 2025 年 5 月 15 日（星期四）15:40-17:00 二、活动召开方式 1、活动接入方式：网络远程接入 2、活动接入网址：投资者可登录"全景路演"网站（http://rs.p5 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：003016 证券简称：欣贺股份 公告编号：2025-014 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。 按照中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》、深圳证券交易所《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》及 《深圳证券交易所上市公司自律监管指南第2号——公告格式》等相关格式指引的规定，欣贺股份有限 公司（以下简称"公司"）将2024年度募集资金存放与使用情况报告如下： 一、 募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准欣贺股份有限公司首次公开发行股票的批复》（证监许可 [2020]2331号）核准，公司获准向社会公开发行人民币普通股10,666.67万股，发行价格为每股8.99元， 募集资金总额为人民币95,893.36万元，扣除发行费用后募集资金净额为人民币86,887.39万元。上述资金 已于2020年10月21日全部到位，经容诚会计师事务所（特殊普通合伙）验证，并出具 ...

证券代码：003016 证券简称：欣贺股份 公告编号：2025-022 欣贺股份有限公司 关于召开 2024 年年度股东大会的通知 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。 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 21 日 9:15-15:00。 欣贺股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第五届董事 会第八次会议，决定于 2025 年 5 月 21 日召开公司 2024 年年度股东大会，本次 股东大会采用现场投票与网络投票相结合的方式召开，现将本次会议的有关事项 通知如下： 一、召开会议的基本情况 1、会议届次：2024 年年度股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：经公司第五届董事会第八次会议审议通过了 《关于提请召开 2024 年年度股东大会的议案》，本次股东大会会议的召开符合 有关法律、行政法规、部门规章、规范性文件、业务规则和《公司章程》等的规 定。 4、会议召开时间： （1）现场会议时间：2025 年 5 月 21 日（星期三）下午 16:00； （2）网 ...