Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has shown a resilient improvement in gross margin despite challenging market conditions, indicating robust operational quality [6] - The company reported a revenue of 688 million yuan for 2025, with a slight decline of 0.2% year-on-year, while the net profit is projected to increase by 11.6% to 119 million yuan [5][6] - The company is focusing on optimizing its supply chain and enhancing customer loyalty through high-quality products at competitive prices [6] Financial Data and Profit Forecast - Total revenue for 2024 is expected to be 689 million yuan, with a year-on-year decline of 10.2%, while the net profit is projected to be 107 million yuan, reflecting a growth of 26.0% [5] - For Q1 2025, the company achieved a revenue of 149 million yuan, down 17.2% year-on-year, and a net profit of 20 million yuan, down 22.3% [5][13] - The gross margin for 2024 was 42.4%, which is expected to rise to 45.6% in 2025, indicating improved profitability [5][11] - The company’s operating cash flow has significantly improved, with a net cash flow of 100 million yuan in 2024, up 1416.3% year-on-year [6] Market Position and Strategy - The company has a strong online presence, with its main store accounting for 99.9% of revenue and maintaining a high customer satisfaction rate [6] - The company has reduced promotional expenses, which has led to a decrease in customer traffic but an increase in per-customer spending frequency [6] - The company aims to achieve double-digit growth in performance by leveraging its operational experience and maintaining a focus on high-quality, cost-effective products [6]

Core Viewpoint - The report summarizes the continuous sponsorship and supervision of Rumere Co., Ltd. by China International Capital Corporation, detailing the compliance with regulations and the company's operational status since its IPO on October 28, 2021 [1]. Group 1: Sponsorship Overview - The continuous sponsorship period for Rumere Co., Ltd. is set to end on December 31, 2024, following its IPO on the Shenzhen Stock Exchange [1]. - China International Capital Corporation has committed to ensuring the authenticity, accuracy, and completeness of the information provided during the sponsorship process [1]. Group 2: Company Information - Rumere Co., Ltd. is registered in Changshu, Jiangsu Province, with its office located at 11 Minjiang East Road, Shimao Business Center, Suite 2901 [2]. - The company operates under the stock code 301088 on the Shenzhen Stock Exchange [1]. Group 3: Due Diligence and Continuous Supervision - During the due diligence phase, the sponsor conducted thorough investigations and prepared necessary documentation, successfully completing the sponsorship work [2]. - In the continuous supervision phase, the sponsor focused on specific areas, including the use of raised funds and compliance with relevant regulations [2]. Group 4: Major Events and Responses - The company received warning letters from the Jiangsu Securities Regulatory Bureau and the Shenzhen Stock Exchange regarding compliance issues, prompting the company to develop and implement corrective measures [4]. - The sponsor actively monitored the company's response to these issues, emphasizing the importance of regulatory compliance [4]. Group 5: Company Compliance and Fund Usage - The company has adhered to information disclosure requirements, ensuring that all disclosures are truthful, accurate, and timely [5]. - The sponsor confirmed that the company's use of raised funds complies with regulatory requirements, with funds being stored in dedicated accounts and used for specified purposes [5].

一、保荐机构及保荐代表人承诺 中国国际金融股份有限公司 关于日禾戎美股份有限公司 持续督导保荐总结报告书 日禾戎美股份有限公司（以下简称"戎美股份"、"公司"、"发行人"或"上市公司"） 于 2021 年 10 月 28 日在深圳证券交易所创业板上市，持续督导期至 2024 年 12 月 31 日 止。中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为戎美股份 首次公开发行股票并在创业板上市的保荐机构，于上市之日起对公司进行持续督导工作。 截至目前，持续督导期已满，现根据《证券发行上市保荐业务管理办法》《深圳证券交 易所创业板股票上市规则》和《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等有关法律法规和规范性文件的要求，出具本持续督导保荐总结 报告书。 二、保荐机构基本情况 1 | 保荐代表人： | 赵晨、邓淼清 | | --- | --- | | 联系电话： | 010-65051166 | 三、发行人基本情况 | 股票简称 | 戎美股份 | 股票代码 | 301088 | | --- | --- | --- | --- | | 股票上市证券交易所 | 深圳证券 ...

Group 1 - The apparel and home textile sector experienced an initial adjustment, with significant declines in stock prices [1] - Taihu Snow saw a drop of over 10%, indicating a notable downturn in its market performance [1] - Other companies such as Kute Intelligent (300840) fell by more than 6%, while Rongmei Co. (301088), Kairun Co. (300577), and Meibang Apparel (002269) also faced declines [1]

证券代码：301088 证券简称：戎美股份 公告编号：2025-021 日禾戎美股份有限公司 关于选举产生第三届监事会职工代表监事的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特此公告。 日禾戎美股份有限公司监事会 2025 年 5 月 12 日 1 附件： 公司第三届监事会职工监事简历 张科先生，1987 年出生，中国国籍，无境外永久居留权，高中学历。2008 年 9 月至 2010 年 10 月担任泰光化纤(常熟)有限公司员工；2010 年 11 月至 2014 年 8 月担任常熟市依佩伶毛衫织造有限公司生产计划；2014 年 10 月至 2019 年 6 月 担任苏州日禾戎美商贸有限公司业务经理；2019 年 6 月至今担任公司监事、业 务经理。 2 鉴于日禾戎美股份有限公司（以下简称"公司"或"本公司"）第二届监事 会任期即将届满，为保证监事会的正常运作，公司职工代表监事相应由公司职工 代表大会进行了换届选举。根据《中华人民共和国公司法》《企业民主管理规定》 《日禾戎美股份有限公司章程》和《日禾戎美股份有限公司监事会议事规则》等 有关规定，公 ...

Core Viewpoint - The company emphasizes its commitment to shareholder interests through high cash dividend ratios and stock buybacks, despite facing challenges in the market [2][3]. Group 1: Financial Performance - The company has maintained an average cash dividend ratio exceeding 90% since its listing, highlighting its focus on shareholder value [2]. - In 2024, the company reported stable operating profit margins and an increase in investment income compared to the previous year [3]. - As of the end of Q1 2025, the company's total assets were approximately 2.6 billion, with cash and financial assets totaling about 1.7 billion, and zero interest-bearing debt, indicating low operational and financial risk [4]. Group 2: Market Strategy and Product Development - The company utilizes AI for market monitoring to quickly respond to fashion trends and consumer demand changes, ensuring efficient product design and development [3]. - The company aims to maintain product quality and service excellence as fundamental factors for survival and success in the competitive apparel industry [4]. - The company has a customer base of over 6.5 million, with a relatively low return rate of around 30%, attributed to high product quality and customer loyalty [4]. Group 3: Industry Position and Future Outlook - The company acknowledges the coexistence of opportunities and risks in the apparel market, emphasizing the importance of product innovation and market analysis [3]. - While the company is open to potential strategic choices such as partnerships or acquisitions, it does not view them as immediate necessities [4].

RSM | 容诚 审计报告 日禾戎美股份有限公司 容诚审字[2025]200Z0121号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mo.f.gor.cn）"进行全 的" 目 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 审计报告 | | 1-6 | | 2 | 合并资产负债表 | | 1 | | 3 | 合并利润表 | | 2 | | 4 | 合并现金流量表 | | 3 | | 5 | 合并所有者权益变动表 | | 4-5 | | 6 | 母公司资产负债表 | | 6 | | 7 | 母公司利润表 | | 7 | | 8 | 母公司现金流量表 | | 8 | | 9 | 母公司所有者权益变动表 | | 9-10 | | 10 | 财务报表附注 | | 11-70 | 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 ...

中国国际金融股份有限公司 关于日禾戎美股份有限公司 预计 2025 年度日常关联交易的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为日禾戎美股 份有限公司（以下简称"戎美股份"或"公司"）持续督导的保荐机构，根据《证券发行上 市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》等有关法律法规和规范性文件的要求，对公司预 计 2025 年度日常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的程序 | 关联交易类 | 关联方 | 2025年预计金 | 关联交易 | 2024年实际发生 | 本次预计金额与上年 实际发生金额差异较 | | --- | --- | --- | --- | --- | --- | | 别 | | 额(含税) | 定价原则 | 金额(含税) | | | | | | | | 大的原因 | | 向关联人承 | 郭健、 | 900,000.00 | 市场公允 | 900,000 ...

中国国际金融股份有限公司 关于日禾戎美股份有限公司 部分募投项目结项节余资金永久补充流动资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为日禾戎 美股份有限公司（以下简称"戎美股份"或"公司"）持续督导的保荐机构，根据《证 券发行上市保荐业务管理办法》《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》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等相关法律、法规和规范性文件的规 定，对公司部分募投项目结项节余资金永久补充流动资金的情况进行了核查，具体情况 如下： 一、首次公开发行股票募集资金的基本情况 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意日禾戎美股份有限公司首次公开发行股票注 册的批复》（证监许可[2021]2597 号）核准，并经深圳证券交易所同意，公司向社会公 开发行人民币普通股（A 股）5,700 万股，每股面值人民币 1.00 元，每股发行价格人民 币 33.16 元，募集资金总额人民币 1,890,120,000.00 元，扣除相关发行费用后实际募集 资金净额为 ...

RSM | 容 诚 内部控制审计报告 日禾戎美股份有限公司 容诚审字[2025]200Z0122号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 进行查 报告编码:京25X7EMZFRS 目 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 内部控制审计报告 | | 1-2 | 内部控制审计报告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2025]200Z0122 号 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能 ...