Group 1: Xi Di Wei - Xi Di Wei achieved total revenue of 545.51 million yuan in 2024, a year-on-year increase of 38.58%, with a gross profit of 169.67 million yuan, up 17.59% [1] - In Q1 2025, the company reported total revenue of 177.68 million yuan, a year-on-year increase of 44.56%, but a net loss of 27.26 million yuan, indicating a narrowing of losses [1] - The company's smart visual perception business, particularly the voice coil motor driver chips, is a major growth driver, with expected shipment value reaching 541.92 million yuan in 2024 [1] Group 2: Bo Si Software - Bo Si Software is actively embracing AI, developing a vertical scene strategy with diverse AI products, including medical collaboration tools and digital procurement solutions [2] - The company achieved total revenue of 2.14 billion yuan in 2024, a year-on-year increase of 4.79%, while net profit decreased by 7.44% [2] - Bo Si Software has made progress in electronic voucher business in medical and administrative sectors, promoting in over 20 regions [2] Group 3: Jia Man Apparel - Jia Man Apparel plans to adopt a cooperative model for adult shoes after the expiration of the Hush Puppies authorization, focusing on classic casual styles for men's and women's clothing [3] - The design and sales teams consist of company veterans and external hires, with positive feedback from franchisees regarding the 2025 autumn/winter product designs [3] - The company maintains a relatively stable dividend ratio and does not rule out increasing the dividend ratio in the future [3] Group 4: Hong Jing Optoelectronics - Hong Jing Optoelectronics reported high growth in panoramic/sports camera business and new ventures in Q1 2025, although gross margins declined due to high costs of new camera module chips [4] - The smart automotive business serves major clients like Desay SV and Baolong Technology, with end customers including Chery, Geely, and Xpeng [4] - The company aims to implement a "3+N" product strategy to expand into AI hardware and machine vision fields [4]

Group 1: Company Changes and Strategies - The authorization for Hush Puppies adult shoes will expire this year, and the company plans to adopt a partnership model for this category [2] - Hush Puppies will focus on classic casual styles starting from the 2025 autumn/winter season, promoting the concept of "Made for Comfort. Made for Life." [2] - The children's clothing segment will continue to build channels, replacing existing resources with high-quality ones and opening new stores in high-traffic locations [3] Group 2: Team Structure and Market Feedback - The design and sales teams for Hush Puppies men's and women's clothing consist of core company personnel and externally recruited staff, structured as "old leads new" [3] - Market feedback for the 2025 autumn/winter Hush Puppies collection is positive, with franchisees appreciating the focus on classic casual styles and improved functionality and comfort in materials [3] Group 3: Pricing and Acquisition Strategy - The company will maintain its pricing strategy based on last year's relatively firm pricing, with slight adjustments according to market conditions and promotional activities [3] - The company has sufficient cash flow and strong core business capabilities, and it does not rule out future acquisitions of suitable brands to enhance its multi-brand matrix [3] Group 4: Dividend Policy - The company aims to maintain a relatively stable dividend ratio, with potential increases as profitability improves and in the absence of significant capital expenditures [3]

公司报告 | 年报点评报告 嘉曼服饰（301276） 证券研究报告 成人装有望提升整体毛利率 公司发布 24 年报和 25 年一季报 25Q1：营收 3 亿，同比+3%；归母净利润 0.4 亿，同比-16%；扣非归母净 利润 0.4 亿，同比-15%； 24Q4：营收 4 亿，同比-5%；归母净利润 0.7 亿，同比+28%；扣非归母净 利润 0.6 亿，同比+23%； 24A：营收 11 亿，同比-5%；归母净利润 1.7 亿，同比-5%；扣非归母净利 润 1.3 亿，同比+5%。 此外，公司拟每 10 股派发现金股利人民币 7.2 元（含税），同时每 10 股转 增 2 股，派息率为 45%。 童装和电商拖累营收，成人装毛利率明显高于童装 分产品，1）24 年童装营收 10 亿，同比-17%，毛利率 61%，同比+1pct。 2）成人装营收 1 亿，于 24 年年中完成并表，毛利率 80%，明显高于童装 毛利率。 3）其他营收 0.3 亿，或为收购品牌的授权费收入。 分渠道，1）24 年直营营收 3 亿，同比+14%，毛利率 66%，同比+3pct。门 店 176 家，净增 11 家，经营满 1 年的门店 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is expected to improve its overall gross margin through the growth of adult clothing, which has a significantly higher gross margin compared to children's clothing [2][3]. - The financial performance for Q1 2025 shows a revenue of 300 million RMB, a year-on-year increase of 3%, while the net profit attributable to the parent company decreased by 16% to 40 million RMB [1][3]. - The company plans to distribute a cash dividend of 7.2 RMB per 10 shares (including tax) and a stock dividend of 2 shares for every 10 shares held, resulting in a payout ratio of 45% [1]. Financial Performance Summary - For the year 2024, the company reported a revenue of 1.1 billion RMB, a decrease of 5% year-on-year, with a net profit of 170 million RMB, also down by 5% [1][5]. - The gross margin for adult clothing is reported at 80%, significantly higher than the 61% gross margin for children's clothing [2]. - The company’s revenue projections for 2025 to 2027 are adjusted to 1.2 billion RMB, 1.3 billion RMB, and 1.5 billion RMB respectively, with net profits expected to be 180 million RMB, 200 million RMB, and 230 million RMB [3][5]. Product and Channel Performance - Children's clothing revenue for 2024 was 1 billion RMB, down 17% year-on-year, while direct sales revenue increased by 14% to 300 million RMB [2]. - E-commerce revenue decreased by 18% to 600 million RMB, with the gross margin improving by 6 percentage points to 66% [2]. - The company operates 176 stores, with a net increase of 11 stores, although the number of stores operating for over a year decreased by 45 [2].

Group 1: Financial Performance - The company's gross profit margin has increased due to brand positioning across mid-range, mid-high-end, and high-end markets, along with effective cost control and pricing strategies [3] - In Q1 2025, sales revenue showed growth, but net profit declined due to increased sales expenses and a drop in other business income [3] - The rise in sales expenses was attributed to numerous advertising and marketing activities, as well as new direct sales costs from the addition of men's and women's clothing stores [3] Group 2: Brand and Product Strategy - The Hush Puppies brand will begin self-managing men's and women's clothing lines in 2024, which is expected to enhance profit margins due to higher profitability compared to children's clothing [3] - The company plans to focus on classic casual styles for Hush Puppies men's and women's clothing starting in the fall/winter 2025 season, emphasizing comfort and practicality [3] - Future operations for Hush Puppies adult shoes will involve a partnership model with experienced teams, granting brand licenses to enhance business operations [3] Group 3: Marketing and Expansion Plans - The company will enhance brand marketing activities in 2025, including outdoor advertising and participation in fashion week events, alongside a campaign for the 30th anniversary of the Water Baby brand [4] - There is significant market potential for store expansion, as the current number of stores is relatively low compared to industry peers [4] - The company aims to optimize offline channels by replacing underperforming stores with high-traffic locations and opening regional flagship stores to align with strategic brand development [4]

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, primarily due to a decrease in its main children's clothing business, despite positive contributions from the adult clothing segment and licensing fees [1][3][4]. Financial Performance - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 1.099 billion, 171 million, 130 million, and 135 million yuan, respectively, showing year-on-year changes of -4.57%, -4.84%, 4.91%, and -16.64% [1]. - For Q4 2024, the revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 412 million, 67 million, and 62 million yuan, with year-on-year growth rates of -5.2%, 28.0%, and 23.5% [1]. - In Q1 2025, the revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 295 million, 45 million, and 38 million yuan, reflecting year-on-year growth of 2.7%, -16.1%, and -15.4% [2]. Business Segments - The children's clothing segment saw a revenue decline of 16.87%, totaling 957 million yuan, largely due to e-commerce discounting [3]. - Licensing fee revenue surged to 32 million yuan, while self-brand usage fees dropped by 55% to 6.42 million yuan [4]. - The adult clothing segment contributed 1.1 billion yuan in revenue, with a net profit margin of 13.6% [4]. Cost and Profitability - The company's gross margin for 2024 was 62.0%, an increase of 2.2 percentage points, while the net margin remained stable at 15.6% [5]. - The gross margins for children's and adult clothing were 60.73% and 80.47%, respectively [5]. - In Q1 2025, the gross margin was 64.1%, with a net margin of 15.1%, reflecting a year-on-year increase of 1.5 percentage points in gross margin but a decrease of 3.4 percentage points in net margin [6]. Inventory and Receivables - As of the end of 2024, inventory increased by 20% to 511 million yuan, with inventory turnover days rising to 403 days [6]. - Accounts receivable grew by 43.7% to 55 million yuan, with turnover days increasing to 15 days [6]. Future Outlook - The adult clothing segment is expected to have significant growth potential, with plans for accelerated store openings in 2025 [7]. - The company anticipates continued contributions from licensing fees, with a projected increase in spring/summer order amounts for 2025 [7]. - Revenue forecasts for 2025 and 2026 have been adjusted downward to 1.282 billion and 1.380 billion yuan, respectively, with net profit estimates also reduced [7].

证券代码：301276 证券简称：嘉曼服饰 公告编号：2025-020 北京嘉曼服饰股份有限公司 关于签订募集资金四方监管协议的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募集资金的情况概述 经中国证券监督管理委员会《关于同意北京嘉曼服饰股份有限公司首次公开 发行股票注册的批复》（证监许可〔2022〕1103号）同意注册，北京嘉曼服饰股 份有限公司（以下简称"公司"）向社会公开发行人民币普通股（A股）2700万 股，发行价格为40.66元/股，本次发行募集资金总额为109,782.00万元，扣除发 行费用后募集资金净额为99,458.56万元。募集资金已于2022年9月5日到位，上 述募集资金到位情况已经立信会计师事务所（特殊普通合伙）于2022年9月6日对 公司首次公开发行股票的资金到位情况进行了审验，并出具了报告号为信会师报 字〔2022〕第ZB11461号的《验资报告》。公司已对募集资金进行了专户存储。 二、《募集资金四方监管协议》的签订情况和募集资金专户的开立情况 为规范公司募集资金管理，保护投资者权益，根据中国证监会《上市公司监 管指引第 ...

Core Viewpoint - The company, Beijing Jiama Clothing Co., Ltd., focuses on mid-to-high-end apparel, including children's, men's, and women's clothing, and has established a diversified sales model that includes both online and offline channels [6][7]. Company Overview - The company operates a multi-brand strategy with proprietary brands such as Hush Puppies and Water Children, as well as authorized brands like Hazzys and international retail brands including EMPORIO ARMANI and HUGO BOSS [7][12]. - The main business includes research and design, brand operation and promotion, and both direct and franchise sales [6]. Business Operations - The company has a diverse sales model that includes direct stores in major cities and partnerships with e-commerce platforms like Tmall, JD.com, and Pinduoduo [6]. - The company has acquired the full-category IP assets of the Hush Puppies brand in mainland China and Hong Kong, allowing it to design, produce, and sell various product categories under this brand [9][10]. Market Position - Hush Puppies, established in 1958, is a well-known global brand that has been present in the Chinese market since 1997, focusing on casual footwear and apparel [10]. - Water Children, founded in 1995, specializes in children's clothing for ages 2-14 and has been recognized as one of the top ten children's clothing brands in China [11]. - Hazzys, an authorized brand since 2015, combines classic tailoring with contemporary styles, enhancing the company's profitability and design capabilities [12]. Financial Highlights - The company has proposed a profit distribution plan based on a base of 108 million shares, distributing a cash dividend of 7.2 yuan per 10 shares and a capital reserve increase of 2 shares for every 10 shares [5].

| 8.内部审计部门是否在每个会计年度结束前二个月内向审计委员会 | √ | | --- | --- | | 提交次一年度内部审计工作计划 | | | 9.内部审计部门是否在每个会计年度结束后二个月内向审计委员会 | √ | | 提交年度内部审计工作报告 | | | 10.内部审计部门是否至少每年向审计委员会提交一次内部控制评价 | √ | | 报告 | | | 11.从事风险投资、委托理财、套期保值业务等事项是否建立了完备、 | √ | | 合规的内控制度 | | | （三）信息披露 | | | 现场检查手段：查阅上市公司信息披露管理制度、信息披露公告文件、投资者关系登记表及深圳证 | | | 券交易所互动易问答内容、内幕信息管理和知情人登记管理情况，与公司高级管理人员进行沟通。 | | | 1.公司已披露的公告与实际情况是否一致 | √ | | 2.公司已披露的内容是否完整 | √ | | 3.公司已披露事项是否未发生重大变化或者取得重要进展 | √ | | 4.是否不存在应予披露而未披露的重大事项 | √ | | 5.重大信息的传递、披露流程、保密情况等是否符合公司信息披露管 | √ | | 理制度的相 ...

东兴证券股份有限公司关于北京嘉曼服饰股份有限公司及 子公司 2025 年度向金融机构申请综合授信额度及对外担保额度 预计的核查意见 二、担保额度预计情况 为满足日常经营及业务发展所需，自 2024 年年度股东大会审议通过之日起 12 个月内，公司拟为全资子公司天津嘉曼、天津嘉士、宁波嘉迅、北京暇步士 及江苏嘉帆申请银行综合授信提供总额不超过人民币 100,000 万元的担保，具体 情况如下： 注：（1）表中上市公司最近一期净资产为公司 2024 年度经审计归属于上市公司股东 的净资产；（2）被担保方最近一期资产负债率按照 2024 年度经审计的财务数据计算得出。 三、被担保人基本情况 东兴证券股份有限公司（以下简称"东兴证券"或"保荐人"）作为北京嘉曼 服饰股份有限公司（以下简称"嘉曼服饰"、"上市公司"或"公司"） 首次公开发 行股票并在创业板上市的保荐机构，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》及《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，对嘉曼服饰及子公司向金融机构申请综合授信额度及对外担保额度预计 ...