Group 1: Brand Development and Marketing Strategies - The company has focused on brand building since its establishment in 1992, opting for a selective approach to store openings rather than aggressive expansion, particularly in high-end markets [1] - Various marketing activities, such as VIP parties and children's fashion contests, are organized at sales terminals to enhance brand visibility [2] - The company has seen a significant increase in online sales, which accounted for over 65% of total sales by 2021, attributed to early e-commerce development and brand recognition [2] Group 2: Franchise and Sales Model - The franchise model is consistent across brands, with slight variations in cooperation conditions, such as different discount rates for franchisees [2] - The company employs a "payment before delivery" policy for franchisees, ensuring that full payment is received before dispatching goods [2] Group 3: Design and Production - Each brand has its own design team based in Beijing, with experienced designers and interns contributing to the creative process [3] - The primary production model is garment procurement, with long-term partnerships with factories across the country, ensuring quality and timely delivery [3] - The company does not rely on a single manufacturer, maintaining a diverse supplier base to mitigate risks [3] Group 4: Financial Performance - The company's cash flow has remained strong during the pandemic, largely due to the timely sales returns from its e-commerce operations [3]

Store Expansion Plans - The company currently has approximately 600 offline stores located in high-traffic department stores or shopping centers, primarily in first and second-tier cities. There are plans to cautiously expand the number of stores over the next two to three years, considering the shift in consumer habits towards online shopping post-pandemic [1]. Profitability and Gross Margin - The company maintains a high net profit margin due to its brand positioning across mid-range, mid-high-end, and high-end segments, which allows for significant pricing power. The gross margin is supported by an in-house design team and supply chain management, enabling effective cost control [3]. Resilience During Market Challenges - Despite the market downturn caused by the pandemic, the company has experienced revenue growth compared to its peers. This resilience is attributed to its multi-brand strategy, which covers a wide range of consumer preferences, and an early investment in online sales channels, which now account for over 65% of total sales [3]. Impact of COVID-19 - The pandemic has created operational challenges, including reduced workforce attendance and logistics disruptions, affecting delivery times and in-store sales personnel availability. However, the company has managed to keep inventory levels under control despite some pressure [4]. Future Strategies - The company plans to continue enriching its multi-brand matrix to meet diverse market demands, invest in both online and offline channels, and enhance product categories based on market needs. Brand development will focus on design innovation and quality improvements [4]. Market Outlook for Children's Apparel - The children's apparel market remains underdeveloped with low concentration, presenting significant growth opportunities. The company aims to enhance product innovation and brand positioning, targeting a shift from unbranded to branded consumption among consumers in lower-tier cities [5]. Brand Matrix Development - Future efforts will focus on strengthening mid-high-end brands, as the market for these segments is expected to grow significantly with the ongoing economic development in China. The company recognizes the importance of market segmentation and will continue to refine its brand offerings accordingly [5].

证券代码：301276 证券简称：嘉曼服饰 北京嘉曼服饰股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |----------------|-----------------------------|--------------|----------------| | | | | 编号：2022-003 | | 投资者关系活动 | 特定对象调研 | 分析师会议 | | | 类别 | □ 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 | 1、申万宏源研究-王立平 | | | | 人员姓名 | 2、申万宏源研究-刘佩 | | | | | 3、马来西亚国库-聂迪中 | | | | | 4、华夏基金-胡卫兵 | | | | | 5、华夏基金-周飞 | | | | | 6、雅戈尔投资-姬聪 | | | | | 7、平安证券-李峰 | | | | | 8、光证资管-朱成凯 | | | | | 9、景泰利丰-吕伟志 | | | | | 10、进门财经-李倩 | ...