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 | ...

Group 1: Impact of COVID-19 - The impact of the pandemic on the brands Haji Si and Hia Bu Shi is minimal, with both brands still in a rapid growth phase [2] - There is significant room for expansion in offline store openings for these brands [2] Group 2: Store Expansion Plans - The company has been cautious in expanding physical stores over the past two years due to the pandemic, but plans to continue expansion in untapped markets once the situation improves [2] Group 3: Brand Performance - In the first half of the year, Haji Si experienced the fastest growth, followed by Hia Bu Shi, as both brands are still in a rapid growth phase [3] Group 4: Competitive Landscape - The company operates in the mid-to-high-end children's clothing sector with a diverse brand matrix, facing competition from brands like Yilian, Fila, and Jiangnan Buyi [3] - The impact from sports brands entering the children's clothing market is limited due to the company's differentiated brand positioning [3] Group 5: Pricing Strategy - The company maintains a stable discount rate due to its focus on mid-to-high-end brands, which possess a certain level of brand premium [3]

Group 1: Company Overview - Jiaman is a multi-brand company with a clear brand matrix, including mid-range brand "Water Child" for casual styles, mid-to-high-end "Hush Puppies" for American casual styles, and high-end brands like "Haggis" and "Fils Routin" for elegant French styles [4] - Jiaman operates through an omnichannel sales strategy, with traditional e-commerce platforms like Tmall, Taobao, and JD, as well as emerging channels like Douyin and WeChat [4] Group 2: Financial Performance - Jiaman's gross profit margin exceeds 50%, indicating strong profitability and risk resistance compared to industry peers [4] - In the third quarter, the net profit attributable to the parent company increased by 17% year-on-year, which is notable given the challenging pandemic conditions [4] Group 3: Market Presence - The distribution of offline stores is concentrated in North and East China, with fewer stores in the South and a focus on the Chengdu-Chongqing area in Southwest China [2] - Haggis has a certain level of brand recognition and a loyal customer base in China, targeting middle-to-high-income consumers with high-quality products and a classic British campus design [2]

Financial Performance - The company's revenue for Q3 2022 was ¥221,969,215.63, representing a 9.02% increase year-over-year, while the year-to-date revenue decreased by 2.70% to ¥719,740,799.39[5] - Net profit attributable to shareholders for Q3 2022 was ¥29,713,568.63, an increase of 17.42% compared to the same period last year, but a decrease of 8.11% year-to-date to ¥104,018,738.16[5] - The basic and diluted earnings per share for Q3 2022 were both ¥0.37, reflecting a 19.35% increase year-over-year, while year-to-date earnings per share decreased by 8.57% to ¥1.28[5] - Total operating revenue for the third quarter was CNY 719,740,799.39, a decrease of 2.96% from CNY 739,696,212.97 in the same period last year[18] - Net profit for the third quarter was CNY 104,018,738.16, a decline of 8.06% compared to CNY 113,194,818.75 in the previous year[19] - Earnings per share (EPS) for the quarter was CNY 1.28, down from CNY 1.40 in the same quarter last year[19] Assets and Liabilities - Total assets at the end of Q3 2022 reached ¥2,294,963,389.41, a significant increase of 87.73% compared to the end of the previous year[5] - Total assets increased to CNY 2,294,963,389.41, up from CNY 1,222,479,006.94 year-over-year[17] - Total liabilities stood at CNY 493,428,558.00, slightly up from CNY 490,388,544.73 in the previous year[17] - The equity attributable to shareholders increased by 146.08% year-over-year to ¥1,801,534,831.41[5] - Equity attributable to shareholders of the parent company rose to CNY 1,801,534,831.41, compared to CNY 732,090,462.21 last year[17] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥13,749,985.93, a decline of 129.40% compared to the same period last year[5] - The net cash flow from operating activities for the third quarter was -13,749,985.93 CNY, a decrease from 46,774,564.36 CNY in the previous year[20] - The net cash flow from investing activities was 43,337,091.49 CNY, improving from -15,669,239.81 CNY year-over-year[21] - The net cash flow from financing activities was 975,559,709.43 CNY, compared to -13,943,537.26 CNY in the same period last year[21] - Total cash and cash equivalents at the end of the period reached 1,048,123,311.60 CNY, up from 51,054,502.09 CNY in the previous year[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 29,620[12] - The largest shareholder, Liu Wei, holds 45.40% of shares, totaling 49,027,242 shares[12] - The top ten shareholders include several investment firms, with the largest being Liu Wei, followed by Cao Shengkui and Ma Lijuan[12] - The company has a total of 81 million shares under lock-up agreements, with the earliest release date being March 9, 2026[14] - The total number of restricted shares at the end of the period is 82,394,214, with no shares released from restrictions during the period[14] Inventory and Costs - Inventory increased by 33.12% year-over-year to ¥508,197,589.48, attributed to the purchase of new products[9] - Inventory as of September 30, 2022, is ¥508,197,589.48, up from ¥381,772,652.73 at the beginning of the year[15] - Total operating costs decreased to CNY 590,221,348.23, down 0.88% from CNY 593,743,110.50 year-over-year[18] - The company reported a decrease in sales expenses to CNY 240,705,497.05 from CNY 235,287,695.08, indicating a focus on cost management[18] Future Plans - The company plans to expand its market presence and invest in new product development, although specific details were not disclosed in the report[9] - The company plans to continue exploring market expansion and new product development strategies in the upcoming quarters[19] Government Support - The company received government subsidies totaling ¥11,328,616.05 in Q3 2022, contributing to the overall financial performance[6] Goodwill - The company has a goodwill of ¥1,498,016.17, unchanged from the beginning of the year[15]