Core Insights - The core viewpoint of the articles highlights the stable revenue growth of Jiama Clothing despite a challenging global economic environment, driven by its diversified brand strategy and significant growth in its Hush Puppies brand [1][2]. Group 1: Financial Performance - Jiama Clothing reported a revenue of 497 million yuan for the first half of 2025, representing a year-on-year increase of 3.51% [1]. - The net profit attributable to shareholders for the same period was 64.05 million yuan [1]. - The Hush Puppies brand's revenue reached 114 million yuan, showing a substantial year-on-year growth of 752.45%, becoming a key growth driver for the company [1]. Group 2: Sales Channels and Strategy - Jiama Clothing has established a diversified sales network that combines online and offline channels, with a total of 511 physical stores as of June 30, 2025, including 155 direct-operated stores and 356 franchised stores [2]. - Online sales generated 266 million yuan, accounting for 53.47% of total revenue, with flagship stores on platforms like Vipshop, Tmall, Douyin, JD.com, and Pinduoduo [2]. - The company plans to enhance its multi-brand matrix and expand its product categories in men's and women's clothing, aiming to penetrate new markets and diversify its consumer base [2].

Core Insights - The company reported a total revenue of 497 million yuan for the first half of 2025, representing a year-on-year increase of 3.51%, while the net profit attributable to shareholders decreased by 30.65% to 64.05 million yuan [1] - The second quarter revenue was 202 million yuan, up 4.69% year-on-year, but the net profit dropped significantly by 50.39% to 19.44 million yuan [1] - Inventory levels increased significantly, with a year-on-year growth of 42.98% [1] Financial Performance - Gross margin improved to 65.34%, an increase of 4.25% year-on-year, while net margin decreased to 12.88%, down 33.00% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 249 million yuan, accounting for 50.04% of revenue, which is a 17.93% increase year-on-year [1] - Earnings per share (EPS) fell to 0.49 yuan, a decrease of 31.94% compared to the previous year [1] Cash Flow and Assets - The company reported a significant increase in cash assets, with monetary funds rising by 376.14% to 502 million yuan [1] - Accounts receivable increased by 69.46% to 35.39 million yuan, indicating potential liquidity concerns [1] - The company’s net asset value per share decreased by 14.26% to 16.05 yuan [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 7.92%, indicating average capital returns [3] - Historical data shows a median ROIC of 16.04% since the company’s listing, suggesting generally good investment returns [3] - Analysts expect the company’s performance in 2025 to reach 150 million yuan, with an average EPS forecast of 1.39 yuan [3]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Jiama Clothing Co., Ltd. for the first half of 2025, indicating a mixed performance with revenue growth but a significant decline in net profit [2][3]. Financial Performance - Jiama Clothing achieved a revenue of 497 million yuan in the first half of 2025, representing a year-on-year increase of 3.51% [2]. - The net profit attributable to shareholders was 64.05 million yuan, showing a year-on-year decrease of 30.65% [2]. Business Development - The company has been actively expanding its multi-brand matrix and product categories, with the launch of the "Hush Puppies" brand for both men's and women's clothing in mid-2024, which generated a revenue of 114 million yuan in the first half of 2025, a substantial increase of 752.45% year-on-year [2]. - As of June 30, 2025, Jiama Clothing operated 511 offline stores, including 155 direct-operated and 356 franchised stores, with 9 new direct-operated stores opened and 69 stores (30 direct and 39 franchised) closed during the reporting period [2]. Online Sales - The company continued to collaborate with major e-commerce platforms such as Vipshop, Tmall, Douyin, and JD.com, achieving online revenue of approximately 265.89 million yuan, which constituted a significant portion of total revenue [2]. R&D and Brand Operations - Jiama Clothing emphasizes independent research and design, with its own brands "Shuihai'er" and "Hush Puppies," as well as the licensed brand "Haggis," focusing on a semi-annual cycle for product design and development [3]. - The company has increased brand promotion efforts through collaborations with celebrities and influencers, as well as various online and offline marketing activities [3]. Financial Stability - As of June 30, 2025, Jiama Clothing's total assets were 2.529 billion yuan, a decrease of 2.72% from the previous year, while the net assets attributable to shareholders were 2.080 billion yuan, down 0.65% [3]. - The company adjusted its fundraising projects, reallocating 105.01 million yuan from the "Marketing System Construction Project" to the "Marketing System Construction and Upgrade Project," and terminated the "Enterprise Management Informationization Project," reallocating 23.34 million yuan to supplement working capital [3].

Group 1: Financial Performance - The average revenue of self-operated stores for over 12 months increased by 42.19% year-on-year due to the integration of Hush Puppies men's and women's apparel into self-operation and an increase in high-revenue stores [2] - The company has optimized its channel structure by opening quality stores and closing low-profit ones, which contributed to the revenue increase [2] Group 2: Future Plans - The company plans to self-operate the Hush Puppies adult footwear category following the expiration of the licensing agreement with the previous licensee, with both online and offline channels undergoing changes [3] - There are plans to open new offline stores for adult footwear and add this category to existing men's and women's apparel stores [3] Group 3: Marketing and Sales Strategy - The company expects no significant increase in sales expenses in the second half of the year, despite ongoing marketing activities and the 30th anniversary celebration of the Water Child brand [3] - The pricing strategy remains firm, with slight adjustments based on market conditions and promotional activities [3] Group 4: Government Support - The reduction in government subsidies in the first half of the year is attributed to decreased support funds for subsidiaries [3] Group 5: Brand Development - The company is exploring the best operational models for other Hush Puppies categories, including children's shoes and bags, while continuing to develop the brand's presence [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing a decline in net profit primarily due to increased sales expenses related to e-commerce investments and store renovations, despite a slight revenue growth driven by the consolidation of the Hush Puppies adult apparel line [2][3] - The adult apparel segment is expected to be the largest growth area moving forward, with plans for accelerated store openings in 2025 [8] - The company's mid-to-high-end children's apparel segment faces pressure due to a sluggish consumer environment, but there is still potential for improvement through offline store expansion and increased store efficiency [8] Financial Performance Summary - For H1 2025, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were CNY 4.97 billion, CNY 0.64 billion, and CNY 0.44 billion, respectively, showing a year-on-year growth of 3.51% but a significant decline in net profit by 30.65% [2] - The adult apparel segment contributed CNY 1.14 billion in revenue, with a net profit of CNY 0.13 billion and a net profit margin of 11.8% [4] - The gross profit margin for H1 2025 was 65.3%, an increase of 2.7 percentage points year-on-year, while the net profit margin decreased by 6.3 percentage points to 12.9% [6] Revenue Breakdown - The children's apparel revenue decreased by 13.83% to CNY 3.77 billion, with offline direct sales and franchise channels showing mixed results [3] - The company reported a decline in licensing fee income to CNY 5.89 million, while self-brand usage fees increased by 13% [4] - The revenue from different regions showed varied growth, with the Southwest region experiencing the highest growth rate of 155.9% [3] Future Earnings Forecast - The revenue forecasts for 2025-2027 have been revised downwards to CNY 10.84 billion, CNY 11.28 billion, and CNY 11.92 billion, respectively, with net profit estimates adjusted to CNY 1.50 billion, CNY 1.67 billion, and CNY 1.88 billion [8] - The expected earnings per share (EPS) for the same period have been revised to CNY 1.39, CNY 1.55, and CNY 1.74 [8]

Core Insights - The company reported a revenue of 497 million yuan for the first half of 2025, representing a year-on-year increase of 3.51% [1] - The net profit attributable to shareholders was 64.05 million yuan, a decrease of 30.65% compared to the previous year [1] - The basic earnings per share stood at 0.49 yuan [1] Financial Performance - The gross profit margin for the first half of 2025 was 65.34%, an increase of 2.67 percentage points year-on-year [1] - The net profit margin was 12.88%, down 6.34 percentage points from the same period last year [1] - In Q2 2025, the gross profit margin was 67.18%, up 4.41 percentage points year-on-year and 3.10 percentage points quarter-on-quarter [1] - The net profit margin for Q2 was 9.64%, a decline of 10.70 percentage points year-on-year and 5.46 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the first half of 2025 were 249 million yuan, an increase of 44.97 million yuan compared to the previous year [2] - The expense ratio was 50.04%, up 7.61 percentage points year-on-year [2] - Sales expenses increased by 28.17%, while management and financial expenses decreased by 1.13% and 15.48%, respectively [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 12,300, an increase of 1,069 from the previous quarter, representing a growth of 9.51% [2] - The average market value per shareholder decreased from 199,600 yuan to 191,600 yuan, a decline of 4.03% [2] Company Overview - Beijing Jiama Clothing Co., Ltd. was established on September 16, 1992, and listed on September 9, 2022 [2] - The company's main business involves the research, design, brand operation, and sales of children's clothing, with children's clothing accounting for 75.95% of revenue [2] - The company operates in the textile and apparel industry, specifically in non-sports clothing [2]

北京嘉曼服饰股份有限公司 董事和高级管理人员 所持本公司股份及其变动管理制度 第一章 总则 第一条 为加强对北京嘉曼服饰股份有限公司（以下简称"公司"）董事、高 级管理人员所持本公司股份及其变动的管理，进一步明确管理程序，根据《公司 法》《证券法》《上市公司股东减持股份管理暂行办法》《上市公司董事和高级 管理人员所持本公司股份及其变动管理规则》《深圳证券交易所创业板股票上市 规则（2025修订）》《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（2025修订）》《深圳证券交易所上市公司自律监管指引第10 号—股份变动管理（2025修订）》《深圳证券交易所上市公司自律监管指引第18 号—股东及董事、高级管理人员减持股份（2025修订）》等有关法律、法规、规 范性文件及《北京嘉曼服饰股份有限公司章程》（以下简称"《公司章程》"）的 规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司董事、高级管理人员，其所持公司股份是指登记 在其名下和利用他人账户持有的所有公司股份。 公司董事、高级管理人员不得从事以本公司股票为标的证券的融资融券交 易。 第三条 公司董事、高级管理人员在买卖公司股 ...

北京嘉曼服饰股份有限公司 内部审计制度 第一章 总 则 第一条 为了加强对北京嘉曼服饰股份有限公司（以下简称"公司"）内部各 部门、控股子公司以及具有重大影响的参股公司及其人员的管理和监督，规范内 部审计工作，提高内部审计工作质量，根据《中华人民共和国审计法》《审计署 关于内部审计工作的规定》和《北京嘉曼服饰股份有限公司章程》等有关法律、 法规、规章和有关规范性文件，结合公司实际情况，制定本制度。 第二条 本制度所称内部审计，是指由公司内部机构或人员，对公司内部控 制和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果 等开展的一种评价活动。 第三条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关 人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果； （三）保障公司资产的安全； （四）确保公司信息披露的真实、准确、完整和公平。 第二章 内部审计部门与人员 第四条 公司设立内部审计部门，对公司财务信息的真实性和完整性、内部 控制制度的建立和实施等情况进行检查监督。内部审计部门对董事会审计委员会 负责（以下简称"审计 ...

北京嘉曼服饰股份有限公司 董事会秘书工作细则 第一章 总 则 第一条 为明确北京嘉曼服饰股份有限公司（以下简称"公司"或"本公司"）董 事会秘书的职责权限，规范董事会秘书的行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《北京嘉曼服饰股份有限公司章程》（以下简称"《公 司章程》"）及其他有关规定，制定本工作细则。 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责。法律、 行政法规、部门规章及《公司章程》等对公司高级管理人员的有关规定，适用于 董事会秘书。 第二章 职 责 第三条 董事会秘书应当遵守法律、行政法规、部门规章、《公司章程》及 本细则的有关规定，承担公司高级管理人员相应的法律责任，对公司负有忠实和 勤勉义务。 第四条 董事会秘书对公司和董事会负责，履行以下职责： （一）负责公司信息披露事务，协调公司信息披露工作，组织制订公司信息 披露事务管理制度，督促公司及相关信息披露义务人遵守信息披露相关规定； （二）负责公司投资者关系管理和股东资料管理工作，协调公司与证券监管 机构、股东及实际控制人、证券服务机构、媒体等之间的信息沟通； （三）组织筹备董事会会议和股东会，参加股东会、董 ...

北京嘉曼服饰股份有限公司 投资者关系管理制度 第一章 总则 （一）公平性原则。公平、平等对待所有投资者； （二）权益保障原则。充分保障投资者知情权等合法权益； （三）高效率、低成本原则。采用先进的沟通手段，努力提高沟通效果，降 低沟通成本； （四）合规性原则。严格遵守国家法律法规及深圳证券交易所的规定。 第四条 投资者关系管理的目的为： （一）树立尊重投资者及投资市场的管理理念； 第一条 为了进一步加强北京嘉曼服饰股份有限公司（以下简称"公司"）与 投资者和潜在投资者（以下统称"投资者"）之间的沟通，促进投资者对公司的了 解，进一步完善公司法人治理结构，实现公司价值最大化和股东利益最大化，根 据《中华人民共和国公司法》《中华人民共和国证券法》《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（2025 年修订）》和公司 章程等有关规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过各种方式的投资者关系活动，加强与 投资者和潜在投资者之间的沟通，增进投资者对公司了解的管理行为。 第三条 投资者关系管理应坚持以下基本原则： （二）通过充分的信息披露和加强与投资者的沟通，促 ...