Sales Performance - The sales situation for the fourth quarter is better than expected, with competitive performance in the autumn and winter product lines [2] - The adult shoe category under Hush Puppies has started self-operation, contributing additional sales revenue, although its current sales proportion remains low [2] Future Planning - The company plans to focus on classic casual styles for Hush Puppies' adult clothing and will continue to optimize products around family and vacation leisure scenarios [2][3] - Hush Puppies' adult shoe business will expand through independent stores and quality channels, despite its current small sales proportion [3] Channel Strategy - The company is optimizing offline channels by opening stores in high-traffic shopping centers and closing underperforming locations [3] - Future development will emphasize direct sales channels for adult clothing and shoes, while also supporting franchise expansion [3] Team Structure - The company has established independent teams for men's and women's clothing and shoes, with the adult shoe team still in the early stages of development [3] Pricing and Discounts - Sales discounts for various brands will remain stable, with slight adjustments based on market conditions and promotional strategies [3] Design and Collaboration - Most products are designed by in-house teams, with some collaborations with well-known designers or design teams [3] Dividend Policy - The company aims to maintain a stable dividend ratio, with potential increases as profitability improves and without significant capital expenditures [4]

Core Viewpoint - The company, Jiama Clothing, has raised nearly 1 billion yuan in funds since its listing on the ChiNext board over two years ago, but has failed to invest the funds as promised in physical projects, instead using over half for permanent liquidity supplementation, raising concerns about regulatory compliance and financial integrity [1][2]. Fundraising and Usage - Jiama Clothing raised a net amount of 999.5 million yuan during its IPO, with 474 million yuan classified as over-raised funds, intended primarily for four key projects [3]. - The company has engaged in five liquidity supplementation operations, utilizing a total of 528 million yuan of over-raised funds, which constitutes 58% of the net IPO funds [4][3]. - The company has repeatedly justified its liquidity supplementation by claiming to enhance operational efficiency and profitability, adhering to regulatory limits of not exceeding 30% of over-raised funds within a twelve-month period [3][4]. Project Status - The company has largely halted its promised physical projects, with significant changes and terminations in its fundraising plans, including the complete cessation of the enterprise management information project and the marketing system project [6][7]. - As of September 2024, all three core projects have seen no fund allocation, with the marketing system project being redefined but still underutilized [7][8]. Financial Health - Despite frequent liquidity supplementation, Jiama Clothing has maintained positive cash flow from operations, with net cash flow of 162 million yuan in 2023 and 135 million yuan in 2024, indicating a strong self-sustaining ability [5]. - The company reported a cash balance of 621 million yuan and 554 million yuan in trading financial assets as of September 30, 2025, with a low debt ratio of 19% [5]. Regulatory Environment - The company faces increasing scrutiny from regulatory bodies due to its liquidity supplementation practices, especially following the implementation of new regulations prohibiting the use of over-raised funds for permanent liquidity supplementation [10][11]. - The recent proposal to supplement liquidity with 53.51 million yuan has been interpreted as an attempt to exploit the regulatory environment before stricter rules take effect [10][11]. Market Perception - Investors are concerned about the company's long-term viability, given the significant amount of idle funds and the lack of transparency regarding the returns from a recent acquisition of the Hush Puppies brand IP for approximately 420 million yuan [10][11]. - The company's net profit has declined by 34.99% year-on-year in the first three quarters of the year, marking the second consecutive year of profit decline [10].

Core Viewpoint - Beijing Jiama Clothing Co., Ltd. announced the approval of using excess raised funds to permanently supplement working capital, aiming to optimize the company's financial structure and improve fund utilization efficiency [1][3]. Group 1: Board Meeting Overview - The board meeting was held on November 18, 2025, with all 7 directors present, including independent directors participating via remote voting [2]. - The meeting was chaired by Chairman Cao Shengkui, and the procedures complied with relevant regulations [2]. Group 2: Key Proposal on Fund Utilization - The board approved the proposal to use 53.506 million yuan of excess raised funds to permanently supplement working capital, with unanimous support from all directors [3]. - This fund utilization plan adheres to regulatory requirements and has received a special verification opinion from the sponsor, Dongxing Securities [3]. Group 3: Temporary Shareholders' Meeting Arrangement - A temporary shareholders' meeting is scheduled for December 8, 2025, to review the proposal regarding the use of excess raised funds [4]. - The proposal for the shareholders' meeting also received unanimous approval from the board [4]. - Market analysts believe that using excess funds to supplement working capital will enhance cash flow management and reduce financial costs, providing robust support for future business development [4].

Company Overview - Jiaman Apparel (SZ 301276) announced on November 19 that its fourth board meeting was held on November 18, 2025, to discuss the proposal for using excess raised funds to permanently supplement working capital [1] - As of the report, Jiaman Apparel has a market capitalization of 2.9 billion yuan [1] Revenue Composition - For the first half of 2025, Jiaman Apparel's revenue composition is as follows: children's clothing accounts for 75.95%, men's and women's clothing accounts for 22.87%, and other businesses account for 1.18% [1]

二、募集资金使用计划情况 根据公司《首次公开发行股票并在创业板上市招股说明书》披露的募集资 金用途，公司本次募投项目及募集资金净额使用计划如下： 东兴证券股份有限公司 关于北京嘉曼服饰股份有限公司 拟使用超募资金永久补充流动资金的核查意见 东兴证券股份有限公司（以下简称"保荐机构"或"东兴证券"）作为北 京嘉曼服饰股份有限公司（以下简称"嘉曼服饰"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》《上 市公司募集资金监管规则》《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》等相关规 定，对嘉曼服饰拟使用超募资金永久补充流动资金的事项进行了审慎核查，核 查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会于 2022 年 5 月 27 日作出的《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） 核准，公司首次公开发行人民币普通股（A 股）股票 2,700 万股，发行价格 40.66 元/股，募集金额人民币 109,782.00 万元，扣除发行费用后实 ...

北京嘉曼服饰股份有限公司 关于使用超募资金永久补充流动资金的公告 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，不存在任何 虚假记载、误导性陈述或者重大遗漏。 北京嘉曼服饰股份有限公司（以下简称"公司"）于2025年11月18日召开第 四届董事会第十一次会议，审议通过了《关于使用超募资金永久补充流动资金的 议案》。为提高超募资金使用效率，降低公司财务费用，根据《上市公司募集资 金监管规则》《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》等相关规定，结合自身实 际经营情况，公司拟使用超募资金5,350.56万元永久补充流动资金，占超募资金 总额的11.30%，以满足公司日常经营需要。该事项尚需提交股东会审议，现将具 体情况公告如下： 一、募集资金的情况概述 证券代码：301276 证券简称：嘉曼服饰 公告编号：2025-044 | 序号 | 项目名称 | 运用募集资金投资 | | --- | --- | --- | | 1 | 营销体系建设及升级项目 | 10,501.00 | | 2 | 补充流动资金 | 10,334.00 | | 3 | ...

2025年第三次临时股东会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 北京嘉曼服饰股份有限公司（以下简称"本公司"或"公司"）第四届董事会第 十一次会议审议通过了《关于召开公司2025年第三次临时股东会的议案》， 董事会决定于2025年12月8日（星期一）召开公司2025年第三次临时股东会，现 将本次股东会有关事项通知如下： 1、股东会届次：2025年第三次临时股东会 2、股东会召集人：公司董事会 证券代码：301276 证券简称：嘉曼服饰 公告编号：2025-046 （2）网络投票时间：2025年12月8日（星期一） 通过深圳证券交易所交易系统进行网络投票的时间为2025年12月8日上午 9:15-9:25,9:30-11:30，下午13:00-15:00。通过深圳证券交易所互联网投 票系统投票的具体时间为2025年12月8日9:15至15:00的任意时间。 5、股权登记日：2025年12月2日（星期二） 6、会议的召开方式：现场表决与网络投票相结合的方式召开。 (1)现场投票：股东本人出席本次会议现场会议或者通过授权委托书（见附 件二）委托他人出席现 ...

证券代码：301276 证券简称：嘉曼服饰 公告编号：2025-045 同意公司为提高超募资金使用效率，降低公司财务费用，根据《上市公司募 集资金监管规则》《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》等相关规定，结合自 身实际经营情况，拟使用超募资金 5,350.56 万元永久补充流动资金。 表决情况：7 票赞成，0 票弃权，0 票反对。 北京嘉曼服饰股份有限公司 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京嘉曼服饰股份有限公司（以下简称"公司"）第四届董事会第十一次会 议于 2025 年 11 月 18 日（星期二）在公司会议室以现场结合通讯的会议方式召 开，本次会议的通知已于 2025 年 11 月 12 日（星期三）通过电子邮件的方式送 达全体董事。会议应出席董事 7 名，实际出席董事 7 名（其中独立董事唐现杰、 万文英、宁俊以通讯表决的方式出席）。本次会议由董事长曹胜奎先生主持，公 司高级管理人员列席了本次会议，会议的 ...

Group 1 - On October 31, Jiaman Apparel's stock rose by 1.37%, with a transaction volume of 36.8873 million yuan [1] - The financing data shows that on the same day, Jiaman Apparel had a financing purchase amount of 4.8362 million yuan and a financing repayment of 4.0991 million yuan, resulting in a net financing purchase of 737,200 yuan [1] - As of October 31, the total balance of margin trading for Jiaman Apparel was 166.7 million yuan, with the financing balance accounting for 17.45% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, Jiaman Apparel had 9,636 shareholders, a decrease of 21.70% from the previous period, while the average circulating shares per person increased by 27.72% to 4,780 shares [2] - For the period from January to September 2025, Jiaman Apparel achieved an operating income of 708 million yuan, representing a year-on-year growth of 3.09%, while the net profit attributable to the parent company was 67.534 million yuan, a decrease of 34.99% year-on-year [2] Group 3 - Since its A-share listing, Jiaman Apparel has distributed a total of 199 million yuan in dividends [3] - As of September 30, 2025, the top ten circulating shareholders of Jiaman Apparel saw the exit of the Noan Multi-Strategy Mixed A fund from the list [3]

Core Viewpoint - The company reported a revenue increase of 3.09% year-on-year for the first three quarters of 2025, but experienced a significant decline in net profit attributable to shareholders, decreasing by 34.99% [1] Financial Performance - The company's revenue for the first three quarters reached 708 million yuan [1] - Net profit attributable to shareholders was 67.534 million yuan, reflecting a year-on-year decrease of 34.99% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 41.2123 million yuan, down 39.26% year-on-year [1] - Basic earnings per share stood at 0.52 yuan [1]