Core Viewpoint - The company reported a decline in net profit for the first half of 2025, despite a slight increase in revenue, indicating challenges in profitability and operational efficiency [1][2]. Financial Performance - In Q2 2025, the company achieved revenue of 200 million, a year-on-year increase of 5%, while the net profit attributable to the parent company was 20 million, a decrease of 50%. The net profit after deducting non-recurring items was 6 million, down 64% [1]. - For the first half of 2025, the company reported revenue of 500 million, a year-on-year increase of 4%. The net profit attributable to the parent company was 60 million, down 31%, and the net profit after deducting non-recurring items was 40 million, down 28% [2]. Brand Development - The company began self-operating the Hush Puppies brand for men's and women's clothing from mid-last year, with expectations that by the end of 2024, this category will account for 10.06% of total revenue. In the first half of this year, the revenue share from men's and women's clothing increased to 22.87% [2]. - The growth rate of Hush Puppies men's and women's clothing aligns with the company's expectations, and there is confidence in further market expansion due to product upgrades and channel restructuring [3]. Brand Portfolio - Hush Puppies, established in 1958, is the company's main proprietary brand, with a recent acquisition of its full-category IP assets in mainland China and Hong Kong and Macau [4]. - The company also owns the "Water Children" brand, founded in 1995, focusing on children's clothing, and has a strong market presence [4]. - The authorized brand Hazzys, launched in 2000, is known for its British campus style and is part of the company's diverse brand portfolio, which includes high-end children's clothing brands like EMPORIO ARMANI, KENZO KIDS, and HUGO BOSS [4]. Profit Forecast Adjustment - Based on the financial performance in the first half of 2025 and the acquisition of Hush Puppies, the company has adjusted its profit forecasts, expecting revenues of 1.14 billion, 1.21 billion, and 1.30 billion for 2025-2027, with net profits of 140 million, 160 million, and 190 million respectively [5].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5] Core Views - The company has shown a gradual increase in the revenue contribution from its self-operated Hush Puppies men's and women's clothing line, which reached 22.87% in the first half of 2025, with expectations to grow to 10.06% by the end of 2024 [1] - The financial performance for the first half of 2025 indicates a revenue of 500 million yuan, a 4% increase year-on-year, while the net profit attributable to the parent company decreased by 31% to 60 million yuan [1] - The company has acquired full-category IP assets of the Hush Puppies brand in mainland China and Hong Kong, enhancing its brand matrix and market presence [2] Financial Performance Summary - The company adjusted its revenue forecasts for 2025-2027, expecting revenues of 1.14 billion, 1.21 billion, and 1.30 billion yuan respectively, with net profits of 140 million, 160 million, and 190 million yuan [3] - The projected PE ratios for 2025, 2026, and 2027 are 19x, 17x, and 15x respectively [3] - The financial data indicates a slight revenue growth of 0.76% in 2023, followed by a projected decline of 4.57% in 2024, and a recovery with 4.05% growth in 2025 [4] Brand and Market Position - The Hush Puppies brand, established in 1958, has become the company's main proprietary brand following the acquisition of its IP assets [2] - The company also operates other well-known brands, including children's clothing brand "Water Child" and the licensed brand "Hazzys," which reflects a diverse brand matrix [2]

Core Viewpoint - The company has announced the decision to utilize up to 550 million yuan of temporarily idle raised funds for cash management purposes, focusing on low-risk, high-security financial products [1] Group 1: Financial Management - The funds will be used to purchase low-risk, high-security principal-protected financial products, including structured deposits and guaranteed return financial products [1] - The investment will also include deposits placed in bank accounts under agreed terms, with a validity period of within 12 months [1] - The funds can be rolled over within the specified limit, ensuring that the investment projects funded by the raised capital and the company's normal operations will not be affected [1]

Group 1 - The company, Jiama Clothing, held its fourth board meeting on September 29, 2025, to discuss the proposal for using part of the idle raised funds for cash management [1] - The meeting was conducted in a hybrid format, combining in-person and communication methods [1] - The agenda included the review of the proposal regarding the management of idle funds [1]

二、募集资金使用情况说明 截至2025年6月30日，本公司募集资金基本情况如下： 单位：万元 | 项目 | 金额 | | --- | --- | | 募集资金净额 | 99,458.56 | | 加：利息收入 | 42.90 | | 减：使用部分超募资金永久补充流动资金 | 14,000.00 | | 减：募投项目支出 | 8,000.00 | | 减：银行手续费 | 0.01 | | 加：尚未支付的发行费用 | 349.06 | | 加：以自有资金预先支付尚未置换的发行费用 | 819.99 | | 2022年12月31日募集资金余额 | 78,670.50 | 东兴证券股份有限公司 关于北京嘉曼服饰股份有限公司 拟使用部分闲置募集资金进行现金管理的核查意见 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 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《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 ...

证券代码：301276 证券简称：嘉曼服饰 公告编号：2025-040 北京嘉曼服饰股份有限公司 第四届董事会第九次会议决议公告 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"）第四届董事会第九次会议 于 2025 年 9 月 29 日（星期一）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 9 月 18 日（星期四）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，会议的召开符合《中华人民共和国公司法》等有关法律、 行政法规、部门规章、规范性文件及《公司章程》的有关规定。 三、备查文件 1、第四届董事会第九次会议决议； 2、东兴证券股份有限公司关于北京嘉曼服饰股份有限公司使用部分闲置募 集资金进行现金管理的核查意见。 特此公告。 会议根据《公司法》和《公司章程》的规定，审议通过了以下议案： （一）审议通过《关于 ...

证券代码：301276 证券简称：嘉曼服饰 公告编号：2025-039 北京嘉曼服饰股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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。 北京嘉曼服饰股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开 第四届董事会第九次会议，审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》，同意在不影响公司募集资金投资计划正常进行的前提下，公司使用 最高不超过人民币 55,000 万元（包含募集资金进行现金管理后所产生的利息） 的暂时闲置募集资金进行现金管理，用于购买安全性高、低风险、流动性好、产 品投资期限最长不超过 12 个月的保本型理财产品，包括结构性存款、有保本约 定的理财产品或者以协定存款形式存放于银行账户，期限自公司第四届董事会第 九次会议审议通过之日起 12 个月。在上述额度内，资金可滚动使用，并授权董 事长在上述有效期及资金额度内行使该项投资决策权并由财务管理中心负责组 织实施。本次额度经审议生效后，前次经第四届董事会第四次会议和第四届监事 会第四次会议审议通过的现金管理额度自动 ...

Market Overview - The apparel and home textile sector experienced a slight decline of 0.1% on September 24, with Taimushi leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers in the Sector - Hongdou Co., Ltd. (600400) saw a significant increase of 10.06%, closing at 3.83, with a trading volume of 2.6691 million shares and a turnover of 966 million yuan [1] - Qipilang (002029) rose by 9.96%, closing at 8.50, with a trading volume of 432,700 shares and a turnover of 360 million yuan [1] - Bangjie Co., Ltd. (002634) increased by 5.87%, closing at 4.69, with a trading volume of 245,500 shares and a turnover of 114 million yuan [1] Top Losers in the Sector - Taizunshi (001234) experienced a significant decline of 9.99%, closing at 35.78, with a trading volume of 234,800 shares and a turnover of 894 million yuan [2] - Baoxiniang (002154) fell by 5.45%, closing at 4.34, with a trading volume of 1.6605 million shares and a turnover of 739 million yuan [2] - Wanlima (300591) decreased by 4.96%, closing at 10.93, with a trading volume of 650,700 shares and a turnover of 716 million yuan [2] Capital Flow Analysis - The apparel and home textile sector saw a net outflow of 121 million yuan from institutional investors and 156 million yuan from speculative funds, while retail investors contributed a net inflow of 277 million yuan [2] - Hongdou Co., Ltd. (600400) had a net inflow of 41.54 million yuan from institutional investors, but a net outflow of 197 million yuan from speculative funds [3] - Qipilang (002029) recorded a net inflow of 82.1772 million yuan from institutional investors, with a net outflow of 49.6436 million yuan from speculative funds [3]

Group 1 - The core point of the article highlights the recent performance of Jiama Clothing, which saw a 5.14% increase in stock price, reaching 22.70 yuan per share, with a total market capitalization of 2.942 billion yuan [1] - Jiama Clothing specializes in children's clothing, with its main business revenue composition being outerwear (38.96%), tops (37.07%), pants (16.04%), skirts (6.02%), and other categories [1] - The company was established on September 16, 1992, and went public on September 9, 2022 [1] Group 2 - Among Jiama Clothing's top ten circulating shareholders, the Noan Multi-Strategy Mixed A Fund (320016) entered the list in the second quarter, holding 555,100 shares, which accounts for 1.21% of circulating shares [2] - The Noan Multi-Strategy Mixed A Fund has achieved a year-to-date return of 55.7% and a one-year return of 112.37% [2] - The fund manager, Kong Xianzheng, has a tenure of 4 years and 303 days, with the best fund return during this period being 71.81% [3]

Group 1: Company Growth Strategies - The main driver for store efficiency growth is continuous channel upgrades, including opening quality stores and closing underperforming ones, while enhancing product and service offerings to improve consumer experience [2] - The company emphasizes that excellent product design and quality are fundamental for long-term brand success, alongside appropriate channel alignment for direct consumer engagement [2] - Marketing promotion is crucial for unleashing brand potential, requiring a combination of quality products and effective marketing strategies to maximize brand value [2] Group 2: E-commerce and Retail Development - The company believes that online and offline shopping will develop in balance, with online shopping becoming a rational consumer choice, and mid-to-high-end brands adopting the same pricing for online and offline channels [3] - The company plans to focus on direct sales channels for adult apparel and footwear to enhance control over brand image and value [3] - The existing children's clothing business will maintain its pricing strategy to uphold brand value, despite a decline in revenue due to peak online traffic [3] Group 3: Brand-Specific Plans - The "Water Child" brand has completed a three-year rebranding process and will continue to update store images and replicate successful store models [3] - The company intends to maintain a relatively stable dividend policy, with potential increases in the dividend ratio as profitability improves and without significant capital expenditures [3]