太平鸟转型“中产”阵痛 扣非净利润大降近六成

Core Viewpoint - In 2024, Peacebird Fashion Co., Ltd. reported a revenue decline of 12.70% year-on-year, marking a continuous three-year revenue decrease, with net profit dropping by 38.75% and net profit excluding non-recurring items down by 57.38% [1][2] Financial Performance - Revenue for 2024 was 6.802 billion yuan, a decrease from the previous year [1] - Net profit attributable to shareholders was 259 million yuan, down from the previous year [1] - Net profit excluding non-recurring items was 123 million yuan, reflecting a significant decline [1] Cost Management - The company continued to reduce sales and management expenses, with sales expenses decreasing by 5.85% and management expenses by 8.91% compared to 2023 [1] - The total number of stores decreased to 3,373 by the end of 2024, a net reduction of 358 stores from the end of 2023 [1] Strategic Shift - Peacebird has shifted from growth driven by scale to improving profitability, with a focus on reducing the number of stores and cutting marketing expenses [2] - The company has moved away from frequent collaborations and fast fashion strategies, instead focusing on high-quality apparel, with 70% of its product line being high-quality items in 2023 [2] New Retail Format - Peacebird introduced a new retail format called "collection stores," combining its four major brands under one roof, with 63 collection stores by the end of 2024, an increase of 53 stores [3] Inventory Management - Inventory increased from 1.509 billion yuan in 2023 to 1.736 billion yuan in 2024, with inventory turnover days rising from 183.0 to 191.8 days [3] Brand Performance - The women's clothing brand PEACEBIRD has seen a decline in revenue contribution, dropping to 37.34% in 2024, while the men's clothing brand PEACEBIRD has taken the lead with 41.52% [3] - The brand 乐町 has also experienced a decline, with revenue falling over 20% for three consecutive years, reducing its contribution from nearly 15% to 8.10% [3]