太平鸟业绩承压，“掌舵人”张江平降薪85万

Core Insights - The company reported a revenue of 6.8 billion yuan for 2024, marking a year-on-year decline of 12.7%, continuing a trend of negative growth for the third consecutive year [1] - The net profit attributable to shareholders was 260 million yuan, down 38.7% year-on-year, while the net profit excluding non-recurring items fell by 57.4% to 120 million yuan [1] Revenue Performance - All three major revenue channels—direct sales, franchising, and online sales—experienced a contraction, with revenues of 2.81 billion yuan, 2.05 billion yuan, and 1.83 billion yuan respectively, accounting for 42%, 31%, and 27% of total revenue [2] - The regional market showed a "full-line decline," with East China leading at 2.062 billion yuan but down 15.34% year-on-year; Central and North China contributed 1.393 billion yuan and 1.534 billion yuan, with declines of 12.37% and 13.73% respectively [3] Brand Performance - None of the four main brands saw revenue growth, with PEACEBIRD women's and men's clothing generating 2.503 billion yuan and 2.783 billion yuan, down 13.12% and 8.56% respectively; LEDiN girls' clothing revenue was 543 million yuan, down 28.27%; mini peace children's clothing revenue was 827 million yuan, down 13.77% [5] Cost and Expense Management - The company reduced sales, management, and R&D expenses by 5.85%, 8.80%, and 8.95% respectively, indicating a strategic adjustment to enhance profitability, including store reductions and marketing cost cuts [7] - As of the end of 2024, the company had 3,373 stores, net closing 358 stores during the year, with 477 new openings and 835 closures [7] Strategic Direction - The company is shifting its strategy towards a "quality fashion" positioning, moving away from frequent collaborations and fast fashion, focusing instead on high-quality materials and craftsmanship [7] - The company has launched a new winter quality series and is targeting the popular "urban outdoor" segment with premium winter products [7] Store Strategy - The company is implementing a new store strategy centered around a "single brand" approach, opening large experiential stores over 1,000 square meters in key cities such as Ningbo, Wuhan, and Shenzhen [8] Executive Compensation - The chairman and general manager's annual salary for 2024 was 3.5384 million yuan, a decrease of 850,000 yuan from 2023, reflecting the company's current challenges [9]