Semir(SZ:002563) Chang Jiang Shang Bao·2025-08-25 00:24Core Points - Semir Garments reported a significant decline in net profit despite a slight increase in revenue, with a net profit of 325 million yuan, down 41.17% year-on-year [1][2] - The company announced a high dividend payout of 1.50 yuan per 10 shares, totaling approximately 404 million yuan, resulting in a dividend rate of 124% [1][18] - The sales expenses increased by 17.67% to 1.823 billion yuan, significantly outpacing revenue growth, and accounted for about 30% of total revenue [1][11][14] Revenue and Profit Analysis - In the first half of 2025, Semir Garments achieved a revenue of 6.149 billion yuan, a year-on-year increase of 3.26% [1][2] - The company experienced a decline in net profit for the third consecutive year, following two years of growth [3][4] - In 2024, the company reported a revenue of 14.626 billion yuan, up 7.06%, and a net profit of 1.137 billion yuan, up 1.42% [8] Management and Strategic Changes - In February 2023, the founder, Qiu Guanghe, stepped down, and his son, Qiu Jianqiang, took over as chairman and legal representative [5][6] - Under the new leadership, the company saw a recovery in performance, with a total revenue of 13.661 billion yuan and a net profit of 1.122 billion yuan in 2023 [7] Store Expansion and Marketing Strategy - As of mid-2025, Semir Garments operated 8,236 offline stores, with a mix of direct sales, franchises, and joint ventures [12][13] - The company has adopted a diversified marketing strategy that includes both online and offline sales channels [12] Inventory and Financial Health - The inventory reached 3.326 billion yuan, reflecting a year-on-year increase of 16.65% [16] - The company indicated that the inventory levels are consistent with normal business operations and industry practices [16]