出售MooRER股权，九牧王退守男裤

Core Viewpoint - Jiumuwang's diversification strategy has faced challenges, leading to the sale of its stake in the Italian high-end sports fashion brand MooRER and a renewed focus on its core men's pants business [1][5] Group 1: Business Strategy - Jiumuwang has decided to exit previous investments in equity projects and concentrate on its main business of men's pants, indicating a shift back to core competencies [3][5] - The company acquired a 25% stake in MooRER for approximately 74 million yuan in December 2023, which was initially seen as a move towards high-end and multi-brand development [4][5] - The performance of MooRER has not met expectations, with revenues slightly below 53 million euros, failing to reach the founder's target of 60 million euros [4] Group 2: Financial Performance - Jiumuwang's revenue for the first three quarters of 2023 was 2.13 billion yuan, a year-on-year decrease of 6.02%, while net profit increased by 129.63% to 310 million yuan, largely due to investment gains [6] - The company's revenue from men's pants accounted for 51.28% of total revenue, highlighting its significance in the overall business [6] - In the first half of 2023, Jiumuwang's revenue was 1.497 billion yuan, down 5.02% year-on-year, with declines across various product categories, including a 4.15% drop in men's pants revenue [7] Group 3: Market Positioning and Branding - Jiumuwang is focusing on attracting younger consumers as part of its brand rejuvenation strategy, with a new management team led by the second-generation leader Lin Zehuan [8] - The company has launched a new "Five Pants" series and signed multiple brand ambassadors to enhance its marketing efforts, marking a significant shift in its promotional strategy [8] - Jiumuwang is also increasing its presence in shopping centers and outlet stores, with a focus on direct-to-consumer retail operations and city marketing campaigns [9]