Ribo Fashion(SH:603196) Zhong Guo Zheng Quan Bao·2026-01-29 13:24Core Viewpoint - The company, Zhuhai Smart Fashion (603196), forecasts a net profit of 14 million to 21 million yuan for 2025, a significant recovery from a loss of 159 million yuan in the previous year, indicating a potential turnaround in financial performance [4]. Financial Performance - The expected net profit for 2025 is between 14 million and 21 million yuan, compared to a loss of 159 million yuan in the same period last year [4]. - The forecasted non-recurring net profit is a loss of 20 million to 30 million yuan, down from a loss of 166 million yuan in the previous year [4]. - As of January 29, the company's price-to-earnings ratio (TTM) is approximately 323.66 to 485.49 times, with a price-to-book ratio (LF) of about 10 times and a price-to-sales ratio (TTM) of approximately 8.28 times [4]. Business Operations - The company focuses on the design, production, and sales of clothing and accessories [13]. - Key factors contributing to the performance improvement include: 1. Optimization of product matrix and channel value, leading to a 3.6 percentage point increase in gross profit margin [13]. 2. Implementation of cost reduction and efficiency enhancement measures, resulting in a 15.37% decrease in period expenses [13]. 3. Enhanced inventory turnover efficiency through dynamic monitoring, reducing inventory impairment losses by 62.16% [13]. Non-Operating Gains - The company transferred 100% equity of its wholly-owned subsidiary, Shanghai Ribo Zhisheng Industrial Co., Ltd., to Shanghai Ribo Investment Holdings Co., Ltd., generating a transfer gain of approximately 35.04 million yuan [13]. - This transaction is aimed at allowing the company to focus on its core business and alleviate fixed asset investment pressure [13]. Other Impacts - The company plans to recognize an impairment of approximately 10 million yuan on investment properties due to signs of impairment influenced by the overall real estate market conditions [14].