森马服饰（002563）：下半年以来已呈控费趋势

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a trend of cost control since the second half of the year, with improvements noted in the latter part of the year despite challenges in revenue growth and profitability [2][7] - Revenue growth is primarily driven by children's apparel and overseas business, while casual wear has seen a decline [2][3] - The company plans to distribute a dividend of 0.15 yuan per share, with a total dividend payout of 0.30 yuan, resulting in a payout ratio of 90.6% and a dividend yield of 5.4% [2] Financial Performance Summary - In 2025, the company's revenue, net profit attributable to the parent, and operating cash flow were 15.09 billion, 0.892 billion, and 1.73 billion yuan respectively, with year-on-year changes of 3.17%, -21.54%, and +36.95% [2] - The gross margin for the company improved to 45.10%, with a notable increase in the main brand's gross margin to 40.50% [4] - The company experienced a decline in net profit margin to 5.91%, primarily due to increased sales expenses and asset impairment losses [4] Store Performance and Strategy - The company has seen a net reduction in stores, with a total of 7,931 stores at the end of 2025, and a focus on improving direct store efficiency [3][7] - The company is accelerating its overseas expansion, with the children's brand having entered over 20 countries and regions [3] Future Outlook - The company is expected to continue its cost control trend into 2026, with potential for net store openings despite ongoing inventory challenges among franchisees [7] - Revenue growth drivers include overseas store openings and new retail strategies [7] - Earnings forecasts for 2026 and 2027 have been adjusted downwards, with projected revenues of 15.62 billion and 16.63 billion yuan respectively [7]