森马服饰（002563）：2025年毛利率稳步提升，存货结构趋于健康

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company reported a revenue of 15.09 billion yuan and a net profit attributable to shareholders of 892 million yuan for 2025, reflecting a year-on-year change of +3.17% and -21.54% respectively [3] - The company has implemented a global strategy focusing on core market deepening and agile exploration of new markets, resulting in overseas revenue of 130 million yuan, a year-on-year increase of 58.1% [3] - The company plans to accelerate development in key regions and optimize channel combinations to enhance store profitability, with expected EPS for 2026-2028 at 0.44, 0.48, and 0.53 yuan respectively [4][5] Financial Performance - For 2025, the company achieved a gross margin of 45.1%, with a projected gross margin of 45.3% for 2026 [5] - The company’s total revenue is expected to grow from 15.09 billion yuan in 2025 to 18.81 billion yuan in 2028, with a compound annual growth rate of approximately 8.2% [5] - The net profit attributable to shareholders is projected to increase from 892 million yuan in 2025 to 1.43 billion yuan in 2028, with a year-on-year growth of 9.9% in 2028 [5] Product Segment Performance - The children's clothing segment outperformed casual wear, with children's clothing revenue reaching 10.8 billion yuan, a year-on-year increase of 5.18% [3] - Casual wear revenue was 4.05 billion yuan, reflecting a decline of 3.2% year-on-year, but with an improved gross margin of 40.5%, up by 5.02 percentage points [3] Channel Expansion - The company expanded its direct sales channels, ending 2025 with 1,028 direct stores, a net increase of 48 stores [3] - Direct sales revenue grew by 30.3% year-on-year to 2.02 billion yuan, while franchise revenue decreased by 5.0% to 5.77 billion yuan [3] Inventory Management - The company reported a year-end inventory value of 3.18 billion yuan, a decrease of 8.6% year-on-year, indicating improved inventory management [3] - The cash flow from operating activities increased by 37.0% year-on-year to 1.73 billion yuan, primarily due to increased sales collections [3]