2023-09-06 证券研究报告 | 公司动态点评 2024 年 05 月 10 日 森马服饰（002563.SZ） | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 13,331 | 13,661 | 15,307 | 17,083 | 19,022 | | 增长率 yoy （ % ） | -13.5 | 2.5 | 12.1 | 11.6 | 11.4 | | 归母净利润（百万元） | 637 | 1,122 | 1,342 | 1,497 | 1,674 | | 增长率 yoy （ % ） | -57.1 | 76.1 | 19.7 | 11.5 | 11.8 | | ROE （ % ） | 5.6 | 9.7 | 11.0 | 11.7 | 12.3 | | EPS 最新摊薄（元） | 0.24 | 0.42 | ...

Financial Performance - The company's operating revenue for the current period is ¥3,139,311,437.98, representing a 4.58% increase compared to ¥3,001,865,677.61 in the same period last year [18]. - Net profit attributable to shareholders of the listed company is ¥346,443,875.90, an increase of 11.40% from ¥310,983,875.03 year-on-year [18]. - The net profit after deducting non-recurring gains and losses is ¥337,697,749.92, reflecting a 15.55% increase from ¥292,255,067.89 in the previous year [18]. - Basic and diluted earnings per share are both ¥0.13, up 8.33% from ¥0.12 in the previous year [18]. - The net profit attributable to shareholders for Q1 2024 was CNY 8,746,125.98 after accounting for various income and expenses, including a tax impact of CNY 2,818,971.25 [48]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 114.18% to ¥833,987,358.15, primarily due to increased sales receipts and reduced payments [8]. - The company's cash and cash equivalents at the end of the period reached ¥8,867,240,956.02, up from ¥8,103,728,168.05 at the beginning of the period [14]. - The company reported a significant increase in cash received from sales of goods and services, totaling ¥3,713,488,428.92, compared to ¥3,548,981,431.99 in the previous year [26]. - The cash inflow from investment activities was 105,773,092.56 CNY, down from 357,487,647.26 CNY in the previous period, indicating a decrease in investment returns [28]. - The cash outflow from financing activities was 927,384,504.55 CNY, significantly higher than 53,581,533.26 CNY in the previous period, reflecting increased financing costs [28]. Assets and Liabilities - Total assets at the end of the reporting period amount to ¥18,148,207,803.73, a 1.18% increase from ¥17,936,916,562.62 at the end of the previous year [18]. - The total liabilities decreased by 45.61% for employee compensation, reflecting the payment of year-end bonuses for 2023 [8]. - The company has reclassified a significant amount of time deposits to current assets, resulting in a 76.31% decrease in other non-current assets to ¥102,462,776.00 [8]. - The company reported a total non-current liabilities of 165,901,908.40 CNY, slightly decreased from 167,092,769.35 CNY in the previous period [38]. - The total equity attributable to shareholders increased to 11,839,416,989.71 CNY from 11,493,310,382.57 CNY, showing a positive trend in shareholder equity [38]. Operational Efficiency - The total inventory decreased to ¥2,586,803,267.67 from ¥2,746,691,829.09, indicating a reduction in stock levels [14]. - The company’s cash outflow for purchasing goods and services was 1,737,373,740.90 CNY, a decrease from 2,000,989,875.15 CNY in the previous period, indicating improved cost management [28]. - Total operating costs for Q1 2024 were CNY 2,581,259,263.76, up from CNY 2,544,099,611.51, reflecting a year-on-year increase of 1.47% [53]. Investments and Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing investments in new technologies and product development [8]. - The company has invested 162,996,730.59 CNY in asset custody plans, focusing on low-risk investments such as bank deposits and bonds [33]. - The company pledged 700,000,000 CNY of its time deposits for bank credit applications in 2024 [34]. Other Income and Expenses - The company reported a decrease in other income by 56.69% to ¥5,984,830.30, primarily due to reduced government subsidies received [8]. - The company received government subsidies amounting to CNY 3,744,828.89 during the quarter, contributing positively to the financial results [48]. - The company recorded a fair value change gain of CNY 4,822,731.15 from financial assets and liabilities during the quarter [48]. - The impairment provision reversal for receivables amounted to CNY 1,648,318.57, indicating improved asset quality [48]. - Other income for the quarter was CNY 5,984,830.30, down from CNY 13,817,523.23 in the previous year, reflecting a decline in non-operating income sources [53].

上海磐明律师事务所 中国上海市浦东新区世纪大道100号 上海环球金融中心15楼T61 邮政编码: 200120 Brightstone Lawyers Suite T61, 15/F, Shanghai World Financial Center No.100 Century Avenue, Pudong New District Shanghai 200120, China Tel 电话: +86 21 6881 5499 www.brightstonelawyers.com 致：浙江森马服饰股份有限公司 关于浙江森马服饰股份有限公司 2023 年年度股东大会的法律意见书 浙江森马服饰股份有限公司（下称"公司"）2023年年度股东大会（下称"本次股东大会"） 的现场会议于 2024 年 4 月 25 日（星期四）下午 2:00 在上海市闵行区莲花南路 2689 号如期 召开，本次股东大会采取现场会议与网络投票结合的方式。上海磐明律师事务所（下称"本 所"）接受公司的委托，指派黄栩、杨露律师（下称"本所律师"）出席本次股东大会，根据 《中华人民共和国公司法》（下称《公司法》）、《中华人民共和国证券法》（下称 ...

现就公司 2023 年度网上业绩说明会向投资者公开征集问题，听取投资者的意见和建议。 投资者可于 2024 年 4 月 22 日（周一）17:00 前将所关注问题发送至公司电子信箱 ir@semir.com。公司将在 2023 年度网上业绩说明会上回复投资者普遍关注的问题。 欢迎广大投资者积极参与。 浙江森马服饰股份有限公司 关于举行网上业绩说明会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 浙江森马服饰股份有限公司(以下简称"公司")已于 2024 年 4 月 2 日发布了《浙江 森马服饰股份有限公司 2023 年年度报告》。为便于广大投资者更深入全面地了解公司情 况，现定于 2024 年 4 月 23 日（周二）15:00-16:00 在全景网举办 2023 年度网上业绩说明 会，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度 业绩说明会。 证券代码：002563 证券简称：森马服饰 公告编号：2024-11 出席本次网上业绩说明会的人员有：公司董事长邱坚强先生，董事兼总经理徐波先生， 董事、副总经理 ...

| --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | 会计年度 2022A | | 2023A | 2024E | 2025E | 2026E | | 经营活动现金流 | 1176 | 1941 | 1999 | 1871 | 2426 | | 净利润 | 610 | 1120 | 1322 | 1474 | 1642 | | 折旧摊销 | 265 | 246 | 208 | 228 | 230 | | 财务费用 | -54 | -159 | -157 | -179 | -208 | | 投资损失 | -12 | -6 | -40 | -33 | -23 | | 营运资金变动 | -546 | -155 | 112 | -236 | 84 | | 其他经营现金流 | 913 | 895 | 555 | 617 | 700 | | 投资活动现金流 | 1867 | 566 | -59 | -69 | -150 | | 资本支出 | 111 | 261 | 121 ...

Financial Performance - The company's operating revenue for 2023 was ¥13,660,527,097.37, an increase of 2.47% compared to ¥13,331,204,046.27 in 2022[100]. - Net profit attributable to shareholders for 2023 reached ¥1,121,501,423.25, representing a significant increase of 76.06% from ¥636,999,237.66 in 2022[100]. - Basic and diluted earnings per share for 2023 were both ¥0.42, reflecting a 75.00% increase from ¥0.24 in 2022[100]. - The weighted average return on equity was 10.06%, an increase of 4.36% compared to 5.70% in 2022[100]. - The company reported a significant retail growth of nearly 3 times in key product categories, driven by enhanced consumer insights and product competitiveness[76]. - The operating profit for 2023 was 1.505 billion CNY, representing a year-on-year increase of 72.75%[183]. - Revenue from children's clothing reached 9.373 billion CNY, accounting for 68.61% of total revenue, with a year-on-year growth of 4.92%[192]. - Revenue from casual wear was 4.171 billion CNY, which is a decrease of 2.58% year-on-year, representing 30.54% of total revenue[192]. - Online sales contributed 6.228 billion CNY, making up 45.59% of total revenue, but decreased by 3.51% compared to the previous year[192]. - Direct sales increased by 19.19% to 1.374 billion CNY, representing 10.06% of total revenue[192]. Cash Flow and Assets - The net cash flow from operating activities increased by 65.08% year-on-year, mainly due to a reduction in payments for goods[16]. - Financial assets at the beginning of the period were approximately CNY 1.49 billion, with a fair value change of CNY 30.14 million during the period[42]. - The total financial assets at the end of the period amounted to approximately CNY 1.07 billion, reflecting significant changes in asset composition[42]. - As of the end of the reporting period, the company's cash assets amounted to 8.911 billion yuan, indicating a strong cash reserve[160]. - The company maintains a low debt ratio, with most liabilities being operational, which contributes to its strong financial health and risk resilience[160]. Research and Development - R&D investment amounted to ¥280,839,330.86, representing 2.06% of operating revenue, a decrease of 0.16% from the previous year[13]. - The R&D personnel accounted for 26.19% of the total workforce, indicating a strong emphasis on innovation[13]. - The company established R&D bases with leading suppliers to enhance fabric technology and increase the market share of functional products[67]. - The company plans to continue investing in product innovation in 2024, aiming to create leading mental explosive products centered around consumer needs[77]. Brand Strategy and Marketing - The company is committed to improving brand influence through collaborations and media promotions, particularly in the education sector[2]. - Balabala brand will focus on the strategic goal of "brand leadership, product leadership, and efficiency-driven" for its core work in 2024[33]. - The company plans to enhance brand marketing by promoting the "New Semir" store image and increasing marketing investments to boost brand influence[54]. - The brand's reputation increased by 86% after collaborating with well-known male and female endorsers and participating in the Shanghai Fashion Week for a down jacket launch[64]. - Balabala's brand slogan "Childhood is Different" was revitalized, generating strong engagement on social media and enhancing brand influence through collaborations with KOLs[80]. Operational Efficiency - The company will continue to enhance the shopping experience for consumers and focus on product development and operational efficiency for quality growth[31]. - Balabala improved operational efficiency in 2023, enhancing inventory turnover and overall brand health, with significant improvements in new product sell-through rates[35]. - The company aims to enhance the efficiency of the entire product chain by continuing to deepen the product manager system reform[67]. - The new basic store pilot in 2023 exceeded expectations, with product efficiency higher than regular stores, promoting nationwide replication through category management and standardized operations[63]. - Inventory turnover days for apparel stood at 159 days, with total inventory quantity at 70,421,911 pieces, and a year-on-year decrease in inventory balance of ¥1,161,612,148.86, or 25.58%[74]. Market Presence and Expansion - The company plans to expand its offline store presence in key shopping centers and build a digital store model in 2023[8]. - The company opened its first store in Singapore in December 2023, expanding its international presence to 70 stores in total[189]. - The company operates primarily in the casual and children's clothing sectors, with its main brands being Semir and Balabala, targeting consumers aged 18-35 and 0-14 respectively[129]. - The company has established a comprehensive online and offline retail system, including specialty stores, supermarkets, shopping centers, and e-commerce platforms, with a focus on franchise and direct sales models[131]. Challenges and Risks - The company faced risks related to macroeconomic fluctuations and increased competition in the children's clothing market, which could impact future performance[107]. - The company is facing increased competition in the children's clothing market due to consumption upgrades and demographic changes, which may pose risks to its business[132]. - The company is facing challenges from rapid changes in consumer preferences and the competitive landscape, particularly from international brands expanding into lower-tier cities[147].

1、股东股份解除质押基本情况 | | 是否为控股股 | | 占其所 | 占公司 | 起 | 解 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 东或第一大股 | 本次解除质押 | 持股份 | 总股本 | 始 | 除 | 质权人 | | 称 | 东及其一致行 | 股份数量 | | | | 日 | | | | 动人 | | 比例 | 比例 | 日 | 期 | | | 邱光和 | 是 | 37,500,000 | 9.07% | 1.39% | 2020 年 | 2023 | 中信银行股份 | | | | | | | | 年 | | | | | | | | 11 | 11 | 有限公司温州 | | | | | | | 月 | 月 | 分行 | | | | | | | 24 | 30 | | | | | | | | 日 | 日 | | | 合计 | | 37,500,000 | 9.07% | 1.39% | | | | 二、股东股份累计质押情况 证券代码：002563 证券简称：森马服饰 公告编号：2023-29 浙江森马服饰股份有限公司 ...

证券代码：002563 证券简称：森马服饰 公告编号：2023-28 浙江森马服饰股份有限公司 关于公司股东部分股份质押展期的公告 2、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 1 | 股东名称 | 持股数量 | 持股 | 本次质押展 | 本次质押展 | 占其所 | 占公司 | 已质押股份情况 已质押股份 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 比例 | 期前质押股 | 期后质押股 | 持股份 | 总股本 | 限售和冻结、 | 占已质 | 未质押股份 | 占未质押 | | | | | 份数量 | 份数量 | 比例 | 比例 | 标记合计数 | 押股份 | 限售和冻结 | 股份比例 | | | | | | | | | 量 | 比例 | 合计数量 | | | 邱光和 | 413,339,300 | 15.34% | 99,500,000 | 99,500,000 | 24.07% | 3.69% | 99,500,000 | 100. ...

Financial Performance - The company's operating revenue for Q3 2023 was ¥3,338,456,413.59, representing a 1.11% increase year-over-year[7]. - Net profit attributable to shareholders for Q3 2023 reached ¥316,351,640.02, a significant increase of 89.37% compared to the same period last year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥295,978,166.18, up 103.71% year-over-year[7]. - Basic earnings per share for Q3 2023 was ¥0.12, reflecting a 100% increase compared to the same period last year[7]. - The total net profit for the third quarter of 2023 reached CNY 830,636,648.99, a significant increase compared to CNY 251,992,279.61 in the same period last year, representing a growth of approximately 229.5%[54]. - Operating profit for the third quarter was CNY 1,101,919,324.55, compared to CNY 366,222,302.73 in the previous year, indicating a year-over-year increase of about 201.5%[54]. Assets and Liabilities - Total assets as of the end of Q3 2023 amounted to ¥17,458,863,359.75, a decrease of 4.45% from the end of the previous year[7]. - The company reported a total asset value of CNY 17,458,863,359.75, a decrease from CNY 18,271,093,028.10 year-over-year, indicating a reduction of about 4.4%[50]. - Total liabilities decreased to CNY 6,251,465,670.81 from CNY 7,377,412,254.02[42]. - The total liabilities amounted to CNY 12,966,327,389.08, down from CNY 13,669,938,059.41, reflecting a decrease of approximately 5.1%[50]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,309[27]. - The largest shareholder, Qiu Guanghe, holds 15.34% of the shares, totaling 413,339,300 shares, with 99,500,000 shares pledged[27]. - The second-largest shareholder, Qiu Jianqiang, holds 13.34% of the shares, totaling 359,442,552 shares, with 154,000,000 shares pledged[27]. - The company has pledged a total of 99,500,000 shares, accounting for 3.69% of the total share capital[36]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥842,979,962.23[7]. - The net cash flow from operating activities improved significantly to ¥842,979,962.23 from -¥135,772,783.22, mainly due to a decrease in payments for goods[25]. - Operating cash inflow for the period was ¥10,026,591,773.74, a decrease of 1.7% from ¥10,200,099,760.77 in the previous period[56]. - Net cash outflow from operating activities was ¥9,183,611,811.51, down from ¥10,335,872,543.99, resulting in a net cash flow from operating activities of ¥842,979,962.23, compared to a negative cash flow of ¥135,772,783.22 previously[56]. - Net cash inflow from investment activities was ¥767,359,158.71, down from ¥1,630,561,355.06 in the previous period[57]. Government Subsidies and Non-Operating Income - The company received government subsidies amounting to ¥13,114,135.81 during the reporting period, totaling ¥30,995,185.09 year-to-date[7]. - The company reported non-operating income of ¥20,373,473.84 for Q3 2023, with a total of ¥56,300,582.79 for the year-to-date[7]. Research and Development - Research and development expenses amounted to CNY 174,056,694.20, down from CNY 213,574,666.54, reflecting a decrease of approximately 18.5%[54]. Future Plans - The company plans to maintain its market expansion strategy and continue investing in new product development[40]. Audit Status - The company has not yet audited the third-quarter report, which was released on October 31, 2023[47].

证券代码：002563 证券简称：森马服饰 公告编号：2023-25 浙江森马服饰股份有限公司 第六届董事会第五次会议决议公告 本次会议应出席董事 9 人，实际出席董事 9 人，全体董事以通讯方式出席并表决，会 议由董事长邱坚强主持。公司监事及高级管理人员列席本次会议。本次会议的召开符合《中 华人民共和国公司法》与其他法律、行政法规、部门规章、规范性文件及公司章程等的规 定。 二、董事会会议审议情况 1、审议通过《公司 2023 年第三季度报告》。 表决结果：赞成 9 票；反对 0 票；弃权 0 票。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 内容详见巨潮资讯网（http://www.cninfo.com.cn）同期披露的《浙江森马服饰股份 有限公司 2023 年第三季度报告》。 一、董事会会议召开情况 2、审议通过《关于为全资子公司提供履约保函的议案》。 浙江森马服饰股份有限公司(以下简称"公司")于 2023 年 10 月 27 日在公司召开第 六届董事会第五次会议，本次会议以通讯表决的方式召开。会议通知已于 2023 年 10 月 20 日以书面及 ...