Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.50 RMB [7][8]. Core Views - The company reported a 2024 annual revenue of 14.63 billion RMB, a year-on-year increase of 7.1%, and a net profit of 1.14 billion RMB, up 1.4% year-on-year, exceeding previous expectations due to effective channel adjustments [1]. - In Q1 2025, the company experienced a revenue of 3.08 billion RMB, a decrease of 1.9% year-on-year, and a net profit of 210 million RMB, down 38.1% year-on-year, indicating short-term performance pressure but long-term value potential remains optimistic [1][5]. - The company is focusing on channel optimization and enhancing store efficiency, which is expected to lay a solid foundation for long-term development [1][2]. Summary by Sections Financial Performance - The company's gross margin for 2024 decreased by 0.2 percentage points to 43.8%, primarily due to increased sales and financial expense ratios from channel layout adjustments [3]. - The net profit margin for Q1 2025 dropped by 4.9 percentage points to 6.9% [3]. Inventory and Operational Efficiency - As of the end of 2024, the company's inventory was 3.481 billion RMB, a year-on-year increase of 26.8%, with inventory turnover days increasing to 188 days in Q1 2025, up 45 days year-on-year [4]. - Accounts receivable turnover days also increased, indicating a slight short-term pressure on operational efficiency [4]. Revenue and Profit Forecast - The company forecasts net profits of 1.29 billion RMB for 2025 and 1.48 billion RMB for 2026, with an introduction of a 2027 forecast of 1.74 billion RMB [5][6]. - The report suggests a PE ratio of 15.7 for 2025, reflecting the company's position as a leading brand in children's clothing and casual wear despite short-term operational pressures [5].

4月28日，张小泉（301055）（301055.SZ）发布2025年第一季度报告。报告期内，公司实现营业收入 2.25亿元，同比增长5.65%；归属于上市公司股东的净利润1298.67万元，同比增长69.49%；扣非后净利 润1273.48万元，同比增长85.47%。在渠道结构优化、产品矩阵升级和研发投入持续推进的支撑下，公 司经营质量稳步提升，为全年发展奠定良好基础。 产品创新与标准建设双轮驱动 一季度，张小泉紧贴消费升级趋势，在刀剪具主业领域持续打造高端化、多样化产品矩阵。公司主推的 黑武士、山水淳木、墨染古韵、流线几何·月影、古韵·至境界等系列产品表现出色，带动整体收入稳步 增长。通过新品与爆款的协同发力，公司产品结构不断优化，有效提升了市场竞争力和品牌认知度。 渠道方面，张小泉顺应电商平台发展新趋势，积极布局直播电商及传统电商双线市场。公司根据不同平 台消费需求，搭建适配直播场景和传统电商的货盘体系，持续提升产品曝光度与转化效率。尤其在抖 音、快手、微信视频号等新兴渠道，通过搭建店铺直播矩阵、与头部达人合作，有效增强了品牌影响力 和用户黏性。 传统电商方面，公司紧跟平台运营节奏，系统化推进内容建设与 ...

Core Viewpoint - The company reported stable operating performance in the first quarter of 2025 despite industry challenges, with revenue remaining flat year-on-year and a decrease in net profit due to price adjustments in the previous year [4][5]. Financial Data - The company achieved operating revenue of 994 million yuan in the first quarter, which is approximately the same as the previous year [4]. - Net profit decreased compared to the same period last year, influenced by a decline in product prices [4][5]. - The company reported a non-recurring loss of 277,000 yuan related to employee compensation for factory relocation [3]. Operational Strategies - The company focused on channel optimization and cost control, leading to an 11.27% reduction in total expenses year-on-year [5]. - The retail business for tiles saw a revenue increase of 10.19% year-on-year, driven by product innovation and a response to national policies promoting home renovation [5]. Shareholder Information - As of the end of the reporting period, the company repurchased 6,038,900 shares, accounting for 0.52% of the total share capital, with a total transaction amount of approximately 36.25 million yuan [6]. Board Meeting - The company's board of directors held a meeting on April 25, 2025, where they unanimously approved the first quarter report and the 2024 ESG report [10][12].