风口财经注意到，近年来，在激烈的市场竞争中，森马服饰的业绩已经显示疲态，增长速度明显放缓，利润规模大幅 收缩。与此同时，由于在产品质量、售后服务等方面仍存在问题，在一些消费投诉平台上，消费者的投诉较多，公司 品控仍有较多工作需要解决。 服装巨头森马服饰今年以来业绩突然转跌净利大幅下滑，引发市场关注。森马服饰近日公布的半年报显示，上半年公 司营收和净利润双双下滑，其中归母净利润同比下降41.17%。营收下滑的同时，公司的销售费用却大增17.67%。 半年报净利骤降四成 根据森马服饰2025年半年报，上半年公司实现营收61.49亿元，同比增长3.26%，归母净利润3.25亿元，同比下降 41.17%，扣非净利润2.96亿元，同比下降45.22%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 成 | | 营业收入(元) | 6,148,842,028.76 | 5.954.984.967.50 | 3.26% | | 归属于上市公司股东的净利润(元) | 325, 050, 552. 78 | 552,502,075.58 | - ...

Core Viewpoint - The retail transformation led by major players is at a crossroads, with companies like Hema adjusting their strategies, including the closure of Hema X membership stores and plans to open 100 new Hema Fresh stores this year [1] Group 1: Retail Strategy Adjustments - Hema's strategic moves reflect broader trends in the retail industry, where traditional supermarkets like Yonghui and Zhongbai are learning from successful models like Pang Donglai, while e-commerce giants like JD, Meituan, and Taobao are fiercely competing in the instant retail market [1] - The competitive landscape is characterized by a variety of approaches, with companies not able to replicate the unified pace of the past "new retail" model, indicating a shift towards diversified strategies [1][2] Group 2: Consumer and Supply Chain Impact - The essence of the retail industry remains unchanged, focusing on the inherent demand for value for money, which translates into the external presentation of the "people, goods, and venue" combination [2] - Different configurations of "people, goods, and venue" lead to varying operational outcomes, with mismatches often resulting in poor performance [2] Group 3: Competitive Dynamics - The competition between Sam's Club and Hema X membership stores highlights the complexities of retail dynamics, where the urgency to adapt can lead to inefficiencies and losses [3] - The retail sector is characterized by a large market demand and innovative potential, providing companies with opportunities for maneuvering despite the challenges [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][26] Core Views - The company experienced a slight decline in revenue in Q1 2025, with a revenue of 0.82 billion, down 0.3% year-on-year, and a net profit of 0.04 billion, down 10.9% year-on-year. The decline in revenue is attributed to the pressure from the real estate sector and weak consumer demand, but the impact was mitigated by the implementation of national subsidy policies [1][2][3] - The company has initiated a deep transformation in domestic retail since Q4 2024, which, combined with the effects of national subsidies, has led to a significant narrowing of revenue decline in Q1 2025 [1][4] - The company plans to distribute a cash dividend of 6 yuan for every 10 shares, with a payout ratio of 67.95%, an increase of 16.6 percentage points year-on-year [1][4] Revenue and Profit Analysis - In 2024, the company reported a total revenue of 5.26 billion, down 14.0% year-on-year, and a net profit of 0.39 billion, down 35.2% year-on-year. The revenue for Q4 2024 was 1.58 billion, down 27.7% year-on-year [1][5] - The revenue breakdown for 2024 shows a decline in various segments: distribution (-18.9%), direct sales (-0.8%), bulk sales (-16.2%), and overseas sales (+37.3%). In Q1 2025, the revenue changes were -25.0% for distribution, +205.8% for direct sales, -55.8% for bulk sales, and +3.5% for overseas sales [2][4] Margin and Cost Control - The gross margin for 2024 was 36.3%, down 0.8 percentage points, and the net margin was 7.3%, down 2.4 percentage points. In Q1 2025, the gross margin further decreased to 32.2%, down 5.1 percentage points [3][4] - The company effectively controlled expenses in Q1 2025, with sales, management, R&D, and financial expense ratios at 17.1%, 7.2%, 4.9%, and 0.2%, respectively, showing a year-on-year decrease [3][4] Future Earnings Forecast - The earnings forecast has been adjusted downwards, with expected net profits for 2025, 2026, and 2027 at 0.42 billion, 0.47 billion, and 0.52 billion, respectively, reflecting year-on-year growth of 9.0%, 12.6%, and 10.7% [4][5] - The diluted EPS for the same years is projected to be 0.96, 1.08, and 1.20 yuan, with corresponding P/E ratios of 11, 10, and 9 times [4][5]