海澜之家集团股份有限公司 内部审计制度 第一章 总则 第一条 为进一步规范和加强海澜之家集团股份有限公司（以下简称"公司"） 内部审计工作，提升公司内部控制水平和风险防范能力，促进公司可持续发展， 保护投资者合法权益，根据《中华人民共和国公司法》 《中华人民共和国审计法》 《上市公司治理准则》 《上海证券交易所股票上市规则》 《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》 《企业内部控制基本规范》 《海澜之家集团 股份有限公司章程》 （以下简称"公司章程"）等法律法规及规范性文件的相关规 定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司各内部机构、全资或控股子公司。 第三条 本制度所称"内部审计"，是指一种独立、客观的确认和咨询活动， 它通过运用系统、规范的方法，审查和评价公司经营活动、内部控制和风险管理 的适当性和有效性，以促进公司完善治理、增加价值和实现目标。 第二章 内部审计机构及人员 内控部保持独立性，不置于公司其他部门的领导之下，或者与其他部门合署 办公。 实行审计回避制度，审计人员与审计对象或被审计单位（部门）有利害关系 的，应事先申明，不得参与该项内部审计工作。 审 ...

882 证券研究报告|行业研究周报 [Table_Title] 关税政策反复横跳，618 抢先购服装行业增长 强劲 [Table_Date] 2025 年 05 月 30 日 ► 主要观点： [Table_Summary] 5 月 16 日晚 8 点，天猫淘宝 618 开卖，截止 5 月 26 日 天猫快消、服饰、运动户外、宠物、家享生活、汽车、企业 服务等多个行业 618 抢先购全周期成交榜发布。官方披露的 战报显示，抢先购期间天猫服饰行业增长强劲，优衣库、 UR、蕉下等多个品牌成交破亿，近 345 个品牌成交破千万， 近 3090 个品牌成交破百万，此外，约有 1088 个品牌成交同 比超过500%：1）天猫服饰TOP3分别为优衣库、UR、蕉下； 2）女装销售 TOP3 分别为优衣库、UR、ZARA；3）男装销售 TOP3 分别为优衣库、海澜之家、HAZZYS；4）男女鞋销售 TOP3 分别为 crocs、百丽、staccato；5)内衣销售 TOP3 分 别为 ubras、维秘、蕉内；6）运动户外销售 TOP3 分别为 FILA、NIKE、Lululemon；7)箱包服配销售 TOP3 分别为 coac ...

Core Points - Aimer Co., Ltd. (爱慕股份) reported a closing price of 14.32 yuan as of May 30, 2025, reflecting a 3.02% increase from the previous week's price of 13.9 yuan [1] - The company's market capitalization is currently 58.22 billion yuan, ranking 12th out of 60 in the apparel and home textile sector and 2518th out of 5146 in the A-share market [1] Company Announcements - Aimer Co., Ltd. announced a cash dividend of 0.40 yuan per share, with the record date set for June 6, 2025 [1] - The total cash dividend distribution amounts to 162,622,364.80 yuan, based on a total share capital of 406,555,912 shares prior to the distribution [1] - The cash dividends will be distributed without withholding personal income tax for individual shareholders holding unrestricted circulating shares, while qualified foreign institutional investors (QFII) and Hong Kong investors will have a 10% withholding tax applied, resulting in a net dividend of 0.36 yuan per share for them [1]

Core Viewpoint - The company has decided to cancel 6,059,660 shares that were previously repurchased and not utilized for employee stock incentive plans, resulting in a reduction of registered capital and total share capital [1][5][6]. Group 1: Share Cancellation Details - The reason for share cancellation is the change in the intended use of repurchased shares from employee stock incentive plans to cancellation [1][3]. - The shares to be canceled represent 1.51% of the company's total share capital of 400,102,220 shares at the time of repurchase [3]. - The cancellation will reduce the total share capital from 399,212,160 shares to 393,152,500 shares, and registered capital will decrease from RMB 399,212,160 to RMB 393,152,500 [5][6]. Group 2: Decision Process and Approval - The decision to cancel shares was approved during the sixth board meeting and the fifth extraordinary general meeting of shareholders held on November 22, 2024, and December 9, 2024, respectively [1][3]. - The company will complete the cancellation process by May 28, 2025, and will handle the necessary registration changes [5][7]. Group 3: Impact on Shareholders - The cancellation of shares will not affect the holdings of the controlling shareholders or actual controllers, nor will it trigger a mandatory bid or change the control of the company [5][8]. - The shareholding ratios of major shareholders will slightly increase post-cancellation, with the largest shareholder's stake rising from 29.61% to 30.06% [8][9]. Group 4: Financial Implications - The share cancellation is not expected to have a significant impact on the company's financial status or operational results, and it will not harm the interests of shareholders, especially minority investors [9][10].

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The report highlights that Tmall and Taobao platforms experienced negative growth in various categories in April 2025, with the highest growth seen in Jin Hong Group [7] - Deckers reported a 16.3% revenue increase to $4.986 billion for FY2025, with operating profit rising by 27.1% to $1.179 billion, and a gross margin increase of 2.3 percentage points to 57.9% [15] - VF Corporation's revenue decreased by 4% to $9.504 billion for FY2025, with a net loss of $190 million, although the loss narrowed compared to the previous year [16] Summary by Sections Company Performance - Tmall and Taobao platforms saw negative growth across categories in April 2025, with Jin Hong Group showing the highest growth [7] - Deckers' FY2025 revenue grew by 16.3% to $4.986 billion, with operating profit increasing by 27.1% to $1.179 billion, and a gross margin of 57.9% [15] - VF Corporation's revenue fell by 4% to $9.504 billion, with a net loss of $190 million, but the loss was less than the previous year [16] - Amphenol's Q1 2025 revenue was $1.473 billion, with a net profit increase of 2539.22% [17] Market Trends - The textile and apparel industry saw a decline in stock performance, with the SW textile and apparel sector down 1.31% [20] - The cotton price index in China increased by 0.29% as of May 23, 2025, while the medium import cotton price index rose by 1.06% [30] - The USDA forecasts a 2.7% decrease in global cotton production for the 2025/2026 season [40] Investment Recommendations - The report suggests short-term recommendations for companies with high U.S. revenue exposure and significant prior declines, while mid-term recommendations focus on companies with high overseas exposure [18][19] - Long-term recommendations include companies with growth potential, such as Zhejiang Natural and Kai Run Co., which have favorable market positions [19]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][8]. Core Insights - The company's revenue and net profit declined as expected, with a 6.6% year-on-year decrease in revenue to 27.01 billion yuan for the fiscal year 2025, influenced by weak consumer demand and reduced foot traffic [1]. - The retail channel revenue fell by 6.8% to 23.03 billion yuan, while wholesale channel revenue decreased by 5.8% to 3.79 billion yuan [1]. - The main brands, Nike and Adidas, saw a revenue drop of 6.1% to 23.31 billion yuan, and other brands experienced a 9.9% decline to 3.50 billion yuan [1]. - The net profit attributable to the parent company decreased by 41.9% to 1.29 billion yuan, with a gross margin decline of 3.4 percentage points to 38.4% due to increased promotional discounts and a higher proportion of low-margin online sales [1][2]. - The company maintained a high dividend payout ratio of 135%, reflecting strong cash flow generation capabilities [2]. Revenue and Profit Trends - The company reported a 20% year-on-year increase in operating cash flow to 3.76 billion yuan, with a free cash flow to net profit ratio of 2.6 times, indicating efficient cash generation [2]. - The revenue decline narrowed in the second half of the fiscal year, with a 7.9% drop in the first half and a 5.4% drop in the second half, while profit declines were more pronounced [2]. - The total sales area decreased by 12.4% year-on-year, but the sales area per store increased by 7.2%, indicating improved store efficiency [3]. Strategic Initiatives - The company is optimizing its store structure and enhancing membership operations, with a total user base of 86 million, where member contributions account for 93.2% of sales [3]. - The company is strategically entering the outdoor and professional sports segments, partnering with high-end brands like Norda and Norrona for exclusive operations in China [3]. - The management expressed cautious optimism for the new fiscal year, focusing on efficiency and profitability improvement, with a target of maintaining net profit levels year-on-year [4]. Financial Forecasts - The company expects net profits for fiscal years 2026 to 2028 to be 1.30 billion, 1.46 billion, and 1.63 billion yuan respectively, reflecting a downward adjustment from previous forecasts [5][59]. - The reasonable valuation range is maintained at 3.80 to 4.00 HKD, corresponding to a price-to-earnings ratio of 17 to 18 times for fiscal year 2026 [5][59].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][8][59] Core Views - The company's revenue and net profit decline is in line with expectations, with a 6.6% year-on-year decrease in revenue to 27.01 billion yuan for the fiscal year 2025, impacted by weak consumer demand and reduced foot traffic [1][2] - The company maintains a high dividend payout ratio of 135%, reflecting strong cash flow generation capabilities, with a free cash flow to net profit ratio of 2.6 times [2][59] - The company is strategically enhancing its outdoor segment and optimizing its store structure, with a net reduction of 1,124 direct stores to 5,020, while improving single-store sales efficiency [3][59] Summary by Sections Financial Performance - For the fiscal year 2025, retail channel revenue decreased by 6.8% to 23.03 billion yuan, while wholesale channel revenue fell by 5.8% to 3.79 billion yuan [1] - The company's gross profit margin declined by 3.4 percentage points to 38.4%, primarily due to increased promotional discounts and a higher proportion of low-margin online sales [1][2] - The net profit for the fiscal year 2025 dropped by 41.9% to 1.29 billion yuan, with a net profit margin of 4.8% [1][2] Cash Flow and Dividend - Operating cash flow increased by 20% year-on-year to 3.76 billion yuan, indicating efficient cash generation [2] - The company has maintained a cumulative dividend payout ratio of 104.2% since its listing in 2019, showcasing its commitment to returning cash to shareholders [2][59] Strategic Initiatives - The company is focusing on enhancing its membership operations and omnichannel retail capabilities, with membership contributing 93.2% of sales [3] - The company has entered into exclusive partnerships with high-end outdoor brands, aiming to strengthen its product matrix in the professional and trendy segments [3][59] Future Outlook - The management expresses cautious optimism for the new fiscal year, targeting stable net profit levels and improved net profit margins through cost reduction and efficiency enhancements [4][59] - The company has adjusted its profit forecasts for fiscal years 2026 to 2028, expecting net profits of 1.30 billion, 1.46 billion, and 1.63 billion yuan respectively [59][60]

Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [6]. Core Insights - The company has optimized its promotional strategies, leading to a reduction in traffic costs and an improvement in gross margin, which increased by 4 percentage points year-on-year to 48% in Q1 2025 [1][2]. - Despite a decline in revenue, the company achieved a 26% year-on-year increase in net profit for the fiscal year 2024, attributed to cost control measures and improved operational efficiency [2][4]. - The company is focusing on high-quality development by enhancing product design and supply chain management, introducing premium materials to cater to mid-to-high-end consumers while maintaining a wide price range to attract various consumer segments [3]. Financial Summary - For the fiscal year 2024, the company reported a revenue of 700 million yuan, a decrease of 10% year-on-year, while net profit reached 100 million yuan, reflecting a 26% increase [1][5]. - The projected net profits for 2025 to 2027 are estimated at 120 million yuan, 140 million yuan, and 160 million yuan respectively, with corresponding EPS of 0.54 yuan, 0.61 yuan, and 0.71 yuan [4][5]. - The company’s financial metrics indicate a PE ratio of 26x for 2025, decreasing to 20x by 2027, suggesting a favorable valuation trend [4][5].

证券研究报告 | 2025年05月22日 纺服行业专题:纺织服装 2024 年报&25 一季报总结-消费稳中求变，制造 静观其变 医药行业专题:海外制药企业 2025Q1 业绩回顾——美国药品价格改革叠 加不确定的宏观环境 计算机行业专题:人工智能专题报告：国内大厂扩张资本开支，算力租赁 订单持续落地 | 晨会纪要 | | --- | | 数据日期:2025-05-21 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3387.57 | 10294.22 | 3916.38 | 11519.96 | 2850.10 | 995.48 | | 涨跌幅度（%） | 0.20 | 0.43 | 0.46 | 0.08 | -0.02 | -0.21 | | 成交金额（亿元） | 4659.56 | 7074.88 | 2170.37 | 2684.10 | 3160.19 | 173.83 | 【常规内容】 宏观与策略 宏观快评:2025 年 4 月财 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Chow Tai Fook [5][6]. Core Insights - The report highlights a shift in consumer preferences towards practicality and self-satisfaction, with younger consumers favoring experiential and personalized consumption [1][12]. - The outdoor and ancient gold jewelry segments are experiencing significant growth, driven by changing consumer behaviors and preferences [2][51]. Summary by Sections New Consumption Trends - The rise of "pragmatism" and "self-satisfaction" is evident as consumers become more rational in their purchasing decisions, moving away from traditional marketing [1][13]. - Young consumers are increasingly drawn to interactive and personalized shopping experiences, prioritizing comfort and natural materials [1][18]. Demand Trend Analysis - The outdoor sports market is expanding rapidly, with the market size for outdoor footwear and apparel reaching 45 billion yuan in 2023, growing at a compound annual growth rate (CAGR) of nearly 20% [22]. - The ancient gold jewelry market has seen its size grow from 13 billion yuan in 2018 to 157.3 billion yuan in 2023, indicating strong demand among younger consumers [51][56]. Competitive Factors - Companies are focusing on product innovation and brand storytelling to attract consumers, with significant marketing investments noted among leading brands [3][41]. - The report emphasizes the importance of maintaining a robust channel strategy, with leading companies upgrading store images and enhancing digital integration [4][60]. Investment Recommendations - Key recommendations include Anta Sports for its outdoor brand matrix, Bosideng for its functional apparel, and Chow Tai Fook for its strong brand power in the jewelry sector, with respective price-to-earnings (PE) ratios projected for 2025 [5][6].