Core Viewpoint - Qipai Wolf (002029.SZ) has experienced a consecutive two-day limit-up in stock price, reaching 9.35 CNY per share, amid clarifications regarding its indirect investments in Moer Thread and Yushu Technology [1] Group 1: Company Investments - Qipai Wolf clarified that it has not directly invested in Moer Thread and Yushu Technology, but its parent company holds partial equity in these firms [1] - The investments made by Qipai Wolf's parent company are classified as financial investments at the controlling shareholder level and are not directly related to the company's main business operations [1] Group 2: Financial Performance - In the 2025 semi-annual report, Qipai Wolf reported a revenue of 1.375 billion CNY, a year-on-year decrease of 5.93%, and a net profit attributable to shareholders of 160 million CNY, down 13.93% [2] - The net profit, excluding non-recurring gains and losses, significantly dropped by 61.35% to 29.1 million CNY [2] - The company generated a fair value change gain of 97.4 million CNY from financial products and stock investments, along with government subsidies of 26.66 million CNY, contributing a total profit of 131 million CNY [2] - Operating cash flow turned negative with a net outflow of 22.59 million CNY during the reporting period [2] Group 3: Business Focus - Qipai Wolf continues to focus on its main business of designing, producing, and selling "Qipai Wolf" brand men's clothing and textile products, maintaining a business model that combines direct sales and franchising [2] - The company employs an omnichannel sales strategy, integrating both online and offline platforms [2]

Core Viewpoint - Seven Wolves has been experiencing stagnation in revenue, with expectations that it may not reach 3 billion yuan in 2025, marking a decline in performance over the years [2][6][8]. Financial Performance - In the first half of 2025, Seven Wolves reported revenue of 1.375 billion yuan, a year-on-year decrease of 5.93%, and a net profit of 160 million yuan, down 13.93% [7]. - The company's revenue for 2024 was 3.14 billion yuan, a decline of 8.84% compared to the previous year [8]. - The company has not achieved its performance targets set in its stock option incentive plan for two consecutive years [9][10]. Store Operations - As of the first half of 2025, Seven Wolves had a total of 1,722 stores, with a net decrease of 86 stores over the year [11]. - The number of direct (including joint venture) stores increased by 45, while franchise stores decreased by 131 [11]. Sales Channels - Online sales revenue reached 489 million yuan, down 5.27% year-on-year, while franchise sales revenue fell by 28.77% to 270 million yuan [3][4][11]. - The return rates on major e-commerce platforms like Tmall and Douyin were around 50% [5][13]. Cost Structure - Sales expenses for the first half of 2025 were 546 million yuan, accounting for nearly 40% of total revenue, while R&D expenses dropped by 41.98% to 19.11 million yuan [15]

Core Viewpoint - Seven Wolves has been stagnating at the 3 billion yuan revenue level for 8 years, with projections indicating it may not even reach 3 billion yuan in 2025 [2][10]. Financial Performance - In the first half of 2025, Seven Wolves reported revenue of 1.375 billion yuan, a year-on-year decrease of 5.93%, and a net profit of 160 million yuan, down 13.93% [6]. - The company's revenue in 2024 was 3.14 billion yuan, a decline of 8.84% compared to the previous year, while net profit was 285 million yuan, an increase of 5.35% [7]. - The company's performance has been declining since 2024, with the first half of 2025 showing a significant drop in net profit and revenue [7][12]. Store Operations - As of the first half of 2025, Seven Wolves had a total of 1,722 stores, with 847 being direct (including joint ventures) and 875 being franchise stores, reflecting a net decrease of 86 stores over the year [15][16]. - The average store efficiency for the first half of 2025 was approximately 706,000 yuan, remaining stable year-on-year [16]. Sales Channels - Online sales revenue for Seven Wolves in the first half of 2025 was 489 million yuan, down 5.27%, while franchise sales revenue was 270 million yuan, down 28.77% [17]. - The return rates on major e-commerce platforms were notably high, with around 50% on Tmall, Douyin, and Vipshop [4][18]. Cost Structure - Sales expenses for the first half of 2025 reached 546 million yuan, a year-on-year increase of 16.68%, accounting for nearly 40% of the company's revenue [20]. - In contrast, R&D expenses significantly decreased by 41.98% to 19.11 million yuan, attributed to a shift in focus towards optimizing R&D efficiency and resource allocation [21]. Brand Strategy - Seven Wolves is undergoing a brand strategy upgrade, focusing on its "jacket expert" positioning and aiming to enhance its competitive advantage in the men's clothing market through new products, images, business models, and marketing strategies [23].

Core Viewpoint - The company, Fujian Septwolves Industry Co., Ltd., reported a decline in revenue and net profit for the first half of 2025, reflecting challenges in the textile and apparel industry amid a complex external environment and changing consumer preferences [1][2]. Company Overview and Financial Indicators - Company Name: Fujian Septwolves Industry Co., Ltd. - Stock Code: 002029 - Total Revenue for the reporting period: CNY 1,374,552,379.13, a decrease of 5.93% compared to the previous year [2]. - Net Profit attributable to shareholders: CNY 160,466,825.44, down 13.93% year-on-year [2]. - Basic Earnings per Share: CNY 0.23, a decline of 11.54% [2]. - Total Assets: CNY 9,877,950,649.71, down 8.58% from the end of the previous year [2]. Business Operations - The company primarily engages in the design, production, and sale of men's apparel under the "Septwolves" brand, including shirts, suits, trousers, jackets, and knitwear [3]. - The operational model combines direct sales and franchising, utilizing a multi-channel approach that integrates online and offline sales [3]. Industry Environment - The textile and apparel sector is experiencing pressure, with retail sales of clothing, shoes, and textiles growing only 3.1% in the first half of 2025, compared to a 5% increase in total retail sales [3]. - Consumer preferences are shifting towards personalized, health-oriented, and culturally relevant products, indicating a need for traditional companies to adapt through technological upgrades and cultural empowerment [3]. Financial Performance Analysis - Revenue from the apparel segment: CNY 1,324,601,907.06, representing 96.37% of total revenue, down 6.01% year-on-year [5]. - The company’s gross margin for the apparel segment was 53.79%, reflecting a decrease of 12.17% compared to the previous year [7]. - The company’s cash flow from operating activities was negative at CNY -22,598,088.62, a significant decline of 245.21% from the previous year [2][4]. Product and Market Strategy - The company emphasizes quality and cultural relevance in its product offerings, launching new collections that incorporate innovative materials and designs [4]. - The company is focusing on enhancing customer engagement through membership programs and differentiated marketing strategies across various retail formats [4]. Regional Performance - Revenue from the South China region increased by 9.66%, while revenue from North China decreased by 28.96% [5][7]. - The East China region remains the largest market, contributing 60.77% of total revenue, although it saw a slight decline of 1.81% [5].

Group 1 - At least seven companies have announced plans to invest over 1 billion RMB in securities, with Liou Co. planning the highest investment of 3 billion RMB [1] - Seven Wolves plans to use idle funds for securities investment, with a maximum limit of 2 billion RMB, effective from the approval date at the 2024 annual shareholders' meeting until the 2025 meeting [1] - In 2024, Seven Wolves reported a net profit of 285 million RMB, a year-on-year increase of 5.35%, but the non-recurring net profit dropped by 60.86% to 73 million RMB [1] Group 2 - Seven Wolves' net profit is heavily reliant on non-core business activities, with 74% of its 2024 net profit coming from non-main business sources [1] - The company reported a fair value change gain of 236 million RMB from financial assets and liabilities in 2024 [1] - Seven Wolves' stock holdings include major companies like Tencent and Kweichow Moutai, contributing significantly to its profits [2] Group 3 - Seven Wolves' revenue has stagnated, with a reported revenue of 3.14 billion RMB in 2024, a decline of 8.84% year-on-year, remaining at a similar level to 2017 [2] - The company has seen a net decrease of 27 stores in 2024, with a total of 1,804 stores [2] - The decision to allocate 2 billion RMB for securities investment raises concerns about the company's strategic focus shifting away from its core business [2][3] Group 4 - Industry experts note that while stock trading can supplement earnings during periods of weak core business growth, it also introduces performance volatility risks [3] - There is a call for regulatory measures to limit the proportion of securities investments by listed companies and to ensure transparency in investment logic and risk control [3] - Companies should prioritize their main business while using investments as a supplementary strategy, establishing sound decision-making and risk management systems [3]

2025 年度估值提升计划 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。 重要内容提示: 福建七匹狼实业股份有限公司（以下简称"七匹狼"或"公司"）股票连续 12 个月每个交易日收 盘价均低于最近一个会计年度经审计的每股归属于公司普通股股东的净资产，根据《上市公司监管指引 第 10 号——市值管理》的相关规定，公司制定估值提升计划。公司估值提升计划已经公司第八届董事 会第十四次会议审议通过。 公司估值提升计划将围绕生产经营、现金分红、股份回购、股东增持、投资者关系管理以及信息披 露等方面，提升公司投资价值和股东回报能力，推动公司投资价值合理反映公司质量，增强投资者信心、 维护全体股东利益，促进公司高质量发展。 证券代码：002029 证券名称：七匹狼 公告编号：2025-006 福建七匹狼实业股份有限公司 本估值提升计划仅为公司行动计划，不代表公司对业绩、股价、重大事件等任何指标或事项的承诺。 公司业绩及二级市场表现受到宏观形势、行业政策、市场情况等诸多因素影响，相关目标的实现情况存 在不确定性。 一、估值提升计划的触发情形及审议程序 （一）触发情形 根据《 ...