丨证券研究报告丨 港股研究丨公司点评丨晶苑国际（2232.HK） [Table_Title] 晶苑国际 2025H1 点评：弱市兑现较优成长，利 润率持续扩张可期 报告要点 [Table_Summary] 展望：收入端，品类多元&供应链优势实现核心客户份额深化+运动次新客户提份额，有望中短 期内维持较优订单增速；利润端，订单结构优化&一体化&自动化预计带来盈利改善，伴随成长 性兑现估值有望持续提升。预计公司 2025-2027 年实现归母净利润 2.3、2.6、3.0 亿美元，同 比+16%/+14%/+13%，对应 PE 为 11、9、8X，60%分红比例假设下 2025 年股息率达 5.5%， 维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 晶苑国际（2232.HK） cjzqdt11111 [Table_Title 晶苑国际 2025H1 2] 点评：弱市兑现较优成长，利 润率持 ...

Core Viewpoint - Jeanswest, once a leading casual wear brand, is entering voluntary liquidation in Australia, aiming to sell $20 million worth of inventory by May 20 and its brand's intellectual property [1][2]. Group 1: Company History and Performance - Jeanswest was founded in 1972 in Perth, Australia, and was acquired by the Sunrise Group in 1990, which led to its expansion in China [2]. - At its peak in 2012, Jeanswest had over 2,500 stores in mainland China and reported revenue of HKD 4.959 billion [2]. - The company faced a significant decline post-2012 due to inventory issues, reducing its store count to 1,200 by 2017 and entering a phase of continuous losses since 2016 [2]. Group 2: Recent Developments - In March 2023, Jeanswest Australia entered voluntary liquidation for the second time, following the failure of Harbour Guidance, which took over operations in 2020 [1][2]. - The brand has been attempting to transition from traditional retail to brand management, engaging in collaborations with celebrities and enhancing brand marketing efforts [5]. - Jeanswest's e-commerce sales grew from CNY 460 million in 2020 to CNY 6 billion in 2024, marking an increase of over 13 times [9]. Group 3: Market Position and Challenges - Despite high brand recognition in China, Jeanswest has struggled with slow e-commerce development and competition from fast fashion brands [3]. - The company has been criticized for its cost-cutting approach, which has limited its marketing effectiveness [3]. - Recent recruitment efforts indicate a focus on strengthening e-commerce operations and brand analysis [9].