近一段时间，A股各种概念轮番上阵，其中，"福建"概念相当凶猛。 代表企业九牧王收获7连板，几天时间股价翻倍，11月20日，九牧王甚至还上演了"天地天"的疯狂过山车行情。 然而，就在11月21日，情况急转直下，九牧王直接跌停。 概念炒作的背后，公司基本面改善了吗？ 回看公司基本面就能发现，九牧王的业绩，或许也难以支撑这一轮上涨。 就在10月底，九牧王公布了今年前三季度业绩。 财报显示，前三季度，公司营收21.3亿元，同比下滑6.02%，归母净利润却同比大幅增长129.63%至3.1亿元。 10月底，九牧王交出了一份净利润暴涨129.63%的三季报。而就在半个月后的业绩说明会当天，九牧王开始了这一轮疯狂涨势。 01 这一轮九牧王的股价上涨，直接催化因素是，11月11日，公司官方宣布与中国奥委会达成战略合作。 尽管九牧王在公告中表示股价大涨与成为赞助商的消息"不存在直接关联"，但随着公司定位从之前的"中国体育代表团礼服供应商"升级为"2025-2028中国 奥委会官方赞助商"，无疑带来了潜在利好。 然而，细究这一合作的历史背景可以发现，早在2025年9月底，九牧王已释放过类似消息，但当时市场反应平淡。 此次股价爆发 ...

10 月底 ，九牧王交出了一份 净利润暴涨 129.63% 的三季报 。而就在半个月后的业绩说明会当天，九牧王开始了这一轮疯狂涨势 。 作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 近一段时间， A 股各种概念轮番上阵，其中，"福建"概念相当凶猛。 代表企业九牧王收获 7 连板，几天时间股价翻倍， 11 月 20 日，九牧王甚至还上演了"天地天"的疯狂过山车行情。 然而，就在 11 月 21 日，情况急转直下，九牧王直接跌停。 概念炒作的背后，公司基本面改善了吗？ 01 这一轮九牧王的股价上涨，直接催化因素是， 11 月 11 日，公司官方宣布与中国奥委会达成战略合作。 尽管九牧王在公告中表示股价大涨与成为赞助商的消息 " 不存在直接关联 " ， 但随着公司定位从之前的 "中国体育代表团礼服供应商"升级 为" 2025-2028 中国奥委会官方赞助商"，无疑带来了潜在利好。 然而，细究这一合作的历史背景 可以 发现， 早 在 2025 年 9 月底 ，九牧王 已释放过类似消息，但当时市场反应平淡。 此次股价爆发，最主要的原因，还是赶上了近期的 "福建"概念炒作。 回看公司基本 ...

Core Viewpoint - Jiumuwang (九牧王) has experienced significant growth in net profit and is undergoing a strategic transformation to appeal to younger consumers, focusing on product innovation and brand image enhancement [3][4][16]. Financial Performance - In the first half of the year, Jiumuwang reported a net profit of 170 million yuan, a year-on-year increase of 248.5% [3]. - The substantial profit growth is attributed to increased gains from the fair value changes of financial assets [4]. Strategic Transformation - Jiumuwang is positioning itself as a "men's pants expert" and has introduced a "Five Pants" product series to cater to various male dressing scenarios, including sports, outdoor, casual, denim, and formal wear [5][8][16]. - The company has segmented its stores into four areas: business, casual, outdoor, and daily commuting, providing a one-stop shopping experience [9]. Product Innovation - The "Air Conditioning Pants," which utilize advanced cooling technology, have become a best-selling item, achieving over 30 million yuan in sales since their launch in April [11][12]. - The company is leveraging material technology to enhance product features, targeting the urban outdoor market [11][12]. Targeting Younger Consumers - Jiumuwang has seen a significant increase in its customer base under 40 years old, which now accounts for 46% of its clientele [17][21]. - The brand has signed five new ambassadors aged between 24 and 40 to resonate with younger consumers [17]. Marketing and Sales Strategy - The company is actively engaging in topic marketing and matrix communication through platforms like Xiaohongshu, Douyin, and Weibo to reach mainstream young consumers [19]. - Direct-to-consumer (DTC) strategies are being emphasized, with a 16.7% increase in revenue from direct sales channels [22][23]. Store Operations - Jiumuwang has transitioned 28 franchise stores to direct management, increasing the proportion of direct stores to 39.2% [24]. - The company is implementing a phased ordering policy to alleviate financial and inventory pressures on franchisees [24]. Online Sales Growth - Online sales accounted for 10.4% of total revenue in the first half of the year, reflecting a year-on-year increase of 0.65 percentage points [29].