北京商报讯（记者 张君花）12月8日，森马服饰在投资者互动平台表示，公司旗下拥有以森马品牌为代 表的成人休闲服饰和以巴拉巴拉品牌为代表的儿童服饰两大品牌集群，主要产品包括服装、鞋品、配饰 等。作为服装行业的时尚服务企业，公司密切关注人工智能的应用。近年来，公司持续推动AI能力建 设，聚焦于全链路提升效率效能。目前，公司在知识库、文本文案、拍片、视频、设计、数字人直播、 客服、供应链管理等各种场景开展AI深度应用与探索，有助于工作效能的提升和工作模式的重塑，未 来，公司会持续关注新技术在行业的应用，继续提升公司整体数智化能力。公司目前暂未涉足AI玩具 业务。 ...

Core Viewpoint - Semir Apparel emphasizes its dual brand strategy, focusing on adult casual wear under the Semir brand and children's clothing under the Balabala brand, aiming to deepen emotional connections with consumers through IP collaborations [1] Brand Strategy - The company operates two major brand clusters: Semir for adult casual wear and Balabala for children's clothing [1] - Each brand tailors its offerings based on brand positioning and consumer profiles, integrating IP resources to enhance engagement [1] IP Management - An internal IP full-cycle management system has been established, overseeing key processes from IP introduction to product development and sales [1] - The management system aims to streamline the integration of IP elements into product offerings [1] Product Development - Some products from Semir and Balabala incorporate pet elements, reflecting current consumer trends [1] - New product launches can be tracked through online platforms such as Tmall and Douyin, as well as physical retail stores [1]

Core Insights - The article discusses the transformation of Semir from a casual wear brand to a children's clothing giant, driven by the two-child policy and demographic changes in China [2][12][14]. Group 1: Business Transformation - Semir's revenue from children's clothing surpassed casual wear for the first time in 2017, marking a significant shift in its business model [4][14]. - By 2024, children's clothing accounted for over 70% of Semir's total revenue, indicating a successful pivot towards this segment [2][4][10]. - The children's clothing segment generated a revenue of 43.13 billion yuan in the first half of 2025, representing a year-on-year growth of 5.97% [3][10]. Group 2: Market Position and Performance - The brand Balabala, under Semir, has become the leading children's clothing brand in Asia, contributing significantly to Semir's market position [6][10]. - The number of children's clothing stores reached 5,514, making up 66% of Semir's total store count, while casual wear stores dwindled to only 281 [9][10]. - The gross profit margin for children's clothing was 48.21%, higher than the 43.22% margin for casual wear, highlighting its profitability [10][11]. Group 3: Future Growth Strategies - Semir is focusing on an IP strategy to drive future growth, collaborating with popular franchises like Disney's Zootopia and others [15][18][20]. - The company has established an IP management system to integrate IP resources into product development and sales, aiming to deepen consumer connections [18][20]. - As the demographic dividend from the two-child policy wanes, the success of Semir's IP-driven strategy will be crucial for sustaining growth in the coming years [15][20].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown revenue growth in the first half of 2025, with total revenue of 6.149 billion, a year-on-year increase of 3.26%, but net profit has decreased significantly by 41.2% to 325 million due to rising expense ratios and asset impairment provisions [2] - The company plans to distribute an interim dividend of 0.15 yuan per share, with a payout ratio of 82.9% and a dividend yield of 5.41% [2] - The company is expanding its investment in the Shanghai industrial park project, increasing the total planned investment from 1.006 billion to 1.5 billion yuan [2] Summary by Sections Financial Performance - In H1 2025, the company's revenue, net profit attributable to the parent, and operating cash flow were 6.149 billion, 325 million, and -277 million yuan respectively, with a significant decline in net profit margin due to increased expenses and asset impairments [2] - The company's gross margin improved to 46.7%, a year-on-year increase of 0.6 percentage points, while the net profit margin decreased to 5.3%, down 4 percentage points [5] Brand and Channel Analysis - The main brand, Semir, and the children's brand, Balabala, reported revenues of 1.72 billion and 4.31 billion yuan respectively, with year-on-year growth of -4.98% and 5.97% [3] - The company has a total of 8,236 stores, with a net closure of 89 stores in the first half of 2025, while direct sales and store efficiency have both increased [4] Inventory and Receivables - The company's inventory at the end of H1 2025 was 3.326 billion yuan, an increase of 16.7% year-on-year, with inventory turnover days decreasing to 187 days [6] - Accounts receivable increased by 14.6% to 940 million yuan, with turnover days increasing by 4 days to 37 days [7] Investment Recommendations - Short-term challenges include high costs related to store expansion and weak franchise shipments compared to retail sales, indicating inventory pressure in the franchise sector [8] - Medium-term growth drivers include overseas expansion, partnerships with brands like PUMA and ASICS, and new retail initiatives [8] - Long-term potential for profit recovery exists as the company focuses on cost control and reducing discounts in online sales [8]