25H1 毛利率 46.7%，较上年同期微升 0.6pct，公司销售费用及管理费用同 比分别+17.7%/9.1%，主要由于新开门店增加及线上投流费用上升以及股 票期权费用增加，导致短期盈利承压，归母净利率5.3%，同比下降4pct。 截至 2025H1 期末，公司存货 36.99 亿元，较去年同期增加 3.4 亿元，同比 +10.1%；其中一年期以内货品占比 75%，库存结构保持相对健康稳定。 25 上半年包括线上和线下、直营和加盟，全系统终端零售同比中个位数 增长。进入 7 月 8 月份以来，公司销售仍然保持向好，当月全系统终端零 售达到两位数增长。 童装业务驱动增长 公司报告 | 半年报点评 森马服饰（002563） 证券研究报告 营收增长稳健，费用拖累短期利润 公司发布 25H1 半年报 25H1 公司营收 61.5 亿，同比+3%，归母净利 3.3 亿，同比-41%，扣非归母 净利 3 亿，同比-45%； 其中 25Q2 公司实现营收 30.7 亿，同比+9%，归母净利 1.1 亿，同比-46%， 扣非归母净利 1 亿，同比-49%。 童装业务表现突出。分品类看，公司休闲服饰收入 17.23 亿元， ...

中国银河（601881）证券股份有限公司郝帅,艾菲拉迪力木拉提近期对森马服饰（002563）进行研究并发 布了研究报告《短期利润承压，渠道持续优化》，给予森马服饰增持评级。 森马服饰 核心观点 证券之星数据中心根据近三年发布的研报数据计算，华源证券丁一研究员团队对该股研究较为深入，近三 年预测准确度均值为78.49%，其预测2025年度归属净利润为盈利9.92亿，根据现价换算的预测PE为 15.27。 最新盈利预测明细如下： 公司发布2025半年报业绩：2025年上半年公司实现营业收入61.49亿元，同比增长3.26%；实现归母净利润 3.25亿元，同比下降41.17%；扣非归母净利润2.96亿元，同比下降45.22%。其中Q2单季公司实现营业收入 30.70亿元，同比增长9.04%，环比Q1有所改善。Q2实现归母净利润1.11亿元，同比下降46.25%，扣非归 母净利润1.03亿元，同比下降49.45%。公司中期分红0.15元/股，派息比率124.32%。 童装业务保持稳健，休闲服饰业务承压：儿童服饰上半年实现收入43.13亿元，同比增长5.97%，收入占比 提升至70.15%。巴拉巴拉品牌通过完成产品线迭 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for Semir Apparel (stock code: 002563.SZ) [1] Core Views - The company's short-term profits are under pressure, but channel optimization is ongoing, with a focus on long-term growth strategies [5] - The children's clothing segment remains robust, while the casual wear segment faces challenges due to strategic adjustments in online discounts [5] - The company is expanding its overseas business, with significant growth in international revenue [5] Financial Performance Summary - For the first half of 2025, Semir Apparel achieved revenue of 6.149 billion yuan, a year-on-year increase of 3.26%, while net profit attributable to shareholders was 325 million yuan, a decline of 41.17% [5] - The second quarter saw revenue of 3.070 billion yuan, up 9.04% year-on-year, but net profit decreased by 46.25% [5] - The company reported a mid-term dividend of 0.15 yuan per share, with a payout ratio of 124.32% [5] Business Segment Analysis - The children's clothing business generated revenue of 4.313 billion yuan, a 5.97% increase, accounting for 70.15% of total revenue [5] - Casual wear revenue was 1.723 billion yuan, down 4.98% due to adjustments in online discount strategies [5] - Direct sales, franchise, and online channels generated revenues of 948 million yuan, 2.334 billion yuan, and 2.692 billion yuan respectively, with direct sales growing by 34.78% [5] Margin and Cost Analysis - The gross margin for the first half of 2025 was 46.79%, an increase of 0.62 percentage points year-on-year [5] - Selling expenses increased by 17.67% due to new store openings and online marketing costs, impacting the net profit margin, which fell to 5.19% [5] Future Outlook - The company is expected to recover profits in the long term as channel structure optimization and overseas business development continue [5] - EPS estimates for 2025, 2026, and 2027 have been adjusted to 0.37, 0.41, and 0.46 yuan respectively, with corresponding PE ratios of 15, 13, and 12 times [5][6]

Group 1 - The movie "Lalang Mountain Little Monster" has surpassed a total box office of 1.1 billion yuan after 20 days of release [2] - In the first seven months of this year, China's import and export scale with other member countries of the Shanghai Cooperation Organization reached a record high of 2.11 trillion yuan, a year-on-year increase of 3% [3] - The National Healthcare Security Administration has issued a guideline for the pricing of digestive system medical services, integrating existing price projects into 150 items and adding 69 new items [4] Group 2 - Meta has reportedly frozen hiring in its AI department after recruiting over 50 top industry researchers and engineers, indicating a shift towards internal restructuring [5] - South Korea is considering implementing a "long weekend" policy to stimulate consumption, which could potentially boost the economy by over 20 trillion won [6] - Three companies from the "Hangzhou Six Little Dragons," namely DeepSeek, Yushu Technology, and Yundongchu Technology, have been included in the 2025 "Fortune" China Technology 50 list [7] Group 3 - Baiwang Co., Ltd. reported a 23.5% year-on-year increase in revenue to 347.6 million yuan, with AI business contributing over 60.86 million yuan, accounting for 17.5% of total revenue [8] - Geely has upgraded its integration by unifying user IDs across all brands in its cockpit domain, launching the Flyme Auto 2 system [9] - TianTai Robotics signed the world's first order for 10,000 humanoid robots, marking a significant milestone in the humanoid robotics industry [12] Group 4 - The National Radio and Television Administration has implemented the "21 Measures" to stimulate creativity in television content, removing the 40-episode limit on dramas [13]

Summary of Conference Call for Semir Apparel Company Overview - The conference call discusses Semir Apparel, focusing on its retail performance, financial results, and strategic adjustments for 2025. Key Points Industry Performance - Retail terminal sales in the first half of 2025 experienced a year-on-year decline of 1.9%-2%, but showed a recovery with a growth of approximately 2% in the latter half of June, indicating a trend of low single-digit growth for the year [2][3][12]. Financial Results - In Q1 2025, the company's revenue decreased by 1.9% year-on-year, while profit fell by over 38%. This decline was attributed to increased expenses from new direct stores, stock incentive costs, and reduced interest and investment income [2][5]. - The company anticipates that high expense levels will persist into Q2 2025, negatively impacting performance [5]. Store Expansion Strategy - The company has adjusted its store opening strategy, expecting the total number of stores in 2025 to remain flat or slightly decrease, contrasting with a net increase of 388 stores in 2024 [2][6][8]. - In 2024, the company opened 1,400 new stores and closed 1,000, leading to a net increase of 388 stores [6][8]. Inventory Management - Inventory increased by 490 million yuan in 2024, a 14% year-on-year rise. Franchisee inventory is also expected to increase, but at a lower rate of about 10% [8][9]. - The increase in inventory has negatively impacted the wholesale business, which performed poorly in Q1 2025 [9][10]. E-commerce and Market Expectations - The management's expectations for the e-commerce environment were overly optimistic, leading to inventory buildup due to lower-than-expected sales [13][14]. - The company has implemented a flexible supply chain strategy and an integrated approach to address these challenges, although results have been limited [14]. New Store Format Success - The new basic store project has been successful in enhancing store efficiency and shopping experience, with about two-thirds of Semir stores undergoing transformation [4][15][17]. - Despite internal improvements, external factors such as reduced foot traffic and economic cycles have hindered revenue growth [16]. Marketing and Strategic Focus - The company plans to maintain a high level of marketing investment, although the execution may be adjusted due to Q1 performance [19][20]. - The focus has shifted towards achieving a balance between revenue growth and profit margins, with an emphasis on long-term sustainability [21][22]. International Expansion - The company has surpassed 100 overseas stores, with subsidiaries in Singapore and Vietnam, and plans to continue expanding through franchise models [23][24]. Brand Performance - New brands like Puma and Asics showed significant growth of 70%-90% in May, positively impacting the overall performance despite slower growth in core brands [4][25]. Discount Management - The company maintains strict control over discounting for adult and children's clothing, ensuring consistent growth across online and offline channels [26]. Dividend Policy - The company has not made any motions regarding mid-term dividends, with expectations for major dividends to be determined at year-end [27].

Core Insights - Semir has opened its first store in Malaysia at 1 UTAMA Shopping Centre in December 2024, followed by a second store in Sunway Pyramid Mall and the first overseas store for its children's brand Balabala in Pavilion Kuala Lumpur [1][3] Group 1: International Expansion Strategy - The opening of three stores marks a small step in Semir's nearly decade-long overseas market expansion, reflecting the trend of domestic apparel brands going global [3][4] - Semir aims to leverage its domestic supply chain and industry understanding to explore new growth paths in overseas markets, focusing on Southeast Asia, the Middle East, and breaking into Europe and the U.S. [3][4] - As of the end of 2024, Semir and Balabala have entered 15 countries and regions, with over 100 stores outside mainland China, including 30 new stores opened in 2024 [4] Group 2: Focus on Southeast Asia and the Middle East - Southeast Asia is a primary target for Chinese apparel brands due to cultural similarities, making it easier for products to penetrate the market [5] - Semir has successfully established itself in Vietnam, with Balabala operating 9 stores and plans to upgrade its management structure in the region for better market penetration [5] - The Middle East is also a key market for Semir, with a focus on partnerships with local agents to tap into the high demand for children's products [6] Group 3: Multi-Channel Strategy - Semir employs a dual-channel strategy of direct sales and partnerships with agents to optimize market entry and resource acquisition [7][8] - The company has achieved significant online growth, covering over 130 countries with online revenue increasing by over 80% year-on-year [7] - Physical stores are essential for building brand recognition and consumer relationships, with a focus on high-end positioning in Southeast Asia [8] Group 4: Adapting to Local Markets - Semir emphasizes the importance of understanding local market trends and consumer preferences to tailor its offerings [10][11] - The company has established a dedicated team for market research and product planning to ensure alignment with local cultural nuances [10][11] - In the Middle East, Semir adapts its marketing strategies to align with local customs and traditions, such as creating special product lines for Ramadan [11][13] Group 5: Long-term Goals - Semir aims for global brand recognition and market scale, aspiring to transition from a domestic brand to a global player in the fashion industry [14]

Core Viewpoint - The company's 1Q25 performance fell short of expectations, primarily due to higher-than-expected expense inputs, despite stable revenue growth driven by franchise shipments and retail recovery [1][2]. Revenue and Profitability - 1Q25 revenue was 3.079 billion yuan, a year-on-year decrease of 1.9% - Net profit attributable to shareholders was 214 million yuan, down 38.1% year-on-year - Non-recurring net profit was 194 million yuan, a decline of 42.7% year-on-year - The revenue performance was weaker than the overall terminal flow performance, partly due to the early timing of the 2025 Spring Festival, which led to some shipments being advanced to 4Q24 [1][2]. Cost Structure - Gross margin increased by 0.4 percentage points to 47.0%, attributed to a higher proportion of direct sales channels - Selling expense ratio rose by 4.1 percentage points to 28.6%, mainly due to increased advertising and marketing expenses, as well as higher depreciation and amortization costs from an increased number of stores - Management expense ratio increased by 0.7 percentage points to 5.1%, while financial expense ratio rose by 1.2 percentage points to -0.8%, mainly due to reduced interest income - Overall, net profit margin decreased by 4.1 percentage points to 7.0% [2]. Inventory and Cash Flow - As of the end of 1Q25, inventory increased by 29.4% to 3.347 billion yuan, with the proportion of goods within one year rising from 55% to 72% - Inventory turnover days increased by 45.1 days to 188.3 days - Accounts receivable rose by 19.2% to 1.217 billion yuan, with turnover days increasing by 7.3 days to 41.1 days - Operating cash flow net amount decreased by 81.7% year-on-year to 153 million yuan, primarily due to increased payments for goods [2]. Development Trends - The company is expected to maintain its aggressive store expansion strategy initiated in 2024, while dynamically adjusting based on the macroeconomic environment - The company will further evaluate the cost-to-benefit ratio of its expenditures, aiming to align expense growth more closely with revenue growth while controlling total annual expense inputs [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at 1.197 billion yuan and 1.297 billion yuan, respectively - The current stock price corresponds to a P/E ratio of 14.3x for 2025 and 13.2x for 2026 - The rating of outperforming the industry and the target price of 7.13 yuan remain unchanged, with the target price corresponding to a P/E of 16.1x and 14.8x for 2025 and 2026, indicating a potential upside of 12.3% from the current price [4].