森马服饰（002563.SZ） 业绩符合预期，高分红具备吸引力 证券研究报告 | 年报点评报告 gszqdatemark 2026 04 01 年 月 日 2025 年公司收入同比+3%/归母净利润同比-22%，我们判断业绩符合预期。1）2025 全 年公司收入为 150.9 亿元，同比+3%；归母净利润为 8.9 亿元，同比-22%；扣非归母净利 润为 8.4 亿元，同比-22%。2）盈利质量：2025 年公司毛利率同比+1.3pct 至 45.1%（（我们 判断公司终端折扣管理良好）；销售/管理/财务费用率同比分别+2.4/-0.1/+0.3pct 至 28.1%/4%/-0.6%（（我们据业业务判断销售费用率加主要系直营开店带来相关渠道刚性费费 用加主、线上投流费用加主）；资产减值损失 4.5 亿元（上一年同期 2.9 亿元）；综合以上， 2025 年净利率同比-1.9pct 至 5.8%。3）公司全年拟分红合计 8.08 亿元，股利支付率高达 91%，股息率达 5.5%（2026/3/31 收盘价计算）。 2025Q4 公司收入同比持平/归母净利润同比-7%。1）2025Q4 公司收入为 52.5 亿 ...

证券研究报告 | 年报点评报告 gszqdatemark 2026 04 01 年 月 日 森马服饰（002563.SZ） 营开带数及收入持续加长，主盟规模收缩。 1）电商：销售稳健加长，我们判断线上业务产 品结构持续优化。2025 年线上销售同比加长 5%至 69.7 亿元，毛利率同比+0.5pct 至 45.8%。 2）线下：2025 年公司线下营开/主盟/联开道刚收入分别 20.2/57.7/1.0 亿元，同比分别 +30%/-5%/-40%，毛利率分别-0.2/+0.4/+2.0pct 至 65.9%/36.6%/62.3%，带数分别较年 初+48/-388/-54 家至 1028/6872/31 家。公司坚定零售改革的战略方向，提升商品、服务、 门带体验，持续新店优质带铺、出清低效门带，我们判断中长期品牌及管理效率的提升有望 持续贡献带效加长。 现金流管理良好，存货表现正常。开运方面，公司 2025 年末存货同比-8.7%至 31.8 亿元， 存货周转天数+8.3 天至 144.7 天，应收账款周转天数+0.7 天至 36.9 天，全年经开费现金流 量净额 17.3 亿元（约为同期归母净利润的 1. ...

Core Viewpoint - The company reported a revenue of 6.149 billion yuan for the first half of 2025, representing a year-on-year growth of 3.26%, while the net profit attributable to shareholders decreased by 41.17% to 325 million yuan [1] Group 1: Financial Performance - The company's gross margin and net margin for the first half of 2025 were 46.70% and 5.19%, showing a year-on-year change of an increase of 0.59 percentage points and a decrease of 4.06 percentage points respectively [2] - The sales expense ratio increased significantly to 36.32%, up by 5.69 percentage points year-on-year, due to enhanced online marketing, new store openings, and increased stock option expenses [2] - In Q2 2025, the company achieved a revenue of 3.070 billion yuan, a year-on-year increase of 9.04%, while the net profit attributable to shareholders was 111 million yuan, down 46.29% year-on-year [2] Group 2: Business Development - The company had a total of 8,236 offline stores in the first half of 2025, an increase of 96 stores compared to the same period last year, with direct stores increasing by 160 [3] - Revenue from direct, franchise, and joint venture channels for the first half of 2025 was 948 million yuan, 2.334 billion yuan, and 64 million yuan respectively, with direct channels showing a remarkable year-on-year growth of 34.78% [3] - Online sales revenue was 2.692 billion yuan, remaining stable year-on-year with a slight decrease of 0.11% [3] - The overseas market revenue reached 52.0825 million yuan, a year-on-year increase of 79.19%, with expansion into emerging markets like Kyrgyzstan [3] Group 3: Brand and Marketing Strategy - The company strengthened brand marketing, achieving over 400 million in communication volume during the Spring Festival marketing campaign, and over 1.6 billion in total exposure in April [4] - The revenue share of the company's eight key product lines increased by 27 percentage points, with sales of sun-protective clothing and other key products growing by over 50% year-on-year [4] - The "Bala Bala" brand completed product line updates focusing on daily life, urban outdoor, and highlight moments, with significant social media engagement [4] Group 4: Profit Forecast - The company aims to enhance overall retail capabilities and product circulation efficiency, with EPS forecasts for 2025-2027 at 0.41, 0.42, and 0.45 yuan respectively, corresponding to a PE valuation of 14.05 times for 2025, which is below the average of comparable companies [5]