浙商证券研报指出，森马服饰25H1实现归母净利润/扣非归母净利润3.3/3.0亿元，分别同 比-41.2%/-45.2%，25年中分红率达124%，零售环境波动下收入逆势增长彰显韧性，积极开店和开展品 牌营销的动作，加大费用投放致使利润率短期承压，期待零售环境好转公司业绩弹性释放。直营渠道实 现高质量增长彰显公司渠道变革成效，加盟收入略降主要受零售环境疲软影响，25H1直营、加盟分别 净变动+19、-66家至999家、7194家，直营大店表现较好有望逐渐激发加盟开店信心。公司深耕服饰行 业，主要品牌巴拉巴拉及森马具备较强品牌力，未来将受益于门店逆势扩张及组织变革，24/9发布股权 激励彰显发展信心，25中报分红率达124%，维持"买入"评级。 ...

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].