（文/霍东阳 编辑/张广凯） 11月20日，九牧王（601566.SH）股价上演极致"天地天"行情，盘中巨震后成功拿下"七连板"。自11月12日启动以来，该股累计最大涨幅已达94.81%，远超 大盘表现。而到了21日，九牧王的连板也终究难以持续，终于以跌停告终。 市场普遍认为，九牧王股价暴涨是源于其在11日晚间官宣成为"中国奥委会官方赞助商"的消息刺激。不过，九牧王回应媒体称，股价大涨"更多是行业原 因"，与赞助商消息"不存在直接关联"。 自11月14日以来，九牧王多次发布公告称，未发现可能对公司股票交易价格产生重大影响的媒体报道或市场传闻，亦未涉及市场热点概念。公司也提醒投资 者，其相关指标显著高于行业平均水平，存在较高炒作风险，短期涨幅较大后可能出现大幅回调。 "营收承压，业绩改善"现象的背后，是九牧王主营业务不赚钱的困境。公司第三季度扣非净利润为亏损2433.96万元，连续第二个季度出现扣非净利润亏 损；前三季度，九牧王的扣非净利润为8464.53万元，较前一年同期也下降了17.38%。 | | | | | 单位: 力元 巾神:人民币 | | --- | --- | --- | --- | --- | ...

Core Insights - The domestic men's clothing market is undergoing structural adjustments due to dual influences of consumption upgrading and rational consumption, with retail sales of clothing, shoes, and textiles reaching 742.6 billion yuan, a year-on-year increase of 3.1% in the first half of 2025 [1] - There is a clear divergence in industry performance, with leading brands adjusting strategies to meet the differentiated demands of younger consumers who prefer functional and personalized products, while mature consumers focus on quality and versatility [1][4] Financial Performance - HLA achieved revenue of 11.566 billion yuan, a slight increase of 1.73% year-on-year, with a net profit of 1.58 billion yuan [1] - Jiumuwang and Qipilang experienced revenue declines of 5.02% and 5.93% respectively, but Jiumuwang's net profit surged by 248.54%, indicating improved profitability [1] - Youngor's revenue and net profit decreased by 10.50% and 8.04% respectively due to challenges in its real estate and fashion segments [1] Product Innovation - Leading brands are increasing R&D investments to meet consumer demands for functionality and fashion, focusing on "technology fabrics + scenario-based design + cultural empowerment" [1][2] - Jiumuwang's "air conditioning pants" became a bestseller, selling over 90,000 units since its launch in April 2025, appealing to younger consumers [1] - Seven Wolves integrated cultural elements into product innovation, launching a multi-colored business travel series that incorporates local heritage designs and innovative materials [2] Channel Transformation - Brands are accelerating the integration of online and offline channels, enhancing retail efficiency and customer loyalty through structural optimization and experiential innovations [5][6] - HLA's online revenue reached 2.308 billion yuan, accounting for 20.54% of total revenue, with a year-on-year growth of 4.36% [6] - Seven Wolves' online business revenue reached 489 million yuan, making up over 30% of total revenue, supported by data-driven strategies and content innovation [6] Supply Chain Management - Brands are focusing on refining supply chain management to enhance efficiency, with Seven Wolves reducing product delivery cycles to 18 days, 25% faster than the industry average [9] - HLA established an "order sharing platform" with over 200 suppliers, improving inventory turnover and reducing stockout risks [9] Industry Challenges - Analysts suggest that Chinese men's clothing brands still have room for improvement in precise positioning and long-term development paths, with a need for enhanced brand management and differentiation strategies [10]

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].