Core Viewpoint - Since the strategic transformation to "Men's Pants Expert" in 2020, the company's performance remains unsatisfactory, with a slight revenue increase of 4.13% to 3.181 billion yuan in 2024, but high sales expenses of over 1.3 billion yuan make this achievement questionable [1] Financial Performance - The company has seen a decline in net profit, with a drop of 148.01% in 2022 and 7.86% in 2024, despite a brief recovery in 2023 [1][2] - The company's financial assets and equity investments accounted for a significant portion of total assets, reaching 44%, 39%, and 40% from 2022 to 2024 [4] Investment Strategy - The company began its investment business in 2014, aiming to explore new growth avenues through cross-industry investments, with a total investment of 1.86 billion yuan in financial securities [2] - The company has faced challenges in its investment strategy, with cumulative losses from unexited projects amounting to 210 million yuan as of 2024 [2][3] Advertising and Sales Expenses - In 2024, the company experienced a 24.20% increase in sales expenses to 1.388 billion yuan, significantly impacting profit margins [6] - The company’s net profit margin decreased to 5.48% in 2024, down 0.68 percentage points from the previous year [6] Market Position and Brand Performance - The company’s direct sales revenue increased from 33% in 2022 to 45.5% in 2024, contributing to an increase in overall gross margin [7] - The company’s other brands, ZIOZIA and FUN, contributed approximately 200 million yuan in revenue in 2024, but both brands experienced significant declines in revenue [8] Future Outlook - The company plans to continue its "Men's Pants Expert" strategy, projecting a conservative revenue growth of 3.74% to 3.3 billion yuan in 2025 [8]

为了不错过我们的推文，大家可以将我们「星标置顶」， 这样你看到我们推送的概率也会更高一些哦~ 在竞争激烈的服装市场中，九牧王作为男装领域的知名品牌，一直备受关注。然而，近期该公司却因一系列问题陷入舆论焦点。 6月26日，国内男装龙头上市公司九牧王发布公告，就上海证券交易所针对其2024年年度报告信息披露出具的《问询函》作出正式回应。 公告显示，九牧王于2025年5月27日收到上交所《问询函》，此前公司未披露相关风险提示。监管层在问询中聚焦三大核心议题：其一，关于资金使用与 债务结构合理性，涉及货币资金存放细节、有息负债用途及偿付安排等；其二，关于金融投资与股权投资的合规性及风险，涵盖投资资金来源、业绩影响 及退出可行性等；其三，关于主营业务经营与财务数据异常，包括收入成本匹配性、毛利率波动及供应链关联交易合规性等。 尽管九牧王在公告中对相关问题进行了一一回应，但细究内容，部分关键信息的披露仍有待进一步明晰。6月27日，南都・湾财社记者就市场关切的核心 议题向九牧王正式发出采访函，但截至发稿尚未收到该公司的进一步反馈。 跨界投资亏损引关注 诞生于1989年的九牧王深耕男裤赛道，品牌以男裤为战略核心，延伸布局西装 ...

成为"男裤专家"的第五年，九牧王（601566.SH）仍未迎来业绩突破。 服装主业经过一系列重金营销、门店升级后，业绩提升并不显著。 2024年收入31.81亿元，同比增长4.13%，低于公司在2023年年报中给出的34亿元业绩指引。 终端门店更是不增反降。 2024年九牧王品牌终端净增长23家，但副品牌ZIOZIA、FUN处于收缩状态，分别净减少8家、22家。 这距其提出净增50—100家的2024年目标，相差甚远。 然而在2024年，九牧王净利润1.76亿元，同比下滑7.86%，其中投资业务带来的公允价值变动损失余额 0.59亿元。 今年一季度，九牧王投资业务扭亏，推动净利润同比大增77.25%至1.92亿元。 但裤子看起来更卖不动了。 一季度营收同比下滑4.76%至8.95亿元，扣非净利润同比减少四分之一。 "男裤专家"面临的挑战仍旧严峻。 卖不动的"男裤专家" 与七匹狼（002029.SZ）定位"夹克专家"、雅戈尔（600177.SH）强调"中国衬衫"类似，近半营收来自男 裤的九牧王也致力于将自己包装成"男裤专家"。 产品端聚焦大单品，推出"小黑裤、轻松裤、商务户外1号裤、自由牛仔裤、高定西裤"五裤矩 ...