全链路布局 与部分企业选择单点试水AI应用不同，歌力思选择了全链路布局路径。对此，夏国新解释，这一决策 源于对AI技术特性的判断："在底层模型能力快速提升的背景下，AI结合企业沉淀的数据，可形成各类 垂类智能体，全链路协同释放最大的价值。" 他表示，AI对歌力思而言绝非简单的效率提升工具，而是驱动未来增长的战略核心。公司已成立由他 挂帅的AI领导小组，自上而下推动AI在设计、供应链、商品管理、品牌运营等全链路的深度融合，目 标是构建"以AI赋能品牌DNA"的长期能力。 以AI驱动未来增长 作为A股高端时装行业的领军企业，歌力思自1996年成立以来一直深耕品牌时装的设计研发、生产和销 售。如今，经过30年的发展，公司旗下品牌涵盖中国高端时装品牌ELLASSAY、德国高端女装品牌 Laurèl、法国设计师品牌IRO、英国当代时尚品牌self-portrait以及加拿大功能性羽绒服品牌Nobis，形成 了包含通勤、社交、休闲、商务等多属性的品牌矩阵，覆盖不同细分市场需求。 在夏国新看来，公司积极拥抱AI应用，并不是心血来潮，而是基于长期的行业深耕和战略研判做出的 选择。公司深刻认识到AI技术的巨大潜力，并将其视为驱 ...

在人工智能浪潮席卷各行各业的当下，高端时尚品牌如何拥抱技术变革，成为行业关注的焦点。近日， 国内高端时装领军企业歌力思（603808）董事长夏国新接受了中国证券报记者专访，首次系统阐述了公 司的AI应用战略。 他表示，AI对歌力思而言绝非简单的效率提升工具，而是驱动未来增长的战略核心。公司已成立由他 挂帅的AI领导小组，自上而下推动AI在设计、供应链、商品管理、品牌运营等全链路的深度融合，目 标是构建"以AI赋能品牌DNA"的长期能力。 以AI驱动未来增长 作为A股高端时装行业的领军企业，歌力思自1996年成立以来一直深耕品牌时装的设计研发、生产和销 售。如今，经过30年的发展，公司旗下品牌涵盖中国高端时装品牌ELLASSAY、德国高端女装品牌 Laurèl、法国设计师品牌IRO、英国当代时尚品牌self-portrait以及加拿大功能性羽绒服品牌Nobis，形成 了包含通勤、社交、休闲、商务等多属性的品牌矩阵，覆盖不同细分市场需求。 在夏国新看来，公司积极拥抱AI应用，并不是心血来潮，而是基于长期的行业深耕和战略研判做出的 选择。公司深刻认识到AI技术的巨大潜力，并将其视为驱动未来增长的战略核心。 "202 ...

● 本报记者 齐金钊 在人工智能浪潮席卷各行各业的当下，高端时尚品牌如何拥抱技术变革，成为行业关注的焦点。近日， 国内高端时装领军企业歌力思董事长夏国新接受了中国证券报记者专访，首次系统阐述了公司的AI应 用战略。 他表示，AI对歌力思而言绝非简单的效率提升工具，而是驱动未来增长的战略核心。公司已成立由他 挂帅的AI领导小组，自上而下推动AI在设计、供应链、商品管理、品牌运营等全链路的深度融合，目 标是构建"以AI赋能品牌DNA"的长期能力。 以AI驱动未来增长 作为A股高端时装行业的领军企业，歌力思自1996年成立以来一直深耕品牌时装的设计研发、生产和销 售。如今，经过30年的发展，公司旗下品牌涵盖中国高端时装品牌ELLASSAY、德国高端女装品牌 Laurèl、法国设计师品牌IRO、英国当代时尚品牌self-portrait以及加拿大功能性羽绒服品牌Nobis，形成 了包含通勤、社交、休闲、商务等多属性的品牌矩阵，覆盖不同细分市场需求。 在夏国新看来，公司积极拥抱AI应用，并不是心血来潮，而是基于长期的行业深耕和战略研判做出的 选择。公司深刻认识到AI技术的巨大潜力，并将其视为驱动未来增长的战略核心。 " ...

1月28日，歌力思(603808.SH)发布公告称，公司预计2025年度实现归母净利润1.6亿元至2.1亿元，同比 实现大幅改善。预盈公告披露次日，歌力思股价盘中一度涨逾10%。市场亢奋的背后，更值得追问的是 ——这轮利润修复的核心驱动来自哪里，后续能否延续？ 笔者认为，本轮业绩改善直接源于公司近年持续推进的业务与资本结构优化。通过降本增效措施主动收 缩表现承压的海外业务，关闭部分低效门店，运营轻量化成效显著，直接推动了利润表修复。 更深层次看，公司依托多品牌矩阵布局、线上线下全渠道协同以及AI赋能精细化运营，已系统构建出 具备周期韧性的经营框架，稳步推动业务迈入高质量、可持续的增长轨道。 AI驱动精细化运营，降本增效成效显著 在收入侧扩张的基础上，歌力思的利润提升更源于成本管控与经营效率的系统性优化。降本增效方面， 公司持续推进精细化运营，严格预算管控，加强品效合一，通过精准营销策略和高效资源分配，推动期 间费用率显著改善。2025年前三季度，公司销售费用率、管理费用率同比分别降低2.55、1.50个百分点 至48.3%、7.1%。 多品牌矩阵协同发力，开启高质量增长阶段 歌力思长期深耕高端女装赛道，构建出 ...

证券日报网1月30日讯 ，歌力思（603808）在接受调研者提问时表示，公司将根据各品牌所处的发展阶 段、市场与渠道的情况综合进行规划。公司前三季度国际品牌self-portrait、IRO中国区保持合理净增 长，Laurèl品牌门店保持稳定，ELLASSAY品牌近几年持续渠道升级，开拓更优质的门店，对达不到品 牌定位的店铺进行关闭。未来公司将更注重各品牌的品牌势能打造，提升单店质量，有序推进旗下品牌 的合理门店规划。 ...

1月28日，歌力思(603808.SH)发布公告称，公司预计2025年度实现归母净利润1.6亿元至2.1亿元，同比 实现大幅改善。预盈公告披露次日，歌力思股价盘中一度涨逾10%。市场亢奋的背后，更值得追问的是 ——这轮利润修复的核心驱动来自哪里，后续能否延续？ 笔者认为，本轮业绩改善直接源于公司近年持续推进的业务与资本结构优化。通过降本增效措施主动收 缩表现承压的海外业务，关闭部分低效门店，运营轻量化成效显著，直接推动了利润表修复。 更深层次看，公司依托多品牌矩阵布局、线上线下全渠道协同以及AI赋能精细化运营，已系统构建出 具备周期韧性的经营框架，稳步推动业务迈入高质量、可持续的增长轨道。 多品牌矩阵协同发力，开启高质量增长阶段 AI驱动精细化运营，降本增效成效显著 在收入侧扩张的基础上，歌力思的利润提升更源于成本管控与经营效率的系统性优化。降本增效方面， 公司持续推进精细化运营，严格预算管控，加强品效合一，通过精准营销策略和高效资源分配，推动期 间费用率显著改善。2025年前三季度，公司销售费用率、管理费用率同比分别降低2.55、1.50个百分点 至48.3%、7.1%。 随着人工智能技术快速发展，歌力思加 ...

Core Insights - The company achieved a revenue of 2.019 billion yuan in the first three quarters of 2025, with a year-on-year growth of 2.4% on a comparable basis, while net profit attributable to shareholders surged by 427.3% to 114 million yuan [1] - The company is focusing on AI technology to enhance operational efficiency, establishing an AI leadership group and promoting the use of AI tools in design, supply chain management, and marketing [1] - The domestic market saw a comparable revenue growth of approximately 6.0% in the first three quarters, with a notable 8.6% increase in the third quarter [2] Group 1 - The company’s chairman emphasized the importance of AI in improving management efficiency and has initiated various AI-related projects [1] - The company is implementing cost-reduction measures for its overseas brand IRO, which has shown gradual profit improvement in the first three quarters [2] - The main brand ELLASSAY outperformed the domestic mid-to-high-end women's wear sector with a growth of 4.6% [2] Group 2 - The international brands self-portrait, Laurèl, and IRO in China achieved year-on-year growth rates of 16.8%, 12.4%, and 3.1% respectively [2] - The company aims to become a globally competitive high-end fashion brand group, focusing on brand differentiation through investments, acquisitions, and partnerships [2]

Core Insights - The company reported a revenue of 2.019 billion yuan for the first three quarters of 2025, with a comparable revenue growth of 2.4% year-on-year after excluding the impact of Ed Hardy [1] - The net profit attributable to the parent company reached 114 million yuan, showing a significant year-on-year increase of 427.3% [1] - The domestic market revenue grew approximately 6.0% year-on-year, with the main brand ELLASSAY leading the mid-to-high-end women's wear sector with a growth of 4.6% [1] Revenue Performance - In Q3, the comparable revenue in the domestic market increased by about 8.6%, with all major brands achieving growth [1] - International brands self-portrait, Laurèl, and IRO saw year-on-year growth rates of 16.8%, 12.4%, and 3.1% respectively in the Chinese market [1] - Online business revenue on a comparable basis grew by 15.4% to 369 million yuan, with online sales accounting for 18.6% of total sales, an increase of 1.94 percentage points from the same period last year [1] Operational Efficiency - The company is actively embracing AI technology across its operations, enhancing efficiency in design, supply chain, product management, and brand operations [2] - Sales expense ratio and management expense ratio decreased by 2.55 and 1.50 percentage points year-on-year to 48.3% and 7.1% respectively [2] - Inventory turnover rate improved from 0.72 times in the same period last year to 0.88 times, indicating better inventory management [2] - Net cash flow from operating activities increased by 72.8%, reflecting improved operational efficiency [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company achieved a turnaround in Q3 2025, with revenue of 647 million and a net profit attributable to shareholders of 28 million, marking a significant recovery from previous losses [2]. - Domestic business shows steady growth, with online sales benefiting from improved e-commerce strategies, while overseas operations are undergoing restructuring to optimize store efficiency [3][5]. - The gross margin decreased to 62.7%, down 3.4 percentage points year-on-year, but the net profit margin improved to 4.4%, up 9.7 percentage points, due to reduced sales and management expenses [4]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 2.019 billion, a year-on-year decline of 6.22%, but a significant increase in net profit attributable to shareholders by 427.34% [2]. - The company’s cash flow from operations was 414 million, reflecting a 72.75% increase year-on-year, primarily due to a reduction in inventory [2]. - The company’s inventory decreased by 20% year-on-year to 763 million, with an average inventory turnover period reduced by 67 days to 308 days [4]. Brand and Channel Performance - Revenue by brand in Q3 2025 showed mixed results, with ELLASSAY and LAUREL growing by 4.6% and 12.4% respectively, while IRO faced a decline of 16.3% [3]. - Online sales decreased by 9.7%, while offline sales fell by 4.7%, indicating a need for further improvement in online strategies [3]. - The company continues to expand its direct sales channels, with a net opening of 452 direct stores and 102 franchise stores, although there was a decline in the number of new openings compared to the previous year [3]. Future Outlook - The company is focusing on cost reduction and efficiency improvements in 2025, with initiatives aimed at enhancing operational capabilities and resource utilization [5]. - Long-term growth potential remains strong for brands like SP, LAUREL, and IRO in the domestic market, with expectations for reduced losses in overseas operations [5]. - The earnings forecast for 2025-2027 has been adjusted, with revenue estimates lowered to 2.892 billion, 3.106 billion, and 3.349 billion respectively, while net profit estimates have been increased [5].

Core Insights - The company reported a revenue of 2.019 billion yuan for the first three quarters of 2025, with a comparable revenue growth of 2.4% year-on-year after excluding the impact of EdHardy [1] - The net profit attributable to shareholders reached 114 million yuan, marking a significant increase of 427.3% year-on-year [1] Group 1: Revenue Performance - The comparable revenue showed steady growth, with a year-on-year increase of approximately 8.6% in the third quarter, driven by growth across major brands [2] - The main brand ELLASSAY led the domestic mid-to-high-end women's wear sector with a comparable revenue growth of 4.6% [2] - Online sales reached 369 million yuan, reflecting a year-on-year growth of 15.4%, with online sales accounting for 18.6% of total revenue, an increase of 1.94 percentage points from the previous year [2] Group 2: Profitability and Efficiency - The company implemented AI technology across the entire supply chain, enhancing operational efficiency and reducing sales and management expense ratios by 2.55 and 1.50 percentage points, respectively [3] - The inventory turnover rate improved from 0.72 times to 0.88 times year-on-year, contributing to a 72.8% increase in net cash flow from operating activities [3] - The net profit for the third quarter turned positive at 28.45 million yuan, supporting the overall significant profit growth for the first three quarters [3]