公司点评报告 · 纺织服饰行业 短期业绩波动、多品牌协同发展 2025年7月24日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,153.23 | 5,494.92 | 5,868.72 | 6,260.34 | | 收入增长率% | -1.91 | 6.63 | 6.80 | 6.67 | | 归母净利润(百万元) | 494.96 | 475.39 | 534.90 | 595.86 | | 利润增速% | -29.07 | -3.95 | 12.52 | 11.40 | | 毛利率% | 65.02 | 65.50 | 65.73 | 65.95 | | 摊薄 EPS(元) | 0.34 | 0.33 | 0.37 | 0.41 | | PE | 11.59 | 12.06 | 10.72 | 9.63 | 资料来源:公司公告,中国银河证券研究院 报喜鸟(002154.SZ) 谨慎推荐 首次评级 分析师 那中 研究助理 艾菲拉·迪力木拉提 | 网: aif ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first quarter of 2025, attributing the downturn to decreased sales, increased expenses, asset impairment provisions, and reduced government subsidies [1][3]. Financial Performance Summary - In Q1 2025, the company's revenue was 1.303 billion, a year-on-year decrease of 3.66%, and the net profit attributable to shareholders was 170 million, down 31.90% [1]. - For the full year 2024, the company reported revenue of 5.153 billion, a decline of 1.91%, and a net profit of 495 million, down 29.07% [2][3]. - The operating cash flow for 2024 was 702 million, a decrease of nearly 40% compared to the previous year [2]. Brand Performance Analysis - The main brands, including Baoxini, HAZZYS, and Baoniao, collectively accounted for approximately 87.16% of total sales, with only HAZZYS showing a slight increase of 1.29% [9][10]. - Baoxini's revenue fell by 8.35%, while Baoniao's decreased by 2.89% [9][10]. - The company has focused on a multi-brand strategy, which has been a key driver of growth, but the main brands are now facing challenges [8][11]. Market Environment and Challenges - The overall apparel industry is under pressure due to a slowing macroeconomic environment and a decline in consumer spending, particularly affecting clothing demand [3][13]. - The men's apparel market in China has shown limited growth potential, with many consumers opting for custom suits rather than ready-to-wear options [13]. - The company faces competition from both domestic and international brands, with a significant market share held by foreign high-end brands [13]. Strategic Moves and Future Outlook - The company has begun acquiring the American outdoor brand Woolrich, aiming to enhance its product offerings and brand portfolio [24][32]. - Woolrich's acquisition is seen as a potential avenue for growth, although it does not include contributions from the European market, which is its primary revenue source [32]. - The company is also investing in a new R&D center in Shanghai to support the global development of Woolrich [32]. Conclusion - The company is navigating a challenging market landscape with declining revenues and profits, while attempting to diversify its brand portfolio through strategic acquisitions and investments in new product lines [37].

Core Viewpoint - The company, Beijing Jiama Clothing Co., Ltd., focuses on mid-to-high-end apparel, including children's, men's, and women's clothing, and has established a diversified sales model that includes both online and offline channels [6][7]. Company Overview - The company operates a multi-brand strategy with proprietary brands such as Hush Puppies and Water Children, as well as authorized brands like Hazzys and international retail brands including EMPORIO ARMANI and HUGO BOSS [7][12]. - The main business includes research and design, brand operation and promotion, and both direct and franchise sales [6]. Business Operations - The company has a diverse sales model that includes direct stores in major cities and partnerships with e-commerce platforms like Tmall, JD.com, and Pinduoduo [6]. - The company has acquired the full-category IP assets of the Hush Puppies brand in mainland China and Hong Kong, allowing it to design, produce, and sell various product categories under this brand [9][10]. Market Position - Hush Puppies, established in 1958, is a well-known global brand that has been present in the Chinese market since 1997, focusing on casual footwear and apparel [10]. - Water Children, founded in 1995, specializes in children's clothing for ages 2-14 and has been recognized as one of the top ten children's clothing brands in China [11]. - Hazzys, an authorized brand since 2015, combines classic tailoring with contemporary styles, enhancing the company's profitability and design capabilities [12]. Financial Highlights - The company has proposed a profit distribution plan based on a base of 108 million shares, distributing a cash dividend of 7.2 yuan per 10 shares and a capital reserve increase of 2 shares for every 10 shares [5].

投资界（PEdaily.cn）旗下，专注并购动态 消费并购潮 。 作者 I 杨继云 报道 I 投资界-并购最前线 又见海外并购。 以下文章来源于并购最前线 ，作者杨继云 并购最前线 . 投资界-并购最前线消息，日前，国际户外服装品牌Woo lri c h宣布，中国男装集团报喜鸟 已收购了Woolri c h在欧洲以外所有地区的知识产权。不过，交易金额尚未官宣披露。 Woolri c h已有近百年品牌史，从19 3 0年创立至今，是美国历史最悠久的户外品牌之一。 而报喜鸟则是国内老牌男装，曾一度坐上国内中高端商务男装头把交椅，并于2 007年在 A股上市，截至2月11日收盘市值63 .19亿。 买下一个国外消费品牌，补足自己的业务线条。这背后，消费并购的大门缓缓拉开。 老牌男装，买下一个户外品牌 根据官方信息，作为此次战略合作的一部分，报喜鸟还将与Woolri c h I nt e r na ti ona l签订 为期五年的品牌采购和咨询协议，以确保全球品牌定位的一致性。 Woolri c h的首席财务官Lor e nz o Fl ami n i表示，亚洲市场——尤其是中国市场的发展对 公司品牌至关重要。并提及 ...