制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 中证智能财讯欣贺股份（003016）1月29日晚间披露2025年度业绩预告，预计2025年归母净利润1550万元至2000万元，上年同期亏损6737.81万元；扣非净利 润亏损250万元至500万元，上年同期亏损7702.58万元；基本每股收益0.037元/股-0.0478元/股。以1月29日收盘价计算，欣贺股份目前市盈率（TTM）约为 184.19倍-237.66倍，市净率（LF）约1.38倍，市销率（TTM）约2.55倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 300 900 100 47:37 3 3.6 29:62 30°12 23945 21834 0 4878 4926 -100 -200 2022-06-30 ' 2021-12-37 2021-06-30 ' 2020-12-37 2022-12-37 : 3-06-30 13-12-37 2n- -○- 公司 -○- 行业均值 100 ହ 90 alos / 83-86 80 70 -69-37 6792 60 50 43d37 ...

欣贺股份（003016.SZ）11月24日在投资者互动平台表示，欣贺股份自成立以来深耕高端女装市场，始 终专注于打造中国自主的高端女装品牌，是国内高端女装品牌龙头企业之一。目前已拥有JORYA、 JORYA weekend、ΛNMΛNI恩曼琳、Caroline、AIVEI等多个自主女装品牌。公司将继续做好经营工 作，提高公司管理经营水平和市场竞争力，力争为广大股东创造满意的回报。未来如有相关计划，公司 会及时披露，相关内容以公告为准。 每经AI快讯，有投资者在投资者互动平台提问：贵公司后面还会有其他结合网红经济带动销量的动作 吗？ （文章来源：每日经济新闻） ...

Core Insights - In 2024, the company faced significant financial losses, with a revenue of 1.405 billion yuan, a year-on-year decline of 20.10%, and a net profit of -67.38 million yuan, representing a 167.29% decrease [1] - The company's strategic adjustments revealed systemic risks, including brand positioning issues, operational inefficiencies, and an imbalanced cost structure [1][2] Financial Performance - The company's revenue for 2024 was 1.405 billion yuan, down 20.10% year-on-year [1] - The net profit was -67.38 million yuan, a decline of 167.29% compared to the previous year [1] - The basic earnings per share were -0.16 yuan [1] Strategic Challenges - The strategic shift initiated at the end of 2023 aimed to upgrade brand positioning but resulted in resource misallocation [2] - The company attempted to reposition its main brand JORYA towards a younger, more affordable luxury market, but failed to maintain loyalty among existing high-end customers [2] - The aggressive closure of underperforming stores led to a fragmented sales network, allowing emerging designer brands to capture market share in second and third-tier cities [2] Operational Efficiency - The company's sales expense ratio reached 54.36%, indicating that over 50% of revenue was spent on marketing, significantly higher than the industry average [2] - Inventory turnover days were alarmingly high at 554 days, indicating a severe disconnect between product design, supply chain responsiveness, and market demand [3] - Operating cash flow dropped by 66.41% year-on-year, highlighting a decline in the company's ability to generate cash from its core business [3] Conclusion - The company's predicament reflects the broader challenges faced by traditional women's apparel brands in balancing brand upgrades with operational efficiency [4] - Short-term solutions include optimizing inventory structure and reconstructing channel cost models, while long-term strategies should focus on reassessing brand positioning [4]