Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.82 CNY and an expected relative return of 10%-20% over the next six months [5][16]. Core Views - The company reported a revenue of 1.3 billion CNY in Q1 2025, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 170 million CNY, down 32% year-on-year [1]. - The increase in management expenses by 26% is attributed to the acquisition of the Woolrich brand, brand consulting services, and rising labor costs, along with depreciation from new industrial parks [1]. - Financial expenses surged by 82.24% due to reduced bank deposits and lower interest income [1]. - The report adjusts profit forecasts for 2025-2027, expecting net profits of 460.57 million CNY, 543.46 million CNY, and 629.44 million CNY respectively, with corresponding EPS of 0.32 CNY, 0.37 CNY, and 0.43 CNY [4][9]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.3 billion CNY, a 4% decrease year-on-year, with a net profit of 170 million CNY, down 32% [1]. - Management expenses increased by 26% due to various factors including brand acquisition and rising costs [1]. - Financial expenses rose by 82.24% due to decreased interest income [1]. Profit Forecasts - The report revises profit forecasts, projecting net profits of 460.57 million CNY for 2025, 543.46 million CNY for 2026, and 629.44 million CNY for 2027 [4][9]. - EPS is expected to be 0.32 CNY in 2025, 0.37 CNY in 2026, and 0.43 CNY in 2027 [4][9]. Market Positioning - The company focuses on maintaining its brand strength and market position through systematic improvements and targeted strategies across its various brands [2][3].

报喜鸟耗资近4亿收购美国户外品牌，雅戈尔买下法 国高端童装 国内服饰集团报喜鸟日前发布公告称，公司已完成对高端户外品牌Woolrich全球（欧洲除 外）知识产权的战略性收购。此次交易总对价达5083.38万欧元（约合3.84亿人民币元），占 公司最近一期经审计净资产的8.84%。这是继去年10月，羽绒服巨头波司登对加拿大奢侈外 套品牌Moose Knuckles战略投资超30%股权后，国内服饰巨头对国外高端户外品牌的另一项 收购举动。男装集团雅戈尔则在上月完成对法国高端儿童时尚品牌Bonpoint的100%股权收 购。 根据协议，报喜鸟将全面获得Woolrich品牌在中国、美国、加拿大、澳大利亚等26个国家及地区的核心 知识产权，涵盖Woolrich全品类商标、域名及著作权，并享有除欧洲外全球市场的经营权。Woolrich集 团保留欧洲区域知识产权，双方签订为期五年的产品采购与品牌咨询协议，确保全球品牌调性统一。 据南都此前报道，Woolrich创立于1830年，是美国历史最悠久的户外品牌之一，以水牛格衬衫、北极派 克外套等经典产品闻名全球。2016年，其美国母公司Woolrich Inc.与意大利运营商Wo ...