Investment Rating - The report downgrades the company's rating to "Overweight" from a previous higher rating due to underperformance in revenue, profit, and net profit margin in 24Q1-3 [3][5] Core Views - The company's 24Q3 revenue was RMB 845 million, a YoY decrease of 14%, with net profit attributable to the parent company at RMB 14 million, a YoY decrease of 71% [1] - For 24Q1-3, the company's revenue was RMB 2.9 billion, a YoY decrease of 6%, with net profit attributable to the parent company at RMB 160 million, a YoY decrease of 15% [1] - The company's gross profit margin for 24Q1-3 was 69.3%, a slight increase of 0.1 percentage points YoY, while the net profit margin was 5.5%, a decrease of 0.6 percentage points YoY [1] - The company is actively transforming its business towards online channels, enhancing its competitive advantage in the domestic mid-to-high-end apparel industry [2] - Teenie Weenie, a key brand, has successfully leveraged innovative online marketing strategies, such as live streaming events, to boost sales and improve its ranking on major e-commerce platforms [2] Financial Performance Summary - The company's 24Q1-3 revenue was RMB 2.9 billion, with a net profit attributable to the parent company of RMB 160 million [1] - The company's gross profit margin for 24Q1-3 was 69.3%, while the net profit margin was 5.5% [1] - The company's EBITDA for 2024E is projected to be RMB 550.59 million, with a net profit attributable to the parent company of RMB 288.63 million [4] - The company's EPS for 2024E is forecasted to be RMB 0.83, with a P/E ratio of 8.95x [4] Online Channel Strategy - The company is strengthening its online channel competitiveness through innovative marketing strategies, particularly for its Teenie Weenie brand [2] - Teenie Weenie has successfully implemented live streaming events and other online marketing campaigns, leading to improved sales performance and platform rankings [2] - The brand has also optimized its offline retail system, focusing on improving single-store performance despite a reduction in the number of stores [2] Financial Forecasts - The company's revenue for 2024E is projected to be RMB 4.704 billion, with a growth rate of 3.5% YoY [4] - The net profit attributable to the parent company for 2024E is forecasted to be RMB 288.63 million, a slight decrease of 3.02% YoY [4] - The company's EPS for 2024E is expected to be RMB 0.83, with a P/E ratio of 8.95x [4] Industry and Market Position - The company operates in the textile and apparel industry, specifically in the mid-to-high-end apparel segment [5] - The company's market position is strengthened by its successful online channel strategies and innovative marketing campaigns, particularly for its Teenie Weenie brand [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company's Q3 performance has weakened sequentially, with expectations for gradual recovery in terminal retail [8] - The company is optimizing its channel structure, transitioning offline stores from direct management to franchise models to enhance operational efficiency [8] - There is an anticipated improvement in sales performance during the winter clothing season, alongside a more balanced business structure and increased franchise ratios leading to sustained profitability [8] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 2.92 billion yuan, a year-on-year decline of 5.6%, and a net profit attributable to shareholders of 160 million yuan, down 15.2% year-on-year [3] - In Q3 2024 alone, revenue was 850 million yuan, a 14.2% year-on-year decrease, with net profit dropping 70.6% to 13.89 million yuan [3] - The company's net profit margin for the first three quarters decreased by 0.6 percentage points to 5.5% [3] Brand and Channel Performance - Revenue by brand for the first three quarters showed TW brand down 3.8%, VIGOROUS down 17.7%, and Yunjin up 75.7% [4] - Online and offline channel revenues declined by 2.0% and 7.9% respectively, with Q3 showing a more pronounced drop of 5.8% online and 19.2% offline [4] Store Count and Structure - As of September 2024, the number of offline stores for TW brand and VIGOROUS was 1,060 and 189 respectively, reflecting a decrease of 38 and 8 stores since the beginning of the year [5] - The TW brand saw a shift of 53 direct stores to franchise, while VIGOROUS had a slight increase in direct stores [5] Profitability and Cost Structure - The gross margin for the first three quarters of 2024 was 69.3%, a slight increase of 0.1 percentage points year-on-year [6] - The operating expense ratio increased by 1.1 percentage points to 62.0%, with sales expenses rising [6] Cash Flow and Inventory - As of September 2024, inventory increased by 15.5% from the beginning of the year to 1.07 billion yuan, while accounts receivable decreased by 25.7% to 310 million yuan [7] - Operating cash flow for the first three quarters was 370 million yuan, a decrease of 21.6% year-on-year [7] Earnings Forecast - The company has adjusted its profit forecasts for 2024-2026, with net profit estimates reduced by 30%, 28%, and 28% respectively [8] - The expected EPS for 2024-2026 is projected at 0.73, 0.93, and 1.08 yuan, with corresponding P/E ratios of 10, 8, and 7 [8]

锦泓时装集团股份有限公司 第五届董事会第三十三次会议决议公告 | 证券代码：603518 | 证券简称：锦泓集团 公告编号：2024-089 | | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | （一）审议通过《关于公司 2024 年第三季度报告的议案》 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《锦 泓时装集团股份有限公司 2024 年第三季度报告》。 表决结果：7 票同意，0 票反对，0 票弃权。 特此公告。 锦泓时装集团股份有限公司董事会 2024 年 10 月 30 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 锦泓时装集团股份有限公司（以下简称"公司"）第五届董事会第三十三次 会议于 2024 年 10 月 29 日（星期二）在南京市茶亭东街 240 号公司大会议室以 现场结合通讯的方式召开。会议通知已于 2024 年 10 月 19 日通过邮件的方式送 达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 锦泓时装集团股份有限公司（以下简称"公司"）第五届监事会第三十二次 会议于 2024 年 10 月 29 日（星期二）在南京市茶亭东街 240 号公司大会议室以 现场结合通讯的方式召开。会议通知已于 2024 年 10 月 19 日通过邮件的方式送 达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 | 证券代码：603518 | 证券简称：锦泓集团 公告编号：2024-090 | | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | 锦泓时装集团股份有限公司 第五届监事会第三十二次会议决议公告 会议由监事会主席祁冬君女士主持。会议召开符合有关法律、法规、规章 和《公司章程》的规定。出席会议的监事对各项议案进行了审议并做出如下决议： 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 特此公告。 锦泓时装集团股份有限公司监事会 2024 年 10 月 30 日 监事会认为：公司 ...

Financial Performance - The company's revenue for Q3 2024 was ¥845,050,049.25, representing a decrease of 14.21% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥13,889,989.83, down 70.56% year-on-year[2]. - Basic earnings per share decreased to ¥0.04, a drop of 70.94% from the previous year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 2,922,553,915.85, a decrease of 5.6% compared to CNY 3,096,095,436.95 in the same period of 2023[22]. - Operating profit for the first three quarters of 2024 was CNY 211,880,731.07, a decline from CNY 227,203,907.36 in the previous year[23]. - The total profit for the current period is 213,256,240.77 RMB, a decrease of approximately 18.4% compared to 261,396,420.38 RMB in the previous period[24]. - The net profit attributable to the parent company's shareholders is 161,632,937.57 RMB, down from 190,513,465.16 RMB, reflecting a decline of about 15.2%[24]. - The total comprehensive income for the current period is 161,094,268.49 RMB, compared to 189,837,487.19 RMB in the previous period, indicating a decrease of approximately 15.3%[25]. Cash Flow and Assets - The net cash flow from operating activities was ¥13,862,856.06, reflecting a significant decline of 86.15% compared to the previous year[2]. - Cash inflows from operating activities totaled 3,051,153,882.11 RMB, down from 3,171,905,281.35 RMB, representing a decline of about 3.8%[26]. - The net cash flow from operating activities is 374,469,335.83 RMB, a decrease of approximately 21.6% from 477,396,013.13 RMB in the previous period[27]. - The ending balance of cash and cash equivalents is 388,492,946.93 RMB, down from 411,744,508.65 RMB, reflecting a decrease of approximately 5.6%[28]. - The company's cash and cash equivalents decreased from CNY 534.18 million at the end of 2023 to CNY 388.49 million by September 30, 2024[18]. - Total assets at the end of the reporting period were ¥5,531,288,671.28, a decrease of 2.09% from the end of the previous year[3]. - Total assets decreased to CNY 5,531,288,671.28 from CNY 5,661,827,815.39, reflecting a reduction of 2.3%[21]. - Current liabilities increased to CNY 1,863,593,059.25, up 25.5% from CNY 1,484,249,770.85 in the previous year[20]. - Non-current liabilities decreased significantly to CNY 198,614,879.72 from CNY 787,411,071.06, a drop of 74.8%[21]. - Cash outflows from financing activities amounted to 706,269,451.88 RMB, compared to 789,686,396.42 RMB, showing a reduction of about 10.6%[28]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,142, with the largest shareholder holding 18.06% of the shares[7]. - The company’s equity attributable to shareholders increased to CNY 3,469,080,732.31 from CNY 3,390,166,973.48, an increase of 2.3%[21]. Operational Metrics - The gross profit margin for the overall business decreased by 0.16 percentage points to 69.14% year-on-year[14]. - The online sales channel generated revenue of approximately CNY 1.09 billion, with a gross profit margin of 64.14%, down 1.96% year-on-year[14]. - The number of stores for the VGRASS brand decreased from 198 in September 2023 to 189 in September 2024, reflecting a decline of 4.55%[12]. - The number of new stores opened in the first nine months of 2024 was 8, with an average monthly sales revenue of CNY 102,000[16]. - The number of TEENIE WEENIE franchise stores increased by 32.75% year-on-year, while the number of direct stores decreased by 15.44%[12]. Investment and Expenses - The company reported an increase in research and development expenses to CNY 97,286,190.99, up from CNY 84,922,888.25, reflecting a growth of 14.1%[23]. - The company has invested 53,191,671.99 RMB in fixed assets, intangible assets, and other long-term assets, which is an increase from 25,738,217.51 RMB in the previous period[27]. - The company has reported a decrease in income tax expenses to 51,623,303.20 RMB from 70,882,955.22 RMB, reflecting a reduction of approximately 27.2%[24]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[1].

| | | 锦泓时装集团股份有限公司 近日，公司完成了工商变更登记手续，取得了由南京市市场监督管理局换发 的营业执照。变更后的公司基本信息如下： 名称：锦泓时装集团股份有限公司 统一社会信用代码：91320100738899403P 类型：股份有限公司（上市） 住所：南京市秦淮区中山南路 1 号 60 层 法定代表人：王致勤 关于完成工商变更登记暨取得换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 锦泓时装集团股份有限公司（以下简称"公司"）于 2024 年 6 月 12 日召开 2023 年年度股东大会，审议通过了《关于变更注册资本暨修订<公司章程>的议 案》。具体详见公司分别于 2024 年 5 月 18 日、2024 年 6 月 13 日在上海证券交 易所网站（www.sse.com.cn）披露的《关于变更注册资本暨修订<公司章程>的公 告》（公告编号：2024-032）、《2023 年年度股东大会决议公告》（公告编号：2024- 036）。 注册资本：34693.7152 万元整 成立日期：2 ...

| 证券代码：603518 | 证券简称：锦泓集团 公告编号：2024-087 | | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | 锦泓时装集团股份有限公司 关于股份回购实施结果暨股份变动的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 锦泓时装集团股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日披露 了《关于股份回购实施结果暨股份变动的公告》（公告编号：2024-080）。经事 后核查，上述公告中有关实际回购股数的表述，其中一处股数单位有误。现就相 关内容更正如下： 更正前： 重要内容提示： | 回购方案首次披露日 | 2024/7/22 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 3 个月内 | | 预计回购股份数量 | 500,000 股~1,000,000 股 | | 回购用途 | □减少注册资本 | | | □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | - ...

上海兰迪律师事务所 关于锦泓时装集团股份有限公司 2023 年限制性股票激励计划回购注销部分限制性股票 暨调整回购价格的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082) 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 关于锦泓时装集团股份有限公司 2023 年限制性股票激励计划回购注销部分限制性股票 暨调整回购价格的法律意见书 致:锦泓时装集团股份有限公司 上海兰迪律师事务所接受锦泓时装集团股份有限公司(以下简称"锦泓集 团"或"公司",证券代码为603518）的委托,为公司实施2023年限制性股票 激励计划(以下简称"本激励计划")所涉及的相关事宜出具法律意见书。 正 文 一、关于《2023年限制性股票激励计划》(指本激励计划及其修订)实施情况, 暨回 ...

锦泓时装集团股份有限公司 关于变更回购股份用途并予以注销的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：603518 证券简称：锦泓集团 公告编号：2024-083 转债代码：113527 转债简称：维格转债 重要内容提示： 为进一步维护公司价值及股东权益、提高股东投资回报，公司拟对回购 股份的用途进行变更，将本次回购股份的用途由"维护公司价值及股东权益，在 披露回购结果公告 12 个月后出售"，变更为"注销并减少注册资本"。 本次变更回购用途的股份数量：759,500 股 锦泓时装集团股份有限公司（以下简称"公司"）于 2024 年 10 月 21 日召 开第五届董事会第三十二次会议，审议通过《关于变更回购股份用途并予以注销 的议案》。为进一步维护公司价值及股东权益、提高股东投资回报，公司拟将回 购股份的用途由"维护公司价值及股东权益，在披露回购结果公告 12 个月后出 售"，变更为"注销并减少注册资本"。该议案尚需提交股东大会审议。 一、本次回购股份方案及实施情况 公司于 2024 年 7 月 21 ...

| 证券代码：603518 | 证券简称：锦泓集团 公告编号：2024-082 | | --- | --- | | 转债代码：113527 | 转债简称：维格转债 | 锦泓时装集团股份有限公司 第五届监事会第三十一次会议决议公告 锦泓时装集团股份有限公司（以下简称"公司"）第五届监事会第三十一 次会议于 2024 年 10 月 21 日（星期一）在南京市茶亭东街 240 号公司大会议室 以现场结合通讯的方式召开。会议通知已于 2024 年 10 月 18 日通过邮件的方式 送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席祁冬君女士主持。会议召开符合有关法律、法规、规章 和《公司章程》的规定。出席会议的监事对各项议案进行了审议并做出如下决议： 二、监事会会议审议情况 （一）、审议通过《关于变更回购股份用途并予以注销的议案》 监事会认为公司本次变更回购股份用途并注销事项符合《上海证券交易所上 市公司自律监管指引第 7 号—回购股份》等有关规定，审议程序合法合规，不会 对公司的未来发展产生重大影响，不存在损害公司、公司员工及全体股东利益的 情形，综上，监事会一致同意本事项。 具体内 ...