关于 2024 年度股东大会增加临时提案 暨股东大会补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 报喜鸟控股股份有限公司 报喜鸟控股股份有限公司（以下简称"公司"或"报喜鸟"）于2025年4月 17日召开公司第八届董事会第十六次会议，会议决定于2025年5月16日召开公司 2024年度股东大会，具体内容详见巨潮资讯网（www.cninfo.com.cn）和2025年4 月19日《证券时报》、《上海证券报》、《中国证券报》。 证券代码：002154 证券简称：报喜鸟 公告编号：2025-022 《关于修订<信息披露管理制度>的议案》、《关于制定<董事离职管理制度>的议案》 作为临时提案，提交公司2024年度股东大会审议。经核查，截至本公告披露日， 吴志泽先生持有公司367,777,954股股份，占公司总股本的25.20%，根据《公司 法》等法律、行政法规、部门规章、规范性文件和《公司章程》的相关规定，吴 志泽先生具备提出临时提案的资格，其提出的临时提案的内容属于股东大会职权 范围，有明确的议题和具体决议事项，符合法律、行政法规、部门规章、规范性 ...

二、监事会会议审议情况 经出席会议的监事审议表决，形成以下决议： 1、审议通过了《公司 2025 年第一季度报告》； 经审核，监事会认为董事会编制和审核公司 2025 年第一季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：002154 证券简称：报喜鸟 公告编号：2025——020 报喜鸟控股股份有限公司 第八届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日以专人送 达及邮件形式发出了召开第八届监事会第十五次会议的通知，会议于 2025 年 4 月 28 日在报喜鸟研发大楼十一楼会议室召开，应出席监事 3 名，实到 3 名，公 司董事会秘书列席了会议，会议的召开符合公司法和公司章程的有关规定。会议 由余承唐先生主持。 2、审议通过了《关于修订<公司章程>的议案》； 表决结果：同意票 3 票，反对票 0 票，弃权票 0 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025——019 报喜鸟控股股份有限公司 第八届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日以专人送 达或邮件形式发出了召开第八届董事会第十七次会议的通知，会议于 2025 年 4 月 28 日以现场结合通讯方式召开，应出席董事 7 名，实际出席董事 7 名。会议 的召集、召开程序及出席的董事人数符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定，合法、有效。会议由公司董事长兼总经理吴志泽先生 主持。公司监事会成员及高级管理人员列席了会议。 二、董事会会议审议情况 经全体出席会议的董事审议表决，形成以下决议： 1、审议通过了《公司 2025 年第一季度报告》； 该事项已经公司董事会审计委员会审议通过。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 具体内容详见巨潮资讯网（www.cninfo.com.cn）和 2025 年 4 月 30 日《证券 时报 ...

报喜鸟控股股份有限公司 2025 年第一季度报告 证券代码：002154 证券简称：报 喜 鸟 公告编号：2025 年 021 号 报喜鸟控股股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | | 本报告期 | 上年同期 | 本报告期比上年同期增减（%） | | | --- | --- | --- | --- | --- | --- | | 营业收入（元） | | 1,303,353,865.47 | 1,352,909,154.08 | | -3.66% | | 归属于上市公司股东的净利润（元） | | ...

丨证券研究报告丨 公司研究丨点评报告丨报喜鸟（002154.SZ） [Table_Title] 报喜鸟 2024 年报点评：利润短期承压，防御价 值凸显 报告要点 [Table_Summary] 展望来看，因零售承压、费用率抬升、补贴预期不明确等负面因素导致的利润下调渐消化后， 目前位置渐具防御价值，期待后续零售改善下带来的利润弹性。预计公司 2025-2027 年归母净 利润为 5.3、6.1、6.9 亿元，PE 为 11、9、8X，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报喜鸟（002154.SZ） cjzqdt11111 [Table_Title 报喜鸟 20242]年报点评：利润短期承压，防御价 值凸显 公司基础数据 [Table_BaseData] 当前股价(元) 3.86 总股本(万股) 145,933 流通A股/B股(万股) 142,150/0 每股净资产(元) ...

Core Viewpoint - The company reported a challenging performance in 2024, with declines in revenue and net profit, attributed to increased marketing expenses and losses from store sales [1][3][4] Financial Performance - In 2024, the company achieved operating revenue of 5.153 billion yuan, net profit attributable to shareholders of 495 million yuan, and net profit excluding non-recurring items of 436 million yuan, representing year-on-year changes of -1.91%, -29.07%, and -27.88% respectively [1] - For Q4 2024, the company reported operating revenue of 1.617 billion yuan, net profit attributable to shareholders of 80 million yuan, and net profit excluding non-recurring items of 77 million yuan, with year-on-year changes of +1.97%, -44.17%, and -36.91% respectively [1] - The gross margin for 2024 was 65.02%, while the net profit margin and net profit margin excluding non-recurring items were 9.6% and 8.47%, showing year-on-year changes of +0.31 percentage points, -3.68 percentage points, and -3.05 percentage points respectively [3] Channel Performance - The company’s revenue from various channels in 2024 was as follows: direct sales 1.998 billion yuan (-4.37%), franchise 801 million yuan (-0.78%), group buying 1.148 billion yuan (-1.49%), and online sales 817 million yuan (+1.65%) [1] - The overall retail performance was weaker than expected, influenced by adverse weather and high base effects [1] Brand Performance - Revenue changes by brand in 2024 included: Baoshiniao -8.4%, Haji's +1.3%, Baoniao -2.9%, Le Fei Ye +28.0%, and Kaimiqie & TB -8.0% [2] - The average sales amount for stores open for more than 12 months was 2.4248 million yuan, down 10.5% year-on-year, with a sales per square meter of 19,600 yuan, down 14% [2] Cost and Expenses - The company increased its marketing and promotional efforts, leading to a rise in sales expense ratio to 41.3%, which is an increase of 2.67 percentage points year-on-year [3] - The financial expenses ratio decreased by 0.6 percentage points, while management and R&D expenses ratios saw slight increases [3] Cash Flow and Financial Health - The net increase in cash and cash equivalents decreased by 141.39% year-on-year, with operating cash flow at 700 million yuan, down 39.13% [4] - Accounts receivable, inventory, and accounts payable values were 693 million yuan, 1.205 billion yuan, and 460 million yuan respectively, with year-on-year increases of 6.93%, 4.66%, and 1.59% [4] Strategic Developments - The company completed the acquisition of Woolrich's intellectual property in 26 countries, enhancing its multi-brand matrix and international development strategy [4] - The acquisition is expected to leverage the company's extensive membership and marketing network to support Woolrich's growth and enhance overall brand value [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company experienced a revenue decline of 1.9% in 2024, with a significant drop in net profit by 29.1% due to increased market investment and brand promotion costs [1][2]. - The multi-brand strategy has been successfully implemented, enhancing the company's core competitiveness and risk resistance [9]. - The company has established a balanced development of its brand matrix, with three brands exceeding 1 billion in revenue [4]. Financial Performance Summary - **Revenue and Profit**: - 2023 revenue was 5,254 million, projected to decrease to 5,153 million in 2024, then increase to 5,505 million in 2025 [1]. - Net profit for 2023 was 698 million, expected to drop to 495 million in 2024, with a recovery to 544 million in 2025 [1]. - **Profitability Ratios**: - The gross margin for 2024 is projected at 65.02%, a slight increase from the previous year [2]. - The net profit margin for 2024 is expected to be 10.09%, down 3.78 percentage points year-on-year [2]. - **Earnings Per Share (EPS)**: - The latest diluted EPS for 2024 is projected at 0.34, down from 0.48 in 2023, with a gradual increase expected in subsequent years [1][9]. Brand Performance Summary - **Brand Revenue**: - The Hazzys brand achieved a revenue of 1.781 billion, a growth of 1.29%, while the Lefuye brand saw a significant increase of 27.95% to 335 million [3]. - The Baonia brand's revenue was 1.009 billion, down 2.89%, and the Baoxin brand revenue decreased by 8.35% to 1.585 billion [3]. - **Channel Development**: - The company has established 1,815 offline stores across various key locations and is actively expanding its online presence through major e-commerce platforms [3]. Market Position and Strategy - The company has a well-balanced brand matrix with mature, growth, and nurturing brands, allowing for resource sharing and collaborative development [4]. - The acquisition of the international outdoor brand Woolrich marks a significant step towards enhancing the company's multi-brand strategy and international expansion [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.45 CNY based on a 16x PE valuation for 2025 [2][3][9] Core Views - The company's short-term profitability is under pressure, but there are expectations for multi-brand development in the future [1] - The company has adjusted its earnings forecast, projecting earnings per share of 0.34, 0.40, and 0.46 CNY for 2025, 2026, and 2027 respectively [2][9] - The report highlights a decline in revenue and net profit for 2024, with a revenue of 5.15 billion CNY, down 1.9% year-on-year, and a net profit of 495 million CNY, down 29.1% year-on-year [8] Financial Performance Summary - **Revenue**: - 2023A: 5,254 million CNY - 2024A: 5,153 million CNY (down 1.9%) - 2025E: 5,373 million CNY (up 4.3%) - 2026E: 5,833 million CNY (up 8.6%) - 2027E: 6,340 million CNY (up 8.7%) [2][8][13] - **Net Profit**: - 2023A: 698 million CNY - 2024A: 495 million CNY (down 29.1%) - 2025E: 497 million CNY (up 0.4%) - 2026E: 577 million CNY (up 16.1%) - 2027E: 672 million CNY (up 16.5%) [2][8][13] - **Earnings Per Share**: - 2023A: 0.48 CNY - 2024A: 0.34 CNY - 2025E: 0.34 CNY - 2026E: 0.40 CNY - 2027E: 0.46 CNY [2][8][13] - **Profitability Ratios**: - Gross Margin: 64.7% in 2023A, expected to be 65.0% in 2024A - Net Margin: 13.3% in 2023A, expected to be 9.6% in 2024A - Return on Equity: 16.9% in 2023A, expected to be 11.4% in 2024A [2][8][13] Brand Performance - The report indicates that the Baohiniao brand is under pressure, while the Haji Si brand shows resilience, and the Le Fei Ye brand is experiencing high growth [8] - Revenue growth for 2024 by brand: - Baohiniao: -8.4% - Haji Si: +1.3% - Le Fei Ye: +28% - Bao Niao: -2.9% [8] Strategic Developments - The company announced the acquisition of Woolrich brand's global intellectual property for 384 million CNY, which is expected to enhance its presence in the American retro outdoor market [8] - The establishment of a new R&D center and headquarters in Shanghai with an investment of approximately 300-400 million CNY is also planned [8]

Core Viewpoint - The company is experiencing a decline in both revenue and net profit for 2024, prompting a shift towards the outdoor market as a strategic response to ongoing performance pressures [1][3][4]. Financial Performance - In 2024, the company reported revenue of 5.153 billion yuan, a year-on-year decrease of 1.91%, and a net profit of 495 million yuan, down 29.07% [3][4]. - Marketing expenses increased to 2.13 billion yuan in 2024, up 4.88% from the previous year, contributing to the decline in profitability [3][4]. - The company had previously seen revenue and net profit growth of 21.82% and 52.11% respectively in 2023, indicating a significant reversal in performance [4]. Marketing Strategy - The rise in marketing expenses is attributed to increased efforts in market expansion and brand promotion, which have not yielded the expected results [3][5]. - The company has engaged various celebrities for marketing campaigns, but the effectiveness of these strategies has diminished over time [3][4]. Outdoor Market Expansion - The company is intensifying its focus on the outdoor market, highlighted by the acquisition of the American high-end outdoor brand Woolrich for 384 million yuan [7][9]. - The outdoor brand Lefeiye, which the company has been representing since 2016, saw revenue growth of 27.95% in 2024, indicating a positive trend in this segment [6][8]. - The overall outdoor equipment market in China is projected to grow from 87.2 billion yuan in 2023 to over 100 billion yuan by 2028, suggesting a lucrative opportunity for the company [8][10]. Competitive Landscape - The outdoor market is becoming increasingly competitive, with established players like Anta and Nike already present, making it challenging for the company to gain market share [9][10]. - Analysts suggest that the company's lack of expertise in the outdoor sector may hinder its ability to compete effectively against more specialized brands [10].

Core Viewpoint - The company reported a significant decline in net profit by 29% to 495 million yuan while investing 384 million yuan in acquiring the global intellectual property of the high-end outdoor brand Woolrich, indicating a commitment to a multi-brand strategy and international expansion despite facing financial challenges and inventory pressures [2][3][6]. Financial Performance - In 2024, the company's operating revenue was 5.15 billion yuan, a decrease of 1.91% year-on-year, while the net profit attributable to shareholders fell by 29.07% [3][4]. - The fourth quarter saw a slight increase in revenue to 1.62 billion yuan, but net profit dropped significantly by 44% to 79.63 million yuan [3]. - The company's main business costs were controlled at 1.68 billion yuan, down 3.53% year-on-year, but total expenses rose to 2.57 billion yuan, an increase of 4.45% [3]. Sales and Marketing Expenses - Sales expenses reached 2.13 billion yuan, accounting for 41% of revenue, indicating a substantial investment in advertising and channel development to maintain brand image and visibility [3][7]. - Research and development expenses decreased by 14.59% to 92.73 million yuan, reflecting a shift in focus towards marketing and sales efforts [3]. Acquisition of Woolrich - The acquisition of Woolrich for 384 million yuan includes global intellectual property rights and aims to enhance the company's multi-brand portfolio and international presence [6][9]. - The deal represents 8.84% of the company's latest audited net assets and includes rights to operate in 26 countries and regions outside of Europe [6][9]. Inventory and Cash Flow Concerns - The company faced cash flow challenges, with net cash flow from operating activities dropping by 39.13% to 700 million yuan due to reduced sales returns [7]. - Inventory levels remained high, with values of 1.18 billion yuan, 1.15 billion yuan, and 1.20 billion yuan over the past three years, leading to an extended inventory turnover period of 238 days in 2024 [7][10]. Market Context - The domestic apparel market is highly competitive, particularly for traditional menswear brands, prompting many companies to enter the high-end outdoor segment [9][10]. - The acquisition aligns with industry trends where companies are increasingly partnering with international outdoor brands to drive growth amid slowing performance [9][10].