证券代码：002154 证券简称：报喜鸟 公告编号：2024——052 报喜鸟控股股份有限公司 关于公司参与投资的私募投资基金变更完成的公告 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（以下简称"公司"或"报喜鸟"）于2024年8月2日召开 公司第八届董事会第十次会议、第八届监事会第十次会议、独立董事专门会议2024 年第二次会议，审议通过了《关于温州浚泉信远投资合伙企业（有限合伙）延期暨 关联交易的议案》，同意经全体合伙人同意后将温州浚泉信远存续期延长2年。具体 内容详见巨潮资讯网（www.cninfo.com.cn）和2024年8月3日《证券时报》、《上海 证券报》和《中国证券报》。 近日，公司收到基金管理人上海浚泉信投资有限公司的通知，截至本公告披露 日，温州浚泉信远已按照《温州浚泉信远投资合伙企业（有限合伙）合伙协议之补 充协议》、《温州浚泉信远投资合伙企业（有限合伙）全体合伙人决定书》完成工 商变更登记并根据《证券投资基金法》及《私募投资基金监督管理暂行办法》等法 律法规的要求在中国证券投资基金业协会完成了基金变更手续。变更 ...

Investment Rating - The report upgrades the investment rating of the company from "Outperform" to "Buy" [4] Core Views - The major shareholder plans to fully subscribe to a private placement for the second time in three years, reflecting confidence in the company's future [4] - The company's stock price has significantly corrected, indicating that the market has overly pessimistic expectations regarding domestic consumption [4] - The company has shown considerable growth potential, with 2023 revenue at 5.25 billion and net profit at 698 million, representing 1.4 times and 1.9 times the figures from 2021 respectively [4] - The company’s PE (TTM) and PB (MRQ) ratios are approximately 10 times and 1.48 times, respectively, indicating substantial room for valuation recovery [4] - The company has maintained a positive shareholder return policy, with cash dividends of 5.8 billion, 5.8 billion, and 3.6 billion in the past three years [4] - The company’s HAZZYS brand is in a growth phase, with revenue of 860 million in 2024H1 and a net increase of 10 stores [4] - The report maintains profit forecasts for 2024-2026, expecting net profits of 620 million, 700 million, and 780 million respectively, with corresponding PE ratios of 11, 9, and 9 times [4] Summary by Sections Market Data - Closing price as of October 8, 2024, is 4.54 yuan, with a one-year high/low of 6.94/3.12 yuan [1] - The company has a market capitalization of 5.356 billion yuan and a dividend yield of 7.05% [1] Financial Data - As of June 30, 2024, the company has a net asset per share of 2.96 yuan and a debt-to-asset ratio of 32.22% [2] - The total share capital is 1.459 billion shares, with 1.18 billion shares in circulation [2] Performance Comparison - The company's stock price has shown a significant decline compared to the market index over the past year [3] Earnings Forecast - Projected total revenue for 2024 is 5.271 billion, with a growth rate of 0.3% [5] - Expected net profit for 2024 is 616 million, reflecting a decline of 11.7% [5] - The company’s gross margin is projected to be 65.7% in 2024 [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price indicating an expected return of over 20% within the next six months [6][14]. Core Views - The actual controller's full subscription of the private placement indicates a strong confidence in the company's future development and serves as a value bottom line [2][3]. - The company aims to enhance its liquidity and risk resistance through the raised funds, which will support rapid business growth and market share increase [3]. - The company has established a robust multi-brand matrix and an efficient operational structure, which are key competitive advantages [4]. Financial Summary - The company reported a revenue of 4,312.76 million yuan in 2022, with a projected increase to 5,264.13 million yuan in 2024, reflecting a growth rate of 21.82% in 2023 [5][10]. - The net profit attributable to the parent company is expected to be 662.73 million yuan in 2024, down from 697.85 million yuan in 2023, indicating a slight decline of 5.03% [5][10]. - The earnings per share (EPS) are projected to be 0.45 yuan in 2024, with a price-to-earnings (P/E) ratio of 9.64 [5][10]. Financial Ratios - The company’s asset-liability ratio is projected to be 31.73% in 2024, indicating a stable financial structure [8][9]. - The return on equity (ROE) is expected to be 15.29% in 2024, reflecting the company's ability to generate profits from its equity [10]. - The company maintains a healthy cash flow from operating activities, with a projected net increase of 489.98 million yuan in 2024 [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.60 CNY per share, corresponding to a 2024 PE ratio of 12x [2][4] Core Views - The company plans to issue additional shares to its controlling shareholder, demonstrating confidence in future development [2] - The controlling shareholder will subscribe to the shares at 2.80 CNY per share, with a lock-up period of 36 months [2] - The company's dividend payout ratio was 52.28% in 2023 and 29.70% in H1 2024, indicating a strong commitment to shareholder returns [2] - The company's gross margin improved in H1 2024 despite a challenging consumer environment, driven by controlled discounts and store expansion [2] Financial Performance and Projections - Revenue is expected to grow from 5,254 million CNY in 2023 to 6,406 million CNY in 2026, with a CAGR of 6.8% [3] - Net profit attributable to shareholders is projected to increase from 698 million CNY in 2023 to 825 million CNY in 2026 [3] - EPS is forecasted to rise from 0.48 CNY in 2023 to 0.57 CNY in 2026 [3] - ROE is expected to remain stable at around 15% from 2024 to 2026 [3] Operational Highlights - The company continues to expand its store network, particularly for the Hazzys and Baoxiniao brands, with a focus on larger stores [2] - The company's cash flow from operations is projected to grow steadily, reaching 1,180 million CNY in 2026 [6] - The company's asset turnover ratio is expected to improve slightly, from 0.74 in 2023 to 0.78 in 2026 [7] Valuation Metrics - The company's P/E ratio is expected to decline from 11.83x in 2023 to 7.04x in 2026, indicating potential undervaluation [3] - The EV/EBITDA ratio is projected to decrease from 6.38x in 2023 to 2.43x in 2026, reflecting improved operational efficiency [3]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 2.80 CNY per share, which is expected to boost market confidence [1]. Core Insights - The report highlights that the major shareholder's full subscription of the private placement at a low point is significant, mirroring a similar event in May 2021, which is likely to enhance market confidence [2]. - The company's stock price decline is attributed to several factors, including the performance of the HAZZYS brand, which has not shown significant growth due to low consumer confidence and weather impacts on foot traffic [2]. - Future growth potential remains, particularly for the HAZZYS brand, which is expected to recover and achieve double-digit growth after the current year's challenges are addressed [3]. Summary by Sections Event Overview - The company plans to issue up to 285,714,285 shares to specific investors, with the controlling shareholder, Mr. Wu Zhize, subscribing to all shares for a total of up to 800 million CNY, aimed at replenishing working capital and repaying bank loans [1]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are set at 5.5 billion CNY, 6.4 billion CNY, and 7.4 billion CNY respectively, with corresponding net profits of 677 million CNY, 797 million CNY, and 955 million CNY [5][8]. - The report anticipates a gross margin improvement from 64.7% in 2023 to 66.1% by 2026, indicating a positive trend in profitability [6][8]. Earnings Per Share (EPS) and Valuation - The projected EPS for 2024, 2025, and 2026 are 0.46 CNY, 0.55 CNY, and 0.65 CNY respectively, with the current closing price of 3.98 CNY corresponding to a PE ratio of 9, 7, and 6 for the respective years [3][6].

报喜鸟控股股份有限公司 2024年度向特定对象发行A股股票预案 证券简称：报喜鸟 证券代码：002154 报喜鸟控股股份有限公司 BaoxiniaoHoldingCo.,Ltd. （浙江省温州市永嘉县瓯北镇双塔路2299号） 3、本次向特定对象发行股票完成后，公司经营与收益的变化，由公司自行 负责；因本次发行股票引致的投资风险，由投资者自行负责。 4、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反 的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本预案所述事项并不代表审批机关对于本次向特定对象发行股票相关事 项的实质性判断、确认或批准，本预案所述本次向特定对象发行股票相关事项的 生效和完成尚待取得公司股东大会审议通过、深圳证券交易所审核通过并经中国 证券监督管理委员会注册。 2 2024年度向特定对象发行A股股票预案 二〇二四年九月 1 报喜鸟控股股份有限公司 2024年度向特定对象发行A股股票预案 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确和完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，对本预案内容的真实性、 ...

3、本次向特定对象发行募集资金的使用符合相关法律、法规、规范性文件 的规定以及公司整体发展规划。本次向特定对象发行募集资金将进一步提升吴志 泽先生的持股比例以及公司实际控制人控制的表决权，进一步增强了公司控制权 和治理结构的稳定性，提高决策效率，促进公司长期持续发展战略的拟定与执行 和公司经营稳定性；公司的资金实力获得进一步提升，有利于优化公司资本结构， 进一步满足核心业务增长与业务战略布局需要，促进公司在行业保持领先地位， 提升公司盈利能力和可持续发展能力；加强公司核心竞争能力和面临宏观经济波 动的抗风险能力，促进公司的健康可持续发展，有利于公司全体股东的整体利益。 4、公司前次募集资金使用情况专项报告内容真实、完整，公司对前次募集 资金的使用与管理严格遵循中国证券监督管理委员会（以下简称"中国证监会"）、 深圳证券交易所关于上市公司募集资金存放和使用的相关规定，已披露的募集资 金使用的相关信息真实、准确、完整，不存在变相改变募集资金投向、损害股东 利益等违规情形。 5、公司拟向控股股东、实际控制人吴志泽先生发行 A 股股票，根据《公司 法》、《证券法》《深圳证券交易所股票上市规则》等有关法律、法规及规范性 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2024-043 公司严格按照《公司法》、《证券法》以及中国证监会、深圳证券交易所等监管部门的 有关规定和要求规范运作，并在相关监管部门的监督和指导下，不断完善公司治理结构， 建立健全公司内部管理及控制制度，提高公司治理水平，促进公司持续规范发展。 特此公告。 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"）拟实施 2024 年度向特定对象发行股票 项目，现根据相关法律法规要求，将公司最近五年内被证券监管部门和交易所处罚或采取 监管措施的情况公告如下： 一、公司最近五年被证券监管部门和交易所处罚的情况 经自查，公司最近五年不存在被证券监管部门和交易所处罚的情况。 二、关于公司最近五年被证券监管部门和交易所采取监管措施及整改的情况 经自查，公司最近五年不存在被证券监管部门和交易所采取监管措施的情况。 报喜鸟控股股份有限公司 关于最近五年不存在被证券监管部门和交易所处罚或采取 监管措施的公告 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。 董事会 2024 年 9 月 28 日 ...

报喜鸟控股股份有限公司 未来三年（2024 年-2026 年）股东回报规划 为进一步完善和健全报喜鸟控股股份有限公司（以下简称"公司"）科学、持 续、稳定的股东回报机制，增加利润分配决策的透明度和可操作性，积极回报投 资者，切实保护投资者的合法权益，根据《公司法》以及中国证券监督管理委员 会发布的《上市公司监管指引第 3 号——上市公司现金分红》、《关于进一步落实 上市公司现金分红有关事项的通知》等有关法律、法规、规范性文件以及《公司 章程》的相关规定，结合公司实际情况，特制定公司未来三年（2024 年-2026 年） 股东回报规划（以下简称"本规划"），具体内容如下： 一、股东回报规划制定原则 （一）积极回报投资者，并兼顾公司的可持续发展； （二）进一步增强公司利润分配特别是现金分红的透明度，以便投资者形成 稳定的回报预期； （三）保持利润分配政策的连续性和稳定性； （四）严格遵循相关法律法规和《公司章程》对利润分配的有关规定。 二、公司制定股东回报规划考虑的因素 本规划是在综合分析股东的回报要求和意愿、公司所处发展阶段及发展规划、 盈利能力、社会资金成本及外部融资环境等因素的基础上，充分考虑公司目前及 未 ...

证券代码：002154 证券简称：报喜鸟 报喜鸟控股股份有限公司 BAOXINIAO HOLDING CO.,LTD. （浙江省永嘉县瓯北街道双塔路 2299 号） 2024 年度向特定对象发行股票 募集资金使用可行性分析报告 二〇二四年九月 报喜鸟控股股份有限公司 2024 年度向特定对象发行股票募集资金使用可行性分析报告 《2024年上半年金融统计数据报告》显示，2024年上半年，中国居民的储蓄 增长了11.46万亿，其中家庭储蓄增长了9.27万亿。在本次政策支持下经济有望加 快恢复，居民消费能力提升，消费信心改善。同时，随着二季度高温及台风等天 气影响消退，下半年迎来中秋国庆双节、双十一等消费旺季，社零增长有望持续。 2、服装强国建设开启服装行业新征程 "十四五"时期中国服装行业服装强国建设将进入新的阶段。根据中国服装协 会编制的《中国服装行业"十四五"发展指导意见和2035年远景目标》，"十四五" 发展重点任务包括积极构建具有中国特色、世界影响、时代特征的行业时尚生态， 以文化引领风尚，以创意重塑价值，以包容彰显个性，中国创意、全球设计加速 形成中国服装业世界级时尚话语权，持续推进终端品牌、制造品牌和 ...