Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company reported a revenue of 2.479 billion yuan in H1 2024, reflecting a year-on-year increase of 0.36%, while the net profit attributable to shareholders was 344 million yuan, down 15.60% [2][8]. - The company plans to distribute a mid-term cash dividend of 0.7 yuan per 10 shares, with a payout ratio of approximately 30% [8][21]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 640 million, 730 million, and 810 million yuan respectively, with corresponding EPS of 0.4, 0.5, and 0.6 yuan [2][21]. Summary by Sections 1. Business Performance - The company faced pressure from business demand in H1 2024, with the "Baoxini" and "Haggis" brands affected by reduced offline foot traffic, while "Lefeiye" showed strong performance with a revenue increase of 32.20% [2][8]. - The revenue breakdown for H1 2024 includes "Baoxini" at 770 million yuan (-3.69%), "Haggis" at 860 million yuan (+0.25%), and "Baoniao" at 507 million yuan (-2.28%) [2][8]. 2. Channel Performance - The company continues to optimize its channels, with a total of 1,772 stores as of H1 2024, an increase of 102 stores year-on-year [12][13]. - Franchise revenue grew by 7.39% to 360 million yuan, while direct sales revenue decreased by 3.28% to 1.01 billion yuan [12][13]. 3. Profitability and Financial Metrics - The gross margin for H1 2024 was 67.0%, an increase of 1.5 percentage points year-on-year, with the net profit margin at 13.9%, down 2.6 percentage points [2][17]. - The company reported a significant decline in operating cash flow, with a net cash flow of 140 million yuan, down 59.05% year-on-year [18][20]. 4. Future Outlook - The company is optimistic about the multi-category development of the "Haggis" brand and its brand momentum, maintaining a "Buy" rating despite the downward adjustment in profit forecasts [21].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company faced challenges in the first half of 2024 due to weak terminal demand, adverse weather conditions, and high base effects, resulting in a slight revenue increase of 0.4% year-on-year, while net profit decreased by 15.6% [1][2]. - The company is focusing on enhancing its internal capabilities and expanding its multi-brand strategy to navigate the current market challenges [2]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 2.48 billion yuan, with a net profit attributable to shareholders of 340 million yuan, and a basic EPS of 0.24 yuan [1]. - The gross profit margin improved by 1.5 percentage points to 67.0%, attributed to strict control over terminal discounts [1][2]. - The company plans to distribute a cash dividend of 0.07 yuan per share (before tax) [1]. Brand Performance - Revenue contributions from major brands in the first half of 2024 were as follows: Baoxini (31.2%), Haggis (34.7%), Lefeiye (6.1%), and others [1]. - The performance of individual brands varied, with Baoxini and Haggis experiencing revenue changes of -3.7% and +0.3% respectively [1]. Channel Analysis - Revenue distribution by channel for the first half of 2024 was: Direct sales (40.7%), Group purchases (21.8%), Online (15.4%), and Franchises (14.4%), with respective year-on-year changes of -3.3%, -1.7%, -2.3%, and +7.4% [1]. - The total number of stores as of June 2024 was reported as follows: Baoxini (807), Haggis (467), Lefeiye (80), and others, with a net decrease in Baoxini stores [1]. Profitability and Cost Management - The report indicates that the increase in expense ratios outpaced the growth in gross margins, leading to a decline in net profit margins, which fell by 2.6 percentage points to 13.9% [1]. - The company’s operating cash flow decreased by 59.0% year-on-year, primarily due to reduced government subsidies and increased operational costs [1][2]. Earnings Forecast - The earnings forecast for 2024 to 2026 has been adjusted downward, with net profit estimates reduced by 16%, 17%, and 17% respectively, leading to projected EPS of 0.46, 0.52, and 0.59 yuan [2].

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 08 月 17 日 报喜鸟 (002154) ——终端零售承边际走弱，24H1 归母净利润下滑 16% | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 16 日 | | 收盘价（元） | 3.90 | | 一年内最高/最低（元） | 6.94/3.87 | | 市净率 | 1.2 | | 息率（分红/股价） | 6.41 | | | 4,601 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,879.43/8,349.87 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 2.96 | | 资产负债率 % | 32.22 | | 总股 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][3]. Core Views - The company reported a stable revenue of 2.48 billion yuan in H1 2024, with a year-on-year decline in net profit of 16% to 340 million yuan. The gross margin improved by 1.5 percentage points to 67.0% [1]. - The company is expected to continue its store expansion strategy, with a projected increase of 10% to 20% in new stores for the year, focusing on high-quality outlets in major cities [2]. - Despite short-term profit pressures due to fluctuating consumer environments, the company is anticipated to achieve steady revenue growth in 2024, with net profits projected at 657 million yuan [2]. Financial Performance Summary - For H1 2024, the company's revenue remained flat at 2.48 billion yuan, while net profit decreased by 16% to 340 million yuan. The adjusted net profit was 300 million yuan, down 11% year-on-year [1]. - In Q2 2024, revenue was 1.13 billion yuan, a 5% decline year-on-year, with net profit dropping 38% to 90 million yuan [1]. - The company's gross margin for Q2 2024 was 66.0%, reflecting a 1.1 percentage point increase, while the net margin decreased by 5.2 percentage points to 8.5% [1]. Brand Performance - HAZZYS brand revenue was stable at 860 million yuan in H1 2024, accounting for 36% of total sales. The brand opened 10 new stores, bringing the total to 467 [2]. - The main brand, Baoxini, saw a revenue decline of 4% to 770 million yuan, representing 32% of total sales. The brand's store count decreased by 10 to 817 [2]. - The Baoniao brand reported a 2% revenue decline to 510 million yuan, with expectations for stable growth in H2 2024 [2]. Cash Flow and Inventory Management - As of H1 2024, the company's inventory was 1.07 billion yuan, with a turnover period of 258.3 days, indicating stable inventory management [2]. - The net operating cash flow for H1 2024 was 140 million yuan, approximately 0.4 times the net profit for the same period [2].

资 产 负 债 表 | 2024年6月30日 | | | 编制单位：报喜鸟控股股份有限公司 | | | | | | | | | | | | 单位:元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年末余额 | | | | | | | | 年初余额 | | | | 年末余额 | | 年初余额 | | | 资产 | | | | | 行次 | 合并 | 母公司 | 合并 | 母公司 | 负债和股东权益 | 行次 | 合并 | 母公司 | 合并 | 母公司 | | 流动资产： | | | | | 1 | | | | | 流动负债： | | | | | | | 货币资金 | | | | | 2 | 1,835,468,664.47 | 1,279,636,438.17 | 1,891,213,321.13 | 1,357,009,053.33 | 短期借款 | 41 | 506,339,270.84 | 42,000,000.00 | 549,358,724.21 ...

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"）经中国证券监督管理委员会 证监许可[2021]3477 号《关于核准报喜鸟控股股份有限公司非公开发行股票的 批复》的核准，已向特定对象发行人民币普通股股票 241,721,855 股，发行价格 3.02 元/股，募集资金总额为 730,000,002.10 元，扣除承销商保荐及承销费（不 含增值税）人民币 4,000,000.00 元，减除审计及验资费、律师费和发行手续费用 等（不含增值税）人民币 2,221,860.27 元，募集资金净额为人民币 723,778,141.83 元。该募集资金已于 2021 年 12 月 24 日到账。上述募集资金到位情况已经立信 会计师事务所（特殊普通合伙）审验，并出具了信会师报字[2021]第 ZF11111 号 验资报告。公司对募集资金采取了专户储存管理。 本报告期募集资金使用情况及当期余额： 金额单位：人民币元 | 项目 | 金额 | | --- | --- | | 2024 年募集资金专户期初存款余额 | 158,216,425.24 | | 2024 年初使用募集资金进行现金管理产品金额 | 20, ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,479,424,816.21, representing a slight increase of 0.36% compared to ¥2,470,639,963.24 in the same period last year[11]. - Net profit attributable to shareholders decreased by 15.60% to ¥343,991,645.67 from ¥407,594,397.47 year-on-year[11]. - The net cash flow from operating activities dropped significantly by 59.05%, amounting to ¥139,026,227.37 compared to ¥339,483,766.36 in the previous year[11]. - Basic earnings per share fell by 14.29% to ¥0.24, down from ¥0.28 in the same period last year[11]. - Total assets decreased by 7.16% to ¥6,549,780,114.29 from ¥7,055,130,923.81 at the end of the previous year[11]. - The net assets attributable to shareholders slightly decreased by 0.47% to ¥4,320,772,035.92 from ¥4,341,343,685.33 at the end of the previous year[11]. - The weighted average return on equity decreased to 7.73% from 9.97% year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥303,721,446.81, down 11.48% from ¥343,093,885.73 in the previous year[11]. - The company's net profit for the reporting period was impacted by non-recurring gains and losses, with a total of 40,270,198.86 CNY recorded[15]. - The revenue for the reporting period was 247,942.48 million yuan, a year-on-year increase of 0.36%, while net profit attributable to shareholders decreased by 15.60% to 34,399.16 million yuan[22]. Market and Sales Performance - The total retail sales of consumer goods in China reached 23.60 trillion CNY in the first half of 2024, showing a year-on-year growth of 3.7%[16]. - The retail sales of clothing, shoes, and textiles amounted to 709.8 billion CNY, with a growth of only 1.3% compared to the previous year, indicating weaker performance in the apparel sector[16]. - The online retail sales in China reached 7.10 trillion CNY, growing by 9.8%, with online apparel retail sales increasing by 7.0%[16]. - The company has established three major production bases in Wenzhou, Shanghai, and Hefei, focusing on a multi-brand strategy to cater to different dressing needs[17]. - The company has implemented a large-scale personalized intelligent customization system to meet individual consumer orders without compromising quality or efficiency[19]. - The retail brands operate through an omnichannel marketing strategy, integrating online and offline sales channels[20]. - The company achieved significant growth in new customer orders, with a notable increase in the number of large orders during the reporting period[30]. - The company has expanded its online presence by establishing official flagship stores on platforms like Tmall, JD.com, and Vipshop, and utilizing live streaming sales[31]. - Online sales generated ¥381,019,403.35, with a gross margin of 73.39%, although revenue decreased by 2.34% compared to the previous year[46]. - Franchise sales increased by 7.39% to ¥356,958,771.31, with a gross margin of 69.78%[46]. Research and Development - The company invested 4,731.53 million yuan in R&D, a year-on-year increase of 1.88%, to meet the growing demand for fashionable and personalized products[22]. - The company has established independent design and R&D teams for each brand, enhancing product design accuracy through data analysis of consumer trends[55]. - The company has expanded its R&D center using raised funds to enhance its design capabilities and improve textile technology[55]. - The company has ongoing research and development initiatives for new products and technologies[99]. Operational Efficiency - The company's main business cost was 76,881.97 million yuan, down 5.14% year-on-year, while total expenses increased by 6.31% to 116,124.98 million yuan due to increased marketing and human resource costs[22]. - The company has implemented strategies to enhance supply chain responsiveness and efficiency, promoting membership recruitment activities and expanding cross-industry collaborations[28]. - The company has focused on enhancing its member system and optimizing terminal incentive programs to improve operational efficiency[28]. - The company has maintained a flat operating structure and a multi-channel marketing model, which are key components of its competitive advantage[38]. Financial Position - The company's cash and cash equivalents at the end of the reporting period amounted to ¥1,835,468,664.47, representing 28.02% of total assets, a decrease of 2.95% compared to the previous year[56]. - Accounts receivable increased by 0.96% to ¥654,143,501.30, accounting for 9.99% of total assets[56]. - Inventory decreased by 6.65% to ¥1,074,565,361.56, representing 16.41% of total assets[57]. - The company reported a significant increase in fixed assets by 58.67% to ¥740,060,772.28, primarily due to the transfer of construction projects to fixed assets[57]. - The total investment during the reporting period was ¥6,050,000.00, a decrease of 39.50% compared to the previous year's investment of ¥10,000,000.00[60]. - The company’s long-term borrowings decreased by 10.54% to ¥42,427,622.87, representing 0.65% of total liabilities[57]. - The company’s total liabilities decreased from CNY 2,584,800,826.33 to CNY 2,110,108,849.23, a reduction of approximately 18.3%[116]. Corporate Governance and Compliance - The company has not sold any major assets or equity during the reporting period[65][66]. - The company has not implemented any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[76]. - The company has fulfilled all commitments made by its actual controllers and shareholders as of the end of the reporting period[82]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[83]. - The company has ensured compliance with fair pricing principles in necessary related transactions[82]. Social Responsibility and Sustainability - The company has installed solar panels covering an area of approximately 21,000 square meters, generating about 1.8 million kWh of electricity in the first half of 2024, which is expected to reduce carbon emissions by 2,800 tons annually[78]. - The company has donated over RMB 200 million to support social welfare and poverty alleviation, establishing the "Baoxini Bird Charity Fund" to aid various charitable initiatives[80]. - The company has not reported any environmental penalties during the reporting period and has maintained a focus on sustainable development and environmental management[77]. - The company has actively participated in community charity events, including a clothing donation campaign to support vulnerable groups[80]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth, although specific figures were not provided in the report[127]. - Future performance guidance indicates a positive outlook based on current market trends and strategic initiatives[99].

证券代码：002154 证券简称：报喜鸟 公告编号：2024——033 报喜鸟控股股份有限公司 第八届董事会第十一次会议决议公告 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 2024 年 8 月 5 日以专人送 达或邮件形式发出了召开第八届董事会第十一次会议的通知，会议于 2024 年 8 月 15 日在报喜鸟研发大楼十一楼会议室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。 1、审议通过了《公司 2024 年半年度报告》及其摘要； 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。 半年度报告详见巨潮资讯网（www.cninfo.com.cn），半年度报告摘要详见巨 潮资讯网（www.cninfo.com.cn）和 2024 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2024-037 报喜鸟控股股份有限公司 董事会关于召开2024年第一次临时股东大会的通知公告 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、召开会议的基本情况 1、股东大会届次：2024年第一次临时股东大会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的相关规定。 4、会议召开的时间： 现场会议召开时间：2024年9月3日（星期二）下午14:00 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间：2024年9月3日 9:15—9:25、9:30—11:30 和13:00—15:00； （2）通过深圳证券交易所互联网投票系统投票的时间：2024年9月3日9:15- 15:00期间的任意时间。 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开。公司股东应选择现场投票、网络投票中的一种方式，如果同一表决权出现 重复投票表决的，以第一次投票表决结果为准。 6、会议的股权登记日：本次股东大会的股权登记日为2 ...

报喜鸟控股股份有限公司 2024 年半年度 | 浙江凤凰尚品企业咨询服务有限公司 | 全资子公司 | 应收账款 | 51,414,673.13 | 5,382.24 | 10,500,000.00 | 40,920,055.37 | 商品销售 | 经营性占用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 浙江凤凰尚品品牌管理有限公司 | 全资子公司 | 应收账款 | 15,603,925.93 | 166,921,378.01 | 173,458,363.66 | 9,066,940.28 | 商品销售 | 经营性占用 | | 浙江锦凡服饰有限公司 | 全资孙公司 | 应收账款 | 13,170,609.10 | 92,073,876.20 | 100,605,001.92 | 4,639,483.38 | 商品销售 | 经营性占用 | | 浙江所罗服饰有限公司 | 控股子公司 | 应收账款 | 725,667.88 | 12,092,821.30 | 12,213,508.33 | 604,980.85 | 商品销售 | 经营性占用 ...