运动·快乐·梦想 证券代码：002780 证券简称：三夫户外 公告编号:2025-028 北京三夫户外用品股份有限公司 第五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 北京三夫户外用品股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日以电子邮件方 式向全体监事发出召开第五届监事会第十五次会议通知，会议于 2025 年 5 月 12 日以通讯方 式召开。会议由监事会主席李继娟主持，应出席监事 3 名，实际出席监事 3 名，全体监事均 以通讯方式参会。公司高级管理人员列席了会议。会议的召集和召开符合《中华人民共和国 公司法》和《北京三夫户外用品股份有限公司章程》的有关规定。 二、 监事会会议审议情况 （一） 以 3 票同意，0 票反对，0 票弃权，一致通过《关于<北京三夫户外用品股份有限 公司前次募集资金使用情况专项报告>的议案》 根据中国证监会《监管规则适用指引——发行类第 7 号》的规定，公司就截至 2024 年 12 月 31 日的前次募集资金使用情况编制了《北京三夫户外用品股份有限公 ...

运动·快乐·梦想 北京三夫户外用品股份有限公司 第五届董事会第十五次会议决议公告 证券代码：002780 证券简称：三夫户外 公告编号：2025-027 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 北京三夫户外用品股份有限公司（以下简称"公司"）于2025年5月6日以电子邮件方式向 全体董事发出召开第五届董事会第十五次会议通知，会议于2025年5月12日以通讯方式召开， 会议由董事长张恒主持，应出席董事7名，实际出席董事7名，全体董事均以通讯方式参加会 议。公司监事、高级管理人员列席了会议。会议的召集和召开符合《中华人民共和国公司法》 和《北京三夫户外用品股份有限公司章程》的有关规定，会议合法、有效。 二、 董事会会议审议情况 （一） 以7票同意，0票反对，0票弃权，一致通过《关于<北京三夫户外用品股份有限公 司前次募集资金使用情况专项报告>的议案》 根据中国证监会《监管规则适用指引——发行类第7号》的规定，公司就截至2024年12月 31日的前次募集资金使用情况编制了《北京三夫户外用品股份有限公司前次募集资金使用情 况专项报告》 ...

投资者关系活动记录表 投资者关系活动记录表 编号：2025-004 号 证券代码：002780 证券简称：三夫户外 北京三夫户外用品股份有限公司 | | □ | 特定对象调研 □ 分析师会议 | | --- | --- | --- | | 投资者关系活 | □ | 媒体采访 √ 业绩说明会 | | 动类别 | □ | 新闻发布会 □ 路演活动 | | | □ | 现场参观 □ 其他 | | 参与单位名称 | | 线上参与公司 年度业绩说明会的全体投资者 2024 | | 及人员姓名 | | | | 时间 | 2025 年 | 5 月 12 日 15:00-16:30 | | 地点 | | 价值在线（https://www.ir-online.cn/） | | 上市公司接待 | | 董事长、总经理：张恒 独立董事：钟节平 | | 人员姓名 | | 财务总监：罗向杰 董事会秘书: 秦亚敏 | | | 2025 年 | 5 月 12 日 15:00-16:30，公司在价值在线平台举办了 2024 年度业绩说明 | | | | 会。本次业绩说明会具体问题记录如下： | | | 1. | 对于松鼠部落这块资产，将会如何 ...

2025年4月28日，三夫户外（维权）发布了2024年年报。报告显示，公司2024年实现营业总收入8.00亿 元，同比下降5.45%；归属净利润亏损2149.41万元，同比大幅下降158.83%；扣非净利润亏损2799.93万 元，同比下降186.11%。 尽管公司试图通过自有品牌培育和业务多元化扭转颓势，但核心代理品牌流失、现金流压力加剧以及战 略资源错配等问题，暴露出其在行业变革中的深层风险。曾经的"户外装备渠道之王"，正面临渠道价值 弱化与品牌转型不畅的双重考验。 代理权流失：核心业务根基动摇 三夫户外的经营危机首先源于核心代理品牌的持续流失。近年来，三夫户外的传统经销业务营收呈下降 趋势，合作品牌数量自2021年有所缩减后，稳定在300+，包括凯乐石、史丹利、哥伦比亚等。巅峰时 期，三夫户外代理过400多个品牌，其中便包括现在爆火的始祖鸟、北面以及亚玛芬旗下的多个品牌。 自2023年末北面（The North Face）终止合作后，2024年6月始祖鸟（Arc'teryx）长达20年的代理权也宣 告结束。这两大品牌曾是公司收入的"压舱石"，其退出直接导致高频消费会员销售额下降。 在转型过程中，三夫户外 ...

伐谋-中小盘信息更新 三夫户外（002780.SZ） 品牌化运营元年，全渠道布局成效初显 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 12.28 | | 一年最高最低(元) | 16.00/8.20 | | 总市值(亿元) | 19.35 | | 流通市值(亿元) | 16.04 | | 总股本(亿股) | 1.58 | | 流通股本(亿股) | 1.31 | | 近 3 个月换手率(%) | 392.85 | 中小盘研究团队 ——中小盘信息更新 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 聚焦品牌运营，2025Q1 经营业绩超预期 公司发布 2024 年年报及 2025 年一季报，20 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 800.26 million yuan, with X-BIONIC brand contributing 289.86 million yuan, a year-on-year increase of 34.91% [2] - For Q1 2025, the company reported a revenue of 194.02 million yuan, with X-BIONIC brand generating 76.07 million yuan, a year-on-year growth of 27.99% [2] - The CRISPI brand's revenue in 2024 was 92.98 million yuan, showing a year-on-year increase of 16.49% [2] - The combined revenue from LA SPORTIVA, MYSTERY RANCH, and DANNER brands reached 120.73 million yuan, with a year-on-year growth of 23.93% [2] Group 2: Strategic Plans - In 2025, the company plans to adjust the pricing strategy for some X-BIONIC new products to enhance market competitiveness [2] - The company aims to accelerate the cleanup of the Squirrel Tribe business to minimize its impact on overall performance [2] - The company will focus on the exclusive agency brand Marmot, primarily through online sales channels in 2025 [2] - The company is committed to brand-oriented operations and expects to enter a phase of healthy and rapid development in 2025 [2] Group 3: Market Expansion and Brand Development - The company plans to open 15-20 new X-BIONIC stores in 2025, primarily in key cities like Beijing, Chengdu, and Shenyang [4] - HOUDINI brand will have approximately 20 self-operated and dealer stores, while CRISPI will have 2-3 single-brand stores [4] - The outdoor market in China is experiencing rapid growth, with outdoor clothing becoming a popular daily wear style [4] - The company will establish a joint R&D center with its Swiss headquarters to enhance product development and marketing strategies [4] Group 4: Product Strategy - The company will broaden the price range of X-BIONIC products, introducing mid-to-high-end products while maintaining high positioning for certain items [4] - New products like X-BIONIC Breeze summer pants and moisture-wicking POLO shirts will be tested through online sales channels, exceeding market expectations [4]

Core Viewpoint - The financial performance of Sanfu Outdoor in 2024 shows significant declines in key metrics such as net profit and cash flow, indicating serious operational challenges and increased market competition [1][3][10]. Financial Performance Summary - Revenue Decline: In 2024, Sanfu Outdoor reported revenue of 800,262,975.04 yuan, a decrease of 5.45% from 846,399,984.53 yuan in the previous year. The outdoor products segment generated 744,100,518.93 yuan, accounting for 92.98% of total revenue, down 3.86% year-on-year, while outdoor services revenue fell 22.47% [2]. - Net Profit Drop: The net profit attributable to shareholders was -21,494,108.54 yuan, a decline of 158.83% compared to 36,533,966.95 yuan in the previous year. The net profit after excluding non-recurring items was -27,999,280.54 yuan, down 186.11% from 32,515,933.97 yuan [3][4]. - Earnings Per Share: Basic earnings per share were -0.14 yuan, down 160.87% from 0.23 yuan, while the diluted earnings per share after excluding non-recurring items were -0.18 yuan, a decrease of 190.00% from 0.20 yuan [4]. Expense Analysis - Sales Expenses Increase: Sales expenses rose by 9.73% to 271,738,231.14 yuan from 247,650,486.87 yuan, indicating increased investment in market promotion and brand awareness [5]. - Management Expenses Slight Decrease: Management expenses decreased by 1.60% to 90,693,314.95 yuan from 92,172,499.93 yuan, suggesting a need for further optimization in management processes [6]. - Financial Expenses Slightly Reduced: Financial expenses were 18,940,078.59 yuan, a slight decrease of 0.60% from 19,054,792.71 yuan, but the company still needs to manage its debt structure effectively [7]. Cash Flow Situation - Operating Cash Flow Decline: The net cash flow from operating activities was 25,748,191.14 yuan, down 52.42% from 54,110,515.12 yuan, indicating weakened cash collection capabilities [10]. - Investment Cash Flow Improvement: The net cash flow from investing activities improved to -15,330,838.80 yuan from -54,659,867.59 yuan, reflecting a reduction in cash outflow for acquisitions [11]. - Financing Cash Flow Significant Decrease: The net cash flow from financing activities was -49,593,920.25 yuan, a decrease of 214.97% from -15,745,524.86 yuan, indicating reduced cash inflow from borrowings [12]. R&D and Innovation - Stable R&D Investment: R&D expenses were 10,291,997.52 yuan, a slight increase of 0.19% from 10,272,018.55 yuan, showing ongoing commitment to product innovation [8].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a strong Q1 performance in 2025, with revenue and net profit significantly exceeding expectations, marking the best Q1 performance in its history [2] - The company plans to launch the Marmot brand operations in China in 2025, which is expected to contribute positively to future growth [8] - The outdoor industry is benefiting from global trends and increasing penetration among the younger generation, indicating a high growth phase for the company [8] Summary by Sections Financial Performance - In 2024, the company reported revenue of 800 million, a decline of 5.45% year-on-year, with a net loss of 21 million [2] - For Q1 2025, the company achieved revenue of 194 million, a year-on-year increase of 14.5%, and a net profit of 13 million, reflecting a substantial increase of 2806% [2][6] - The gross margin for Q1 2025 was 59.6%, up 3.0 percentage points year-on-year [6] Brand Performance - X-BIONIC brand revenue grew by 35% in 2024, driven by the opening of franchise stores [4] - The company plans to expand its store network significantly in 2025, with 15-20 new X-BIONIC stores and approximately 20 HOUDINI stores [8] Market Trends - The outdoor market is currently in a high growth phase, with expectations for continued expansion driven by new product launches and increased brand presence [8] - The company is focusing on enhancing its product offerings and expanding its market share among franchisees [8] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 1,026 million and 1,251 million respectively, with a new projection for 2027 at 1,507 million [9] - The company maintains a projected EPS of 0.38 for 2025, with a PE ratio of 28 [9][11]

目 录 募集资金年度存放和使用情况鉴证报告 北京三夫户外用品股份有限公司 容诚专字[2025]251Z0110 号 容诚会计师事务所(特殊普通合伙) 中国·北京 | 序号 | 容 内 | 页码 | | --- | --- | --- | | 1 | 募集资金年度存放与使用情况鉴证报告 | 1-3 | | 2 | 募集资金年度存放与使用情况专项报告 | 1-5 | | 3 | 附表 | 6-8 | 募集资金年度存放与使用情况鉴证报告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚专字[2025]251Z0110 号 北京三夫户外用品股份有限公司全体股东： 我们审核了后附的北京三夫户外用品股份有限公司（以下简称三夫户外公司） 董事会编制的《2024 年度募集资金存放与使用情况专项报告》。 一、 对报告使用者和使用目的的限定 本鉴证 ...

信达证券股份有限公司（以下简称"信达证券"或"保荐机构"）作为北京 三夫户外用品股份有限公司（以下简称"三夫户外"或"公司"）非公开发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市 公司自律监管指引第 1 号—主板上市公司规范运作》等相关规定，对三夫户外 2024 年度募集资金存放与使用情况进行了认真、审慎的核查，具体核查情况如 下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 关于北京三夫户外用品股份有限公司 信达证券股份有限公司 2024 年度募集资金存放与使用情况专项核查意见 经中国证券监督管理委员会证监许可【2021】173 号文《关于核准北京三夫 户外用品股份有限公司非公开发行股票的批复》的核准，公司向特定投资者非公 开发行人民币普通股股票 12,218,843 股，每股发行价格为 15.81 元，应募集资金 总额为193,179,907.83元，扣除与发行有关的费用7,185,778.39元（不含税金额）， 实际募集资金净额为 185,994,129.44 元。该募集资金已于 2021 年 9 月 27 日划入 公司募集资金专户，已经容诚会计师事务所（ ...