Jiaman Clothing: Received institutional research on March 20, with CITIC Securities and Shouchuang Securities participating.

Securities Star News, March 20, 2026: Jiaman Clothing (301276) announced that on March 20, 2026, the company received institutional research, with participation from CITIC Securities’ Yang Yicheng and Shouchuang Securities’ Cindy.

The specific content is as follows:

Q: The company’s reception staff answered questions from attendees as follows:

A: The company’s reception staff responded to each question raised by the attendees as follows:

Q: What are the company’s offline store expansion plans for 2026?

A: The company has been continuously optimizing and expanding offline channels. It prefers to open stores in popular shopping centers or department stores with high foot traffic and good locations, while closing some old, low-profit stores. The company also continuously updates and upgrades store images and displays. For men’s and women’s apparel and adult footwear categories, the company will focus on developing high-quality direct-operated channels and support the expansion of franchise channels, thereby strengthening brand image and making it easier for consumers to access.

Q: What are the company’s plans for adjusting discounts on various children’s clothing brands?

A: The company will still control discounts on children’s clothing to some extent, adhering to pricing strategies that align with brand positioning. In the past two years, as online traffic has gradually peaked, this strategy has somewhat impacted the company’s revenue from children’s clothing, but the company maintains its pricing strategy to preserve brand value. In the future, the company will participate in promotions during major online sales events and seasonal offline activities as appropriate. Meanwhile, its children’s clothing brands will continue to upgrade products and services, improve product value-for-money, and update store images to provide greater emotional value to consumers.

Q: What is the main price range for Hush Puppies adult shoes?

A: The main price range for Hush Puppies adult shoes is approximately between 900 yuan and 1700 yuan.

Q: How is the development of Hush Puppies adult shoes business?

A: The licensing for Hush Puppies adult shoes ended last year, and the company has started self-operating in this category. Although current sales are still relatively small, the growth trend is good. Under the company’s overall marketing promotion of the Hush Puppies brand, the adult shoes are sold not only on major online e-commerce platforms and offline integrated shoe and clothing stores but also through signed independent direct-operated stores. Soon, consumers will see products with better quality and image.

Q: What are the company’s future plans for sales expenses?

A: The company will continue to promote regular collaborations with celebrities, influencer marketing, and online promotions over the next two years. It will also carry out a series of marketing activities such as advertising and ground promotions as offline channels expand. In the short term, sales expenses are expected to remain relatively stable. In the medium to long term, as different brands develop, the company will increase promotional investments at appropriate times to strengthen brand awareness and build brand momentum.

Jiaman Clothing (301276) mainly engages in the research and design of children’s clothing, brand operation and promotion, direct sales and franchise sales, among other core business activities.

Jiaman Clothing’s Q3 2025 report shows that in the first three quarters, the company’s main revenue was 708 million yuan, up 3.09% year-on-year; net profit attributable to the parent was 67.53 million yuan, down 34.99%; non-recurring net profit was 41.21 million yuan, down 39.26%. In Q3 2025 alone, the company’s quarterly main revenue was 211 million yuan, up 2.12% year-on-year; quarterly net profit attributable to the parent was 3.48 million yuan, down 69.78%; quarterly non-recurring net profit was -2.41 million yuan, down 132.46%. The debt ratio is 19.02%, investment income is 8.61 million yuan, financial expenses are -3.28 million yuan, and gross profit margin is 63.71%.

In the past 90 days, one institution has given a rating of “Buy” for this stock.

Detailed profit forecast information:

Margin financing and securities lending data show that in the past three months, net financing outflows amounted to 10.79 million yuan, with a decrease in financing balance; net securities lending outflows were 19.38 million yuan, with a decrease in securities lending balance.

The above content is compiled by Securities Star based on publicly available information, generated by AI algorithm (Network Credit Calculation No. 310104345710301240019), and does not constitute investment advice.