研报掘金丨国盛证券：维持报喜鸟“买入”评级，坚持品宣投入与渠道建设

格隆汇2025-08-18

国盛证券研报指出，报喜鸟2025H1收入同比-4%/归母净利润同比-43%，坚持品宣投入与渠道建设，短期业绩承压。分季度来看：根据行业景气趋势估计Q1、Q2品牌流水均同比有所下滑，考虑发货节奏该行估计2025年以来收入同比表现持续弱于流水。报喜鸟主品牌渠道结构优化，2025H1末品牌门店较期初-4家至817家（其中直营239家/加盟578家）。公司是国内领先的中高端男装集团。根据经营情况调整盈利...

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