服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成

新浪证券05-22

服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成　　2025年，地素时尚交出了一份“利润表与现金流背离”的矛盾财报。全年实现营业收入21.36亿元，同比下降3.72%；归母净利润2.60亿元，同比下降14.2%，创下自2018年上市以来的历史新低。与此同时，经营性现金流却逆势增长21.43%至4.85亿元，K型分化之下自身品牌战略模糊与运营...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2637392612?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-05-22 16:48","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2637392612","market":"us","top_or_hot":-1,"title":"服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成","media":"新浪证券","content":"<div>\n<p>服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成\n　　2025年，地素时尚交出了一份“利润表与现金流背离”的矛盾财报。全年实现营业收入21.36亿元，同比下降3.72%；归母净利润2.60亿元，同比下降14.2%，创下自2018年上市以来的历史新低。与此同时，经营性现金流却逆势增长21.43%至4.85亿元，K型分化之下自身品牌战略模糊与运营...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/aigcy/2026-05-22/doc-inhyufhn5255639.shtml\">网页链接</a>\n\n</div>\n","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-22 16:48 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/aigcy/2026-05-22/doc-inhyufhn5255639.shtml><strong>新浪证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成\n　　2025年，地素时尚交出了一份“利润表与现金流背离”的矛盾财报。全年实现营业收入21.36亿元，同比下降3.72%；归母净利润2.60亿元，同比下降14.2%，创下自2018年上市以来的历史新低。与此同时，经营性现金流却逆势增长21.43%至4.85亿元，K型分化之下自身品牌战略模糊与运营...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/aigcy/2026-05-22/doc-inhyufhn5255639.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"603587","symbol_name":"地素时尚","start_time":0,"source_url":"https://finance.sina.com.cn/stock/aigcy/2026-05-22/doc-inhyufhn5255639.shtml","article_id":"2637392612","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2637392612","pubTimestamp":1779439680,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　2025年，地素时尚交出了一份“利润表与现金流背离”的矛盾财报。全年实现营业收入21.36亿元，同比下降3.72%；归母净利润2.60亿元，同比下降14.2%，创下自2018年上市以来的历史新低。与此同时，经营性现金流却逆势增长21.43%至4.85亿元，K型分化之下自身品牌战略模糊与运营效率滞后的困境暴露无遗。　　分品牌来看，地素时尚的高端化战略遭遇重创。高端品牌DIAMOND DAZZLE收入暴跌21.16%，男装品牌RAZZLE因业务调整接近关停。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":["earning"],"viewcount":null,"language":"zh","relate_stocks":{"603587":"地素时尚","IPOS":"Renaissance International IPO ETF"},"translate_title":"Apparel Annual Report | Disu Fashion's net profit hit a new low: distribution revenue plunged 22%, and high-end brand DIAMOND DAZZLE fell more than 20%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"603587":1.5,"IPOS":1.5},"content_text":"服饰服装年报|地素时尚净利润创上市新低：经销收入暴跌22%，高端品牌DIAMOND DAZZLE跌逾两成\n　　2025年，地素时尚交出了一份“利润表与现金流背离”的矛盾财报。全年实现营业收入21.36亿元，同比下降3.72%；归母净利润2.60亿元，同比下降14.2%，创下自2018年上市以来的历史新低。与此同时，经营性现金流却逆势增长21.43%至4.85亿元，K型分化之下自身品牌战略模糊与运营效率滞后的困境暴露无遗。\n　　线上虚火难掩渠道塌方，经销收入暴跌近22%\n　　2025年，地素时尚线上电商收入同比大增27.03%至4.67亿元，毛利率高达76.62%且同比提升1.73个百分点。但线上收入占比仅约21.9%，支撑力有限。更令人警惕的是线下渠道的加速塌方——线下收入16.65亿元，同比下降9.79%，其中经销收入大幅萎缩21.93%至7.11亿元，直营收入仅微增2.04%至9.54亿元。\n　　新开123家、关闭220家，全年净减少门店97家，其中经销渠道净减少64家至564家。经销门店单店收入约126万元，同比下降11.3%。影响力研究院品牌与IP委员会主任陈彦颐指出，地素时尚的直营门店主要集中在华东一、二线城市，而在中西部及三、四线市场主要依赖经销渠道。经销收入萎缩21.93%，意味着公司正在失去这些区域的市场基础，未来即使想重新渗透，重建加盟网络也需要高昂的时间和资金成本。\n　　高端线暴跌，男装品牌RAZZLE几近消失\n　　分品牌来看，地素时尚的高端化战略遭遇重创。高端品牌DIAMOND DAZZLE收入暴跌21.16%，男装品牌RAZZLE因业务调整接近关停。2025年公司毛利率同比微升0.1个百分点至74.9%，但净利率同比下降1.5个百分点至12.2%。销售费用率已攀升至46.41%，同比提升0.67个百分点，费用率上升并非因费用投入加大，而是营收收缩所致。存货周转率则从2023年的1.77次降至1.34次，库存去化压力持续加大。\n　　中国纺织工程学会时装艺术专业委员会委员潘俊直言：“地素时尚的业绩滑坡并非赛道共性，而是自身品牌战略模糊与运营效率滞后所致。”\n　　研发人员缩减35%，年轻化转型滞后\n　　与费用高企形成鲜明对比的是，地素时尚在研发端大幅收缩。2025年研发人员缩减35%，年轻化转型严重滞后。截至2025年末，公司资产负债率仅15.57%，手握充裕的货币资金，却无法有效转化为产品创新与品牌势能。公司拟每10股派现4元，分红比例达71.33%，叠加回购后占净利润97.13%——现金储备充裕却不愿意投入研发和渠道重建，警惕被动调整而非主动升级带来的长期隐患。当会员运营仍依赖传统折扣模式，当高端品牌DIAMOND DAZZLE收入暴跌逾两成，地素时尚正滑向“不促不销”的恶性循环。\n　　注：本文由AI生成，请仔细甄别。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：AI观察员","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2637392612","isCrawlerRequest":true}