Annunciation: Pursuing the Growth of Speed ​​and Quality in Parallel

The Anniversary Bird is mainly engaged in the production and sales of high-end men's clothing. Its products have a high market reputation in China. The company's products are fully positioned in domestic sales and can fully share the increase in demand for branded apparel from domestic consumer upgrades.

Unlike most domestic apparel companies, which are simply pursuing the expansion of production capacity, the company has always placed the brand and channel construction in the most important position since its establishment. This is also one of the company’s outstanding advantages over its domestic counterparts.

The company's future revenue growth mainly comes from the expansion of retail channels (increased quantity and single store area), the increasing proportion of non-installed products, and the extension of product lines, and the growth in profitability will exceed revenue growth. We expect that the company's consolidated gross profit margin for 2007-2009 will continue to rise slightly, given the increase in product prices, proportion of directly-operated stores, and increase in the proportion of self-produced products.

We agree with the company's business strategy of intensive cultivation and moderate expansion. We believe this is in line with the positioning of the company's brand and product style. We are not inclined to adopt a strategy similar to that of a purely casual apparel company's large-scale rapid expansion channel because we believe that different traits Companies should choose the growth method that best suits their own development.

Under the guidance of the company's “High-end positioning, intensive farming” brand management philosophy and “moderately accelerating expansion and improving the quality of expansion” marketing strategy, at the same time under the multi-style (brand) series, multi-service forms and international cooperation strategic planning, the company's future It is expected to stand out from many domestic garment enterprises and truly become an international clothing brand with national characteristics that can continue to grow. We estimate that the compound annual growth rate of sales revenue for the company in the next three years will be around 25%, and the compound annual growth rate of net profit will be around 40%.

The company's investment risk mainly lies in the management challenges brought about by the transformation of the marketing channel model and the competition uncertainty brought about by the relatively small company scale.