Total investment in the renovation and expansion project of Semir Shanghai Industrial Park increases to 1.5 billion yuan

Recently, Semir Apparel issued an announcement stating that the company planned to invest 1.006 billion yuan in 2021 to renovate and expand the warehousing and logistics area of the Shanghai Industrial Park through its wholly-owned subsidiary Shanghai Semir Apparel Co., Ltd. Due to factors such as plan adjustments, the total project investment has increased to 1.5 billion yuan.

The project is implemented by Shanghai Semir Apparel Co., Ltd., located at No. 2689 Lianhua South Road, Wujing Town, Minhang District, Shanghai, with a total construction area of 220,873.29 square meters. The project construction period is expected to last until Sep 2026, and the funds are sourced from the company's self-raised funds.

The adjustment is mainly due to the expansion of the project scale and the increase in underground construction area, leading to corresponding adjustments in construction technology, building materials usage, and construction period, which has increased the total investment. The project is located in the Wujing Technology and Fashion Characteristic Town in Shanghai, which helps the company improve the land use value, further enhance the asset quality, and meet the business development needs. The project uses self-raised funds and will not have a significant impact on the company's normal operating funds.

Semir Apparel mainly includes two business segments: adult casual clothing represented by Semir and children's clothing represented by Balabala. In 2024, Semir Apparel's operating income reached 14.626 billion yuan, a year-on-year increase of 7.06%. The net profit attributable to shareholders of the listed company was 1.137 billion yuan, a year-on-year increase of 1.42%.