Group 1 - Ctrip has implemented a new policy allowing all product and research employees to work from home on Wednesdays and Fridays without needing approval from their direct supervisors, effective from September 1 [4][5] - This policy aims to enhance work-life balance and foster a culture of trust and self-motivation among employees, with 70% of staff already participating in a hybrid work model prior to this change [4][5] Group 2 - 361 Degrees has ended its partnership with marathon runner Zhang Shuihua, known as the "fastest nurse," due to adjustments in both parties' development paths, which will not affect existing collaborations with other athletes [5][6] - Zhang Shuihua gained attention after winning the domestic women's championship at the 2025 Harbin Marathon, where her post-race comments sparked discussions about work-life balance for nurses [5][6] Group 3 - Apple is expected to launch its first foldable iPhone in 2026, with projected shipments of 8 to 10 million units, increasing to 25 million units by 2027 [5] - The foldable iPad is anticipated to follow in 2028, featuring a larger display area and a high-end pricing strategy, with conservative sales expectations [5] Group 4 - The price of domestic gold jewelry has surpassed 1050 yuan per gram, driven by rising international gold prices, which recently hit a historical high of 3546.919 USD per ounce [6] - Major brands like Chow Tai Fook and Luk Fook have reported increased prices for their gold jewelry products [6] Group 5 - BYD has won a defamation lawsuit against a media outlet, receiving over 2 million yuan in damages, which has been executed [7][8] - The lawsuit stemmed from the media's publication of false and defamatory information about BYD [7][8] Group 6 - The global smart home cleaning robot market saw a 33% year-on-year increase in shipments, totaling 15.352 million units in the first half of the year, with lawn mowers experiencing a remarkable 327.2% growth [10] Group 7 - Xiaomi has published a patent for a vehicle inspection method aimed at improving traffic efficiency and reducing congestion [12] - The patent involves a system that collects vehicle and passenger information to streamline the inspection process [12] Group 8 - The "back-to-school economy" is thriving, with over 2.5 million new stationery-related companies registered this year, reflecting a growing demand for educational supplies [19]

标题点睛： 近期，"最快女护士"马拉松跑者张水华因赛后言论持续引发讨论，其签约的361度（361°）品牌也因此受到关注。9月3日，据智通财经从多个独立信源获 悉：基于双方发展路径的调整，361度与张水华的合作已暂告一段落。 北京时间9月3日晚间，现货黄金首次升至3560美元/盎司上方，再创历史新高，年内累涨逾35%。值得一提的是，国际金价已连续七个交易日上涨。国内 多家黄金珠宝品牌公布的境内足金首饰价格继续上涨，周生生足金首饰价格报1056元/克，周大福、六福珠宝等品牌足金首饰价格报1053元/克。 "安徽发布"消息，9月20日起，将免收安徽省境内高速公路清障救援服务拖车、吊车费用。 谷歌涨超9%，创4月9日以来最佳单日表现，股价创纪录新高，市值单日增加2300亿美元（约合人民币1.6万亿元），总市值达2.79万亿美元，此前谷歌在 反垄断官司中逃过拆分Chrome业务。 每经记者｜王琳 每经编辑｜程鹏 张喜威 王晓波 1 隔夜市场 美股三大指数收盘涨跌不一，道琼斯指数跌0.05%，标普500指数涨0.51%，纳斯达克综合指数涨1.02%；谷歌涨超9%，创4月9日以来最佳单日表现，股 价创纪录新高，市值单日增加 ...

近日，福建医科大学附属第一医院护士张水华，在哈尔滨马拉松比赛获国内女子组冠军，赛后哭诉"望 领导支持调休跑马拉松"，引发关注。9月3日，南都N视频记者在361°官方旗舰店的直播间看到，正在 带货的主播身前放着一张纸，其中写道："361°与'最快女护士'马拉松跑者已解约。" 361°官方直播间显示双方已解约。 直播间显示着"已解约，提倡运动，更热爱生活"彩字。有网友提问："没有官方发布吗？"该主播回应 称："我们是官方旗舰店的直播间，大家往我脸上看，这三个字的意思很明显了。" 此前，在张水华的个人短视频账号主页上，标注着"路跑签约品牌361°"字样，其账号也曾发布过带有 361°标识和"361°签约精英跑者张水华"字样的海报。 9月3日，张水华所属MCN机构兔子嗨跑营创立人"卡哥"告诉南都记者，他认为，品牌遇到一些巨大的 社会压力时，采取自我保护措施是正常的。"在国内，真正能够边工作边跑马拉松，且还能达标马拉松 国家健将运动员等级的女跑者，确实挺不容易的。" 南都此前报道，9月2日，张水华的丈夫王岢表示，"当时媒体的提问触到张水华的泪点，她情绪变得非 常激动，无法在较短的时间内完整表达自己内心真正的想法。" 面 ...

Core Insights - The performance of the four major domestic sports brands in the first half of 2025 shows a divergent trend, with Anta Sports leading in revenue but facing a decline in net profit [1] - Inventory turnover days have increased for most brands, indicating rising inventory pressure across the industry [1] Group 1: Company Performance - Anta Sports reported revenue of 38.544 billion yuan and a net profit of 7.031 billion yuan, maintaining its position as the industry leader, although net profit decreased by 8.9% year-on-year [1] - Li Ning's net profit has declined for three consecutive years, with a year-on-year drop of 11.0% to 1.737 billion yuan, despite having the best inventory turnover efficiency at 61 days [1][3] - Xtep benefited from a specialized running shoe strategy, achieving a net profit growth of 21.5%, the highest among the four brands [1] - 361 Degrees reported revenue of 5.705 billion yuan, a year-on-year increase of 11.0%, but its inventory turnover days increased by 24 days to 109 days, indicating heightened inventory pressure [1] Group 2: Industry Trends - The overall trend in the industry shows a focus on scaling and profitability, with all brands facing pressures related to channel and inventory adjustments [1] - There is a consensus in the industry on the need to enhance operational efficiency and pursue high-quality development, as evidenced by a collective reduction in store numbers across the four brands [1]

不过，据智通财经9月3日报道，基于双方发展路径的调整，361度与张水华的合作已暂告一段落。 知情人士表示，361度在运动员合作中始终秉持长期发展理念，此次调整系双方经过友好协商后的共同决定，不影响品牌与其他运动员的既有合作。有业 内人士认为，这是基于双方不同发展阶段的实际需求作出的相应调整。随着合作关系的调整，相关讨论预计将逐渐平息。 值得注意的是，据极目新闻报道，9月2日，众多网友涌进"361°"直播间，有网友表示让品牌方马上和张水华解约，还有网友则称"换代言人马上买"。 2日中午12时许，在361°官方旗舰店直播间内，一名男主播正在认真地介绍一款白色运动鞋，此时直播间内有近百名网友，留言持续滚动。留言几乎都与 张水华相关："调休款有没有""解约就下单""穿了你们的鞋子跑马拉松能调休吗"。 每经编辑｜何小桃 近日，在2025哈尔滨马拉松比赛上，来自福建医科大学附属第一医院的"最快女护士"张水华，以2小时35分27秒刷新个人最好成绩，获得国内女子组冠 军。赛后张水华哭诉"望领导支持调休跑马拉松"的视频引发讨论。在张水华的个人抖音主页上，标注有"路跑签约品牌361°"字样，其抖音账号也曾发布过 带有"361°" ...

Group 1 - The partnership between sports brand 361 Degrees and marathon runner Zhang Shuihua has been temporarily suspended due to adjustments in their respective development paths [1] - 361 Degrees emphasized that the decision was made after friendly negotiations and does not affect collaborations with other athletes, highlighting a commitment to long-term development [1] - Zhang Shuihua recently won the women's domestic group championship at the Harbin Marathon with a time of 2 hours 35 minutes and 27 seconds, despite facing challenges during the race [1]

【#361度与最快女护士已解约#，双方经过友好协商后的共同决定】#361度与最快女护士马拉松跑者已 解约# 据智通财经报道，"最快女护士"张水华与运动品牌361度合作暂告段落。9月3日，智通财经从多个独立 信源获悉：基于双方发展路径的调整，361度与张水华的合作已暂告一段落。 知情人士向智通财经表示，361度在运动员合作中始终秉持长期发展理念，此次调整系双方经过友好协 商后的共同决定，不影响品牌与其他运动员的既有合作。有业内人士认为，这是基于双方不同发展阶段 的实际需求作出的相应调整。随着合作关系的调整，相关讨论预计将逐渐平息。 ...

Core Viewpoint - The partnership between 361° and marathon runner Zhang Shuihua, known as the "fastest nurse," has been suspended due to differing developmental paths, following mutual agreement between both parties [1] Group 1: Partnership Details - The collaboration between 361° and Zhang Shuihua has been put on hold as of September 3, based on adjustments in both parties' development strategies [1] - The decision to end the partnership was described as a result of friendly negotiations, indicating a professional approach to the adjustment [1] - The brand 361° maintains a long-term development philosophy in its athlete collaborations, suggesting a focus on sustainable partnerships [1] Group 2: Industry Insights - Industry insiders believe the suspension of the partnership reflects the actual needs arising from the different stages of development for both the brand and the athlete [1] - The discussions surrounding the partnership are expected to diminish following this adjustment, indicating a potential stabilization in public perception [1]

Core Insights - The four major domestic sports brands, Anta Sports, Li Ning, Xtep International, and 361 Degrees, reported a combined revenue of 65.9 billion yuan and a profit of 11.6 billion yuan for the first half of 2025, indicating stable revenue growth but significant divergence in profitability among them [2][3] Revenue and Profit Analysis - Anta Sports achieved a revenue of 38.544 billion yuan, a year-on-year increase of 14.3%, and a net profit of 7.031 billion yuan, which is double the combined profit of the other three companies [3] - Li Ning's revenue was 14.817 billion yuan, with a modest growth of 3.3%, and its net profit decreased by 11% to 1.737 billion yuan, marking the lowest profit growth among the four [3][4] - Xtep International reported a revenue of 6.838 billion yuan, up 7.1%, and a net profit of 914 million yuan, with a significant growth of 21.5% [3][4] - 361 Degrees had a revenue of 5.705 billion yuan, an 11% increase, but its net profit growth was only 8.6%, the lowest in five years [3][4] Market Dynamics and Competitive Landscape - The sportswear industry is facing intense competition, which has impacted Li Ning's performance, leading to a decline in net profit for three consecutive years [3][4] - Despite profitability pressures, Li Ning maintains healthy cash flow and asset quality [4] - Xtep International and 361 Degrees both achieved revenue and profit growth, with Xtep's net profit growth being the highest among the four [4][5] Inventory and Operational Efficiency - Anta Sports' average inventory turnover days increased from 114 to 136 days, indicating rising inventory pressure [5] - Li Ning, Xtep International, and 361 Degrees reported average inventory turnover days of 61, 94, and 109 days, respectively [5] Product Category Performance - Anta Sports' apparel category led with a revenue share of 54.2% and a gross margin of approximately 67.3%, while accessories saw the highest revenue growth of about 24.6% [6] - Li Ning's footwear category accounted for 55.6% of its revenue, with a growth rate of 4.9%, and its running category saw a retail sales increase of 15% [6] - Xtep International's footwear revenue share was 60.8%, but its growth rate was lower than that of its apparel category [6] Research and Development Investments - All brands, except Anta Sports, increased or maintained their R&D spending ratios, with Li Ning investing 3.45 billion yuan, a year-on-year increase of 8.7% [7][8] - 361 Degrees announced a strategic partnership with Stand Robotics for the development of wearable robotics and smart materials [8] Store Expansion and Channel Strategy - The four brands are slowing down their store expansion and focusing on improving store efficiency and quality [9][10] - Anta Sports has over 13,000 stores, with a focus on enhancing store performance rather than increasing the number of stores [10] - Li Ning closed 51 stores to optimize its store structure, concentrating resources on flagship and outlet stores [11][12] - The brands are increasingly investing in outlet stores, which have seen a rise in consumer interest, with a reported 12.8% increase in sales in the second quarter of 2025 [12]

Core Insights - The sports children's clothing market is increasingly focusing on the youth demographic, with brands like Li Ning and Skechers launching dedicated youth stores, reflecting a shift in consumer targeting [1][2][6] - Anta's children's division has achieved significant sales, surpassing 10 billion yuan, indicating a strong market presence and growth potential in the youth segment [1][2] - The rise of the "alpha generation" (children born after 2010) is influencing purchasing decisions, as they exhibit independent aesthetic awareness and decision-making capabilities [2][4] Market Trends - The market for children's sportswear is evolving, with brands shifting focus from younger children to the larger youth demographic due to declining birth rates and changing consumer preferences [2][6] - Brands are increasingly recognizing the need for specialized marketing strategies that engage youth directly, rather than solely targeting parents [2][4] - The trend towards more sophisticated and nuanced consumer preferences among youth is driving brands to adopt refined operational strategies [5][6] Retail Innovations - The physical retail landscape is adapting to cater to youth consumers, with a variety of store formats emerging, including specialized youth stores and concept stores [6][8] - Anta's strategy includes separating children's and infant's business lines, focusing on enhancing store efficiency for youth products [6][8] - The expansion of store sizes and the introduction of interactive and experiential elements are becoming common, with brands creating dedicated areas for specific sports and activities [12][19] Product Development - Brands are increasingly offering products that cater to niche sports and activities, reflecting a broader range of consumer interests and preferences [12][19] - The integration of technology in product design and retail experiences is becoming more prevalent, with brands focusing on specialized footwear and apparel for youth [16][19] - The emphasis on functionality and professional-grade products is evident, as brands like Anta and Skechers introduce advanced materials and designs tailored for young athletes [16][19] Consumer Engagement - The approach to engaging young consumers is evolving, with brands implementing interactive experiences in stores to attract and retain youth customers [19][21] - The use of technology for personalized services, such as foot arch assessments and AI-driven recommendations, is becoming a key differentiator in the retail experience [19][21] - The trend towards immersive retail environments, such as Nike's "active experience store," highlights the importance of creating engaging shopping experiences for young consumers [21]