股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 截至月份: | 2025年10月31日 | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | PRADA S.p.A. | | | | | | 呈交日期: | 2025年11月4日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 01913 | 說明 | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 2,558,824,000 | EUR | 0.1 EUR | | 255,882,400 | | ...

2)运营效率：2025Q3多数品牌存货周转天数仍同比上升，仅歌力思、雅戈尔、罗莱生活、水星家纺存 货周转天数同比下降。 3)港股运动：天气因素及内需疲软导致Q3流水普遍有所承压，部分环比Q2有所降速。 智通财经APP获悉，国泰海通发布研报称，25Q3A股服饰板块收入增速转正，净利实现显著增长，主要 得益于2024Q3基数走低，分赛道来看，家纺表现相对亮眼。纺织制造方面，25Q3A股纺织制造收入、 利润降幅双双收窄。展望后市，短期关税承担影响年末结束，未来订单景气度是核心变量；多数海外品 牌Q3完成提价，Q4海外消费趋势(美国高基数)为重要观察指标。在出口美国转运税率政策进一步确定 的基础上，具有成熟海外产能的中游OEM订单集中度和产能优势将凸显。 国泰海通主要观点如下： 行业复盘 1)需求层面：①内需：1-9月中国穿类实物商品网上零售额同比+2.8%，环比1-8月提速。②美国服装零 售：8月美国服装及服装配饰店零售额同比+8.3%，环比7月加速；自5月起，美国纺服零售增长已连续4 个月环比加速。 2)出口层面：①中国出口：9月我国纺织品服装出口额同比-1.5%，其中纺织品/成衣出口额分别同比 +6%/-8%。 ...

报告中称，25Q3公司收入13.3亿欧元，同比增长9%(收入增速为固定汇率口径，下同)。分品牌看， 25Q3 Prada收入同比下降1%，跌幅环比25Q2(-4%)收窄;Miu Miu收入同比增长29%，去年同期增长105% 且为全年最高基数，品牌增长仍显示出韧劲，25Q2收入同比增长40%。Prada皮具有所加速，Miu Miu成 衣持续领增。分地区看，25Q3亚太/欧洲/北美/日本/中东收入同比分别+10%/+2%/+20%/-1%/+10%，与 25Q2(+11%/+4%/+14%/-8%/+25%)相比，北美市场在基数走高情形下领增且持续加速，该行判断主要由 Prada驱动，并且北美消费者赴欧洲消费减少。大中华市场假期表现略好于预期，但未观察到零售环境 明显改善信号，公司判断行业整体较难回到过去10年的高增表现。 展望未来：持续看好Miu Miu成长空间，主要来自①品牌持续高质量增长，高基数下增速大部分由同店 贡献;②未来开店潜力较大，24年末品牌在全球共有147家直营店，而YSL与BV店铺数量均在300家以 上;③近年建立起差异化品牌心智，有望受益于入门级消费者从高奢分流的行业趋势。Prada 25 ...

Core Viewpoint - The report from Haitong International indicates a cautious outlook for Prada (01913) with revised net profit forecasts for 2025-2027, reflecting a moderate growth trajectory amid industry recovery challenges [1] Financial Performance - For Q3 2025, Prada reported revenue of €1.33 billion, a year-on-year increase of 9% (fixed exchange rate) [2] - By brand, Prada's revenue decreased by 1% year-on-year, while Miu Miu's revenue grew by 29%, following a high base of 105% growth in the same period last year [2] - Regional performance showed year-on-year revenue changes: Asia-Pacific +10%, Europe +2%, North America +20%, Japan -1%, Middle East +10%, with North America leading growth despite a high base [2] Future Outlook - The company remains optimistic about Miu Miu's growth potential, driven by high-quality brand growth and significant store expansion opportunities [3] - As of the end of 2024, Miu Miu is expected to have 147 direct stores globally, compared to over 300 for YSL and BV, indicating room for growth [3] - Prada plans to enhance its product offerings through increased creative investment in leather goods and marketing of iconic products, aiming to broaden consumer reach [3]

Group 1 - The core viewpoint of the article indicates that Prada's revenue growth has slowed to single digits in Q2 and Q3, with the Prada brand experiencing its first negative growth since 2020 [1] - Miu Miu brand continues to grow faster than peers, but its growth is normalizing, requiring significant investment in advertising, manufacturing, IT infrastructure, and retail network expansion, which may suppress profit margin expansion [1] - The target price for the company has been raised from HKD 45 to HKD 53.8, while maintaining a "neutral" rating [1] Group 2 - The overall sales forecast for the group has been increased by approximately 1% for 2025, while forecasts for 2026 and 2027 have been reduced by about 1% due to adverse currency factors [1] - Operating expenses are expected to normalize, leading to EBIT and earnings per share forecasts for 2025 to 2027 being adjusted upwards by 3%, 1%, and 2% respectively [1] - The profit margin for 2024 is projected to remain at 23.6%, which is approximately 350 basis points lower than historical highs [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Prada's third-quarter retail sales largely met market expectations, with a year-on-year growth of 7.6% when calculated at constant exchange rates [1] Group 1: Sales Performance - Retail sales for the Prada and Miu Miu brands were in line with market expectations, showing a year-on-year decrease of 0.8% for Prada and a year-on-year increase of 29% for Miu Miu [1] - The Chinese market for the Prada core brand still experienced negative growth, but there was a quarter-on-quarter improvement in the third quarter [1] - Positive growth was achieved in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter improvements [1] Group 2: Management Outlook - Management believes that the worst period for the Chinese market has passed [1] Group 3: Valuation and Rating - Credit Lyonnais maintains a "Outperform" rating for Prada with a target price of HKD 50, citing the company's ongoing market share expansion [1] - The valuation is considered low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1]

Core Insights - LVMH and Kering both experienced significant stock price increases following their Q3 earnings reports, indicating positive market sentiment towards the luxury goods sector [1][2][3] Financial Performance - LVMH's quarterly revenue growth rates were -3%, -4%, and 1% for Q1 to Q3, showing a shift from negative to positive growth in Q3 [4] - Kering's revenue growth rates were -14%, -15%, and -5%, with a notable reduction in the decline during Q3 compared to previous quarters [4] - Prada maintained stable growth rates of 13%, 8%, and 8% across the same quarters [4] - Hermès showed consistent growth with rates of 7%, 9%, and 10%, indicating a steady upward trend [5] - Overall, all four luxury brands reported strong performance in Q3, with most showing improved year-over-year growth compared to the previous two quarters [6] Regional Sales Analysis - LVMH saw improved revenue growth in all regions except Europe, with the U.S. and Asia (excluding Japan) achieving positive growth rates of 3% and 2% respectively [7] - Kering reported a positive turnaround in North America with a 3% growth rate, while the Asia-Pacific region (excluding Japan) saw a significant narrowing of decline by 9 percentage points [7] - Prada's retail sales in the Asia-Pacific region (excluding Japan) grew by 10%, while the Americas experienced a 14.8% increase in retail sales [7] - Hermès reported growth across all regions, with North America leading at 14% [8] Market Trends and Influences - The luxury goods market is showing signs of recovery, particularly in North America, attributed to a strong high-net-worth consumer base and their resilience to economic cycles [10] - There is a notable correlation between luxury spending and stock market performance, with an 87% correlation between luxury demand and the S&P 500 index [10] - The U.S. stock market's performance has positively impacted the wealth of high-net-worth individuals, thereby boosting luxury consumption [11] Chinese Market Dynamics - The Chinese luxury market is showing signs of improvement, influenced by currency fluctuations that have affected consumer behavior [12] - The depreciation of the yen made luxury goods in Japan cheaper for foreign tourists, leading to a temporary decline in Chinese luxury spending abroad [12] - As the yen strengthens, some consumer demand is returning to the Chinese market, although the overall recovery remains limited [12] Future Outlook - The significant improvements in Q3 for LVMH and Kering, particularly in North America and the narrowing of declines in Asia, suggest a potential turning point for the luxury goods sector [13] - The sustainability of this recovery will depend on performance in Q4, as both companies face high base comparisons from the previous year [13]

Investment Rating - The report maintains a positive outlook on Prada Group, indicating a potential for steady profit growth and resilience in its brand portfolio [5][12]. Core Insights - Prada Group reported a revenue of €4.07 billion for the first nine months of FY25, reflecting a 9% year-on-year increase at constant exchange rates, marking the 19th consecutive quarter of positive growth [1][8]. - The acquisition of Versace for an enterprise value of €1.25 billion is expected to open new growth avenues for the group [1][4]. Revenue Performance - For the first nine months of FY25, Prada brand revenue declined by 2% year-on-year, with a 1% decline in 3Q25, showing significant improvement driven by the recovery in core leather goods and ready-to-wear categories [2][9]. - Miu Miu brand revenue surged by 41% year-on-year in 9M25 and 29% in 3Q25, maintaining strong growth despite a high comparison base from the previous year [2][9]. Regional Performance - Asia-Pacific revenue increased by 10% year-on-year, with notable recovery in mainland China, while the Americas saw a 15% increase, accelerating to 20% in 3Q25 [3][10]. - Europe experienced a 6% growth, supported by stable local demand, while the Middle East recorded a 21% increase [3][10]. Strategic Initiatives - The group is focused on optimizing its retail network, enhancing customer experience, and maintaining a strong product lineup, including high-end offerings [4][11]. - The acquisition of Versace is part of a broader multi-brand strategy aimed at expanding scale and profitability over the long term [4][11]. Future Outlook - Management expresses a cautious yet optimistic view, anticipating steady profit growth supported by a premium product mix and retail efficiency gains [5][12]. - The dual-brand strategy of Prada and Miu Miu, along with the integration potential of Versace, is expected to drive growth exceeding industry averages [5][12].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 62.9 Hong Kong Dollars, reflecting a -24% potential downside from the current price [8][9]. Core Insights - The company is expected to see net profit attributable to shareholders grow from 0.89 billion Euros in 2025 to 1.05 billion Euros in 2027, with year-on-year growth rates of 6.5%, 8.7%, and 7.6% respectively [8][9]. - In Q3 2025, the company reported revenue of 1.33 billion Euros, a 9% increase year-on-year, with Miu Miu showing a 29% growth despite a high base from the previous year [9][10]. - The North American market is leading growth with a 20% increase, driven primarily by Prada, while the Greater China market showed slightly better-than-expected holiday performance [9][10]. Financial Summary - Projected total revenue for the company is expected to increase from 5.43 billion Euros in 2024 to 6.72 billion Euros in 2027, reflecting a compound annual growth rate of approximately 7.8% [2][5]. - Gross profit is forecasted to rise from 4.34 billion Euros in 2024 to 5.39 billion Euros in 2027, maintaining a gross margin of around 80% [2][5]. - The company's net profit is projected to grow from 0.84 billion Euros in 2025 to 1.05 billion Euros in 2027, with a net profit margin of approximately 15.5% [2][5]. Brand Performance - Miu Miu's revenue growth is attributed to high-quality growth and significant same-store sales contributions, with plans for further store expansion [10]. - Prada's leather goods are showing improved performance, and the brand is focusing on enhancing creativity and marketing for iconic products [10]. Regional Performance - Revenue growth by region in Q3 2025 was as follows: Asia Pacific +10%, Europe +2%, North America +20%, Japan -1%, and Middle East +10% [9][10]. - The North American market's growth is notable given the high base from the previous year, indicating strong brand performance despite challenging conditions [9][10].

Core Viewpoint - Prada's third-quarter revenue increased by 9% year-on-year at constant exchange rates, totaling €1.33 billion, slightly exceeding market expectations [1] Financial Performance - The company has adjusted its net profit forecast for the year down by 7.5% to €880 million due to adverse foreign exchange impacts and anticipated additional loans for the acquisition of Versace, which will raise financial costs [1] - Revenue and EBIT forecasts for the current year have been reduced by 6.1% and 6.9%, respectively, to €5.731 billion and €1.359 billion [1] - For the next year, revenue forecasts have been lowered by 9.6% to €6.155 billion, with EBIT and net profit forecasts adjusted down by 13.2% and 14.1%, respectively, to €1.492 billion and €976 million [1] Market Position - The company maintains an "outperform" rating and a target price of HKD 75 despite the competitive landscape becoming more intense [1]