Core Insights - The report from Citi indicates that Prada's retail sales for Q3 this year largely met market expectations, showing a year-on-year growth of 7.6% when calculated at constant exchange rates [1] - Retail sales for the Prada and Miu Miu brands also aligned with market expectations, with Prada experiencing a year-on-year decline of 0.8% and Miu Miu seeing a year-on-year increase of 29% [1] - Over a two-year period, both brands demonstrated stable quarterly performance, with Prada's core brand growing by 1% in both Q2 and Q3 of this year, while Miu Miu grew by 136% and 134% respectively [1] Valuation and Market Position - Citi maintains a target price of HKD 50 for Prada and a "Outperform" rating, citing that Prada is still expanding its market share [1] - The valuation of Prada appears low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1] Market Performance - In terms of market performance, the Chinese market for Prada's core brand is still experiencing negative growth, but there has been a quarter-on-quarter improvement in Q3 [1] - Positive growth was recorded in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter enhancements [1] - Looking ahead, sales have continued to improve since October, although management has indicated that the fourth quarter will present challenging comparisons, with the last six weeks being crucial [1]

每经AI快讯，普拉达(01913.HK)绩后高开逾3%，截至发稿，涨3.46%，报47.9港元，成交额814.88万港 元。 ...

Core Viewpoint - Prada's stock opened over 3% higher following the release of its financial results, indicating positive market sentiment towards the company's performance [1] Financial Performance - For the nine months ending September 30, 2025, Prada Group reported a net revenue of €4.07 billion, representing a 9% year-over-year increase at constant exchange rates [1] - Retail sales net revenue also increased by 9% year-over-year at constant exchange rates [1] - Prada's retail sales net revenue decreased by 2% year-over-year at constant exchange rates, while Miu Miu's retail sales net revenue surged by 41% [1] Regional Performance - All regions reported growth in retail sales net revenue at constant exchange rates compared to the same period in 2024: - Middle East: +21% - Americas: +15% - Asia-Pacific: +10% - Europe: +6% - Japan: +3% [1]

Core Insights - Prada Group reported an unaudited revenue of €4.07 billion for the nine months ending September 30, 2025, reflecting a 9% year-over-year growth at constant exchange rates [1] Revenue Performance - Retail sales net revenue increased by 9% year-over-year at constant exchange rates [1] - Prada brand retail sales net revenue decreased by 2% year-over-year [1] - Miu Miu brand retail sales net revenue increased significantly by 41% year-over-year [1] Regional Sales Growth - All regions experienced growth in retail sales net revenue, with the following increases: - Middle East: +21% [1] - Americas: +15% [1] - Asia-Pacific: +10% [1] - Europe: +6% [1] - Japan: +3% [1]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of EUR 4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [9][10] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [10] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% overall and 29% in Q3 [10] - Church's also returned to double-digit growth in the quarter [11] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [11] - The Americas experienced a 15% increase in retail sales over the nine months, with Q3 at +20% [11] - Europe grew by 6% in the nine months, with Q3 trends remaining positive [11] Company Strategy and Development Direction - The company is committed to creative leadership and plans to continue investing in creativity and desirability [13] - There is a focus on maintaining a selective approach to store openings, with plans to close underperforming locations while expanding in key areas [29] - The company aims to balance its product offerings across different price levels and segments [44] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement [20][70] - The company is optimistic about the upcoming holiday period and expects to see continued improvement in Q4 [13][14] - Management emphasized the importance of the last six weeks of the year for overall performance [21] Other Important Information - The company is awaiting authorizations for the Versace acquisition, which is not yet closed [18] - Management highlighted the importance of maintaining a strong brand identity while exploring new product segments [44] Q&A Session Summary Question: Initial priorities for Versace integration - The transaction is not closed yet, and authorizations are still pending [18] Question: Current trading and improvement in Q3 - The company observed a plateau in China, with better-than-expected holiday performance [20] Question: Wholesale trends in Q3 - No exceptional timing of shipments was noted [22] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements [28] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has seen store growth, while Prada is taking a more cautious approach [29] Question: Margin expectations for the upcoming year - The company is on track to deliver on margin expectations, with Q4 being crucial [37] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX issues for 2025, but 2026 may face challenges [42] Question: Aspirational customers returning - There are weak signals of improvement, but the market remains on a plateau [52] Question: Growth by category in Q3 - Leather goods showed significant growth for both Prada and Miu Miu [109]

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of €4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [9][10] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [10] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% overall and 29% in Q3 [10] - Church's also returned to double-digit growth in the quarter [11] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [11] - Europe experienced a 6% increase, while the Americas had a 15% growth in the nine months, accelerating to 20% in Q3 [11] - The Middle East delivered a solid performance with a 21% increase in the nine months [12] Company Strategy and Development Direction - The company remains committed to creative leadership and plans to continue investing in creativity and desirability [13] - There is a focus on enhancing retail excellence and optimizing store locations, with plans to close underperforming stores while expanding in key areas [29][86] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement [20][71] - The company is optimistic about the upcoming holiday period and expects to see continued improvement in Q4 [13][14] Other Important Information - The company is cautious about store expansion, particularly for Prada, while Miu Miu has seen successful store openings [29] - The impact of exchange rates on revenue was noted, with a negative effect of approximately 260 basis points in the first nine months [10] Q&A Session Summary Question: Update on Versace integration - Management clarified that the transaction is not yet closed and is awaiting authorizations [18] Question: Current trading and improvement drivers - Management indicated that the recent improvements are consistent with previous trends, with a plateau observed in China and a strong local customer base in Japan [20] Question: Wholesale trends in Q3 - Management confirmed there were no exceptional factors affecting wholesale trends [22] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements across regions [28] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has successfully opened new stores, while Prada is taking a more cautious approach to expansion [29] Question: Margin expectations for the upcoming year - Management did not provide specific guidance but indicated that they are on track to meet previous margin improvement targets [36][41] Question: FX headwinds for H2 and 2026 - Management acknowledged potential FX headwinds but emphasized that hedging strategies would mitigate impacts for 2025 [42] Question: Aspirational customer trends - Management noted weak signals of improvement but emphasized that the current environment is a plateau [53] Question: Pricing policy for 2026 - Management plans to maintain a similar pricing strategy as in previous years, with adjustments based on regional differences [108] Question: Growth by product category in Q3 - Leather goods showed significant growth for Prada, while ready-to-wear remained the cornerstone for Miu Miu [110]

Financial Data and Key Metrics Changes - The group recorded net revenues of €4.1 billion in the first nine months of the year, up 9% compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 against the same comparatives in the prior year period [9] - Wholesale was up 4% in the first nine months and up 19% in Q3 [10] - Royalties grew by 11% over the period, supported by Eyewear and Beauty [11] - Exchange rates negatively impacted group revenue by approximately 260 basis points during the first nine months and 470 basis points over the quarter [11] Business Line Data and Key Metrics Changes - Prada brand delivered a resilient performance with a decline of 2% in the nine months, while Miu Miu reported sustained growth of 41% and 29% in the quarter [12] - Churches returned to double-digit growth in the quarter [12] Market Data and Key Metrics Changes - Asia Pacific delivered double-digit growth of 10% over the first nine months, with Q3 showing similar trends [13] - The Americas saw retail sales up 15% in the nine months, with Q3 at 20% [14] - Japan grew by 3% over the nine months, with Q3 down 1% but improving quarter on quarter [14] - The Middle East delivered solid performance, up 21% in the nine months, with Q3 moderation at 10% [14] Company Strategy and Development Direction - The company remains committed to creative leadership and plans to continue investing in creativity and desirability [16] - The strategy includes a cautious approach to store expansion, focusing on high-potential locations while closing underperforming stores [36] - The company aims to balance its product mix and explore opportunities in higher price segments [55] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in China, with expectations of gradual improvement but not returning to previous growth rates [78][120] - The company is optimistic about the upcoming holiday period and expects to see benefits from retail investments [18] - Management emphasized the importance of the last six weeks of the year for performance [18] Other Important Information - The company is focused on maintaining a balance between high-end and accessible products, with ongoing efforts to innovate in product offerings [55] - The company is also exploring opportunities in the jewelry category, with a new collection launched recently [83] Q&A Session Summary Question: Update on Versace integration - The transaction is not yet closed, pending authorizations [22] Question: Current trading and improvement drivers - Observations indicate a plateau in China, with local demand driving improvements in various regions [24][25] Question: Wholesale trends in Q3 - No exceptional timing of shipments was noted; trends are consistent [27] Question: Cluster trends for key product brands - All clusters showed positive performance, with local transactions driving improvements [34] Question: Store expansion plans - Miu Miu has executed store expansions, while Prada is taking a more cautious approach [36] Question: Margin expectations for the full year - Management remains on track for margin improvement, with Q4 being crucial [45] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX issues for 2025, with potential headwinds in 2026 [51] Question: Pricing strategy for next year - The company plans to maintain its pricing strategy with adjustments based on regional differences [112] Question: Growth by category in Q3 - Leather goods showed significant growth for both Prada and Miu Miu [114]

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of €4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant foreign exchange rates [7] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [8][9] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [9] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% for the same period and 29% in Q3 [9][10] - Church's also returned to double-digit growth in the quarter [10] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [10] - Europe experienced a 6% increase in retail sales over the nine months, while the Americas reported a 15% growth, accelerating to 20% in Q3 [10] - Japan's growth was modest at 3% over the nine months, with Q3 down 1% but showing improvement [10] Company Strategy and Development Direction - The company is committed to maintaining its creative leadership and investing in desirability, with a focus on retail excellence and product innovation [12] - There is a cautious approach to store expansion for Prada, with plans to open 6-8 new stores while closing underperforming locations [23] - The company aims to balance its product offerings across different price points and categories, with a focus on high-value segments [34] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement rather than a return to previous high growth rates [17][47] - The company is optimistic about the upcoming holiday season and expects continued improvement in sales [12] - Management emphasized the importance of the last six weeks of the year for overall performance [12] Other Important Information - The company is experiencing a normalization in traffic levels, which is impacting sales performance [5] - The impact of foreign exchange rates is expected to be significant in Q4, with a negative effect of approximately 260 basis points in the first nine months [9] Q&A Session Summary Question: Initial priorities for Versace integration - The transaction is not yet closed, and the company is awaiting necessary authorizations [16] Question: Current trading and improvement in Q3 - Management observed a plateau in China, with some positive signs during holidays, but overall conditions remain stable [17] Question: Wholesale trends in Q3 - There were no exceptional factors affecting wholesale trends; the growth was consistent [19] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements [21] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has seen successful store openings, while Prada is taking a more cautious approach to expansion [23] Question: Margin expectations for the upcoming year - Management did not provide specific guidance on margins but indicated that they are on track to meet previous targets [27] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX impacts for 2025, but 2026 may face challenges [31] Question: Pricing policy for next year - The company plans to maintain its pricing strategy with regular adjustments [68] Question: Growth by category in Q3 - Miu Miu's ready-to-wear category and Prada's leather goods showed the most significant growth [70]

Financial Performance - Net Revenues reached €4.1 billion, showing a +9% increase at constant exchange rates, marking 19 consecutive quarters of growth[13] - Retail sales experienced a +9% growth, driven by like-for-like, full-price sales across all regions[11, 13] - Miu Miu demonstrated strong performance with +41% growth over the nine-month period[13] - Prada brand retail sales decreased by -2% over the 9-month period[13] Channel Performance - Retail channel accounted for 90% of net revenues, totaling €3,647 million, a +9% increase[21] - Wholesale channel contributed 8% of net revenues, amounting to €322 million, a +4% increase[21] - Royalties represented 2% of net revenues, reaching €101 million, an +11% increase[21] Regional Performance - Asia Pacific retail sales grew by +10%, reaching €1,216 million, representing 33% of total retail sales[27, 28] - Europe retail sales increased by +6%, totaling €1,137 million, accounting for 31% of total retail sales[27, 28] - Americas retail sales showed a +15% increase, reaching €637 million, representing 17% of total retail sales[27, 28]