Group 1: Company Performance - Hermès reported a 9% increase in sales for the second quarter, reaching €3.9 billion, with all regions showing growth [14] - Adidas achieved a 7.3% increase in net sales for the first half of the fiscal year, totaling €12.1 billion, with a gross margin of 51.9% [2] - Prada's net revenue for the first half of the fiscal year reached €2.74 billion, reflecting a 9.1% growth at constant exchange rates [2] - Canada Goose reported a strong start to the new fiscal year with a 22.4% increase in global revenue, amounting to CAD 107.8 million [9] - Kering's stock price rose 24% following the appointment of Luca de Meo as CEO, who received a €20 million signing bonus [3] - SMCP's sales increased by 2.7% to €601.1 million, with all regions outside Asia showing growth [11] Group 2: Operational Changes - PUMA appointed Andreas Hubert as COO, effective September 1, to streamline operations and integrate various functions [6] - Arena announced Mark Pinger as the new Chief Brand Officer, effective October 1, leveraging his sports background for brand growth [7] - Jil Sander's CEO Serge Brunschwig resigned after six months, indicating potential instability in leadership [13] Group 3: Market Trends and Insights - L'Oréal's second-quarter sales grew by 1.6%, with an operating profit margin of 21.1%, indicating a positive trend in digital transformation [8] - The luxury market shows a divergence in brand performance, with Prada's main brand experiencing a slight decline while Miu Miu surged by 49.2% [2][3] - The disappearance of shares held by Hermès' largest individual shareholder may impact brand image and market confidence [5]

Group 1 - CITIC Securities maintains a "Buy" rating for Kuaishou (01024.HK), highlighting the company's growth in platform ecology and commercialization, with future profit margins expected to optimize [1] - Huachuang Securities maintains a "Strong Buy" rating for Li Auto (02015.HK), noting the company's strong competitiveness in the vehicle market and rapid AI transformation, with revised sales and revenue forecasts for 2025-2027 [1] - CMB International maintains a "Buy" rating for Budweiser APAC (01876.HK), indicating a recovery in sales and pricing in the Chinese market, while adjusting revenue and profit forecasts for 2025-2027 [1] Group 2 - JPMorgan maintains an "Overweight" rating for UBTECH (09880.HK), projecting a compound annual growth rate of 260% for its humanoid robot business from 2025 to 2027, with significant contributions to revenue [2] - Tianfeng Securities initiates a "Buy" rating for Hong Kong and China Gas (01083.HK), emphasizing its leading position in smart energy and strong profit forecasts for 2025-2027 [2] Group 3 - Guohai Securities maintains an "Outperform" rating for Laopu Gold (06181.HK), forecasting significant growth in sales and net profit for the first half of 2025, driven by brand influence and product optimization [3] Group 4 - CICC maintains an "Outperform" rating for MGM China (02282.HK), reporting strong performance in Q2 2025, with expectations for continued market share growth and product updates [4] - CICC maintains a "Hold" rating for Prada (01913.HK), anticipating above-industry revenue growth despite uncertainties related to the Versace integration [4] Group 5 - CITIC Securities maintains a "Buy" rating for New Oriental (09901.HK), reporting record revenue and profit in Q4 FY25, with a projected growth rate of 5%-10% for FY2026 [5] - CICC maintains an "Outperform" rating for Standard Chartered (02888.HK), noting better-than-expected Q2 2025 performance driven by non-interest income growth [5]

Core Viewpoint - The report from CICC maintains a "buy" rating for Prada (01913) but lowers the target price by 6.3% to HKD 75 due to ongoing weakness in the luxury goods sector and uncertainties surrounding the integration of Versace [1] Group 1: Target Price and Valuation - The target price corresponds to a 2025 P/E ratio of 22.6 times and a 2026 P/E ratio of 18.9 times [1] - The current stock price reflects a 2025 P/E ratio of 13.8 times and a 2026 P/E ratio of 11.2 times, indicating a potential upside of 60.3% from the target price [1] Group 2: Financial Performance - Prada Group reported a 9% year-on-year increase in net revenue for 1H25, reaching EUR 2.74 billion, in line with FactSet consensus expectations [2] - Gross margin improved to 80.1% in 1H25 from 79.8% in 1H24 due to higher operational efficiency and lower logistics costs [2] - EBIT grew by 6% year-on-year to EUR 607 million, with an EBIT margin of 22.2%, slightly below FactSet consensus of EUR 631 million [2] - Net income stood at EUR 386 million, with a net margin of 14.1%, remaining stable year-on-year [2] - As of June 30, 2025, the group held net cash of EUR 352 million [2] Group 3: Growth Drivers - Despite uncertainties related to the Versace acquisition, Prada Group is expected to be one of the best-performing luxury companies in 2025, driven by: 1) Expansion of retail space for Prada and Miu Miu brands, expected to accelerate in 2H25 [1] 2) Increased production of leather goods for the Miu Miu brand [1] 3) Consistency in creativity while many peers undergo design transformations in 2025 [1]

Core Viewpoint - The investment bank maintains an "outperform" rating for Prada (01913) but has lowered the target price by 6.3% to HKD 75 due to ongoing weakness in the luxury goods sector and uncertainties surrounding the integration of Versace [1] Group 1: Financial Performance - Prada Group reported a 9% year-on-year increase in net revenue for 1H25, reaching EUR 2.74 billion, in line with FactSet consensus expectations [2] - Gross margin improved to 80.1% in 1H25 from 79.8% in 1H24, driven by higher operational efficiency and lower logistics costs [2] - EBIT grew by 6% year-on-year to EUR 607 million, with an EBIT margin of 22.2%, slightly below FactSet consensus of EUR 631 million due to non-recurring expenses related to the Versace acquisition and increased marketing costs [2] - Net income stood at EUR 386 million, with a net margin of 14.1%, remaining stable year-on-year primarily due to timing adjustments in tax payments [2] - As of June 30, 2025, the group held net cash of EUR 352 million [2] Group 2: Growth Drivers and Outlook - Despite uncertainties regarding the Versace integration, the bank believes that excluding Versace, Prada Group could be one of the best-performing luxury companies in 2025, with expected revenue growth above industry average and rare EBIT margin expansion potential [1] - Key growth drivers include the expansion of retail space for the Prada and Miu Miu brands, expected to accelerate in 2H25, increased production of Miu Miu leather goods, and maintaining creative consistency while many peers undergo design transformations in 2025 [1] - The current valuation of Prada Group is considered attractive based on the 2025 earnings outlook and long-term prospects [1]

Core Viewpoint - Prada's performance in the first half of the year was slightly below expectations, with revenue of €2.74 billion, which is 2% lower than both the bank's and market's forecasts [1] Group 1: Financial Performance - Prada's retail net sales for the Prada and Miu Miu brands were slightly below expectations, with a decline of 3.6% for Prada and an increase of 40% for Miu Miu [1] - The company's sales increased by 9% year-on-year when calculated at constant exchange rates, aligning closely with Macquarie's predictions [1] - Net profit increased by 0.6% year-on-year, which was 7% lower than Macquarie's forecast due to non-recurring costs associated with the acquisition of Versace [1] Group 2: Market Conditions - The demand for travel consumption has been under pressure in the third quarter, with Miu Miu facing the most significant year-on-year comparative base pressure [1] - Management expects overall tourist traffic in Japan and Europe to stabilize year-on-year by the end of August [1] Group 3: Strategic Outlook - The company aims to prioritize enhancing brand value and believes there is still room for improvement in profitability through operational leverage [1] - Management believes that Miu Miu's penetration rate remains low in many countries, indicating potential for further improvement in product categories and combinations [1]

Core Viewpoint - Prada's performance in the first half of the year was slightly below expectations, with net retail sales for both the Prada and Miu Miu brands not meeting forecasts, leading to a decline in stock price [1] Financial Performance - Prada reported revenue of €2.74 billion, which was 2% lower than both the bank's and market expectations [1] - The retail net sales for Prada decreased by 3.6%, while Miu Miu's sales increased by 40% [1] - Sales growth for Prada, when adjusted for fixed exchange rates, was 9% year-on-year, aligning closely with the bank's predictions [1] Profitability and Costs - The gross margin exceeded expectations due to channel structure optimization, but net profit was below expectations due to costs associated with the acquisition of Versace and weak sales [1] - Net profit increased by 0.6% year-on-year, which was 7% lower than the bank's forecast [1] Market Trends and Future Outlook - The management anticipates that tourism consumption demand will remain under pressure in the third quarter, with Miu Miu facing significant year-on-year comparison challenges [1] - Management expects overall tourist traffic in Japan and Europe to stabilize by the end of August [1] - There is a belief that Miu Miu has low penetration rates in many countries and potential for further improvement in product categories and combinations [1]

Core Viewpoint - Prada Group's 1H25 performance shows a mixed result with net income growth but EBIT falling short of market expectations, indicating potential challenges ahead [1][2] Financial Performance - Net revenue for 1H25 increased by 9% year-on-year to €2.74 billion, aligning with FactSet consensus [1] - EBIT grew by 6% year-on-year to €607 million, with an EBIT margin of 22.2%, slightly below the expected €631 million [1] - Gross margin improved to 80.1% in 1H25 from 79.8% in 1H24 due to higher operational efficiency and lower logistics costs [1] - Net income stood at €386 million with a net margin of 14.1%, down from 15.0% in 1H24, primarily due to tax payment timing adjustments [1] Development Trends - Despite uncertainties surrounding the integration of Versace, Prada Group is expected to be one of the best-performing luxury companies in 2025, with anticipated revenue growth above industry average and potential EBIT margin expansion [1] - Key growth drivers include retail space expansion for Prada and Miu Miu brands, increased volume of Miu Miu leather goods, and maintaining creative consistency amid design transformations in the industry [1] Earnings Forecast and Valuation - The financials of Versace have not yet been incorporated into the group's reports, pending transaction completion expected in 2H25 [2] - The target price has been reduced by 6.3% to HKD 75, reflecting ongoing challenges in the luxury sector and uncertainties related to the Versace integration [2] - The target price corresponds to a 2025 P/E ratio of 22.6 times and a 2026 P/E ratio of 18.9 times, with current stock price reflecting a significant upside potential of 60.3% [2]

Core Insights - LVMH and Kering reported declines in their performance for the first half of the year, while Prada Group experienced growth, highlighting a divergence in the luxury market [2][6][7]. Financial Performance - Prada Group's net revenue for the first half of 2025 reached €2.74 billion, reflecting a 9% increase year-over-year at constant exchange rates [2][3]. - Retail sales net revenue grew by 10.1% year-over-year, while net profit slightly increased to €386 million, up 0.62% [2][4]. - The Prada brand saw a decline in retail sales net revenue by 1.9%, while Miu Miu's retail sales surged by 49.2%, contributing significantly to the group's overall performance [2][4][10]. Brand Performance - Miu Miu has entered a high-growth phase, with a retail sales net revenue increase of 92.7% in 2024, and it now accounts for nearly 32% of Prada Group's total retail sales net revenue [4][15]. - Despite Miu Miu's strong performance, the growth rate has slowed compared to previous years, indicating potential challenges ahead [16][18]. Regional Performance - Prada Group achieved growth across all regional markets, with the Middle East showing the fastest retail sales growth at 26% year-over-year [10][12]. - In the Asia Pacific region, retail sales net revenue increased by 10.4% to €838 million, while Europe, the Americas, and Japan also reported positive growth rates [12][10]. Market Dynamics - The luxury market is experiencing a slowdown, with major brands like LV and Gucci facing challenges, while Prada Group's strategic focus on brand positioning and younger consumer engagement has allowed it to thrive [14][15]. - The shift in consumer preferences towards brands like Miu Miu reflects a broader trend in the luxury sector, where younger generations are driving demand [16][18].

Core Viewpoint - In the first half of 2025, while major luxury brands like LVMH and Kering reported declines in performance, Prada Group experienced growth, driven primarily by its Miu Miu brand, which has seen significant sales increases [1][5][11]. Financial Performance - Prada Group reported a net income of €2.74 billion, a 9.1% increase year-on-year, with retail sales netting €2.45 billion, up 10.1% [1][5]. - The adjusted EBIT rose by 7.55% to €619 million, and net profit increased by 0.62% to €386 million [5][12]. - Prada brand's retail sales net income decreased by 1.9% to €1.65 billion, while Miu Miu's retail sales surged by 49.2% to €780 million [1][5][7]. Brand Performance - Miu Miu accounted for nearly 32% of Prada Group's total retail sales in the first half of 2025, marking a historical high for the brand [4][14]. - Miu Miu's retail sales growth has been robust, with a 92.7% increase in 2024, and it successfully entered the "€1 billion club" [4][14]. - Despite Miu Miu's strong performance, its growth rate has slowed compared to previous years, indicating potential challenges ahead [15][17]. Regional Performance - Prada Group achieved growth across all regional markets, with the Middle East showing the fastest retail sales growth at 26% [7][8]. - In the Asia-Pacific region, retail sales increased by 10.4% to €838 million, while Europe, the Americas, and Japan saw increases of 9%, 12%, and 4%, respectively [7][8]. Market Trends - The luxury goods market is experiencing a slowdown, with a report indicating the first decline in luxury consumption in 15 years, excluding the pandemic period [12]. - The shift in consumer preferences towards younger brands like Miu Miu suggests a changing landscape in luxury brand appeal [11][12].

文 | 《贵圈》闫妍 最近，卡戴珊家族成员Kylie Jenner（凯莉·詹娜）出镜Miu Miu 2025秋冬系列广告大片，却让Miu Miu陷 入不小的舆论风波。 广告刚刚发布，全球社交媒体评论区便被差评淹没。不少网友质疑品牌选角不当："Miu Miu到底在想 什么？凯莉的气质和品牌调性完全不搭！""凯莉的网红效应无可忽视，但她真的适合做'Miu Miu'女孩 吗？""这几年品牌好不容易打好的翻身仗，不要因为贪婪而断送前程"…… 被问及为何选择Kylie Jenner拍摄广告大片，以及其是否将成为Miu Miu 代言人？Miu Miu官方客服表 示，"目前没有相关的更多信息，有关品牌代言人动态请参考官方新闻发布。" 对此，奢侈品专家、要客研究院院长周婷向《贵圈》栏目表示，"这次MiuMiu选择Kylie Jenner拍摄广告 大片带来的负面反应，主要源于价值观相悖，卡戴珊家族主张奢靡浪费，和奢侈品牌提倡的可持续发展 理念相悖，也不被主流文化认同。另外，其形象太负面，卡戴珊家族丑闻不断，一直颇受诟病，这些严 重影响了MiuMiu的品牌形象。" "金小妹"出镜遭大量负面评价 卡戴珊家族成员Kylie Jenn ...