江南布衣 20250527 摘要 江南布衣年初至今增速逐月改善，从低单位数增长到高单位数增长，预 计全年收入中个位数增长，利润低个位数增长，内部指引保守，收入或 接近 5%，利润端可能超预期。 大促节日对江南布衣去库存作用有限，主要依赖线上过季打折和线下奥 莱渠道。25 上半财年秋冬货品售罄率下降导致库存增加，但产品生命周 期长，盈利能力仍可观。 LESS 品牌事业部独立运作，以 Classita 品牌进行试验，各职能部门自 主运营。若效果良好，将推广至其他品牌，旨在提升运营效率和品牌活 力。 江南布衣每月新增会员约 6 万，会员数量稳定增长。复购率高的会员更 看重体验和独特特权，如新品秀场活动和造型师陪逛服务，线上微商城 提供搭配咨询。 2025 财年上半年江南布衣折扣同比改善，预计下半年保持相同趋势， 整体折扣管理良好，零售增长健康且高质。7 个品牌已打通会员体系， 金卡会员享受全品牌权益。 Q&A 请更新一下四五月份的经营表现。 四五月整体有环比改善。从全渠道流水来看，4 月为中单位数增长，5 月因黄 金周前半个月势头明显改善，零售流水增长超过双位数，但后半月有所放缓， 目前 5 月整体为高单位数增长。 ...

Core Viewpoint - Huamao Technology plans to acquire 100% equity of Shenzhen Fuchuang Youyue Technology Co., Ltd, which is expected to constitute a major asset restructuring, leading to the suspension of its stock trading starting May 21, 2025 [2][3]. Group 1: Acquisition Details - The acquisition involves purchasing 19.4519% equity from Fuchuang Youyue and 100% equity from its shareholders, including Shenzhen Yinrui Technology Co., Ltd and Shenzhen Fuchuang Youyue No.1 Enterprise Management Partnership [3]. - Prior to this transaction, Huamao Technology held 42.1602% equity in Fuchuang Youyue through its wholly-owned subsidiary Huamao (Dongyang) New Materials Co., Ltd [3]. - Upon completion of the transaction, Huamao Technology will directly and indirectly hold 100% equity in Fuchuang Youyue [3]. Group 2: Strategic Importance - The acquisition aligns with Huamao Technology's strategic focus on the semiconductor and computing power manufacturing sectors, which are identified as key growth areas for the company [4][6]. - The company has been increasing its stake in Fuchuang Youyue over the past year, indicating a commitment to integrating and expanding its operations in this sector [5][6]. Group 3: Financial Performance - Huamao Technology has shown steady financial performance, with revenue and net profit increasing year-on-year for three consecutive years from 2022 to 2024 [6]. - In the first quarter of this year, the company reported revenue of 537 million yuan, a 14% increase year-on-year, and a net profit of 86 million yuan, reflecting a 60% growth [6]. - As of May 20, 2025, Huamao Technology's stock price was 41.65 yuan, with a market capitalization of 13.7 billion yuan [7].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The recent US-China Geneva trade talks resulted in a better-than-expected outcome, with a 90-day suspension of 24% tariffs and retention of the remaining 10% [4] - The textile and apparel industry is experiencing mixed performance, with some companies reporting lower-than-expected earnings due to various operational challenges [15][16][17] Company Summaries Yuanyuan Group - For Q1 2025, Yuanyuan Group reported revenues of $202.9 million and a net profit of $7.6 million, representing a year-on-year growth of 1.3% and a decline of 24.2% respectively, which was below market expectations [15] Under Armour - Under Armour's FY25 revenue was $5.2 billion, down 9% year-on-year, with an operating loss of $185 million. Adjusted operating profit was $198 million, with a net loss of $201 million [16] - The company expects Q1 2026 revenue to decline by 4% to 5% compared to the same period in FY25, although gross margins are projected to improve [16] On - On reported a record Q1 sales of 727 million Swiss Francs, a 43% increase year-on-year, driven by a successful multi-channel strategy [17] - The company raised its full-year sales forecast for 2025, expecting at least a 28% increase, with gross margins projected between 60.0% and 60.5% [17] Market Trends - The textile and apparel sector saw a 1.28% increase, outperforming the Shanghai Composite Index by 0.52% [19] - The overall retail sales in China for the first four months of 2025 grew by 4.1%, with online retail sales increasing by 11.5% [23] Material Data - As of May 16, 2025, the China Cotton 3128B Index was 14,577 RMB/ton, with a year-to-date decline of 0.9% [34][9] - The USDA forecasts a 2.7% year-on-year decrease in global cotton production for the 2025/2026 season [45]

这是新消费智库第 2 6 3 4 期文章 新消费导读 新消费 1. 鸿星尔克官宣首位全球品牌代言人于适 鸿星尔克正式宣布签约知名运动员于适担任首位全球品牌代言人。鸿星尔克此番携手于适向世界传播中国文化，这不仅是一次商业合作，更是 新锐青年价值观与国民品牌精神再一次的同频共振。 （ 消研所 ） 2. 蜜雪冰城推出精酿啤酒店品牌 1. 鸿星尔克官宣首位全球品牌代言人于适 2. 蜜雪冰城推出精酿啤酒店品牌 3. 轩妈推出 新粽式礼盒 4. 立顿美国推出全新系列果味冰茶 5. 幸运咖带来齐白石的荔枝 6. 兰特黎斯被爆准备收购恒天然旗下 Mainland 集团 7. 派特鲜生宣布 完成 2500 万美元天使轮融资 8. JBS 将向巴西四家工厂投资近 3 亿元 9. Culture Pop Soda 完成 1500 万美元融资 10. 美容品牌 Wonder s k in 完成 5000 万美元 A 轮融资 11. 蓬马发布海洋守护者主题 2025 春夏环保系列 12. 骑行生活方式服饰品牌 Rapha 任命首席品牌官 13. STUART WEITZMAN 发布 520 限定胶囊系列 14. GM 推出全新副线品牌 ...

Core Insights - Jiangnan Buyi, a prominent Chinese designer brand, has maintained a unique development strategy over its 31 years, balancing brand integrity with market adaptability to secure its position in the competitive fashion industry [2] - The brand emphasizes art as its core DNA, promoting co-creation among art, culture, and commerce through a diversified brand matrix and cross-industry collaborations [2] - Jiangnan Buyi is committed to social responsibility, exemplified by its "Bu Jin Qi Yong" public welfare project aimed at fabric innovation and the preservation of traditional crafts [2] Brand Development - The brand matrix includes various segments such as women's wear (JNBY), men's wear (Suxie), children's wear (jnby by JNBY, Pengma), home goods (JNBYHOME), sustainable living (RE;RE;RE;LAB), professional children's sportswear (onmygame), and fashion boutique (B1OCK) [8] - Suxie, the only men's wear brand in the matrix, celebrates its 20th anniversary with the "Second Twenty" design theme, focusing on a long-term style that transcends trends [4] - The jnby by JNBY children's brand integrates contemporary art into its designs, launching an "Art Classroom" project in 2024 to connect with families [6] Social Responsibility and Employee Welfare - Jiangnan Buyi has demonstrated strong social responsibility by maintaining employment and salary levels, providing additional insurance for frontline employees, and allowing 100% returns for distributors [8] - These initiatives enhance trust and loyalty among employees and distributors, contributing to stable development amid economic uncertainties [8] Future Outlook - B1OCK plans to unveil its expansion blueprint for 2025, including the opening of a flagship store in Anaya in June and the highly anticipated Martin Margiela exhibition in October [10] - The brand aims to continue its role as a growing fashion concept store, curating high-profile exhibitions annually to blend art and fashion in retail [10] - Jiangnan Buyi's "multi-dimensional symbiosis" ecosystem integrates deeply into the lives of its members, providing a unique design model for the fashion business ecosystem [10]

Core Insights - Jiangnan Buyi hosted a brand experience day event titled "Buyi 'Vision' World, Diverse Coexistence" in Hangzhou, showcasing its new explorations in brand development [1] - The company employs a multi-brand collaborative model, with brands like JNBY, CROQUIS, jnby by JNBY, and LESS targeting different customer segments, enhancing overall market share through differentiated competition [1] - Artistic collaborations are a hallmark of Jiangnan Buyi, integrating art elements into clothing design and store spaces, exemplified by the "Diverse Casting" art installation created with PINWU STUDIO [1] Brand Strategy - The multi-brand strategy allows Jiangnan Buyi to cater to various market segments, including women's fashion, men's fashion, children's clothing, and minimalist women's wear, achieving complementary advantages [1] - The brand experience day served as a concentrated display of Jiangnan Buyi's development model, emphasizing the balance between artistic expression, commercial value, and social responsibility [2] User Co-Creation - The user co-creation model plays a significant role in Jiangnan Buyi's development, as seen with the children's clothing brand jnby by JNBY collaborating with an art museum to create an art capsule series, which was well-received in the market [2] Sustainability Practices - Jiangnan Buyi has made notable achievements in sustainable practices, with the goal of increasing the proportion of sustainable raw materials in total procurement to 30% by the fiscal year 2025 [2] - Initiatives include the "Fabric Utilization" project for traditional fabric research and innovation, and the "Sesame Laboratory" for creative reuse of scattered inventory fabrics [2] - The company is actively exploring sustainable fashion production and consumption paths, as demonstrated by its participation in the "ESG - Sustainable Transformation" themed exhibition with SHOKAY [2]

每经记者｜杜蔚 每经编辑｜张益铭 5月8日，杭州。从清早就细雨蒙蒙的天气到了午后雨势渐大，却挡不住众多投资人、KOL（在特定行业有较高知名度的人）们的热情，他们齐聚江南布衣 总部天目里，在"布衣「视」界 多元共生"的活动上与江南布衣CFO（首席财务官）范永奎、CMO（首席营销官）黄盛等高层深度交流。 从1994年的女装品牌JNBY起步，到2016年于港交所上市，而今的江南布衣（HK03306）已搭建出了涵盖男装、童装、家居等9个品牌的矩阵，店铺数量也于 去年底达到2126家。其最新披露的2025上半财年报告显示，截至2024年12月31日的6个月内，公司实现营收31.56亿元，同比增长5.0%；净利润为6.04亿元， 同比增长5.5%。 然而，服装市场竞争激烈，江南布衣同样面临销售压力、回款周期延长等难题。且不同于"极致性价比"的快时尚品牌，黄盛也在现场坦言，江南布衣的客单 价产品注定了它不是大众的"必需品"。那么面对零售业态与消费者行为的变化，江南布衣还能否保持增长？ 《每日经济新闻》记者在现场采访获悉，服装企业正悄然深耕SVIP（超级会员）。当视频平台的SVIP被指套娃收费，广受争议之时，江南布衣却靠"刺 ...

Core Insights - The "Utilization of Fabrics" project is revitalizing yak cashmere, a unique natural fiber from China, through collaborative innovation with suppliers [1][2] - Jiangnan Buyi is launching the "Yak Cashmere Industry Revitalization Project" in 2024 to establish international sustainability standards and promote ecological restoration in yak habitats [1][2] Group 1: Project Initiatives - Jiangnan Buyi has partnered with SHOKAY to initiate the "Yak Cashmere Industry Revitalization Project," focusing on sustainable practices and ecological restoration [1][2] - The project includes training for herders on animal welfare and certification of pastures, aiming to enhance the entire value chain from raw material collection to market consumption [1][2] Group 2: Environmental Impact - Yak cashmere production has significant ecological value, with low carbon emissions during the yak's lifecycle and natural resource utilization [1] - The "Source from Snowy Regions, Cashmere from Nature" project aims to restore 290 acres of degraded land in the Ruoergai region, addressing grassland desertification that affects yak health and wool quality [2] Group 3: Market Potential - Despite the vast market potential for yak cashmere, the industry faces challenges that the revitalization project aims to address [1] - Jiangnan Buyi plans to share innovative yak cashmere fabric technologies with the industry, enhancing overall competitiveness and consumer access to traceable yak cashmere products [2]

来自东方的香气，在美国洛杉矶（LA）街头盛放。当地时间4月26日，霸王茶姬（CHAGEE）在北美市 场的第一家店在洛杉矶人气商场Westfield Century City正式试运营（Westfield是全球最大的零售物业集 团公司之一），以现代茶饮融合千年茶文化，推出伯牙绝弦、花田乌龙、大红袍茶拿铁和茉莉绿茶等， 门口排起长队。 北美首店风格延续了霸王茶姬一贯的现代会友风格，消费者能在门店中了解到煮煎点泡的千年饮茶底 蕴，也能体验现代茶饮的摩登与舒适空间。该门店旁边便是海底捞（Haidilao hot pot）、泡泡玛特 （POP MART）门店，而在霸王茶姬北美首店试运营的前一天，茉莉奶白（MOLLYTEA）洛杉矶首店 在当地时间4月25日正式试营业，位于洛杉矶著名的valley大道上。 莉奶白LA首店 茉 莉奶白LA首店 近年来，我国新式茶饮行业蓬勃发展。据中国茶叶流通协会发布的《2023年度中国茶叶产销形势报告》 显示，2023年是新茶饮"出海"爆发年，茶百道（ChaPanda）、蜜雪冰城（MIXUE Ice Cream & Tea）、 喜茶（HEYTEA）、霸王茶姬等新中式茶饮赛道头部品牌集体"出海 ...

Group 1 - The core initiative "From Snowy Land to Nature" aims to restore 100 acres of degraded land in Sichuan's Aba Prefecture, highlighting the ecological value of yak cashmere and its sustainable production process [1] - The yak, a national protected animal, has 95% of its population in China's Tibetan Plateau, with the Aba region being a crucial habitat facing desertification issues that threaten both yak health and ecological balance [1] - Jiangnan Buyi's project will initiate the first phase of restoring 290 acres of degraded land in May 2024, following the recent ecological restoration efforts [1] Group 2 - Since 2022, Jiangnan Buyi has partnered with the Design Library on a five-year project to innovate and preserve traditional Chinese craftsmanship, focusing on yak cashmere as a key natural fiber [2] - Jiangnan Buyi has launched several yak cashmere products across its brands, including LESS and JNBY, since 2017, indicating a strong commitment to sustainable fabric innovation [2] - The "Yak Cashmere Industry Revitalization Project" aims to establish international sustainability standards, provide training for animal welfare, and promote ecological restoration in yak farming areas [2] Group 3 - The first global sustainable standard for yak farming, titled "Farm Animal Welfare Requirements for Yaks," was released in August 2024, marking a significant milestone for the industry [3] - Training for farmers and certification of farms based on the new standard have begun, with increasing adoption among yak farms [3] - Jiangnan Buyi plans to collaborate with suppliers on innovative yak cashmere fabric technologies, enhancing the overall competitiveness of the yak cashmere industry [3]