专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。万马科技董事长张禾阳出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。万马科技董事长张禾阳出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 专题：2025分析师大会：资本市场"奥斯卡"启幕 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。鹏华基金副总经理刘嵚出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 刘嵚 鹏华基金副总经理 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。鹏华基金副总经理刘嵚出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 刘嵚 鹏华基金副总经理 析师颁奖 责任编辑：石秀珍 SF183 图：刘嵚先生为获奖分 图：刘嵚先生为获奖分 析师颁奖 责任编辑：石秀珍 SF183 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。南方基金党委书记陈莉出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 陈莉 南方基金党委书记 LIFFY lik (成员: 李娟廷、 责任编辑：石秀珍 SF183 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。南方基金党委书记陈莉出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 陈莉 南方基金党委书记 LIFFY lik (成员: 李娟廷、 图：陈莉女士为获奖分 析师颁奖 图：陈莉女士为获奖分 析师颁奖 责任编辑：石秀珍 SF183 ...

Group 1 - The 2025 Analyst Conference commenced on November 28, gathering over a hundred industry research leaders, public and private fund managers, and authoritative scholars to explore investment truths across cycles [1][5] - He Fang, Chairman of Western Capital, attended the conference and served as an award presenter at the 7th Sina Finance Golden Unicorn Analyst Awards [1][5] Group 2 - The event is referred to as the "Oscars" of the capital markets, highlighting its significance in the industry [1][5]

责任编辑：石秀珍 SF183 专题：2025分析师大会：资本市场"奥斯卡"启幕 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。申万菱信董事长陈晓升出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 陈晓升 申万菱信基金董 事长 图： 申万菱信基金董事 长为获奖代表颁奖 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。申万菱信董事长陈晓升出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典并担任 颁奖嘉宾。 陈晓升 申万菱信基金董 事长 图： 申万菱信基金董事 长为获奖代表颁奖 责任编辑：石秀珍 SF183 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。金鹰基金董事长姚文强出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典。 姚文强 金鹰基金董事长 责任编辑：石秀珍 SF183 责任编辑：石秀珍 SF183 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。金鹰基金董事长姚文强出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典。 姚文强 金鹰基金董事长 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周期的投资真谛。 本次盛会汇聚了来自研究界与投资界的顶尖力量。让我们，共同以深度研究，共赴时代之约，做价值发现者！ 国泰基金董事长周向勇出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典。 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周期的投资真谛。 本次盛会汇聚了来自研究界与投资界的顶尖力量。让我们，共同以深度研究，共赴时代之约，做价值发现者！ 国泰基金董事长周向勇出席2025分析师大会暨第七届新浪财经金麒麟分析师盛典。 na新浪财经 打破信息不对称 stoker sup ®- - 0 110 1100 11 00 0 e 责任编辑：石秀珍 SF183 国泰基金董事长周向勇 责任编辑：石秀珍 SF183 专题：2025分析师大会：资本市场"奥斯卡"启幕 国泰基金董事长周向勇 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The Longjiang Securities research team led by Wu Bohua was awarded the first place in the Best Analyst category for the New Energy Vehicles and Components industry at the 7th Sina Finance Golden Unicorn Awards [1] Group 2 - The weekly perspective from Longjiang Securities on power equipment and new energy highlights the ongoing high growth logic of lithium storage and emphasizes the performance catalysts in the wind power sector [2] - The report covers various aspects of the photovoltaic industry, including price changes in the supply chain, progress in silicon material mergers and acquisitions, energy consumption standards, and advancements in new technologies such as slurry and BC [2] - In the energy storage segment, the report discusses high-frequency production and bidding, price changes, the introduction of domestic policies related to the 14th Five-Year Plan, and the impact of US-China tariffs and trade policies [2] - The lithium battery section focuses on solid-state research trends, weekly changes in new energy vehicle sales, and expectations for price increases across the supply chain [2] - The wind power analysis includes attention to the 14th Five-Year Plan, deep-sea progress, domestic and international offshore wind construction, and the recovery of wind turbine profitability [3] - The power equipment analysis emphasizes the further approval of ultra-high voltage projects, large engineering project plans and bidding situations, and data on imports and exports [3] - New directions of interest include developments in the humanoid robot supply chain, domestic chip catalysts, advancements in AIDC technology, and the development of AI applications [3]

Core Viewpoint - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards highlighted the achievements of the Changjiang Securities research team, which has established itself as a leader in the petrochemical sector through consistent performance over seven years [1][2]. Group 1: Awards and Recognition - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards took place on November 28, 2023, in Shanghai, gathering over 300 industry leaders to discuss future opportunities in the Chinese capital market [1]. - Changjiang Securities' research team won the title of "Best Analyst in the Petrochemical Industry" for the seventh consecutive time, led by Chief Analyst Ma Tai and Co-Chief Analyst Wei Kai [1][2]. - The team has achieved a total of five first-place finishes in the awards over seven editions, showcasing a clear growth trajectory from sixth place in the inaugural event to becoming a dominant force in the industry [2]. Group 2: Team Composition and Performance - The core members of the award-winning team include Ma Tai, Wei Kai, Hou Yanfei, Wang Ming, Wang Lingfeng, Li Yumo, Wang Cheng, and Sun Guoming [1]. - The team has consistently improved its ranking, moving from sixth place in the first edition to second place in the second edition, and then achieving first place from the third edition onward [2]. - The Changjiang Securities research team's sustained efforts and strategic focus have solidified its reputation and market position in the petrochemical sector [2].

Core Viewpoint - The textile and apparel industry is experiencing strong revenue growth, with companies adjusting their annual guidance upwards due to better-than-expected performance in Q3 FY2025, driven by brand strength and operational efficiency improvements [1][2][3]. Revenue Performance - FY2025 Q3 revenue reached 790 million CHF, exceeding market expectations of 770 million CHF, with a year-on-year growth of 34.5% at constant exchange rates [1]. - Revenue growth by region: Americas (+21% to 440 million CHF), EMEA (+33% to 210 million CHF), and Asia-Pacific (+109% to 140 million CHF), with Asia-Pacific achieving triple-digit growth for four consecutive quarters [2]. - Revenue growth by channel: Direct-to-Consumer (DTC) (+37.5% to 310 million CHF) and wholesale (+32.5% to 480 million CHF), both maintaining strong growth [2]. - Revenue growth by product category: Footwear (+30% to 730 million CHF), apparel (+100% to 50 million CHF), and accessories (+161% to 10 million CHF), indicating improved market share across channels and regions [2]. Profitability Metrics - Gross margin increased by 5.1 percentage points to 65.7%, benefiting from strong brand growth and operational improvements [1]. - Adjusted EBITDA rose by 49.8% to 180 million CHF, with an adjusted EBITDA margin of 22.6% [1]. - Net profit attributable to shareholders surged by 290% to 120 million CHF, with a net profit margin increase of 10.2 percentage points to 15.0% [1]. Inventory and Guidance - Inventory at the end of FY2025 Q3 was 380 million CHF, reflecting a year-on-year increase of 9%, with healthy inventory levels expected to be maintained [3]. - The company has raised its full-year guidance, projecting at least 34% revenue growth for FY2025, targeting sales of 2.98 billion CHF, up from a previous estimate of 2.91 billion CHF [3]. - Expected gross margin for FY2025 is approximately 62.5%, an increase from the prior guidance of 60.5%-61% [3]. - Adjusted EBITDA margin is anticipated to be above 18%, up from the previous guidance of 17%-17.5% [3].