"改造"外资品牌，最难的是everything。 1955年的巴黎，克里斯蒂安·迪奥（Christian Dior）正为即将到来的演讲做最后的排练。索邦大学的演讲厅外，被学生与媒体围得水泄不通。他们期待亲眼见证 迪奥 的时装作品——传言中令人"触电般"难以忘怀的设计，真的存在吗？ "The New Look"——这是当时时尚评论界赋予迪奥系列作品的破格赞誉。半个世纪过去，时尚圈早已换了模样。大众时尚依靠科技和产业分工崛起，感谢它们——普 通人只消花上十分甚至二十分之一的价格，就能买到昔日模特和富家女身上的衣衫。 现代时尚相信"设计应为大规模生产而生"，相信形式需服务于功能，相信衣食住行终将塑造每一个个体。无论时代如何更迭，The New Look 所承载的全球化气象与积 极向上的象征意义从未消散。 因此，我们决定把一档新栏目的名字定为「 New Look」，这会是一档关注时尚行业的访谈，在这里你会看到服饰巨头、运动新秀、奢侈品大牌、设计师新品牌的领导 人物如何思考生意、品牌、中国市场和消费者，洞悉"流行"究竟怎样发生，以及它们最终如何成为经典。 访谈 | 杨轩 李小霞 作者 | 李小霞 编辑 | 乔芊 近日， ...

宝尊电商-W(09991)发布公告，于2025年12月1日，根据2022年股权激励计划-限制性股份单位发行40.5 万股。 ...

FF305 B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 寶尊電商有限公司 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2025年12月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09991 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行 ...

FF301 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 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寶尊電商有限公司 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09991 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 470,000,000 | USD | | 0.0001 | USD | | 47,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 470,000,000 | USD | | 0.0001 ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author has over a decade of experience in the Asian equity market, providing investment ideas particularly centered on the Hong Kong market [1] Group 2 - The investing group offers a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The investment strategy involves seeking deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - Wide moat stocks are also a focus, which include high-quality businesses and those with strong earnings power available at a discount [1] - The service provides watch lists with monthly updates to assist investors in identifying potential opportunities [1] Group 2: Market Focus - The primary market of interest is the Asian equity market, with a specific emphasis on Hong Kong-listed stocks [1] - The research service aims to cater to value investors looking for unique investment opportunities in this region [1]

Core Insights - Baosheng E-commerce is undergoing a strategic transformation, with its brand management and e-commerce businesses showing significant improvement in financial metrics, particularly in the third quarter [1][2] - The company reported a notable reduction in operating losses, achieving a loss of 10.8 million yuan, a significant improvement compared to the same period last year [1] - Total revenue increased by 5% year-on-year to 2.2 billion yuan, indicating progress towards profitability [1] E-commerce Business Performance - In Q3, Baosheng's e-commerce revenue grew by 2% year-on-year to 1.8 billion yuan, with an operating profit of 28 million yuan, marking the first time this segment turned profitable during the traditionally slow season [1][3] - The gross margin for the e-commerce business improved to 13.1%, up 3 percentage points year-on-year, driven by an optimized product mix and enhanced inventory turnover [2][3] - Inventory turnover days improved by nearly 20% year-on-year, reflecting effective management of procurement and inventory [2] Brand Management Business Performance - The brand management segment saw a 20% year-on-year revenue increase to 400 million yuan, with adjusted operating losses narrowing by 30% to 39 million yuan [1][3] - Key operational metrics such as same-store sales, customer traffic, and average transaction value improved, with same-store sales increasing by 7% [3] - The successful localization of the GAP brand is highlighted as a key factor in the brand management segment's performance [3][6] Synergy Between Core Businesses - The two core businesses are working in tandem, enhancing the overall growth visibility and profitability of Baosheng E-commerce [4][5] - The company has expanded its operational capabilities, achieving recognition as a top e-commerce service provider on platforms like Xiaohongshu and Douyin [5] - Baosheng's strategic marketing initiatives, including the appointment of a brand ambassador for GAP and the launch of localized product lines, have significantly increased brand engagement and consumer reach [5][6]

Core Viewpoint - Baozun E-commerce reported a total net revenue of 2.156 billion yuan in Q3, representing a year-on-year growth of 4.8% compared to 2.057 billion yuan in the same period last year [1] Financial Performance - In Q3, the operating loss significantly narrowed to 10.8 million yuan under non-GAAP standards [1] - The e-commerce business revenue grew by 2% to 1.8 billion yuan, while brand management business revenue increased by 20% to 400 million yuan [1][3] - Historical performance shows Baozun E-commerce has been near the loss margin, with revenues of 9.396 billion yuan in 2021 (up 6.15%) and losses of 220 million yuan, followed by 8.401 billion yuan in 2022 (down 10.6%) with losses of 653 million yuan [2] Strategic Transformation - The company is undergoing a strategic transformation, with a focus on expanding its own brand portfolio, including the acquisition of GAP's China business for 40 million USD and the purchase of the UK brand Hunter [2] - In March 2023, Baozun E-commerce announced an upgrade to its business layout into three lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) [2] Brand Management and Market Position - The transformation effects are beginning to show, with GAP's brand visibility increasing significantly, achieving 1.27 billion exposures and 9.05 million interactions in Q3 [3] - Despite initial successes in developing proprietary brands, the company still faces challenges in a competitive market, particularly in the fast fashion segment where local brands like UR and international brands like Uniqlo and Zara are strong competitors [3] Future Outlook - The CEO of Shenzhen Sisheng Company believes that Baozun E-commerce's expertise in online operations can help brands like GAP establish their brand image and drive traffic to offline stores, enhancing the company's competitive edge [3]

Core Insights - The company has achieved a revenue growth of 5% year-on-year in Q3, indicating successful strategic transformation and improved operational efficiency [1][3] - The e-commerce business has shown a significant improvement in profitability, with a notable reduction in operating losses [1][3] - The brand management segment has also experienced strong growth, particularly with the GAP brand, which has seen a 20% increase in revenue [5] E-commerce Business Performance - In Q3, the e-commerce segment generated net revenue of 1.8 billion yuan, a 2% increase year-on-year [1] - The gross margin for the e-commerce business improved by 300 basis points to 13.1% [1] - Service revenue reached 1.4 billion yuan, reflecting a 6% year-on-year growth [1] - The operating profit for the e-commerce business was 28 million yuan, marking a significant turnaround from losses in previous years [1] Brand Management Business Performance - The brand management segment's revenue grew by 20% year-on-year, reaching 396 million yuan [5] - GAP brand's same-store sales increased by 7% in Q3, contributing to the overall growth [5] - The gross profit for the brand management business rose by 28% to 223 million yuan, with a gross margin improvement of 370 basis points to 56.6% [5] - Adjusted operating losses for the brand management segment narrowed by 30% to 39 million yuan [5] Strategic Initiatives and Future Outlook - The company is focusing on sustainable profitability and growth, with a strategic plan for 2025 that includes adjustments in Q1, stabilization in Q2, and accelerated development in the second half of the year [2] - The company is enhancing its channel expansion, with GAP opening 11 new stores while closing 4 underperforming ones, resulting in a total of 163 GAP stores by the end of Q3 [6] - The operational efficiency and financial performance of both e-commerce and brand management segments have significantly improved, laying a solid foundation for future growth [6]

Core Viewpoint - Baozun E-commerce reported a 5% year-on-year increase in total net revenue for Q3 2025, reaching 2.2 billion yuan, indicating a positive trend in the company's strategic transformation and operational efficiency [2] Financial Performance - Total net revenue for Q3 2025 was 2.2 billion yuan, up 5% year-on-year [2] - E-commerce business revenue grew by 2% to 1.8 billion yuan [2] - Brand management business revenue saw a significant increase of 20% to 400 million yuan [2] - Non-GAAP operating loss narrowed significantly to 10.8 million yuan, showing substantial improvement compared to the same period last year [2] Strategic Insights - The company’s strategic transformation is yielding tangible results, with total revenue growth and reduced operating losses [2] - The optimization of e-commerce business revenue quality has led to a notable increase in operating profit, demonstrating business resilience and operational strength [2] - The brand management business has enhanced its market influence through integrated marketing, product strategies, and channel expansion [2] - The ongoing positive operational trends validate the resilience and growth potential of the company's post-transformation business model, paving the way for more sustainable profitability [2]