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: | 2026年1月31日 | | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | 公司名稱: | PRADA S.p.A. | | | | | | | 呈交日期: | 2026年2月5日 | | | | | | | I. 法定/註冊股本變動 | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | 證券代號 (如上市) | 01913 | 說明 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | 上月底結存 | 2,558,824,000 | EUR | 0.1 | EUR | 255,882,400 | | --- | --- | --- | --- | --- | --- | | 增加 / 減少 (-) | | | | EUR | | | 本月底結存 ...

普拉达家族三代人共享着同一种底层逻辑：对短期潮流的警惕与对长期价值的笃信。 2006年，《穿PRADA的女魔头》以一场时尚与权力的视觉盛宴席卷全球银幕。影片中的"女魔头米兰达"身着剪裁利落的PRADA套装，指尖轻拂过印着品 牌经典三角LOGO的手袋，其不容置疑的专业姿态与品牌的冷艳质感一同深入人心。 这部堪称"时尚启蒙教科书"的电影，不仅让世人窥见了奢侈品行业的锋芒，更意外地将PRADA的"理性精英"气质刻入了时代记忆。 彼时无人预见，这一银幕形象会成为PRADA跨越二十年商业浪潮的精神底色，更成为其从米兰小工坊跃升为千亿帝国的隐形名片。 而这一务实需求，在那时欧洲以炫耀性设计主导的市场中几乎是一片空白，从而给品牌带来了难得的机遇。 基于此，马里奥作出了关键的战略抉择：摒弃行业旧路，将品牌明确定位为"实用型高端皮具"，直接切入无竞争的新赛道。然而，这一决策面临巨大风险 ——在当时"奢华=繁复"的市场共识下，简约设计极易被误解为"廉价"。为攻克这一认知障碍并建立系统性壁垒，马里奥构建了一套完整的"实用奢华"体 系。 在原料上，他坚持选用托斯卡纳顶级头层皮革，并采用传统手工鞣制工艺，使成品兼具细腻质感与超凡耐用性 ...

本报告导读： 25Q4 高基数下表现稳健，26 年范思哲并 表开启新篇章 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 高基数下表现稳健，汇率波动或短期扰动盈利。26 年 Miu Miu 空间扩张持续，范思 哲并表贡献新量能。客群整体稳健，行业步入新常态。 投资要点： | 财务摘要(百万欧元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 5432 | 5716 | 6162 | 6640 | | (+/-)% | 14.9% | 5.2% | 7.8% | 7.8% | | 毛利润 | 4337 | 4573 | 4935 | 5325 | | 归母净利润 | ...

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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12月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | PRADA S.p.A. | | | | | | 呈交日期: | 2026年1月5日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 01913 | 說明 | | | | 本月底法定/註冊股本總額： EUR 255,882,400 FF301 第 1 頁 共 10 頁 v 1.1.1 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 2,558,824,000 EUR 0.1 EUR 255,882,400 增加 / 減少 (-) 0 EUR 本月底結存 2,558,824,000 EUR 0.1 EUR 255,882,400 FF301 ...

Group 1 - Macquarie has adjusted Prada's net profit forecasts for 2025 to 2027 down by 1.5%, 1.3%, and 1.3% respectively, considering currency headwinds [1] - The target price for Prada has been reduced by 2% from HKD 60 to HKD 59, while maintaining an outperform rating based on a 20x P/E ratio for 2025 [1] - For the fourth quarter, retail sales are expected to grow by 7% year-on-year at constant exchange rates, while reported retail and group sales are projected to increase by 0.2% and 0.9% respectively [1] Group 2 - Macquarie anticipates resilience in the group during the fourth quarter amid macro uncertainty and market share gains, with a projected 1% year-on-year increase in retail sales for the Prada brand [2] - Miu Miu is expected to achieve a robust 20% year-on-year growth in retail sales for the fourth quarter, with plans to expand retail space by 10% to 15% next year, which may drive further growth [2] - The group expects Versace to negatively impact the company's EBITDA by EUR 50 million to EUR 100 million annually over the next two years, but Macquarie believes this outlook may be conservative and has potential for upside [2]

Group 1 - Macquarie has adjusted Prada's net profit forecasts for 2025 to 2027 down by 1.5%, 1.3%, and 1.3% respectively, considering currency headwinds [1] - The target price for Prada has been reduced by 2% from HKD 60 to HKD 59, while maintaining an outperform rating based on a 20x P/E ratio for 2025 [1] - For the fourth quarter, retail sales are expected to grow by 7% year-on-year at constant exchange rates, while reported retail and group sales are projected to increase by 0.2% and 0.9% respectively [1] Group 2 - The group is expected to show resilience in the fourth quarter amid macro uncertainty and market share gains, with a projected 1% year-on-year increase in retail sales for the Prada brand [2] - Miu Miu is anticipated to achieve a robust 20% year-on-year growth in retail sales for the fourth quarter, with plans to expand retail space by 10% to 15% next year, which may drive further growth [2] - Macquarie believes the forecasted EBIT impact of EUR 50 million to 100 million from Versace over the next two years is conservative and has potential for upside [2]

Group 1 - Macquarie published a report on Prada, lowering the target price but maintaining the rating [1] - For the fourth quarter, retail sales are expected to grow by 7% year-on-year at constant exchange rates, while retail and group sales are projected to increase by 0.2% and 0.9% year-on-year at reported exchange rates, respectively [1] - Concerns regarding the slowdown in the growth of the Miu Miu brand are considered excessive, as it has grown approximately 150% over the past two years [1] Group 2 - Management is satisfied with the group's balance sheet, generating €1 billion in free cash flow annually and planning to maintain a 50% dividend payout ratio [1] - Due to adverse currency effects, Macquarie has lowered its net profit forecasts for the group for 2025-2027 by 1.5%, 1.3%, and 1.3% respectively [1] - The target price has been reduced from HKD 60 to HKD 59 based on an unchanged 20x price-to-earnings ratio for 2025, with a rating of "outperform" [1]

麦格理发表研报指，按固定汇率计算，预计普拉达第四季度零售按年增长7%；若按列账汇率计算，零 售额、集团销售额将分别按年增长0.2%、0.9%。该行又认为，市场对其副线Miu Miu增长放缓的担忧过 度，因该品牌在过去两年实现约150%的增长，且管理层对集团资产负债表状况感到满意，因其每年可 产生10亿欧元的自由现金流，并计划维持50%的派息率。在纳入汇率逆风因素后，麦格理对集团2025至 2027年各年净利润预测分别下调1.5%、1.3%、1.3%；并基于不变的2025年预估20倍市盈率，目标价从 60港元降至59港元，评级"跑赢大市"。 ...

（文章来源：每日经济新闻） 每经AI快讯，普拉达(01913.HK)早盘跌超5%，截至发稿，跌4.8%，报44.84港元，成交额1308.04万港 元。 ...