格隆汇11月14日｜普拉达首席财务官Andrea Bonini表示，公司仍计划成为一间双重上市的公司，对在意 大利上市的计划仍然有6个月的时间考虑，目前不会作出任何承诺。他指出，目前奢侈品市场稳定，美 国市场情况良好，总体而言很难挑剔美国表现，不过情况可能不会一帆风顺，因为当市场泡沫助长过度 乐观情绪时，公司需要时刻保持警惕。 ...

Group 1: Company Plans - Prada plans to become a dual-listed company but will not commit to a timeline until it is six months away [1] - Speculation about a dual listing has existed since 2022, with previous comments indicating it was an option but not a priority [1] - CFO Andrea Bonini believes that a dual listing will be the right move at some point [1] Group 2: Industry Performance - Luxury stocks have experienced a slowdown following a boom during the Covid-19 pandemic and a plateau in Chinese market traction [2] - The luxury sector is seen as stabilizing, suggesting a potential resurgence in consumption [2] - The U.S. market is performing well, but caution is advised due to potential bubbles that could affect future performance [3]

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 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 截至月份: | 2025年10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: | 2025年11月4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 | | ...

Group 1 - The core viewpoint of the article indicates that Prada's revenue growth has slowed to single digits in Q2 and Q3, with the Prada brand experiencing its first negative growth since 2020 [1] - Miu Miu brand continues to grow faster than peers, but its growth is normalizing, requiring significant investment in advertising, manufacturing, IT infrastructure, and retail network expansion, which may suppress profit margin expansion [1] - The target price for the company has been raised from HKD 45 to HKD 53.8, while maintaining a "neutral" rating [1] Group 2 - The overall sales forecast for the group has been increased by approximately 1% for 2025, while forecasts for 2026 and 2027 have been reduced by about 1% due to adverse currency factors [1] - Operating expenses are expected to normalize, leading to EBIT and earnings per share forecasts for 2025 to 2027 being adjusted upwards by 3%, 1%, and 2% respectively [1] - The profit margin for 2024 is projected to remain at 23.6%, which is approximately 350 basis points lower than historical highs [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Prada's third-quarter retail sales largely met market expectations, with a year-on-year growth of 7.6% when calculated at constant exchange rates [1] Group 1: Sales Performance - Retail sales for the Prada and Miu Miu brands were in line with market expectations, showing a year-on-year decrease of 0.8% for Prada and a year-on-year increase of 29% for Miu Miu [1] - The Chinese market for the Prada core brand still experienced negative growth, but there was a quarter-on-quarter improvement in the third quarter [1] - Positive growth was achieved in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter improvements [1] Group 2: Management Outlook - Management believes that the worst period for the Chinese market has passed [1] Group 3: Valuation and Rating - Credit Lyonnais maintains a "Outperform" rating for Prada with a target price of HKD 50, citing the company's ongoing market share expansion [1] - The valuation is considered low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1]

Investment Rating - The report maintains a positive outlook on Prada Group, indicating a potential for steady profit growth and resilience in its brand portfolio [5][12]. Core Insights - Prada Group reported a revenue of €4.07 billion for the first nine months of FY25, reflecting a 9% year-on-year increase at constant exchange rates, marking the 19th consecutive quarter of positive growth [1][8]. - The acquisition of Versace for an enterprise value of €1.25 billion is expected to open new growth avenues for the group [1][4]. Revenue Performance - For the first nine months of FY25, Prada brand revenue declined by 2% year-on-year, with a 1% decline in 3Q25, showing significant improvement driven by the recovery in core leather goods and ready-to-wear categories [2][9]. - Miu Miu brand revenue surged by 41% year-on-year in 9M25 and 29% in 3Q25, maintaining strong growth despite a high comparison base from the previous year [2][9]. Regional Performance - Asia-Pacific revenue increased by 10% year-on-year, with notable recovery in mainland China, while the Americas saw a 15% increase, accelerating to 20% in 3Q25 [3][10]. - Europe experienced a 6% growth, supported by stable local demand, while the Middle East recorded a 21% increase [3][10]. Strategic Initiatives - The group is focused on optimizing its retail network, enhancing customer experience, and maintaining a strong product lineup, including high-end offerings [4][11]. - The acquisition of Versace is part of a broader multi-brand strategy aimed at expanding scale and profitability over the long term [4][11]. Future Outlook - Management expresses a cautious yet optimistic view, anticipating steady profit growth supported by a premium product mix and retail efficiency gains [5][12]. - The dual-brand strategy of Prada and Miu Miu, along with the integration potential of Versace, is expected to drive growth exceeding industry averages [5][12].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 62.9 Hong Kong Dollars, reflecting a -24% potential downside from the current price [8][9]. Core Insights - The company is expected to see net profit attributable to shareholders grow from 0.89 billion Euros in 2025 to 1.05 billion Euros in 2027, with year-on-year growth rates of 6.5%, 8.7%, and 7.6% respectively [8][9]. - In Q3 2025, the company reported revenue of 1.33 billion Euros, a 9% increase year-on-year, with Miu Miu showing a 29% growth despite a high base from the previous year [9][10]. - The North American market is leading growth with a 20% increase, driven primarily by Prada, while the Greater China market showed slightly better-than-expected holiday performance [9][10]. Financial Summary - Projected total revenue for the company is expected to increase from 5.43 billion Euros in 2024 to 6.72 billion Euros in 2027, reflecting a compound annual growth rate of approximately 7.8% [2][5]. - Gross profit is forecasted to rise from 4.34 billion Euros in 2024 to 5.39 billion Euros in 2027, maintaining a gross margin of around 80% [2][5]. - The company's net profit is projected to grow from 0.84 billion Euros in 2025 to 1.05 billion Euros in 2027, with a net profit margin of approximately 15.5% [2][5]. Brand Performance - Miu Miu's revenue growth is attributed to high-quality growth and significant same-store sales contributions, with plans for further store expansion [10]. - Prada's leather goods are showing improved performance, and the brand is focusing on enhancing creativity and marketing for iconic products [10]. Regional Performance - Revenue growth by region in Q3 2025 was as follows: Asia Pacific +10%, Europe +2%, North America +20%, Japan -1%, and Middle East +10% [9][10]. - The North American market's growth is notable given the high base from the previous year, indicating strong brand performance despite challenging conditions [9][10].

Core Viewpoint - Prada's third-quarter revenue increased by 9% year-on-year at constant exchange rates, totaling €1.33 billion, slightly exceeding market expectations [1] Financial Performance - The company has adjusted its net profit forecast for the year down by 7.5% to €880 million due to adverse foreign exchange impacts and anticipated additional loans for the acquisition of Versace, which will raise financial costs [1] - Revenue and EBIT forecasts for the current year have been reduced by 6.1% and 6.9%, respectively, to €5.731 billion and €1.359 billion [1] - For the next year, revenue forecasts have been lowered by 9.6% to €6.155 billion, with EBIT and net profit forecasts adjusted down by 13.2% and 14.1%, respectively, to €1.492 billion and €976 million [1] Market Position - The company maintains an "outperform" rating and a target price of HKD 75 despite the competitive landscape becoming more intense [1]

Core Viewpoint - CICC reports that Prada's Q3 total sales reached €1.33 billion, exceeding market expectations, but lowers profit forecasts due to adverse foreign exchange factors and increased financial costs from the anticipated acquisition of Versace [1] Financial Performance - Prada's Q3 total sales: €1.33 billion, surpassing market expectations [1] - CICC reduces Prada's full-year profit forecast by 7.5% to €880 million [1] - Adjustments made to full-year revenue and EBIT forecasts: €5.731 billion and €1.359 billion respectively [1] Future Outlook - CICC lowers next year's revenue forecast by 9.6% to €6.155 billion due to intensified market competition [1] - EBIT and profit forecasts for the same period are reduced by 13.2% and 14.1% respectively [1] - Despite the adjustments, CICC maintains a "outperform" rating for Prada with a target price of HKD 75 [1]

Core Viewpoint - Prada's Q3 total sales reached €1.33 billion, slightly exceeding market expectations [1] Financial Performance - The company adjusted its net profit forecast for the year down by 7.5% to €880 million due to adverse foreign exchange impacts and increased financial costs from the anticipated acquisition of Versace [1] - Revenue and EBIT forecasts for the year were revised to €5.731 billion and €1.359 billion, respectively [1] Future Projections - The revenue forecast for next year was lowered by 9.6% to €6.155 billion due to intensified competition [1] - EBIT and net profit forecasts for next year were also reduced by 13.2% and 14.1% to €1.492 billion and €976 million, respectively [1] Rating and Target Price - The company maintains a "outperform" rating for Prada with a target price of HK$75 [1]