Core Insights - The appointment of Kim Jones as the creative director for Bosideng's high-end series is seen as a significant move towards the company's high-end strategy, resulting in a market response that added HKD 4.7 billion to shareholder value [2][4] - Bosideng's stock price surged nearly 9% to HKD 4.91, marking a recent high, indicating strong investor confidence in the brand's strategic direction [2][4] Market Reaction - Kim Jones' joining is perceived as a pivotal step in Bosideng's strategy for high-end market positioning and international brand recognition [4] - The global downtrend of high-end down jacket brands like Canada Goose presents an opportunity for Bosideng to capture market share [4][12] Industry Context - Kim Jones is a renowned designer with a successful track record at Louis Vuitton and Dior, known for his ability to blend high fashion with streetwear, which aligns with Bosideng's aspirations [6][8] - The fashion industry is witnessing a shift, with established high-end brands facing growth challenges, creating a potential opening for domestic brands like Bosideng [12][13] Financial Performance - Bosideng reported a revenue of CNY 25.9 billion for the fiscal year 2024/25, marking a historical high and a 14.3% increase in net profit to CNY 3.51 billion [12] - The company's marketing expenses have significantly increased, raising concerns about the sustainability of its growth strategy [12][13] Strategic Moves - Bosideng has previously collaborated with various international designers, but Kim Jones' role is more integrated, covering design, visual arts, and global marketing strategies [8] - The brand's high-end series "Dengfeng" was launched with prices exceeding CNY 10,000, although it faced criticism regarding its perceived value [9][11] Competitive Landscape - Bosideng faces multifaceted competition from both high-end brands like Moncler and Canada Goose, as well as cross-category competitors like Lululemon [13] - The brand's ability to establish a strong luxury perception and narrative will be crucial for its success in the high-end market [12][13]

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (referred to as "Future Materials") is progressing with its IPO process despite a decline in revenue and net profit for 2024, although the downward trend has slowed in the first half of 2025 [1][4]. Financial Performance - Future Materials reported revenues of approximately 5.24 billion, 7.21 billion, 6.4 billion, and 3.49 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Corresponding net profits were approximately 1.43 billion, 2.3 billion, 1.65 billion, and 926.69 million [4]. - The company's main business revenue accounted for over 95% of total revenue during the reporting period [4]. - The decline in revenue and net profit for 2024 is attributed to increased industry capacity and intensified competition affecting sales of key products [4]. Research and Development - Future Materials' R&D expenses were 602.95 million, 886.41 million, 610.74 million, and 310.07 million for the years 2022, 2023, 2024, and the first half of 2025, representing 11.51%, 12.29%, 9.54%, and 8.89% of revenue, respectively [6]. - Despite the decline in R&D expense ratio, the company maintained a higher level compared to industry peers, whose average R&D expense ratios were approximately 5.34%, 6.2%, 5.7%, and 5.24% during the same periods [6]. Customer and Supplier Relationships - Future Materials has a close capital relationship with Dongyue Group, with significant transactions occurring between the two entities [8]. - Dongyue Group's subsidiary, Dongyue Fluorosilicon, has been a major customer, accounting for 13.33%, 14.19%, 13.44%, and 15.44% of Future Materials' main business revenue from 2022 to 2025 [8][9]. - Dongyue Fluorosilicon also served as the primary supplier, with procurement amounts representing 43.69%, 31.8%, and 16.02% of total purchases during the reporting period [9]. Control and Independence - Future Materials underwent a change in control in 2022, with the current control held by Zhang Jianhong, who holds 35.5% of the voting rights [10]. - The company asserts its operational independence from Dongyue Group and Dongyue Fluorosilicon, with clear separations in business and production operations [10].

格隆汇10月22日丨鳄鱼恤(00122.HK)宣布，李宝安已获主席、执行董事兼行政总裁林炜珊委任为其替任 董事，自2025年10月22起生效。 ...

Core Viewpoint - The appointment of Kim Jones as the creative director for Bosideng's high-end series is seen as a significant step in the company's strategy to upscale its brand and product offerings, leading to a notable market response with a stock price increase of nearly 9% [2][4][10]. Company Strategy - Bosideng aims to transition towards a high-end market, as evidenced by its previous initiatives, including a logo redesign and the launch of its first high-end series "Dengfeng" priced above 10,000 yuan [7][8]. - The company has previously collaborated with various international designers, but Kim Jones's role marks a deeper involvement in design, visual arts, and global marketing strategies [6][8]. Market Dynamics - The global down jacket market is experiencing shifts, with traditional high-end brands like Canada Goose facing growth challenges, creating opportunities for domestic brands like Bosideng to capture market share [4][10]. - The competitive landscape is becoming more complex, with Bosideng needing to address both high-end competitors and cross-category challengers [12]. Financial Performance - Bosideng reported a revenue of 25.9 billion yuan for the 2024/25 fiscal year, marking a historical high for eight consecutive years, with a net profit increase of 14.3% to 3.51 billion yuan [10]. - The company's sales and distribution expenses have surged from 2.45 billion yuan to 8.055 billion yuan from 2018 to 2024, indicating a high dependency on marketing for growth [12]. Industry Impact - Kim Jones's appointment is viewed as a pivotal moment for Bosideng, potentially enhancing its brand perception and market positioning in the high-end segment [4][11]. - The fashion industry is witnessing a trend towards rational consumer behavior, where both high-end appeal and cost-effectiveness are prioritized [10].

责任编辑：何俊熹 新浪科技讯 10月22日晚间消息，网易互娱第十事业部负责人李凯明发布内部信，表示"由于个人职业发 展的长远规划，近日我将从网易离职，开启创业的新征程！"他在信中感谢了公司和领导给予的信任和 机会，并称在网易这十二年的经历是他人生中无与伦比的财富。 新浪科技就此向官方求证，网易互娱第十事业部回应称，原负责人李凯明因个人原因近期已向公司提出 离职，相关交接工作顺利进行，不会影响到工作室正常运行。感谢凯明此前为团队作出的贡献，也希望 他未来工作生活一切顺利。（罗宁） ...

鳄鱼恤(00122)发布公告，李宝安先生已获主席、执行董事兼行政总裁林炜珊女士委任为其替任董事， 自2025年10月22日起生效。 ...

范先生将不再担任公司的授权代表(就香港上市规则第3.05条及新加坡上市规则第725条而言)(统称授权 代表)，自2025年10月22日起开始生效。因此，自2025年10月22日起，董事会主席兼执行董事谢力书先 生已获委任为授权代表。 威雅利(00854)发布公告，因范钦生先生的其他个人事务，彼已提呈辞任执行董事，自2025年10月22日 起开始生效。 ...

恒益控股(01894)发布公告，黄新文先生已获委任为公司独立非执行董事，自2025年10月22日起生效。 黄先生已获委任为提名委员会成员、薪酬委员会成员及审核委员会成员，自2025年10月22日起生效。 ...

格隆汇10月22日丨恒益控股(01894.HK)宣布，黄新文已获委任为公司独立非执行董事，自2025年10月22 日起生效。同时委任为提名委员会成员、薪酬委员会成员及审核委员会成员，自2025年10月22日起生 效。 ...

格隆汇10月22日丨威雅利(00854.HK)宣布，因范钦生的其他个人事务，彼已提呈辞任执行董事，自2025 年10月22日起开始生效。 ...