智通财经APP讯，波司登(03998)发布公告，于2026年2月9日就根据股份计划发行29万股;于2026年2月10 日就根据股份计划发行17万股。 ...

FF305 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： 波司登國際控股有限公司 第 1 頁 共 6 頁 v 1.3.0 | 2). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 44,000 | 0.0004 % | HKD | 3.65 | | | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2024購股權計劃 (於20/08/2024 採納) | | | | | | | 變動日期 2026年2月10日 | | | | | | | 3). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 50,000 | 0.0004 % | HKD | 3.24 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2017購股權計劃 (於25/08/2017 採納) | | | | | | | 變動日期 2026年2月10日 | | | | | | | 4). 就 ...

图片来源：ILLUSTRATION BY ALICE LAGARDE FOR FORBES; PHOTOS BY ICON SPORTSWIRE/GETTY IMAGES; DAVID RAMOS/GETTY IMAGES; LINTAO ZHANG/GETTY IMAGES 在米兰科尔蒂纳冬奥会收入榜上，国家冰球联盟（NHL）的一众球员肯定会跻身前列，但位居榜首者却是来自滑雪赛场的一位选手——这 位"吸金王"过去12个月收入估计达2300万美元。林赛·沃恩、伊利亚·马里宁、克洛伊·金等冬奥选手在财富排行榜上的排名情况又如何呢？本文 将为你揭晓。 米兰科尔蒂纳冬奥会将迎来90多个国家和地区的约2900名运动员，他们将参与116个项目的角逐。对绝大多数选手而言，即便部分人最终将站上冠军领奖 台，他们从事的运动也不足以支撑生计。事实上，算上高昂的交通与训练成本，在全球体育竞技场上斩获荣耀甚至可能是件亏钱的事情。 但本届冬奥会，有一小部分运动员完全有能力为金牌"买单"。 冬奥会不像夏季奥运会那样，有NBA、高尔夫、网球明星等《福布斯》全球运动员收入榜常客上阵，不过，本届冬奥会男子冰球赛事将有146名NHL球员 参赛 ...

Group 1: Domestic News - The Shanghai and Shenzhen Stock Exchanges have launched a package of measures to optimize refinancing, aimed at enhancing flexibility and better serving technological innovation and new productivity development. The measures emphasize support for high-quality listed companies and clarify the refinancing interval requirements for unprofitable innovative enterprises [2] - The Ministry of Finance and other departments announced tax incentives for cross-border e-commerce export return goods, exempting import duties and VAT for goods returned within six months due to unsold or returned reasons, effective from January 1, 2026, to December 31, 2027. This policy aims to reduce costs for cross-border e-commerce enterprises and support the development of new foreign trade formats [3] Group 2: International News - U.S. Treasury Secretary Basant indicated that the Federal Reserve may not quickly reduce its balance sheet, suggesting a cautious and observant approach to asset management. He mentioned that it could take up to a year for the Fed to decide on its balance sheet adjustments, alleviating concerns about rapid monetary tightening impacting market liquidity [4] Group 3: Bond Market Dynamics - On February 9, the bond market showed a warm trend, with the yield on the 10-year government bond falling to 1.8000%, down 0.20 basis points. The 10-year policy bank bond yield also decreased to 1.9210%, down 1.25 basis points [9][10] - The secondary market for credit bonds saw significant price deviations, with some bonds experiencing price changes exceeding 10%. For instance, "H9 Long Control 01" fell over 16%, while "H1 Vanke 04" rose over 13% [11] Group 4: Convertible Bonds - The convertible bond market followed the equity market's upward trend, with major indices rising. The China Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index increased by 1.25%, 1.16%, and 1.42%, respectively. The trading volume in the convertible bond market was 857.98 billion, down 29.57 billion from the previous trading day [21][22]

Summary of Key Points from the Conference Call Industry Overview - The Milan Winter Olympics has officially commenced, marking a significant event for the sports industry, particularly in winter sports, with a record participation from the Chinese sports delegation [1][1] - The event is expected to catalyze interest in ice and snow sports, enhancing the visibility of sports brands involved [4][1] Company Highlights - **Li Ning**: - Official partner of the Chinese Olympic Committee, providing outfits and award uniforms for the Chinese sports delegation [1][1] - Positioned for potential recovery through Olympic marketing and product innovation [4][1] - **Anta Sports**: - Serves as the official sportswear supplier for the International Olympic Committee, providing uniforms for the Greek and Singaporean delegations, as well as competition gear for 10 Chinese national teams [1][1] - Recognized for its comprehensive outdoor and winter sports strategy [4][1] - **FILA**: - Sponsoring the Hong Kong and Netherlands delegations, and providing equipment support for the Chinese freestyle skiing aerials team [2][1] - **Descente**: - Providing equipment support for the Chinese national snowboard U-shaped venue team and alpine skiing team [2][1] - **Salomon**: - Partnering with the Olympic Committee to supply equipment for staff and athletes [3][1] - **Peak**: - As a global top-level partner of the International Olympic Committee, sponsoring delegations from Belgium, Serbia, and six other countries with uniforms and staff clothing [3][1] - **Bosi Deng**: - Noted for its strong brand and product capabilities, along with high dividend attributes [4][1] - **X-BIONIC**: - Sponsored the Swiss national alpine skiing team, contributing to the first gold medal win at the Winter Olympics [3][1] - **Berkley**: - Emerging as a new marketing force in the Winter Olympics, providing official equipment support to delegations from Bolivia, Ecuador, Kyrgyzstan, and Uruguay [3][1] Market Insights - The Winter Olympics is expected to boost interest in winter sports and sports events, creating potential investment opportunities in the sports sector [4][1] - Companies like Li Ning and Anta are highlighted for their strategic positioning to benefit from the increased visibility and engagement during the Olympics [4][1] - The focus on nurturing a second growth curve for brands like Xtep International and the emphasis on high-quality price ratio for brands like 361 Degrees are noted as strategic directions [4][1]

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 4,123.09, up 1.41%, indicating broad growth potential [4] - The Shenzhen Component Index increased by 2.17%, while the ChiNext Index rose by 2.98%, reflecting a strong market sentiment [4] Company Insights - Under Armour reported a 4% decline in revenue for FY2026, with Q3 revenue dropping 5% to $1.3 billion and a net loss of $431 million [8] - In North America, Under Armour's revenue fell by 10% to $757 million, while international markets saw a 3% increase, with EMEA growing by 6% and Latin America by 20% [8] - The company's gross margin decreased by 3.10 percentage points to 44.4%, primarily due to higher tariffs and pricing pressures [8] - For FY2026, Under Armour anticipates an 8% revenue decline in North America and a 6% decline in the Asia-Pacific region, with an expected operating loss of $154 million [8] Industry Dynamics - In 2025, China's gold consumption is projected to decline by 3.57% to 950.096 tons, with jewelry consumption dropping by 31.61% [8] - The demand for gold is diversifying, with a notable increase in gold bars and coins consumption, which is expected to surpass jewelry consumption for the first time [8] - The textile and apparel sector saw a 1.32% increase, outperforming the broader market, with specific segments like textile manufacturing and apparel showing significant gains [9] Investment Recommendations - The report suggests focusing on brands like Bosideng, which is expected to meet its sales targets due to product innovation and extended sales periods [9] - Companies like Geely and Jiangnan Buyi are highlighted for their stable performance and high dividend yields, with Jiangnan Buyi maintaining an average payout ratio of 84% from 2021 to 2025 [9] - In the home textile sector, companies like Luolai Life and Mercury Home Textile are recommended due to their strong product performance and market positioning [9] - The report emphasizes the potential of companies involved in gold investment, such as Caibai Co., which is expected to see significant profit growth due to rising gold prices [10]

在这个过程中，像唯品会这样在年节期间提供稳定折扣和正品保障的平台，自然成了重要的"战略补给 站"。尤其是临近春节，年货节进入最后冲刺阶段时，这种需求变得尤为集中。平台方也精准捕捉到了 这一情绪。 例如在唯品会举办的年货节活动中，波司登、雪中飞、玉兰油等众多大牌商品的价格都被打到一两折 起。再加上其"一件立减、无需凑单"的规则，也精准地契合了年轻人追求高效、讨厌复杂计算的心理， 成为不少年轻人囤年货的首选。 随着马年春节越近，社交媒体上，"春节送礼焦虑"已成关键词。对于许多在大城市打拼的年轻人而言， 给父母挑选礼物，成了一道比年终总结更复杂的年度考题。贵了怕被唠叨"乱花钱"，便宜了又担心显得 心意单薄。而这背后，是两代人在消费观念上一次无声的碰撞与磨合。 这种转变，源于年轻人对父母内心世界的深刻洞察。他们明白，对父母辈而言，一件礼物承载的不仅是 保暖或实用，更包含着邻里间的谈资、对子女生活能力的判断，以及那份"怕你过不好"的隐忧。因此， 一件标价过万的陌生潮牌，可能远不如一件打折后几百元、但妈妈耳熟能详的波司登羽绒服来得贴心。 于是，我们看到一种有趣的消费现象：年轻人正将自己日常习得的"精明消费主义"，完美运用 ...

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown a weak recovery, with a focus on consumer performance at the retail end, innovation in major home textile products, and the IP economy [10] - The report highlights significant sales growth in certain brands and sectors, indicating potential investment opportunities [10] Summary by Sections Recent Observations - Under Armour reported a 5% year-over-year revenue decline in FY2026Q3, with revenues of $1.3 billion and a net loss of $431 million [19] - North American revenue fell by 10% to $757 million, while international revenue grew by 3% to $577 million, with EMEA up 6% and Latin America up 20% [4][19] Market Performance - The SW textile and apparel sector rose by 1.32%, outperforming the Shanghai Composite Index by 2.66 percentage points [21] - The SW textile manufacturing sub-sector increased by 2.18%, while the apparel and home textile sub-sector rose by 2.25% [22] Company Performance - Notable companies in the textile and apparel sector include Cai Bai Co., which saw a 30.39% increase in stock price, and Bangjie Co., which rose by 25% [32] - Conversely, China Gold experienced a significant decline of 22.21% in stock price [32] Industry Data Tracking - In December 2025, China's retail sales reached 4.51 trillion yuan, a year-over-year increase of 0.9% [55] - The textile and apparel retail sector saw a modest growth of 0.6% year-over-year in 2025 [56] Investment Recommendations - The report recommends focusing on brands like Bosideng, which is committed to product innovation and channel quality improvement, and companies like Ge Li Si and Jiangnan Buyi, which have shown stable operational performance [10] - In the home textile sector, attention is drawn to companies like Luolai Life and Mercury Home Textile, which are driving growth through major product innovations [10] Material Prices - As of February 6, 2026, the price index for cotton in China was 16,025 yuan per ton, reflecting a 1.0% decrease [36] - The gold price was reported at 1,093.85 yuan per gram, down 6.02% [36] Export Data - In 2025, China's textile and apparel exports amounted to $1,425.85 billion and $1,511.82 billion, showing a year-over-year growth of 0.5% and a decline of 5.0%, respectively [47] Retail Sector Insights - The report emphasizes the importance of direct-to-consumer (DTC) channels, with brands like Zegna showing positive growth in this area [69]

Core Insights - The marketing strategies for the upcoming Year of the Horse in 2026 reflect a shift from traditional symbols to deeper emotional connections with consumers, emphasizing the importance of understanding societal emotions and cultural psychology [23][24]. Group 1: Emotional Resonance - The Spring Festival marketing landscape is evolving from a focus on festive celebrations to a competition for emotional engagement, where brands aim to resonate with the genuine sentiments of contemporary Chinese consumers [2][4]. - Successful campaigns are not merely leveraging the auspicious imagery of the horse but are deeply engaging with the emotional contexts of modern life, transforming the horse symbol into a medium for empathy and connection [7][13]. Group 2: Cultural Translation - Brands are transitioning from being mere carriers of cultural symbols to becoming translators of cultural meanings, creatively revitalizing traditional imagery to resonate with contemporary audiences [8][11]. - The effective cultural marketing strategy lies in understanding the aesthetic essence of cultural symbols and narrating them through modern visual language, allowing brands to connect with consumers on a deeper level [9][13]. Group 3: Experience Reconstruction - The trend in offline experiences is shifting from mere physical setups to creating immersive emotional environments, where brands aim to engage consumers in meaningful ways that transcend traditional marketing [14][20]. - Successful experiential marketing focuses on creating memorable emotional moments that resonate with consumers, transforming simple transactions into significant emotional experiences [21][22].

Core Insights - The article highlights various festive activities and events taking place in Chaoyang District, Beijing, during the upcoming Spring Festival, emphasizing a one-stop experience for visitors [1][21]. Group 1: Event Highlights - Deli Super Stationery Festival features over 1,000 popular stationery items and interactive activities, running from now until March 8 [4]. - Coca-Cola's New Year exhibition combines art, interaction, and environmental themes, available until February 24 [4]. - The premiere of the film "Panda Plan 2" includes interactive activities for fans, running until March 5 [4]. Group 2: Unique Attractions - Solana Blue Harbor introduces a "Sweet Economy" theme with a marriage registration point and various IP flash events, enhancing the romantic atmosphere [6]. - Joytoy Mecha Hammer's national premiere offers interactive challenges and performances, available until April 15 [10]. - Huawei's New Year photo studio provides interactive experiences and gifts, running until February 14 [13]. Group 3: Cultural and Traditional Elements - The "Non-Heritage Year, Let's Tour" event at Beichen Hui features traditional crafts and performances, running from February 10 to March 8 [19]. - The "New Year Blessing Horse Fun Park" includes art installations and interactive activities, available until March 8 [16]. - The "Daily Little Things, Grand Celebrations" theme at Phoenix Hui promotes emotional value and scene experiences, running until February 24 [20].