【解剖大盘】 布计划以约15亿欧元，相当于122.8亿元人民币的对价收购PUMA的29.06%股份，若交易完成，公司将 成为PUMA的第一大股东。重塑Puma中国业务有望获得更高收益，今天涨超2%。 英伟达即将公布2025财年第四财季财报，华尔街高度期待。市场预期其收入将增长至636亿美元，同比 增长68.3%；不知道这次能否超预期。当然，投资者最关心的是后续情况，因为美商务部官员证实：两 个月了，英伟达H200对华销售为零。AI依旧是冷热不均，软件方向继续承压，但汇聚科技(01729)表现 强劲，公司完成配售1.08亿股，净筹约16.35亿港元，公司是谷歌体系的主力供应商，核心产品为MPO 光纤跳线，受益于谷歌800G/1.6T光模块升级与CPO技术推进，用量与价值占比持续提升。今天涨超 9%。 【板块聚焦】 当前A股的走势明显强于港股，这个也好理解，因为每年的春季行情大家都有预期，节前灰头土脸，节 后就会报复性反弹。港股今天小幅上涨，收盘升0.66%。 据MarketWatch报道，美伊双方谈判代表预计将于周四在日内瓦重启会谈。特朗普周二晚在国情咨文中 再度向伊朗施压，称"我们正在与他们谈判，他们想达成协 ...

花旗认为，自安踏体育宣布收购PUMA后，投资者的问题主要集中在这次收购会对安踏的中国业务产生 助力还是拖累。参考安踏过往收购的不同模式以及该行与中国零售商的讨论，该行预计，除了可能因重 塑Puma中国业务而快速增长的品牌收入外，安踏可能对Puma中国的零售/分销业务进行合并，即使安踏 仅持有PUMA 29%的股权，这将带来惊喜的上行潜力。 花旗表示，考虑到安踏在中国强大的零售专长，预计PUMA中国的分销/零售业务将迅速增长。该行认 为，投资者可能低估PUMA中国业务在交易完成后对安踏带来的正面影响。 本文源自：智通财经网 智通财经获悉，安踏体育(02020)涨超4%，截至发稿，涨4.44%，报88.3港元，成交额4.76亿港元。 消息面上，近期，安踏体育发布公告称，宣布计划以约15亿欧元，相当于122.8亿元人民币的对价收购 PUMA的29.06%股份，若交易完成，公司将成为PUMA的第一大股东。 ...

花旗认为，自安踏体育宣布收购PUMA后，投资者的问题主要集中在这次收购会对安踏的中国业务产生 助力还是拖累。参考安踏过往收购的不同模式以及该行与中国零售商的讨论，该行预计，除了可能因重 塑Puma中国业务而快速增长的品牌收入外，安踏可能对Puma中国的零售/分销业务进行合并，即使安踏 仅持有PUMA 29%的股权，这将带来惊喜的上行潜力。 花旗表示，考虑到安踏在中国强大的零售专长，预计PUMA中国的分销/零售业务将迅速增长。该行认 为，投资者可能低估PUMA中国业务在交易完成后对安踏带来的正面影响。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 安踏体育（02020）早盘涨超4%，截至发稿，股价上涨4.38%，现报88.25港元，成交额6.84亿港元。 近期，安踏体育发布公告称，宣布计划以约15亿欧元，相当于122.8亿元人民币的对价收购PUMA的 29.06%股份，若交易完成，公司将成为PUMA的第一大股东。 安踏体育（02020）早盘涨超4%，截至发稿，股价上涨4.38%，现报88.25港元，成交额6.84亿港元。 近期，安踏体育发布公告称，宣布计划以约15亿欧元，相当于122.8亿元 ...

花旗认为，自安踏体育宣布收购PUMA后，投资者的问题主要集中在这次收购会对安踏的中国业务产生 助力还是拖累。参考安踏过往收购的不同模式以及该行与中国零售商的讨论，该行预计，除了可能因重 塑Puma中国业务而快速增长的品牌收入外，安踏可能对Puma中国的零售/分销业务进行合并，即使安踏 仅持有PUMA29%的股权，这将带来惊喜的上行潜力。 花旗表示，考虑到安踏在中国强大的零售专长，预计PUMA中国的分销/零售业务将迅速增长。该行认 为，投资者可能低估PUMA中国业务在交易完成后对安踏带来的正面影响。 安踏体育(02020)涨超4%，截至发稿，涨4.44%，报88.3港元，成交额4.76亿港元。 消息面上，近期，安踏体育发布公告称，宣布计划以约15亿欧元，相当于122.8亿元人民币的对价收购 PUMA的29.06%股份，若交易完成，公司将成为PUMA的第一大股东。 ...

花旗认为，自安踏体育宣布收购PUMA后，投资者的问题主要集中在这次收购会对安踏的中国业务产生 助力还是拖累。参考安踏过往收购的不同模式以及该行与中国零售商的讨论，该行预计，除了可能因重 塑Puma中国业务而快速增长的品牌收入外，安踏可能对Puma中国的零售/分销业务进行合并，即使安踏 仅持有PUMA 29%的股权，这将带来惊喜的上行潜力。 花旗表示，考虑到安踏在中国强大的零售专长，预计PUMA中国的分销/零售业务将迅速增长。该行认 为，投资者可能低估PUMA中国业务在交易完成后对安踏带来的正面影响。 智通财经APP获悉，安踏体育(02020)涨超4%，截至发稿，涨4.44%，报88.3港元，成交额4.76亿港元。 消息面上，近期，安踏体育发布公告称，宣布计划以约15亿欧元，相当于122.8亿元人民币的对价收购 PUMA的29.06%股份，若交易完成，公司将成为PUMA的第一大股东。 ...

Group 1 - The company plans to acquire 29.06% of PUMA's shares for a total of €1.506 billion (approximately RMB 12.28 billion) at a price of €35 per share, making it the largest shareholder of PUMA [1] - PUMA is currently in a transitional phase, with projected revenues of €8.817 billion in 2024, reflecting a 2.51% year-on-year increase, and a net profit of €282 million, down 7.64% [1] - In the first three quarters of 2025, PUMA's revenue is expected to decline by 8.49% to €5.974 billion, with a net loss of €309 million, indicating ongoing strategic adjustments [1] Group 2 - PUMA's stock price is at a historical low, with the acquisition priced at a 62% premium based on the closing price on January 26, 2026, highlighting the brand's long-term value despite short-term profit pressures [2] - The company aims to enhance PUMA's profitability through improvements in retail operations, supply chain management, and brand synergy, while also leveraging its global market experience [2] - Anta's brand retail sales growth has slowed in Q4 2025, with a low single-digit decline for the main brand, while other brands like Fila and Descente continue to show strong growth [2] Group 3 - The company is implementing a focused, multi-brand, and globalization strategy, accumulating successful experiences in brand transformation and high-quality growth [3] - Due to a slow industry recovery and potential short-term impacts from the acquisition, the profit forecast has been adjusted, with expected net profits of RMB 13.15 billion, 14.16 billion, and 16.22 billion for 2025, 2026, and 2027 respectively [3] - The company maintains a "buy" rating with projected PE ratios of 16, 15, and 13 for the respective years [3]

一、背景 儿童皮肤娇嫩、抵抗力较弱，对衣物的安全性和舒适性要求远高于成人。儿童羽绒服作为冬季核心保暖衣物，其填充物品质、面料安全性、气味等直接关 系儿童身体健康与穿着体验。近年来，儿童羽绒服市场规模持续扩大，产品覆盖不同年龄段、设计风格及价格区间，但市场繁荣背后是否存在质量安全隐 患？消费者应该如何选择？为全面掌握当前儿童羽绒服质量状况，向消费者提供客观真实的产品信息，指导科学选购，中国消费者协会开展了30款儿童羽 绒服比较试验工作。 本次比较试验委托远东正大检验集团有限公司完成样品检测，检测结果仅对样品负责。 二、样品情况 1.样品来源：30款样品由中消协工作人员以普通消费者身份在线下实体店和线上电商平台上随机购买，分别购自北京西单大悦城、京东、天猫、小红书、 拼多多、唯品会和抖音商城直播间。 2.价格分布：30款样品的销售价格区间分布如下：300元以下的8款，300-500元的17款，500-800元的4款，5000元以上的1款。 3.品牌范围：包括NIKE、年衣、高梵、mette kids、英氏YeeHoO、波司登、齐齐熊®、balabala、李宁YOUNG、PAW IN PAW、CANADA GOOS ...

Core Viewpoint - Vince Holdings has lowered its full-year profit guidance due to the impact of U.S. tariff policies, with management stating that "profits will be below expectations" [1][2] Tariff Cost Impact Overview - Vince Holdings has adjusted its full-year profit guidance as a result of U.S. tariff policies, although specific costs have not been quantified [2] - The company is implementing strategies such as price adjustments, supply chain collaboration, and business structure flexibility to mitigate pressure [2] Core Mitigation Strategies - Price adjustments are being made to pass on some tariff costs, with an average price increase of 6%-7%. Management noted that both consumers and wholesale partners have shown good acceptance of these price increases, with positive market feedback following the price hike of the Cloud6 series [2] Supply Chain Collaboration and Cost Optimization - The company is negotiating price concessions with suppliers and optimizing inventory management. Although inventory increased in Q2 due to rising tariff costs, the overall situation remains manageable. Internal cost reductions, such as operational process optimizations, are also being employed to alleviate some of the unpassed pressure [3] Business Structure Flexibility - In FY2025, the direct-to-consumer (DTC) business experienced growth in Q2, partially offsetting the impact of tariffs on wholesale business. The guidance for Q3 net sales is projected to be "flat to low single-digit growth," indicating business resilience [4] Financial Performance Comparison - The company faced short-term pressure, reporting a net profit of $56.9 thousand for Q2 FY2025 (ending August 3, 2025), but experiencing a significant net loss of $28.345 million in Q4 (ending February 1, 2026), reflecting the compounded effects of tariffs and seasonal factors [5] Gross Margin Support - The full-year operating gross margin reached 48.1%, with the price adjustment strategy helping to buffer against rising costs [6] Industry Response Reference - Other international brands like PUMA and Deckers are similarly adopting strategies such as supply chain diversification and selective price increases. Vince Holdings' approach aligns with common industry strategies, although there are no disclosed plans for overseas capacity relocation [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company plans to acquire a 29.06% stake in Puma for €1.506 billion (approximately RMB 12.28 billion), becoming Puma's largest shareholder [1] - Puma is currently undergoing a strategic adjustment phase, with expected long-term investment returns [4] - The acquisition price represents a 62% premium based on Puma's stock price as of January 26, 2026, indicating a strong long-term brand value despite short-term profitability challenges [4] - The company is focusing on a multi-brand strategy and global expansion, leveraging its experience to enhance Puma's profitability and support its own international business development [4] Financial Summary - The company's main business revenue is projected to grow from RMB 70.826 billion in 2024 to RMB 94.095 billion in 2027, with a compound annual growth rate (CAGR) of approximately 8.7% [2] - The net profit attributable to shareholders is expected to decrease from RMB 156.0 billion in 2024 to RMB 131.5 billion in 2025, before recovering to RMB 162.2 billion in 2027 [2] - The earnings per share (EPS) is forecasted to decline from RMB 5.52 in 2024 to RMB 4.66 in 2025, then gradually increase to RMB 5.74 by 2027 [2] - The price-to-earnings (PE) ratio is projected to be 16 in 2025, 15 in 2026, and 13 in 2027, reflecting a favorable valuation trend [2] Market Performance - The company's stock price has fluctuated between HKD 107.5 and HKD 65.6 over the past year, with a current price of HKD 85.3 [1] - The company's market capitalization stands at HKD 240.8 billion [1]

儿童皮肤娇嫩、抵抗力较弱，对衣物的安全性和舒适性要求远高于成人。儿童羽绒服作为冬季核心 保暖衣物，其填充物品质、面料安全性、气味等直接关系儿童身体健康与穿着体验。为全面掌握当前儿 童羽绒服质量状况，向消费者提供客观真实的产品信息，指导科学选购，中国消费者协会开展了30款儿 童羽绒服比较试验。 在合规性检测中，Dickies品牌的样品未标注绒子含量；在羽绒服品质检测中，有3款样品（品牌为 贝肽斯、PUMA®和雅鹿）绒子含量、绒丝+羽丝的检测结果未能达到国家推荐性标准所明示的要求。 选购时，闻一下产品是否有刺激性气味、腥臭味、霉味等。羽绒服填充物质量不好或者服装产品在 印染和整理加工过程中残留多余化学助剂都会产生异味，不仅会对人体造成伤害，还影响穿着体验，选 购时需慎重。 中国消费者协会提醒消费者在选购和使用羽绒服产品时要注意"一看、二选、三闻、四维护"： （四） 维护与保养 （一） 看标识 在日常穿着过程中，低频次的洗涤同时选择正确的干燥方式，能够最大限度地保持羽绒服的蓬松度 和保暖性能。注意：羽绒服不可干洗，推荐手洗，使用专用或中性洗涤剂，不可拧干，禁止曝晒。羽绒 服产品应尽量避免在过于潮湿环境下使用、保存。 ...