机构：中信建投证券 研究员：刘乐文/陈如练 核心观点 公司25Q2 实现64.26 亿元，同比+4.5%。实现归母净利15.44 亿元，同比+44.7%。实现经调整净利润 13.49 亿元，同比+7.6%；收入业绩符合指引预期，经营效率及开店整体稳定，DH 经营利润改善，直营 后续优化租金和管理。经营指标同店RevPAR 降幅较25Q1 略收窄，开店总体稳健。公司持续推进轻资 产化和品牌升级，中高端矩阵和供应链逐步完善，供应链体系持续优化创新。 事件 公司发布2025 二季度经营业绩，25Q2 实现64.26 亿元，同比+4.5%。实现归母净利15.44 亿元，同比 +44.7%。实现经调整净利润13.49 亿元，同比+7.6%。 简评 持续推进轻资产化和品牌升级，中高端矩阵和供应链逐步完善 收入业绩符合指引预期，经营效率及开店整体稳定公司25Q2 收入增速接近此前+1%~5%的指引上限， 其中管理加盟28.65 亿/+22.8%，超出此前指引+18%~22%的上限，Legacy-Huazhu收入51.07 亿， +5.8%，落在指引+3%~7%区间。整体GMV 269 亿元， 同比+15% 。经调EBITD ...

Core Insights - Zhou Liufu Jewelry Co., Ltd. reported its first financial results since going public, showing a revenue of 3.15 billion yuan for the first half of 2025, a year-on-year increase of 5.2% [1] - The company plans to distribute an interim dividend of 0.45 yuan per share [1] Group 1: Financial Performance - Revenue for the first half of 2025 reached 3.15 billion yuan, with a gross profit of 827 million yuan and a net profit of 415 million yuan, reflecting year-on-year growth of 5.2%, 8.7%, and 11.9% respectively [1] - Online sales became a significant growth driver, generating 1.632 billion yuan in revenue, a 34% increase year-on-year, accounting for 52% of total revenue [1] - The company's online sales during the "618" shopping festival exceeded 700 million yuan, marking a 36% year-on-year growth [1] Group 2: Channel Performance - As of June 30, Zhou Liufu operated 3,760 franchise stores and 97 self-operated stores, with franchise stores making up 97.49% of the total [2] - Franchise revenue declined by 17% to 1.229 billion yuan, while self-operated store revenue fell by 15% to 213 million yuan due to fluctuations in consumer demand and rising gold prices [2] - Same-store sales in the second quarter showed a recovery with a 13.5% year-on-year increase [2] Group 3: Brand and Market Strategy - Zhou Liufu opened its first high-end flagship store, marking a strategic shift towards a premium brand positioning [3] - The company is expanding its international presence, having entered markets such as Thailand, Laos, Vietnam, Cambodia, and Malaysia, with plans to increase overseas stores to 10 by the end of the year [3] - The company aims to enhance customer loyalty and profitability by transitioning its product structure towards lighter and more fashionable items [2][3] Group 4: Market Positioning - The company is focusing on optimizing product design and supply chain efficiency to maintain market competitiveness [2] - Zhou Liufu's inclusion in the Hang Seng Composite Index, effective September 8, is expected to enhance its market visibility [3]

中新社浙江宁波8月22日电（张斌李斯冰）"我们公司的订单已经排到明年，车间满负荷运转。"浙江宁 波某体育器材有限公司负责人牛纲近日在当地接受采访时说。 走进该公司，车间内注塑机轰鸣，流水线上彩色攀岩岩点等待质检，仓库中贴满欧美等地标签的包装箱 随处可见。 牛纲介绍，企业研发的高分子聚合物岩点2024年获国际攀联认证，今年上半年内销、出口均超3万组， 覆盖全球主要市场，"从玻璃钢、木头到自主聚合物，我们历经7年技术迭代，岩点手感、韧性等指标持 续提升。" 近年来，以上述企业为代表，宁波小众户外运动装备企业凭借技术创新与品牌升级，在国内外市场表现 亮眼。 宁波某国际贸易有限公司负责人周雷军表示，今年以来，企业体育用品出口同比增长近20%，"我们聚 焦水上户外领域，以水上橄榄球、沙滩皮克球等产品打开国际市场。产品也从'性价比竞争'转向'价值创 造'，自有品牌逐渐获得国际认可。" 据宁波海关统计，今年1至7月，宁波市体育用品及设备出口额达52.5亿元人民币，同比增长19.9%，高 技术、高附加值体育制造产品展现强劲活力。（完） （文章来源：中国新闻网） ...

2025厦门啤酒消费季掀起全城狂欢，各品牌齐聚一堂，热闹非凡。小暖男果酒在这场盛会中格外亮眼，全新升级的外盒包装成了吸睛利器，尤其是那令人眼 前一亮的颜色焕新，让它稳稳占据焦点位置。 无论是鲜活明快的色调搭配，还是细节处的巧思设计，都透着独特韵味，不仅引来众多消费者驻足围观，更直观展现出品牌不俗的魅力与勇于创新的精神， 成为现场一道醒目的风景线。 新包装不止是颜色改变，整体设计也更具丰富性与层次感。采用先进立体印刷技术，图案栩栩如生，与焕新色彩相得益彰。材质选用环保可降解特种纸，不 仅触感细腻、立体感十足，还体现了品牌对环保的担当。 小暖男 桂園果酒 and 小暖男 -0 Compelantic EXHI E ... 9.9 % + - 98 - 98 . 49 - 11:21 .98 巫火器箱 火警119 WARM BOY 图 图 版 Y 股用品 8日开 小暖男體 小腹里 舞 可 图 小 股 网 集 店 店 店 店 在 易 的 及 图 E 島 大 日 設 第一次 下一起 小暖男果酒此次对包装颜色进行大胆革新，以菠萝味果酒为例，外盒从柔和浅黄变为明艳菠萝黄，热烈又吸睛，瞬间抓住消费者目光，激发购买欲。大红袍 ...

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [1] Core Views - The company has shown steady growth in performance, with a 11% year-on-year increase in revenue to 5.7 billion RMB and a 9% increase in net profit to 860 million RMB for the first half of 2025, which is in line with expectations [6] - The company plans to distribute an interim dividend of 0.204 HKD per share, with a payout ratio of 45%, up from 40.3% in the first half of 2024, enhancing shareholder returns [6] - The children's clothing segment continues to grow at double-digit rates, while the gross margin for adult apparel has steadily improved [6] - E-commerce channels have shown strong growth, increasing by 45% to 1.82 billion RMB, accounting for 31.8% of total revenue [6] - The company has significantly improved its inventory and operating cash flow, with cash on hand of approximately 4.3 billion RMB and a low debt ratio of 2.2% [6] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: 84.23 billion RMB (2023), 100.7 billion RMB (2024), 111.8 billion RMB (2025E), 121.4 billion RMB (2026E), and 130.8 billion RMB (2027E) [5][15] - Net profit forecasts are: 9.6 billion RMB (2023), 11.5 billion RMB (2024), 12.6 billion RMB (2025E), 13.9 billion RMB (2026E), and 15.1 billion RMB (2027E) [5][15] - The gross margin is expected to slightly increase from 41.1% in FY2023 to 41.9% in FY2027 [5][15] - The price-to-earnings ratio is projected to decrease from 11 in FY2023 to 7 in FY2027 [5][15]

证券代码：002991 证券简称：甘源食品 甘源食品股份有限公司 投资者 关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（电话会议） 参与单 位名称 具体参与单位名称见附件 时间 2025 年 8 月 13 日（星期三） 15:00-16:00 地点 公司会议室 公司接 待人员 姓名 董事会秘书 张婷女士 财务总监、董事 涂文莉女士 形式 网络线上 投资者 关系活 动主要 内容介 绍 提问与回答环节 问：公司销售费用的投入情况和相关规划？ 答：公司近年来积极拓展新产品，"甘源"已经从单一豆类产品品牌转型为以 风味豆类、风味坚果和风味小吃为代表的多品类零食品牌，多品类产品同步发 展将助力公司进一步提高销售规模。为加大各渠道新品合作机会，借助品牌重 塑提升产品竞争力，公司相应加大了品牌营销及新品推广相关费用投入。同时 基于海外及直营渠道拓展需求，增加了必要的前期费用投入，部分前置性投入 后续无需持续支出。后续公司将结合市场情况、渠道建设及产品推广的节奏来 合理规划，努力提升销售费用投放的精准性和有效性， 问：公司各渠道拓展及产品合作情况？ 答： ...

Summary of Conference Call on Jewelry Industry and Lao Pu Gold Industry Overview - The jewelry industry is experiencing growth driven by high-net-worth individuals' demand for high-priced jewelry and the development of traditional gold craftsmanship, creating a market opportunity for brands like Lao Pu Gold [1][2] - Since 2020, the demand in the jewelry sector has stabilized, with innovations in craftsmanship and changes in demand scenarios becoming the main development trends [2] Key Points on Lao Pu Gold - Lao Pu Gold focuses on high-end traditional handcrafted gold products and operates a fully direct sales model, differentiating itself from the industry norm of franchising and distribution, resulting in high gross margins, high expense ratios, and relatively high net profit margins [1][3] - The company has innovated its product offerings, including necklaces, rings, gold artifacts, and differentiated products like gold-inlaid diamonds, expanding market space to meet diverse consumer demands for high-end gold jewelry [1][3] - Lao Pu Gold employs a channel strategy characterized by a low number of stores and high price points, focusing on core business districts and gradually advancing into high-luxury venues, effectively enhancing brand image and attracting a more upscale consumer base [1][4] Market Position and Competitive Advantage - The high-end gold jewelry market in China has a significant gap due to a lack of brands focused on high-end positioning since 2022, while international brands primarily focus on K-gold and inlaid products [2] - The demand for gifts and collectibles among mid-to-high-end consumers presents long-term benefits for the jewelry industry, with Lao Pu Gold showing potential for sustained growth through product innovation and channel upgrades [1][5] Future Outlook - In the long term, the recognition of gifting and collecting among mid-to-high-end consumers is expected to positively impact the jewelry industry [5] - Despite short-term challenges related to low margins and profits due to channel-focused strategies, Lao Pu Gold's continuous product innovation and channel advancement are anticipated to enhance its growth momentum [5] Lessons from International Brands - International mid-to-high-end jewelry brands like Tiffany demonstrate mature strategies in their overseas expansion, including cautious store expansion and high sales per store, which are similar to Lao Pu Gold's current development path [6] - Lao Pu Gold can learn from these international experiences to further optimize its development strategy for more stable growth [6]

Core Insights - The company, Huang Shang Huang, is enhancing its business sales through brand upgrades and new model development, with no current plans for a Hong Kong listing [2] Group 1: Business Strategies - The company is implementing four key strategies to upgrade its stores and improve single-store performance: adding specialty stores and diverse scenarios, creating a "hand-pulled sauce duck" fresh preparation area, collaborating with anime IP for limited packaging and pop-up stores [2] - The establishment of a comprehensive membership system is underway, which includes tiered services based on consumer spending, community content sharing, group buying initiatives, and regular live streaming to drive traffic [2] - Staff transformation into sales consultants is being emphasized, with a focus on service training and incentives to enhance customer experience [2] - The company is engaging in cross-industry collaborations and leveraging cultural tourism, utilizing interactive screens to attract Generation Z, thereby improving store efficiency and customer loyalty [2]

Group 1: Luxury Goods Market - The luxury goods market is experiencing significant changes, with frequent management shifts indicating strategic adjustments in response to a historical low in the market [2][3] - Key strategic adjustments include hiring cross-industry management talent, difficulties in family businesses with external CEOs, and internal movement of creative talent within companies [2] - The establishment of senior communication roles in brands like Chanel and LV reflects a focus on enhancing brand image management during this challenging period [2] Group 2: Outdoor Equipment Trend - The streetwear market is declining, while outdoor brands like Arc'teryx and Salomon are gaining popularity among consumers, particularly the middle class [4] - The pandemic has accelerated consumer interest in a healthy outdoor lifestyle, prompting outdoor brands to shift from functionality to fashion [4] - Traditional sports brands are also expanding their outdoor product lines, indicating a significant shift in consumer demand towards outdoor fashion [4] Group 3: Swiss Watch Exports - Swiss watch exports saw a 5.6% decline in June 2025, totaling 2.2 billion Swiss francs, primarily due to significant drops in key markets like the US, Japan, and Hong Kong [5] - Overall exports for the first half of the year decreased by 0.1% to 13 billion Swiss francs, with the top six markets experiencing a 7.6% decline [5] - Despite some markets like Spain and India showing double-digit growth, the overall trend indicates a challenging environment for Swiss watch exports [5] Group 4: Fashion Industry Developments - The 2025 China Fashion Conference highlighted the transformation of Haining into a comprehensive fashion center, focusing on technology, cultural confidence, and sustainable development [6] - The conference featured discussions on digital transformation and showcased a blend of traditional and modern design [6] - Haining aims to establish itself as a "full-chain service provider" for the fashion industry, promoting high-quality development [6] Group 5: Gold Jewelry Market - The report from Huayi Think Tank indicates that the high international gold prices are driving a consumption boom in gold jewelry in China [7] - Local brands are leveraging traditional craftsmanship and product innovation to attract younger and high-end consumers, shifting from homogeneous competition to differentiated development [7] - The report emphasizes the need for brands to enhance aesthetic value to achieve sustainable growth amidst market fluctuations [7] Group 6: Brand Collaborations and Innovations - The collaboration between Tai Ping Bird and Suzhou embroidery showcases the integration of traditional craftsmanship into modern fashion, appealing to culturally confident consumers [10][13] - Ciele Athletics' entry into the Chinese market through a partnership with Tmall reflects the trend of overseas brands capitalizing on China's growing outdoor and running market [16] - JW Anderson's transition from a clothing brand to a lifestyle brand indicates a strategic move to avoid competition in the apparel sector while exploring new product lines [11] Group 7: Insights from Industry Leaders - Ralph Lauren's CEO discussed strategies for navigating economic challenges, emphasizing diversification in procurement and supply chain efficiency [19] - The focus on women's wear and sports collaborations presents significant growth opportunities, particularly in the Asia-Pacific region [19] - The insights shared by industry leaders highlight the importance of aligning brand strategies with consumer values and preferences [19]

Core Viewpoint - The controlling shareholder of Daodaoquan plans to increase its stake in the company through a loan-backed share buyback, reflecting confidence in the company's future growth prospects [1][2]. Company Summary - Daodaoquan intends to repurchase shares worth between 50 million and 100 million yuan, with a maximum of 2% of the total share capital [1]. - The funding for this buyback will primarily come from a special loan from Industrial Bank's Changsha branch, not exceeding 90 million yuan, with a term of up to 36 months [1]. - The company has completed its national production capacity layout and is expanding its international raw material procurement channels, which are expected to support long-term growth [1]. - In the first half of 2025, Daodaoquan achieved a revenue of 2.792 billion yuan, a slight increase of 1.16% year-on-year, while net profit surged by 563.15% to 181 million yuan [1]. Industry Summary - The edible oil processing industry is currently facing challenges from both consumption upgrades and cost fluctuations [2]. - Daodaoquan is optimizing its product structure by introducing health-oriented products and expanding e-commerce channels [2]. - The company's expansion in the northwest market and establishment of an international raw material procurement network are strategies to mitigate regional market risks [2].