从自然堂的招股书看，2022年至2024年，该公司营收分别录得42.92亿元、44.42亿元、46.01亿元。自然 堂以旗下同名品牌"自然堂"为核心营收来源，这三年，该品牌对自然堂的营收贡献保持在95%左 右。"自然堂"定位自然科技化妆品品牌，产品品类包括护肤、个人护理、男士护理、彩妆，价格定位在 49-390元。自然堂旗下还有定位敏感肌的功效护肤品牌"珀芙研"、专注中高端抗老品牌"美素"、科技抗 光老品牌"春夏"，以及婴童皮肤护理品牌"己出"。 横向比较，国货美妆上市公司十强中，水羊股份的2024年销售费用为20.79亿元，占营收比约为49%； 排名第一位的珀莱雅（603605）销售费用为51.61亿元，占比约为47.9%。自然堂2024年的销售及营销成 本仅次于珀莱雅、上美股份和贝泰妮（300957），位于国货美妆上市公司第四位。 据自然堂招股书介绍，该公司创始人郑春颖于2001年创办上海自然堂生物科技有限公司（下称"自然堂 生物"），推出旗舰品牌自然堂；2004年其创办伽蓝集团，并收购自然堂生物持有的知识产权。伽蓝集 团继承包括自然堂品牌在内的所有业务。2024年年初，伽蓝集团更名为上海自然堂集团有限公 ...

Summary of New Dairy Industry Conference Call Company Overview - New Dairy Industry has maintained positive growth in net profit attributable to shareholders over the past decade, with accelerated profit growth since the implementation of the five-year plan in 2023, indicating strong profitability and growth potential [2][3] Core Business and Market Position - The company's business is primarily focused on liquid milk, with low-temperature liquid milk accounting for over half of its sales. The DTC (Direct-to-Consumer) channel, including home delivery, convenience stores, and e-commerce, is continuously increasing, enhancing user loyalty and market share [2][4][5] - New Dairy Industry has expanded through acquisitions (e.g., Modern Dairy, Fuzhou Aoniu) and has shifted its strategy towards organic growth since 2023, focusing on improving profitability with support from its controlling shareholder, New Hope Group [2][6] Product Structure and Regional Layout - The product structure is heavily weighted towards low-temperature liquid milk, including fresh milk and yogurt. The company has subsidiaries in regions such as Southwest and East China, and it employs a strategy that combines national promotion with regional characteristics [4][9] - The company retains local legacy products while leveraging the DTC model to capture market share, with a growing membership system [4][10] Market Trends and Competitive Advantages - The low-temperature liquid milk market has shown significant growth despite pressures on the overall liquid milk market. The upgrade path includes improving physical and chemical indicators and better product concepts [7] - New Dairy Industry has established competitive advantages through its full-chain operations, enhancing gross margins and optimizing marketing strategies to capture consumer mindshare [8] Supply Chain and Management - The company ensures stable milk supply by holding shares in Modern Dairy, which provides a reliable national milk source. Additionally, its cold chain logistics service offers cost advantages [11] - Internal management employs a strict red-yellow light assessment mechanism for subsidiaries, focusing on profitability and product mix improvements [12] Future Profitability Expectations - The company is expected to achieve sustainable profit growth along the lines of its five-year strategic plan, with projected net profit corresponding to P/E ratios of 22 and 19 for 2025 and 2026, respectively, indicating a favorable valuation given an anticipated profit growth rate of over 25% [13]

Core Insights - Fujian has become a significant base for the garment industry, leveraging its geographical advantages and the influx of overseas orders and capital from local expatriates [2][4] - The seven major listed apparel companies from Fujian have rapidly transformed from local brands to national brands, achieving explosive growth in recognition and market presence [2][4] - The apparel industry in Fujian is characterized by a strong focus on both sportswear and traditional menswear, with distinct development trajectories for different brands [3][4] Group 1: Performance of Major Brands - Anta Group has entered the "trillion club" with record-breaking performance, achieving continuous growth for 12 years and surpassing both Nike China and Adidas China in revenue [10][12] - Xtep International has focused on the running segment, achieving significant profit growth by divesting from underperforming fashion segments and enhancing its product offerings [15][16] - 361° has seen a nearly 50% increase in stock price, driven by strong performance in both international and children's markets, with a focus on high-quality and cost-effective products [16][17] Group 2: Market Strategies and Innovations - Anta Group's strategy includes acquiring brands to fill market gaps and expanding its retail presence, with a notable focus on high-end outdoor and fashion segments [12][14] - Xtep has transformed its stores into "running social centers" and launched a new line of children's shoes aimed at supporting growth, enhancing its market position [15][16] - 361° has expanded its international footprint and optimized its store formats, launching a new type of store that aims for high sales volumes [18] Group 3: Specialized Product Lines - Jiumuwang has established itself as a leading men's pants expert, achieving a 248.54% increase in net profit by focusing on a diverse range of men's pants products [20][21] - Lilang has maintained a high gross margin above 50% while expanding its direct-to-consumer (DTC) model and enhancing its online sales channels [24][25] - Seven Wolves has positioned itself as a "jacket expert," achieving significant revenue growth through innovative product offerings and strategic brand partnerships [28][29] Group 4: Trends and Future Directions - The apparel industry in Fujian is witnessing a trend towards DTC models, multi-brand collaboration, and international expansion, with a focus on functional and scenario-based product offerings [33] - Companies are encouraged to either build a comprehensive brand portfolio like Anta or specialize in niche markets like Xtep and Jiumuwang to maximize their strengths [33]

Core Viewpoint - The traditional apparel industry in A-shares continues to face pressure, with many companies reporting declines in revenue and net profit, indicating a deep adjustment period for the sector [1][3]. Revenue and Profit Performance - Semir Garment achieved a revenue of 6.149 billion yuan, up 3.26%, but its net profit fell by 41.17% to 325 million yuan [2]. - Taiping Bird reported a revenue of 2.898 billion yuan, down 7.86%, with a net profit decline of 54.61% to 78 million yuan [2]. - Dizhu Fashion's revenue was 1.067 billion yuan, down 5.55%, and net profit decreased by 23.54% to 170 million yuan [2]. - Nine Mu Wang's revenue was 1.497 billion yuan, down 5.02%, but net profit surged by 248.54% to 174 million yuan [2]. - Overall, the children's clothing segment showed relative stability, while men's and women's fashion segments faced significant challenges [4][5]. Market Trends and Strategic Shifts - Many companies are shifting from a franchise model to direct-to-consumer (DTC) strategies, opening flagship stores in key urban areas while reducing franchise outlets [6][7]. - Taiping Bird is implementing a "superstore" strategy, opening large flagship stores to integrate multiple brands [7]. - Semir Garment's direct sales revenue grew by 34.78%, while franchise revenue declined by 2.8% [7]. Investment Strategies - Companies are increasingly focusing on investment as a means to bolster profits amid declining core business performance [8][9]. - Longzi Co. reported a 64% increase in net profit, largely due to stock market gains from selling shares of Ruoyuchen [8]. - Nine Mu Wang's net profit growth was attributed to significant increases in the fair value of financial assets [8]. - Baoxini's financial assets surged by 2072.73%, indicating a shift towards financial investments to offset core business weaknesses [9].

Core Viewpoint - The apparel industry is facing significant challenges, with many brands experiencing declining revenues and profits, highlighting a broader trend of struggles within the sector [1][4][30]. Group 1: Company Performance - Metersbonwe's revenue for the first half of 2025 was 226 million yuan, a decrease of 45.23% year-on-year, with a net profit of 0.1 million yuan, down 87.07% [1][3]. - The overall revenue for 19 A-share apparel brands was 42.849 billion yuan, a decline of 1.37%, with a net profit of 3.708 billion yuan, down 19.11% from the previous year [1][4]. - Among the 19 brands, nearly 70% reported revenue declines, with Metersbonwe, Annil, and Hongdou experiencing drops exceeding 10% [4][6]. Group 2: Retail Trends - The apparel industry has seen a continuous decline in single-store performance, with nearly 90% of brands reporting a decrease in sales per square meter [6][8]. - The trend of store closures is prevalent, with over 5% of stores closed across various brands, and Annil having the highest closure rate at 14.33% [9][12]. - The shift towards Direct to Consumer (DTC) models is being adopted by several brands, including Anzheng Fashion and Hongdou, as they aim to improve profitability and customer engagement [12][13]. Group 3: Online Sales and Market Dynamics - More than half of the brands reported growth in online sales, with notable increases for brands like Bi Yin Le Fen, which saw a 71.82% rise in online revenue [19][21]. - The market is experiencing a K-shaped recovery, where high-end brands are thriving while mid-range and budget brands are struggling, leading to a focus on discount channels and essential goods [21][30]. - Brands are diversifying their product lines through acquisitions and partnerships, with examples including Yagor's acquisition of the French luxury children's brand Bonpoint [20][22]. Group 4: Strategic Shifts - Many brands are investing in "super stores" and discount formats to adapt to changing consumer preferences and enhance in-store experiences [14][15]. - The transition to DTC models is expected to increase operational costs, but it may also improve gross margins by eliminating intermediaries [13][30]. - The apparel sector is witnessing a trend towards multi-brand strategies, with companies like Song Li and Hongdou expanding their brand portfolios to capture diverse market segments [20][30].

Financial Data and Key Metrics Changes - In H1 2025, revenues reached €928 million, a decrease of 2% organically, despite a strong DTC organic performance of 6% [3][4] - Gross profit was €626 million, with a margin of 67.5%, reflecting a 110 basis points improvement driven by a better channel mix [4][10] - Adjusted EBITDA for H1 2025 was €69 million, with an EBITDA margin of 7.4%, down 100 basis points compared to the previous year [6][8] - Net profit increased to €48 million, up 53% from €31 million in the previous year, attributed to higher financial income and foreign exchange gains [10][11] - Capital expenditure (CapEx) was €54 million, representing about 6% of revenues, primarily for store network development [12] Business Line Data and Key Metrics Changes - The Zegna segment generated an adjusted EBITDA of €94 million, with a margin of 14.3%, up from 12.8% in H1 2024, due to higher operating leverage [9] - Thom Browne's adjusted EBITDA fell to €4 million from €20 million in H1 2024, driven by a significant decrease in revenues, particularly in the wholesale channel [9] - Tom Ford Fashion recorded an adjusted EBITDA loss of €90 million, compared to a €12 million loss last year, due to planned investments in store expansion and IT infrastructure [10] Market Data and Key Metrics Changes - Strong momentum was noted in Europe, the Middle East, and the Americas, while the Greater China Region (GCR) remains challenging and volatile [17][59] - Initial signs of improvement in GCR were observed, but the market is still considered volatile, with a cautious outlook [17][59] Company Strategy and Development Direction - The company is focusing on expanding its DTC network, with new store openings in key markets like Miami and Shanghai [15] - A strategic emphasis on quality and personalization in the DTC channel is expected to enhance gross margins [23] - The company plans to maintain investments in brand development while managing discretionary costs [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging and volatile sector environment but expressed confidence in actions taken to protect profitability [8][17] - The outlook for H2 2025 includes expectations for low single-digit organic growth, with a cautious approach to the Chinese market [24][59] Other Important Information - Free cash flow absorption was €23 million in H1 2025, compared to €7 million in the previous year, driven by lower operating cash flow [13] - The company confirmed a tax rate of around 30% for the year, down from 35% last year [11] Q&A Session Summary Question: Current performance in terms of margin and expectations for H2 - Management explained that the gross margin improvement is linked to DTC revenues and emphasized the importance of quality in driving margins [20][23] - For H2, management confirmed expectations of low single-digit growth and realistic EBIT consensus [21][25] Question: Margin improvement in the Zegna segment and Thom Browne's margins - Management indicated that Zegna's margins could trend between 13% and 14% for the year, with long-term potential for 15% [30][32] - For Thom Browne, management expects a reduction in the decline of wholesale revenues and aims for a return to double-digit EBIT margins [34] Question: Current trends in the Chinese market - Management noted early signs of improvement in the Chinese market but remained cautious about drawing conclusions from short-term trends [38][59] Question: Pricing strategy and risks for H2 - Management confirmed a systematic low single-digit price increase to offset costs and tariffs, with no significant consumer pushback observed [51][53] - The main risk for H2 is still the volatility in the Chinese market, with a focus on planning for a "new normal" [56][59]

Core Insights - The summit "Breaking the Growth: Practical Strategies for Brand Going Global" was successfully held, focusing on new opportunities for cross-border e-commerce and brand growth strategies [1][11] - Experts discussed the importance of adapting to new market conditions and leveraging platforms like Amazon, Coupang, and SHEIN for international expansion [1][11] Group 1: Market Trends and Opportunities - The current landscape of cross-border e-commerce shows a polarization in sales among independent sellers, highlighting the advantages of the DTC model in enhancing brand autonomy and customer satisfaction [3] - The Korean e-commerce market is valued at nearly $170 billion and is experiencing rapid growth, particularly among female consumers aged 40 and above, presenting significant opportunities for Chinese sellers [7] - SHEIN's strategy emphasizes the importance of selecting products based on market trends and optimizing listings to enhance visibility and sales conversion [8] Group 2: Strategic Approaches - A "Seven-Step Methodology" for Chinese factories going global was proposed, covering aspects from product development to brand building, emphasizing the need for a flexible supply chain [5] - The importance of utilizing Amazon's KPI management tools and FBA services was highlighted to improve operational efficiency and consumer reach [5] - The summit aimed to provide actionable insights on market positioning, platform selection, and logistics to help cross-border sellers develop a comprehensive growth strategy [11]

Core Insights - The report provides a comprehensive analysis of the cross-border e-commerce industry, covering its definition, development history, industry chain, current status, and future trends [1][5][10]. Industry Definition - Cross-border e-commerce refers to international commercial activities where different customs entities transact through e-commerce platforms, utilizing electronic payment and cross-border logistics [11][34]. Development History - The industry has experienced three main phases: - **Nurturing Phase (2010-2013)**: Focused on personal purchasing [14]. - **Initiation Phase (2014-2017)**: Rapid growth supported by government policies and increased consumer purchasing power [15]. - **High-Speed Development Phase (2018-2023)**: Business models and service systems were refined, leading to market consolidation [16]. Industry Policies - The Chinese government has consistently supported the cross-border e-commerce sector, with policies such as tax incentives for export return goods and the establishment of comprehensive pilot zones [17][19]. Industry Chain - The industry chain consists of: - **Upstream**: Manufacturers, distributors, and brand owners, with Guangdong, Zhejiang, and Jiangsu as key supply regions [22][26]. - **Midstream**: E-commerce platforms (e.g., Tmall Global, JD Worldwide) and logistics providers (e.g., SF Express, Cainiao Network) [29]. - **Downstream**: Consumers, primarily young adults aged 18-35 and middle-class individuals [22][30]. Current Industry Status - The market is steadily growing, with the export cross-border e-commerce scale exceeding 75% in 2021. The B2C model is rapidly expanding, with a transaction scale of 3.3 trillion yuan in 2021 [1][9]. - The competitive landscape shows a significant Matthew effect, where leading companies dominate due to brand and supply chain advantages [9][10]. Representative Companies - Key players include: - **Temu**: Leverages Pinduoduo's supply chain for cost-effective offerings. - **SHEIN**: Focuses on fast fashion with a flexible supply chain. - **Shopee**: Targets the Southeast Asian market with localized operations [1][9]. Future Trends - The industry is expected to gradually recover, with trends towards branding, diversification, and refinement. The market will likely concentrate around leading players, and service providers in cross-border payments and SaaS will see significant growth potential [1][10][19]. - Overseas warehouses will become a core competitive advantage due to their ability to enhance logistics efficiency and reduce costs [1][10].

Core Viewpoint - Wei brand is establishing itself as a high-end new energy brand by creating value for users through a direct-to-consumer (DTC) model, achieving significant delivery milestones and expanding its retail presence across China [1][3][10]. Group 1: DTC Model and User Engagement - The DTC model is designed to listen to users' genuine feedback, ensuring a professional, efficient, and convenient service experience [3]. - Wei brand has invested heavily in building digital channels, increasing its retail centers from 0 to over 460 in just over a year, with plans to expand to 700 centers covering over 200 cities by the end of the year [3]. Group 2: Sales Performance and Product Launches - In the first seven months of the year, Wei brand's cumulative sales exceeded 40,000 units, re-establishing its position in the high-end new energy market [5]. - The newly launched Gao Shan model has delivered nearly 20,000 units since its release in May, marking a new era for MPV families [5]. - The upcoming Gao Shan 7 model is positioned as a family-oriented vehicle, emphasizing spaciousness and comfort, with a price point under 300,000 [6]. Group 3: Product Features and Market Position - The Lan Shan model has excelled in media tests for advanced driving assistance and extreme range, achieving over 100,000 units delivered, making it the third six-seat new energy SUV to reach this milestone [8]. - The popularity of Gao Shan and Lan Shan in the 300,000 market segment indicates that Wei brand has found its "value high ground" in the exploration of high-end new energy brands [10]. Group 4: Future Developments - Wei brand announced the upcoming launch of a next-generation all-power intelligent super platform, which is the only platform globally compatible with five power forms, featuring advanced technologies such as a dual 4-second 2.0 hybrid system and an 800V hybrid architecture [10].

Core Viewpoint - Anta Group is actively pursuing new investment opportunities, including a potential acquisition of Reebok or Puma, while also establishing a joint venture with the Korean fashion group MUSINSA to enhance its market presence and appeal to younger consumers [2][3][4]. Financial Performance - In the first half of the year, Anta Group achieved a revenue of 38.544 billion yuan, representing a year-on-year growth of 14.3% [2][5]. - The net profit for the same period was 7.031 billion yuan, which reflects a decrease of 8.9%, but excluding the impact of a non-cash accounting gain from Amer Sports, the net profit actually increased by 14.5% [5][6]. - Revenue from the Anta brand reached 16.95 billion yuan, growing by 5.4%, while the FILA brand generated 14.18 billion yuan, up by 8.6% [5][6]. Strategic Investments - Anta Group has formed a joint venture named MUSINSA China, where it holds a 40% stake, to develop its own brand "MUSINSA STANDARD" and multi-brand stores in China [3][4]. - The joint venture is expected to be completed by September 2025, pending regulatory approval [3][4]. Acquisition Activity - The company has accelerated its acquisition strategy, having recently completed the acquisition of the German outdoor brand Jack Wolfskin [4][5]. - Anta Group has a history of acquisitions, including brands like FILA and Amer Sports, and aims to continue this trend to expand its market reach [4][5]. Inventory Management - The average inventory turnover days increased by 22 days to 136 days in the first half of 2025, which is significantly higher than competitors like Li Ning and 361 Degrees [7][8]. - The increase in inventory is attributed to a rise in stock levels and the impact of recent acquisitions [8]. Market Challenges - Anta Group's main brands, Anta and FILA, are experiencing a slowdown in growth, with FILA's revenue growth fluctuating significantly compared to previous years [6][9]. - The company faces challenges in global operations, including market control, organizational efficiency, and supply chain optimization, which are critical for its continued expansion [9].