Financial Data and Key Metrics Changes - For fiscal year 2024, global revenue was €329 million, a 23% decrease from fiscal year 2023, reflecting broader industry trends, particularly in EMEA and Greater China [4] - Gross margin remained stable at 56%, compared to 59% in the previous year, despite the revenue decline [5] - General and administrative (G&A) expenses were reduced by 15% year over year, demonstrating a streamlined cost structure [6] - Operating cash flow improved by 32% from 2020 to 2024, driven by reduced inventory days and tighter receivable management [6] Business Line Data and Key Metrics Changes - Caruso's contribution profit increased to €8.8 million in 2024, up from €3.2 million in 2022, reflecting a refined distribution strategy [8] - St. John's contribution profit grew from a loss in 2020 to €8 million in 2024, thanks to strategic investments in brand repositioning [8] - Lanvin's revenue increased to €82.7 million in 2024, more than doubling from €35 million in 2020, driven by investments in brand desirability [9] - Wolfer's revenue declined by 30% to €88 million due to macroeconomic volatilities and logistic disruptions [30] Market Data and Key Metrics Changes - EMEA and Greater China markets faced significant challenges, impacting overall performance [4][27] - St. John's North America market outperformed, contributing 94% of revenue, while international markets were streamlined [33] - Sergio Rossi's revenue declined by 30% to €42 million, with EMEA market down 35% due to wholesale conditions [31] Company Strategy and Development Direction - The company is focusing on operational efficiency and cost discipline as key pillars of its turnaround plan [10][11] - Strategic actions include consolidating the store network and concentrating on core business units [5] - The leadership changes, including the appointment of new creative directors, are expected to drive innovation and growth [13][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic turbulence and shifting consumer behaviors impacting performance [4] - Despite challenges, the company is optimistic about its ability to deliver sustainable growth and restore profitability in 2025 and beyond [24][37] - The company views challenges as catalysts for transformation, emphasizing a commitment to craftsmanship and brand relevance [24][37] Other Important Information - The company has made significant strides in cash management, with net cash used in operating activities improving by 27% since 2022 [12] - The appointment of new creative leadership is expected to have a significant impact on brand performance [13][22] Q&A Session Summary - The Q&A session was concluded without any specific questions being recorded, indicating a wrap-up of the conference call [39]

❑ 二、超预期逻辑 1）周大福在品牌影响力、产品设计迭代等环节表现出极强优势，公司从 24 年开 始全力推进品牌转型，同店收入有望超预期增长。 市场担忧：周大福 24 年同店大幅下滑，在金价持续新高、行业竞争加剧背景下 公司的终端动销表现或将持续承压。 我们认为：周大福基于其极强品牌力、产品力、渠道力，24 年起推动品牌形象 升级、产品结构升级、门店效益提升，卓有成效，同店收入有望恢复快速增长。 周大福是黄金珠宝行业龙头品牌，发展历史悠久、品牌定位高端、渠道覆盖广 泛，拥有极强的品牌认知和影响力。公司 18 年起陆续推出"新城镇战略"和省 代政策，发力下沉市场和渠道扩张，23年后公司对渠道扩张策略进行调整，聚焦 品牌形象升级和门店效益提升。 24 年以来，周大福全力推进品牌转型：1）品牌形象升级：周大福全新概念店于 24 年 9 月落地香港中环，并陆续落地西安和深圳，新概念店采用展览式布局展示 各个珠宝系列，店效高于店铺平均水平，公司未来五年将陆续更新店铺形象； 2）产品结构升级：24年 4月、8月先后推出"传福"、"故宫"系列，蕴含品牌独 特印记和深厚文化寓意，主要以一口价模式销售，带动 25 财年上半年中 ...

4月10日，今日周大福珠宝集团对外公布了品牌转型一周年成效。在品牌转型亮点方面，为庆祝品牌成 立95周年，集团于2024年4月推出了周大福传福系列，截至2025财政年度第三季度，该系列的零售值已 突破24亿港元。同时，周大福珠宝天宣布推出全新的周大福传喜系列（CTF Joie Collection）。据悉， 此系列秉承了周大福传福系列的故事性寓意，两者均深受中国文化中具有深远意义的文字所启发。 在策略性品牌联乘合作方面，自2024年8月推出以来，周大福故宫系列截至2025财政年度第三季止的零 售值已录得16亿港元。同时，集团透过与《黑神话：悟空》、《鬼灭之刃》和《吉伊卡哇Chiikawa》等 人气IP联乘合作，进一步丰富其产品组合。其中，《黑神话：悟空》系列在吸引男性顾客方面表现尤为 出色，推动了自用而非送礼的购买需求，成功打入此前尚未开发的市场领域。 周大福珠宝集团副主席郑志雯表示："我们的品牌转型之旅印证了集团对创新、质量和以客为先的坚定 承诺。透过推出新形象时尚店、加强产品组合，以及与全球知名伙伴的策略性联乘合作，我们重新定义 了顾客体验。这些举措不仅巩固我们作为值得信赖的终身伙伴的地位，同时也为可持续 ...

Group 1 - Gold prices have reached historical highs, with London spot gold rising to $3070 per ounce and COMEX gold futures touching $3109 per ounce on March 28 [1] - In response to rising gold prices, Chow Tai Fook has adjusted its pricing for gold jewelry, with 24K gold jewelry priced at 932 RMB per gram and investment gold products at 818 RMB per gram [2] - The sales of "fixed-price" gold jewelry have increased significantly, with a year-on-year growth of nearly 118%, while overall sales revenue for Chow Tai Fook has decreased by 20% [2][3] Group 2 - The upcoming price increase for "fixed-price" gold jewelry is expected to be between 10% and 20%, with price hikes ranging from hundreds to thousands of RMB [2][4] - The management of Chow Tai Fook recognizes the need for product innovation, channel optimization, and precise marketing to address the challenges posed by fluctuating gold prices and weak demand [4] - Other gold retail companies, such as Chow Sang Sang and Lao Feng Xiang, are also experiencing performance pressures and have adopted price increases as a common strategy to boost revenue [5]

Financial Data and Key Metrics Changes - Aterian reported net revenue for Q4 2024 at $24.6 million, a decline of 25% from $32.8 million in Q4 2023, primarily due to SKU rationalization and lower liquidation levels of high-cost inventory [42] - Adjusted EBITDA for Q4 2024 was essentially break-even, improving by 98.5% from an adjusted EBITDA loss of $5.6 million in Q4 2023 [47][41] - The net loss for Q4 2024 was $1.3 million, an improvement of approximately 83.1% from a loss of $7.7 million in the year-ago quarter [46] Business Line Data and Key Metrics Changes - The company streamlined its product portfolio to focus on six foundational brands, which has improved efficiency and ROI [18] - Gross margin for Q4 2024 increased to 63.4% from 51% in the year-ago quarter, driven by SKU rationalization and product mix [43] - Contribution margin for Q4 2024 was 19.4%, a significant improvement from negative 0.8% in the previous year [44] Market Data and Key Metrics Changes - Aterian's revenue is primarily derived from e-commerce marketplaces, with a focus on Amazon, Walmart, and Target Plus [12] - The company plans to expand its market presence in 2025, targeting growth in the UK and additional channels [25][26] Company Strategy and Development Direction - Aterian's strategy for 2025 includes channel and geographic expansion, new product launches, and a focus on consumable products [24][28] - The company aims for net revenue growth of 5% to 7% in 2025, with an expected increase of 9% to 12% on a comparable basis, excluding discontinued SKUs [22][49] - Aterian has initiated a two-year share repurchase program of up to $3 million, reflecting confidence in the company's future [35][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate challenges, including tariffs, and expects to achieve break-even adjusted EBITDA in 2025 [30][52] - The company is focused on diversifying its supply chain away from China, aiming to reduce reliance from 75% to 50% by the end of 2026 [32][34] - Management noted that consumer behavior has not shown significant softness, and the diversified brand portfolio positions the company well to handle potential market volatility [92][93] Other Important Information - Aterian's operational improvements in 2024 have led to a 91% reduction in adjusted EBITDA losses, indicating effective strategic initiatives [41] - The company is committed to long-term growth, projecting a CAGR of 10% to 12% from 2025 to 2027 [54] Q&A Session Summary Question: Performance of SKUs on Target Plus during Black Friday - Management indicated that the steam mop performed well on Target Plus, and they plan to expand SKU offerings gradually based on performance [65] Question: Guidance for Q1 and seasonal dynamics - Management explained that new product launches and channel expansions are expected to drive stronger sales in the second half of the year, leading to a relatively weaker Q1 [71][73] Question: Impact of tariffs and pricing strategy - Management clarified that while tariffs are expected to increase costs, they believe they can mitigate some of these through price adjustments, with a projected price increase of 7% to 10% [76][78] Question: Long-term growth targets and consumer behavior - Management discussed that the three-year growth targets are driven by new product launches and channel expansions, and they have not observed significant changes in consumer behavior despite broader economic concerns [85][90]

Financial Data and Key Metrics Changes - Overall net sales for Q4 2024 were $80.5 million, slightly down from $80.6 million in Q4 2023 [5] - Consolidated gross earnings were 47.9% of net sales for the quarter, compared to 50.3% in the same quarter last year [5] - Net earnings for Q4 2024 were $10 million or $1.04 per diluted share, up from $8.5 million or $0.90 per diluted share in Q4 2023 [6] - Full-year consolidated net sales were $290 million, down 9% from $318 million in 2023 [14] - Full-year net earnings were a record $30.3 million or $3.16 per diluted share, compared to $30.2 million or $3.17 per diluted share in 2023 [14] Business Line Data and Key Metrics Changes - In the North American wholesale segment, net sales for Q4 were $60.4 million, up 1% from $59.6 million last year [6] - Retail segment net sales were $14.1 million for Q4, also up 1% from $13.9 million in 2023 [8] - Florsheim brand sales increased by 22% in Q4, while BOGS sales declined by 17% due to mild winter weather [27][30] - Nunn Bush grew by 4% in Q4, supported by a strong value proposition and innovative products [33] - Florsheim Australia's net sales were $6 million in Q4, down 15% from $7.2 million in Q4 2023 [11] Market Data and Key Metrics Changes - North American wholesale net sales for the full year were $228 million, down 9% from $250 million in 2023, primarily due to a 27% decline in BOGS sales [14][15] - Florsheim Australia's sales were down 20% for the year, largely due to the closure of the Asia Pacific operations [19][20] Company Strategy and Development Direction - The company is focused on evolving its portfolio of brands to position for future growth, particularly through product innovation and expanding retail presence [26][30] - The introduction of new products, such as the BOGS BOGA, aims to reenergize the BOGS brand [29] - The company is negotiating price reductions with Chinese suppliers to mitigate the impact of new tariffs [22][37] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers remain cautious amid economic uncertainty, affecting discretionary spending [26] - The company is optimistic about renewed interest in the BOGS category for fall 2025 as winter weather improves [28] - Management expressed confidence in maintaining gross margins despite tariff-related cost increases [37] Other Important Information - The company generated $16.2 million in cash from operations in 2024 and paid $9.7 million in dividends [23] - A special dividend of $2 per share was paid in early 2025, totaling $21.6 million [24] - The company has no debt outstanding on its $40 million revolving line of credit [23] Q&A Session Summary Question: Can someone walk me through the mechanics of a tariff for Weyco Group? - Management explained that they must post a bond equal to the amount of tariffs paid and clear goods through customs, paying the applicable tariffs [46][47] Question: What percentage of your cost of goods sold came from China last year? - Approximately 75% of purchases are from China, with India being the second largest source at about 15% [66] Question: What are the tariffs today on those other countries? - The tariff on leather shoes from China is currently 36%, while other countries have lower tariffs, typically around 8.5% [71][72] Question: Are your offshore vendors receptive to sharing part of the cost of the tariffs? - Management confirmed that long-term relationships with suppliers have led to cooperation in mitigating some costs, although price increases will still be necessary [83][89]