机构：中邮证券 研究员：李鑫鑫 事件 公司发布25 年年报，25 财年公司实现营收896.56 亿港元，同比-17.5%，归母净利润59.16 亿港元，同 比-8.98%。25 财年起公司将黄金借贷由销售成本划为其他收益及亏损，不考虑黄金借贷因素，公司经 营利润147.46 亿港元，同比+9.8%。 公司发布25 年4-5 月未经审计经营数据，零售值同比-1.7%，中国内地-2.9%，港澳及其他市场+6.3%， 其中中国内地黄金首饰及产品同店销售+0.9%。 点评 市场分析：逐季改善。25 财年公司实现营收897 亿港元，同比-17.5%，其中中国内地销售额746 亿港 元，同比-17%，港澳及其他151亿港元，同比-21%。 1）内地：逐季改善，加盟优于直营。 25 财年底周大福珠宝在内地共有零售点6274 家，净减少896 家，同店销售同比-19.4%。其中： —逐季改善：内地、香港及澳门同店销售虽然继续处于下跌态势，但跌幅逐步收窄，如中国内地直营门 店同店FY2025 各个季度分别为-26%、-24%、-16%、-13%。 —加盟优于直营：中国内地直营门店同店销售额下滑19.4%，同店销量下滑30.1% ...

长沙晚报全媒体记者 陈星源 "终于降价了，高低要来尝尝咸淡！"在手机上刷到星巴克降价的消息，上班族王女士立马下了一单。这 正是无数咖啡爱好者最近讨论的话题：6月10日起，高端咖啡品牌代表星巴克，旗下的三大王牌品类"星 冰乐""冰摇茶""茶拿铁"共计数十款产品集体推出全新夏日"心动价"。以大杯产品为例，平均价格降幅 为5元左右，最低价为23元。 像王女士这样通过外卖平台购买的消费者，还能收获多一分惊喜——随着红黄蓝"三色"大军的"外卖大 战"持续升级，叠加各路补贴后，高端咖啡品牌的价格不再"高冷"，最低仅需10余元。高端品牌主动放 下"咖位"背后有着怎样的考量？消费者对此是否买账？记者展开了探究。 想喝一杯平价的高端咖啡？手机外卖是好渠道。在淘宝闪购、京东秒送、美团外卖等平台上，星巴克门 店页面均设置了折扣、特价商品专区，多款产品加入折扣行列，最低降至10元区间。例如在淘宝闪购平 台上，一款名为"白桃气泡美式（大杯）"的饮品券后11.2元即可拿下，而其官方小程序上的原价为36 元，降价幅度接近70%。 除星巴克外，其他高端咖啡品牌的外卖价格也有不同程度降低。记者统计发现，以一杯美式咖啡为例， COSTA、M S ...

以下文章来源于信风TradeWind ，作者刘艺晨 信风TradeWind . 关注资本市场的趋势与发展 作者刘艺晨 编辑松壑 港资黄金珠宝龙头正在悄然发力。 截至3月31日的2025年财年，周大福（1929.HK）营业额同比下跌17.5%至896.56亿港元。 高涨的金价压制消费，成为周大福加速转型的契机。 2025财年，周大福计价产品 销售额同比跌近三成。定价产品反而实现逆势翻倍增长，推动利润表现大超市场预期 。 经营利润同比增长9.8%至147.46亿港元。 叠加金价上涨导致的黄金借贷合约亏损，净利润同比减少9%至59.16亿港元。 渠道及产品结构的优化，在持续改善整体业绩。 今年4-5月，周大福营业额同比跌幅已收窄至1.7%。 内地营业额同比跌幅为2.9%，中国香港、澳门及其他市场已实现增速回正。 2025财年，周大福珠宝镶嵌、铂金及K金同比跌13.8%，然而黄金镶嵌钻石产品销售额同比翻倍。 一口价产品调价频率较金价相对滞后，在金价急涨时凸显性价比。 这也为后续的转型拉开篇章。 金价涨压 至3月31日，金价过去一年涨幅已超40%。 一季度，中国市场金饰消费量同比减少32%至125吨，较过去十年同期的平 ...

Core Viewpoint - Chow Tai Fook plans to issue HKD 8.8 billion convertible bonds to expand its gold jewelry business, upgrade stores, and enhance global presence [1][2] Group 1: Financial Performance - For the fiscal year ending March 31, 2025, Chow Tai Fook reported a revenue of HKD 89.656 billion, a decrease of 17.5% year-on-year, influenced by external macroeconomic factors and high gold prices [1][3] - Despite the revenue decline, operating profit increased by 9.8% to HKD 14.746 billion, with an operating profit margin expanding to 16.4% due to improved product mix and strict cost management [1][3] Group 2: Business Expansion Plans - The company aims to use the net proceeds of approximately HKD 87.15 billion from the bond issuance for expanding gold jewelry production capacity, optimizing supply chain efficiency, and innovating gold derivatives [2] - Chow Tai Fook plans to open about 20 new image stores in mainland China and Hong Kong during the fiscal year 2025, targeting a turnaround in same-store sales and aiming for single-digit growth [4] Group 3: Retail Strategy and Market Positioning - The company has opened five new image stores in mainland China, with new stores showing productivity significantly higher than older ones, exceeding 30% in sales per store [4] - Chow Tai Fook is focusing on Southeast Asia as a key growth engine, having opened three retail points in Thailand, Malaysia, and Japan during the fiscal year 2025 [2]

2025年6月16日凌晨，杭州连锁烘焙品牌欢牛突然发公告宣布闭店，第二天白天开始几乎大部分门 店已经停止运营，欢牛总部人去楼空，生产线、运输线等全线停摆。 消息过于突然迅速，让包括消费者和加盟商、员工在内的所有人都一脸愕然：前一天不是还运行得 好好的吗？怎么突然就关了？ 在欢牛的公告中提到了闭店原因： 成本激增、市场竞争加剧、自身管理失误。 一家地方蛋糕品牌的谢幕，不只是商业新闻，它更像是一面镜子，照出整个烘焙行业的冷暖真相。 在杭州本地，欢牛蛋糕一度是年轻人心中的"蛋糕天花板"。 豆乳盒子、爆浆芝士、果冻酸奶……它推出的产品几乎每一款都曾是朋友圈里的热词。它不仅懂杭 州人喜欢的口味，也很早就掌握了"用视觉卖蛋糕"的密码——切面美、包装潮、文案俏皮，就等于 流量。 我们曾经采访过欢牛的创始人邓邓，她向我们讲述了欢牛的兴起路径与未来规划，"一款爆品撑起一 个品牌"是欢牛的真实写照，曾经在扩张过程中多次撑不下去，都是靠一款或者两款爆品出圈挽回了 颓势。 采访原文见： 【独家专访】从3万块钱私房烘焙创业，到靠大单品年销过亿，「欢牛」告诉我们创新才是生命力！ 在那个"拍照即种草"的年代，欢牛确实做到了产品与传播的双轮 ...

Core Viewpoint - The Hong Kong-based jewelry leader Chow Tai Fook is undergoing a transformation in response to rising gold prices and changing consumer preferences, aiming to optimize its product and channel structure to improve overall performance [1][3][5]. Financial Performance - For the fiscal year ending March 31, 2025, Chow Tai Fook reported a revenue decline of 17.5% year-on-year to HKD 89.656 billion [2]. - The sales of priced products doubled, while the sales of gold-priced products fell nearly 30%, leading to an operating profit increase of 9.8% to HKD 14.746 billion [3]. - Net profit decreased by 9% to HKD 5.916 billion due to losses from gold lending contracts amid rising gold prices [4]. Market Trends - The gold price increased by over 40% in the past year, leading to a 32% year-on-year decline in gold jewelry consumption in China [8]. - The trend towards lightweight consumption is emerging, with lower-priced products gaining popularity in live e-commerce channels [10]. Product Strategy - Chow Tai Fook's sales of gold-inlaid diamond products doubled, while sales of platinum and K-gold products fell by 13.8% [12]. - The proportion of priced products in the gold jewelry category increased significantly from 7.1% to 19.2% [13]. - The company is focusing on high-end retail experiences and has launched new product lines, including collaborations with popular IPs to attract younger consumers [15][18]. Store Expansion and Optimization - Chow Tai Fook's store count expanded rapidly to 7,510 by the end of 2023, with over half of the stores located in lower-tier cities [24]. - The company closed 896 stores in the fiscal year 2025, focusing on improving store quality and efficiency [27]. - New stores are strategically located in premium areas, achieving sales levels close to the overall average for the first time in years [29]. Future Outlook - Chow Tai Fook's inventory balance decreased by 14% to HKD 55.4 billion as of March 31, indicating a focus on strict procurement and inventory management [34]. - The company maintains a cautious sales outlook for the upcoming year, with expectations of reduced store closures [32][33].

2024财年，运动服饰巨头lululemon以106亿美元（约合人民币761.55亿元）的全球净营收，成为继耐 克、阿迪达斯之后全球第三家跻身"百亿俱乐部"的运动品牌。 01、lululemon突然崩了？ 6月5日，lululemon发布2025年财年第一季度报告。 业绩显示，2025财年第一季度lululemon净营收为24亿美元（约合人民币172.43亿元），同比增长7%； 第一季度毛利润率为58.3%，上年同期为57.7%；季度营业利润为4.39亿美元（约合人民币31.54亿 元），占净收入的18.5%，上年同期为19.6%。lululemon还公布了2025财年第二财季的业绩指引，但未 能达到市场预期。公司预计净收入将在25.35亿美元（约合人民币182.12亿元）至25.6亿美元（约合人民 币183.92亿元）之间，增长率为7%至8%。 2025年初，lululemon发布的全年业绩预期显示，营收预计增速仅5%至7%，毛利率还要下降60个基点， 经营利润下滑100个基点。此次财报发布之后，lululemon进一步下调了2025全年的业绩预期：维持了 111.5亿（约合人民币801.06亿元）至113 ...

Core Viewpoint - Chow Tai Fook's financial performance for the fiscal year ending March 31, 2025, shows a significant decline in revenue and net profit, reflecting challenges in the jewelry retail sector amid global economic uncertainties and fluctuating gold prices [2][5]. Financial Performance - Chow Tai Fook reported a 17.5% year-on-year decline in revenue to HKD 89.656 billion and an 8.97% decrease in net profit to HKD 5.916 billion for the fiscal year [2]. - Same-store sales in mainland China fell by 19.4%, while sales in Hong Kong and Macau dropped by 26.1% [2]. Market Conditions - The jewelry retail sector is under pressure due to global economic uncertainties, changes in consumer behavior, and ongoing fluctuations in gold prices [5]. - Despite the revenue decline, Chow Tai Fook's operating profit increased by 9.8% to HKD 14.746 billion, with a gross margin expansion of 550 basis points to 29.5% [5]. Strategic Initiatives - The company is actively optimizing its store structure by closing underperforming locations, with a net closure of 896 retail stores in mainland China, bringing the total to 6,274 [7]. - Chow Tai Fook plans to open approximately 20 new high-profile stores in mainland China and Hong Kong in the current fiscal year [8]. Product Development - The company is focusing on enhancing the design premium and craftsmanship of its gold products, with a 29.4% decline in revenue from gold products due to price volatility, while revenue from priced gold products surged by 105.5% [10]. - The launch of the high-end jewelry series "Timeless Harmony" marks a significant step in Chow Tai Fook's transition into the high-end jewelry market [10]. Competitive Landscape - Chow Tai Fook faces increasing competition from emerging players like Lao Pu Gold, which reported a 166% increase in revenue and a 254% rise in net profit [12]. - The company maintains a leading market share and diverse product offerings, emphasizing its long-standing history and comprehensive supply chain as competitive advantages [14].

作为新任创意总监，Demna即将为Gucci带来其首个完整系列，这场首秀不只是创意层面的焕新，更是 Gucci在集团危机边缘做出的"速度博弈"。开云集团如今正面临105亿欧元的债务压力，不得不出售其位 于纽约第五大道的部分高端地产资产以缓解财务紧张。在这一背景下，Gucci作为集团的核心品牌，其 转型成败已不仅关乎品牌本身，更关乎整个开云集团的未来走向。 Burberry的"先行者"经验：从先锋到代价 Gucci并非第一个尝试"即看即买"的奢侈品牌。早在2016年，Burberry就曾以"先锋者"姿态全力推行该模 式，成为第一个在大秀结束后立即开放全线新品发售的国际奢侈品牌。彼时的创意总监Christopher Bailey打破传统发布节奏，将秀场系列直接面向消费者销售，打造"秀场即门店"的消费场景。 这一转型策略在当时可谓激进，Burberry迅速打通从秀场到电商、门店、社交媒体的销售链路，结合 Instagram、微信、Snapchat等平台，实现了从"看"到"买"的即时体验，成功引发了一波行业模仿潮。在 中国市场，Burberry更通过微信小程序快闪店、定制化线上体验等方式探索"社交+零售"的新模式，堪 ...

通过严格采购和回收老化库存，FY25公司库存余额同比-14%至554亿港元，但由于计重黄金产品及宝石 首饰销售相对疲弱，库存周转天数同比增加73天，FY25经营活动现金流同比-25%至103亿港元。 金价快速上涨影响收入，年内调整内地渠道数量优化门店结构 在FY25黄金价格上涨超过40%的背景下，公司收入同比-17.5%，但下半财年同比跌幅-15%好于上半财 年的跌幅-20%。年内公司持续推进品牌转型，一方面在中国内地和中国香港开设5家新形象店、提升购 物体验;另一方面关闭中国内地店效较低的门店，门店经营质量得到优化，店效的改善也缓解了关店对 收入带来的影响，FY25中国内地同店下滑19%、门店数量同比减少12%至6,501家，但全年内地收入仅 下滑17%。港澳及其他地区FY25收入同比-21%，其中同店下滑26%，门店同比净增1家。产品方面，周 大福在FY25财年内推出的传福系列、故宫系列零售额均超过40亿港元，反映公司出色的产品创新开发 能力，并推动毛利率提升。 毛利率受益于金价上涨和一口价占比提升，叠加良好的费用控制，FY25经营利润率同比大增4.1ppt FY25公司毛利率同增5.6ppt好于预期，其 ...