大快活的收入包括经营快餐店和物业投资，其中经营快餐的收入占总收入的比例超过99%。而按照地区 划分，大快活的收入可以分为香港餐厅和内地餐饮收入。截至2024年9月30日，大快活集团在香港经营 149家大快活快餐和10家特色餐厅，包括"ASAP""一碗肉燥""一叶小厨"以及最新推出的Ombra；大快活 集团在内地拥有23家大快活快餐店，较3月底净减少门店1家。 针对净利下跌后采取促销优惠措施提振收入是否会对净利润造成影响等，5月29日，南都湾财社记者联 系大快活方面，截至发稿，尚未收到回复。 （文章来源：南方都市报） 近日，香港快餐公司大快活发布《盈利预警》称，2025财年（2024年4月1日至2025年3月31日），其预 计公司净利润同比下降不超过30%，即至少不低于3549万港元。大快活称，净利润下跌主要因为香港居 民外游消费趋势；香港及内地价格竞争加剧以及整体经济环境影响。 相比2025财年中期财报，大快活全年度的净利润下滑幅度有所收窄，截至2024年9月30日止的6个月，其 净利润跌幅为57.26%。 大快活表示，其已经采取全面措施应对挑战，收入优化措施包括推出针对性的促销活动、特定时段的价 格优惠以及 ...

苹果正计划以年份为基础的命名方式对其主要软件进行重大品牌重塑，将升级iOS 18软件至iOS 26。 ...

Financial Data and Key Metrics Changes - Net revenue for Q4 FY2025 was $508.4 million, an increase of $88.2 million or 21% compared to $420.1 million in the prior year [11] - Consolidated gross margin decreased to 22.8%, down 80 basis points from 23.6% in the same period last year [13] - Net income was $36.3 million compared to $33.9 million in the same quarter of the prior year, with diluted earnings per share at $4.47 versus $4.03 [15] Business Line Data and Key Metrics Changes - In the factory-built housing segment, net revenue was $487.9 million, up 22.4% from $398.5 million in the prior year quarter, driven by a 28.5% increase in homes sold [11][12] - Financial Services segment net revenue decreased to $20.5 million, down 5.2% from $21.6 million in the prior year, due to fewer loan sales and insurance policies [12] Market Data and Key Metrics Changes - Unit shipments increased by almost 29% year over year, indicating a positive market activity across retail channels [7][18] - The backlog was down sequentially but showed a healthy increase in March, with plants holding 5 to 7 weeks of backlog [8] Company Strategy and Development Direction - The company is focusing on a rebranding strategy, renaming manufacturing plants to the Cavco name to improve customer recognition and streamline product lines [9][43] - Continued strategic investments in plant improvements and acquisitions have increased production capacity, supported by strong cash generation and a debt-free balance sheet [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted economic uncertainty in Q4 but highlighted a positive uptick in buyer activity in March, indicating a potential recovery in demand [5][7] - The company remains confident in its ability to manage production rates and backlogs, with expectations for increased production in the upcoming quarters [25] Other Important Information - The company repurchased approximately $33 million of stock in Q4, cumulatively buying back 15.5% of outstanding shares since the program's inception [10][16] - The effective income tax rate decreased to 15.4% for Q4, attributed to higher ENERGY STAR tax credits and stock option exercise benefits [15] Q&A Session Summary Question: Expectations for production rates in Q1 relative to Q4 - Management indicated that production rates are expected to remain consistent with Q4, with some plants looking to increase production based on backlog growth [22][25] Question: Impact of February weather on production and margins - Management acknowledged that February's unusual weather caused lost production days, which may have exerted downward pressure on gross margins, but the impact was not deemed significant [36][38] Question: Details on pricing competition and market dynamics - Management noted that pricing competition is more pronounced in lower-priced homes, particularly single wides, while overall pricing pressure has not been widespread across the country [60][64] Question: Impact of tariffs on cost of goods sold - Management confirmed that tariffs did not impact Q4 results, but they expect limited effects in Q1 and potentially more significant impacts in Q2 as tariffs take effect [79][80] Question: Insights from recent congressional hearings on housing supply - Management emphasized the importance of focusing on supply issues in the housing market and highlighted potential legislative changes that could benefit the industry [84][86]

Financial Data and Key Metrics Changes - Net revenue for Q4 FY2025 was $508.4 million, an increase of $88.2 million or 21% compared to $420.1 million in the prior year [12] - Consolidated gross margin decreased to 22.8%, down 80 basis points from 23.6% in the same period last year [14] - Net income was $36.3 million compared to $33.9 million in the same quarter of the prior year, with diluted earnings per share at $4.47 versus $4.03 [15] Business Line Data and Key Metrics Changes - Factory built housing segment net revenue was $487.9 million, up 22.4% from $398.5 million in the prior year quarter, driven by a 28.5% increase in homes sold [12][13] - Financial Services segment net revenue decreased to $20.5 million, down 5.2% from $21.6 million in the prior year, due to fewer loan sales and insurance policies [13] Market Data and Key Metrics Changes - Unit shipments increased by almost 29% year over year, indicating a positive market activity across retail channels [7][19] - The backlog was down sequentially, with five to seven weeks of backlog across the system [8] Company Strategy and Development Direction - The company is focusing on a rebranding strategy to unify its manufacturing plants under the Cavco name, enhancing customer search efficiency and leveraging digital marketing [10][41] - Continued strategic investments in plant improvements and acquisitions have increased production capacity, supported by strong cash generation and a debt-free balance sheet [10] Management's Comments on Operating Environment and Future Outlook - Management noted economic uncertainty in Q4 but highlighted a positive uptick in orders in March, indicating buyer activity in the housing market [5][7] - The company remains confident in its ability to manage production rates and backlogs, with expectations for increasing production rates across many plants [25] Other Important Information - The company repurchased approximately $33 million of stock in Q4, cumulatively buying back 15.5% of outstanding shares since the buyback program began [11][16] - The effective income tax rate decreased to 15.4% due to higher ENERGY STAR tax credits and greater tax benefits from stock option exercises [15] Q&A Session Summary Question: Expectations for production rates for fiscal first quarter - Management indicated production rates are expected to remain consistent with Q4, with some plants looking to increase production based on backlog growth [23][25] Question: Impact on gross margin and operating margins in Q1 - Management noted that while there was downward pressure from reduced average selling prices, lower input costs could help stabilize margins [29][30] Question: Details on February's lost production days - Management confirmed that unusual weather in February affected production, particularly in Texas and Southeast states, resulting in about 24 lost operating days [35][36] Question: Clarification on pricing seasonality - Management stated that pricing does not typically show seasonality, and while there has been some price pressure, it is not uniform across all regions [72][73] Question: Impact of tariffs on cost of goods sold - Management confirmed that tariffs did not impact Q4 results, but potential effects could be seen in Q1 and Q2 as costs adjust [77][78] Question: Activity in March and April compared to site builders - Management noted that the manufactured housing market is less affected by inventory dynamics compared to site builders, leading to stronger demand [96][97]

重塑品牌基因 and a particle of the 作为意大利顶尖轿跑车的代表，全球知名"三叉戟"车标的玛莎拉蒂的"回归"吸引眼球。 近日，Stellantis宣布，旗下玛莎拉蒂跑车的生产将于今年年底前从都灵的Mirafiori工厂迁移至摩德纳，而摩德纳是玛莎拉蒂品牌的诞生之地。 目前，玛莎拉蒂之前的一些业务计划已经搁置，现处于全面评估阶段。其首席执行官表示，将GranTurismo和GranCabrio车型的生产迁回摩德纳，是一 项值得自豪的战略决策。这既能结合工业传承与未来发展能力，在2025年第四季度于摩德纳启动生产时，还能巩固品牌根基并给客户带来期望的体验。 产生多维度影响 近年来，在全球汽车产业进入变革期，市场竞争出现新格局之际，玛莎拉蒂的发展也遭遇了重重挑战。 玛莎拉蒂作为一家意大利豪华汽车制造商，1914年12月1日成立于意大利。在100多年的发展历程中，玛莎拉蒂曾经归属于同诞生于摩德纳的法拉利， 1993年菲亚特收购玛莎拉蒂，后为菲亚特克莱斯勒汽车拥有。现为Stellantis集团旗下子品牌。如今作为超豪华品牌的玛莎拉蒂，被称为意大利设计美学以及 优质工匠设计思维结晶的巅峰之一。 玛莎拉 ...

据集团财报披露，皮具品类贡献总销售额的44.2%，较去年同期提升4.2个百分点，持续验证新任创意总 监Maximilian Davis主导的产品革新战略。Hug手袋系列通过多尺寸、多材质的矩阵式开发保持市场热 度，新推出的Soft系列通过可调节肩带与模块化设计，精准捕获年轻消费群体对功能美学的复合需求。 （原标题：Ferragamo2025首季财报：皮具业务逆势增长9.6%） 意大利奢侈品牌Salvatore Ferragamo于5月14日发布2025财年首季业绩报告。在奢侈品行业整体承压的市 场环境下，集团实现总营收2.21亿欧元，按当前汇率计算同比下降2.6%（按固定汇率计降幅收窄至 1.0%）。值得关注的是，核心皮具业务逆势增长9.6%，展现出战略调整期的结构性改善。 分区域观察，日本及拉美市场受益于旅游零售复苏呈现稳健发展。但亚太区（除日本）受中国内地消费 需求疲弱影响，成为主要拖累因素。 面对行业波动周期，Ferragamo维持全年营收中个位数增长预期。首席执行官Marco Gobbetti表示："我 们在高利润品类的战略聚焦已初见成效，皮具业务的强劲表现抵消了部分市场的短期波动。随着秋季新 品矩阵 ...

"品牌必须有一以贯之的使命、愿景和价值观，它不能随波逐流，也不能为了一时流行就改变方向。"马振山呼吁，国内车企应以"第一性原理"去反思品牌建 设，理解消费者为什么要选择一台车、选择这个品牌。 谈及中国品牌的发展现状，马振山认为，中国车企在智能化、电动化方面虽然走在前列，但仍需向外资品牌虚心学习。他以大众集团和丰田汽车为例指出， 外资车企已明确智能化路线图，并灵活运用原有积淀、本土适配和合作伙伴的力量。"他们并不是反应慢，而是等着看你的路怎么走，产业链是否稳固，用 户接受度如何，然后再排兵布阵。" 马振山也针对营销领域谈及了他的看法。他认为，面对激烈的市场竞争，营销已不再是简单的传播与促销，而是从"种草到收割"的系统性运作。他认为，应 借助小红书、抖音等新媒体平台的内容属性，精准完成产品孵化、上市到换代的全周期规划，同时对热点与负面信息进行敏捷响应。 "真正优秀的营销，需要体系化的作战策略和学科知识支撑。每个平台都有不同打法，小红书讲审美、抖音讲互动、视频号讲生态，不能一套打法通吃。" 汽车出海是当前各大车企发力的重点方向。谈及当前形势下的汽车"出海"，马振山直言："这是一个不得不做出的选择。"他指出，中国市场 ...

Financial Data and Key Metrics Changes - The fourth quarter revenue decreased by 11% to $1.2 billion, slightly better than the expected 10% decline for the full year [38][45] - Full year revenue declined by 9% to $5.2 billion, with North American revenue down 11% and APAC revenue down 13% [45][46] - Gross margin for the fourth quarter increased by 170 basis points year over year to 46.7%, driven by lower product and freight costs [42][46] - Full year gross margin increased by 180 basis points to 47.9%, surpassing expectations [46] Business Line Data and Key Metrics Changes - Apparel revenue decreased by 11%, while footwear revenue declined by 17% [41] - Accessories revenue increased by 2%, benefiting from the decision to bring the socks business in-house [41] - Direct to consumer revenue was down 15%, primarily due to a 27% decrease in e-commerce sales [40] Market Data and Key Metrics Changes - North American revenue declined by 11%, primarily due to a decrease in the DTC business [38] - EMEA revenue decreased by 2%, remaining flat on a currency-neutral basis [39] - APAC revenue was down 27%, attributed to a highly competitive environment [39] Company Strategy and Development Direction - The company is focusing on higher quality revenue and brand strength while driving gross margin expansion [46][50] - A category management operating model is being implemented to enhance efficiency and decision-making [12] - The company aims to reduce promotional activities to build a more premium online presence [40][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving business environment and emphasized the importance of agility [5][36] - The company anticipates a modest top-line contraction for fiscal 2026 due to recent changes in trade policy [46][50] - Management highlighted the need for a disciplined approach to cost management while maintaining marketing investments [78] Other Important Information - The company has recognized $32 million in restructuring charges for the fourth quarter, with total charges expected to be between $140 million and $160 million [43][46] - Inventory was down 1% year over year to $946 million, aligning with expectations [44] Q&A Session Summary Question: Can you provide more details about the North American reset? - Management highlighted the importance of leadership and the need to move away from constant discounting to build brand momentum [54][60] Question: What can you share about upcoming major brand activations? - The company plans to embrace its underdog DNA with a campaign that focuses on storytelling rather than price [62][64] Question: How is the company planning to normalize e-commerce with reduced promotional activities? - Management emphasized the importance of creating a brand-inspired online experience and leveraging loyalty programs to drive revenue [72][74] Question: What are the expected savings from the restructuring plan? - The company anticipates $75 million in annual savings from restructuring efforts, with a focus on maintaining marketing investments [76][78] Question: Can you provide insights on inventory management? - Management expressed confidence in managing inventory tightly and noted that a significant portion is current, minimizing old or excess stock [84]

十多年前的上海南京西路，人们第一次在一间简朴得近乎冷清的店铺里，看到了"生活方式"这个词可以被商品具象化成什么模样。 但进入2020年代，这份克制的美学在中国市场不再拥有天然的稀缺性。无印良品没变，变的是这个时代的节奏。以#名创优品、#网易严选、#小米有品 为 代表的本土品牌崛起，以更低价格、更高频率、更强触达率，重塑了大众对"日常生活用品"的认知。 与此同时，中国消费者愈发成熟、理性，对品牌背后的溢价逻辑愈发敏感。 在剧烈变化的零售战场上，无印良品正经历一段由盛转衰的现实考验。业绩增速放缓、门店热度不再、品牌心智滑落，它正一步步走下曾经的神坛。 那是#MUJI无印良品 在中国的第一家门店，没有闪烁的灯牌，没有喧嚣的促销语，一切都静静地摆放在原木色的货架上，如同一场隐秘而克制的宣言。 然而，这并不意味着它已无力翻身。毕竟，它所代表的那份克制、理性与耐用，依然是快节奏商业世界中难得的价值锚点。在浮躁的市场逻辑中，MUJI 仍坚持自己"不是为了刺激消费，而是为了服务生活"的理念；在被价格与流量反复裹挟的环境中，它依然保有一套值得珍视的审美系统与产品哲学。 它的极简与克制，与当时中国都市中产刚刚萌芽的审美情绪不谋而 ...

安踏体育 20250509 摘要 • 安踏体育二季度零售端折扣稳定，库存可控，预计 618 大促将推动销售增 长，对二季度业绩持乐观态度，但需关注国内经济形势对后续月份的影响。 • 狼爪品牌收购预计 2025 年二季度末至三季度中完成，整合期预计半年至 一年，中国区业务将优先发展，采用 DTC 模式增加直营店铺，并调整产品 结构以吸引年轻消费群体。 • 安踏预计狼爪品牌在中国和德国市场有较大改善空间，2025-2026 上半 年为过渡期，新商品开发需 12-18 个月，但预计扭亏为盈速度快于以往小 品牌。 • FILA 品牌表现稳健，江燕总上任后，公司对其未来发展充满期待，FILA 将延续时尚线和专业线，减少 SKU 数量，集中于核心商品，打造爆品。 • 安踏 2025 年将延续投资者战略，重点调整商品端，新商品预计 2026 年 Q1 推出，强调多场景消费，保持 VIP 顾客粘性，渠道方面进行品牌重塑， 保持折扣管控良好。 • 安踏主品牌通过超级安踏新店型贡献市场增量，冠军店客单价高，选址核 心高端商场，超级安踏则进行多维度测试，年底目标 180 家，并逐步减少 普通安踏门店数量。 • 安踏集团计划回购 1 ...