每经记者｜杜蔚 每经编辑｜魏官红 又有多个大牌"卖不动"了。继LV母公司LVMH集团之后，全球三大奢侈品集团之一的开云（Kering集 团）也发布了一份营收、利润双双下滑的成绩单。 7月29日晚，开云集团发布2025年第二季度及半年业绩报告。财报显示，今年第二季度，开云集团营收 下降15%至37亿欧元，在集团利润中占比最大的Gucci（古驰）营收下降27%至14.6亿欧元。《每日经济 新闻》记者注意到，这已是Gucci连续6个季度销售下滑。而在今年上半年，开云集团整体营业收入 75.87亿欧元，同比下降16%；经常性营业利润9.69亿欧元，同比下降39%；净利润4.74亿欧元，同比下 降46%。Gucci营收同比下滑约26%至30.27亿欧元。 净利润骤降46% 全球门店净减少24家 今年上半年，开云集团营收、净利润双双下滑。财报显示，开云集团营业收入同比下降16%至75.87亿 欧元；净利润同比下降46%至4.74亿欧元。其中，第二季度营收下降16%，降幅超过一季度。 分品牌来看，开云集团旗下两大主力品牌Gucci、YSL（圣罗兰）继续显露颓势。今年上半年，Gucci营 收30.27亿欧元，同比下降26%； ...

Core Insights - Bosideng achieved a record revenue of 25.902 billion yuan for the fiscal year 2025, marking an 11.58% year-on-year growth, with net profit increasing by 14.31% to 3.514 billion yuan, continuing a nine-year trend of record highs in both revenue and profit [1] Group 1: Brand Evolution and Market Position - Bosideng has transformed from a budget brand to a high-end player, with product prices rising significantly from an average of 1,000 yuan in 2017 to a range of 1,800 to 3,000 yuan in 2024, appealing to middle-class consumers willing to pay for brand quality [5][11] - The brand's image has shifted dramatically since 2013-2017, a period marked by declining sales and negative consumer perceptions, leading to a strategic overhaul starting in 2018, including a focus on high-end down jackets and participation in international fashion events [6][7][8] - The company has successfully repositioned itself through marketing strategies that include high-profile fashion shows and collaborations with celebrities, enhancing its appeal among younger consumers [9][10] Group 2: Financial Performance and Challenges - In the fiscal year 2025, the main brand contributed 18.481 billion yuan, accounting for 71.3% of total revenue, while the OEM business generated approximately 3.373 billion yuan, representing 13.0% of total revenue [11][12] - Despite revenue growth, Bosideng faces challenges with rising marketing expenses, which have increased from 4.276 billion yuan in 2020 to 8.524 billion yuan in 2025, constituting about 32.9% of total revenue [10] - The company is experiencing pressure on gross margins, which fell by 2.3 percentage points to 57.3% in the latest fiscal year, indicating potential difficulties in maintaining profitability amid high-end market positioning [25] Group 3: Leadership and Strategic Direction - The leadership dynamic between founder Gao Dekang and his wife Mei Dong has been pivotal, with Gao focusing on strategic planning and Mei overseeing operational execution, driving the company's high-end transformation [13][15] - Mei Dong has initiated diversification efforts in response to market saturation in high-end down jackets, introducing new product lines to meet evolving consumer demands [15][18] - Concerns about succession are emerging as the couple ages, with their son Gao Xiaodong being groomed as a potential successor, although his past performance in non-core business areas raises questions about future leadership effectiveness [16][17]

Core Insights - Bosideng, known as the "King of Down Jackets," achieved a record revenue of 25.902 billion yuan for the fiscal year 2025, marking an 11.58% year-on-year growth, with net profit reaching 3.514 billion yuan, up 14.31% [1] - The brand has transformed from a budget-friendly option to a high-end player, appealing to middle-class consumers who are willing to pay for quality and brand prestige [1][6] Revenue and Profitability - The revenue from Bosideng's main down jacket business was approximately 21.668 billion yuan, accounting for 83.7% of total revenue, while OEM management business contributed about 3.373 billion yuan, or 13.0% [9] - The average price of Bosideng's products has increased significantly, with the average price range now between 1,800 to 3,000 yuan, compared to 1,000 yuan in 2017 [3][5] Brand Strategy and Market Positioning - Bosideng underwent a major brand transformation starting in 2018, focusing on high-end down jackets and successfully participating in international fashion events, which helped elevate its brand image [5][6] - The company has optimized its sales channels by opening high-end flagship stores and expanding its online presence, which has contributed to its sales growth [5][6] Marketing and Consumer Perception - The brand's marketing strategies have included high-profile fashion shows and collaborations with celebrities, which have enhanced its visibility and appeal among younger consumers [6][7] - Despite the successful rebranding, there are concerns about the high marketing expenses, which have remained significant over the years [8] Challenges and Competition - Bosideng faces increasing competition from both international luxury brands and emerging domestic players, which are also targeting the high-end market [16][17] - Consumer acceptance of high-priced down jackets is limited, with most preferring prices between 200 to 1,000 yuan, indicating potential challenges for Bosideng's pricing strategy [19] Financial Health and Operational Efficiency - The company's inventory turnover days increased to 118 days, and inventory rose from 3.197 billion yuan to 3.951 billion yuan, suggesting a mismatch between revenue growth and inventory management [21] - Bosideng's overall gross margin decreased by 2.3 percentage points to 57.3%, reflecting challenges in maintaining profitability amid its high-end strategy [21]

Core Viewpoint - The Chinese liquor industry is entering a deep adjustment period in 2024, with intensified market competition and frequent personnel changes, prompting companies to view "reform" as a key driver for exploring new growth points to meet challenges and embrace opportunities [2] Company Overview - Wu Xiangdong, chairman of Zhenjiu Lidu Group, has gained significant attention in the liquor industry through his outspoken views on social media, becoming a new "internet celebrity" in the sector [5] - Zhenjiu Lidu has experienced fluctuations in performance amid the industry's adjustment cycle, with 2024 revenue reaching 70.67 billion yuan, a slight increase of 0.52% year-on-year, while net profit attributable to shareholders fell by 43.12% to 13.24 billion yuan [6][19] Strategic Initiatives - To adapt to current consumer trends, Zhenjiu Lidu has reintroduced the strategic new product "Da Zhen·Zhenjiu" and signed Yao Anna as the "Cultural Heritage Ambassador," with Wu Xiangdong personally promoting the product [8][22] - The company aims to enhance its market position by focusing on the next high-end product segment, with "Da Zhen" priced at 888 yuan, and has allocated a significant portion of its budget towards this initiative [22][24] Market Position and Competition - Zhenjiu Lidu has maintained its position as the third-largest sauce-flavored liquor brand in Guizhou for two consecutive years, with revenue from the Zhenjiu brand at 44.80 billion yuan in 2024 [18][20] - The company faces competition from other brands like Guotai, which has set a sales target of 60 billion yuan for 2025, intensifying the competitive landscape [18] Financial Performance - The company's financial performance shows a decline in net profit primarily due to non-operating financial instrument valuation changes, stock incentive costs, and listing expenses [20] - Revenue breakdown indicates that only the Lidu brand saw growth, with an 18.3% increase to 13.13 billion yuan, while the core brand Zhenjiu experienced a revenue decline [20][21] Future Outlook - 2025 marks the 50th anniversary of Zhenjiu, and the company aims to transition towards becoming a world-class brewing enterprise, indicating a need for transformation and enhanced industry adaptability [25]

Core Viewpoint - OPPO is set to launch the K13 Turbo series on July 21, featuring an active cooling fan, which is a significant upgrade over the passive cooling systems commonly used in smartphones. This innovation aims to enhance performance stability during high-demand tasks [1]. Group 1: Market Expectations and Concerns - Many gaming enthusiasts are looking forward to the new release [2]. - However, there are concerns among potential buyers about the risk of significant price drops shortly after launch, similar to the experience with the Find X8 Ultra, which saw a price reduction of 1100 yuan within a month of its release [3][4]. Group 2: Historical Pricing Issues - OPPO has a longstanding issue with rapid price drops across its product lines, with the Find X6 dropping nearly 1000 yuan within six months and the Find X7 series experiencing over 600 yuan reductions shortly after launch [5]. - The Find X8 series, despite being popular, was labeled as the "annual price drop king" due to its quick depreciation [5]. Group 3: Brand Perception and Market Position - A store manager noted that OPPO products often see price drops within just a few days of launch, which could undermine the brand's high-end positioning [6]. - The lack of price stability may hinder OPPO's efforts to compete in the high-end market against brands like Apple and Huawei, which maintain higher resale values and brand prestige [6]. Group 4: Factors Contributing to Price Drops - The first factor is insufficient technological innovation, as OPPO's flagship products primarily focus on camera and display features, which are not high-value differentiators [7][8]. - The second factor is weak channel control, leading to price chaos in the market, especially with discounts offered by smaller retail outlets [11][13]. - The third factor is internal brand competition, particularly between OPPO and OnePlus, which has led to overlapping product offerings and diminished market differentiation [17][18]. Group 5: Market Performance and Challenges - OPPO's global shipment volume declined by 1.7 million units year-on-year in Q1 2025, resulting in a 6.8% drop in market share, making it the only brand among the top five to experience a decline [19]. - The company faces a strategic dilemma between maintaining a broad product range and pursuing a high-end market transformation [20]. Group 6: R&D and Innovation - Despite significant R&D investments, including over 10 billion yuan in chip development, OPPO has struggled to translate its technological advancements into commercial success [34]. - OPPO ranks eighth globally in 5G standard essential patents, yet this has not translated into a competitive advantage in the smartphone market [26]. - The company has faced challenges in brand perception, with consumers often associating OPPO with being "low-key" rather than innovative [28]. Group 7: Legal and Market Challenges - OPPO has been involved in multiple patent disputes, which have negatively impacted its market performance, particularly in Europe, where its foldable phone market share dropped by 63% [40]. - The company needs to balance its R&D efforts with effective commercialization strategies to enhance its market position and brand value [40].

Summary of Conference Call Industry Overview - The conference call focused on the pet food industry, specifically discussing the latest data and investment recommendations for the sector [1][2]. Key Points and Arguments - **June Sales Data**: In June, the growth rates for pet food across three major channels (Tmall, JD, and others) were reported as -3.2%, -26%, and +30% respectively, leading to an overall decline of 3.1% year-on-year [1]. - **618 Shopping Festival Performance**: The overall growth rate during the 618 shopping festival showed a slowdown, with combined growth rates for May and June 2023 at 25%, while the same period in 2024 was projected at 14%, and only 7.4% for the current year [2]. - **Brand Performance**: High-growth brands such as Friega and Chen Eleven continued to perform well, while most mid-to-low-end brands did not show similar growth, indicating a trend of brand differentiation within the industry [2][3]. - **Market Dynamics**: The overall market growth for the first half of the year remained strong, but significant disparities in brand performance were noted [4]. - **Cost Factors**: Increased costs due to new production capacity and depreciation expenses from new factories, such as the second factory in Thailand, were highlighted as short-term factors affecting profit growth [5]. - **Pricing Strategies**: During the 618 period, high-end brands offered significant discounts, which negatively impacted their gross margins, leading to lower-than-expected profit growth for the quarter [6]. - **Long-term Outlook**: Despite short-term fluctuations, the company is positioned as a leading player in the domestic pet food market, with expectations for brand growth to remain above 30% [6][7]. - **Investment Recommendation**: The current stock price presents a good buying opportunity, and the decline in reliance on major sales events is seen as a positive trend towards more rational consumer behavior [8]. Additional Important Insights - The overall decline in the industry's dependence on major sales events like 618 is viewed positively, reflecting a shift in consumer shopping habits towards more rational purchasing decisions [8].

Core Viewpoint - Bain Capital, the controlling shareholder of Canada Goose Holdings Inc., is considering selling part or all of its stake in the company [1] Group 1: Company Performance - Canada Goose's revenue growth has shown a significant slowdown, with projected revenue growth rates of 21.54%, 10.84%, 9.6%, and 1.1% from fiscal year 2022 to 2025 [4] - In fiscal year 2025, Canada Goose reported a revenue increase of 1.1% to CAD 1.348 billion, while net profit surged by 78.3% to CAD 104 million [4] - The Greater China market's revenue grew by 1.0% to CAD 427 million, but this was a significant decline from the 47% growth in fiscal year 2024 [5] Group 2: Market Dynamics - Canada Goose's global store count reached 74, with 30 stores located in 18 cities across Greater China [5] - The competition in the high-end down jacket market in China has intensified, with local brands like Bosideng and international brands like Moncler gaining traction [7] - Moncler has adopted a fashion-oriented transformation strategy and has entered the Chinese market aggressively, including opening a flagship store on Tmall [7] Group 3: Management Changes - Canada Goose has undergone multiple leadership changes in its China operations since 2022, with three different presidents appointed in a short span [5][6] Group 4: Regulatory Issues - Canada Goose faced a fine of RMB 450,000 for false advertising related to its products, which misled consumers about the quality of the down used in its jackets [8][9]

Core Viewpoint - Vivo is facing a public relations crisis similar to the one experienced by Baidu's former vice president, Qu Jing, due to a controversial response from its public relations director, Wang Qiao, regarding user complaints about product updates [2][3][6]. Group 1: Crisis Overview - Users of the Vivo X200 Ultra expressed dissatisfaction over the lack of a software update compared to competitors, leading to a significant drop in user ratings from 8.9 to 5.3 on a review platform [3][4]. - Wang Qiao's dismissive comments on social media sparked outrage among consumers, prompting some to threaten switching to rival brands like Xiaomi and OPPO [4][6]. - The controversy extended to other Vivo models, with users questioning the prioritization of updates and demanding explanations [5]. Group 2: Response and Management Issues - Wang Qiao eventually issued an apology, acknowledging a lack of empathy and announcing a pause on his social media activity, but the damage had already been done [6][8]. - Vivo's delayed response to the crisis, taking five days to address user concerns, contributed to the escalation of negative sentiment [8][10]. - The company's official communication was limited to a technical update announcement, lacking any meaningful engagement or compensation for affected users [11][12]. Group 3: Implications for Brand Strategy - The incident highlights Vivo's need to improve its public relations management, especially as it aims to penetrate the high-end market [7][20]. - Vivo's traditional focus on technical rationality may hinder its ability to connect emotionally with consumers, which is increasingly important in the current market landscape [14][19]. - The company's long-standing "modest" culture may limit its willingness to innovate and adapt, potentially affecting its competitiveness in the high-end segment [24][30]. Group 4: Market Position and Future Outlook - Vivo's strategy has historically relied on extensive distribution and market penetration, but this may not suffice in the evolving smartphone market [21][22]. - The brand's lack of self-developed SoC chips and limited ecosystem offerings could pose challenges in establishing a strong foothold in the high-end market [30][31]. - Despite these challenges, Vivo continues to produce competitive products and has a solid foundation, suggesting potential for future growth if it addresses its current shortcomings [34].

Core Viewpoint - The leadership transition at Great Wall Motors involves the appointment of Feng Fuzhi and Chang Yao as CEOs of the Wei brand and Tank brand, respectively, reflecting the company's strategic shift towards a direct-to-consumer (DTC) model to enhance brand positioning and sales performance [1][3][5]. Group 1: Leadership Changes - Liu Yanzhao has been promoted to Vice President of Great Wall Motors, overseeing the company's communication platform, and will no longer serve as CEO of the Wei and Tank brands [2]. - Feng Fuzhi joined Great Wall Motors at the end of 2023 as Vice President and has a background in retail management from Xpeng Motors and Li Auto [4]. - Chang Yao, who has been with Great Wall Motors since 2005, has held various roles and was appointed CEO of the Tank brand in May 2025 [5]. Group 2: Strategic Initiatives - Great Wall Motors is implementing a direct sales model, having opened over 400 direct sales stores with plans to expand to 600 by the end of 2025, aiming to enhance sales and brand premiumization [5]. - The direct sales model is expected to unify brand image, strengthen user operations, and improve service experience compared to traditional dealership models [5]. Group 3: Market Performance - In the first half of 2025, Wei brand sales reached 34,500 units, a year-on-year increase of 73.62%, while Tank brand sales were 104,000 units, reflecting a decline of 10.67% [6]. - The differing impacts of the direct sales strategy on the Wei and Tank brands highlight variations in brand positioning, user demographics, and product structures [6].

Core Viewpoint - The resignation of He Xiuxia, the general manager of Jinzhongzi Wine, is linked to the company's poor performance, with significant losses reported during her tenure [2][3]. Financial Performance - Jinzhongzi Wine reported cumulative losses of 467 million yuan from 2022 to 2024, with a 37% revenue drop in 2024 to 925 million yuan [2][3]. - The company experienced a net profit loss of 187 million yuan in 2022, 22 million yuan in 2023, and 258 million yuan in 2024 [3]. - In Q1 2025, the company reported a revenue of 296 million yuan, a year-on-year decline of 29.41%, and a net profit loss of 39 million yuan, a decrease of 320.62% [3]. Executive Compensation - Despite the financial losses, the total compensation for the executive team increased significantly, from 3.441 million yuan in 2021 to 11.1413 million yuan in 2024 [2][3]. - He Xiuxia's highest annual salary during her tenure reached 3.0496 million yuan [3]. Shareholder Sentiment - Shareholders expressed dissatisfaction with executive compensation during the 2024 annual meeting, with 45.59% and 45.57% of votes against the proposed compensation for directors and supervisors, respectively [3][5]. Market Position and Challenges - Jinzhongzi Wine struggles with brand recognition outside its home province, limiting its market presence in competitive environments [9]. - The company faces challenges in upgrading its product offerings, particularly in the mid-to-high-end segments, as consumer preferences shift towards established brands [7][9]. - Revenue from low-end products declined by 29.08% in 2024, and by 40.89% in Q1 2025 [11]. Strategic Direction - He Xiuxia aimed to improve the company's brand image and product structure but did not achieve these goals before her departure [11]. - The company is now under the interim management of Liu Fubi, with a focus on exploring effective strategies for turning around its financial performance [11].