Core Viewpoint - Jiangnan Buyi reported a steady performance in FY2025 H1 with total revenue of 3.156 billion yuan, up 5% year-on-year, and net profit of 604 million yuan, up 5.5% year-on-year, while proposing an interim dividend of 0.45 HKD per share [1][2] Financial Performance - FY2025 H1 total revenue reached 3.156 billion yuan, with a year-on-year increase of 5% and net profit of 604 million yuan, reflecting a 5.5% year-on-year growth [1] - The overall gross margin slightly declined to 65.1%, down 0.1 percentage points year-on-year, while the net profit margin increased to 19.1%, up 0.1 percentage points year-on-year [1][2] - Revenue breakdown by brand shows JNBY at 1.76 billion yuan (up 3.6%), Sketch at 388 million yuan (down 6%), jnby by JNBY at 476 million yuan (down 0.6%), LESS at 338 million yuan (up 0.8%), and emerging brands at 194 million yuan (up 147.3%) [1] Channel Performance - Revenue by channel indicates direct sales at 1.117 billion yuan (down 7.7%), distributor channel at 1.437 billion yuan (up 14.2%), and online channel at 602 million yuan (up 11.9%) [1] - The overall expense ratio increased, with sales and marketing expenses at 32.35% (up 1.1 percentage points) and administrative expenses at 8.62% (up 0.4 percentage points) [2] Store Expansion and Brand Development - As of December 31, 2024, the group operated 2,126 independent retail stores globally, an increase of 101 stores since June 30, 2024, with JNBY having 960 stores [3] - The company upgraded store images and optimized supply chain management, contributing to retail performance improvement, alongside the acquisition of Hangzhou Muli Brand Management Company to expand its brand matrix [3] Future Outlook - The company is expected to achieve revenues of 5.53 billion, 5.96 billion, and 6.42 billion yuan for FY2025-2027, with net profits of 880 million, 930 million, and 1 billion yuan respectively, indicating a positive growth trajectory [4] - The current closing price corresponds to a PE ratio of 8.0, 7.5, and 7.0 for the respective years, suggesting the company is a low-valuation, high-dividend quality stock [4]

Core Viewpoint - ZARAHOME in Changsha is closing its store due to business adjustments by Inditex, reflecting broader challenges faced by the fast fashion industry in the Asian market [2][3][4] Group 1: Company Actions - ZARAHOME will cease operations on June 29, with no special closing promotions planned, only regular seasonal discounts [3] - Following the closure of ZARAHOME, only one ZARA store will remain in Changsha, indicating a significant reduction in the brand's presence in the area [3] - Inditex has been reducing its footprint in China, with multiple store closures across its brands, including ZARA, Bershka, and others [4] Group 2: Market Challenges - The fast fashion industry in Asia is facing challenges, with Inditex's sales in the region declining from 16.9% to 15.7% of total revenue [5] - Younger consumers are shifting towards personalized and socially engaging fashion items, leading to decreased interest in traditional fast fashion offerings [5] - Local brands like UR and sports brands such as Lululemon and Anta are gaining market share, intensifying competition in the fast fashion sector [5] Group 3: Strategic Shifts - In response to market challenges, fast fashion brands are increasingly adopting a high-end strategy, closing smaller stores while opening flagship locations [6] - Inditex is implementing a "close small, open big" strategy, focusing on quality over quantity, with new flagship stores planned in major cities [6]

文｜《好博会》报道组 闫妍 【人物】海宁中国皮革城股份有限公司副董事长徐侃煦 【 TA 说】那些主播的话术不适合皮革城。我们是要拥抱线上，但是产业必须建立规范合约性以及监管 机制。这里既是传统产业的堡垒，也是变革的前哨。 2025 年初夏，浙江海宁，中国皮革城里，一件标价 5 万元的水貂大衣静静地悬挂在灯光 下，它的标签上写着" 95% 丹麦进口貂毛，手工缝制工时 120 小时"，此时正处于皮革销 售淡季，不少商家忙着做店铺装修，积极筹备旺季的到来。 与此同时，海宁中国皮革城 F 座电商直播中心也是一片繁忙景象。主播们正热情洋溢地向 镜头展示产品、试穿、叫卖。在传统线下批零业务之外，越来越多的海宁商户正积极转型线 上，通过短视频和直播开辟新的销售渠道，为自己打开一道全新的时代之门。 他们身处的海宁中国皮革城，是目前国内规模最大的皮革专业市场，经营面积 320 万平方 米，入驻生产企业 6000 多家、经营户 11200 多家，皮革服装占到全国交易总量的 80% 以上，全国 60% 以上新款皮装源于海宁设计。据说中国人穿的每三件皮衣里，就有一件来 自海宁。 在这个中美关税博弈、直播电商冲击和消费降级三重夹击的时 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 03 日 [Table_Title] 端午假期游客人次稳健增长，老铺黄金新品 发布 [Table_Title2] 社服零售行业周报 [Table_Summary] ►午假期游客人次稳健增长，亲子游需求大幅增加 根据交通运输部数据，2025 年 5 月 31 日至 6 月 2 日（端午节 假期期间），预计全社会跨区域人员流动量累计 6.5 7 亿人 次，日均 2.19 亿人次，同比增长 3.0%。根据交通运输部报 道，今年端午节假期与六一儿童节重叠，短途自驾游、家庭 亲子游需求将大幅增加，同时部分地区将举办龙舟赛、非遗 体验等活动，在多重因素叠加影响下，热门旅游城市及周边 区域将形成人流集聚效应，佛山、湖南汨罗、嘉兴等端午文 化氛围浓厚的城市或地区机票及酒店预定量大增。同程旅行 数据显示，今年端午节假期，同程旅行平台上的亲子跟团产 品预订热度同比增长 80%，同程旅行旗下艺龙酒店科技平台上 的亲子房预订热度同比提升超过 200%。出境游继续保持高景 气，同程旅行数据显示，今年端午节假期，同程旅行平台上 的亲子跟团产品预订热度同比增长 ...

Group 1 - SHEIN is considering shifting its planned IPO from London to Hong Kong due to delays in regulatory approval from Chinese authorities [1][3] - The move to Hong Kong could be significant for the city, especially after CATL's successful IPO, which set a record for the largest global listing in 2025 [1][3] - Hong Kong currently has over 150 companies waiting to go public, with many aiming to raise over $1 billion [1] Group 2 - SHEIN initially planned to list in the US but faced obstacles due to scrutiny from US regulators [3] - The company's valuation for the potential London listing was reportedly lowered to $50 billion, down nearly 25% from its 2023 valuation of $66 billion [3] - SHEIN faces challenges from geopolitical tensions and high tariffs in the US, as well as scrutiny from EU regulators regarding consumer protection violations [3][4] Group 3 - SHEIN, founded in 2008, is a major international B2C fast fashion e-commerce giant, with 2022 revenues reaching $24 billion [4] - The company competes with platforms like Temu, which adds pressure to expand its market share [4] - SHEIN operates in over 150 countries and regions, positioning itself alongside retail giants like Zara and H&M [4]

Group 1: Shanghai's Consumption Initiatives - Shanghai is actively promoting consumption through various initiatives in response to upcoming holidays and events, such as the Dragon Boat Festival and "618" shopping festival [1] - The Pudong New Area is focusing on "ticket root economy" to boost tourism consumption, aiming to convert event attendance into longer stays and increased spending [2][3] - The Pudong district has hosted 8,856 performances by the end of April, with large-scale events attracting nearly 4.78 million attendees and generating close to 500 million yuan in ticket sales [3] Group 2: Pudong's Ticket Root Economy - The "Follow the Performance Tour Pudong" campaign will run for four months, offering discounts on hotels and attractions for ticket holders, with maximum discounts of 1,000 yuan for hotel stays and 100 yuan for attraction tickets [2][4] - The initiative aims to create a seamless connection between different industries and platforms, enhancing the overall tourism consumption chain in Pudong [4] - A "government-enterprise cooperation half-price package" is introduced, providing a 30% subsidy from district funds and an additional 20% discount from participating hotels and attractions [4] Group 3: Changning's Fashion Consumption Coupons - Changning District launched a "Fashion National Trend" consumption coupon campaign, running from May 30 to June 26, targeting various consumer segments [6][7] - The campaign includes a tiered discount system for categories such as clothing, beauty products, and daily necessities, with participation from over 370 merchants [6][7] - Changning is also expanding its tax refund points for international consumers, enhancing the shopping experience in popular areas and stores [7]

从在大学图书馆发现李普曼传记，找到自己的人生之路；到满世界游荡，写作五卷本梁启超传。那个曾 经忧伤的年轻人，成长为一位与时代共舞的知识分子。本书记录的，是作家许知远自己的声音：阅读， 游荡，穿梭于不同的时间与空间，观察体验这个万花筒般的世界，伴随着永不停息的自我分析的冲动。 《穿着哲学逛街去：时尚现象学》 [日]鹫田清一著，舒敏译，重庆大学出版社 在手机成为日常交流的主流，现实与虚拟世界的界限越来越模糊的今天，时尚与流行的世界从过去的规 范中解脱出来，影响着人们的思想与行为。作者用考古的方式解析各种时尚现象，这本书成稿于日本经 济高速增长之后的十多年，其中的很多话题依然能够给今天的我们带来思考和启发。 《奥斯曼的宦官：从非洲奴隶到权利掮客》 [美]简·海瑟薇著，张英杰译，万有引力｜广东人民出版社 17—19世纪的三百多年里，奥斯曼帝国的黑人太监完成从非洲奴隶到后宫宦官首领的身份转变，成为帝 国后宫乃至朝政中的重要力量，从管理后宫生活、皇子教育，到参与后宫权势斗争、皇子废立，甚至左 右朝政，对帝国产生深远影响。本书系统钩沉大量一手历史文献，对土耳其语、阿拉伯语的编年史、契 约、细密画、坟墓等多方面的分析，跨越三 ...

这不是一个大公司单向赋能、其他环节被动接受的故事。链条里的每个角色都在自我更新。 文 丨 郑可书 奋斗十余年后，东北人潘宇终于在广州拥有一爿三层楼的高端服装厂。每天，近万件瑜伽服在 5000 平米的厂区流转，布料先在第三层被自动裁布机切成裁片，在第二层由熟练工人车缝，最后在第一层 经历剪线、查货、包装等后道工序。流转的楼层由高到低，再到厂区门口的货车上，这是最顺畅、最 高效的方式。 以前，潘宇的厂房布局不清晰，工人随意堆放衣料，"下脚的地方都没有"，客户不相信这样的厂子能 生产高端货。客户沟通、生产管理依靠邮件和 Excel 表格，货物时常缺漏，工人常做着做着发现少一 包货，去四处翻找，低效又浪费。 直到 2021 年，他成为 Shein 的供应商。这家将 "小单快反""按需时尚" 模式发挥到极致的独角兽，很 快用数字化工具改造了潘宇的生产流程，并帮忙规划选址、布局、装修方案，掏出几十万元的补贴， 根据 5S 标准（整理、整顿、清扫、清洁和素养，以此减少浪费、提高效率）和精益生产等理念，将 他的工厂进行改造。潘宇将此形容为 "天上掉馅饼"。 这得益于 Shein 推出的工厂扩建改造项目。2023 年， She ...

Core Insights - The article highlights the decline of the Jeanswest brand, particularly in Australia, where all stores have closed, while in China, the brand is attempting a transformation with significant discounts [1][4]. Company Overview - Jeanswest, founded in Australia 53 years ago, was once a global leader in denim fashion, with a peak of 3,156 stores worldwide [2]. - The brand was introduced to China in 1993 by the Sunrise Group and became a popular choice among young consumers [2]. Sales Performance - From 2013 to 2016, Jeanswest's sales in Hong Kong dollars decreased significantly: 46.8 billion, 39.7 billion, 28.1 billion, and 19.3 billion respectively [2]. - By the end of 2017, the number of stores in mainland China had dropped to 1,219, only 40% of its peak [2]. Business Strategy - The Sunrise Group announced a restructuring of Jeanswest Australia to adapt to changes in the global retail landscape, focusing on e-commerce [4]. - From 2020 to 2024, Jeanswest's e-commerce sales in China are projected to grow over 13 times, with a forecasted total sales exceeding 6 billion yuan in 2024 [4]. Market Position - The brand is currently offering clearance sales in its stores, with prices as low as 59 yuan for T-shirts, reflecting a significant shift from its previous market position as a premium brand [6][7]. - Despite the low prices, the brand struggles to compete with fast fashion giants like UR, Uniqlo, and Zara, which have faster supply chains and more frequent product updates [8]. Consumer Sentiment - Many consumers express nostalgia for Jeanswest, associating it with their youth and past fashion choices, despite its current low-price strategy [10].

据介绍，沈阳是中国美发行业文化起源地，自1644年中国第一家美发店落户沈阳以来，已经有近四百年 美发传承。第四届华人美业经贸交流活动以"共创美好世界"为主题，旨在将辽宁打造成全球美业热土、 时尚潮流发布前沿和美业人才集合地，让作为东北亚国际化中心城市的沈阳成为东北亚"美业时尚之 都""美业人才高地"。 5月27日，辽宁省政府新闻办召开的发布会现场。韩宏 摄 截至目前，已经有法国、德国、英国、日本、韩国等20余个国家和地区的嘉宾、行业企业代表参会。世 界发型设计家协会(ICD)中国纪尧姆会员同时在沈阳开启盛典，打造美业潮流盛会。 赋能、消费场景重构、运营模式升级三大维度，深度解析美业数字化转型的方法论，搭建资源共享平 台，助力青年从业者突破业绩增长瓶颈。(完) 时尚潮流发布环节以中国美发行业文化起源地为起点，融合地域特色、民族元素，结合数字技术，打造 沉浸式视觉盛宴，展现东方发艺的科技美学。国际时尚先锋纪尧姆以"交融·新生"为理念的秀演，则将 国际美学、世界多元文化元素注入时尚语境，创造震撼视野的美业时尚秀演发布盛况。 中新网沈阳5月27日电 (记者 韩宏)辽宁省商务厅副厅长郭斌27日在省政府新闻办召开的发布会 ...