黛安芬将于2025年底退出中国大陆市场。 第一财经记者采访了解到，部分商场内的黛安芬门店近期已经准备撤柜，有些专柜正在进行折扣清仓甩 卖，打折幅度在5折到8折。有门店的店员透露，线下门店的生意比较差，客流量和销售额一直都不太理 想。 黛安芬是来自德国的全球知名内衣品牌，创立于1886年。对于撤离中国大陆市场的原因，有业内人士认 为，黛安芬虽然品牌知名度高，但随着其他本土品牌的崛起，市场竞争激烈，中纺联数据显示，2024年 中国内衣市场规模达2237亿元，本土品牌CR5首超外资品牌。价格也是一大问题，黛安芬的产品价格大 多在200元以上，有些甚至可达近千元，非常不具备价格竞争力。且目前一片式、无感内衣等新品快速 迭代，相比之下，黛安芬的产品比较陈旧。与此同时，电商平台的销售量越来越大，也导致黛安芬的线 下门店销售受到影响，加之商场租金成本和人工等成本高企，都使得黛安芬的整体经营压力变大。 黛安芬官方服务号11月21日发布信息称，Triumph集团决定自2025年12月31日起停止在中国大陆市场的 运营。 黛安芬官方服务号表示，Triumph黛安芬微信小程序将最迟于2025年12月10日24：00起停止售后服务； ...

关于 GPU 使用寿命及其合理性存在多种观点。一部分意见认为老款 GPU 仍然 需求旺盛。例如，Corning CEO 表示，在 25Q3 业绩会上，他们超过 1 万个 H100 项目合同即将启动，这些上一代 GPU 仍以原价 95%的价格续租。此外， NVIDIA 也表示客户继续使用 H100，并且往往能获得更好的价格。这表明老款 GPU 仍具备市场需求。 从实际使用角度看，多家云厂商也表明老款设备仍然有 效。例如，谷歌云副总裁提到 7 年前生产的 TPU 利用率达到 如何看待云厂商的 GPU 折旧质疑 20251119 摘要 亚马逊在 2024 年因折旧调整每季度新增利润约 6-7 亿美元，但在 2025 年调整后净利润减少 1-3 亿美元，表明折旧政策对利润影响显著， 且调整方向影响损益。 2025 年预计会计准则变动带来约 5.6%的净利润增长，26-28 年虚增比 例接近 10%，23-28 年各公司累计新增年度净利润 300-500 亿美元， 总计 1,460 亿美元，需关注其可持续性。 尽管 H100 等老款 GPU 租赁价格下降，但仍以原价 95%续租，且谷歌 云 7 年前 TPU 利用率达 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][13]. Core Views - The company reported a revenue of 2.21 billion yuan and a net profit attributable to shareholders of 15 million yuan for the first three quarters of 2025, reflecting a year-over-year decline of 10.71% and 83.69% respectively [2]. - The company is facing short-term pressure on its performance but is expected to see a turning point in operations in the future [2]. - The report anticipates that the company will achieve net profits of 50 million yuan, 135 million yuan, and 171 million yuan for the years 2025 to 2027, corresponding to PE ratios of 55, 21, and 16 respectively [2]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 785 million yuan, with a net profit of -3 million yuan, indicating a year-over-year revenue decline of 12.09% [2]. - The gross margin for Q1-Q3 2025 was 25.1%, down 2.3 percentage points year-over-year [2]. - The company plans to accelerate product iteration and channel expansion to improve future operations [2]. Market Position and Strategy - The company is actively expanding its retail channels and has increased its coverage in lower-tier cities, with a 3% increase in city-level coverage and a 12% increase in county-level coverage by mid-2025 [2]. - Online sales through major platforms like JD and Tmall have seen significant growth, with revenue from emerging platforms like Douyin and Kuaishou exceeding 100% growth [2]. - The company is shifting its focus towards the hotel and public building sectors to adjust its customer structure [2].

Core Insights - The company reported a cumulative operating revenue of 306 million yuan from January to September 2025, representing a year-on-year growth of 16.02% [1] - The net profit attributable to shareholders was -95.33 million yuan, with a net profit excluding non-recurring gains and losses of -106.12 million yuan [1][3] - Basic earnings per share were -1.16 yuan, and the weighted average return on equity decreased by 0.16 percentage points to -7.24% compared to the same period last year [1][4] Revenue and Profitability - In Q3 2025, the company achieved an operating revenue of 132 million yuan, a significant increase of 52.66% year-on-year, driven by favorable market conditions in the storage sector and increased inventory by downstream customers [3] - Despite the revenue growth, the company continued to incur losses, with a net profit attributable to shareholders of -24.55 million yuan for the third quarter [3] Research and Development - The company maintained a high level of investment in research and development, with a total R&D expenditure of 23.26 million yuan in Q3 2025, accounting for 17.67% of operating revenue [4] - Cumulative R&D investment from the beginning of the year to the reporting period was 66.09 million yuan, representing a year-on-year increase of 1.54% [4] Financial Position - As of September 30, 2025, the company's total assets were 1.395 billion yuan, a decrease of 5.64% from the end of the previous year [5] - The equity attributable to shareholders was 1.269 billion yuan, down 6.95% from the end of the previous year, reflecting adjustments due to operational losses while maintaining overall financial stability [5]

Core Insights - The article highlights the recent developments and strategic planning of Hongsheng Group, emphasizing the leadership of Zong Fuli as the president and her focus on high-quality development for 2025 [1][2][4]. Group 1: Company Overview - Hongsheng Beverage Group was established in 2003 and is controlled by offshore company Hengfeng Trading, which is also controlled by Zong Fuli [4]. - The company has a comprehensive industrial layout covering food ingredients, equipment manufacturing, and packaging printing, with 19 production bases and 48 subsidiaries nationwide [5]. Group 2: Recent Developments - A recent meeting held in Hangzhou focused on the progress made in production operations, technological innovation, and safety management, with Zong Fuli outlining the next steps for the company [2][4]. - The meeting emphasized that 2025 is a critical year for promoting high-quality development, urging all regions to focus on process innovation, production capacity enhancement, and strict food safety management [4]. Group 3: Strategic Focus - The company aims to improve core competitiveness through continuous process innovation and upgrading production lines to enhance digital and intelligent production levels [4]. - There is a strong emphasis on deepening human efficiency management reforms and ensuring product quality and safety through a robust quality management system [4].

Core Viewpoint - Diya Co., Ltd. reported significant growth in both revenue and net profit for the third quarter of 2025, indicating a substantial improvement in profitability and operational efficiency [1] Financial Performance - The company's revenue for the first three quarters reached 1.156 billion yuan, a year-on-year increase of 4.03% [1] - The net profit attributable to shareholders for the same period was 103 million yuan, showing a remarkable year-on-year growth of 407.97% [1] - In the third quarter alone, revenue was 370 million yuan, reflecting an 11.17% increase compared to the previous year [1] - The net profit for the third quarter was 26.537 million yuan, which is a 310.14% year-on-year increase [1] Operational Efficiency - Diya Co., Ltd. has optimized resource allocation and reduced operational costs through brand upgrades, product iterations, and improved channel operation efficiency [1] - The average revenue per store reached 2.6456 million yuan in the first three quarters, marking a 30.77% year-on-year increase, indicating effective store management [1] - Online channels performed exceptionally well, with self-operated online revenue increasing by 45.79% year-on-year [1] Store Expansion - As of the end of the third quarter, the company operated a total of 341 stores, covering 184 cities nationwide [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [4][14]. Core Insights - The company's revenue and profit have faced short-term pressure due to the core cosmetic products being in a product iteration phase, leading to a year-on-year revenue decline of 7.34% to 2.597 billion yuan and a net profit decline of 17.19% to 142 million yuan for the first three quarters of 2025 [2][4]. - The cosmetic segment is expected to recover as new products gain traction, while the raw materials business is transitioning to higher-end products, which should enhance profit margins [4]. Summary by Sections Revenue and Profit Performance - For the first three quarters of 2025, the company achieved revenue of 2.597 billion yuan, down 7.34% year-on-year, primarily due to the core cosmetic products being in an iteration phase and new product sales not reaching sufficient scale [2]. - The net profit attributable to the parent company was 142 million yuan, a decrease of 17.19% year-on-year [2]. Profitability and Cost Structure - The gross margin for the company decreased by 0.38 percentage points to 51.47%, mainly due to a decline in the gross margin of the cosmetic business [2]. - The net profit margin also fell by 0.61 percentage points to 6.87%, with sales expenses slightly down by 0.08 percentage points to 36.39%, while management and R&D expense ratios increased by 0.63 and 0.77 percentage points, respectively [2]. Future Earnings Forecast - The report adjusts the profit forecast for the company, estimating net profits of 213 million yuan, 254 million yuan, and 292 million yuan for 2025, 2026, and 2027, respectively [4]. - The corresponding price-to-earnings ratios for these years are projected to be 37, 32, and 27 times based on the closing price on October 27, 2025 [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Insights - The company continues to demonstrate the effects of its reforms, with rapid growth driven by core brands. The beauty segment is experiencing high growth, while personal care maintains steady growth. The improvement in product channel structure and cost reduction efforts have enhanced profitability [1][7]. - The company reported a revenue of 1.483 billion yuan in Q3 2025, a year-on-year increase of 28.29%. The net profit attributable to shareholders was 140 million yuan, with a non-recurring net profit of 10 million yuan, both turning profitable compared to the same period last year [7]. - The online channel and core brand growth momentum remain strong, with the beauty segment showing a 272.3% year-on-year increase in Q3 2025. The personal care segment also saw a 13.8% increase, with the online channel accounting for 50% of total sales [7]. - The gross margin improved by 7.0 percentage points to 61.5% in Q3 2025, attributed to a higher proportion of high-margin new products and a decrease in raw material costs [7]. - Operating cash flow significantly improved, reaching a net amount of 734 million yuan in the first three quarters, a year-on-year increase of 172.77% [7]. - The company expects net profits attributable to shareholders to be 428 million yuan, 482 million yuan, and 544 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13% for both years [7]. Financial Data Summary - Total revenue for 2025 is estimated at 6.5 billion yuan, with a projected growth of 14% in 2026 and 15% in 2027 [12]. - The company’s total assets are projected to be 9.953 billion yuan in 2025, with a total liability of 2.853 billion yuan [11]. - The return on equity (ROE) is expected to improve to 6.2% in 2025, with a gradual increase to 7.1% by 2027 [12].

Core Viewpoint - The company emphasizes the importance of keeping pace with market trends and customer needs to maintain its technological and product competitiveness [1] Group 1: R&D Strategy - The company has established three major R&D centers focused on clean health, water health, and lifestyle health [1] - Each R&D center specializes in specific product categories: clean R&D focuses on cleaning appliances, lifestyle R&D on personal care and sports health, and water health R&D on water purification products [1] - The R&D centers conduct demand research, market analysis, new product development, product promotion, and improvements to ensure quality while enabling rapid product development iterations [1]

Core Insights - The company focuses its R&D strategy on "strong advantages + chronic diseases," enhancing product iterations and comprehensive layouts in gastrointestinal, reproductive assistance, and mental health fields while steadily expanding into autoimmune, metabolic, and cardiovascular disease areas [1] Financial Performance - In the first half of 2025, the company achieved revenue of 6.272 billion yuan, a slight decrease of 0.17% year-on-year [1] - The company reported a net profit attributable to shareholders of 1.258 billion yuan, reflecting a year-on-year increase of 8.91% [1]