最近，阿迪羽绒服其实是波司登代工生产一事引发舆论关注。 当然，除了服装代工企业，在港股公司中，还有多家公司是知名本土服装品牌企业。比如安踏体育，不 仅有安踏品牌，还拥有FILA（斐乐）、DESCENTE（迪桑特）、KOLON SPORT（可隆）等知名品 牌。而始祖鸟背后的大股东，也是安踏。此外，李宁、特步、361度、中国动向（Kappa等品牌）等公 司，都在港股上市。 从近几年的股价表现来看，这些公司分化较大。除了波司登外，361度是今年表现最好的，年内涨幅近 50%。不过，李宁、安踏体育等暂时还无法让人满意。但笔者认为，中国服装企业既然已经有了足够强 的"里子"，那么品牌价值的提升、股票市值的增长都只是迟早的事情。 但是，现在这个社会，我们买服装，也不仅仅是满足保暖、耐穿的基本需求。不少消费者不仅看重"里 子"，同样看重"面子"。他们选择知名品牌，更看重的是品牌带来的情绪价值，还有与众不同的审美设 计。不同的消费群体收入水平不同，需求自然不同，消费理念也是完全不同。你选择了品牌，就必须要 为LOGO支付不菲的品牌溢价。所以，你压根没必要纠结产品是否是代工生产。因为阿迪耐克们，在国 内根本就没有生产线。 从另 ...

Core Viewpoint - The hiring season at Foxconn's Zhengzhou Economic Development Zone has seen a decrease in hourly wages from 30 yuan to 26.5 yuan, but overall compensation remains higher than previous years due to additional bonuses [1][3][6]. Group 1: Employment and Wages - The initial hourly wage during the peak hiring period in early July was 30 yuan, which has now decreased to 26.5 yuan as the hiring season nears its end [1][3]. - Workers can receive a 500 yuan bonus for completing a month of work, bringing the effective hourly wage to approximately 27.5 yuan, which is higher than the previous year's range of 23 to 25 yuan [3][6]. - There are three main wage models currently offered: 26.5 yuan per hour, 27.5 yuan with the monthly bonus, and an additional 8,500 yuan after 90 days of work [3][6]. Group 2: Recruitment Trends - Foxconn is primarily hiring temporary workers for three-month contracts, with fewer permanent positions being offered [6][7]. - The preference for hiring hourly workers allows for flexibility in staffing during peak periods, with the option for workers to leave once their contracts end if no additional orders are received [6][7]. - The Zhengzhou facility has maintained a stable workforce of around 200,000 employees as of 2023, with a significant portion being local residents [7][8]. Group 3: Production and Orders - There are indications that the initial orders for this year's iPhone have not decreased, suggesting stable demand for production [6][8]. - The Zhengzhou facility is involved in various stages of iPhone assembly, including the assembly of frames and screens [4][6].

Core Viewpoint - The fishing equipment market is experiencing growth with an increasing number of young participants, leading to significant market opportunities. However, Lexin Outdoor International Limited, a major player in this sector, is facing challenges with declining performance and heavy reliance on OEM/ODM production models [2][3][24]. Company Overview - Lexin Outdoor specializes in fishing gear, boasting over 9,000 SKUs and is recognized as the "King of Fishing Equipment." Despite this, the company has encountered a downturn in performance in recent years [3][6]. - The company was founded by Yang Baoqing, who started with a small investment and has since expanded into the outdoor and fishing equipment market [3][11]. - Lexin Outdoor was officially established in June 2022, following a restructuring that removed Taipusen Group as its controlling shareholder [3][11]. Financial Performance - Lexin Outdoor's revenue from 2022 to April 2025 showed significant fluctuations: 818.4 million RMB in 2022, dropping to 463.3 million RMB in 2023, with a slight recovery to 573.5 million RMB in 2024, and 222.8 million RMB in the first four months of 2025 [11][12]. - The company's profits also declined, with figures of 114 million RMB in 2022, 49 million RMB in 2023, and 59 million RMB in 2024 [11][12]. Market Position - As of 2024, Lexin Outdoor holds a 23.1% market share globally and a 28.4% share in China, making it the largest fishing equipment manufacturer in both markets [6][12]. - The company primarily sells to Europe, which accounted for 65.7% of its total sales in 2022, increasing to 84.6% in 2025 [25][26]. Business Model and Challenges - Lexin Outdoor heavily relies on OEM/ODM production, with over 90% of its revenue coming from this model, which poses risks if client demand changes [24][27]. - The company has made attempts to establish its own brand, acquiring the UK brand Solar, but this has not yet significantly impacted overall revenue [24][27]. - The relationship with Taipusen Group remains significant, with frequent transactions and dependencies in both sales and procurement, raising questions about the company's operational independence [21][23]. Future Outlook - Lexin Outdoor needs to enhance its market presence in China and leverage its brand Solar to penetrate the mid-to-high-end market in Europe [27]. - The company faces the challenge of diversifying its product offerings beyond fishing gear to capture a broader market [27].

Core Viewpoint - The controversy surrounding "Wahaha OEM" continues as consumers report that some Wahaha bottled water is produced by Jinmailang, leading to concerns about product quality and brand integrity [1][12]. Group 1: Company Operations - Wahaha has confirmed a contract manufacturing relationship with Jinmailang, stating that some batches of bottled water did not pass factory sampling tests, and the partnership will end in April 2025 [1]. - The company has established over 80 production bases across the country and employs nearly 30,000 people, with ongoing construction of multiple factories to enhance production capacity [12]. - Wahaha's production strategy includes both direct operations and authorized partnerships with various companies for bottled water production [11][10]. Group 2: Industry Context - Contract manufacturing is a common practice in the fast-moving consumer goods sector, allowing for effective resource allocation due to high market demand and standardized products [12]. - The bottled water industry often sees companies utilizing OEM arrangements, which can be beneficial but may pose risks to brand reputation if quality issues arise at the manufacturing partner [12]. - Consumer feedback on social media platforms has highlighted concerns about the impact of different production locations on product taste, indicating a need for consistent quality control across all manufacturing partners [1].