白酒行业在2025年迎来"极不平凡、极为艰辛"的深度调整期。产品销量与价格同时下跌、库存压力显 著、价格体系倒挂已成为常态。面对同行普遍收缩的战略态势，剑南春依托全年实施的系统化布局，稳 步扩大了市场份额，并实现了品牌价值的不断提升。通过一整年稳健的经营，其展示了名酒企业在存量 时代抵御行业波动的切实路径。 两大产品线协同，奠定增长坚实基础 2025年间，剑南春依托"大单品稳盘+高端破局"的产品方针，建立起缓冲市场冲击的有效体系。水晶剑 南春作为"百亿大单品"，年度价格始终坚挺，被视作行业调整期内稳定性突出的流通品。该产品在商务 宴请、婚庆喜宴等必需场景中积淀的强大声誉，持续释放市场影响力。这不但使山东等市场的经销商在 严峻环境下保持销售额小幅增长，还确保了其在"618""双11"等电商大促中持续领跑白酒类目成交榜。 全渠道确定的动销能力，夯实了企业资金流的稳定性，并起到了稳定渠道预期的作用。 在高端竞争赛道中，剑南春整年瞄准方向持续发力，最终达成了从"名酒"到"高端名酒"的价值提升。 2025年，品牌深化了与陕西历史博物馆、中国国家博物馆的共同合作，相继面世了剑南春・鎏金纪及丙 午马年生肖纪念酒等文化创意产 ...

"产业的生命力在于创新，创新的核心在于设计。"株洲市委副书记、市长陈恢清介绍，近年来，株洲通 过积极搭平台、办赛事、引人才，推动产业从传统加工贸易向原创设计、品牌培育转型，培育了近1000 个本土知名品牌，38个本土品牌被评为"中国成长型服饰品牌"。今年，芦淞服饰产业规模突破750亿 元，入选2025年度纺织服装特色产业集聚区重点培育名单。"我们希望通过这样的活动，构建集成果展 示、产业对接、人才孵化、市场转化于一体的综合平台，让更多优秀设计从图纸走向货架，从秀场走进 生活，让更多的设计成果与生产企业牵手、高校智慧与产业需求联姻，实现文化传承、产业升级与品牌 价值提升的多元共赢。"陈恢清说。 同期举行的成果展示大会，产业化对接、校企合作、产业链上下游合作签约仪式成为一大亮点。芦淞区 凭借其坚实的产业基础和完善的产业链条，吸引了众多企业和机构的关注与合作。多个项目的合作签 约，不仅促进了设计成果与市场需求的精准对接，更为芦淞服饰产业的未来发展注入了新的活力。 12月28日，2025年湖南省服装设计大赛产业对接暨成果展示活动在株洲举行。大赛由湖南省工业和信息 化厅、株洲市人民政府主办，以"设计引流、提振消费"为主 ...

（来源：唐山劳动日报） 三是扩大宣传推介，提升品牌传播力。在拓展多元化传播渠道方面，我市运用AI虚拟数字人"唐小农"等 创新形式进行品牌推介，线上线下共同发力，不断提升唐山农产品品牌影响力。线下，注重参与全国特 别是京津地区名优新农产品展示、展销、推介活动；线上，开展以"网红直播""村书记带货"为主的直播 营销模式，有效提升了农产品的销售转化率。同时，我市精准拓展农产品销售渠道，北京市场方面，通 过签约合作、入驻超市、对接新发地等举措，打通了进京通道；本地社区领域，通过开展"绿色农产品 进社区"活动，打通了产销"最后一公里"。在深挖农产品文化内涵方面，我市还有很大提升空间，未来 将深挖唐山农产品的历史故事及地域文化特色，通过打造差异化标签，增加品牌附加值，同时也让消费 者感受到品牌背后的文化底蕴。 "唐农"品牌价值提升，绝非一朝一夕之事，需要政府的有形之手、企业的市场之手、农户的勤劳之手以 及第三方的服务之手协同发力，凝结成"品牌生态共同体"，合力推动农产品品牌做大、做强、做精、做 长久。 （作者单位：中共唐山市委党校 该文系中共唐山市委党校2025年度科研课题研究成果，项目编号 X25KY15） 近年来，唐 ...

Hugo Boss Strategy Update 2025 Summary Company Overview - **Company**: Hugo Boss - **Event**: Strategy Update 2025 - **Key Executives Present**: CEO Daniel Grieder, CSO Oliver Timm, CFO Yves Müller Core Industry Insights - **Industry**: Fashion and Apparel - **Market Position**: Transitioning from a traditional suit brand to a 24/7 lifestyle brand, targeting a younger demographic Key Achievements and Financial Performance - **Sales Growth**: Increased from EUR 1.9 billion in 2021 to EUR 4.3 billion in 2023, representing a growth of over 126% [3][11] - **Profit Margin**: Achieved a profit margin of 8.4% in 2023 [3] - **Brand Relevance**: Gained market share of over 11% in the past four years, positioning among the top three brands in the industry [4] - **Future Target**: Ambition to reach EUR 5 billion in sales with over 12% EBIT margin by 2028 [11] Strategic Focus Areas 1. **Brand Excellence**: - Emphasis on building brand equity and consumer connection [14][15] - Continued investment in marketing at 7% of net sales to enhance brand relevance [15][64] 2. **Distribution Excellence**: - Development of a best-in-class omnichannel environment, integrating retail, online, and wholesale [28] - Expansion of franchise stores, currently operating 390 with potential for 150 more [35] 3. **Operational Excellence**: - Investment in digital capabilities, including a EUR 50 million Digital Twin initiative to enhance supply chain efficiency [46] - Focus on reducing complexity in product offerings by 25% to drive profitability [27] Product and Market Strategy - **Men's Wear**: Targeting growth from EUR 1.5 billion to EUR 3.3 billion, with a focus on 24/7 lifestyle integration [20] - **Women's Wear**: Aiming to define a clear brand DNA and emotional connection with female consumers, with a focus on everyday essentials [24] - **HUGO Brand**: Positioning as a creative and modern brand for a younger audience, with a focus on profitability [26] Digital Transformation and Innovation - **Digitalization**: Over 65% of products are created digitally, enhancing efficiency and speed [7] - **AI Integration**: Utilizing AI tools for smarter business decisions and operational efficiency [7][56] Challenges and Market Conditions - **Macroeconomic Environment**: Acknowledgment of increased global fragmentation and volatility impacting growth strategies [12] - **Focus on Cash Flow**: Prioritizing strong cash flow generation and financial discipline to ensure sustainable returns to shareholders [14][63] Future Outlook - **Refocus Strategy**: Emphasis on simplifying and strengthening the business model before scaling growth again [12][13] - **Market Expansion**: Continued focus on the U.S. and Greater China markets, with significant growth potential identified [39][41] Conclusion - Hugo Boss is committed to transforming its brand and operational strategies to achieve sustainable growth and profitability, leveraging digital capabilities and a strong omnichannel presence to connect with consumers effectively. The company aims to solidify its position as a leading global fashion platform by 2028.

此外，公司维持较强派息意愿，中期宣派股息0.063 港元/股，同比+5.0%。 机构：华源证券 研究员：符超然 2025/26 上半财年营收在高基数下同增1.4%。公司发布FY2025/26 中报，上半财年实现营收89.3 亿元， 同比+1.4%；实现归母净利润11.9 亿元，同比+5.3%，归母净利率13.3%，同比+0.5pct，在高基数下公司 上半财年仍实现收入与利润的双增长。 多渠道协同推动品牌羽绒服业务高质量发展。公司近年不断深化Top 店改革，定制"一店一设"、"一店 一策"的精细化策略提升店铺运营效率。拆分核心业务品牌羽绒服：从销售类别看，品牌羽绒业务的自 营及批发渠道FY25/26H1 营收同比分别+6.6%/+7.9%，协同驱动公司营收增长。拆分线上线下看，线下 端，波司登、雪中飞线下店铺较FY24/25 年底分别-67/+126 家至3140/389 家，雪中飞开店速度提升，冰 洁开启品牌重塑及焕新，于FY25/26H1 开启线下渠道布局；线上端，公司通过发力核心品类、注重品 牌建设、聚焦内容创新及精细化运营，持续提升经营能力和运营效率，推动上半财年线上营收同增 2.4%，"双十一"战绩位 ...

11月24日，"茅台1935拓客之旅团圆夜"收官活动在茅台国际大酒店温情上演。贵州茅台酱香酒营销有限 公司党委副书记、总经理陈宗强，党委委员、副总经理、财务总监张正华，党委委员、副总经理卓洋 洋，首席合规官卢虎出席活动，与来自全国的经销商伙伴、消费者代表欢聚一堂，共叙"回家"的温暖。 未来已来，回家的故事将延续 2026年，"茅台1935拓客之旅"将再度启程，以更丰富的体验、更优质的服务，邀请更多消费者踏上酱香 之旅。此次收官不是终点，而是品牌与消费者双向奔赴的新起点。茅台1935始终以酒为媒，以文化为 魂，在丈量山河的过程中传递匠心精神与品牌担当，将继续书写酱香文化传播与品牌价值提升的新篇 章，让茅台酱香之韵，飘向千家万户。 缘起一杯酒，情归一家人 （文章来源：证券日报） 温馨家宴，定格温暖时光 收官之夜不仅是一场家宴，更是一次情感共鸣。现场节目精彩纷呈，川剧变脸、集体生日、幸运抽奖等 环节接连上演。在温馨的祝福中，11月过生日的伙伴共同许愿、分享蛋糕。醇香酒韵里，定格如家般温 暖的瞬间。活动还表彰了"接待之星"与"优秀导游"，感谢他们以专业与微笑，陪伴每一位"家人"回家。 在欢迎致辞中，陈宗强用"回家的感 ...

Sales Performance - The sales situation for the fourth quarter is better than expected, with competitive performance in the autumn and winter product lines [2] - The adult shoe category under Hush Puppies has started self-operation, contributing additional sales revenue, although its current sales proportion remains low [2] Future Planning - The company plans to focus on classic casual styles for Hush Puppies' adult clothing and will continue to optimize products around family and vacation leisure scenarios [2][3] - Hush Puppies' adult shoe business will expand through independent stores and quality channels, despite its current small sales proportion [3] Channel Strategy - The company is optimizing offline channels by opening stores in high-traffic shopping centers and closing underperforming locations [3] - Future development will emphasize direct sales channels for adult clothing and shoes, while also supporting franchise expansion [3] Team Structure - The company has established independent teams for men's and women's clothing and shoes, with the adult shoe team still in the early stages of development [3] Pricing and Discounts - Sales discounts for various brands will remain stable, with slight adjustments based on market conditions and promotional strategies [3] Design and Collaboration - Most products are designed by in-house teams, with some collaborations with well-known designers or design teams [3] Dividend Policy - The company aims to maintain a stable dividend ratio, with potential increases as profitability improves and without significant capital expenditures [4]

今日晚间，瑞幸咖啡公布2025年第三季度财务业绩。 数据显示，2025年第三季度，公司实现净营收152.9亿元，同比增长50.2%；净利润12.8亿元，同比下降1.9%。第三季度经调整每股ADS净收益 4.4元。 GAAP运营利润为17.77亿元，同比增长12.9%；营业利润率从15.5%降至11.6%；Non-GAAP运营利润为19.26亿元，同比增长15.2%；Non- GAAP运营利润率从去年同期的16.4%降至12.6%。 | | | 在截至9月30日的三个月中 | | | 在截至9月30日的九个月中 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 2025 | | 2024 | 2025 | | | | 人民币 | 人民币 | 美元 | 人民币 | 人民币 | 美元 | | 净收入: | | | | | | | | 产品销售收入 | 7.839.479 | 11,488,260 | 1,610,624 | 19.162,032 | 27,764,284 | 3,892,481 | | 合作商店的收入 | 2,341,287 | 3 ...

Core Insights - Luckin Coffee reported a total net revenue of 15.287 billion yuan for Q3 2025, representing a year-on-year growth of 50.2% [1] - The company achieved a GAAP operating profit of 1.777 billion yuan, with an operating profit margin of 11.6% [1] - The average monthly transacting customer count reached 112 million, with a total of over 420 million cumulative transacting customers by the end of Q3 [1] Financial Performance - Self-operated store revenue was 11.08 billion yuan, up 47.7% year-on-year, with an operating profit of 1.941 billion yuan, reflecting a 10.2% increase [1] - Same-store sales growth rate improved to 14.4% [1] - The total GMV for Q3 was approximately 17.32 billion yuan [1] Store Expansion - Luckin Coffee opened a net of 3,008 new stores in Q3, bringing the total number of stores to 29,214 [1] - In the Chinese market, 2,979 new stores were added, totaling 29,096 stores, including 18,809 self-operated and 10,287 partner stores [1] - Internationally, the company added 29 new stores, reaching a total of 118, including 68 self-operated stores in Singapore and 5 in the U.S. [1] Customer Growth - The company added over 42 million new transacting customers in Q3, with a year-on-year growth of 40.6% in average monthly transacting customers [1] - Cumulative transacting customers surpassed 420 million by the end of Q3 [1] Strategic Focus - The CEO emphasized a core strategy focused on scale growth, product innovation, and brand value enhancement as key drivers for sustainable long-term growth [2]

Core Viewpoint - Leap Motor has emerged as a leading player in the new energy vehicle market, achieving significant sales milestones and demonstrating a strong growth trajectory despite initial challenges [4][5]. Group 1: Development Stages - Leap Motor's development can be categorized into four stages: T (low-cost survival), C (cost-performance exchange for market share), B (expanding market base), and D (enhancing brand through technology and positioning) [9][11]. - The T stage relied heavily on the T03 model, while the C stage saw the introduction of models like C11 and C01, which helped the company transition into the competitive 100,000 to 200,000 yuan market [6][9]. - The B stage is marked by the introduction of B-series models, which further solidified Leap Motor's market position, although it raised concerns about relying on low pricing strategies [9][11]. Group 2: Product and Sales Performance - Leap Motor's sales data from December 2020 to October 2025 shows a steady increase, with October 2025 sales reaching 70,289 units, marking an 84.11% year-on-year growth [4][6]. - The T03 model has been a cornerstone of sales, while the C11 has been pivotal in establishing the brand's presence in the market [14][16]. - As of September 2025, the sales distribution among models indicates a healthy structure, with multiple models achieving sales of around 10,000 units per month [14][16]. Group 3: Channel Strategy - Leap Motor's channel strategy focuses on penetrating lower-tier cities, utilizing a mix of direct sales and dealership models to expand its reach [24][26]. - The company has established over 900 sales points, with a significant presence in second and third-tier cities, aligning with its product pricing strategy [25][26]. - The channel distribution reflects a deliberate strategy to target lower-income areas, which is consistent with Leap Motor's positioning as an economical brand [24][26]. Group 4: Future Directions - Leap Motor aims to enhance brand value, innovate technology, create blockbuster products, and accelerate international expansion as part of its strategic vision for the next decade [29][30]. - The introduction of models like D19 and Lafa5 is intended to elevate the brand's market positioning and appeal to different consumer segments [30][31]. - The partnership with Stellantis is expected to facilitate Leap Motor's entry into international markets, with a rapid expansion of overseas channels [31][32].