对于运动领域的尝试，海澜之家早就跃跃欲试。譬如海澜之家频繁赞助各大运动赛事，包括无锡马拉 松、江苏省城市足球联赛、中国男篮热身赛、江阴村BA等。而"澜跑研习社"及其核心赛事HLA POW"王者大神挑战赛"则让海澜之家在运动领域的布局更深。 在多年的发展中，男装业务一直是海澜之家的主业。但从海澜之家多年的业绩表现来看，其依然面临着 一定的挑战。业界认为，随着业绩出现波动，海澜之家休闲男装业务不排除面临天花板到来的风险。如 何应对可能到来的业务天花板问题成为海澜之家后续发展的关键。 在要客研究院院长周婷看来，海澜之家与阿迪达斯的合作，正是寻求新增长点的尝试。"海澜之家的传 统优势在于高效的供应链管理与高性价比的产品定位。但随着线下客流持续下滑、线上流量成本攀升， 品牌依赖线下渠道驱动增长的模式遭遇瓶颈。品牌发展陷入'上下承压'的局面：向上冲击高端市场缺乏 品牌溢价，难以获得高端消费者认可；向下则面临白牌产品的性价比挤压，大众客群的流失。当前海澜 之家正处于战略转型的关键节点，运动赛道是其重要的破局方向。"周婷说道。 海澜之家正在寻求新的转型机遇。近日，海澜之家宣布与阿迪达斯开展合作。在此次合作中，双方发布 了HL ...

智通财经APP获悉，中金发布研报称，裕元集团(00551)是全球运动鞋制造龙头，同时布局大中华区运动 鞋服零售业务，产能出海走在前列，全球生产基地布局多元化。首次覆盖给予跑赢行业评级，目标价 19.46港元，对应2026年10.5倍P/E。 中金主要观点如下： 运动鞋行业空间广阔、格局集中，裕元集团为运动鞋制造龙头，兼顾运动鞋服零售业务 据Euromonitor，2024年全球运动鞋规模1,677亿美元，预计未来5年保持中单位数增长。全球运动鞋品牌 份额集中，2025年CR10达57%，制鞋行业亦呈集中格局，裕元集团是全球最大的运动鞋制造商，该行 测算出货量份额超10%，附属公司宝胜国际是大中华区领先的运动鞋服零售商。2024年裕元集团收入/ 归母净利润分别为81.8/3.9亿美元，其中制造业务占收入/归母净利润的69%/89%，零售业务占收入/归母 净利润的31%/11%。 以开发能力绑定优质成长客户，产能领先全球化布局 该行更看好公司主动优化客户数量和结构后重启增长，并以开发能力和全球化产能布局绑定优质品牌带 来的业绩确定性，而且预测2026年股息率达8.2%，提供安全边际。潜在催化剂：客户复苏进度和订单 ...

智通财经APP获悉，国泰海通发布研报称，滔搏(06110)Q3销售金额跌高单，基本延续H1趋势，预计26 财年关店大幅减少，维持全年指引不变。NIKE与公司加强合作，回收老旧库存、减少促销力度，考虑 到短期终端零售仍面临压力，该行小幅下调公司盈利预测。该行预计FY2026/27/28公司归母净利润分别 为12.5/14.5/17.2亿元，给予FY2027PE15X，按照1港元=0.92人民币换算，对应目标价3.81港元/股，维 持"增持"评级。 国泰海通主要观点如下： Q3销售金额跌高单，基本延续H1趋势 FY26Q3(25.9-11)滔搏零售及批发总销售金额同比下降高单位数，跌幅环比Q2持平，去年同期下降中单 位数。零售表现好于批发，趋势与上半财年基本一致。受去年基数影响，线下零售略有改善、线上零售 略有放缓。由于线上渠道收入占比提升，零售折扣同比有所加深，但加深幅度环比收窄，主因线上线下 分化幅度收窄。本季度末库存同比下降，库龄结构环比改善。 本季度末公司直营门店毛销售面积环比下降1.3%，同比下降13.4%。Q3虽仍净关店但幅度较Q2放缓， 预计26财年关店数目相比25财年大幅减少。公司维持26财年指引 ...

Q3销售金额跌高单，基本延续H1趋势 FY26Q3(25.9-11)滔搏零售及批发总销售金额同比下降高单位数，跌幅环比Q2持平，去年同期下降中单 位数。零售表现好于批发，趋势与上半财年基本一致。受去年基数影响，线下零售略有改善、线上零售 略有放缓。由于线上渠道收入占比提升，零售折扣同比有所加深，但加深幅度环比收窄，主因线上线下 （300959）分化幅度收窄。本季度末库存同比下降，库龄结构环比改善。 国泰海通发布研报称，滔搏(06110)Q3销售金额跌高单，基本延续H1趋势，预计26财年关店大幅减少， 维持全年指引不变。NIKE与公司加强合作，回收老旧库存、减少促销力度，考虑到短期终端零售仍面 临压力，该行小幅下调公司盈利预测。该行预计FY2026/27/28公司归母净利润分别为12.5/14.5/17.2亿 元，给予FY2027PE15X，按照1港元=0.92人民币换算，对应目标价3.81港元/股，维持"增持"评级。 NIKE与公司加强合作，回收老旧库存、减少促销力度 国泰海通主要观点如下： 公司主要品牌合作伙伴NIKE此前公布FY26Q2(25.9-11)业绩，大中华区收入中性下降16%，预计26财年 均属 ...

12月17日，巴奴国际控股有限公司(简称：巴奴)再度向港交所提交上市申请书，联席保荐机构为中金公司与招银国际。 招股书披露，该公司是中国最大的品质火锅品牌。截至最后实际可行日期，该公司直营巴奴门店网络已覆盖全国46个城市，门店数量达到162家，较2021 年末增长95.2%。（观点网） -上市动态- 巴奴再次向港交所提交上市申请书 巴奴二次递表港交所，"品质火锅第一股"即将落地，募得新资金后，将继续扩张门店数量并升级中央厨房，此举有望把净利率再次提高。 近日，知名对冲基金埃利奥特管理公司（Elliott Management）已经买入价值超过10亿美元的Lululemon股份，并开始深度介入Lululemon未来的管理方向。 过去几个月，埃利奥特一直与资深零售高管简·尼尔森（Jane Nielsen）保持密切合作。尼尔森曾在拉夫·劳伦担任首席财务官和首席运营官，埃利奥特认为 她具备接任Lululemon首席执行官的能力，并将其视为潜在人选之一。(品牌方舟) 事实上，埃利奥特此举让其成为了Lululemon最大的股东之一，其目标是希望通过乙烯类人事调整及战略变革来推动Lululemon走出当前低谷。 12月18 ...

Core Viewpoint - The company aims to enhance consumer experience in its department retail sector through spatial optimization and structural adjustments by 2025 [1] Group 1: Brand Strategy - Currently, 33% of the brands introduced in New World City are internationally recognized, while 30% are well-known domestic brands, excluding dining and experiential brands [1] - The international brands include well-known names from the EU region, covering categories such as beauty, luxury watches, apparel, and home goods, with most having established subsidiaries or authorized agents in China [1] - The company plans to deepen cooperation with international brands and optimize its brand matrix to strengthen market competitiveness [1]

Core Insights - PepsiCo has announced a landmark global partnership with the Mercedes-AMG Petronas F1 Team, set to officially launch in 2026, marking the first collaboration of its three brands—Gatorade, Sting, and Doritos—with an F1 team [1] Group 1: Partnership Overview - The collaboration aims to leverage the explosive growth of F1 globally and its expanding fan base, positioning PepsiCo as a core player in this trend [1] - The partnership will integrate innovative hydration solutions and immersive fan experiences into the operations of the Mercedes-AMG Petronas F1 Team [1] Group 2: Gatorade's Role - Gatorade will bring its 60 years of brand heritage and expertise from the Gatorade Sports Science Institute (GSSI) to the F1 arena, focusing on hydration strategies crucial for driver performance [2] - Drivers can lose up to 4 kilograms due to sweat loss during a single race, making hydration essential for performance enhancement [2] Group 3: Driver Engagement - The partnership will engage F1 drivers George Russell and Kimi Antonelli, representing two generations of racing excellence, in various fan interaction activities [3] - Fans will have opportunities to experience behind-the-scenes content and exclusive events featuring the three brands [3] Group 4: Sting's Market Position - Sting, a leading energy drink brand in markets like India, Pakistan, Vietnam, and Egypt, aligns its growth momentum with the expansion of F1 and the Mercedes-AMG Petronas F1 Team in high-growth regions [4] - The brand aims to connect deeply with Gen Z fans, encouraging them to experience the excitement of F1 events [4] Group 5: Doritos' Contribution - Doritos will enhance fan experiences by embodying the "bold and fearless" spirit in collaboration with the Mercedes-AMG Petronas F1 Team, integrating racing excitement into its snack offerings [5] - The partnership will capture the thrill of race weekends and bring unique flavors to the global F1 community [5]

Financial Data and Key Metrics Changes - The company reported record net sales of $1.3 billion, up 7% year-over-year, marking the 12th consecutive quarter of growth [5][15] - Gross margin was 62.5% and operating margin was 12%, both impacted by approximately 210 basis points due to tariffs [6][17] - Earnings per share exceeded expectations at $2.36, compared to $2.50 in the previous year [7][17] - The company repurchased $100 million worth of shares in the quarter, totaling $350 million year-to-date, representing 9% of shares outstanding at the beginning of the year [5][18] Business Line Data and Key Metrics Changes - Abercrombie brands saw net sales decline by 2% with comparable sales down 7%, while Hollister brands experienced a 16% increase in net sales and 15% in comparable sales [8][16] - The sequential improvement in Abercrombie was led by women's categories, with a strong transition to cold-weather products [9][10] - Hollister's growth was attributed to balanced contributions from both men's and women's categories, with strong cross-channel traffic [10][11] Market Data and Key Metrics Changes - In the Americas, net sales increased by 7%, while EMEA also saw a 7% increase, offset by a 6% decline in APAC [15][18] - Comparable sales in the Americas were up 4%, EMEA up 2%, and APAC down 12% [15] - The U.K. showed strong sales performance, while Germany and other European markets experienced softness [8][15] Company Strategy and Development Direction - The company is focused on sustainable long-term growth through investments in marketing, stores, and technology, including AI enhancements in customer service [12][13] - Plans for the fourth quarter include maintaining inventory aligned with trends and executing a strong marketing strategy [10][22] - The company aims to open 60 new stores and remodel 40 existing ones, expecting to be net store openers [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the dynamic tariff environment and emphasized readiness for the holiday season [13][22] - The outlook for full-year net sales growth has been narrowed to 6%-7%, reflecting strong third-quarter performance [19] - The company anticipates a tax rate around 30% and expects net income per diluted share in the range of $10.20-$10.50 for the full year [20][21] Other Important Information - The company is leveraging its diversified sourcing footprint to mitigate tariff impacts and is focused on maintaining clean inventory levels [77][78] - The marketing strategy includes collaborations with brands like Taco Bell and Kimo Sabe to enhance brand awareness and customer engagement [52][54] Q&A Session Summary Question: Insights on Abercrombie brand performance by category and region - Management highlighted positive traffic and customer engagement, with strong inventory in key categories like denim and fleece heading into the fourth quarter [26][27] Question: Expectations for Hollister's momentum and future growth - Management noted balanced growth across genders and categories, with strong AUR growth and effective inventory management [33][34] Question: Composition of inventory and gross margin considerations for Q4 - Inventory is in good shape, with a 5% year-over-year increase at cost, and management expects continued AUR growth despite tariff impacts [42][43] Question: Marketing plans and promotional strategies for Q4 - Management confirmed increased marketing investment while maintaining flexibility in promotional strategies to optimize customer engagement [61][68] Question: Tariff impacts and pricing strategies for 2026 - Management expects to see relief from tariff headwinds in 2026 due to ongoing mitigation efforts and targeted price increases [76][84]

Financial Data and Key Metrics Changes - The company reported record net sales of $1.3 billion for Q3 2025, up 7% year-over-year, marking the 12th consecutive quarter of growth [5][15] - Gross margin was 62.5% and operating margin was 12%, both impacted by approximately 210 basis points due to tariffs [6][17] - Earnings per share exceeded expectations at $2.36, compared to $2.50 in the previous year [7][17] - The company repurchased $100 million worth of shares in the quarter, totaling $350 million year-to-date, representing 9% of shares outstanding at the beginning of the year [5][18] Business Line Data and Key Metrics Changes - Abercrombie brands saw a net sales decline of 2% with comparable sales down 7%, primarily due to lower average unit retail (AUR) [8][16] - Hollister brands experienced a 16% increase in net sales and a 15% rise in comparable sales, benefiting from strong cross-channel traffic and lower promotions [10][16] Market Data and Key Metrics Changes - In the Americas, net sales increased by 7%, while EMEA also saw a 7% increase, offset by a 6% decline in APAC [15][19] - Comparable sales in the Americas were up 4%, EMEA up 2%, and APAC down 12% [15][19] Company Strategy and Development Direction - The company is focused on sustainable long-term growth through investments in marketing, stores, and technology, including AI enhancements in customer service [12][22] - The strategy includes a blend of owned and operated, franchise, wholesale, and licensing models to capture global growth opportunities [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fourth quarter outlook, narrowing full-year sales expectations to the upper end of the range, anticipating a strong finish to 2025 [6][19] - The company is prepared for the holiday season, having tested and learned from previous quarters to optimize inventory and product assortment [13][22] Other Important Information - The company plans to open 36 new stores by the end of the year and has made significant investments in digital technology to enhance customer experience [9][12] - The anticipated impact of tariffs for the full year is around $90 million, with ongoing efforts to mitigate these costs [19][21] Q&A Session Summary Question: Insights on Abercrombie brand performance by category and region - Management highlighted positive traffic and customer engagement, with a focus on denim, fleece, and sweaters for the fourth quarter [26][27] Question: Expectations for Hollister's momentum into 2026 - Management noted balanced growth across genders and categories, with strong customer engagement and inventory management [33][34] Question: Inventory composition and gross margin considerations for Q4 - Inventory is in good shape, with a 5% year-over-year increase at cost, and management expects continued AUR growth despite tariff impacts [42][43] Question: Marketing plans and promotional strategies - Management emphasized intentional marketing investments and a focus on brand building, with flexibility to adjust promotions based on demand [61][68] Question: Tariff impacts and pricing adjustments - Management anticipates a reduction in tariff headwinds in 2026, with pricing adjustments expected to take effect in early 2026 [82][84]

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China [1][2] Group 1: Joint Venture Details - Boyu Capital will hold up to 60% equity in the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [2] - The estimated total value of Starbucks' retail business in China exceeds $13 billion, comprising the equity transferred to Boyu, the retained equity value, and ongoing licensing revenue over the next decade [2] - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores in China, with plans to expand to 20,000 stores in the future [2] Group 2: Market Potential and Strategy - Boyu Capital, founded in 2011, has a diversified investment management platform and aims to leverage its local market insights alongside Starbucks' global leadership in the coffee industry to accelerate growth [3] - Starbucks executives emphasize that this partnership will help unlock significant market potential, particularly in smaller cities and emerging regions in China [3] Group 3: Competitive Landscape - Starbucks China reported a revenue increase of 6% year-on-year to $831.6 million for the latest fiscal quarter ending September 28, 2025, and a projected annual revenue growth of 5% to $3.105 billion [4] - Despite positive growth, Starbucks faces intense competition from domestic brands like Luckin Coffee, which reported a 47% year-on-year revenue increase to $1.24 billion in Q2, along with a net profit growth of 44% [4] - Luckin Coffee continues to expand aggressively, with a total of 26,206 stores as of the end of Q2, reflecting a net increase of 2,109 stores [4]