【三大子品牌焕新升级 一汽红旗讲述"全面焕新"新故事】为满足多元化的市场需求，一汽红旗迎来全 面焕新升级，形成三大子品牌架构。近日，一汽红旗在2025广州国际车展上释放了这一消息。 《中国经营报》记者了解到，其中，"红旗"品牌传承母品牌基因，是面向主流人群的自主豪华品牌，将 涵盖燃油、混动与纯电多元动力，是一汽红旗最有代表性、用户覆盖最广的子品牌。 "红旗天工"肩负品牌向新使命，以创新设计与年轻化理念，为潮流新锐用户带来更具活力的驾乘体验。 "红旗金葵花"瞄准的则是超豪华市场。其定位为"东方知己，天下名士"，提供彰显身份格局、传递东方 价值的座驾。 业内人士认为，在品牌架构调整后，一汽红旗三大子品牌定位清晰、分工明确，展现了其对市场精细化 运营的深入思考，对不同消费群体差异化需求的精准把握。 安全是红旗的基因。面对国家质量标准的不断提升，一汽红旗联合中汽中心率先依据《汽车极端环境适 应性试验方法》国家标准草案，开展高温干热、高海拔、高温湿热、高寒"四极"环境安全验证，致力于 成为行业首个完成全天候极端环境测试的品牌。目前，HS6 PHEV已成功通过吐鲁番、拉萨、海南"三 极"挑战，第四极牙克石高寒测试也即将启 ...

中经记者 尹丽梅 张硕 北京报道 为满足多元化的市场需求，一汽红旗迎来全面焕新升级，形成三大子品牌架构。近日，一汽红旗在2025 广州国际车展上释放了这一消息。 红旗HS6 PHEV的推出是为了更精准地满足用户在事业与家庭之间自如切换的全场景需求。在智能座舱 方面，灵犀座舱的超级语音展现出智能精准的语言理解与协同能力，被形容为"比伴侣更周到"。在能效 方面，HS6 PHEV在吉尼斯官方见证下，以满油满电状态行驶2327.343公里，成功创造"驾驶插电混动 SUV，满油、满电、零补能，行驶最远距离"吉尼斯世界纪录，成为"续航最长的SUV"。 《中国经营报》记者了解到，其中，"红旗"品牌传承母品牌基因，是面向主流人群的自主豪华品牌，将 涵盖燃油、混动与纯电多元动力，是一汽红旗最有代表性、用户覆盖最广的子品牌。 "红旗天工"肩负品牌向新使命，以创新设计与年轻化理念，为潮流新锐用户带来更具活力的驾乘体验。 "红旗金葵花"瞄准的则是超豪华市场。其定位为"东方知己，天下名士"，提供彰显身份格局、传递东方 价值的座驾。 业内人士认为，在品牌架构调整后，一汽红旗三大子品牌定位清晰、分工明确，展现了其对市场精细化 运营的深入思 ...

开幕式上，中国商业联合会党委书记姜明指出，零售业作为国民经济的基础性产业，在引导生产、扩大 消费、吸纳就业、保障民生等方面发挥着不可替代的作用。 据悉，本届博览会展览面积达6000余平方米，吸引百余家优质展商参展，200件创新展品亮相，覆盖进 口食品、乳品饮料、休闲食品、地方名优特产、日用日化等核心消费板块。 中新网北京11月22日电 11月21日，2025北京零售商品博览会在北京展览馆启幕，展会以"品质零售·融聚 共生"为主题，联动生产商、品牌商、渠道商、零售商等产业链各环节，将持续至11月23日。 据悉，本届展会由中国商业联合会、北京市商业联合会联合主办。博览会期间，组委会同步举办美好生 活新消费高峰论坛、零售采购与参展品牌对接会等多场配套活动，持续释放产业合作新机遇。 在主题演讲环节，多位行业专家与企业代表围绕数字化升级、供应链能力提升、品牌焕新等议题分享创 新实践。中国连锁经营协会监事长、行业专家李燕川指出，当前零售企业面临数字化转型落地不足、商 品同质化严重、供应链效率偏低等痛点，唯有精准对接消费者需求，让商品与服务深度嵌入生活场景， 才能实现可持续发展。 ...

北交所信息更新 迅安科技（920950.BJ） 智慧工厂正式启动迅安品牌焕新，向个体防护装备纵深发展 公司高度重视研发投入，不断提升产品性能和竞争力，2025 年前三季度，公司 投入研发费用 816.52 万元，占营收比例 5.79%。此公司优化市场布局，加强国内 外市场的拓展，提升市场占有率；加强品牌建设，提升公司品牌知名度和美誉度。 2025 年前三季度，公司销售费用投入 479.17 万元，占营收比例 3.40%。管理费 用方面，由于公司园东路新厂区在投产前发生的折旧摊销费用，计入了管理费用， 2025 年 Q1-Q3 管理费用 1175.84 万元，同比增长 31.52%，占比达到 8.34%。2025 年 8 月，公司创新智慧工厂正式启动，标志着迅安的品牌焕新与战略全面升级。 2025 年 11 月 21 日 投资评级：增持（维持） | 日期 | 2025/11/20 | | --- | --- | | 当前股价(元) | 18.55 | | 一年最高最低(元) | 31.98/15.15 | | 总市值(亿元) | 13.60 | | 流通市值(亿元) | 6.63 | | 总股本(亿股) | 0 ...

公司25Q3 收入146.5 亿/+16.0%，归母净利润2.2 亿元/-41.6%，扣非归母净利润2.2 亿元/-7.5%。归母与 扣非归母间增速差异主要在于政府补贴项错期所致（去年政府补贴主要在Q3、今年在Q2），但从扣非 利润看年内降幅持续收窄。 投资建议：金价经历5-8 月的横盘后，自9 月开启新一轮急涨后回落，消费者产生部分观望情绪。但对 H2 而言整体处于低基数下逐步回暖的态势。 公司作为国资黄金珠宝龙头，品牌具备深厚历史底蕴，当下结合中华文化与多维度热点联名，开发新产 品年内已取得一定成效，本身也有底气虽慢但稳的持续前行。预计公司25-26 年归母净利润16.2、17.7 亿元，当下股息率为4%具备一定安全边际，维持公司"推荐"评级。 风险提示：行业竞争加剧；终端零售环境疲软；金价持续高位波动 高金价下顺应消费趋势变化，积极调整产品结构。金价经历5-8 月的高位横盘后，自9 月开启新一轮急 涨后回落，消费者产生部分观望情绪。高金价下行业逐步由过往渠道增长转变为品牌/产品驱动增长， 在此背景下行业向差异化/轻量化/高端化转型趋势愈发明显，传统婚庆克重类黄金饰品较为承压。根据 世界黄金协会数据，25 ...

Core Insights - The company showcases its "Craftsmanship 200 Count" series at the 2025 Autumn/Winter Shanghai Fashion Week, emphasizing the high quality and comfort of its products [2] - The company has transformed space technology into civilian applications, exemplified by the development of astronaut undergarments with advanced features [2][5] - The company has a rich history, evolving from a state-owned textile factory to a major player in the high-end underwear and textile market, with a focus on brand development and innovation [3][4] Company Development - The company was established in 1992 and became one of the first publicly listed companies in China in 1993 [3] - Key strategic shifts occurred in the 1990s, including a focus on domestic sales and brand development, which helped the company survive industry changes [3] - The company has integrated multiple well-known brands under its umbrella, including Sanqiang, Juhua, and others, covering a wide range of textile products [4] Innovation and Market Strategy - The company has made significant strides in innovation, being the first Chinese intimate apparel brand to appear at international fashion weeks, and has maintained a presence at Shanghai Fashion Week for five consecutive years [5] - The company emphasizes consumer-centric innovation, developing differentiated functional fabrics and a precise marketing system tailored to various consumer demographics [5][6] - Recent product launches reflect a blend of traditional cultural elements with modern design, appealing to younger consumers [6] Technological Advancements - The company is committed to enhancing product technology, incorporating aerospace-grade fabric technology into new product lines, and focusing on functional fabric performance [7] - Plans for the 14th Five-Year Plan include building a data asset management system to enhance operational efficiency and decision-making [7] International Expansion - The company is actively pursuing integrated development in domestic and international markets, leveraging its foreign trade experience to expand its brand presence overseas [8] - Investments in overseas production facilities and the establishment of a coffee brand demonstrate the company's commitment to diversifying its product offerings and market reach [8]

以"活出光芒 共赴热爱"为主题，11月12日，长城汽车旗下欧拉品牌正式宣布其全新A级纯电SUV——欧拉5开启预售，五款车型的预售价区间为 10.98万-14.28万元。 这款以"极美""极智""全球品质"为三大卖点的新车，目标瞄准要做一辆"Z世代严选车"。 在年轻用户普遍关注的智能化方面，欧拉5搭载长城汽车全栈自研的Coffee Pilot Ultra辅助驾驶系统，凭借激光雷达等27个感知硬件，实现了不依 赖高精地图的全场景NOA，同时支持跨楼层记忆泊车等200多种泊车场景。 品质上，从远超新国标的二代短刀电池，到长城宝马原班人马打造的"大师级底盘调校"，再到CLTC工况11.6kWh/100km的同级最低能耗，都在回 应着Z世代对"严选车"的期待。 欧拉5的预售发布，既是过去那个"只爱女人"的欧拉进行品牌焕新的关键一步，也释放出加强全球产品战略的雄心。据介绍，依托长城汽车全球化 体系与技术底蕴，欧拉品牌已走向全球50多个国家和地区拥有近60万用户。 发布会现场，欧拉品牌代言人侯明昊亮相，他在与欧拉品牌总经理吕文斌互动时表示，将和欧拉一起共创一款专属车色，以回应大家的热情。外 界分析，选择侯明昊作为品牌代言人 ...

过去10年，许阳阳接受了三场"大考"，并取得了一份不错的成绩单，让她在集团内部赢得了广泛的赞誉和支持。 首先是资本市场的淬炼。2014年，许阳阳出任集团执行董事及副总裁。2015年，在她的牵头下，达利食品仅用9个月便成功在香港上市，成为当年全球消 费品项目最大IPO。最高峰时，公司市值接近千亿港元。 封面新闻记者 舒俊瑜 据"福建发布"消息，日前，达利食品集团宣布，创始人许世辉之女许阳阳正式接任集团总裁。这家年营收近200亿元的食品巨头，完成了平稳的代际交 接。 1989年，达利食品的前身惠安美利食品厂在福建泉州创立。经过30余年发展，达利食品形成食品、饮料两大支柱产业结构，旗下品牌包括"达利园"糕 点、"好吃点"饼干、"可比克"薯片、"和其正"凉茶、"达利园"花生牛奶、"乐虎"功能饮料、"豆本豆"豆奶、"美焙辰"短保面包。2015年，集团在香港联交 所主板挂牌上市。此后的2016年至2019年，许世辉家族蝉联胡润百富榜福建首富。 此次许阳阳接棒并非空降，事实上，一向低调的她已经在企业内部深耕17年。相关报道显示，出生于1983年的许阳阳，2005年从厦门大学毕业后远赴英国 深造。2008年，她学成归国加入达 ...

Core Insights - The Ora brand is transitioning from a focus on the female segment to targeting Generation Z, marking a significant strategic shift with the launch of the Ora 5 [1][3] Group 1: Product Launch - The Ora 5, a new A-class pure electric SUV, has officially started pre-sales with a price range of 109,800 to 142,800 yuan, emphasizing its appeal to young consumers [3] - The Ora 5 addresses the market demand for high-quality electric products aimed at younger demographics, featuring a unique "natural aesthetics" design and advanced technology [5] Group 2: Technological Features - The Ora 5 is equipped with the Coffee Pilot Ultra driver assistance system, utilizing 27 perception hardware components to achieve full-scene NOA without high-precision maps, covering over 200 parking scenarios [5] - The vehicle boasts a second-generation short-blade battery and a master-level chassis tuning, achieving an energy consumption of 11.6 kWh/100 km under CLTC conditions, aligning with industry energy-saving trends [5] Group 3: Brand Strategy and Marketing - The brand's core message, "Live Out Your Brilliance, Embrace Your Passion," aims to create a deep dialogue with users, transforming the brand's role from a product "definer" to a "witness" and "companion" in the growth of its users [6] - The Ora brand has entered over 50 countries and regions, accumulating nearly 600,000 global users, positioning the Ora 5 as a key step in the brand's renewal and a significant move for Chinese electric vehicles on the international stage [6] Group 4: Consumer Incentives - The first batch of Ora 5 users will receive exclusive "Brilliance Passion" purchase benefits, including deposit deductions, trade-in subsidies, and exclusive color upgrades, aimed at lowering the purchase threshold for young consumers [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q3 profit margin recovery compared to the previous quarter, with a good sales start in Q4 [8] - The company’s revenue for the first three quarters was 9.844 billion yuan, a year-on-year increase of 4.74%, while the net profit attributable to shareholders was 537 million yuan, a year-on-year decrease of 28.90% [8] - The company is expected to benefit from colder weather, leading to a double-digit year-on-year growth in terminal retail in October, setting a solid foundation for revenue growth in Q4 [8] Financial Performance Summary - Total revenue forecast for 2023A is 13.661 billion yuan, with a year-on-year growth of 2.47% [1] - The net profit attributable to shareholders for 2023A is projected at 1.1215 billion yuan, reflecting a significant year-on-year increase of 76.06% [1] - The latest diluted EPS for 2023A is 0.42 yuan per share, with a P/E ratio of 13.00 [1] - The company’s gross margin for the first three quarters was 45.12%, a slight increase of 0.36 percentage points year-on-year [8] - The company’s cash flow from operating activities for the first three quarters was -485 million yuan, primarily due to increased payments for goods and prepayments [8] Revenue and Profit Forecast - The forecast for total revenue from 2025E to 2027E is 15.680 billion yuan, 16.897 billion yuan, and 18.174 billion yuan respectively, with year-on-year growth rates of 7.21%, 7.76%, and 7.56% [1] - The net profit attributable to shareholders for 2025E is expected to be 978.78 million yuan, a year-on-year decrease of 13.95% [1] - The projected EPS for 2025E is 0.36 yuan per share, with a P/E ratio of 14.89 [1]