Summary of Conference Call Company Overview - The conference call pertains to Pandora, a jewelry brand, discussing its Q4 trading performance and future outlook [1] Key Points and Arguments Performance Metrics - Q4 organic growth was reported at 4%, leading to a full-year organic growth of 6%, which was below the guidance of 7%-8% [2] - The EBIT margin for Q4 is expected to be around 33.5%, with a full-year EBIT margin landing at approximately 24%, consistent with previous guidance [3][6] - North America experienced a 2% like-for-like growth in Q4, while organic growth was at 8% [3] - Europe showed a stable performance with a like-for-like growth of -1% and organic growth of +2% [4] Market Challenges - The macro environment is described as challenging, impacting consumer behavior and traffic, particularly in North America [2][4] - Consumer confidence in the U.S. reached its lowest since 1960, contributing to a decline in traffic during the holiday period [15] - The accessible market segment faced significant challenges, with overall category performance declining [3][17] Strategic Focus - The company aims to strengthen brand desirability and address high silver prices through new products and materials [9] - There is a focus on re-energizing collections, particularly in mature markets like Italy, where initial efforts have shown promise [18] - The Silverstone cost program is progressing well, helping maintain profitability despite external headwinds [5] Pricing Strategy - Average pricing in the U.S. for Q4 saw a year-over-year increase of around 10%, with a high single-digit average increase throughout the quarter [25] - Future pricing strategies will likely return to a standard model of 1%-2% annual increases, but higher commodity prices may necessitate adjustments [43][44] Future Outlook - The company plans to provide more detailed insights into its commodity exposure and metal strategy in February [50] - There is an emphasis on maintaining marketing investments to support brand strength, with marketing as a percentage of revenue remaining consistent with the prior year [52] Additional Important Information - The EBIT margin in Q4 was lower than the previous year by approximately 100 basis points, attributed to external headwinds from foreign exchange, commodities, and tariffs [6] - The company is currently 75% hedged for 2026 regarding silver prices, which may mitigate some impacts of rising costs [47] - The performance of the Talisman collection has been strong, contributing positively to the brand's growth [78] This summary encapsulates the key points discussed during the conference call, highlighting Pandora's current performance, market challenges, strategic initiatives, and future outlook.

上海最后一块"稻香"招牌被摘下，萦绕多年的港式早茶烟火气在城市街巷中彻底消散，这个陪伴许多人 成长的老牌茶楼，正式退出上海市场，至此，一线城市完成"清零"。 从许留山全面撤出，到稻香黯然退场，港台餐饮在一线城市的撤退潮愈演愈烈，这场味觉记忆的退场， 不是偶然，背后藏着餐饮行业的变革，也是消费市场迭代的必然结果。为什么风靡一时的老港式茶楼纷 纷遇冷？这场"撤退潮"释放了哪些行业洗牌的强烈信号？ （图片来源： 小红书） 老牌港式茶楼的"一线城市大撤退" 1、稻香闭店潮持续发酵 稻香的闭店并非突然爆发，而是持续蔓延的一场生存危机，根据官方信息，仅一年的时间，就陆续有11 家门店传出歇业的消息，门店遍布广州、惠州、上海等多个城市，其中广州的天河城店经营了20余年， 该门店被陶陶居甄选店取代。上海作为沿海一线城市，从不缺港式茶楼，但稻香仍选择放弃这一市场， 先后关闭了静安店、铁狮门店、绿地店这3家门店，在最后的时刻，也唯有以门店关闭为这场布局调整 划上句点，稻香从核心商圈到社区门店撤出市场的轨迹，似乎将如何存活的盲点摆在港式茶楼的面前。 （图片来源：小红书） 2、港台餐饮集体遇冷 稻香的离场只是港台餐饮集体遇冷的一个缩 ...

Core Insights - In 2025, China FAW's total vehicle sales exceeded 3.302 million units, marking a 3.2% year-on-year increase, with significant growth in its self-owned and new energy vehicle segments [1] - The Hongqi brand achieved sales of over 460,000 units, a growth of 11.7%, and became the first Chinese luxury car brand to surpass 2 million users [4][8] - The Jiefang brand maintained its leading position in the domestic heavy-duty truck market, with sales of 280,000 units and a brand value of 1.45 trillion yuan [10][12] - The Bestune brand saw a remarkable 33% increase in sales, reaching 200,017 units, driven by a successful transition to new energy vehicles [13][15] - FAW-Volkswagen sold 1,587,065 vehicles, retaining its title as the top joint venture in terms of total and fuel vehicle sales [17][19] - FAW Toyota sold 805,518 vehicles, continuing its growth trend with a focus on high-end models and hybrid technology [21] Group 1: China FAW Overview - In 2025, China FAW's total vehicle sales reached 3.302 million units, a 3.2% increase year-on-year [1] - The self-owned brand sales surpassed 940,000 units, growing by 15%, while new energy vehicle sales exceeded 366,000 units, marking a 71.4% increase [1] - The joint venture brand sales stood at 2.362 million units, maintaining its leading position in the joint venture segment [1] Group 2: Hongqi Brand Performance - Hongqi brand sales exceeded 460,000 units, reflecting an 11.7% year-on-year growth, marking eight consecutive years of positive growth [4] - The brand's new energy vehicle sales reached 149,000 units, a 29.8% increase, becoming a core driver of growth [4] - Hongqi's brand value was reported at 141.065 billion yuan, ranking first among passenger car brands in the "China's 500 Most Valuable Brands" report [4] Group 3: Jiefang Brand Developments - Jiefang brand's vehicle sales surpassed 280,000 units, with heavy-duty truck sales at 255,000 units, maintaining the top market share in China [10] - The brand's value reached 1.45 trillion yuan, marking its 14th consecutive year at the top of the industry [10] - Jiefang's innovation index has been ranked first in the industry for eight consecutive years [10] Group 4: Bestune Brand Growth - Bestune brand sales reached 200,017 units in 2025, a 33% increase, achieving the highest sales in its 20-year history [13] - New energy vehicle sales for Bestune reached 171,957 units, a 107% increase, indicating a successful transition to new energy [13] - The brand's international company was established to enhance its global strategy, focusing on key markets [15] Group 5: FAW-Volkswagen Achievements - FAW-Volkswagen's total vehicle sales reached 1,587,065 units, including imports, maintaining its position as the top joint venture in sales [17] - The Volkswagen brand sold 902,066 units, while Audi and Jetta brands sold 566,988 and 118,011 units respectively [17] - The brand's fuel vehicle market share increased by 0.9%, achieving a historical high [17] Group 6: FAW Toyota's Performance - FAW Toyota sold 805,518 vehicles in 2025, achieving positive growth for three consecutive years [21] - High-end models from the TNGA-K platform accounted for 487,426 units sold, a 12% increase, representing 61% of total sales [21] - The brand's hybrid models sold 380,100 units, a 14% increase, indicating a strong focus on hybrid technology [21]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 公司营收自2023年后恢复增长与营销开支的大幅增加存在一定联系。近年来公司销售费用持续高增， 2023年、2024年及2025年前三季度，公司的销售费用分别为11.99亿元、16.35亿元及14.15亿元，分别同 比变动41.65%、36.38%及32.09%。 12月12日晚，丸美生物发布公告，公司向港交所递交招股书，启动"A+H"上市进程。作为2019年登陆A 股的"眼霜第一股"，丸美生物此次南下，计划将募集资金用于加强线上线下渠道、品牌营销、研发投入 及一般运营。 值得关注的是，此前不久，丸美生物因为财务核算、募集资金使用等问题被广东证监局采取行政监管措 施。公司前脚完成整改，后脚便急着递交招股书背后，隐忧浮现。一方面，公司业绩波动较大，近年来 虽营收恢复增长，但销售费用持续高增，2023年、2024年及2025年前三季度，公司的销售费用分别为 11.99亿元、16.35亿元及14.15亿元，分别同比增长41.65%、36.38%及32.09%。相比较之下，研发开支略 显不 ...

当"ERA"与"新时代"交相辉映，一场融合艺术、交流与出行的跨界盛典由此开启。近日，上汽大众ID. ERA之夜·第六届新时代国际电影节颁奖盛典在澳门举行，上汽大众作为冠名赞助商，携手全新ID. ERA 新能源序列，以"创领出行新纪元"之势，致敬华语电影与中国汽车产业新时代。 光影为媒，上汽大众解锁品牌焕新多维度 新时代国际电影节创办于2019年，凭借专业的评审标准、广泛的行业影响力，成为展现华语电影发展成 果的重要平台。本届电影节以"光影无界，时代共鸣"为主题，全方位呈现华语电影多元风貌与时代精 神，不仅为文化文旅产业注入新活力，更搭建起电影人交流合作的桥梁，助力优秀作品走向更广阔的市 场。 此次上汽大众ID. ERA序列与新时代国际电影节携手，源自于二者的深度契合。"ERA"意味着时代，ID. ERA序列标志着上汽大众在品牌焕新、技术升级与用户体验方面进入全新阶段，也和"礼赞新时代 奋进 新征程"的电影节宗旨高度同频，双方在各自的领域内都在谱写发展新篇章。 自2025广州车展正式定名以来，ID. ERA序列就凭借"多元新生态、能源新格局、智舱新高度、辅助驾驶 新标杆、底蕴新进化与服务新体验"这六大核心举措引 ...

今年上半年，普华永道（PwC）宣布推出全新品牌定位及标识，这是公司自2010年以来的首次全球品 牌形象重大更新。新品牌定位对品牌标识系统进行全方位升级并引入橙色"动能标识"。品牌焕新后，普 华永道如何持续深耕中国市场？中企出海与外资来华，为专业服务领域注入了双重动力，普华永道如何 为双方提供精准赋能？在新兴技术重塑产业格局的浪潮下，普华永道又是如何利用AI深度赋能团队与 业务的呢？第一财经专访普华永道中国主席兼首席执行官何睦宁（Hemione Hudson）。以下为专访实 录。 第一财经：今年早些时候，普华永道面向全球发布了全新的品牌主张。这标志着重要的战略升级，您能 否具体谈谈背后的考量，为何要进行这次品牌焕新？ 何睦宁：这次品牌焕新主要基于几个方面的考量：一是应对科技和创新带来的变革，还有就是对我们信 任与质量核心理念的再度夯实。因为信任与质量始终是品牌立足的根本。就个人而言，我非常喜欢新的 品牌设计，我喜欢橙色，橙色元素很加分。但更重要的是品牌焕新后传递出的发展势能与前瞻性，这也 有助于我们吸引人才。我觉得这次品牌焕新令人振奋。 第一财经：在普华永道的全球网络中，您认为中国市场占据着怎样的战略地位？ 何 ...

广誉远经典名方产品龟龄集 广誉远中医药文化产业园 在广誉远的博物馆里，讲解员指着升炼核心产品龟龄集的椭圆形炼丹炉说："最早时候我们用这个银炉 升炼，后来改良了，但核心原理未变。"正是这种对古法炮制的坚持让"中华老字号"广誉远品牌驰名海 内外中药界。 ◎记者 陈芳 一家近500年历史的中华老字号企业，是如何历经时代更迭后依然闪闪发光？近日，上海证券报记者走 进广誉远工厂，探寻其穿越时间长河的密码。在广誉远董事长李晓军看来，面对行业竞争加剧和科技浪 潮推陈出新、不断迭代，广誉远只有"跑"起来，不断地自我革命，自我完善，才能实现突破，跻身行业 第一梯队。 尊古不囿古，为守护药效 在全透明的玻璃厂房内，数以百计的大醋缸依次整齐排开，大醋缸表面盖有玻璃板，旁边有卡片记录着 晾晒时间和批次。经过这样长达三年的日晒夜露，二十公斤陈醋才能浓缩成一公斤的醋膏。 醋膏仅仅是炮制鹿茸的一味辅料，还需将醋膏加入鹿茸中土埋，经过独特的多种炮制后研成细末。系列 的繁琐工艺耗时漫长，广誉远却坚守了传统炮制的古法。 在广誉远生产工艺里，古法炮制随处可见。比如水飞法制作朱砂、土炒白术以及地黄九蒸九晒等。长期 以来，广誉远总结出了炒、蒸、煮、熏 ...

Core Viewpoint - Kose Group has recently announced a significant management change in its China operations, appointing Ishii Yasuhiro as the new General Manager starting January 1, 2026, as part of its restructuring and performance recovery strategy for the Chinese market [3][20][25] Group 1: Management Changes - Ishii Yasuhiro, who has extensive experience in the Chinese market, will take over from the current Chairman and General Manager, Shinohara Kazuki, who will return to the headquarters to lead the Consumer Brand division [3][4] - This management change aligns with Kose's long-term strategy for 2030 and reflects the company's commitment to prioritize the Chinese market for global growth [3][20] Group 2: Ishii Yasuhiro's Background - Ishii has a diverse career spanning cosmetics, food, and electronics, with significant roles in Shiseido and other companies, focusing on brand marketing, channel development, and digital transformation in China [6][9] - His fluency in Chinese and deep understanding of local market dynamics position him as a strategic asset for Kose as it seeks to enhance its local operations [9][10] Group 3: Strategic Focus and Market Response - Under Ishii's leadership, Kose aims to solidify Decorte and Sekkisei as its core brands in China, targeting both high-end and mass markets through differentiated strategies [13][17] - The company has reported a rebound in sales in the Chinese market, with a notable increase in online average transaction value by 109% year-on-year, indicating a successful response to market demands [15][18] Group 4: Organizational Transformation - Kose is transitioning to a holding company structure, which will grant greater autonomy to its subsidiaries, including Kose China, enhancing operational efficiency and market responsiveness [20][23] - The new governance structure is designed to align with Kose's long-term vision of becoming a lifelong beauty partner, emphasizing the need for adaptability in a competitive market [23][25]

国新粮油发展集团粮油储备库公司粮仓。 强化产销合作拓宽市场。集团利用粮源、仓容及区位优势，加强产销对接，围绕夏粮收购、粮油贸易、 粮食代储等业务，加强与中粮、中储粮、山东农业集团、益海嘉里等13家央企省企、知名民企合作，通 过"合作+自营"模式搭建产销平台，拓展"仓外仓"，不仅盘活存量仓储资源，更以"强强联合"打破区域 市场壁垒，拓宽市场辐射半径，为集团构建"立足枣庄、辐射鲁南、链接全国"的市场格局奠定基础。 中国发展网讯 山东国新粮油发展集团（国新粮油）是枣庄市委、市政府深化国企改革，于2018年12月 组建的国有粮油产业集团，全市保障粮油安全储备"主力军"。多年来，集团锚定"保障区域粮食安全、 引领产业转型突围"战略定位，以"智储攻坚、链网协同、品牌焕新"为主线，致力于"储粮提效、运粮提 速、供粮提质"，通过科技赋能、产销贯通、价值提升，逐步构建"产购储加销"一体化的现代化粮食产 业体系，全链条筑牢粮食安全屏障，成为区域粮食安全"压舱石"。 智储攻坚，推动从"仓容扩张"到"绿色智治"转型革新 项目带动智慧粮仓建设。集团斥资3.88亿元建成粮食仓储物流中心，建成高大平房仓13栋、浅圆仓12 栋，增容26万吨 ...

Core Insights - MG has announced the global debut of the world's first mass-produced vehicle equipped with semi-solid-state batteries, the MG4 Semi-Solid State Edition, set for delivery in December 2025, alongside a new brand IP image, MOLI, marking a strategic shift as MG enters its new century [1][7] Group 1: Technology and Innovation - MG emphasizes the accessibility of cutting-edge technology, with semi-solid-state batteries being tested to exceed safety standards by over 20%, based on collaborations with national institutions [3][7] - The pricing strategy for the semi-solid-state battery is notable, as it will be featured in the MG4, priced under 100,000 yuan after subsidies, contrasting with the typical high-end market positioning of such technology [7][11] - MG aims to address core pain points in electric vehicles, particularly in low-temperature performance, with plans for public testing in extreme conditions to demonstrate capabilities against higher-end models [8][11] Group 2: Brand Development and Market Positioning - The new brand IP, MOLI, represents a shift towards a more youthful and emotional connection with consumers, integrating MG's heritage with a modern digital approach [13] - Research indicates a significant transformation in the perception of Chinese brands abroad, with MG now viewed as innovative and fashionable, rather than low-cost and low-quality [13][14] - MG has outlined a clear product roadmap, planning to launch 13 new energy models by the end of 2025, emphasizing the importance of sustained performance in the new century [14]