新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 智通财经记者 | 宋佳楠 但现在，侯孝海"跨界"选择了离啤酒颇远的农牧产品行业。他加盟的正大集团，是泰籍华人谢易初兄弟 于1921年创办的跨国巨头，业务覆盖农牧食品、批发零售等多个领域。 这一变动距离侯孝海卸任华润啤酒核心职务已过去半年多。 2025年6月，华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排而决定辞任执行董事及董事 会主席，且不再担任董事会辖下财务委员会主席、执行委员会以及购股权总务委员会各自之成员，自6 月27日召开之董事会会议结束时起生效。 华润啤酒强调，侯孝海已确认其与董事会之间并无意见分歧。公司董事会及其成员衷心感谢侯孝海于任 内对集团的付出和卓越贡献。 公开资料显示，1968年出生的侯孝海毕业于中国人民大学统计学院，早年任职首钢、盖洛普咨询及四川 百事可乐，2001年底加入华润啤酒后，从销售发展总监逐步晋升，2016年出任CEO，2023年调任董事会 主席。 任职期间，他主导公司"3+3+3"九年战略变革，推动华润啤酒从规模扩张向高质量发展转型，构 建"4+4"品牌矩阵，完成收购喜力中国的并购等。 数据显示，9年间华润啤酒 ...

1月9日，据21世纪经济报道援引知情人士消息，华润啤酒原董事会主席侯孝海已正式入职正大集团，出任中国区首席运营官（COO），将主要负责正大集 团中国区消费品的市场与营销整合工作，包括正大集团的鸡蛋、猪肉、鸡肉、食品、饲料等业务。 另据每日经济新闻报道，侯孝海本人对此仅表示"谢谢，感谢关注"，而未进一步透露相关细节。 智通财经注意到，在去年11月的上海进博会期间，侯孝海曾以正大集团中国区资深专家顾问身份出席。而在12月中旬正大集团中国区的一场分享活动上，侯 孝海也有出席，并发表演讲。 这一变动距离侯孝海卸任华润啤酒核心职务已过去半年多。 2025年6月，华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排而决定辞任执行董事及董事会主席，且不再担任董事会辖下财务委员会主席、执 行委员会以及购股权总务委员会各自之成员，自6月27日召开之董事会会议结束时起生效。 华润啤酒强调，侯孝海已确认其与董事会之间并无意见分歧。公司董事会及其成员衷心感谢侯孝海于任内对集团的付出和卓越贡献。 公开资料显示，1968年出生的侯孝海毕业于中国人民大学统计学院，早年任职首钢、盖洛普咨询及四川百事可乐，2001年底加入华润啤酒后，从销售 ...

投 资 者 关 系 活 动类别 □特定对象调研 分析师会议 □媒体采访 □业绩说明会 □新闻发布会 路演活动 现场参观 □其他 参与单位名称 南方基金、景顺长城基金、中信资管、中信研究、CLSA 消费、 诺安基金、大家资管、众行远基金等 8 家机构 时间 2025 年 12 月 地点 线上、线下交流 上 市 公 司 接 待 人员姓名 1、投资者关系负责人张圣烨 2、IR 王丹琦 投 资 者 关 系 活 动 主 要 内 容 介 绍 Q：问：研发费用下降的原因是什么？是否会影响产品创新？ A：2025 年前三季度研发费用同比有所下降，主要系公司依 据既定的研发计划和研究进度，有序开展研发活动所致。公 司依托云南省特色植物提取实验室平台和贝泰妮研究院的 资源和优势，结合日本、法国建设研究院和前沿联合实验室 资源和能力，有针对性地开展特色植物基础理论研究、创新 原料研发、原料筛选研发、功效性化妆品研发、功能性食品 研发、医疗器械研发、皮肤新药研发以及包装开发研究等多 维度深层次研发项目。公司的研发投入与研究方向、研究进 度基本匹配。 Q：行业竞争日益激烈，公司核心的、短期内难以被模仿的 护城河是什么？ A：是"医学背 ...

Core Insights - The article discusses the rise and challenges of Swisse, a health supplement brand acquired by China's Health and Happiness Group (健合集团), highlighting its initial success in the Chinese market and the subsequent financial difficulties faced by the parent company [2][3][8]. Group 1: Company Background and Acquisition - Swisse was founded in Melbourne in 1969 and gained popularity in China post-2010 due to its branding as a natural product and effective marketing strategies [2][3]. - In 2015, Health and Happiness Group acquired 83% of Swisse for approximately AUD 1.386 billion, aiming to leverage the brand's Australian image to penetrate the burgeoning Chinese health supplement market [3][5]. - The acquisition coincided with favorable cross-border e-commerce policies in China and a strong consumer demand for overseas health products, providing an optimal entry point for Swisse [5]. Group 2: Market Strategy and Performance - Post-acquisition, Health and Happiness Group did not merely replicate Swisse's Australian model but adapted it to the Chinese market by focusing on high-potential categories like collagen and liver health products [5][7]. - By 2024, Swisse is expected to derive nearly 80% of its sales from cross-border e-commerce channels, with a strong online market share of over 7.5% in the VDS segment [7]. - Despite its strong market presence, Swisse's revenue growth has slowed, with the adult nutrition and care (ANC) segment showing only an 8.8% increase in 2024, down from previous high growth rates [10][11]. Group 3: Financial Challenges - Health and Happiness Group reported a revenue of RMB 13.05 billion in 2024, a decline of 6.3%, and a net loss of RMB 53.72 million, marking its first loss since going public [8][12]. - The ANC segment, while still a revenue pillar, has seen its growth rate decline, contributing only 48% to total revenue in the first three quarters of 2025 [11][12]. - The baby nutrition and care (BNC) segment has experienced a significant decline, with revenues dropping from RMB 5.18 billion in 2022 to RMB 3.33 billion in 2024, a 36% decrease [13][14]. Group 4: Operational and Competitive Challenges - The pet nutrition and care (PNC) segment has not yet become a significant revenue driver, contributing only 15% to total revenue in the first three quarters of 2025 [15]. - High marketing costs are eroding profits, with sales and distribution costs reaching RMB 2.883 billion in the first half of 2025, nearly four times the net profit for the same period [22][25]. - The competitive landscape in the Chinese health supplement market is intensifying, with local brands offering lower prices and international brands increasing their local operations, impacting Swisse's market share growth [29][30]. Group 5: Future Outlook - Swisse must innovate through research and development to maintain competitiveness, moving beyond reliance on brand equity and marketing [31]. - The ability of Health and Happiness Group to rejuvenate Swisse and cultivate new growth avenues will be crucial for navigating future challenges [32].

Investment View - The company is a leading manufacturer and brand operator of thermal cups in China, driving industry innovation and high-quality development through strong partnerships with key clients like Yeti, Stanley, and Owala, supported by continuous R&D investment and overseas production capacity [1][4] - The first phase of the Thailand production base was fully operational in 2023, with the second phase expected to reach production capacity by the first half of 2025, rapidly increasing output [1][42] - The company is actively investing in channel development, product innovation, and IP collaborations to enhance its own brand, Hars, and strengthen governance through employee stock ownership and share buybacks [1][12] Investment Logic - The company is solidifying overseas customer loyalty through efficient R&D and overseas production, with Yeti's stable growth and focus on high-margin new products, Stanley's transition to steady growth, and Owala's innovative designs driving high growth [2][9] - The company is expanding its customer matrix by actively seeking high-potential emerging brands like Brumate and Takeya, smoothing out fluctuations caused by brand rotation [2][41] - The company is entering a harvest period for its self-owned brand investments, focusing on channel expansion and product innovation to enhance brand recognition [2][10] Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.437 billion yuan, a year-on-year increase of 2.94%, while net profit attributable to shareholders was 100 million yuan, down 55.49% due to short-term impacts from overseas capacity ramp-up and domestic brand investments [7] - Revenue from vacuum vessels, aluminum bottles, and other businesses in the first half of 2025 was 1.376 billion yuan, 165 million yuan, and 30 million yuan respectively, with year-on-year growth rates of 13.00%, 11.31%, and 13.54% [7] - The company's overseas revenue accounted for 86.91% of total revenue in the first half of 2025, with a year-on-year increase of 14.14% [7] Supply Chain and Production Capacity - The company is enhancing its supply chain advantages and production capacity, with the Thailand base's first phase producing approximately 5.5 million units annually and the second phase expected to reach 24.5 million units [42][43] - The company is implementing localized operations and optimizing logistics and procurement costs through a rapidly forming local supply chain in Thailand [42][43] - The company is advancing its smart manufacturing initiatives, aiming to replicate the lighthouse factory model to improve efficiency and reduce costs [46] Brand Development - The company is focusing on expanding its self-owned brand, Hars, and leveraging the Swiss brand SIGG to penetrate the European market [52][53] - The company is enhancing brand recognition through a multi-channel strategy, including online and offline retail, and has seen significant sales growth in platforms like Tmall and Douyin [55][57] - The company is integrating emotional value and product functionality into its branding strategy, collaborating with various IPs to attract younger consumers and enhance market penetration [59][63]

Core Viewpoint - Anta Sports (02020) maintains a high level of prosperity in outdoor apparel, professional sports, and women's apparel sectors, with unique brand operation and growth planning, suggesting continued attention to the company. The buy rating is maintained with a target price of HKD 98.0 [1] Group 1: Sales Performance - Anta's sales revenue achieved single-digit positive growth year-on-year, with a stable performance during the Double Eleven shopping festival [2] - The company revised its full-year revenue expectation for the Anta brand from +MSD to +LSD, while maintaining FILA's target at +MSD and other brands at +40% [2] - Other brands experienced significant growth, with a combined year-on-year increase of approximately 55%, including Descente at 30%, Kolon at 70%, and MAIA at 45% [2] Group 2: Profitability and Brand Matrix - The profitability contribution from professional and outdoor brands is increasing, with operating profit margins continuing to rise [3] - Operating profit for other brands turned positive in 2020 and is expected to reach 28.6% in 2024, increasing to 33.2% in H1 2025 (up 3.3 percentage points year-on-year) [3] - The operating profit share rose from 2.1% in 2020 to 18.4% in 2024, with further growth to 24.3% in H1 2025 [3] - The acquisition of the Wolf Paw brand in April and the establishment of a joint venture with Musinsa in September are expected to enrich the brand matrix and expand opportunities in the fashion sector [3] Group 3: Revenue Forecast - The company forecasts revenues of RMB 783.1 billion, 867.2 billion, and 942.3 billion for FY25E to FY27E, with year-on-year growth rates of 10.6%, 10.7%, and 8.7% respectively [4] - The expected net profit attributable to shareholders is projected to be RMB 132.5 billion, 152.3 billion, and 168.9 billion for the same period, with growth rates of 11.2%, 14.9%, and 10.9% (excluding equity investment income) [4] - The target price of HKD 98.0 corresponds to a PE ratio of approximately 18.8 times for FY25E and a static PE of about 16 times, indicating an expected price increase of 21.8% from the current price [4]

Core Viewpoint - Anta Sports (02020) maintains a high level of prosperity in outdoor apparel, professional sports, and women's apparel sectors, with unique brand operation and growth strategies, suggesting continued attention to the company [1] Group 1: Sales Performance - Anta's sales achieved single-digit positive growth year-on-year, with a stable performance during the Double Eleven shopping festival [2] - The company revised its full-year revenue forecast for the Anta brand from +MSD to +LSD, while maintaining FILA's growth target at +MSD and other brands at +40% [2] - Other brands experienced significant growth, with a combined year-on-year increase of approximately 55%, including Descente at 30%, Kolon at 70%, and MAIA at 45% [2] Group 2: Profitability and Brand Matrix - The profitability contribution from professional and outdoor brands is increasing, with operating profit margins expected to rise from 2.1% in 2020 to 18.4% in 2024, and further to 24.3% by H1 2025 [3] - The company acquired the Jack Wolfskin brand to expand its outdoor brand matrix and plans to revitalize it over the next 3-5 years [3] - A joint venture with the Korean fashion platform Musinsa was established to explore opportunities in the fashion sector, enhancing the overall brand matrix [3] Group 3: Revenue Forecast - The company is projected to achieve revenues of 783.1 billion, 867.2 billion, and 942.3 billion yuan for FY25E to FY27E, with year-on-year growth rates of +10.6%, +10.7%, and +8.7% respectively [4] - Expected net profit attributable to shareholders for the same period is 132.5 billion, 152.3 billion, and 168.9 billion yuan, with growth rates of +11.2%, +14.9%, and +10.9% (excluding equity investment income) [4] - The target price is set at 98.0 HKD, corresponding to a PE ratio of approximately 18.8 times for FY25E and a static PE of about 16 times, indicating a projected price increase of 21.8% from the current price [4]

Travel + Leisure (NYSE:TNL) FY 2025 Conference December 03, 2025 01:30 PM ET Company ParticipantsErik Hoag - CFOConference Call ParticipantsBrandt Montour - Director, Equity Research AnalystNone - AnalystBrandt MontourHello, everybody. Hope you guys had a good lunch. We're here with Erik Hug from Travel + Leisure, the Chief Financial Officer. Erik, maybe we'll start with a very brief overview of the business, and you can kind of take that right into an overview of how the timeshare consumer feels as near-te ...

分渠道看，自营与加盟均稳健增长，零售网络稳步扩张。上半财年自营与加盟均实现稳健增长，其中自 营收入同比增长6.6%至24.1 亿元，加盟收入同比增长7.9%至37.0 亿元，得益于公司在库存去化上对加 盟商的支持，实际加盟的终端流水表现远高于收入增长。截止到9月30 日，公司羽绒服业务零售网点 （不含旺季店）总数净增加88 家至3558 家，其中，自营渠道净增3 家、加盟净增85 家。财年内公司持 续打造具有波司登基因的门店，巩固和拓展Top 店体系，打造门店聚类经营模式。基于顾客分层构建分 店态精细化运营体系。 机构：申万宏源研究 研究员：王立平/刘佩 波司登发布FY25/26 财年中期业绩，表现符合预期，延续高质量增长。FY2025/26 上半财年，公司收入 同比增长1.4%至89.3 亿元，归母净利润同比增长5.3%至11.9 亿元，业绩表现符合预期。自2018 年战略 转型以来，连续八年利润增长快于收入，彰显公司卓越的经营质量与持续的增长韧性。派发中期股息 0.063 港元/股，派息比率约为55%。 分业务看，羽绒服主业稳健增长，波司登品牌增长优异。分业务看，品牌羽绒服业务作为核心引擎，上 半年收入同 ...

Core Viewpoint - Haier Home (海澜之家) has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. According to Frost & Sullivan, Haier Home is projected to be the second-largest men's apparel brand globally by revenue in 2024 and has maintained its position as the leading men's apparel brand in Asia for 11 consecutive years since 2014 [1][4]. Company Overview - Haier Home is recognized as a leading brand apparel retail group in China, distinguished by its diversified brand portfolio, extensive supply chain network, and strong channel integration capabilities. It ranks fourth among Chinese apparel groups by revenue in 2024 [4]. - As of June 30, 2025, Haier Home operates over 7,200 stores globally, with 5,631 stores across 31 provincial-level administrative regions in China, covering nearly all prefecture-level cities [4][6]. - The company has established a global sales network comprising 5,723 stores, including 92 overseas locations. In addition to men's apparel, it offers a luxury women's brand (OVV) and a high-end children's brand (YeeHoO) to cater to diverse customer preferences [4][6]. Brand Strategy - Haier Home has formed strategic partnerships with globally recognized sports brands and is the exclusive operator of Adidas' Future City Concept (FCC) business in mainland China. It also holds licenses for operating the Hedi brand apparel in mainland China, Hong Kong, Macau, and Taiwan [4][6]. - The company is a long-term market leader in corporate apparel customization in China, having over 20 years of development history, and is recognized as the largest corporate apparel customization manufacturer by revenue [4][6]. International Expansion - Haier Home is committed to global expansion and enhancing its international influence. Its store network extends to countries such as Malaysia, the Philippines, Vietnam, Singapore, Thailand, Indonesia, Laos, Cambodia, the Maldives, Kenya, and Australia. As of June 30, 2025, the company has 111 directly operated stores overseas [6]. Financial Performance - The company has focused on its core apparel business and implemented rigorous operational measures, resulting in steady growth despite a complex market environment. Revenue figures for 2022, 2023, 2024, and the first half of 2025 are recorded at 17.905 billion, 20.754 billion, 20.162 billion, and 11.238 billion RMB, respectively. Net profits for the same periods are 2.062 billion, 2.918 billion, 2.189 billion, and 1.588 billion RMB [7][8]. - The gross profit margin has improved over the reporting periods, reaching 43.4%, 45.2%, 45.5%, and 46.9% for 2022, 2023, 2024, and the first half of 2025, reflecting the company's ongoing focus on product quality, operational efficiency, and refined retail management [8][9].