开栏语 当时间的刻度指向2026，一个崭新的五年征程即将启幕。 此刻，我们立足承前启后的交汇点，"十四五"即将圆满收官。回顾2025年，在多重压力之下，中国经济再次走过了"很不平凡"的 一年，并展现出强大韧性和活力。 刚刚闭幕的中央经济工作会议深刻指出，做好明年经济工作，要"坚持稳中求进工作总基调"，在政策取向上，"要坚持稳中求 进、提质增效"，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实 现"十五五"良好开局。 启新程，当乘势而上，更须砥砺前行。站在"十五五"新程待启的关键时点，如何看待2026年的经济形势？2026年经济工作怎么 干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇聚监管部门、知名学者和领军企业家，解读政策脉络，洞察 趋势变化。2026，我们携手出发。 新京报贝壳财经：中央经济工作会议提出持续扩大内需、优化供给，做优增量、盘活存量，因地制宜发展新质生产力，对此， 呷哺呷哺集团会有哪些具体举措？ 贺光启：呷哺呷哺集团作为连锁火锅头部企业，成立近30年来，通过不断创新产品、模式、营销方式等，拉动消费者需求，助 力内需经济增长。 集 ...

以下文章来源于野马财经 ，作者野马财经 野马财经 . 关注资本市场、金融市场、新经济发展和商业创新 图源：野马财经 导语："世界的安踏"也有自己的烦恼。 12月19日，安踏接入淘宝闪购，全国超1000家门店支持线上下单、附近门店极速配送，覆盖174个城市。 然而繁荣背后，品牌管理警报正在安踏体育(2020.HK)拉响。 就在不久前，斐乐门店员工将顾客备注为"买双鞋子都嫌贵"的截图流出，迫使品牌方紧急发布致歉公告。再往前推，始祖鸟因在喜马拉雅山脉海 拔5500米处举办"升龙"烟花秀，被 环保人士谴责为" 炸山"行为，品牌形象遭受重创。 这两起事件虽然形式不同，但共同反映了安踏旗下品牌在快速发展中可能忽视的消费者关系管理和品牌社会责任问题。 值得关注的是，这两次舆论危机的中心都是安踏通过收购获得的品牌。作为中国首个营收突破千亿的体育用品集团，安踏的"收购—整合—扩 张"模式正面临严峻考验。 截至12月19日，安踏体育报收81.5港元/股，总市值2279亿港元（约合人民币2062亿元）。 从斐乐"傲慢标签"， 到始祖鸟"炸山" 斐乐会员标签事件发生在2025年11月末。郑州正弘城斐乐儿童门店一位店员在为顾客添加会员 ...

Core Viewpoint - The report from CMB International maintains a target price of HKD 62.7 for NIO-SW (09866) in Hong Kong and USD 8 in the US, with a "Buy" rating, citing strong gross margin performance in Q3 2025 and historic high guidance for Q4 [1] Group 1: Financial Performance - NIO's Q3 total revenue reached RMB 21.79 billion, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7%, aligning with the upper limit of previous guidance [1] - The gross margin for vehicles improved significantly to 14.7% in Q3, up from 10.3% in Q2, while the overall gross margin rose to 13.9%, marking a three-year high [1] - The company provided guidance for Q4 deliveries of 120,000 to 125,000 units, representing a year-on-year increase of 65% to 72%, with projected revenue between RMB 32.76 billion and RMB 34.04 billion [1] Group 2: Future Outlook - For 2026, the company plans to enter a strong product cycle with the launch of three new large SUVs, aiming to establish a high-end product matrix of five large vehicles [2] - The company targets adjusted profitability and stable vehicle gross margins above 20% for the full year of 2026 [2] - In the overseas market, the company will shift to a "partner" model to reduce capital expenditures and establish a joint venture for chip development to explore new avenues for technology monetization [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.50 CNY, maintaining the rating [5]. Core Views - The company has shown a slight improvement in gross margin and a positive growth in net profit for Q3 2025, despite a decline in revenue for the first three quarters [1][3]. - The company is actively expanding its "multi-brand, full-category, and all-channel" strategy, focusing on both domestic and overseas markets [2][4]. - The company aims to enhance its market share through refined channel management and an upgraded whole-house customization strategy [4]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 7.008 billion CNY, a year-on-year decrease of 8.46%, and a net profit of 682 million CNY, down 26.05% [1]. - In Q3 2025, the company achieved a revenue of 2.457 billion CNY, a decline of 9.88% year-on-year, but a net profit of 362 million CNY, reflecting a growth of 1.44% [1]. - The gross margin for Q1-3 2025 was 35.24%, a decrease of 0.55 percentage points year-on-year, while Q3 2025 saw a gross margin of 36.83%, an increase of 0.97 percentage points [3]. - The net profit margin for Q1-3 2025 was 10.13%, down 2.54 percentage points year-on-year, while Q3 2025's net profit margin was 15.32%, up 1.54 percentage points [3]. Strategic Initiatives Summary - The company has established a robust presence in the integrated decoration channel, with 283 cooperative decoration companies and 728 sample stores across 221 cities [2]. - The overseas channel has been expanded through high-end retail, engineering projects, and distributors, with 29 overseas distributors covering 23 countries/regions [2]. - The company is collaborating with quality overseas developers and contractors to provide customized solutions for approximately 132 engineering projects in 32 countries/regions [2]. Future Projections - Revenue projections for 2025-2027 are 10.103 billion CNY, 10.482 billion CNY, and 10.899 billion CNY, with expected year-on-year growth rates of -3.73%, 3.75%, and 3.98% respectively [8]. - The projected net profit for 2025-2027 is 1.056 billion CNY, 1.168 billion CNY, and 1.239 billion CNY, with growth rates of -23.00%, 10.65%, and 6.09% respectively [8].

Core Insights - 德尔玛科技 held an earnings briefing on October 28, 2025, discussing Q3 performance and future strategies with 14 institutions [1][2] Financial Performance - For the first three quarters of 2025, 德尔玛科技 reported revenue of 2.384 billion yuan and a net profit attributable to shareholders of 88.72 million yuan [2] - In Q3 alone, the company achieved revenue of 699 million yuan and a net profit of 20.04 million yuan, indicating that overall performance met expectations [2] Business Strategy and Core Operations - The company focuses on a strategy of "multi-brand, multi-category, and globalization," aiming to innovate products towards green, energy-saving, and intelligent directions [3] - Plans for underperforming business segments include structural optimization and dynamic assessment to consolidate core business competitiveness, with a goal to enhance operational quality by 2026 [3] Market Environment and Sales Performance - Regarding the "Double Eleven" e-commerce event, the company noted a cautious consumer sentiment and stated that specific sales data would be confirmed post-event [4] Water Health Business Growth - The water health segment experienced double-digit growth in the first three quarters, with positive performance in both domestic and international markets, driven by the success of water purifiers and filter products [5] New Factory Impact - The new factory's operation is expected to increase the self-production ratio, positively affecting overall gross margin [6] Capital Operations and Strategic Acquisitions - With ample cash flow, the company plans to focus on strategic acquisitions related to emerging technologies and overseas premium brand channels, committing to timely information disclosure for any specific investment plans [7]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 23.84 million yuan and a net profit attributable to shareholders of 8,872.47 million yuan, with the third quarter alone contributing 6.99 million yuan to the net profit [2][3] - The water health business experienced double-digit growth, driven by strong performance in countertop water purifiers and filter products [4][5] Group 2: Strategic Development - The company adheres to a "multi-brand, multi-category, globalization" core strategy, focusing on the "Delmar" and "Philips" dual-brand approach to expand in home environment, water health, and personal health categories [3] - Future goals include enhancing product innovation, supply chain efficiency, and global channel layout, with an emphasis on green, energy-saving, and intelligent high-quality development [3] Group 3: Market and Operational Insights - The company is actively participating in e-commerce events like "Double Eleven," but the overall market environment is experiencing structural changes, leading to cautious consumer sentiment [3] - The new factory is expected to increase the proportion of self-produced products, positively impacting overall gross margin [5] Group 4: Future Plans and Acquisitions - The company is considering strategic acquisitions focused on emerging technologies and high-quality overseas brands and channels [5]

Financial Performance - For the first nine months of 2025, the company achieved a revenue of 7.008 billion yuan and a net profit attributable to shareholders of 682 million yuan, with a net profit of 720 million yuan after excluding non-recurring gains and losses [2] - In Q3 2025, the company reported a revenue of 2.457 billion yuan and a net profit of 362 million yuan, representing a year-on-year growth of 1.44% [2] - The overall gross margin for the first nine months of 2025 was 35.24%, with Q3 gross margin at 36.83%, an increase of 0.97% year-on-year [2][3] Expense Management - Sales expenses for the first nine months of 2025 totaled 652 million yuan, with a sales expense ratio of 9.31% [2] - Management expenses amounted to 595 million yuan, with a management expense ratio of 8.49% [2] - R&D expenses were 185 million yuan, representing a R&D expense ratio of 2.64% [2] Brand Performance - The Sofia brand generated 6.352 billion yuan in revenue with an average order value of 22,511 yuan, supported by 1,793 dealers and 2,561 specialty stores [4] - The Milan brand achieved 300 million yuan in revenue with an average order value of 17,662 yuan, supported by 528 dealers and 556 specialty stores [4] - The Simi brand and the Huahai brand have fewer dealers and specialty stores, with Huahai generating 81 million yuan in revenue [4] Channel Distribution - The integrated channel generated 1.393 billion yuan in revenue, with 283 cooperative companies and 728 sample stores across 221 cities [5] - The overseas channel has established 29 dealers across 23 countries/regions, providing solutions for approximately 132 projects in 32 countries [5] Strategic Insights - The company is focusing on cost control and efficiency improvements, which have contributed to the increase in gross margin [6] - Future strategies include optimizing the integrated and retail channels, with a focus on market development and product upgrades [9] - The company is adapting to changes in consumer behavior, shifting from new housing demand to the renovation market, and plans to refine marketing strategies accordingly [12]

Core Insights - JuYi Group is expanding its brand portfolio beyond budget cosmetics by acquiring the Italian hair care brand Fengtian, indicating a strategic shift towards a multi-brand approach in the beauty market [1][3][4] Group 1: Acquisition Strategy - The acquisition of Fengtian includes its brand assets, global business network, supply chain, and R&D laboratory located in Italy, enhancing JuYi Group's strategic positioning in hair and scalp care [3] - JuYi Group has previously signed an acquisition agreement with the scientific skincare brand BaiZhiCui and established a long-term strategic partnership with Pierre Fabre Group to manage the Fouguede brand in China [3][4] Group 2: Market Positioning - JuYi Group aims to solidify its long-term value and differentiation across its brands while continuously seeking high-quality beauty and personal care brands for future acquisitions [4] - The company recognizes the need to diversify beyond its origins in budget cosmetics to remain competitive in the increasingly crowded beauty market [5] Group 3: Financial Performance - JuYi Group reported a retail revenue exceeding 30 billion yuan in 2023, with a year-on-year growth of 36% [6] - The company’s vision is to become a leading multi-brand beauty group in Asia, which has prompted a series of acquisitions from skincare to hair care [5][6] Group 4: Focus on Hair Care - JuYi Group is prioritizing the hair care sector, driven by increasing consumer awareness of hair and scalp health, and sees significant growth potential in this area [7] - The hair care market in 2023 was valued at 620.9 billion yuan, with expectations to exceed 660 billion yuan by 2025, indicating a steady growth trend [7][8]

Core Viewpoint - Ju Yi Group has completed the acquisition of the Italian hair care brand Foltène, further strengthening its strategic positioning in the hair and scalp care sector after acquiring the skincare brand Bai Zhi Cui earlier this year [1][3]. Group 1: Acquisition Details - The acquisition of Foltène includes brand assets, global business networks, supply chain systems, and the R&D laboratory located in Italy, marking a comprehensive integration rather than a mere partnership [3][4]. - Foltène, founded in 1944, is known for its scientific foundation and has a product range focused on hair and scalp health, including anti-hair loss ampoules and shampoos [1][4]. Group 2: Market Presence and Performance - Foltène entered the Hong Kong market in 2007 and the mainland China market in 2008, with a Tmall flagship store established in 2013, currently boasting around 370,000 followers [3]. - Ju Yi Group's revenue reached 3.5 billion in the previous year, with a year-on-year growth of 36%, maintaining double-digit growth for several consecutive years [5]. Group 3: Strategic Implications - The acquisition is expected to complement Ju Yi Group's existing brands, enhancing its competitive edge in the multi-billion dollar hair care market [5]. - Ju Yi Group plans to leverage Foltène's medical background and clinical evidence while integrating its own digital marketing and supply chain resources to drive growth [4][5].

Group 1 - Shanghai Juyi Cosmetics Co., Ltd. announced the acquisition of Italian hair care brand Foltène, enhancing its strategic layout in the hair and scalp care sector [1] - The acquisition includes Foltène's brand assets, global business network, supply chain system, and Italian R&D laboratory, marking a significant step in Juyi's multi-brand, multi-category, and international strategy [1] - Foltène, founded in 1944, focuses on hair and scalp health with a product range that includes anti-hair loss ampoules, gender-specific anti-hair loss shampoos, eyebrow and eyelash serums, and nail repair essences [1] Group 2 - Juyi Group has been expanding its business boundaries through partnerships and acquisitions, including a strategic partnership with Pierre Fabre Group to manage the brand "Furla" in China, resulting in a double-digit revenue growth in 2024 [2] - During the last "Double 11" shopping festival, Furla achieved over 250 million yuan in GMV, a year-on-year increase of 88% [2] - In June, Juyi Group announced the acquisition of skincare brand Baizicui, marking its first entry into the skincare sector and reinforcing its strategic focus on scientific skincare [2]