智通财经编辑 | 楼婍沁 服装品牌已鲜少能像在电视时代时那样，凭借一则广告带来讨论度。柒牌在最近做到了。 过去几个月，这个老牌男装在全国多地高铁站投放广告，海报上七位世界冠军品牌代言人一字排开，其上赫然写着"穿柒牌，有气派"六个大字。整张海报设 计难说有美感可言，但的确让人忍不住多看上两眼，甚至不少网友主动拍下分享到社交平台，称其"让人两眼一黑""真的绷不住"。 智通财经记者 | 朱咏玲 柒牌过去的营销广告和IP形象 而那句至今仍在使用，且被大肆推广的广告语"穿柒牌，有气派"也被指是刻意追求谐音而缺乏说服力。尤其在粤语地区，由于"柒"在粤语中为粗口，这句广 告语也常被粤语区网友当作笑话来看。 社交平台上对柒牌广告的讨论 这不是柒牌第一次被"吐槽"广告丑。最近两年，柒牌还曾用大红萝卜造型来推广其萝卜裤产品，以及推出虚拟代言人"柒先生"和卡通IP"柒先生家族"，这些 都曾招来争议，被认为有损品牌调性。 柒牌不公布其营收规模，但从门店数量来看，其在男装行业里属于头部梯队。据联商网此前发布的"2023年度男装连锁品牌TOP20"榜单，柒牌当年门店总数 达3500多家，仅次于海澜之家的6006家，而利郎、九牧王、七匹狼 ...

安踏似乎也成为了这样的中年人。 三十多年风雨兼程，安踏从晋江起步，靠着一股爱拼才会赢的狠劲，一路逆袭成全球体育圈的豪门贵公 子。谁能想到，如今手握一堆国际大牌的安踏，早年竟是个不折不扣的"小镇做题家"。 但丁在《神曲》中曾写道："我在人生旅程的半途醒转，发觉置身于一个黑森林里面，林中正确的道路 消失中断。" 多年后，心理学家埃里奥特·杰奎斯（Elliott Jaques）将这份对人生中途的迷茫具象化，提出了"中年危 机"的概念。 人在走过热烈张扬的青年岁月后，步入中年往往会陷入一种莫名的停滞与失衡，一边是对过往人生的复 盘与叩问，一边是对未来前路的迷茫与彷徨。 2009年，安踏大胆拿下FILA中国区运营权，彼时没人看好这个濒临退出中国市场的意大利品牌，可安 踏却硬生生将其盘活；随后，韩国户外品牌可隆、德国户外品牌狼爪相继被纳入麾下；2019年，安踏更 是甩出约360亿人民币的高价，将芬兰亚玛芬体育收入囊中，一举将始祖鸟、萨洛蒙这些顶流品牌收至 麾下，搭建起一个覆盖专业体育、时尚运动、高端户外的品牌矩阵。 靠着这套组合拳，安踏完成了华丽蜕变，逆袭成为全球第三大体育用品集团、首个跻身全球体育巨头行 列的中国品牌。 ...

服装丨市场观察 本周看点： -2025上半年内衣上市企业整体态势：微增长下的分化； -冲刺第四季度！奢侈品牌纷纷加码中国市场； -中国男装巨头，摸着安踏、李宁过河。 行业环境 1.2025上半年内衣上市企业整体态势：微增长下的分化 关键词 ： 微增长,消费降级,营收分化,净利润下滑,渠道优化 概要 ： 2025年上半年，中国内衣行业在消费市场缓慢复苏背景下呈现"微增长、强分化"特 征。受消费降级影响，中高端需求疲软，多数企业面临"增收不增利"困境，净利润下滑普遍高 于营收降幅。渠道方面，线下门店大规模优化（如安莉芳净关店50家），线上渠道成为增长引 擎（都市丽人电商复购率达25%）。产品策略呈现两极分化：汇洁股份通过"可调节肩带"等技 术提升毛利率，浪莎则凭借高性价比实现利润逆增。供应链企业如维珍妮表现稳健，代工业务 维持5%-8%增长。行业整体向成本管控、渠道融合和数据化运营转型，寻求理性消费环境下的 新平衡点。 2.冲刺第四季度！奢侈品牌纷纷加码中国市场 关键 词 ： 奢侈品 市场,中国市场,稳定趋势,第四季度,活跃度 概要 ： 贝恩公司与意大利奢侈品行业协会（Altagamma）联合报告显示，2025年 ...

公开资料显示，美凯龙是国内领先的家居装饰及家具商场运营商和泛家居业务平台服务商。截止24年 末，公司经营77家自营商场，257家不同管理深度的委管商场，通过战略合作经营7家家居商场。此外， 公司以特许经营方式授权33家特许经营家居建材项目，共包括405家家居建材店/产业街。公司于2023年 6月引入新股东建发股份（600153）、联发集团。建发股份为厦门地方国有企业。 近期商务部对零售行业定调积极。美凯龙此前在投资者关系活动记录表中称，公司大力推进3+星生态 等多项战略计划，积极调整商场品类布局，商场从家居品类拓展了家电、家装、新能源汽车、餐饮等多 种业态。未来公司还将聚焦年轻化转型，引入更多元化的业态组合，包括二次元主题家居馆、潮玩设计 区、独居青年生活解决方案中心以及宠物友好家居体验区等创新业态。 红星美凯龙（601828）(01528)涨超9%，公司A股涨停。截至发稿，涨9.48%，报1.27港元，成交额 7518.48万港元。 ...

近期商务部对零售行业定调积极。美凯龙此前在投资者关系活动记录表中称，公司大力推进3+星生态 等多项战略计划，积极调整商场品类布局，商场从家居品类拓展了家电、家装、新能源汽车、餐饮等多 种业态。未来公司还将聚焦年轻化转型，引入更多元化的业态组合，包括二次元主题家居馆、潮玩设计 区、独居青年生活解决方案中心以及宠物友好家居体验区等创新业态。 公开资料显示，美凯龙是国内领先的家居装饰及家具商场运营商和泛家居业务平台服务商。截止24年 末，公司经营77家自营商场，257家不同管理深度的委管商场，通过战略合作经营7家家居商场。此外， 公司以特许经营方式授权33家特许经营家居建材项目，共包括405家家居建材店/产业街。公司于2023年 6月引入新股东建发股份、联发集团。建发股份为厦门地方国有企业。 智通财经APP获悉，红星美凯龙(01528)涨超9%，公司A股涨停。截至发稿，涨9.48%，报1.27港元，成 交额7518.48万港元。 ...

Core Viewpoint - The incident involving Qiaqia Sunflower Seeds and actress Yang Zi illustrates a "butterfly effect" in social media, leading to significant public discourse and impacting multiple brands [1] Summary by Sections Incident Overview - The controversy began with a promotional post from Qiaqia Sunflower Seeds emphasizing their product's dryness, which was humorously linked by netizens to Yang Zi, leading to a misunderstanding and backlash from her fans [2][5] - The situation escalated as various brands commented on the post, further fueling public discourse, although many later deleted their comments under pressure [6][7] Brand Reputation and Historical Context - Yang Zi's fans revisited past controversies regarding Qiaqia's product quality, specifically a 2019 incident involving excessive mold, shifting the focus from the initial joke to serious quality concerns [8] - As of December 3, Qiaqia's stock price was 22.05 yuan per share, reflecting a 0.59% decline, with a total market capitalization of 11.1 billion yuan [9] Marketing Strategy and Brand Positioning - The incident highlights the challenges faced by traditional brands like Qiaqia in adapting to younger audiences, as they attempt to engage through social media and trendy marketing tactics [13][15] - Qiaqia's recent financial performance shows a significant decline, with a 5.38% drop in revenue to 4.501 billion yuan and a 73.17% decrease in net profit to 168 million yuan for the first nine months of 2025 [18] Cultural and Social Dynamics - The misunderstanding surrounding the term "Qiaqia Guazi" reflects the complexities of fan culture and the challenges brands face in navigating these dynamics without alienating broader audiences [12][19] - The incident serves as a reminder that engaging with fan culture requires a nuanced understanding, as missteps can lead to public backlash and damage to brand reputation [19]

Core Viewpoint - The company reported significant declines in revenue and net profit for the third quarter of 2025, prompting a strategic shift towards low-alcohol, fruit-flavored products targeting younger consumers [2][5][6] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.33 billion yuan, a year-on-year decrease of 18.53% [2] - The net profit attributable to shareholders was 400 million yuan, down 28.04% year-on-year [2] - The third quarter alone saw revenue drop to 849 million yuan, a decline of 47.55%, and net profit fell to approximately 79.39 million yuan, down 68.48%, marking the largest drop in recent years [2] Product Structure - Revenue from products priced above 100 yuan was 1.738 billion yuan, down 14.96% year-on-year, while products priced below 100 yuan generated 1.574 billion yuan, down 22.06% [3] - The company is focusing on product innovation, developing low-alcohol and fruit-flavored products for younger consumers, as well as health-oriented products for older demographics [4][6] Market Strategy - The company plans to enhance its marketing efforts through social media and new media platforms, including Douyin and WeChat [3] - Initiatives include a short video creation contest for employees to promote brand awareness and collaborations with other industries to engage high-net-worth clients [3][4] - The company is also expanding its online sales presence through major e-commerce platforms and embracing instant retail channels to integrate online and offline resources [4] Industry Context - The shift towards low-alcohol products is part of a broader trend in the liquor industry, with major competitors also entering the low-alcohol market [5][6] - The low-alcohol and fruit-flavored beverage segment has become increasingly competitive, with established brands already having strong market recognition [6]

Core Insights - The surge in popularity of outdoor jackets, particularly the "冲锋衣" (tactical jackets), among young consumers in urban areas is attributed to their practicality and style, making them a staple for the working class and students [2][4][6]. Market Performance - Sales data from JD.com indicates that from October 9 to October 20, the transaction volume for over 50 sports categories, including tactical jackets, saw a double-digit year-on-year growth [2]. - A specific brand's tactical jacket achieved over 10,000 sales within just 18 days of its launch, while another brand's live-streaming sales on Douyin increased by 208% during the same period [2]. Consumer Trends - The market for tactical jackets is projected to grow significantly, with a report predicting a 233.6% growth rate by 2025 [5]. - Female consumers now represent 56.9% of the tactical jacket market, indicating a shift in consumer demographics [5]. Brand Analysis - The brand "骆驼" (Camel) holds a 5.5% market share in the outdoor apparel sector, with retail sales reaching 5.6 billion yuan. It has been the global sales leader in tactical jackets for five consecutive years [8]. - The brand's marketing strategy has successfully attracted younger consumers by associating its products with popular culture and appealing imagery, moving away from its previous image as a "dad brand" [9][13]. Competitive Landscape - The tactical jacket market is characterized by a preference for products priced around 500 yuan, which accounts for 51.4% of the market share and over 6 billion yuan in sales [5][6]. - As the market matures, brands like "骆驼" face the challenge of maintaining brand image and consumer loyalty amidst growing competition and evolving consumer expectations regarding product performance [13].

Core Viewpoint - The leading men's apparel brand, HLA (海澜之家), has announced its plan to issue H shares and list in Hong Kong, aiming to deepen its global presence and create a diversified capital platform, while facing challenges such as a sluggish domestic market, high inventory, and brand aging [1] Group 1: Global Expansion and Performance - As of June 2025, HLA has established 111 overseas stores in Southeast Asia, with overseas market growth of 27.42% year-on-year, significantly outpacing the domestic growth of 1.35% [3] - Despite the overseas expansion, overseas revenue has consistently accounted for less than 2% of total revenue, raising doubts about the effectiveness of its globalization strategy [3] - HLA's revenue has fluctuated between 17.9 billion and 21.5 billion from 2020 to 2024, with net profit showing a pattern of alternating growth and decline [3] Group 2: Financial Performance and Dividend Policy - In 2025, HLA reported a slight revenue increase of 1.73% and a net profit decline of 3.42%, despite being expected to be a growth year [3] - Since its backdoor listing in 2014, HLA has distributed a total of 21.1 billion in dividends, with a dividend payout ratio exceeding 70%, reaching 91.22% in 2024 [3] - The founder's family, holding 45.75% of shares, has received approximately 9.722 billion in dividends, raising concerns about the company's high dividend and low retention policy [3] Group 3: Industry Challenges - The domestic men's apparel industry is experiencing collective growth anxiety, with only 4 out of 15 listed companies achieving revenue growth in the first half of 2025 [4] - E-commerce channels are struggling, with HLA's highest-selling item during the Double 11 shopping festival having only over 9,000 buyers, indicating a decline in core product sales [4] - HLA's inventory reached 10.255 billion as of June 2025, with inventory turnover days increasing from 263 to 322 days, reflecting challenges in its asset-light model [4] Group 4: Brand and Market Positioning - HLA's young transformation led by the second-generation leader, Zhou Licheng, has not yielded significant results, with only 10% of revenue coming from new brands despite substantial marketing investments [5] - The brand's image among Generation Z remains stagnant, with new sub-brands like "Black Whale" struggling to gain traction in the market [5] - The company's ongoing challenges of inventory pressure, operational constraints, and brand aging cannot be resolved merely through a listing, indicating a longer path ahead for transformation [5]

Group 1 - The company is steadily advancing its 3+ star ecological strategy in recruitment, focusing on home furnishings, home decoration, and home appliances to enhance rental rates and income [1] - The company plans to focus on youth transformation by introducing diverse business formats, including themed home furnishing stores, trendy design areas, solutions for single living, and pet-friendly home experience zones to better serve young consumers [1] - Despite the increasing penetration of online transactions in the domestic home furnishing, building materials, and home appliance market, consumers still prefer offline experiences due to the high-value and experiential nature of home consumption, indicating the continued importance of offline retail spaces [1]