2025年12月31日，德国内衣品牌黛安芬（Triumph）在中国市场30余年的生意，彻底宣告终结。 图源：黛安芬 作为最早将"钢圈内衣"引入中国市场的外资品牌之一，黛安芬巅峰时期曾开出上千家门店，一度占据内衣市场相当的份额。 「钢圈内衣」也以「聚拢」工艺凸显女性曲线的定位，奠定了早期内衣行业的审美范式，并成为80、90 年代中国女性的内衣启蒙。 图源：淘宝 彼时，「挺聚」的胸型符合大多数女性对性感的标准想象 —— 仿佛只要把胸部挤进钢圈，就能离理想身材更近一点。即便硬钢圈可能勒出红印，厚海绵 会闷汗，化纤会不透气，"只要看起来好看，忍一忍也行"。 但如今，新生代女性的穿衣浪潮正在更迭。 钢圈因弹力有限，逐渐暴露出空杯、跑位等剪裁问题，其压迫感也让年轻女孩们不愿再为「束缚的性感」买单，开始偏爱舒适轻薄、贴身透气、能自在跑 跳的内衣。 「性感」的内涵，也从外在「悦他」转向内在「悦己」。 于是，NEIWAI 内外、ubras、蕉内等新锐本土品牌崛起，它们以高弹锦纶、莫代尔、天丝等轻弹面料，取代传统钢圈的厚垫结构，并针对不同的胸型和身 材优化剪裁，再以"舒适悦己"的叙事，满足了年轻女性消费层面的情绪价值。 图源：N ...

中新社北京12月28日电 (记者 应妮)"爱你老己，明天见"这句话近期在中国互联网上走红，甚至被称 为"有史以来最好""互联网最伟大""今年最暖心"的梗。 "爱你老己"一语，源自游戏台词的改编，因社交网络传播成为热梗，上海市青少年研究中心近期发布 的"2025年度青年十大热词"，将这个新词列入其中。它体现在诸如——升职后分享喜讯时配文"爱你老 己"，因奶茶两杯起送而下单"老己一杯我一杯"，考研失利后以"没事，爱你老己"自我宽慰……看似"无 厘头"的四个字，背后体现的是"悦己"和"自我接纳"。 还有一个值得注意的面向，12月27日，中国立法机关表决通过国家通用语言文字法修订草案，为网络空 间用语用字建立规则。 "爱你老己"不失为一个正能量词汇，但在社交平台的互动交流中，"黑话""烂梗"和恶意缩写污染网络语 言生态并不鲜见。有评论认为，修订后的国家通用语言文字法有助于在更广范围内，更规范展现国家通 用语言文字之美，更好推动中外文化交流与文明互鉴。(完) 在节奏越来越快的当代，人们常感受到来自工作、学习、生活中的压力，也会被各种KPI(关键绩效指 标)和Deadline(最后期限)所裹挟，"爱你老己"这一新词汇横空 ...

Core Insights - The article emphasizes the importance of self-love and understanding oneself to lead a fulfilling life, suggesting that when individuals prioritize their own needs and desires, they become more empowered and resilient [5][17][22] Group 1: Self-Understanding - The article discusses the significance of knowing one's strengths, weaknesses, and passions, using the example of Li Kaifu, who shifted his focus to computer science after realizing his true interests, leading to greater success [12][13] - It highlights the necessity of not placing expectations on others and instead fostering a supportive relationship with oneself, as illustrated by the experiences of individuals who have neglected their own needs for the sake of others [17][22] Group 2: Overcoming Self-Doubt - The article references a psychological survey indicating that self-doubt is a major barrier to self-love, encouraging readers to recognize that many issues are not their fault and to avoid unnecessary self-blame [7][8] - It stresses the importance of not allowing external opinions to dictate one's self-worth, advocating for a mindset that prioritizes personal feelings and desires over societal expectations [16][17] Group 3: Pursuing Passion - The narrative includes stories of individuals who found joy and purpose in their lives by pursuing their passions, such as the character 二舅, who despite facing adversity, remained content by embracing his love for life and self [20][21] - The article concludes with a call to action for readers to discover and nurture their inner passions, reinforcing that a fulfilling life is rooted in self-acceptance and personal fulfillment [22][25]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][12]. Core Insights - The company reported a narrowing decline in revenue for Q3 2025, with a year-on-year revenue drop of 16.71%, compared to a 37.35% decline for the first three quarters of 2025. Net profit for Q3 2025 increased by 13.57% year-on-year [2][4]. - The growth in e-commerce channels has been significant, with e-commerce revenue increasing by 17.68% year-on-year, becoming a key growth driver for the company [5][12]. - The company has optimized its product and channel structure, benefiting from rising gold prices, which has led to a notable increase in gross profit margin [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 67.72 billion yuan, a decrease of 37.35% year-on-year, while net profit reached 8.82 billion yuan, an increase of 3.13% year-on-year. In Q3 2025, revenue was 21.75 billion yuan, down 16.71% year-on-year, and net profit was 2.88 billion yuan, up 13.57% year-on-year [2][4]. - The gross profit margin improved significantly, rising by 9.16 percentage points to 29.74% due to product structure optimization and increased revenue from high-margin self-operated and e-commerce channels [6]. Channel Performance - Revenue contributions from different channels for the first three quarters of 2025 were as follows: self-operated offline (19.82%), e-commerce (28.72%), and franchise (49.39%). The self-operated offline channel saw a slight decline of 0.86% year-on-year, while the franchise channel experienced a significant drop of 56.34% year-on-year [5][12]. - The number of self-operated stores increased by 47 to 400, while franchise stores decreased by 380 to 4,275 [5]. Product Performance - Revenue from embedded products was 5.56 billion yuan, down 4.89% year-on-year, while revenue from pure gold products fell by 44.44% to 49.42 billion yuan. Conversely, brand usage fees increased by 3.03% to 5.69 billion yuan [5]. Future Outlook - The company is expected to enhance its self-operated and e-commerce channel development, focusing on lightweight and high-cost performance products. The projected EPS for 2025-2027 is 1.04, 1.18, and 1.33 yuan, with corresponding P/E ratios of 13.2, 11.6, and 10.3 times [12].

Core Viewpoint - The article emphasizes the importance of mental health awareness and the integration of emotional well-being with skincare, highlighting the brand's initiative to promote a philosophy of "self-pleasure" through its activities and products [4][31]. Group 1: Brand Philosophy and Initiatives - The concept of "self-pleasure" has become a prevalent lifestyle choice, with the brand keenly observing user emotions and relationships to integrate social responsibility into its offerings [4][6]. - The brand's narrative revolves around "restructuring" relationships, which not only pertains to skincare but also to emotional and relational reconnections [6][12]. - The brand's core components include the C5HA recombinant collagen protein, which is scientifically formulated to enhance skin health while also addressing deeper emotional connections [7][8]. Group 2: Emotional Engagement and Activities - The brand's "self-pleasure" series of activities progresses through three phases: identity restructuring, energy restructuring, and relationship restructuring, reflecting the evolving psychological trends in society [9][11]. - The activities are designed to create a deeper emotional connection, transforming skincare routines into meaningful rituals that promote self-dialogue and emotional release [12][27]. - The brand collaborates with various organizations to raise awareness about mental health issues, including a partnership with a foundation to showcase artworks from individuals with depression, emphasizing the importance of emotional expression [24][25]. Group 3: Social Responsibility and Community Impact - The brand's initiatives extend beyond product promotion to include community engagement and emotional support, aiming to foster a more inclusive environment for mental health discussions [34][36]. - The company has implemented internal programs focused on emotional care, reinforcing its commitment to mental health awareness within its corporate culture [36]. - The brand's efforts to integrate social responsibility into its core operations demonstrate a commitment to addressing broader societal challenges related to mental health [34][37].

Core Insights - The article discusses the evolution of Aimer, a leading Chinese lingerie brand, highlighting its technological innovations and market challenges in the context of changing consumer preferences and increased competition [1][2][3]. Company Overview - Aimer was founded by Zhang Rongming in the early 1990s, leveraging memory alloy technology to create innovative lingerie products [1]. - The company has grown to encompass over ten brands, including Aimer, Aimer Mr., Aimer Kids, and LA CLOVER, with more than 1,700 stores across China and international markets [2]. Market Trends - The lingerie market is shifting towards comfort and self-expression, with a growing preference for wireless and simplified sizing options, leading to increased competition from emerging brands like Ubras and Nainai [3]. - Aimer reported a revenue of 3.163 billion yuan for 2024, a decline of 7.71% year-on-year, and a net profit of 163 million yuan, down 46.56% from the previous year [3]. Strategic Initiatives - The company plans to open more flagship stores while increasing its online sales proportion, aiming for online sales to account for over 30% of total revenue [3][20]. - Aimer is focusing on brand rejuvenation and expanding its product offerings to cater to younger consumers, particularly through the Aimer brand and its sub-brands [12][35]. Product Development - Aimer has been innovating in fabric technology, introducing products made from seaweed fiber and milk fiber, which align with sustainability trends [32][34]. - The company has a strong emphasis on research and development, with approximately 6% of its workforce dedicated to R&D and an annual investment of over 3% of revenue in this area [34]. Consumer Insights - The company has collected extensive data on Chinese women's body shapes, allowing it to create products that better meet local consumer needs compared to Western brands [29][31]. - There is a notable shift in consumer preferences towards comfort and practicality, with a significant demand for wireless bras, which now constitute half of Aimer's product offerings [25][22].

Core Viewpoint - The article emphasizes the importance of the "self-care" concept in the skincare industry, highlighting how brands like Keli Jin are redefining anti-aging narratives by integrating cultural philosophies and emotional connections into their products and experiences [4][10][22]. Group 1: Brand Activities and Philosophy - Keli Jin's event "My 'Reorganization' Energy" in Chengdu reflects a shift towards creating a gentle space for urban dwellers, focusing on self-awareness and emotional needs through skincare [2][4]. - The brand utilizes Eastern wellness philosophies, such as "regulating energy, following trends, and maintaining harmony," to connect skincare with personal well-being [2][7]. - The event featured activities like morning exercises and DIY scent bags, which engage multiple senses and promote a holistic approach to skincare [6][8]. Group 2: Emotional Connection and Consumer Engagement - The concept of "self-care" has evolved into a crucial channel for brands to establish deeper relationships with younger consumers, who seek products that resonate with their lifestyles and emotional needs [4][10]. - Keli Jin aims to transition from a focus on product functionality to building emotional connections, making "self-care" a core element of its brand identity [4][10][12]. Group 3: Technological Integration and Product Development - Keli Jin leverages over 20 years of research in recombinant collagen technology, holding 167 patents and applications, positioning itself as a leader in this field [12][22]. - The brand's core ingredient, C5HA recombinant collagen, is scientifically formulated to enhance skin absorption and promote collagen production, addressing both efficacy and consumer trust [12][14]. - Keli Jin's product matrix includes a range of items designed for both morning and night use, catering to the growing demand for "time-specific care" and "certain efficacy" among consumers [16][18]. Group 4: Market Trends and Brand Strategy - The skincare industry is witnessing a structural shift where emotional resonance and understanding consumer needs are becoming as important as product efficacy [19][22]. - Keli Jin's dual strategy of combining "soft narrative" with "hard technology" allows it to build a brand model that is both scientifically grounded and emotionally engaging [22][30]. - The brand's approach to anti-aging is reframed from a battle against time to a gentle reorganization of one's state, aligning with modern consumer desires for self-acceptance and emotional well-being [29][30].

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Chow Tai Fook [5][6]. Core Insights - The report highlights a shift in consumer preferences towards practicality and self-satisfaction, with younger consumers favoring experiential and personalized consumption [1][12]. - The outdoor and ancient gold jewelry segments are experiencing significant growth, driven by changing consumer behaviors and preferences [2][51]. Summary by Sections New Consumption Trends - The rise of "pragmatism" and "self-satisfaction" is evident as consumers become more rational in their purchasing decisions, moving away from traditional marketing [1][13]. - Young consumers are increasingly drawn to interactive and personalized shopping experiences, prioritizing comfort and natural materials [1][18]. Demand Trend Analysis - The outdoor sports market is expanding rapidly, with the market size for outdoor footwear and apparel reaching 45 billion yuan in 2023, growing at a compound annual growth rate (CAGR) of nearly 20% [22]. - The ancient gold jewelry market has seen its size grow from 13 billion yuan in 2018 to 157.3 billion yuan in 2023, indicating strong demand among younger consumers [51][56]. Competitive Factors - Companies are focusing on product innovation and brand storytelling to attract consumers, with significant marketing investments noted among leading brands [3][41]. - The report emphasizes the importance of maintaining a robust channel strategy, with leading companies upgrading store images and enhancing digital integration [4][60]. Investment Recommendations - Key recommendations include Anta Sports for its outdoor brand matrix, Bosideng for its functional apparel, and Chow Tai Fook for its strong brand power in the jewelry sector, with respective price-to-earnings (PE) ratios projected for 2025 [5][6].

Women's Day 在国际妇女节即将到来之际，野村集团祝所有女性朋友们节日快乐！ " 爱自己，是终身浪漫的开始 " 。 " 美好的清晨给自己做上一份营养丰富的早餐、温暖的午后翻阅一 本喜欢的书籍、闲暇的时间开启一段惬意的旅程 ……" ，女性关爱自己有很多方式，我们在一个个 爱自己的瞬间得到放松和快乐，倾听自己心里的声音，活出真实的自我。 本期《茶歇分享会》，我们邀请来自野村东方国际证券的金婷和野村新加坡有限公司的毛苏蓉，分 享她们各自对旅行和瑜伽的热爱和体会，一动一静，不同的 " 悦己 " 方式，都是在照顾自己的内心， 都是与内心的对话。 作为职场女性，在努力工作、追求社会价值的同时， 也要留出时间照顾自己的内心。 野村东方国际证券 金婷 Q1 您工作之余特别喜欢做什么？ 左右滑动，查看更多 Q2 请分享一下您近期旅游中有哪些难忘瞬间？ 金婷： 今年春节期间，我去了趟英国。在泰晤士河畔吹着晚风，听大本钟的钟声响起，感受这座 城市的浪漫。除了伦敦，我还去了约克。漫步在约克的古老街道，中世纪风格的建筑林立两旁， 那蜿蜒曲折的肉铺街，仿佛将我带回了久远的年代，街边特色小店琳琅满目，我淘到了不少精致 的复古小物件 ...