直到奥运村在此选址。接下来的三年，废墟重生，塔吊旋转，焊花飞溅，从早到晚。 2022年夏末，推土机开进米兰东南部一片废墟，履带碾过碎石杂草，停在几栋低矮旧厂房前。 厂房砖墙斑驳，圆窗大多破了，墙上爬着枯藤。这里曾是座货运站，昔日机油味弥漫，工人穿梭，装卸声此起彼伏。工厂陆续搬离后，这片土地渐归沉 寂。 撰文｜王利 编辑｜薇薇子、王小坤 假设奢侈品不断靠近户外，高端市场还有中国品牌的位置吗？ 周绍恩或许是回答它的不错人选。 他是北京服装学院的副教授，操刀过平昌冬奥"北京八分钟"和北京冬奥的服装设计，也是女垒国家队的设计师。 但推开他办公室的门，你很难先想到头衔，这里更像一处户外主题的策展现场：墙上挂着海报，衣架上排满硬壳软壳，书架旁立着四副双板。一屋子色彩 线条中，最扎眼的，是他脸上那副亮紫色镜框。 一街之隔，一座金色塔楼静默矗立。那里是普拉达基金会总部及艺术中心。这片区域远离米兰"时尚心脏"，2015年，却因这组建筑群落成，重回大众视 野。几年后，奥运村的资方名单上，人们再次看到了同一个名字——普拉达。 Fondazione Prada，图源：italia.it 奢侈品牌的触角，也早已伸向冬奥赛场。Arman ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a non-net profit growth of double digits in Q3, with a focus on the progress of private placement [2] - The outdoor industry is experiencing rapid growth, becoming the next growth point in the apparel sector, with the company enhancing product functionality and marketing efforts [4] - The company has successfully integrated G2 Touch, benefiting from technology development and customer expansion, with potential growth in the automotive sector [4] Financial Summary - In Q3 2025, the company reported revenue of 30 million, net profit of 1.3 million, and non-net profit of 1.1 million, with year-on-year changes of -24.91%, -20.32%, and +12.94% respectively [2] - For the first three quarters of 2025, the company’s revenue was 95.3 million, net profit was 3.3 million, and non-net profit was 2.7 million, with year-on-year changes of -13.98%, -67.53%, and -70.46% respectively [2] - The company announced a private placement of up to 1.93 billion at a price of 7.28 per share, which will increase the chairman's shareholding from 22% to 33.6% [2] Profitability and Forecast - The gross profit margin for Q3 2025 was 46.5%, an increase of 1.8 percentage points year-on-year, while the net profit margin was 4.3%, an increase of 0.2 percentage points year-on-year [3] - The company maintains its revenue forecast for 2025-2027 at 2.011 billion, 2.280 billion, and 2.588 billion respectively, and net profit forecast at 237 million, 276 million, and 325 million respectively [4] - The earnings per share (EPS) forecast for 2025-2027 is 0.27, 0.31, and 0.37 respectively, with corresponding price-to-earnings (PE) ratios of 34, 29, and 25 [4]