21世纪经济报道记者朱艺艺杭州报道 并表法国高端童装品牌BONPOINT（小樱桃）之后，雅戈尔（600177.SH）将讲述怎样的"时尚产业"新 故事？ 近日，雅戈尔披露2025年中报，由于受地产业务退出期规模效益下降、时尚板块转型调整不及预期的影 响，公司2025年上半年实现营收51.11亿元，同比下降10.50%，归母净利润17.15亿元，同比下降 8.04%。 需要指出的是，就在2025年上半年，以男装起家的雅戈尔正式进军童装领域，豪掷15亿元收购法国奢侈 童装品牌BONPOINT，该品牌与MAYOR、HANP（汉麻世家）、美国潮牌UNDEFEATED等多品牌合计 贡献营收8.32亿元，销售占比提高至25.24%。 就在前一年的2024年，MAYOR、HANP、UNDEFEATED等在内的多个子品牌合计完成营收5.47亿元， 占比不足10%。 不过，公司时尚板块对利润的支持空间仍待提升：2025年上半年，时尚板块贡献归母净利润2.38亿元， 对公司整体归母净利润（17.15亿元）的支持仅在14%左右；相比之下，同一时期，投资板块贡献归母 净利润13.90亿元，仍然撑起公司利润的半壁江山。 此外，已完成交割 ...

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of 2025, exceeding the annual target of around 5%[1] - In Q2 2025, GDP growth was 5.2%, a slight decrease of 0.2 percentage points from Q1[1] - The contribution of final consumption expenditure to GDP in Q2 was 52.3%, up from 51.7% in Q1[10] Industrial Growth - In June 2025, the industrial added value for large enterprises increased by 6.8% year-on-year, with a 1.0 percentage point rebound[15] - Manufacturing remains the core driver of industrial growth, with significant increases in high-tech sectors such as electrical machinery (11.4%) and new energy vehicles (18.8%)[16] - The industrial sales rate in June was 94.3%, reflecting ongoing pressure on enterprise sales[16] Consumer Trends - Retail sales of consumer goods in June grew by 4.8% year-on-year, a decline of 1.6 percentage points from May[18] - Service consumption showed a steady recovery, with a 5.3% increase in retail sales for services in the first half of 2025[18] - Online retail sales of physical goods in June rose by 6.0%, accounting for 24.9% of total retail sales[19] Investment Insights - Fixed asset investment (excluding rural households) grew by 2.8% in the first half of 2025, down from 3.7% in the first five months[3] - Non-real estate investment surged by 6.6%, significantly higher than total investment growth[3] - Manufacturing investment increased by 7.5%, while real estate development investment fell by 11.2%[24] Risks - Economic recovery may fall short of expectations, and growth stabilization policies may not meet anticipated outcomes[4]

Core Viewpoint - Recent changes in fundraising projects by companies such as Xingqiu Graphite, Hitech, and Huamai Technology are primarily due to shifts in market conditions, increased competition, and underwhelming demand in sectors like energy storage, intelligent driving, and communication [1][2][3]. Group 1: Fundraising Project Changes - Xingqiu Graphite announced a change in its fundraising project from "graphite crucibles and boxes for lithium battery anodes" to "silicon carbide and carbon-based composite anti-corrosion equipment and systems," reallocating 195 million yuan, which is 31.81% of the net fundraising amount [2]. - Hitech terminated its energy storage fundraising project, reallocating 53.8847 million yuan to permanently supplement working capital due to significant changes in the business model and market environment, leading to increased competition and compressed profit margins [3]. - Huamai Technology announced delays in some fundraising projects, with the completion of its 5G wireless network coverage RF device project postponed by two years to July 2027, due to structural reductions in telecom capital expenditures and increased competition [4]. Group 2: Market Conditions and Financial Implications - Xingqiu Graphite cited a significant change in market conditions, with weak demand in the new energy vehicle and energy storage markets leading to declining prices and low profit margins in the graphite anode materials sector [2]. - Hitech's latest performance forecast indicates a projected net loss of 52.5 million to 63 million yuan for the first half of the year, exacerbated by reduced orders in its military electronics and high-end medical equipment sectors [3]. - Huamai Technology's project adjustments reflect a need to address lower-than-expected market demand for certain products, resulting in a slowdown in capacity expansion and a revised investment plan [4]. Group 3: Project Implementation Challenges - Hitech's project implementation faced delays due to the need for land approval procedures after changing the project location, as well as construction delays caused by the discovery of buried construction and household waste [6]. - Nanwei Technology announced changes in its fundraising projects, reallocating surplus funds to permanently supplement working capital and delaying the overseas research and marketing center construction project until June 2026 due to global economic fluctuations [6]. - Botong Integration adjusted its investment structure for the "smart transportation and intelligent driving R&D and industrialization project," reducing the fundraising amount by 210 million yuan and reallocating it to a new project focused on edge AI processor products [7].