高盛指，对2026年初步展望，管理层认为获利驱动因素包括：毛利率改善(即使考虑增值税、促销因 素，10月涨价后的毛利率仍可达到40%)、渠道扩张、客户群持续扩大; 而老铺黄金在行业中的领导地 位、综合能力是其竞争优势。此外，集团2026年的重点将放在门店网络的选址升级。 该行指，管理层对2025年推出的新产品表现感到满意，并相信品牌持续在重大节庆及活动期间推出新产 品，对于提升品牌竞争力具有战略重要性。 智通财经APP获悉，高盛发布研报称，昨日(8日)邀请了老铺黄金(06181)参加其亚太区消费与休闲企业 日，老铺黄金的管理层提出几个要点，包括集团管理层未见10月黄金产品涨价后带来销售压力，并注意 到多个城市在节日期间出现排长队情况。高盛基于2027年预测25倍市盈率，并以9.6%的股权成本折现 至2026年中，得出对老铺黄金的12个月目标价为1,088港元，评级"买入"。 在元旦假期期间，老店及公司层面销售额录得高双位数、三位数的同比增长;又认为品牌知名度、渠道 扩张、升级及营运能力提升将支撑内地春节旺季的销售，且公司在库存、营运方面比去年准备更充分。 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【高盛发布老铺黄金研报，给出12个月目标价1088港元】1月9日，高盛发表研报，透露昨日邀老铺黄金 参加亚太区消费与休闲企业日。老铺黄金管理层表示，10月黄金产品涨价后无销售压力，多个城市节日 期间现排长队情况。元旦假期，老店及公司销售额按年高双位数、三位数增长。老铺黄金认为，品牌知 名度、渠道扩张及营运能力提升将支撑内地春节旺季销售，且库存、营运准备比去年更充分。对于2026 年初步展望，管理层称获利驱动因素为毛利率改善、渠道扩张、客户群扩大。老铺黄金在行业的领导地 位和综合能力是竞争优势，2026年重点是门店网络选址升级。高盛基于2027年预测25倍市盈率，以 9.6%股权成本折现至2026年中，给出老铺黄金12个月目标价1088港元，评级"买入"。 ...

高盛指，对2026年初步展望，管理层认为获利驱动因素包括：毛利率改善(即使考虑增值税、促销因 素，10月涨价后的毛利率仍可达到40%)、渠道扩张、客户群持续扩大；而老铺黄金在行业中的领导地 位、综合能力是其竞争优势。此外，集团2026年的重点将放在门店网络的选址升级。高盛基于2027年预 测25倍市盈率，并以9.6%的股权成本折现至2026年中，得出对老铺黄金的12个月目标价为1088港元， 评级"买入"。 格隆汇1月9日｜高盛发表研报指，昨日邀请老铺黄金参加亚太区消费与休闲企业日，老铺黄金的管理层 提出几个要点，包括集团管理层未见10月黄金产品涨价后带来销售压力，并注意到多个城市在节日期间 出现排长队情况。在元旦假期期间，老店及公司层面销售额录得高双位数、三位数的按年增长；又认为 品牌知名度、渠道扩张、升级及营运能力提升将支撑内地春节旺季的销售，且公司在库存、营运方面比 去年准备更充分。 ...

【#何小鹏谈渠道策略##小鹏将推进渠道下沉#】在今日的一场沟通会上，谈及今年的渠道规划，小鹏汽 车董事长、CEO何小鹏向《次世代车研所》等表示，过去小鹏的渠道主要集中在一线至三线城市，今年 会往更低线城市下沉，此外在区域方面会往北部扩张。（新浪科技）#何小鹏称小鹏机器人男女都有# ...

智通财经APP获悉，国信证券发布研报称，看好李宁(02331)品牌势能回升带动新的成长机会。预计公司 2025-2027年归母净利润分别为24.0亿元/26.8亿元/30.6亿元，看好后续新品与营销策略对业绩的拉动作 用。综合考虑公司作为本土龙头运动品牌经营反转向上的预期、长期盈利增长潜力以及充沛的现金储 备，维持公司21.20-22.30港元的合理估值区间，对应2026年约19-20倍市盈率，维持"优于大市"投资评 级。 上一轮品牌势能上升期，公司的主导品类是篮球和运动生活，其在近几年大幅回撤，占比从2021年峰值 71%下滑至2025年上半年的46%;跑步品类强势崛起，2023-2024年增速达25%-45%，占34%成为公司第 一大品类。公司篮球鞋在经历量价齐跌后，价格逐步企稳，新IP系列销量攀升;跑鞋矩阵持续扩张， 2025年底发布的"超䨻胶囊"科技有望助推跑鞋延续增长动能。同时，公司推出"荣耀金标"系列和户外系 列，覆盖泛运动生活多元需求，为品类注入新增量。 渠道布局：调整初现成效，圈层细化有望开拓增量市场 2024年起，公司主动缩减直营门店规模，控制门店面积，带动直营经营利润率从2023年约10% ...

Core Viewpoint - The company, Liangpinpuzi, reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating a continuous downward trend in performance and raising concerns about its financial stability [1][2]. Financial Performance - For the first three quarters of 2025, Liangpinpuzi achieved revenue of approximately 4.14 billion yuan, a year-on-year decrease of 24.45%, and incurred a loss of about 122 million yuan, compared to a profit of 19.39 million yuan in the same period last year [1][2]. - The company's gross margin fell from nearly 29% in Q3 2023 to 24.96% in Q3 2025, while the sales expense ratio reached 24.27%, leading to a total expense ratio of 28.71% [2][3]. - Inventory and accounts receivable did not decrease in tandem with the declining revenue, with accounts receivable increasing by 6% to 281 million yuan, and inventory remaining stable at 394 million yuan [4]. Market Position and Strategy - Liangpinpuzi has positioned itself as a "high-end snack" brand since 2018, but has faced challenges due to weak terminal demand and intense competition in the snack market, leading to a halt in its growth engines of "premiumization" and "channel expansion" [2][3]. - The company has initiated large-scale price reductions and the closure of franchise stores starting November 2023, which has directly contributed to sales shrinkage and further decline in gross margin [2][3]. Ownership and Control Issues - Following a significant drop in stock price, major investors have begun to reduce their holdings, with the total market value of Liangpinpuzi falling from over 30 billion yuan at its peak to around 5 billion yuan currently [5][6]. - The planned transfer of control from the current major shareholder, Ningbo Hanyi, to Guangzhou Light Industry Group was terminated due to unmet conditions, adding uncertainty to the company's governance [7]. - The current major shareholder has a high percentage of pledged shares, raising concerns about potential risks associated with shareholding stability [6][7].

Core Viewpoint - Goldman Sachs initiates a "Buy" rating for Weilang Meiwai (09985) due to a favorable risk-reward profile after a 30% price correction since April [1] Group 1: Stock Performance - Weilang Meiwai's stock has risen over 5%, currently trading at HKD 11.54 with a transaction volume of HKD 33.98 million [1] Group 2: Sales and Growth Channels - Discount stores are identified as the fastest-growing channel, expected to contribute 25-30% to annual sales, with a long-term target of 30-35% [1] - The operating profit margin of the discount store channel is comparable to the overall company level, indicating stable trends despite intense competition [1] - Rapid expansion of discount store partnerships is anticipated to provide significant growth opportunities for Weilang through innovative product placements [1] Group 3: Marketing and Expenses - The company expects higher sales, general, and administrative expense ratios in the second half of the year due to increased online and offline marketing efforts [1] - Investments are primarily aimed at supporting the growth of konjac and kelp product lines, enhancing brand equity and market share [1] Group 4: Sales Targets and Partnerships - Management reaffirms an annual sales target of approximately RMB 100 million [1] - The company is actively seeking partners in other Southeast Asian countries and has made progress in product listings with major retailers like 7-11 and Lotus's [1]

Core Viewpoint - Goldman Sachs initiates a "Buy" rating for Weilong Delicious (09985) after a 30% price correction since April, indicating a favorable risk-reward profile at current valuations [1] Group 1: Sales and Growth Channels - Discount stores are identified as the fastest-growing channel, expected to contribute 25-30% to annual sales, with a long-term target of 30-35% [1] - The operating profit margin of the discount store channel is comparable to the overall company level, indicating stable trends despite intense competition [1] - Rapid expansion of discount store partnerships with well-known brands like Weilong is anticipated to provide significant growth opportunities through innovative product placements [1] Group 2: Marketing and Financial Projections - The company expects higher sales, general, and administrative expense ratios in the second half of the year due to increased online and offline marketing efforts, particularly for its key growth categories, konjac and seaweed [1] - A planned investment aims to enhance brand equity and market share [1] - The management has reaffirmed an annual sales target of approximately RMB 100 million and is actively seeking partners in other Southeast Asian countries, noting progress in product listings at major retailers like 7-11 and Lotus's [1]

Core Viewpoint - Goldman Sachs has issued a "Buy" rating for Weidong Meishi (09985) with a 12-month target price of HKD 13.9, based on a 19x expected P/E ratio for 2027 and an 8.6% cost of equity discounted back to 2026 [1] Group 1: Company Growth Potential - Despite fierce competition in the snack industry, the company is expected to achieve growth due to its first-mover advantage, national coverage, and resources to adapt to increasing competition [1] - Smaller competitors are likely to be more affected by rising costs and price pressures due to their scale disadvantages [1] - The company's strong brand image and insights into konjac products and the market provide potential for multiple enhancements in consumer penetration, channel expansion, SKU, and flavor variety [1] Group 2: Financial Guidance - The company reaffirms its annual guidance with a sales growth of 15-20% year-on-year, a gross margin of 46-48%, and a net profit margin of 17-20% [1] - The company anticipates higher sales, general, and administrative expense ratios in the second half of the year due to increased online and offline marketing activities aimed at supporting konjac and kelp product categories [1] - The long-term goals include maintaining a gross margin above 45% and a net profit margin exceeding 15% [1] Group 3: Sales Trends and Channel Insights - In Q3 2025, despite a high base, the company's performance remains robust, with monthly sales of the konjac sesame product reaching RMB 60-70 million in August and September [2] - Discount stores are the fastest-growing channel, expected to contribute 25-30% of annual sales, with a long-term target of 30-35% [2] - Traditional distributors are the most profitable channel, followed by discount stores, KA channels, and e-commerce [2] Group 4: Raw Material Cost Outlook - Supply-demand imbalance has kept konjac powder prices high, but the company is optimistic that prices will normalize in 2026-2027 as planting areas expand [2] Group 5: International Expansion - The management has reiterated a sales target of approximately RMB 100 million for the year and is actively seeking partners in other Southeast Asian countries [3] - Progress has been made in getting konjac and kelp products listed in major Southeast Asian retailers such as 7-11 and Lotus's [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported better-than-expected revenue and profit in Q3 2025, with total revenue of 6.237 billion yuan, a year-on-year increase of 28.4%, and a net profit attributable to the parent company of 317 million yuan, a slight increase of 0.3% year-on-year [6] - The company is focusing on product structure optimization and rapid new product launches, which are driving high revenue growth and improving profit margins [6] - The company is accelerating its offline channel expansion, with a net increase of 144 stores in 2025, bringing the total to 1,599 stores [6] - The company is also pursuing an internationalization strategy, expanding into Southeast Asia with stores in Malaysia, Thailand, Cambodia, and Singapore [6] - The company has adjusted its profit forecasts for 2025-2027 due to goodwill impairment, projecting net profits of 4.6 billion, 6.5 billion, and 8.0 billion yuan respectively [6] Financial Summary - Total revenue for 2025 is estimated at 8.19 billion yuan, with a year-on-year growth rate of 25.7% [2] - The net profit attributable to the parent company is projected to be 461 million yuan in 2025, representing a year-on-year increase of 138.3% [2] - The company's gross margin is expected to be 23.1% in 2025, slightly decreasing from previous years [2] - The return on equity (ROE) is projected to be 12.5% in 2025, increasing steadily in the following years [2]