来源：新鲜速递 二、品牌历史与市场地位 根据综合信息分析，黛安芬（Triumph）退出中国内地市场的核心事实及背景如下： ⏰ 一、退出计划与时间线 撤柜时间： 多家门店店员证实，黛安芬将于 2025年12月31日关闭中国内地所有线下专柜。上海久光百货门店明确 表示"开到这个月底"，杭州奥莱店也确认年底撤柜。 官方态度： 截至2025年11月20日，黛安芬中国官网尚未发布官方声明，但内部通知已下达至部分门店。线上客服回 应"暂无相关信息"，线上渠道是否保留仍不明确。 清仓进展： 目前多数门店仅开展常规折扣（如5-7折），未启动全面清仓；上海久光百货等个别门店已贴出"3折"促 销海报。 入华历程： 1979年进入中国供应链，1992年在盐城、海南设厂，2008年正式进军零售市场。巅峰时期年销35亿元， 门店超900家，是 首家将钢圈内衣引入中国的外资品牌，曾占据中高端市场主导地位。 产品定位： 以钢圈塑形内衣为核心，单价集中在200-500元，被消费者视为"内衣启蒙品牌"，承载一代女性成长记 忆。 ❓ 三、退出原因分析 消费需求转型： 无钢圈内衣成主流，2024年市场份额达68%（较2018年增长42%）。黛安芬 ...

Core Viewpoint - The report from China Merchants Securities Hong Kong indicates that Fuyao Glass (03606) has long-term growth potential in automotive glass ASP and is expanding into new businesses like aluminum trim, which strengthens its internal growth momentum. The core profit forecasts for 2025-2027 remain unchanged, and the "Buy" rating is maintained with a target price of HKD 86, equivalent to 20x FY26 P/E, slightly below the historical average upper standard deviation of 21x [1]. Financial Performance - The company's Q3 2025 net profit attributable to shareholders was RMB 2.26 billion, showing a year-on-year increase of 14.1% but a quarter-on-quarter decrease of 18.6%, aligning with expectations but below the consensus forecast of RMB 2.7 billion [2]. - Q3 2025 revenue reached RMB 11.86 billion, reflecting a year-on-year growth of 18.9% and a quarter-on-quarter increase of 2.7%, continuing a steady growth trend [2]. - The gross margin for Q3 2025 was 37.9%, down by 0.9 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, slightly affected by increased rebates to manufacturers and short-term disruptions from new factory ramp-ups [2]. - The net profit margin for Q3 2025 was 19.1%, down by 0.8 percentage points year-on-year and 5.0 percentage points quarter-on-quarter, with the quarter-on-quarter decline attributed to a high base from exchange gains in the first half of the year [2]. Growth Drivers - The ASP has significant room for improvement, driven by high-value-added products, which accounted for 52.2% of total sales in the first three quarters, up 4.9 percentage points year-on-year, leading to a 6.9% year-on-year increase in ASP [3]. - The aluminum trim business showed strong guidance, with revenue of RMB 0.95 billion in the first three quarters, a year-on-year increase of 27.7%. The company aims for revenue of RMB 5.5-6 billion by 2028, capturing about one-third of the global market share [3]. - The U.S. factory reported a profit margin of 13.6% in Q3 2025, with expectations for a stable profit margin of 14.7% for the year, reflecting a year-on-year increase of 1.5 percentage points [3]. - Cost factors remain stable, with soda ash prices expected to average around RMB 1,500 per ton for the year, and shipping costs anticipated to continue declining [3]. - A new management team has taken over, with a focus on maintaining a clear long-term strategy, which is expected to support continued growth [3].

Core Viewpoint - Geely's new "Dongfangyao" series has been officially launched, with a price range of 98,700 to 179,700 yuan, aiming to enhance its product matrix in the high-end fuel vehicle market [2][5]. Product Launch - The "Dongfangyao" series includes two main product lines: Xingrui and Xingyue L, with a total of six versions for Xingrui priced between 98,700 and 138,700 yuan, and three versions for Xingyue L priced between 158,700 and 179,700 yuan [2]. - The series features two power combinations: 2.0TD+8AT and 1.5TD+7DCT for Xingrui, and three 2.0TD+8AT models for Xingyue L [2]. Brand and Cultural Initiatives - Geely's "Cultural Tourism Exploration Plan" has launched its fourth season in Dunhuang, integrating traditional culture with modern technology and tourism experiences [2]. - Strategic partnerships have been established with the Dunhuang municipal government and Henan TV to promote cultural events and automotive-related cultural products [2]. Design and Technology - The series emphasizes differentiated product strength across five dimensions: design, technology, driving control, comfort, and safety [3]. - The design draws inspiration from Dunhuang Silk Road aesthetics, featuring exclusive colors and interior elements that reflect traditional culture [3]. - The vehicles are equipped with GEEA 3.0 electronic architecture and AI capabilities for enhanced performance and user experience [3]. Performance and Comfort - All models are powered by a 2.0TD engine with a maximum power of 200 kW and peak torque of 400 N·m, achieving 0-100 km/h in 6.5 seconds [4]. - The Xingyue L model includes advanced comfort features such as seat massage and adjustable rear seat backs [4]. Safety Features - The new series incorporates nine safety systems based on four core safety concepts, including high-strength materials and advanced active safety features [4]. - The vehicles are equipped with an AEB system capable of stopping at speeds up to 120 km/h, with future OTA updates planned for enhanced safety features [4]. Market Performance - Fuel vehicles still hold a 49.9% market share in China's passenger car market, with Geely maintaining a dual strategy of investing in both fuel and new energy vehicles [5]. - Geely's total sales are projected to exceed 1.4 million units by mid-2025, with a market share of 10.4%, and the "Geely China Star" series leading in fuel vehicle sales among Chinese brands [5]. - The launch of the "Dongfangyao" series further enriches Geely's product offerings, providing consumers with high-end fuel vehicle options that balance intelligence, comfort, and mechanical performance [5].