天眼查App显示，近日，南京多唔喔科技有限公司成立，法定代表人为姜稳柱，注册资本10万人民币， 经营范围为许可项目：互联网直播技术服务（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以审批结果为准）一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；信息技术咨询服务；互联网销售（除销售需要许可的商品）；鞋制造；制鞋原辅材料制 造；鞋帽零售；服装服饰零售；箱包销售；刀剑工艺品销售；工艺美术品及收藏品零售（象牙及其制品 除外）；工艺美术品及礼仪用品销售（象牙及其制品除外）；智能无人飞行器销售；玩具销售；第二类 医疗器械销售；货物进出口；技术进出口；专业设计服务；平面设计；鞋和皮革修理；非居住房地产租 赁；住房租赁（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

浙商证券（601878）发布研报称，维持裕元集团(00551)"买入"评级，制造业务在出货量因高基数下降 的背景下，通过产品组合优化推动均价提升，利润率环比改善超预期；线上渠道保持强劲增长，印尼和 印度新产能有序扩张，零售业务库存仍相对健康收入降幅明显收窄。 浙商证券主要观点如下： 业绩表现 公司发布25三季报，25Q1-3实现收入60.2亿美元，同比-1.0%，归母净利润2.8亿美元，同比-16.0%，其 中，制造业务收入42.3亿美元，同比+2.3%，归母净利润2.6亿美元，同比-12.6%，零售业务收入17.9亿 美元，同比-7.9%，归母净利润2367万美元，同比-50.3%;25Q3实现收入19.6亿美元，同比-5.0%，归母净 利润1.1亿美元，同比-27.0%，Q3制造业务高基数下出货量下滑，但产效提升叠加ASP逆势向上下利润 率环比改善幅度超预期，零售收入降幅环比收窄，期待后续企稳。 Q3制造业务高基数下出货量下滑中单，产品组合优化ASP向上 25Q1-3制造业务收入同比+2.3%至42亿美元，其中出货量达1.89亿双(同比+1.3%)，ASP为20.88美元(同 比+3.2%)，25Q3制造 ...

Core Viewpoint - Zheshang Securities maintains a "Buy" rating for Yuanyuan Group (00551), highlighting that despite a decline in shipment volume due to a high base, the company has improved its profit margins through product mix optimization and strong growth in online channels [1] Performance Overview - For the first three quarters of 2025, the company reported revenues of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit of $280 million, down 16.0%. Manufacturing revenue was $4.23 billion, up 2.3%, while retail revenue was $1.79 billion, down 7.9% [2] - In Q3 2025, the company achieved revenues of $1.96 billion, a year-on-year decline of 5.0%, with a net profit of $110 million, down 27.0%. Manufacturing revenue in Q3 was $1.43 billion, down 4.5% [2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue reached $4.23 billion, with shipment volume at 189 million pairs (up 1.3%) and an average selling price (ASP) of $20.88 (up 3.2%). In Q3, manufacturing revenue was $1.43 billion, with shipment volume at 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%) [3] - Revenue by region showed a 5.4% increase in the U.S. (28.5% share), 11.7% in Europe (27.7% share), a 25.9% decline in mainland China (13.4% share), and a 9.2% increase in other regions (30.4% share) [3] Profitability and Efficiency - The manufacturing capacity utilization rate was 93%, up 1 percentage point year-on-year, with a gross margin of 18.3% (down 1.3 percentage points). The SG&A expense ratio was 10.2% (down 0.2 percentage points) [4] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), driven by enhanced production efficiency and product mix optimization [4] Retail Business Performance - Retail revenue for the first three quarters was $1.79 billion, down 7.9%, affected by a weak retail environment and intensified competition. Same-store sales declined by double digits, with 3,338 direct-operated stores (down 3.5%) [5] - Online sales grew by 13% (33% share), with live-streaming revenue more than doubling year-on-year. In Q3, retail revenue was $520 million, down 6.3%, showing a narrowing decline [5] - The gross margin for retail was 33.5% (down 0.5 percentage points), with old inventory accounting for 9% and inventory turnover days at 161 days (up 9 days) [5]

Core Insights - The article highlights the growing investment opportunities in Qingyuan, particularly from Taiwanese businesses, emphasizing the favorable natural environment and supportive policies that have fostered a thriving investment climate [1][2]. Investment Environment - The "Qingyuan Special Session" event attracted nearly 600 representatives from Guangdong and Taiwan, culminating in a signing amount of nearly 900 million yuan [1]. - Qingyuan has established a strong relationship with Taiwanese investors since its establishment, with 131 Taiwanese enterprises investing a total of 1.283 billion USD, of which 1.078 billion USD has been utilized [3]. - Taiwanese enterprises span various sectors, including manufacturing, real estate, and modern services, contributing significantly to the local economy [3]. Geographic and Economic Advantages - Qingyuan benefits from its strategic location in the Greater Bay Area, with access to a consumer market of 86 million people and efficient transportation links, including a 24-minute high-speed train to Guangzhou [4]. - The North River provides a cost-effective and environmentally friendly transportation option for businesses, particularly in the cement industry, which has seen significant investment due to the region's abundant mineral resources [6][7]. Environmental and Lifestyle Factors - Qingyuan is referred to as the "back garden" of the Greater Bay Area, with a high forest coverage rate and excellent air quality, making it an attractive location for health-oriented businesses [9][10]. - The region's ecological advantages support agricultural development, with initiatives like the establishment of cross-strait agricultural cooperatives focusing on high-potential crops [11]. Government Support and Services - The local government has implemented efficient service measures, such as "one-stop" services for business registration and project initiation, enhancing the investment experience for Taiwanese enterprises [12]. - Continuous communication between the government and Taiwanese businesses has established a supportive environment, allowing for quick resolution of issues and fostering long-term investment [12][13]. Conclusion - Taiwanese investors have evolved from initial business establishment to becoming ambassadors for Qingyuan, promoting the city as a prime location for future investments and cultural exchanges [13].

清远市台商投资企业协会常务副会长卢政群建议粤东西北地区在完善产业链布局等硬件的同时，还要加 快提升教育、医疗等公共服务水平，增强对年轻一代台商的吸引力。(完) 中新社广东清远11月22日电(记者郭军)当前，广东正加快推动台资协调优化区域布局，积极引导台商助 力粤东西北融入粤港澳大湾区发展。11月21日至22日，全国近600位台商齐聚广东清远共谋发展，现场 签约电子、制鞋、汽车零组件等多个投资项目，总金额近9亿元(人民币，下同)。 （文章来源：中国新闻网） 这是继汕尾、云浮之后，广东在粤东西北城市再次举办此类活动。此次举行的广东台商助力粤东西 北"融湾发展"(清远专场)活动期间，广州市、清远市台务部门，以及两地台商投资企业协会还签署了对 口帮扶和共建友好协会合作协议。 "清远作为粤港澳大湾区北部生态屏障和产业拓展腹地，正全力推进'广清一体化'战略，加快构建现代 化产业体系，基础设施日益完善，政策支持精准有力，营商环境持续优化，为台商投资发展提供了广阔 空间和坚实保障。"清远市委副书记黄建平说。 清远市台商投资企业协会会长李正顺表示，清远作为"环珠三角地区融湾先行市"，不仅拥有快速衔接大 湾区的交通网络和作为'融 ...

Core Insights - The company reported a 1.0% year-on-year decline in revenue for the first nine months of 2025, totaling $6,017.4 million, with manufacturing revenue increasing by 2.3% [1] - The average selling price of footwear rose by 3.2% to $20.88 per pair, despite a 1.3% decrease in manufacturing gross margin due to uneven capacity utilization and rising labor costs [1] - The revenue contribution from Baosheng decreased by 7.9% year-on-year to $1,785.7 million, reflecting a decline in both USD and RMB terms [1] Revenue and Profitability - The company experienced a seasonal improvement in profitability in Q3 2025, driven by a robust order mix that offset the decline in shipment volume [2] - The global consumer market showed steady growth, particularly in the US back-to-school sales, although new tariff policies and geopolitical tensions created uncertainties [2] - The company maintained a demand-driven production strategy to enhance production scheduling flexibility, which contributed to improved profit margins in Q3 [2] Long-term Outlook - The company remains optimistic about the long-term prospects of the sports industry, driven by increasing awareness of sports and health, especially with upcoming international sporting events [2] - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of $8.2 billion, $8.6 billion, and $9.1 billion, along with net profits of $370 million, $410 million, and $460 million respectively [2]

天眼查App显示，近日，湘潭市文亮工贸有限公司成立，法定代表人为汤亮，注册资本20万人民币，经 营范围为一般项目：针纺织品销售;针纺织品及原料销售;制鞋原辅材料销售;鞋帽批发;鞋帽零售;互联网 销售（除销售需要许可的商品）;皮革制品销售;服装服饰批发;服装服饰零售;国内贸易代理;鞋制造;塑料 制品制造;劳动保护用品生产（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活 动）。 ...

Core Insights - The article emphasizes the significance of traditional Chinese brands, known as "Chinese Time-honored Brands," which embody the essence of Chinese culture and have evolved through innovation over centuries [1][2]. Group 1: Current Status of Chinese Time-honored Brands - The Ministry of Commerce has recognized a total of 1,450 Chinese Time-honored Brands [2]. - Recent events, such as the International Exchange Activity and the Fifth Innovation Development Conference, have brought together representatives from various brands to explore new paths for innovation and collaboration [2]. Group 2: Commitment to Craftsmanship - The enduring success of Time-honored Brands is attributed to their commitment to craftsmanship and cultural heritage, which are closely linked to the nation's economy and people's livelihoods [3]. - Brands like Liu Bi Ju and Tong Ren Tang exemplify this commitment through their dedication to quality and ethical practices [3]. - Dong'e Ejiao has maintained its unique production techniques for nearly 3,000 years, emphasizing the importance of preserving traditional methods while modernizing [3]. Group 3: Innovation and Market Adaptation - Time-honored Brands are actively adapting to market demands by embracing innovation, targeting younger consumers, and leveraging digital technologies [4][5]. - Dong'e Ejiao has successfully transformed its image from an "elderly brand" to a trendy national brand by collaborating with popular tea brands and launching products that appeal to younger audiences [5][6]. - China Tea Company has focused on optimizing product flavors and modernizing packaging to attract younger consumers [6]. Group 4: Digital Transformation - The digital transformation of Time-honored Brands is crucial for their evolution, with Dong'e Ejiao achieving a digitalization level that meets the highest standards [6]. - The online business of Dong'e Ejiao now accounts for nearly 30% of its overall operations, showcasing the impact of digital strategies [6]. - China Tea Company is implementing digital controls across the entire supply chain, from cultivation to processing [7]. Group 5: Cultural Export and Global Reach - Time-honored Brands are becoming important vehicles for cultural export, with Tong Ren Tang expanding its presence globally since the 1990s [7]. - Dong'e Ejiao has participated in international conferences to promote traditional Chinese medicine, indicating a growing acceptance of Chinese culture abroad [7]. - China Tea Company aims to share Chinese culture through tea, enhancing global consumer experiences with Chinese lifestyle and values [7].

Group 1 - The core viewpoint of the article is that Yuans Group (00551.HK) experienced a significant stock price increase of over 6% following its earnings report [1] - As of the time of reporting, the stock price rose by 6.62%, reaching 15.79 HKD [1] - The trading volume for the stock was reported at 62.7683 million HKD [1]

Core Viewpoint - Yuanyuan Group's stock rose over 6% following the release of its financial results, indicating positive market sentiment despite a decline in revenue and profit [1] Financial Performance - For the nine months ending September 30, 2025, Yuanyuan Group reported a revenue of $6.017 billion, a year-on-year decrease of 0.95% [1] - The profit attributable to the company's owners was $279 million, reflecting a year-on-year decline of 15.96% [1] - Gross profit decreased by 6.9% to $1.371 billion, with an overall gross margin decline of 1.4 percentage points to 22.8% [1] Market Position and Outlook - According to Shanxi Securities, Yuanyuan Group has a diversified sales region, with less than 30% of sales coming from the U.S. [1] - The company's exposure to the U.S. market is relatively low within the footwear industry, and it has control over upstream raw material segments [1] - The company's profitability is expected to improve as production capacity continues to ramp up, and its valuation is relatively low compared to the industry average [1]