Core Viewpoint - Li Ning has launched its first "Dragon Store" in Beijing, introducing a new product line called "Honor Gold Label" that combines professional sports technology with minimalist design for urban consumers [1][3][7]. Group 1: Dragon Store Launch - The "Dragon Store" is a new retail concept that embodies the spirit of the Chinese dragon, a significant cultural symbol [3]. - The opening ceremony featured Olympic champions Ma Long and Liu Shiwen, who participated in a lighting ceremony for the store [5]. - The store aims to create exclusive products and experiences around three themes: "Award Moments," "Competition Moments," and "Life Moments" [5]. Group 2: Honor Gold Label Product Series - The Honor Gold Label series integrates Li Ning's sports technology with a refined design, catering to urban consumers' needs for quality attire suitable for various scenarios including commuting and light sports [7]. - The design theme for the initial launch of the Honor Gold Label clothing is "Endless Arena - Limitless," inspired by the architectural beauty of the National Speed Skating Oval [9]. - The Honor Gold Label footwear is themed around the spirit of "Forged into Gold," featuring a color palette of black and gold, symbolizing the perseverance and glory of athletes [11].

Core Insights - The company reported a revenue of approximately HKD 347 million for the six months ending September 30, 2025, representing a year-on-year increase of 6.5% [1] - The loss attributable to equity holders narrowed to HKD 6.568 million, a reduction of 49.35% compared to the previous year [1] - Basic loss per share was HKD 0.098, with a special interim dividend of HKD 0.02 per share declared [1] Revenue Growth Factors - Revenue growth was primarily driven by an increase in customer orders during the tariff suspension period and the positive impact of newly introduced brands [1] - The growth also reflects a low base effect compared to the same period last year [1] Business Volume and Pricing - Business volume increased by 5.3%, while the average selling price decreased by 1.8% [1] - The decline in average selling price is attributed to brand customers opting for lower-priced product options, indicating a cautious approach to reduce risks amid weak market sentiment [1] Loss Reduction Factors - The reduction in net loss was mainly due to improved gross profit [1] - The share of profits from the joint venture operating in central Vietnam increased to approximately HKD 16.3 million, up from about HKD 5.8 million in 2024 [1] - This was partially offset by a rise in fair value losses from investment properties in mainland China and Hong Kong, which increased to approximately HKD 17.6 million from HKD 6.5 million in 2024 [1] - Other factors included a decrease in interest income and a one-time bad debt provision of approximately HKD 2.2 million related to the factory in Vietnam [1]

Core Viewpoint - Virginie (02199.HK) reported a decrease in revenue for the first half of the fiscal year ending September 30, 2025, while experiencing significant growth in shareholder profit and basic earnings per share [1] Financial Performance - The company's revenue for the six months was HKD 3.84 billion, a year-on-year decrease of 3.4% [1] - Shareholder profit for the period was HKD 145 million, reflecting a year-on-year increase of 114.3% [1] - Basic earnings per share were HKD 0.118, with an interim dividend proposed at HKD 0.057 per share [1] Segment Performance - Sales revenue from intimate apparel decreased by 6.6% compared to the first half of the 2025 fiscal year, primarily due to temporary impacts from tariff fluctuations leading to reduced demand from brand partners [1] - Sales revenue from sports products increased by 13.4% compared to the first half of the 2025 fiscal year, driven by sustained demand from the growth of brand partner business performance [1] - Sales revenue from consumer electronic accessories saw a significant decline of 54.0% compared to the first half of the 2025 fiscal year, attributed to several brand partners undergoing product iterations, with new models not yet in mass production [1] - Sales revenue from cups and other accessories decreased by 21.9% compared to the first half of the 2025 fiscal year, due to a reduction in orders for intimate apparel leading to a decline in cup sales [1]

北京商报讯（记者 张君花）11月21日，维珍妮发布公告称，根据对集团未经审核综合管理账目初稿作 出的初步审阅及评估，预期集团截至2025年9月30日止六个月期间("本期间")的综合纯利将较2024年同 期录得不少于100%的增幅。集团业绩有所改善主要归因于(i)整体营运效率提升；(ii)集团与 Victoria'sSecret&Co.的合资公司("维密中国")应占溢利显着增加；及(iii)重组成本及财务成本明显减少。 ...

格隆汇11月21日丨维珍妮(02199.HK)公告，根据对集团未经审核综合管理账目初稿作出的初步审阅及评 估，预期集团截至2025年9月30日止六个月期间(「本期间」)的综合纯利将较2024年同期录得不少于 100%的增幅。集团业绩有所改善主要归因于(i)整体营运效率提升；(ii)集团与Victoria'sSecret&Co.的合 资公司(「维密中国」)应占溢利显着增加；及(iii)重组成本及财务成本明显减少。 ...

智通财经APP讯，同得仕(集团)(00518)发布公告，集团预计于截至2025年9月30日止六个月取得公司拥 有人应占亏损不多于900万港元，而截至2024年9月30日止六个月则取得公司拥有人应占亏损约1480万港 元。集团净亏损减少乃主要由于集团营运效率及成本管理的改善。 ...

Core Viewpoint - The article discusses the performance of various stock indices and sectors in the market, highlighting the movements in the steel sector and the overall market trends in both A-shares and Hong Kong stocks [3][4][6]. Group 1: A-share Market Performance - The A-share market opened lower with the Shanghai Composite Index down by 0.21%, the Shenzhen Component Index down by 0.22%, and the ChiNext Index down by 0.32% [4]. - Specific stocks in the steel sector showed significant gains, with major players like Dazhong Mining hitting the daily limit and Fangda Special Steel rising over 7% [3]. Group 2: Hong Kong Stock Market Performance - The Hong Kong stock market opened higher, with the Hang Seng Index up by 0.76% and the Hang Seng Tech Index up by 0.53% [6]. - Key sectors in Hong Kong included gains in companies related to Foxconn, rare earth magnets, and new energy vehicles, while stocks like NetEase and Ctrip saw declines of over 3% [6][7].

Core Insights - VF Corporation's Q2 FY2026 performance exceeded financial guidance, with global revenue reaching $280 million, a 2% year-over-year increase (1% decrease when adjusted for constant currency) [1] Revenue Performance - The North Face brand experienced a 6% year-over-year growth in global business (4% growth when adjusted for constant currency) [1] - Timberland brand saw a 7% year-over-year growth in global business (4% growth when adjusted for constant currency) [1] Strategic Focus - China is identified as a key strategic market for VF Corporation, with significant growth potential and ongoing consumer vitality [1] - The company plans to strengthen its retail network and expand its brand portfolio in China, aiming to solidify local operations and enhance product and service experiences for Chinese consumers [1]

Major Events - Four Seasons Pharmaceutical (00460) invests in Swiss Suisselle to accelerate global medical aesthetics business expansion [1] - Basilea Pharmaceutica-B (02616) to announce Phase I dose-escalation clinical data for PD-1/VEGF/CTLA-4 triple antibody and latest research design for ROR1 ADC [1] - Hengrui Medicine (01276) subsidiary receives drug clinical trial approval notice [1] - Huajian Medical (01931) acquires U.S. property and establishes U.S. subsidiary ETHK BANK to promote stablecoins and intellectual property securitization in the U.S. [1] - China National Pharmaceutical Group (01177): TQB2102 "HER2 dual antibody ADC" included in breakthrough therapy designation program [1] Operating Performance - 361 Degrees (01361): Retail sales of 361° main brand products in Q3 increased by approximately 10% year-on-year [1] - Xinhua Insurance (01336) expects net profit attributable to shareholders for the first three quarters to increase by 45% to 65% year-on-year [1] - Country Garden (02007) achieved contract sales amounting to approximately 2.58 billion yuan in September [1] - Dekang Agriculture and Animal Husbandry (02419) sold approximately 7.55 million pigs and generated sales revenue of approximately 14.28 billion yuan in the first nine months [1] - Longfor Group (00960) achieved total contract sales amount of 50.75 billion yuan in the first nine months [1]

Core Viewpoint - Anta Group is intensifying anti-corruption measures and enhancing internal controls while pursuing aggressive acquisition strategies to maintain growth and profitability in a challenging market environment [2][4][11]. Anti-Corruption Measures - By 2025, Anta Group is focusing on high-risk areas for anti-corruption governance, employing internal audits and inspections to combat corruption [2]. - As of August 2025, 74 employees were dismissed for serious misconduct, and 46 individuals were referred to judicial authorities, including one executive and 14 senior managers [4]. - Anta has established a "career tracing mechanism" to hold employees accountable for misconduct regardless of their employment status [4]. - The company has formed an "Integrity and Ethics Committee" and revised six core policies to strengthen compliance and risk management [4]. Financial Performance - In the first half of the year, Anta reported revenue of 38.544 billion yuan, a year-on-year increase of 14.3%, while net profit attributable to shareholders fell by 8.9% to 7.031 billion yuan [8]. - The overall gross margin decreased by 0.7 percentage points to 63.4%, attributed to lower margins in e-commerce and footwear segments [8]. - The main brand, Anta, saw a gross margin decline from 56.6% to 54.9%, while FILA's gross margin fell to 68% [8]. Acquisition Strategy - Anta continues its acquisition strategy, having completed the acquisition of Jack Wolfskin and is reportedly pursuing the Reebok brand [7][11]. - The company aims to replicate the success of FILA, which has become a significant revenue contributor since its acquisition [7]. Global Expansion - Anta is committed to a "single focus, multi-brand, globalization" strategy, with plans to establish a strong presence in Southeast Asia and other international markets [11]. - The company aims to open 1,000 stores for the Anta brand in Southeast Asia over the next three years [11].