【追觅科技单月发近 4000 万元激励奖金，多名员工获6 位数奖励】 8 月 26 日消息， 8 月 26 日，追觅科技创始人兼 CEO 俞浩发布全员信，表示追觅科技今年以来已经发放数千万元的额外激 励，并希望在公司构建一套具有竞争力的 " 重奖激励 " 机制，在工资和基础奖金之外，提供创新和 突破的额外奖金支持，奖励金额从数万元到百万元不等。 据了解，针对表现优异的团队及个人，追觅 科技 6 月份发放额外奖金超过 2200 万元， 7 月份或近 4000 万元。过去三个月，至少有 3 个团队 拿到百万奖金，多名员工个人拿到了 6 位数奖金。（ 每日经济新闻 ） 完整早报音频，请点击标题下方小耳机收听 追觅家书《致每一位发光的追觅人》 亲爱的追觅人: 见字如面。 盛夏时节,总让人想起那些发光的日子、沸腾的时刻。今天依旧是充满能量的 天,与往常一样,用一份心意红包庆祝我们继续朝着梦想前进的日子。但比起这份心 意,这次我还想跟大家说些心里话。 我始终相信,一家企业的底色永远是人。追觅的一切,在于相信人、投资于, 这不是一句口号,而是我一路走来最真切的体会。无论是流水线上兢兢业业的身影, 还是实验室里反复验证的执着 ...

时隔近八年，德国运动品牌彪马（Puma）又要被卖了，来自中国的安踏体育和李宁集团，不出意外地出现在潜在买家的名单之列。 回顾上一次的彪马出售疑云，从约10年前就陆续出现的法国开云集团想要出手彪马的传言开始，到最终在2018年1月开云宣布专注奢侈品领域，以分拆彪 马并将其持有的大部分股份分配给其他股东结束。当时的开云首席财务官Jean-Marc Duplaix在媒体电话会议中表示，之所以选择不直接出售彪马，是为了 避免漫长的出售过程可能会影响品牌的稳定性，同时也是奖励股东在品牌转型期的耐心。 而在那之前，安踏一度已被业内视为最可能的接盘者之一。安踏集团董事局主席丁世忠在当时业绩会上的回应留有余地，"并购一定要符合我们的品牌战 略，规模都可以去探讨，以我们目前资金和实力的情况，如果有机会会给你们惊喜。" 如今，相似的情节再度上演。据彭博社北京时间8月26日报道，开云背后的法国皮诺家族正在考虑出售其持有的全部29%彪马股权，并已与包括安踏、李 宁、美国运动服装公司以及中东主权财富基金等在内的潜在下家进行接触。消息一出，彪马股价单日暴涨20%，创下2001年10月以来最大单日涨幅，市场 反应剧烈。 彪马的估值正在大幅 ...

8月26日，近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马（Puma）探索包括出售在内的战略 选项。据悉，皮诺家族正在与顾问合作，并与包括安踏和李宁在内的潜在买家接洽，他们还试探了美国 其他运动服装公司以及中东主权财富基金的意向。 责任编辑：李铁民 对此，新浪财经分别向安踏集团和李宁公司进行了求证。对此，安踏集团表示："我们不评论市场传 闻。" 李宁公司向新浪财经表示，"李宁公司坚持'单品牌、多品类、多渠道'的核心发展战略，目前仍然会专 注于李宁品牌的成长与发展。截至目前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估。 一切重大信息请以本公司官方公告为准。"（闫妍） ...

近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马（Puma）探索包括出售在内的战略选项。皮 诺家族正在与顾问合作，并与包括安踏和李宁在内的潜在买家接洽，他们还试探了美国其他运动服装公 司以及中东主权财富基金的意向。对此，安踏回应称：我们不对市场传闻发表评论。李宁回应称，李宁 公司坚持"单品牌、多品类、多渠道"的核心发展战略，目前仍会专注于李宁品牌的成长与发展。截至目 前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估。一切重大信息请以本公司官方公告为 准。（蓝鲸新闻） ...

一则消息突然引爆。 北京时间25日晚间，德国运动服装巨头彪马股价一度暴涨超20%，盘中一度因波动暂停交易。有报道称，彪马主要股东 之一的皮诺家族正在探索包括出售在内的战略选项，此举或将重塑全球体育用品市场的竞争格局。 美股市场方面，三大指数震荡分化，中国资产集体走强，纳斯达克中国金龙指数一度大涨1.75%，热门中概股普涨。当 前，华尔街机构对美股后市展望似乎愈发乐观，包括瑞银集团、花旗集团、汇丰银行和杰富瑞公司等在内的华尔街机构 纷纷上调了标普500指数的目标点位，理由是上市公司整体业绩保持稳健增长。 中国资产走强 北京时间8月25日晚间，美股开盘后，三大指数震荡分化，截至23:40，道指跌0.50%，纳指涨0.25%，标普500指数跌 0.09%。 美股大型科技股多数走强，谷歌涨超1%，英伟达、微软、苹果、博通、特斯拉均小幅上涨。 中国资产强势跑赢美股大盘，纳斯达克中国金龙指数涨1.27%，两倍做多中国互联网股票ETF、两倍做多沪深300ETF大涨 超2%，三倍做多富时中国互联网股票ETF、中国海外互联网ETF涨超1%。 热门中概股集体大涨，房多多大涨超12%，老虎证券涨超5%，网易、小牛电动、高途、虎牙涨 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [7][9][23]. Core Insights - The company reported a revenue of 5.7 billion HKD for the first half of 2025, reflecting an 11% year-on-year increase, and a profit attributable to equity holders of 860 million HKD, also up by 8.6% year-on-year, aligning with expectations [2][4]. - The company declared an interim dividend of 20.4 HKD cents per share, with a payout ratio of 45%, an increase of 4.7 percentage points year-on-year [2][4]. Financial Performance - Adult footwear and apparel achieved revenues of 2.57 billion HKD and 1.6 billion HKD respectively in the first half of 2025, with year-on-year growth of 12.8% and 1.6% [3][4]. - The children's apparel segment saw a revenue increase of 11.4% to 1.26 billion HKD, with footwear growing by 27.8% while apparel declined by 7.6% [4][5]. - The company's gross margin improved by 0.2 percentage points to 41.5%, with adult footwear and apparel margins at 43.3% and 41.3% respectively [6]. Operational Developments - As of June 2025, the company operated 5,669 adult apparel stores and 2,494 children's apparel stores, with 49 new super stores launched, enhancing customer experience and sales [5][6]. - E-commerce sales reached 1.82 billion HKD, a significant 45% increase year-on-year, contributing to 31.8% of total revenue [5][6]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.3 billion HKD, 1.5 billion HKD, and 1.7 billion HKD for 2025, 2026, and 2027 respectively, with growth rates of 13%, 15%, and 15% [7][13]. - The current stock price corresponds to an 8x price-to-earnings ratio for 2025, indicating a favorable valuation [7][9].

Investment Rating - The report indicates a slight improvement in China's retail sales, with an expected growth rate of 4%-5% for 2025, establishing a new normal driven by government subsidies for durable goods [1][4]. Core Insights - Essential goods are expected to see relatively higher growth, while discretionary spending is significantly impacted [1][4]. - The consumer price index (CPI) shows a positive correlation with consumer stock valuations, with overall consumer stock P/E ratios currently low due to deflationary pressures [1][6]. - Emerging consumer companies have achieved remarkable growth, with some stocks rising over 150%, while the worst-performing stocks have seen declines of 9%-30% [1][8]. - The liquor market faces challenges in 2025, with weak enterprise demand and government controls affecting wholesale prices [1][10]. Summary by Sections Retail Sales Trends - Retail sales in China are projected to improve slightly in 2025, with growth between 4% and 5%, supported by government subsidies for durable goods [1][4]. Impact of Raw Material Prices - Rising prices of raw materials like gold and palm oil may pressure margins for noodle and food companies, while many essential goods companies could benefit from lower raw material costs [1][5]. Consumer Stock Valuation and Growth Outlook - The CPI is closely linked to consumer stock valuations, with current P/E ratios being low. Earnings growth for 2025 and 2026 is expected to be in the low single digits to 10% range [1][6]. Market Dynamics and Investment Flow - There has been a significant increase in southbound capital inflow into the Greater China consumer sector, which has positively impacted market indices [1][7]. Performance of New vs. Traditional Consumption - There is a stark performance disparity between new and traditional consumption sectors, with emerging companies showing exceptional growth while traditional sectors lag [1][8]. Liquor Market Challenges - The liquor market is expected to remain challenging in 2025, with weak demand and government regulations impacting wholesale prices [1][10]. Beer and Spirits Industry Challenges - The beer and spirits industries face multiple challenges, including fluctuating sales and pressure from restaurant demand [1][11]. Dairy Market Conditions - The raw milk market is currently in a surplus cycle, expected to end by the end of 2025, potentially leading to a slight price recovery in early 2026 [2][12]. Food and Beverage Sector Performance - The food and beverage sector shows varied performance, with noodle businesses under pressure from palm oil prices and a shift towards healthier beverage options [2][14]. Consumer Preferences - Consumers prioritize product quality and cost-effectiveness when choosing brands, indicating a shift in purchasing behavior [2][15]. Restaurant Sector Developments - The restaurant sector, represented by companies like Yum China, is navigating challenges but is focusing on service quality and efficient supply chains to improve profitability [2][16]. Large Appliances Market - The large appliances sector benefits from government subsidies and export opportunities, but faces uncertainty as subsidy effects diminish [2][17]. Jewelry Market Trends - The jewelry market is evolving, with emerging brands focusing on high-end fixed-price gold products gaining popularity [2][21]. Duty-Free Sales Performance - Duty-free sales in Hainan are stable, but meaningful growth will depend on macroeconomic improvements and competitive dynamics [2][24]. Cosmetics Industry Dynamics - The cosmetics industry is experiencing pressure from consumers seeking value, but growth is expected to stabilize as pricing pressures ease [2][25].

Group 1: Trade Negotiations - The trade negotiations between the US and the EU have reached a critical moment, with EU Commission President Ursula von der Leyen set to meet President Trump to discuss trade issues [1][2] - Both sides are cautiously optimistic about reaching a framework agreement, despite ongoing intense discussions regarding tariffs on EU steel, automobiles, and pharmaceutical products [2][22] Group 2: Puma's Financial Performance - Puma has warned of expected losses this year due to weak sales and the impact of US tariffs, leading to a significant drop in its stock price, which fell over 19% on July 25 [4][5] - The company's second-quarter sales were reported at €1.94 billion (approximately ¥16.3 billion), falling short of analyst expectations, with North American sales down 9.1% and European sales down 3.9% [6] - Puma has revised its full-year sales forecast to a "low double-digit percentage" decline (approximately 10%-13%), compared to a previous expectation of low single-digit growth (around 3%-6%) [8] Group 3: Impact of Tariffs - The company anticipates that tariffs will negatively impact its gross profit by approximately €80 million (around ¥670 million) in 2025 [11] - Puma's new CEO acknowledged internal issues and emphasized the need for a comprehensive brand overhaul to address ongoing challenges [12] - The company has faced a cumulative stock price drop of over 53% since the beginning of the year due to a series of negative news [13] Group 4: Broader Industry Challenges - The ongoing geopolitical and macroeconomic uncertainties are expected to continue affecting the industry and Puma's performance significantly through 2025 [10][14] - The company previously indicated that the industry would likely see price increases due to tariffs, but noted that stronger brands in the US market would lead the price hikes [15][16]

Core Viewpoint - Puma's stock price plummeted by 19% due to warnings of annual sales decline and potential losses in 2025, alongside quarterly sales falling short of expectations [1] Group 1: Financial Performance - The company anticipates a decrease in annual sales and expects to incur losses in 2025 [1] - Quarterly sales figures were below market expectations, indicating ongoing challenges in brand momentum [1] Group 2: External Factors - The performance is adversely affected by U.S. tariffs on imported products, which could lead to a reduction in gross profit of approximately €80 million by 2025 [1] - Despite efforts to optimize the supply chain and adjust pricing, the impact of tariffs remains significant [1]

Core Insights - Le Coq Sportif, a historic French sportswear brand, has been sold to Swiss-French entrepreneur Dan Mamane for approximately €70 million (around 590 million RMB) [2] - The sale aims to ensure the brand's continuity and provide hope for its approximately 300 employees in France [2] Financial Situation - Le Coq Sportif entered bankruptcy management in November 2024 due to ongoing financial difficulties, with its parent company Airesis seeking judicial reorganization to protect jobs [4] - The brand's revenue increased by 30% year-on-year to €82 million in the first half of 2024, but net losses widened from €1.05 million in the previous year to €1.82 million [6] - The company received a total of €15.4 million in loans from the Paris Olympic Committee and the French government [6] Investment and Future Plans - The €70 million investment plan includes €20 million for debt repayment, €30 million to restart operations, and an additional €20 million planned for 2026 [6] - Dan Mamane aims to repay nearly €70 million in debt within ten years and targets sales of €300 million by 2030 [6] - The brand will focus on four key areas: sports fashion, sports heritage, elegant lifestyle, and technical performance, with plans to enhance its product line [6] Management and Strategy - A new team has been assembled for the brand's transformation, including Udi Avshalom as global brand strategy advisor and Alexandre Fauvet as CEO [8] - Dan Mamane emphasizes the need for the brand to regain influence and appeal, leveraging its French heritage and unique textile craftsmanship [8] - The strategy includes balancing distribution channels and increasing international market sales to three times the current level by 2027 [6]