天创时尚：初步测算，预计公司2025年半年度实现归属于母公司所有者的净利润为600万元到900万元， 预计2025年半年度实现归属于母公司所有者的扣除非经常性损益后的净利润为280万元到420万元。 ...

Core Viewpoint - ECCO is strategically collaborating with Japanese outdoor brand White Mountaineering to launch a new capsule collection, aiming to penetrate the outdoor lifestyle market and shift its brand perception from "comfortable business" to "functional outdoor" [1][4][12]. Company Overview - ECCO, founded in 1963, is a Danish casual footwear brand known for its mid-to-high-end pricing in China, primarily appealing to middle-aged professionals [4][12]. - White Mountaineering, established in 2006, focuses on merging outdoor sports with fashion, gaining popularity through collaborations with various brands [4]. Market Trends - The outdoor sports market in China is experiencing significant growth, with a projected market size of 102.7 billion yuan for high-performance outdoor footwear and apparel by 2024 [5]. - Popular outdoor activities such as city walking, trail running, and camping are seeing increased participation and search interest, indicating a shift towards a more lifestyle-oriented approach to outdoor sports [5]. Product Strategy - ECCO's new product line, in collaboration with White Mountaineering, is positioned in the mid-to-high-end market, with prices for sneakers ranging from 2,000 to 3,000 yuan and jackets starting above 2,000 yuan [8][12]. - The brand aims to compete in the outdoor apparel segment, particularly with high-end products like GORE-TEX jackets, which are priced close to 7,000 yuan [8]. Competitive Landscape - ECCO faces competition from established outdoor brands like Salomon and HOKA, which offer products at lower price points while maintaining strong performance and value [8][12]. - The brand's transition to a more outdoor-focused identity is challenged by its existing customer base's perception and the growing popularity of specialized outdoor brands [12]. Financial Performance - ECCO's revenue in the Greater China region has shown growth from 360 million euros in 2021 to 418 million euros in 2024, although the growth rate has slowed from 19% to 1% during this period [12].

Crocs的联名并不是简单的品牌拼贴，而是关于时尚边界的持续试探。从与日本街头潮流品牌A BATHING APE®推出跨界联名系列鞋款，到与Simone Rocha共同推出维多利亚复古美学洞洞鞋， Crocs在多种风格中灵活游走，为不同需求、不同审美个性的消费者搭建了广阔、适应多种场合的产品使 用选择。 Crocs站在潮流主场的同时，也通过与美国经典动画《The Simpsons》、小熊维尼、蓝精灵与史努比等 经典IP联名合作，进一步拓展产品的情感价值。这些合作系列以标志性洞洞鞋为载体，巧妙融合IP角色形 象与品牌设计语言，在保持产品舒适轻便特性的基础上，赋予鞋款更强的趣味性与个性化表达。品牌还创 引言：洞洞鞋的逆袭——一场商业与消费心理学的双重胜利 在大众审美持续变动与社交文化高速演化的背景下，全球创新休闲鞋知名品牌，洞洞鞋的先锋 Crocs卡骆 驰，却凭借其充满活力的洞洞鞋设计，获得了消费市场持久的青睐。最初以舒适实用著称的功能性鞋履品 牌 Crocs，如今已华丽转身，成为 Z 世代追捧的潮流符号。集团财报显示，2024年Crocs旗下主品牌收 入达32.78亿美元（约合人民币234亿元），同比增长约10 ...

Core Insights - The 2026 Spring/Summer Paris Men's Fashion Week saw a significant participation of sports brands, showcasing their innovative designs and collaborations [1][2] - Brands are increasingly focusing on offline exhibition spaces, particularly pop-up experiences, to engage consumers directly with their products [1][7] - The success of past collaborations and trendy products has led many sports brands to adopt a dual strategy of professional sports and fashion to diversify their offerings [4][8] Group 1: Brand Collaborations and Innovations - Adidas debuted a collaboration with designer Willy Chavarria, featuring innovative shoe models Megaride AG and Megaride AG XL [1] - Ecco and White Mountaineering launched a capsule collection emphasizing future outdoor and sportswear designs during the same period [1] - Saucony's pop-up event highlighted its high-end SILO series with the theme "CODED TOGETHER" [1][2] Group 2: Marketing Strategies and Consumer Engagement - Xtep sponsored the historic French local event "Versailles Run" instead of hosting a traditional fashion show, providing overseas runners with the opportunity to experience their 360X 2.0 running shoes [2] - The use of humanoid robots by Yushu Technology to showcase Xtep shoes at the event added a unique marketing angle [2] - Brands like Puma and Adidas have successfully leveraged trendy products to enhance their market position, with Adidas recovering from a downturn through its retro Samba shoes [2][4] Group 3: Brand Positioning and Target Audience - FILA FUSION targets young consumers with a focus on high-end sports fashion, while LI-NING1990 aims at affluent urban dwellers with a luxury casual style [5] - Xtep's new brand XTEP-XDNA is designed to appeal to the growing high-end Z generation market [5] - Luxury brands are also entering the sports market, with products like Dior's B33 and LV Trainer shoes, indicating a trend of crossover between high fashion and sportswear [5][6] Group 4: Professionalism and Product Experience - Sports brands are not overly anxious about competition from luxury brands, as they maintain a technological edge in professional products [7] - The choice to utilize pop-up spaces allows consumers to physically interact with products, enhancing their understanding of the unique features of professional sports gear [7][8] - Adidas emphasized its basketball business during the fashion show, showcasing unreleased products worn by star player James Harden [7]

证券研究报告 | 公司点评 | 服装家纺 产能稀缺订单充沛，加快产能拓展蓄力长期成长 ——九兴控股点评报告 投资要点 ❑ 卓越高端鞋履制造商，开发设计能力领先，东南亚产能具备稀缺性。公司作为 全球领先的高端优质鞋履开发制造商，凭借强大的开发设计能力，深度绑定 Nike、Balenciaga、Prada、UGG 等国际知名品牌，布局运动、奢侈、时尚、休 闲全品类品牌客户，24 年 ASP 达 28.4 美元，显著领先行业，多元化产能布局具 备稀缺性，24 年公司中国、越南、其他亚洲地区（菲律宾、印尼和孟加拉）出 货量占比分别为 27%、51%、22%。 ❑ 预计品牌下单积极，关税等外部扰动下订单仍饱满 4 月 2 日美国决定征收"对等关税"，对品牌下单意愿和美国终端需求均产生不 利影响，但受益于公司高端鞋履制造产能稀缺性，Q1-3 订单已锁定不受关税等 外部因素影响，5 月 12 日中美日内瓦经贸会谈上美国修改 4/2 对等关税安排中针 对中国商品的 34%税率，在未来 90 天内暂停 24%关税的征收，仅保留 10%加 征，中美贸易谈判取得突破进展，我们预计品牌方下单积极性有所改善，Q4 订 单可见度提升，预 ...

Big News 泡泡玛特IP珠宝店首店开张 泡泡玛特的业务版图继续扩张。 6月13日，泡泡玛特旗下独立珠宝品牌popop全球首店在上海港汇恒隆广场开业。该店集结了泡泡玛特旗 下HIRONO、SKULLPANDA、MOLLY、CRYBABY、LABUBU等热门IP的珠宝，价格区间在319-2699 元。 泡泡玛特创始人王宁表示："我们其实一直也希望能够通过不同的品类去拓展更多的可能性，珠宝是我 们一直在尝试的非常重要的品类。" 该公司还公布，夏季销售开局放缓，从5月1日到6月9日，按固定汇率计算，销售额仅增长了6%，而去 年同期按固定汇率计算的销售额增长了12%。 报告期内，Inditex集团始终专注于四个关键领域：独特的时尚主张、进一步提升顾客体验、可持续发展 以及人才的发展。 2025年第一季度，Inditex在全球26个市场开设了新的门店。截至本季度末，Inditex共运营5562家门店。 Inditex拥有Zara、Pull & Bear、Bershka以及Massimo Dutti等多个品牌，广泛覆盖年轻人和中产消费群 体，其表现历来被视为全球零售消费的晴雨表。此次财报释放出的信号，不只是公司层面的 ...

Core Viewpoint - The credit rating of Tianchuang Fashion Co., Ltd. remains at A- with a negative outlook due to declining sales, increasing losses, and high inventory pressure in the competitive women's footwear market [2][4][5]. Company Overview - Tianchuang Fashion has over 20 years of experience in the women's footwear industry, with a focus on self-owned brands that maintain a certain level of recognition in the mid-range market [2][4]. - The company has expanded its product line to include sports footwear, increasing the sales proportion of this category from 5.9% in 2023 to 16% in 2024 [2][19]. Financial Performance - In 2024, the company's operating income decreased by 13.74% year-on-year, with a net loss of 0.91 billion yuan [5][15]. - The total assets as of March 2025 were 16.34 billion yuan, with total liabilities of 3.66 billion yuan [2][3]. - The company's cash flow from operating activities was 0.32 billion yuan, indicating a decline in cash generation ability [3][5]. Market Environment - The domestic women's footwear market is highly competitive, with sales continuing to decline, although at a slower rate. The total sales for women's footwear in 2024 were 263.67 billion yuan, down 1.27% year-on-year [11][12]. - The industry faces significant pressure from high inventory levels and reduced consumer demand, leading to a challenging operating environment [11][12][14]. Inventory and Sales Pressure - The proportion of inventory to total assets was 14.63% in 2024, indicating a high level of inventory pressure that consumes working capital [5][20]. - The company closed 224 stores in 2024, resulting in a total of 944 stores as of March 2025, reflecting a strategy to streamline operations [16][17]. Competitive Position - The company competes with both domestic and international brands in the women's footwear market, where brand recognition, quality, and pricing are critical factors for success [14][12]. - The sales contribution from major brands like KISSCAT and TIGRISSO remains significant, with stable gross margins despite overall sales declines [19][15].

Group 1 - The core viewpoint of the announcement is that Tianchuang Fashion Co., Ltd. has maintained its credit ratings for both its corporate and convertible bonds at "A-" with a negative outlook [1][2] - The previous credit rating for the corporate entity and the Tianchuang convertible bond was also "A-" with a negative outlook, indicating stability in the ratings despite the negative outlook [1][2] - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., which performed a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 12, 2025, and is referenced as the 2025 tracking rating report for the 2020 Tianchuang Fashion Co., Ltd. public issuance of convertible bonds [2] - The report is available for public access on the Shanghai Stock Exchange website [2]

Core Insights - The "Croc" market is experiencing increased competition with various brands entering the space, including Skechers, Kappa, Semir, and TATA, alongside traditional footwear brands and private labels [1][4][7] Company Performance - Crocs' revenue for Q1 2025 was $937 million, showing a slight increase of 1.4% year-over-year when adjusted for fixed exchange rates [2] - Direct-to-consumer revenue grew by 2.3%, with Crocs brand revenue increasing by 2.4% to $762 million, reflecting a 4.2% growth when adjusted for fixed exchange rates [2] - Despite overall revenue growth, Crocs is facing a slowdown, with brand revenue growth rates decreasing from 14.6% in Q1 2024 to 4.0% in Q1 2025 [3] - The company has withdrawn its revenue forecast for 2025 due to uncertainties in the global trade environment and consumer behavior [3] Market Trends - The entry of brands like Warrior and TATA into the "Croc" market indicates a trend towards diversification and increased competition [4][8] - Warrior's new line of "Croc" shoes is priced around 50 yuan per pair, appealing to budget-conscious consumers, with sales exceeding 10,000 units [6] - The market is seeing a variety of styles and price points, with traditional brands offering "Croc" shoes priced above 100 yuan, while private labels offer options for as low as 39.9 yuan [6][7] Product Innovation - The "Croc" market is evolving with innovative designs, moving beyond traditional styles to include unique features and aesthetics, such as Mary Jane and Birkenstock-inspired designs [11][13] - Crocs is also expanding its product line with new styles like flat shoes, wedge sandals, and other footwear options to cater to diverse consumer preferences [13]

点【预约】按钮 预约直播 ，参与抽奖 包邮赠送 2瓶青梅酒 大家好，我是洞见林静。 今天不说别的，就想和大家掏心窝子聊聊咱们的这双脚。 尤其是过了35岁，你有没有发现： 多走点路，脚底板就隐隐发酸，像踩着小石子？ 曾经合脚的鞋子，现在穿上总觉得哪里挤着、磨着？ 稍微站久一点，小腿发胀，甚至腰背也变得不舒服？ 这不是错觉！ 35岁以后，我们的脚真的在悄悄改变—— 足弓支撑力下降、脚掌变宽、脂肪垫变薄…… 穿错鞋，委屈的岂止是双脚？更是我们整个身体的舒适和姿态！ "将就"一双不合脚的鞋，就是在将就自己的感受、健康，甚至生活品质。 我精挑细选了几双响午的"当家王牌"： 飞织鞋、芭蕾鞋、乐福鞋、皮鞋、凉鞋等等。 我们努力打拼、认真生活，值得用每一步的踏实和轻盈来犒赏自己。 舒适，是爱自己最基本、也最不该妥协的起点。 所以，听我一句劝： 不管多少岁，在"穿鞋"这件事上，千万别再将就自己！ 一双真正懂你、托举你的好鞋，是行走世间的底气和温柔。 而这份温柔，我在 「响午」 找到了答案。 当市场上大多品牌都在用时尚概念做鞋子时，响午早就把目光放在"舒适鞋履"上，用匠人精神、技术专利来改善国人的穿着体验，所有的设计 都是为了让 ...