HOKA，和UGG、勃肯鞋和洞洞鞋一起，被网友们列为"四大丑鞋"。 社交媒体上说它什么的都有，"泡沫板""奶奶鞋""笨笨的"，却能让玩鞋20多年、拥有上千双收藏的资深玩家一年320天都穿在脚上，也能让广大网友从"太 丑不买"，到买后"真香"。 这个被称为"年轻人的足力健"的品牌，是怎样和昂跑、萨洛蒙一起成为"中产新三宝"的？HOKA 到底踩中了什么？一千一双的HOKA鞋是智商税吗？从耐 克、阿迪达斯到HOKA、昂跑、萨洛蒙，中国年轻人的审美和消费心理发生了怎样的转向？ #01 丑，但还是要买单 自媒体博主狗哥玩鞋已经超过20年。他收藏的鞋子超过一千双，有两个总计接近300平米的仓库用来收纳。鞋子太多，以至于每次踏入仓库，他都会有新 发现。"诶！原来我还有这双鞋呢！" 如果狗哥愿意，他可以一天穿两双不同的鞋，也可以做到365天，天天不重样。但HOKA在他脚上的时间，一年内能超过320天。 2018年，日本潮流主理人西山彻、保加利亚设计师Kiko Kostadinov、美国说唱歌手Kenya West，以及彼时还引领着国内型男潮流的明星余文乐，集体穿上 了HOKA鞋。狗哥心动了。那一年，HOKA还不好买，他亲自跑 ...

麻了。 尽管根据各大电商平台的双十一战报，今年国人的消费实力依旧不减，天猫双11总交易额5403亿元、京东11.11累计下单金额超3491亿元，都高于去年， 但大众的消费心态却发生了明显变化。 社交平台上，许多年轻人发帖称彻底放弃了钻研复杂的购物攻略，放弃计算直播间与旗舰店下单的微小差距。 因为受够了被平台套路牵着鼻子走，像没头苍蝇一般困在铺天盖地的营销算法牢笼里。 今年双十一刚刚结束，相比于往年热闹喧嚣的贵了、便宜了、多了、少了、值不值得等等评判与讨论，更多普通人的感受只能用两个大字来形容： 越来越多人意识到，花钱是为了讨好自己、消费是为了更快乐，如果购物的心境不是从从容容游刃有余，而是匆匆忙忙、连滚带爬，既焦虑于错过优惠、 事后又后悔冲动下单，那这样的购物体验不如不要。 因此，一些年轻人最近在尝试一种全新的购物理念——当自己的"手机皇帝"。 01 第一批厌倦套路的年轻人 开始抢回消费主导权 手机皇帝，指的是此前网络上爆火的一种app分类方式。 把app们根据功能分类，对照着古代官制大致对应、重新命名，比如把办公软件们命名为上书房，购物软件们命名为采办处。 专门用来看电视剧、综艺的影音软件们则是教坊司。 而 ...

Group 1: Market Performance - The Dow Jones increased by 0.97%, closing at 48,392.55, while the S&P 500 rose by 0.21% to 6,860.80. In contrast, the Nasdaq saw a slight decline of 0.11%, ending at 23,442.20 [1] - Semiconductor stocks were notably active, with AMD's stock price rising by up to 8%. The company projected an overall revenue growth of approximately 35% annually over the next three to five years, with AI chip business growth potentially reaching 80% annually [1] Group 2: Individual Stock Movements - Coffee-related stocks experienced significant movements, with Dutch Bros rising nearly 6% and Starbucks increasing by nearly 2%. On the other hand, ONON (On Running) surged over 23% following better-than-expected Q3 results [2] - Popular Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index dropping about 1.5%. Tencent Music fell over 11% after announcing its Q3 results, while Baidu decreased nearly 3% [2][3] Group 3: Commodity Prices - International oil prices continued to decline, with WTI crude oil dropping over 3% and Brent crude oil falling more than 2.8%. This shift was attributed to higher-than-expected U.S. oil production and increased supply from OPEC, leading to a change in OPEC's outlook from a supply shortage to a surplus for Q3 [4] - Gold prices surged, reaching $4,150 per ounce, with a daily increase of about 0.7%. Silver also saw significant gains, with spot silver and New York futures rising approximately 2.5% and 3%, respectively [4] - Copper prices on the LME expanded their gains, increasing by about 1%, with a cumulative rise of over 6% for October. Goldman Sachs recently stated that copper will become the "new oil" in the AI era due to its essential role in data center power transmission [4]

Market Overview - The three major U.S. stock indices opened higher but showed divergence, with the Dow Jones rising nearly 1% while the Nasdaq Composite dipped about 0.1% [1][2]. Sector Performance - The semiconductor sector was notably active, with AMD's stock price increasing by 10%. The company projected an overall revenue growth of approximately 35% annually over the next three to five years, with its AI chip business potentially growing at an annual rate of 80% [2]. - Other semiconductor companies such as NXP Semiconductors, Texas Instruments, and Skyworks Solutions also saw significant gains [2]. - Coffee-related stocks experienced movements, with Dutch Bros rising nearly 6% and Starbucks increasing by about 2% [2]. - On the footwear front, On Running (ONON.US) surged over 23% following better-than-expected Q3 earnings [2]. Chinese Stocks - Most popular Chinese stocks declined, with the Nasdaq Golden Dragon China Index dropping approximately 1.5%. Tencent Music fell about 10% after its Q3 earnings report, while other companies like Yipeng Energy, NIO, Baidu, and Alibaba also experienced declines [2][3]. Commodity Market - Oil prices accelerated their decline, with WTI crude oil dropping over 3% and Brent crude oil falling more than 2.8%. This shift was attributed to higher-than-expected U.S. oil production and increased supply from OPEC, leading to a revised outlook of oversupply in the global oil market for Q3 [5][6]. - Gold prices reached $4,150, marking an increase of approximately 0.7% for the day, while silver prices also saw gains [6]. Copper Market - LME copper prices increased by about 1%, with a cumulative rise of over 6% for October. Goldman Sachs highlighted copper's potential as the "new oil" in the AI era, emphasizing its critical role in data center power transmission [7].

Market Overview - The U.S. stock market opened higher, with the Dow Jones index rising nearly 1%, while the Nasdaq Composite index experienced a slight decline of about 0.1% [1] Semiconductor Sector - The semiconductor sector showed strong performance, with AMD's stock price increasing by 10%. The company projects an overall revenue growth of approximately 35% annually over the next three to five years, with its AI chip business potentially growing at an annual rate of 80% [2] - Other semiconductor companies such as NXP Semiconductors, Texas Instruments, and Skyworks Solutions also saw significant gains [2] Coffee and Footwear Stocks - Coffee-related stocks experienced notable movements, with Dutch Bros rising nearly 6% and Starbucks increasing by about 2% [2] - Footwear company On Running (ONON.US) surged over 23% following better-than-expected Q3 earnings [2] Chinese Concept Stocks - Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index dropping approximately 1.5%. Tencent Music fell about 10% after announcing its Q3 results, while other companies like Yipeng Energy, NIO, Baidu, and Alibaba also saw declines ranging from 2% to over 6% [2] Oil and Gold Prices - Oil prices accelerated their decline, with WTI crude oil dropping over 3% and Brent crude oil falling more than 2.8%. This was attributed to higher-than-expected U.S. oil production and increased supply from OPEC, leading to a shift in OPEC's outlook from supply shortage to surplus for Q3 [5] - Spot gold prices touched $4,150, reflecting an increase of about 0.7% for the day, while silver prices rose approximately 2.5% [6] Copper Market - LME copper prices increased by about 1%, with a cumulative rise of over 6% in October. Goldman Sachs recently stated that copper could become the "new oil" in the AI era due to its essential role in data center power transmission [6]

Core Viewpoint - The company, 足力健, has expanded into the organic food sector, selling products like dumplings and corn, amidst ongoing financial struggles and a significant debt burden [4][6][22]. Group 1: Business Expansion - 足力健 has launched a new brand called "足力健有机食品" in 河南, offering products at low prices to attract consumers [4][10]. - The company aims to open 100 stores by 2025, 600 by 2026, and 2000 by 2027, with a current count of 45 stores [16][18]. - A franchise model has been introduced, allowing加盟商 to operate stores while 足力健 retains a significant portion of the revenue [17][20]. Group 2: Financial Challenges - The company has accumulated approximately 7 billion yuan in debt, primarily owed to suppliers, and has faced ongoing issues with employee salary payments [6][23][24]. - Despite the introduction of the organic food line, the financial situation has not improved, with reports of delayed salaries for employees in this new sector [24][25]. - The company's strategy focuses heavily on cash flow and debt repayment, with a goal of achieving 100 billion yuan in returns [22][23]. Group 3: Market Positioning and Consumer Perception - The brand's shift to organic food has not resonated strongly with consumers, who remain skeptical about the quality of products from a shoe company [8][10]. - The pricing strategy emphasizes low-cost offerings, but this may compromise long-term brand value and product quality [11][12]. - The company faces challenges in maintaining quality control due to its reliance on a contract manufacturing model [11][12].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6]. Core Insights - In FY2025Q3 (July 1, 2025 - September 30, 2025), the company achieved revenue of €6.63 billion, representing an 8% year-over-year increase at constant exchange rates. The revenue performance was in line with expectations, with the Adidas brand revenue increasing by 12% [2][4]. - The gross profit margin improved by 0.5 percentage points to 51.8%, driven by lower product and transportation costs, improved business mix, and strong sales [2][4]. - Operating profit margin increased by 1.8 percentage points to 11.1%, while the net profit margin rose by 0.1 percentage points to 7.0% [2][4]. Revenue Breakdown - By region, the Adidas brand saw revenue growth across all markets: Europe (+9%), North America (+1%), Emerging Markets (+11%), Japan/Korea (+6%), and Greater China (+6%). The Adidas brand revenue in these regions grew by 12%, 8%, 13%, 11%, and 10% respectively [5]. - By channel, all channels for the Adidas brand experienced double-digit growth: wholesale (+10%), DTC (+14%), self-operated stores (+13%), and e-commerce (+15%) [5]. - By product category, both footwear and apparel for the Adidas brand achieved double-digit growth, with footwear up by 11% and apparel by 16%. Accessories saw a modest increase of 1% [5]. Inventory and Guidance - As of FY2025Q3, the company's inventory increased by 21% year-over-year to $5.47 billion, attributed to a low base last year and pre-purchases for the World Cup, which is expected to support revenue growth [11]. - The company raised its full-year guidance, projecting a 9% year-over-year revenue increase for FY2025 at constant exchange rates, with the Adidas brand expected to achieve double-digit growth. Operating profit is forecasted to be €2 billion, up from a previous estimate of €1.7 to €1.8 billion [11].

Core Insights - Crocs showcased its unique brand identity and consumer engagement strategies at the 8th China International Import Expo, highlighting the importance of personalized experiences and social sharing among young consumers [1][2] Group 1: Brand Strategy and Market Positioning - Crocs views the China International Import Expo as a vital platform for brand innovation and cross-industry collaboration, emphasizing its strategic significance in the Chinese market [2] - The brand aims to deeply integrate its "Come As You Are" philosophy into product design and consumer experiences, focusing on the evolving needs of Chinese consumers [2][4] - Crocs has established a strong connection with the "洞门" community, which has generated over 990 million mentions on social media platforms, indicating a robust consumer engagement [1][3] Group 2: Consumer Engagement and Personalization - The company recognizes the growing trend of personalization among consumers, particularly the younger demographic, and aims to offer customizable shoe accessories that reflect individual creativity [2][3] - Crocs plans to host over 100 "洞门玩出花工作坊" events across more than 50 cities in 2024, further engaging with its fan community and expanding its online and offline channels [3] Group 3: Collaborative Innovation - Crocs has partnered with local brands like Pop Mart to create co-branded collections, which not only enhance consumer connection but also inspire innovative product designs [4][5] - The brand's collaborations have led to a 60% growth rate in 2024, with a 30% increase in performance across all channels in the third quarter of 2025, showcasing the effectiveness of its partnership strategy [5] Group 4: Balancing Market Segments - Crocs aims to provide a wide range of products at various price points to cater to diverse consumer needs, balancing high-end and mass-market offerings [6] - The company emphasizes the importance of listening to consumer feedback and fostering interactive relationships to drive innovation and engagement in the market [6]

Core Insights - The 8th China International Import Expo (CIIE) opened on November 5, showcasing Skechers for the seventh consecutive year, highlighting its innovative comfort technology products across various age groups and categories [1][4]. Product Matrix and Innovation - Skechers presented a comprehensive "comfort ecosystem" at the expo, featuring products like the Go Walk series, Go Run series, GO Trail series, and SKECH-HEAT technology, demonstrating the brand's commitment to meeting diverse consumer needs [4]. - The brand launched several new products at the event, emphasizing its technological capabilities and market commitment, particularly in the professional sports sector [4]. Sustainability and Social Responsibility - Skechers introduced a "trade-in" program for children's products, promoting sustainability and encouraging environmental awareness among children [4]. - The expo featured an interactive booth that combined consumer engagement with social initiatives, including a "shoe rental" service and a charity walk program, showcasing the company's commitment to community involvement [5]. Market Strategy - The CEO of Skechers China expressed the company's determination to deepen its investment in the Chinese market, focusing on localized strategies and innovative comfort technology to meet consumer demands for a better quality of life [5].

Group 1 - The article emphasizes the growing demand for comfortable and stylish sneakers, particularly in the context of leisure, American retro, and urban fashion trends [4][5][8] - New Balance is highlighted as a well-known brand in the sports shoe market, focusing on comfort and incorporating fashionable elements into its designs [15][16] - The article mentions that New Balance has over 3000 offline stores in China and has gained recognition for its quality and design, appealing to both sports and fashion enthusiasts [18][20] Group 2 - The featured lightweight casual sneakers are praised for their comfort, durability, and stylish appearance, making them suitable for various activities [27][31][34] - The shoes are described as extremely lightweight, with a unique "cloud-like" comfort that makes them ideal for long wear without discomfort [29][90] - The article notes that the shoes are available at a promotional price of 99 yuan, significantly lower than the typical market price of around 135 yuan, indicating a strong value proposition [46][49][156] Group 3 - The sneakers are designed to be versatile, suitable for all seasons, and feature excellent breathability, making them comfortable even in warmer weather [36][121] - The shoes are constructed with high-quality materials, ensuring they are resistant to wear and tear, and can withstand regular use without significant damage [128][138] - The article highlights the aesthetic appeal of the shoes, noting that they can enhance the wearer's appearance by making feet look smaller and providing a height boost [111][117]