香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 LI NING COMPANY LIMITED 本公司股東及潛在投資者須注意， 本公司股東及潛在投資者須注意，此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制，這些 資料尚未經過本集團審計師審計及覆核。 資料尚未經過本集團審計師審計及覆核。此公告內數據並不構成 此公告內數據並不構成 此公告內數據並不構成、代表或表示本集團整 代表或表示本集團整 體收入或財務表現之全面情況， 體收入或財務表現之全面情況，本公告內資料亦可能 本公告內資料亦可能 本公告內資料亦可能會修改或調整。 1 李 寧 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：2331（港幣櫃台）及 82331（人民幣櫃台） 二零二五年第三 二零二五年第三季度之最新運營狀況 季度之最新運營狀況 季度之最新運營狀況 本公告乃李寧有限公司（「本公司」，連同其附屬公司 ...

Core Insights - The article discusses the rising popularity of outdoor jackets, particularly in urban settings, highlighting their transition from functional outdoor gear to fashionable everyday wear. Group 1: Market Trends - The sales of outdoor jackets on major e-commerce platforms have exceeded 10 billion yuan from August 2023 to September 2024, indicating a significant market trend [5] - The sales and user search popularity of outdoor jackets on Douyin are expected to continue rising from 2022 to 2025 [5] Group 2: Fashion Evolution - The fashion evolution of outdoor jackets began with the invention of GORE-TEX fabric in 1969, which laid the technical foundation for modern outdoor gear [5] - The emergence of Techwear in the West and Urban Outdoor style in Japan has redefined outdoor jackets as fashionable items rather than just functional gear [6][7] - The collaboration between brands like Supreme and The North Face since 2007 has been pivotal in integrating outdoor jackets into the fashion scene, marking a significant shift in their design and cultural perception [9][10] Group 3: Cultural Impact - The integration of street culture and collaborations with high-end fashion brands has transformed outdoor jackets into symbols of social currency, appealing to urban youth [12][24] - The influence of social media platforms like TikTok and Xiaohongshu has amplified the visibility and desirability of outdoor jackets, making them a staple in everyday fashion [25] Group 4: Consumer Behavior - The shift in consumer purchasing motivations has moved from functionality to cultural identity, with consumers seeking jackets that represent their style and social status [12][24] - The role of celebrities and influencers in promoting outdoor jackets has significantly impacted their acceptance and popularity in urban fashion [19][16] Group 5: Lifestyle Integration - Outdoor jackets have successfully bridged the gap between outdoor functionality and urban lifestyle, becoming suitable for various casual settings like commuting and social outings [21][22] - The current societal trend favors practicality and a relaxed aesthetic, making outdoor jackets an ideal choice for consumers seeking both utility and style [23][27]

近日，由东方国际(集团)有限公司协办的2026春夏上海时装周，以"拓界·再定义"为主题精彩呈献。本季 时装周突破秀场边界，将时尚活力注入城市肌理，从浦西历史风貌区到浦东现代地标，一场贯穿"一江 一河"(黄浦江、苏州河)城市脉络的风格漫游徐徐铺展，生动诠释了上海作为国际消费中心城市和时尚 之都的独特魅力，也展现了上海在品牌梯度建设、价值提升与出海发展等方面的系统性探索。 历史地标焕发时尚风采 沿着城市脉络蜿蜒流转，苏州河正悄然完成从工业血脉到创意走廊的蜕变。苏州河畔，蕾虎先锋时装艺 术节迎来第20季，在苏河皓司及华侨城苏河湾汇集FORDARE、CAMEY LIU、OUDE WAAG、 SHUSHU/TONG等先锋设计师品牌，展现中国设计新生力量。2025 YOUTOPIA呦桃盛典也于蕾虎先锋 时装艺术节秀场举办时装单元决赛。本季蕾虎先锋时装艺术节还携手国际刊物《A Magazine Curated By》呈现数字特展及20余位中国设计师精选作品。此外，东方·新中式秀展在上海市历史博物馆举办。 新天地是上海的重要地标与流行文化策源地，也承载了上海时装周主秀场14年的深厚积淀。新天地与上 海时装周共同成长，持续推动 ...

Core Insights - Cambodia's exports of garments, footwear, and travel goods reached $12.21 billion in the first three quarters of this year, marking a 16.7% increase compared to $10.46 billion in the same period last year [1] Group 1: Export Performance - Garment exports totaled $8.64 billion, reflecting a year-on-year growth of 16.9% [1] - Textile exports amounted to $510 million, showing a significant increase of 34.7% [1] - Footwear exports reached $1.54 billion, with a growth rate of 26.7% [1] - Travel goods exports were valued at $1.53 billion, growing by 3.2% [1] Group 2: Economic Impact - The garment, footwear, and travel goods sectors are crucial drivers of Cambodia's economic growth and the largest source of foreign exchange income [1] - Major export markets include the United States, Europe, the United Kingdom, Canada, South Korea, and Japan [1] Group 3: Labor Standards - The minimum wage for workers in the garment, footwear, and travel goods factories will increase from $208 to $210 next year [1][2]

Core Viewpoint - Taiping Bird reported a decline in revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - Revenue for the first three quarters of 2025 was approximately 4.217 billion yuan, representing a year-on-year decrease of 7.15% [1] - Net profit attributable to shareholders of the listed company was about 28.26 million yuan, showing a significant year-on-year decline of 73.79% [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - Recent nationwide temperature drops have boosted sales, particularly for winter apparel, with significant growth in sales of women's down jackets and men's vests during the pre-sale period [8] - The company expects steady growth in performance, maintaining a double-digit growth guidance for the year, with a projected revenue increase of 10% and profit growth exceeding revenue growth [8] - The company has a consistent dividend payout ratio above 80%, with an estimated dividend yield of around 6% for FY26 [8] - The successful debut of the "Master Puff" collection at Paris Fashion Week enhances the company's global brand influence [8] - The appointment of renowned designer Kim Jones is expected to elevate product quality and drive high-end market penetration [8] - The company has established a strong consumer recognition in the down jacket sector and is actively expanding into outdoor and functional apparel markets [8] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 23,214 million RMB - FY2025: 25,902 million RMB - FY2026E: 28,465 million RMB - FY2027E: 31,272 million RMB - FY2028E: 34,210 million RMB - The expected growth rates for revenue are 38% for FY2024, 12% for FY2025, and gradually decreasing to 9% by FY2028 [6] - Net profit forecasts for the same period are: - FY2024: 3,074 million RMB - FY2025: 3,514 million RMB - FY2026E: 3,899 million RMB - FY2027E: 4,340 million RMB - FY2028E: 4,754 million RMB - The projected net profit growth rates are 44% for FY2024, 14% for FY2025, and stabilizing around 10% by FY2028 [6][18]

日前，有网友发文称，"在草本初色品牌的内衣里面发现虫子。"消息引发公众对品牌产品质量的担忧。 10月23日，草本初色相关负责人回应南都记者称，"公司第一时间联系发帖人，对方拒绝沟通且自行删 除笔记。属地质检、市监部门上门核查，对仓库所存放的涉事产品的同款同批次样品依法进行随机抽样 检查，未发现消费者所反馈的异物情况。" 该负责人向南都记者提供的汕头市质量计量监督检测所检测检验报告显示，"经检验，所检项目符合标 准要求。" 南都记者注意到，草本初色品牌所属公司为汕头市润鑫盛品牌管理有限公司。国家企业信用信息公示系 统显示，该公司成立于2023年10月27日，法定代表人为陈培鑫，经营范围包含服饰研发；服装、服饰检 验、整理服务；服装服饰出租；服装服饰批发；服装服饰零售等。 据了解，今年8月，有网友发文称，自己购买了草本初色品牌的内衣，收货时却发现内衣里面有虫子。 该网友表示，"问了客服，客服就说退货退款，要么多发一件，但是那个质量肉眼可见的差，我根本不 想要，没有任何解释。"该事件引发关注。 10月23日，草本初色相关负责人告诉南都记者，"草本初色第一时间联系发帖人时，对方拒绝沟通且自 行删除笔记。" 该负责人表 ...

Core Insights - Style3D has emerged as a significant player in the fashion industry, leveraging advanced 3D simulation and AI technologies to enhance design and production processes [4][10][14] - The company has gained recognition, winning the AIGC+ design competition and being named one of the "Top Ten AI Startups in China" [4] - Style3D's client base has expanded to over 2000, including notable brands such as Li Ning and Anta, with international clients contributing to half of its revenue [4][12] Group 1: Technology and Innovation - Style3D's core product, Studio, has released version 9.0, which utilizes AI to automate the generation of 3D clothing models, significantly speeding up the design process [10] - The company has developed proprietary technologies in 3D simulation and AI, positioning itself as a leader in the field [15][18] - The introduction of AIGP technology allows for AI-generated patterns, which can streamline the transition from design to production [19][20] Group 2: Market Demand and Client Needs - The fashion industry is increasingly seeking tools that enhance global supply chain capabilities and improve efficiency, particularly in fast fashion [38] - Clients have reported significant reductions in sample return rates when using Style3D's technology, indicating improved design accuracy [12] - The demand for rapid product design and iteration is driving the adoption of Style3D's solutions among brands like Shein and Halara [38] Group 3: Future Outlook and Strategic Vision - Style3D aims to create an end-to-end model framework that integrates design, marketing, and production processes through AI agents [22][29] - The company envisions a future where all CAD software will incorporate AI capabilities, transforming industry workflows [37] - As the industry enters an "Agent-first" era, Style3D is positioned to become a foundational operating system for the fashion sector, enhancing its competitive edge [38]

Group 1 - Bosideng is deepening its high-end fashion narrative by launching the new "AREAL Premium Urban Line" and appointing British designer Kim Jones as the creative director for the series [1] - Kim Jones has extensive experience in luxury fashion, having served as the men's design director at Louis Vuitton for over seven years and later leading Dior men's and Fendi women's collections [1] - The first AREAL collection, featuring over 20 designs for men and women, is set to launch globally in October, with six down jacket products already available on Bosideng's Tmall flagship store, priced between 2399 and 3999 yuan [1] Group 2 - Over the past eight years, Bosideng's main product prices have increased from approximately 500 yuan in 2017 to a range of 1500 to 2500 yuan by 2025, with the high-end series "Dengfeng" even introducing products priced over 10,000 yuan [2] - The high-end market remains dominated by brands like Moncler and Canada Goose, indicating that Bosideng has yet to achieve substantial breakthroughs in this segment [2] Group 3 - Bosideng has extended its high-end strategy into investments and acquisitions, including a joint venture with German luxury sports brand Bogner to introduce its main and sub-lines to the Chinese market [3] - In 2024, Bosideng strategically invested in the Canadian luxury down jacket brand Moose Knuckles, acquiring over 30% of the shares [4] Group 4 - The AREAL series provides Bosideng with new opportunities to expand product wear scenarios and break seasonal limitations, as the company has been developing non-winter markets with lightweight down jackets, outdoor jackets, and sun protection clothing [5] - For the fiscal year ending March 31, 2025, Bosideng's down jacket business achieved revenue of 21.67 billion yuan, a year-on-year increase of 11%, although its proportion of total revenue slightly decreased by 0.4 percentage points to 83.7% [5] - The increase in wholesale and private label business, along with lower gross margins for new sun protection clothing and rising raw material costs, contributed to a 2.3 percentage point decline in gross margin to 57.3% [5]

Core Insights - The company reported a revenue of 4.217 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 7.15% [1] - The net profit attributable to shareholders was 28.26 million yuan, down 73.79% year-on-year [1] - The company experienced a non-recurring net profit loss of 55.46 million yuan [1] - Basic earnings per share stood at 0.06 yuan [1]