Core Viewpoint - The recent revelation that a consumer's expensive Adidas down jacket was actually produced by a local OEM has sparked discussions about brand value and consumer awareness in the context of modern commercial practices [2][4]. Group 1: OEM Phenomenon - The phenomenon of OEM (Original Equipment Manufacturer) is not new, as consumers have long been aware of the existence of cheaper alternatives produced by OEMs for well-known brands [3][6]. - The practice of OEM is widespread across various industries, not just in clothing, and is considered a core model of modern commerce [3][4]. - Notable OEM manufacturers, such as Shenzhou International, have been recognized for producing garments for major global brands like Nike, Uniqlo, and Adidas since around 2005 [3]. Group 2: Brand Premium Logic - The advantages of the OEM model include economies of scale and specialization, allowing brands to focus on design and marketing while manufacturers handle production, thus reducing costs and increasing efficiency [4]. - Consumers often pay a premium for brands not necessarily for product quality but for trust and identity associated with the brand [4]. Group 3: Consumer Choices - Consumers have become more discerning, often opting for lower-priced alternatives from OEMs instead of paying high prices for branded products [6]. - The trend of "tag peeling," where consumers check the origin of products to avoid being misled, has become common, reflecting a shift towards more rational purchasing decisions [6]. - Ultimately, the decision to pay a brand premium depends on individual preferences, with some valuing brand prestige while others prioritize cost-effectiveness [6].

Group 1 - The core viewpoint of the report is that CICC maintains the EPS forecast for Bosideng at 0.34/0.38 HKD for FY26/27, with a target price increase of 4.6% to 5.89 HKD, indicating a 20% upside potential from the current stock price [1] - Recent research indicates that Bosideng's flagship store on Nanjing East Road in Shanghai has shown robust retail performance during the off-season, laying a solid foundation for the upcoming peak season [1] - Despite renovations at the main flagship store, Bosideng's sales in the Shanghai region remained strong in 1HFY26, supported by enhanced product and brand strength, as well as refined marketing management [1][2] Group 2 - CICC expects Bosideng's revenue to remain stable in 1HFY26, with healthy growth in the core down jacket business despite some fluctuations in OEM due to tariffs [2] - The company’s distribution channels have performed well under flexible policy guidance, contributing significantly to business growth in 1HFY26 [2] - Bosideng's collaboration with renowned designer Kim Jones to launch the new "AREAL Advanced Urban Line" demonstrates its commitment to upgrading its brand towards a high-end strategy [2]

Core Viewpoint - CICC maintains the EPS forecast for Bosideng at 0.34/0.38 HKD for FY26/27, with a target price increase of 4.6% to 5.89 HKD, indicating a 20% upside potential from the current stock price [1] Group 1: Company Performance - Recent research indicates that Bosideng's new flagship store on Nanjing East Road in Shanghai has shown robust retail performance during the off-season, laying a solid foundation for the upcoming peak season [2] - Despite renovations at the flagship store, Bosideng's sales in the Shanghai region remained strong in 1HFY26, supported by enhanced product and brand strength, as well as refined marketing management in high-end shopping areas [3] - The company has closely collaborated with distributors to improve operational quality, leading to excellent retail performance from distributors, particularly after a temperature drop in East China in mid-October [3] Group 2: Financial Outlook - CICC expects Bosideng's revenue to remain stable in 1HFY26, with healthy growth in the core down jacket business despite some fluctuations in OEM due to tariffs [4] - The company’s flexible policy guidance for distribution channels has driven significant business growth, while self-operated business performance remained stable due to strategic adjustments during the off-season [4] - A slight decrease in OEM proportion is anticipated to enhance the group's profit margin, maintaining a trend of profit growth alongside stable revenue [4] Group 3: Brand Strategy - Bosideng's collaboration with renowned designer Kim Jones to launch the new "AREAL Advanced Urban Line" demonstrates the company's commitment to upgrading its high-end brand strategy [5] - This initiative reflects the company's forward-looking approach in strategic high-end positioning, international brand development, and product innovation [5]

Core Viewpoint - The company announces the conditional redemption terms for its convertible bonds, allowing holders to sell back part or all of their unconverted bonds at a specified price due to the stock price falling below a certain threshold [1][2][3]. Redemption Terms and Conditions - Holders of the "Tai Ping Convertible Bonds" can choose to redeem their bonds at a price of 100.49 RMB per bond, which includes accrued interest [5][9]. - The redemption period is set from October 23, 2025, to October 29, 2025, with funds to be disbursed on November 3, 2025 [10][11]. - The bonds will stop being convertible during the redemption period, but trading will continue [12]. Calculation of Accrued Interest - The interest for the current period is calculated based on a rate of 1.80% for 100 days, resulting in approximately 0.49 RMB per bond [5][4]. - The total redemption price is thus 100 RMB (face value) plus 0.49 RMB (accrued interest) [5][9]. Conditions for Redemption - The conditional redemption clause is activated if the company's stock price remains below 70% of the conversion price for any consecutive 30 trading days [2][3]. - If bondholders do not exercise their redemption rights during the specified period, they will lose the right to redeem for that interest year [3][2]. Trading and Submission Procedures - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period, and once confirmed, these requests cannot be revoked [6][7]. - If a submission fails on the first day, bondholders can attempt to submit again on subsequent days within the redemption period [7][8].

Group 1 - Adidas customer service responded to claims that their down jackets are made by Snow Flying, assuring that all products have quality guarantees [2][2] - The jacket in question has a price of 579 yuan with a fill power of 600+, while a similar product from Snow Flying is priced at 519 yuan with a fill power of 680+ [2][2] - The Chinese Ministry of Foreign Affairs expressed hope for Japan to work towards mutual understanding following the election of new Prime Minister Takashi Hayashi [2][2] Group 2 - QianDao responded to a viral report regarding a refund issue, clarifying that the transaction was a personal exchange and not related to their platform services [3][4] - The company emphasized that the alleged "minor refund policy" was not an official rule but a personal message from the seller [3][4] - QianDao is committed to improving transaction rules and customer service based on user feedback [4][4] Group 3 - The international gold and silver markets saw significant declines, with COMEX gold futures dropping by 5.07% to $4138.5 per ounce, marking the largest single-day drop since April 2013 [4][4] - COMEX silver futures fell by 6.27% to $48.16 per ounce, also experiencing a significant decline [4][4] Group 4 - The smart glasses market experienced a 64.2% increase in shipments in the first half of 2025, reaching 4.065 million units [11][11] - The global smart glasses market is expected to exceed 40 million units by 2029, with China projected to have the highest growth rate [11][11] Group 5 - Bubble Mart announced an expected revenue growth of 245%-250% for Q3 2025 compared to Q3 2024, with domestic revenue increasing by 185%-190% [17][17] - The company also reported a 365%-370% increase in overseas revenue [17][17] Group 6 - China Telecom reported a net profit of 7.756 billion yuan for Q3 2025, a year-on-year increase of 3.60% [18][18] - The company's revenue for the same period was 124.848 billion yuan, a slight decline of 0.91% [18][18] Group 7 - Good Housekeeper reported a net profit of 57.0469 million yuan for Q3 2025, reflecting a year-on-year increase of 21.67% [19][19] - The company's revenue for the quarter was 382 million yuan, up 7.27% year-on-year [19][19] Group 8 - Quanjude reported a net profit of 13.791 million yuan for Q3 2025, a significant decline of 66.46% year-on-year [21][21] - The company's revenue for the quarter was 329 million yuan, down 17.30% year-on-year [21][21] Group 9 - China National Pharmaceutical Group reported a net profit of 544 million yuan for Q3 2025, an increase of 13.10% year-on-year [22][22] - The company's revenue for the quarter was 13.747 billion yuan, a growth of 3.58% [22][22]

Core Insights - The trade landscape in the Asia-Pacific region is rapidly restructuring due to the impact of U.S. tariffs, significantly affecting countries heavily reliant on the U.S. market [1][4] - Vietnam and Cambodia are identified as the most severely impacted economies, with export declines projected at 19.2% and 23.9% respectively, far exceeding the regional average of 6.4% [1][2] - The report emphasizes the urgent need for market diversification and internal strengthening strategies for affected countries [3][5] Group 1: Economic Impact - Vietnam's economy is heavily dependent on exports, with 36.6% of its exports directed to the U.S., primarily in low-value-added sectors like apparel and electronics [1] - Cambodia's exports are 58% reliant on the U.S., with significant portions in labor-intensive industries such as clothing and footwear, which are directly targeted by U.S. tariffs [2] - Other vulnerable economies in the region, such as Fiji and Sri Lanka, are also facing substantial export declines of 19.6% and 15% respectively due to their concentrated export structures [2] Group 2: Strategies for Adaptation - Market diversification is critical, with Vietnam seeking to enhance cooperation with economies like South Korea and the EU, while Cambodia aims to expand exports to the EU under the EBA initiative [3] - Regional economic integration within ASEAN is highlighted as a potential buffer, although challenges such as non-tariff barriers and infrastructure gaps remain [3] - Both Vietnam and Cambodia are attempting to increase industrial value through technological innovation and investment in high-tech sectors, despite facing significant obstacles in talent development and infrastructure [3] Group 3: Social Safety Nets - Strengthening social security systems is essential, with Vietnam revising labor laws to expand unemployment insurance and Cambodia implementing cash transfer programs for vulnerable families [4] - The current social safety nets in both countries are inadequate to cope with large-scale unemployment and economic shocks [4][5] - The challenges faced by Vietnam and Cambodia reflect broader trends in the Asia-Pacific region, where economies highly dependent on external markets are encountering unprecedented difficulties [4][5]

Core Points - The company has announced the fourth notice regarding the conditional redemption of its convertible bonds, "Tai Ping Zhuan Dai" [1] - The redemption price is set at 100.49 RMB per bond, including the current interest [2][12] - Holders of "Tai Ping Zhuan Dai" have the option to redeem part or all of their unconverted bonds, and this redemption is not mandatory [2][8] Redemption Terms - The redemption period is from October 23, 2025, to October 29, 2025 [4][11] - The payment date for the redeemed bonds is November 3, 2025 [13] - During the redemption period, the bonds will stop converting into shares [4][15] Conditions for Redemption - The conditional redemption clause is activated if the company's stock price has been below 70% of the conversion price for any consecutive 30 trading days [2][3] - The current interest for the fifth year is calculated at a rate of 1.80%, resulting in an interest of approximately 0.49 RMB per bond [7] Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period [9][10] - If a request is not successfully submitted on the first day, bondholders can continue to submit requests on subsequent days within the redemption period [10] Trading During Redemption - "Tai Ping Zhuan Dai" will continue to trade during the redemption period, but conversion to shares will be halted [15] - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, the bonds will still continue to trade until the end of the redemption period [15]

Market Overview - The A-share market rebounded strongly, with the Shanghai Composite Index surpassing 3900 points, while the Hong Kong market showed a weaker closing despite an initial jump [1] - U.S. President Trump indicated a potential for a fair trade agreement with China, which may influence market sentiment [1] - The ongoing U.S. government shutdown has entered its 20th day, with expectations of resolution soon, which could stabilize the market [1] Technology Sector - Morgan Stanley reported that the storage industry is in the early to mid-stage of a strong upward cycle, suggesting that the best gains may still be ahead for investors [2] - The deep earth economy concept is gaining traction, with significant potential for resource development in China, particularly in energy security and strategic minerals [3][4] - Companies involved in deep earth resources, such as Sinopec Oilfield Services and Shandong Molong, have seen stock increases of 12% and over 8%, respectively [4] Individual Companies - Apple has achieved record highs, with the iPhone 17 series sales outperforming the iPhone 16 series by 14%, particularly strong in China [3] - BYD Electronics is rapidly developing its AI business and has become a key supplier for NVIDIA's new server architecture, positioning itself for growth in the AI server market [8] - Apple is deepening its collaboration with BYD, planning to produce home devices in Vietnam, which could drive new business growth for BYD Electronics [9] Government Initiatives - The Guangdong provincial government has launched an action plan to enhance the quality of manufacturing through AI, encouraging local governments to support industrial model services [2] - Hubei province is advancing state-owned asset management reforms, which could benefit securities firms like CICC and CITIC Securities [7]

Core Viewpoint - Tambor Group is transitioning from a traditional down jacket brand to a comprehensive outdoor apparel company, seeking growth through capital markets amid a booming outdoor sports industry in China [1][10]. Company Overview - Established in 1999, Tambor has focused on down jackets, gaining brand recognition in northern China. Unlike high-end competitors, it has relied on supply chain efficiency and cost-effectiveness to build market share [2]. - The company went public on the New Third Board in 2015 but withdrew two years later. Recent market saturation and changing consumer preferences have prompted a strategic shift towards outdoor apparel [2][6]. Strategic Shift - Since the 2022 Winter Olympics, Tambor has redefined its strategy to focus on outdoor activities, moving from seasonal production to a multi-scenario product approach, including hiking, skiing, and camping [2][5]. - The brand aims to shed its traditional image by promoting itself as an "outdoor lifestyle brand" through new product launches and collaborations with educational institutions and material suppliers [5][12]. Financial Performance - Tambor's revenue has shown consistent growth over the past three years: 732 million yuan in 2022, 1.021 billion yuan in 2023, and projected 1.302 billion yuan in 2024, with a net profit margin of 10% to 12% and a stable gross margin of around 55% [6][9]. - Approximately 70% of the company's revenue in 2024 is expected to come from its "urban light outdoor series," which still heavily features down jackets and windbreakers [6]. Market Position and Challenges - Despite growth, Tambor faces challenges such as high inventory turnover days (485 days in the first half of 2025), indicating potential issues in product iteration and supply chain management [8]. - The company plans to use IPO proceeds for research and development, market expansion, and product diversification, with a goal to increase R&D expenditure to over 5% by 2027 [9]. Industry Trends - The outdoor apparel market in China is projected to grow from 131.9 billion yuan in 2024 to 287.1 billion yuan by 2029, with a compound annual growth rate of 16.8% [10]. - The trend of "outdoorization" is evident as traditional clothing brands pivot towards outdoor segments, driven by consumer demand for multifunctional and lifestyle-oriented products [10][12]. Conclusion - Tambor's IPO reflects a broader trend in the apparel industry, where brands are increasingly focusing on outdoor markets to capture new growth opportunities. The company's strategic adjustments and market positioning will be critical as it navigates this evolving landscape [1][10].

Core Viewpoint - Recent consumer complaints on social media suggest that Adidas down jackets sold on short video platforms are actually produced by Snow Flying, raising questions about brand pricing and product quality [1][4]. Group 1: Product Comparison - A specific short down jacket from Adidas is priced at 579 yuan, featuring duck down with a fill power of 600+ and a down content of 80% [4]. - In contrast, a similar jacket from Snow Flying is priced at 519 yuan, with a fill power of 680+ and a down content of 90%, indicating a better value proposition [4][5]. - Another Adidas jacket listed at 869 yuan contains 135 grams of duck down and 80% down content, while a comparable Snow Flying jacket is priced at 879 yuan with 200-249 grams of duck down and 90% down content [5]. Group 2: Company Background - Jiangsu Snow Flying Garment Co., Ltd. was established in September 1997, with a registered capital of approximately 150 million yuan, and its business scope includes textile sales and garment manufacturing [8]. - The company is wholly owned by Jiangsu Kangbo Intelligent Manufacturing Co., Ltd., which is a subsidiary of Bosideng Co., Ltd. [9].