服装丨市场观察 本周看点： -老铺黄金的学徒们集体涨价，拼命挤入高端商场； -大牌，扎堆"押注"美妆香水； -安踏李宁，开启新一轮"蓄力战"。 行业环境 1.老铺黄金的学徒们集体涨价，拼命挤入高端商场 关键词 ： 金价上行,古法黄金,涨价潮,国际金价,工艺成本 概要 ： 近期，国际金价持续上涨，带动多个黄金品牌调价。周生生等品牌足金饰品价格攀升 至1100元/克，宝兰珠宝、老铺黄金等古法黄金品牌也纷纷涨价，涨幅最高达15%。老铺黄金的 崛起促使宝兰、君佩等品牌效仿其高端化策略，推出高溢价产品，单价多在万元以上。尽管涨 价，消费者热情不减，部分品牌门店甚至出现抢购潮。宝兰珠宝等品牌逆势扩张，在高端商场 开设新店，但门店规模仍远不及老铺黄金。资本持续关注这一赛道，琳朝珠宝近期完成融资， 有望推动行业格局重塑。 2.大牌，扎堆"押注"美妆香水 关键词 ： 美妆行业,快时尚,跨界,增长乏力,授权模式 概要 ： 9月，Gap、Zara和H&M三大快时尚品牌进军美妆行业，推出美妆产品或护发系列。此 前，LVMH等23个时装品牌已拓展美妆业务。主因是服装销售增长乏力，如Gap、Zara和H&M 业绩不佳。设计师品牌通过授权 ...

2025年诺贝尔经济学奖得主是乔尔·莫基尔（Joel Mokyr）、菲利普·阿吉翁（Philippe Aghion）和彼得·豪 伊特（Peter Howitt），以表彰他们对"创新驱动的经济增长"理论的阐释。 公布的那天，我应景地读了阿吉翁等写的《创造性破坏的力量》。前面写过《拉斯洛与李白》，拉斯洛 笔下是那个走向"热寂"的宇宙，但阿吉翁却为我们指出那股对抗"熵增"的强大力量——创造性破坏。 他的核心理念有三：创新与知识传播是增长的核心；创新依赖激励与产权保护；新的创新让以往的创新 变得过时。并且提出，企业是创新的主体，政府则扮演着"投资人"和"保险人"的角色，而民间社会则提 一 供监督、伦理和文化支持。 他在书中指出，为什么创新越来越难？因为新思想的发现越来越难，比如，要实现摩尔定律，需要的研 究人员数量是70年代的18倍。这就是一个需要付出更大努力，才能维持增长的时代。 于是，这也是一个下一代很难在同领域超越上一代的时代，唯一的超越路径就是寻找看似风马牛不相及 的新空间、新领地。他自己就是闯出新天地的典范。 菲利普·阿吉翁的家族史，本身就是一部"创造性破坏"的生动史诗。不断进行腾挪转化，时空变革。 他的母 ...

Core Viewpoint - HLA's financial challenges are growing, with stagnant revenue, high inventory, and cash flow issues overshadowing its ambitions for a secondary listing in Hong Kong [1][2][31]. Group 1: Financial Performance - HLA's revenue has shown alternating patterns of slight increases and declines, with a 1.73% increase in H1 2025 but a 3.1% drop in net profit [1][7][32]. - The company's main brand revenue has been declining, while group buying and other brand revenues are small and costly, with overseas revenue accounting for less than 2% [1][2][14]. - HLA's inventory reached 10.255 billion yuan in H1 2025, representing 57.83% of net assets, with a turnover period of 323 days [1][16][19]. Group 2: Cash Flow and Debt - HLA's cash reserves plummeted by 42.91% in 2024, with operating cash flow decreasing by 55.7%, leading to over 10 billion yuan in short-term debt [1][21][22]. - By H1 2025, accounts payable exceeded cash reserves, indicating a tight cash flow situation [22][23]. - Despite cash flow pressures, HLA maintained high dividend payouts, totaling 6.516 billion yuan over three years, raising concerns about the sustainability of this strategy [24][25][26]. Group 3: Business Model and Market Position - HLA's unique financial model, which relies on delayed payments to suppliers and franchisee ownership, is facing challenges as market saturation increases [27][28]. - The company has been transitioning towards a more diversified brand strategy, including a focus on family-oriented products and international partnerships [11][29]. - HLA's market share in the men's clothing sector remains at 4.7%, but its revenue from the main brand is declining, with a significant drop in sales from core products [4][14][30]. Group 4: Future Prospects - HLA's upcoming secondary listing in Hong Kong aims to enhance its international brand image and diversify capital operations, but financial instability may hinder investor confidence [2][31][32]. - The company is exploring global expansion, with recent growth in overseas revenue, but the overall impact remains limited [32].

Core Viewpoint - The company announces the third reminder regarding the conditional redemption of its convertible bonds, "Tai Ping Convertible Bonds," allowing bondholders to choose whether to redeem their bonds at a specified price due to the stock price falling below a certain threshold [2][3]. Summary by Sections Redemption Terms and Price - The redemption price is set at 100.49 RMB per bond, including the current interest [2][12]. - Bondholders can choose to redeem part or all of their unconverted convertible bonds, and this redemption is not mandatory [2][8]. - If bondholders do not redeem during the specified period, they will lose the right to redeem for the current interest year [2][5]. 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 thirty trading days [2][3]. - The redemption right can only be exercised once per year during the last two interest years of the bond [5]. Redemption Period and Payment - The redemption period is from October 23, 2025, to October 29, 2025 [4][11]. - The payment date for the redeemed bonds is set for November 3, 2025 [4][13]. Trading During Redemption Period - The "Tai Ping Convertible Bonds" will continue to trade during the redemption period but will stop converting into shares [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].

10月20日晚8点，2025天猫双11正式开卖，品牌爆发速度更快，增长更猛。开卖首小时，苹果、源氏木 语、珀莱雅、修丽可、斐乐、雅诗兰黛、兰蔻、欧莱雅、海蓝之谜、石头、耐克、lululemon等80个品 牌成交破亿，30516个品牌成交翻倍，均超去年开卖首日，18919个品牌首小时成交即超去年全天。苹果 Apple Store官旗iPhone系列成交额超去年全天。AirPods 4、Apple Watch S11、iQOO15、任天堂Switch、 小米17 ProMax等单品首小时成交破千万。 ...

Core Viewpoint - HLA Home has cumulatively distributed over 21 billion yuan in dividends since its A-share listing, but its financial statements reveal increasing cracks, including stagnant revenue growth and declining net profits, raising concerns about its upcoming Hong Kong listing [1][4][52]. Group 1: Financial Performance - HLA Home's revenue has alternated between slight increases and declines over the years, with a 1.73% increase in the first half of 2025, but a 3.1% decrease in net profit [1][11][12]. - The company's main brand revenue has been declining, and overseas revenue accounts for less than 2% of total revenue [1][2]. - The company has faced significant inventory issues, with inventory reaching 10.255 billion yuan in the first half of 2025, accounting for 57.83% of net assets and a turnover period of 323 days [2][24]. Group 2: Cash Flow and Debt - HLA Home's cash flow has been under pressure, with a 42.91% drop in monetary funds in 2024 and a 55.7% decrease in operating cash flow [2][28]. - The company has over 10 billion yuan in short-term debt, and its accounts payable exceed its cash reserves, indicating a tight cash flow situation [2][29]. - Despite these challenges, HLA Home has maintained high dividend payouts, distributing 6.516 billion yuan in cash dividends over the last three years, which raises concerns about the sustainability of this strategy amid declining profits [30][31]. Group 3: Business Model and Market Position - HLA Home's unique business model, which relies on a "light asset" and "quasi-financial" approach, has been instrumental in its rapid growth but is now facing challenges as market conditions change [39][41]. - The company has shifted its strategy under new leadership to focus on brand modernization and expanding its product range, including women's and children's clothing [14][47]. - However, the core brand's revenue continues to decline, with a 7.22% drop in 2024, and the company is increasingly reliant on its group purchasing and other brands for revenue growth [16][50]. Group 4: Market Challenges - HLA Home's inventory issues are exacerbated by a high percentage of unsold goods, with over 46.9 billion yuan of inventory aged over one year, leading to potential write-downs [27][21]. - The company's sales expenses have increased significantly, while R&D spending remains low, indicating a potential imbalance in investment priorities [48][50]. - The upcoming Hong Kong listing aims to enhance capital and international presence, but fundamental issues such as product competitiveness and supply chain stability remain unresolved [53][52].

【#LV及Dior男装前设计师入职波司登#】10月20日，波司登任命著名英国设计师 Kim Jones 为新创设的 AREAL 高级都市线创意总监，并推出 AREAL 高级都市线。Kim Jones 曾担任 LVMH集团旗下的法国 奢侈品牌 Dior（迪奥）的男装艺术总监，今年1月离职。此前，他还曾担任路易威登男装艺术总监。 （界面） ...

（波司登） 10月20日，波司登宣布任命Kim Jones为新创设的高级都市线AREAL创意总监，并同步推出全新高级都 市线AREAL系列。 资料显示，Kim Jones曾担任Dior（迪奥）男装艺术总监、路易威登男装艺术总监。 ...

Core Viewpoint - The overall consumption environment in China is under pressure, leading to a mixed performance in the brand matrix of Baoxiniang, with significant revenue declines in its main brands [3][5]. Group 1: Financial Performance - Baoxiniang's main brand revenue decreased by 9.6% year-on-year to 7 billion yuan, while the core brand Baoniao saw a more substantial decline of over 20%, contributing to an overall revenue drop of 3.58% to 2.39 billion yuan [3][6]. - The company's net profit attributable to shareholders fell sharply by 42.66% to 197 million yuan, which was below market expectations [3][5]. - In the first half of the year, Baoxiniang's revenue continued to decline, with a 3.47% drop in Q2, resulting in a total revenue of 1.087 billion yuan [5][6]. Group 2: Brand Performance and Strategy - The main brand Baoxiniang is facing challenges due to a shift in consumer preferences towards more casual and fashionable attire, impacting its traditional business suit positioning [6][7]. - The company has initiated a brand rejuvenation strategy since 2020, introducing new product lines like light formal wear and sports suits, but the effectiveness of this strategy remains to be seen [7][8]. - Baoniao, another core brand, experienced a revenue decline of 22.53% to 393 million yuan, attributed to increased competition in the professional clothing market [7][8]. Group 3: Outdoor Segment Growth - Despite the overall revenue decline, the outdoor segment, particularly the brand Le Fei Ye, saw a revenue increase of 20.48% to 183 million yuan, indicating a high growth potential in the outdoor apparel market [4][8]. - Baoxiniang has expanded its outdoor portfolio by acquiring the intellectual property rights of the international outdoor brand Woolrich, aiming to fill gaps in the high-end outdoor segment [8][9]. - However, the company faces rising competition in the outdoor sector, with both domestic and international brands intensifying their market presence [9][10].

Core Viewpoint - Bosideng has appointed renowned British designer Kim Jones as the creative director of its newly established AREAL high-end urban line, marking a significant step in the company's strategy to elevate its brand image and product offerings [1][3]. Group 1: Appointment of Kim Jones - Kim Jones, previously the artistic director for men's wear at Dior and Louis Vuitton, has been appointed by Bosideng to lead the AREAL line [1][3]. - Jones is recognized for his successful collaborations, including a notable partnership with Supreme that generated direct profits of €3.64 billion for LVMH [3]. Group 2: Bosideng's Brand Strategy - Bosideng has shifted its focus towards high-end positioning since 2018, which includes upgrading product positioning, technological innovation, and internationalization [4]. - The company plans to elevate its main product price range to between 1,500 to 2,500 yuan by 2025, with its high-end series "Dengfeng" being the first domestic down jacket brand to exceed the 10,000 yuan price point [4]. Group 3: Financial Performance - Bosideng reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, reflecting a year-on-year growth of 11.58% [5]. - The net profit attributable to shareholders increased by 14.31% to 3.514 billion yuan during the same period [5].