Core Viewpoint - The rise of "ugly design" in the automotive industry reflects a shift in consumer preferences, particularly among younger generations, who are increasingly embracing products that defy traditional aesthetic norms and challenge mainstream beauty standards [1][19][20]. Group 1: Trends in Automotive Design - Chinese car manufacturers are intentionally adopting "ugly designs" as a strategic response to market demands, prioritizing functionality over aesthetics [2][24]. - The K-Car model by BYD exemplifies this trend, as it is designed to cater to the Japanese microcar market, aiming for a 40% market share by next year [8][24]. - The "ugly" design of models like Li Auto's MEGA and NIO's Firefly has sparked debate, yet they have successfully attracted attention and sales, indicating a shift in consumer acceptance [9][15][18]. Group 2: Cultural and Economic Implications - The popularity of "ugly things" among young consumers signifies a broader cultural movement against "refined aesthetics," allowing for personal expression and identity through unconventional design [19][20]. - Brands are leveraging this trend to create buzz and engage consumers, as seen with high-profile collaborations and unique product offerings that challenge traditional beauty standards [21][22]. - The emergence of "ugly design" in the automotive sector highlights the need for differentiation in a rapidly evolving market, particularly as electric and smart technologies become standard [24][25]. Group 3: Future Directions - The challenge for Chinese automotive brands lies in translating the success of "ugly design" in domestic markets to international markets, where cultural perceptions of beauty differ [24][25]. - To achieve global recognition, these brands must develop a coherent aesthetic logic that resonates with youth culture worldwide, moving beyond mere product output to cultural influence [25][26]. - The ongoing experiment with "ugly design" presents an opportunity for the automotive industry to redefine its narrative and establish a new paradigm in global automotive aesthetics [25][26].

Group 1 - The core point of the announcement is the release of 67,132,248 shares from lock-up, which accounts for 9.42% of the company's total share capital of 712,519,844 shares [1][6][8] - The shares were acquired through judicial execution and are now owned by Hengtai Securities, which has committed to not reduce its holdings for a specified period [2][3][4] - The release of these shares is scheduled for June 4, 2025, and the total number of shares available for public trading will increase accordingly [5][6][9] Group 2 - The non-public offering of shares was approved by the China Securities Regulatory Commission on February 1, 2016, with an adjusted issuance price of 9.47 yuan per share [2][4] - The company has undergone several capital increases and profit distributions, including a 6-for-10 bonus share distribution in 2015 and a cash dividend of 1.10 yuan per share [2][5] - The financial advisor, Guoxin Securities, confirmed that the release of shares complies with relevant regulations and that the information disclosed is accurate and complete [9]

Core Viewpoint - SHEIN has announced its commitment to achieve scientific net-zero emissions by 2050, with both short-term and long-term reduction targets approved by the Science Based Targets initiative (SBTi) [1][7]. Group 1: Emission Reduction Goals - SHEIN aims to reduce absolute greenhouse gas emissions from its direct operations (Scope 1 and Scope 2) by 42% by 2030, and from its entire supply chain (Scope 3) by 25% [10]. - By 2050, the company plans to reduce absolute emissions across Scope 1, Scope 2, and Scope 3 by 90% [10]. - The net-zero emissions goal is defined as balancing greenhouse gas emissions with removal technologies, rather than complete elimination of emissions [7]. Group 2: Sustainable Practices - SHEIN has implemented a flexible supply chain model that minimizes waste through on-demand production, which aligns with its sustainability philosophy [5]. - The company has achieved significant reductions in plastic usage, with over 6,700 tons of plastic reduced and more than 21,000 tons of carbon emissions cut by using recycled materials in packaging [3]. - SHEIN's solar energy initiatives, including rooftop photovoltaic systems, are expected to save approximately 8,121 tons of standard coal and reduce CO2 emissions by about 22,000 tons annually [5][17]. Group 3: Technological Innovations - SHEIN collaborates with leading companies and universities to develop innovative recycling solutions, such as a new polyester recycling process that maintains material performance [8]. - The company has adopted digital cold transfer printing technology for denim, which significantly reduces water and energy consumption compared to traditional methods [9][12]. - SHEIN's digital printing technology has been applied to over 65% of its products from 2018 to mid-2024, showcasing its commitment to sustainable production methods [12]. Group 4: Industry Impact and Efficiency - The integration of ESG principles has led to improved energy efficiency and cost savings for suppliers, demonstrating the economic benefits of sustainable practices [13][14]. - SHEIN's investment in smart supply chains, exceeding 10 billion, aims to create a more sustainable and efficient production environment [17]. - The company's initiatives have transformed traditional factories into innovative, resource-maximizing operations, contributing to a greener supply chain [17].

Core Viewpoint - MINISO's Q1 2025 financial report shows total revenue of 4.43 billion yuan, a 19% year-on-year increase, but net profit attributable to shareholders decreased by 28.5% to 420 million yuan, leading to significant stock price declines in both Hong Kong and US markets [1][2][4] Financial Performance - Total revenue for Q1 2025 reached 4.43 billion yuan, up 19% year-on-year [2][3] - Gross margin improved to 44.2%, an increase of 0.8 percentage points compared to the same period last year, marking the highest gross margin for a first quarter [2][6] - Net profit for Q1 2025 was 420 million yuan, down 28.8% from 586 million yuan in the same quarter last year [4][6] - Adjusted net profit decreased by 4.8% to 587 million yuan, with adjusted net profit margin dropping from 16.6% to 13.3% [4][6] Market Expansion - As of March 31, 2025, MINISO had a total of 7,488 stores globally, a net increase of 858 stores year-on-year [3][4] - Domestic store count reached 4,275, with a net increase of 241 stores, while overseas store count was 3,213, reflecting a net increase of 617 stores [3][4] - The company is implementing a "big store strategy" to enhance channel structure and has opened 8 MINISO LAND stores, with 15 more in preparation [3][4] Cost Structure and Profitability - Sales and distribution expenses increased by 46.7% year-on-year to 1.021 billion yuan, primarily due to the expansion of overseas direct stores [4][6] - The shift in revenue structure, with a decrease in high-margin franchise and agency business, has diluted overall profit margins [4][6] IP Strategy - The increase in gross margin is attributed to the IP strategy and interest consumption, with a gross margin of 44.2% in March 2025, the highest for that month historically [6][8] - MINISO has collaborated with over 150 external IPs since 2016, with significant reliance on external IPs leading to increased authorization costs, which rose by 39.6% in Q1 2025 [6][8] - The company faces intense competition in the IP space, with rising costs and pressure on profitability due to over-reliance on external IPs [6][8]

Core Viewpoint - The article discusses the rise of SHEIN as a leading player in the global fashion e-commerce market, highlighting its innovative supply chain model and the impact of digital transformation on the traditional fashion industry [1][2][5]. Group 1: SHEIN's Market Position - SHEIN has surpassed major brands like Walmart and Nike to become a leader in global fashion e-commerce, with projections indicating it will be the fastest-growing fashion retailer in 2024, outpacing established giants like Zara and H&M [2]. - The influx of American creators to platforms like Xiaohongshu indicates a significant cultural exchange and the growing influence of Chinese brands like SHEIN in the global market [1]. Group 2: Supply Chain Innovation - SHEIN's success is attributed to a complete digital transformation of its supply chain, enabling a "demand-driven fashion" model that allows for rapid production and market responsiveness [5][6]. - The company employs a flexible supply chain that minimizes inventory waste and enhances price competitiveness by producing small batches based on real-time market feedback [5][6]. Group 3: Technological Advancements - SHEIN has invested over 170 million yuan in technology innovation, establishing a garment manufacturing innovation research center to standardize and expand its flexible supply chain model [10]. - The company actively collaborates with various enterprises to develop new textile technologies and sustainable practices, reinforcing its commitment to innovation and sustainability in the fashion industry [11][12]. Group 4: Industry Impact - The emergence of SHEIN's model challenges traditional fashion retail norms, suggesting that new players can disrupt established industries by redefining operational rules [4][12]. - The ongoing evolution of SHEIN's supply chain and its emphasis on continuous innovation are seen as critical for the future of the fashion industry, influencing how other participants adapt to globalization and technological changes [13].

二、备查文件 特此公告。 一、以 3 票同意，0 票反对，0 票弃权，2 票回避审议通过了《关于公司实 际控制人及其关联方为子公司提供担保暨关联交易的议案》。 公司实际控制人王立平先生及其关联方为子公司向融资机构申请综合授信 提供担保，公司无需向其支付任何担保费用，亦无需提供反担保，属于公司单方 面获得利益且不支付对价、不附任何义务的事项，有助于解决子公司流动资金需 求。本次表决程序合法有效，符合相关规定，符合公司整体利益，不存在损害公 司及股东利益，特别是中小股东利益的情形。 因交易对手方为公司实际控制人王立平先生及其关联方，因此王立平先生回 避表决；由于过去十二个月内韩素淼先生曾在公司实际控制人王立平先生控制的 公司任职，因此韩素淼先生回避表决。该议案已经独立董事过半数同意，并经公 司董事会全体董事的过半数审议通过。 【详情可参阅公司于同日刊登在指定信息披露媒体《证券时报》和巨潮资讯 网（www.cninfo.com.cn）的《关于公司实际控制人及其关联方为子公司提供担保 暨关联交易的公告》。】 证券代码：002656 证券简称：*ST 摩登 公告编号：2025-084 摩登大道时尚集团股份有限公司 本公 ...

Core Viewpoint - The company reported Q1 2025 earnings with revenue growth of 18.9% to 4.43 billion yuan, exceeding previous guidance of 15-18%, driven by domestic channel upgrades and inventory optimization [1] - Adjusted net profit decreased by 4.8% to 590 million yuan due to rapid expansion of direct stores and increased financial expenses [1] - The company is shifting its domestic strategy from aggressive expansion to refined operations while enhancing supply chain diversity and localization in overseas markets, which is expected to stabilize profitability and support global expansion [1] Revenue Performance - Domestic same-store sales showed improvement, with Miniso China revenue increasing by 9.1%, driven by offline and online growth of 7.3% and 32.7% respectively [1] - The company closed 111 stores in Q1, focusing on older stores under 200 square meters, while same-store sales decline narrowed to single digits [2] - Overseas revenue grew by 30.3%, with 95 new stores added, particularly in North America [1][2] - TopToy revenue surged by 58.9% to 340 million yuan, with self-developed products accounting for over 40% [1] Profitability and Cost Structure - Gross margin improved by 0.8 percentage points to 44.2%, although it decreased by 2.8 percentage points quarter-on-quarter due to seasonal effects [2] - Selling and administrative expense ratios increased by 4.4 percentage points and 0.3 percentage points to 23.1% and 5.5% respectively, primarily due to significant investments in direct stores [2] - Adjusted net profit margin decreased by 3.3 percentage points to 13.3% as a result of increased financial expenses related to convertible bonds and acquisitions [2] Strategic Focus - The company is focusing on high-quality growth, with domestic operations centered on same-store sales improvement and enhancing store competitiveness through upgrades [2] - In overseas markets, the company is emphasizing localization and efficiency, with nearly 40% of U.S. purchases sourced locally to mitigate tariff risks [2] - The company aims to improve profitability through refined operations and inventory turnover optimization [2] Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025-2027 have been reduced by 7.1%, 9.0%, and 9.0% to 2.99 billion, 3.73 billion, and 4.57 billion yuan respectively [3] - The target price is set at 47.00 HKD, based on an 18x PE ratio for 2025, reflecting increased uncertainty in overseas expansion [3] - The company maintains a "buy" rating despite the adjustments in profit forecasts [3]

港股财报季的"坑"，不得不防。 今日，名创优品股价直线跳水，午后跌幅继续扩大，截至收盘，跌幅达18.22%。消息面上，名创优品财报显 示，公司一季度净利润为4.165亿元，同比大幅下降28.8%；经调整净利润同比下滑4.8%，至5.87亿元。 中金公司在研报中指出，名创优品公布的一季度业绩低于预期，主要因直营门店投入前置带来的销售费用率提 升及财务费用增加。考虑公司仍有较多费用支出，分别下调2025年、2026年non-IFRS经调整净利润14%、8% 至27亿元、35亿元。 值得注意的是，名创优品正在大举押注"谷子经济"赛道。财报显示，公司旗下潮玩品牌TOP TOY在2025年一 季度实现营收同比增长59%。一季度TOP TOY自研产品占比首次超过40%。 突然暴跌 5月26日，港股开盘后，名创优品股价突然跳水。截至收盘，名创优品跌18.22%，报收34.55港元/股。 消息面上，名创优品日前公布的2025年一季度业绩报告显示，一季度实现营收44.27亿元，同比增长18.9%。国 内营收28.4亿元，同比增长13.3%，主要得益于单店营收改善及高毛利潮玩产品销量增长；海外营收15.9亿 元，同比增长30%， ...

Core Viewpoint - Miniso's first-quarter performance in 2025 showed revenue growth but a significant decline in profit, leading to a nearly 18% drop in its stock price in the US market [4]. Financial Performance - In Q1 2025, Miniso achieved revenue of 4.427 billion yuan, a year-on-year increase of 18.9%, with a gross profit of 1.958 billion yuan, up 21.1% [2]. - However, the net profit fell to 416.5 million yuan, a decrease of 28.8% compared to 586 million yuan in the same period last year; adjusted net profit also declined by 4.8% to 587 million yuan [2]. Revenue Growth Drivers - The revenue increase was primarily driven by a 9.1% growth in Miniso's domestic revenue, supported by a strong recovery in same-store sales [2]. - Overseas revenue saw a significant increase of 30.3%, contributing to a 3% year-on-year growth in total revenue [2]. Store Expansion - As of March 31, 2025, Miniso's global store count reached 7,488, with a net increase of 858 stores year-on-year; domestic stores numbered 4,275 (net increase of 241), while overseas stores totaled 3,213 (net increase of 617) [5]. Strategic Initiatives - Miniso's CFO highlighted efforts to stabilize and control costs for US goods by increasing local asset acquisition, with nearly 40% of products sourced directly from the US [7]. - The company is exploring opportunities in various overseas markets, including Europe, Southeast Asia, Latin America, and the Middle East, with a focus on strategic partnerships and optimizing cooperation models [7]. Focus on Trendy Products - Miniso is actively expanding in the trendy toy market, with its subsidiary TOPTOY reporting Q1 2025 revenue of 340 million yuan, a 59% increase year-on-year [9]. - TOPTOY's self-developed products accounted for over 40% of its sales, with popular items contributing significantly to overseas sales [10]. Future Outlook - The CEO expressed confidence in the performance for Q2 and the full year, emphasizing continued efforts in refined operations, IP strategic cooperation, channel upgrades, store layout optimization, and supply chain management to enhance brand influence [10].

Core Insights - H&M is committed to enhancing its presence in the Chinese market, viewing it as a key component of its global brand strategy [5][9][18] - The opening of the new flagship store in Beijing's Youtang Shopping Center reflects H&M's strategy to provide a modern and diverse shopping experience [3][6] - H&M's recent performance indicates significant growth, with a reported sales figure of 234.48 billion Swedish Krona for 2024, and a 19% increase in operating profit [14][17] Store Expansion and Upgrades - The new store spans over 1500 square meters, designed to offer a comfortable and diverse shopping environment [3] - H&M has been upgrading several stores across China, including flagship locations in Shanghai and Beijing, to enhance customer experience and showcase the latest fashion concepts [6][9] - The company aims to optimize its store layout by focusing on flagship stores in major cities while closing smaller locations [9][18] Localization and Digital Strategy - H&M is actively pursuing localization by collaborating with Chinese designers and launching products that resonate with local aesthetics [13] - The company plans to expand its online presence by entering platforms like Pinduoduo and Douyin, aiming to provide a seamless omnichannel shopping experience [11] - H&M's strategy includes adapting to changing consumer habits and enhancing its digital retail approach [8][11] Financial Performance - H&M reported a significant increase in sales and profits for 2024, with a focus on product quality and customer experience [14][15] - The company has opened 4,253 stores globally, with a strong emphasis on the Chinese market, which is crucial for its growth strategy [17] - H&M's leadership emphasizes a commitment to long-term growth through improved product offerings and customer engagement initiatives [15][18]