消息面上，1月27日，喆丽控股发布公告，集团预期于2025年(报告年度)取得未经审核综合收益约5亿美 元(上一年度：3.47亿美元附注)，较上一年度增加约1.53亿美元或44.1%，主要是受惠于YesStyle持续的 市场多元化，以及AsianBeautyWholesale在线上和线下双渠道的新客户数量增加。 集团亦加大了营销力度，包括线上营销、网红营销、关键意见领袖(KOL)计划及推广活动。因此，于报 告年度的市场营销开支增加至约2710万美元(上一年度：1880万美元)。 喆丽控股(02209)盈喜后涨超4%，截至发稿，涨4.64%，报3.61港元，成交额995.37万港元。 为支持履约需求的激增，集团开始运营丰树仓库及韩国仓库。因此，集团于报告年度内就租赁该等仓库 产生约560万美元的使用权资产折旧。 ...

Group 1 - The core viewpoint of the article highlights a significant rebound in domestic consumption, leading to an 11.8% year-on-year increase in sales for South Korean online retail platforms in 2025 [1][3] - Major online retail companies have experienced continuous sales growth across various sectors, including grocery, food delivery services, and home appliances [1][3] Group 2 - In contrast, offline retailers have seen limited sales growth of only 0.4%, primarily due to poor performance in the first half of the year [2][4] - The Ministry of Trade, Industry and Energy of South Korea noted that while offline retail sales declined in the first half, a rebound occurred in the second half following the implementation of policies aimed at boosting domestic consumption by the Lee Jae-myung government [2][4] - Specifically, department store sales grew by 4.3% in 2025, convenience store sales remained nearly unchanged, while supermarket sales declined by 4.2% due to intensified competition with online food platforms [2][4]

为支持履约需求的激增，集团开始运营丰树仓库及韩国仓库。因此，集团于报告年度内就租赁该等仓库 产生约560万美元的使用权资产折旧。 于报告年度内，集团就授出282.2万份购股权(上一年度：38.9万份购股权)产生约410万美元的购股权开 支(上一年度：20万美元)，每份附有认购10股公司普通股的权利。此外，集团就一项于报告年度内购买 并抵押予银行以获取集团银行融资的人寿保险保单，确认了按公平值计入损益的金融资产的公平值亏损 约90万美元(上一年度：无)。 由于集团在韩国的实体产生了更多利润，而购股权开支及上述保险保单已确认的亏损为不可扣减税项， 报告年度的所得税开支预计约为640万美元，高于上一年度的约450万美元。 因此，于报告年度的未经审核综合纯利预期不少于2200万美元(上一年度： 1900万美元)，增加约300万 美元或15.8%。 喆丽控股(02209)发布公告，集团预期于2025年(报告年度)取得未经审核综合收益约5亿美元(上一年度： 3.47亿美元附註)，较上一年度增加约1.53亿美元或44.1%，主要是受惠于YesStyle持续的市场多元化，以 及 AsianBeautyWholesale在线上 ...

亚马逊（AMZN）周四早盘上涨1.5%。该公司首席执行官安迪·贾西表示，随着预先购买的库存耗尽， 特朗普的关税已开始"渗透"到商品定价中，部分卖家将更高的进口成本转嫁给消费者。 责任编辑：张俊 SF065 亚马逊（AMZN）周四早盘上涨1.5%。该公司首席执行官安迪·贾西表示，随着预先购买的库存耗尽， 特朗普的关税已开始"渗透"到商品定价中，部分卖家将更高的进口成本转嫁给消费者。 责任编辑：张俊 SF065 ...

Group 1 - The core initiative of Taobao Flash Sale is the nationwide launch of social security subsidies for delivery riders, enhancing welfare benefits across 58 cities [1][3] - In Changsha, eligible riders can receive a monthly subsidy of 570.08 yuan after paying for pension and medical insurance, while team leaders and honorary riders can receive up to 1,140.16 yuan monthly, totaling approximately 13,700 yuan annually [1][3] - The social security measures are based on self-reliance and inclusivity, allowing both full-time and part-time riders to independently pay and receive subsidies, with Taobao Flash Sale covering at least 50% of the insurance costs [3] Group 2 - From January 16 to 19, Taobao Flash Sale is offering meal benefits for riders starting at 1.7 yuan, along with increased red envelope distributions [3] - On specific "welfare days," such as the 7th and 27th of each month, riders can access discounts of at least 50% on delivery gear, products, phone credits, and meal vouchers [3] - The company has also introduced free cold weather insurance for riders, increased order rewards, and enhanced weather subsidies, alongside an upgraded AI assistant with over 70 new features to improve delivery efficiency and income [3]

Core Viewpoint - The consumer center in North Rhine-Westphalia, Germany, has initiated a collective lawsuit against Amazon, demanding refunds for consumers affected by the price increase of the Prime membership, with eligible consumers potentially receiving up to €60 in compensation [1][4]. Group 1: Price Increase Details - On September 15, 2022, Amazon unilaterally raised the annual Prime membership fee from €69 to €89 and the monthly fee from €7.99 to €8.99 [1]. - The Prime Student membership also saw an increase, with the annual fee rising from €34 to €44.90 and the monthly fee from €3.99 to €4.49 [1]. Group 2: Legal Claims and Consumer Rights - Consumers argue that Amazon's price increase was conducted without explicit consent, claiming that the service terms contain unfair content and lack sufficient transparency [4]. - The consumer center asserts that Amazon's unilateral price increase is illegal and demands the difference between the original and increased prices be refunded [4]. - The amount consumers can reclaim varies based on the duration of their subscription post-price increase and their chosen payment method, with the maximum recoverable amount currently estimated at €60, which may increase as the lawsuit progresses [4].

Core Insights - Etsy's Chief Accounting Officer, Merilee Buckley, sold 9,099 shares, fully exiting direct equity ownership after a year of double-digit returns [1][6][9] Transaction Summary - The transaction involved the sale of 5,636 shares and withholding of 3,463 shares for tax liabilities, with a total transaction value of approximately $329,400 based on a weighted average price of $58.45 per share [2][6] - Post-transaction, Buckley holds no direct or indirect shares, marking a complete exit from her equity ownership [6][9] Company Overview - As of January 5, 2026, Etsy's stock price was $58.45, with a market capitalization of $6.11 billion and a trailing twelve months (TTM) revenue of $2.85 billion and net income of $182.15 million [4] - Etsy operates online marketplaces such as Etsy.com and Depop, focusing on handmade goods, vintage items, and fashion resale, generating revenue through transaction fees, payment processing, and seller services [7][8] Recent Performance - Etsy reported a 0.9% year-over-year increase in gross merchandise sales to $2.7 billion for the third quarter, adjusting for the previous year's sale of Reverb [10] - The company's net income for the third quarter rose by $18.1 million to $75.5 million, with cash and cash equivalents totaling $1.6 billion at the end of September [11]

Core Insights - Alibaba's Taobao Flash Sale aims to achieve absolute market leadership by increasing its market share through significant investments [1] Group 1: Business Performance - In the latest quarter, Taobao Flash Sale has shown key progress, with strong growth momentum and rapid advancement in non-food instant retail [1] - The company is reducing losses faster than its competitors, enhancing confidence in further investments in the flash sale business [1] Group 2: Strategic Goals - The primary goal for Taobao Flash Sale remains market share growth, with plans to increase investments in high-ticket users and non-food retail over the next few quarters [1] - Alibaba Group is committed to enhancing user scale and stickiness through these investments [1]

Core Insights - Alibaba aims to increase its market share in the flash purchase segment to achieve absolute market leadership by 2026, with a clear strategy to increase investments in this area [1][3]. Group 1: Business Performance - In the latest quarter, Taobao Flash Purchase has shown significant progress, with strong growth momentum continuing into Q4 of 2025 [1][3]. - The non-food instant retail segment is advancing rapidly, and Taobao Flash Purchase is reducing losses faster than its competitors [1][3]. - The progress made in December has further strengthened Alibaba's confidence in increasing investments in the flash purchase business [1][3].

Core Viewpoint - Goldman Sachs issues a bullish outlook for the Chinese stock market in its 2026 market outlook report, predicting significant gains driven by corporate profit growth [1][2] Market Performance - The MSCI China Index and the CSI 300 Index are expected to rise by 20% and 12% respectively in 2026, with a shift from valuation-driven growth to profit-driven growth [1][2] - The profit growth rate for Chinese listed companies is forecasted to accelerate from 4% in 2025 to 14% in 2026, particularly benefiting the TMT sector [1][4] Key Drivers - The optimistic forecast is based on three main drivers: artificial intelligence (AI), outbound strategies, and anti-involution policies [4] - The TMT sector is particularly favored, with expected profit growth of around 20% due to advancements in AI monetization and increased capital expenditure [4] Fund Flows - Southbound capital is projected to reach a record net inflow of $200 billion in 2026, driven by expanded investment scope and attractive dividend yields [5][6] - Domestic asset reallocation is expected to contribute approximately 3 trillion RMB to the stock market, supported by a decline in risk-free rates [5] - Share buybacks and dividends are anticipated to total nearly 4 trillion RMB, providing substantial cash returns to investors [6] Industry Allocation - Goldman Sachs maintains an overweight rating on internet/media entertainment, online retail, technology hardware, materials, and insurance sectors [7] - The technology hardware sector is upgraded to overweight, seen as a key beneficiary of AI development and self-sufficiency strategies [7] Valuation and Policy - Current valuations for the MSCI China Index and CSI 300 Index are at 12.4x and 14.5x respectively, considered attractive compared to global markets [8] - The market is expected to benefit from supportive monetary and fiscal policies, as well as a favorable regulatory environment for the private sector [8]