智通财经APP获悉，摩根士丹利发布研报称，据报长和(00001)计划最早于明年上半年分拆旗下零售业务 屈臣氏集团，于中国香港及英国双重上市，料集资约20亿美元。目前长和零售业务在全球31个市场有 1.7万间门店，今年上半年所产生的EBITDA约10亿美元，同比增长12.5%。该行指，目前市场对长和未 上市的业务，包括港口、零售及电信业务的隐含估值为零，上市或出售资产有望释放价值;预期集团股 价未来60日升幅将跑赢大市，现予目标价61港元及"增持"评级。 ...

业绩简评 11 月 21 日公司披露 25Q3 报告，Q3 营收 57.97 亿元（+28%），调 整后归母净利润为 7.67 亿元（同比+11.7%）,调整后归母净利率 13.2%（同比-2pct）。 经营分析 3Q25 国内名创/海外名创/TOPTOY 营收 29.09/23.12/5.75 亿元（同 比（+19.3%/+27.7%/+111.4%）。 国内名创：Q3 同店高个位数正增、开店环比高增，积极打磨自有 IP。Q1/Q2/Q3/M10 国内名创同店中个位数下降/低个位数上升/高 个位数上升/低双位数上升，预计得益于积极开设 IP 大店、换址 或扩建优化同店；截至 Q3 门店数量达到 4407 家（同/环比+157/+ 102 家），其中一/二/三线门店同比+21/+46/+90 家。截至 11 月公 司签约 16 位潮玩艺术家，并积极打磨自有 IP 糯米儿等。 海外名创：增长质量提升，北美同店增长超预期。3QGMV 同比+27. 5%，同店低个位数上升，截至 3Q25 海外总门店数 3424 家，同/环 比+488/+117 家，亚洲（不含中国）/北美洲/拉丁美洲/欧洲门店 数量分别为 1748 ...

中金表示，名创优品三季度毛利率同比微降0.2ppt，主要因产品结构调整。股份支付薪酬开支1.8亿元， 主要与TOPTOY股权激励相关，剔除该项后销售和管理费用率同比+1.4ppt/-0.3ppt，增幅如期收窄，海 外直营业务经营利润率同增低单位数。由于永辉收购事项及发行股票挂钩证券，期内净财务费用1.0亿 元，分占永辉亏损1.5亿元，其他收益0.7亿元，剔除相关影响后，经调整净利润同增12%至7.7亿元。 消息面上，名创优品近日公布第三季度业绩，期内实现营收57.97亿元，同比增长28.2%，超过25%至 28%指引范围的上限。归属母公司的净利润为4.41亿元，相比去年同期的6.42亿元下滑超30%。 智通财经APP获悉，名创优品(09896)再跌超6%，截至发稿，跌6.48%，报36.68港元，成交额1.88亿港 元。 ...

智通财经APP获悉，中金发布研报称，看好名创优品(09896)国内外业务的精细化运营和持续提效，管理 层预计4Q25收入同增25-30%，其中中美同店均同增低双位数。因毛利率波动及费用投放，经调整净利 润预测25年基本维持29亿元，下调26年预测4%至36亿元，当前港/美股对应15倍25年non-IFRS P/E，维 持港/美股跑赢行业评级。考虑行业估值调整，下调港/美股目标价12%/11%至50.18港元/26.08美元，对 应20倍25年non-IFRS P/E，分别有28%/33%的上行空间。 中金主要观点如下： 公司3Q25收入同增28%至58亿元，经调整净利润同增12%至7.7亿元，业绩符合该行预期。 3Q25毛利率同比微降0.2ppt，主要因产品结构调整。股份支付薪酬开支1.8亿元，主要与TOPTOY股权激 励相关，剔除该项后销售和管理费用率同比+1.4ppt/-0.3ppt，增幅如期收窄，海外直营业务经营利润率 同增低单位数。由于永辉收购事项及发行股票挂钩证券，期内净财务费用1.0亿元，分占永辉亏损1.5亿 元，其他收益0.7亿元，剔除相关影响后，经调整净利润同增12%至7.7亿元。 名创国内业 ...

Group 1: Investment and Expansion - Nongfu Spring plans to invest 28.42 million yuan to expand its edible ice production project, aiming for an annual output of 7,000 tons [1][2] - The project will utilize existing idle production facilities and purchase advanced ice production lines [1] - The edible ice market has seen significant growth, with ice cup sales maintaining over 300% growth for two consecutive years [1] Group 2: Financial Performance - Amer Sports reported a 30% year-on-year revenue increase to $1.756 billion in Q3 2025, with a net profit of $143 million, up 156% [3][4] - The outdoor performance segment, including Salomon, showed a remarkable 35.6% revenue growth, while the technical apparel segment grew by 31.4% [3][4] - The company raised its full-year revenue growth forecast to 23%-24%, significantly above the initial 20%-21% target [4] Group 3: Retail Performance - Walmart's Q3 net sales in China reached $6.1 billion, a 21.8% increase year-on-year, driven by strong performance from Sam's Club and e-commerce [5][6] - Global e-commerce sales for Walmart grew by 27%, with all business segments exceeding 20% growth [6] Group 4: Brand Developments - Miniso's TOP TOY brand saw a 111% revenue increase in Q3, contributing to a total revenue of 5.7 billion yuan [7][8] - The brand is expanding its IP ecosystem and has launched a recruitment initiative for top IP creators [7][8] Group 5: Market Trends - The edible ice and ice drink market is projected to grow significantly, with a forecasted 39% growth in instant retail channels over the next three years, potentially exceeding 63 billion yuan by 2026 [1]

Core Insights - The "2025 China Retail Innovation Conference" focuses on exploring structural opportunities in the saturated market, emphasizing new trends, forces, and models in retail innovation [1] - The conference highlights three core directions for companies: deepening user demand, reconstructing the "people, goods, and environment" ecosystem, and embracing technology for growth [1][2] Group 1: User Demand - Companies should focus on user demand by providing precise insights to activate existing value, targeting segments like the silver economy, Generation Z, single economy, and pet economy [1] - There is a growing emphasis on personalized experiences and sustainable health concepts, necessitating a shift from product provision to deep brand experience operations [1] Group 2: Ecosystem Reconstruction - The "people" aspect requires a shift from traffic thinking to user thinking, while the "goods" aspect should focus on high-quality price ratios and creating scarce value rather than engaging in price wars [1] - The "environment" aspect is transforming traditional transaction spaces into comprehensive lifestyle service centers and social hubs, with an irreversible trend towards deep online and offline integration [1] Group 3: Technology Empowerment - Companies are encouraged to embrace technologies like big data, AI, and 5G as foundational infrastructures to reconstruct retail operations [1] - AI applications are advancing from "intelligent assistance" to "beyond artificial intelligence," playing significant roles in product selection, ordering, customer service, and management support [2] - There is a recommendation for companies to focus on the integration of AI with hardware to enhance efficiency and upgrade experiences [2]

Group 1 - The company announced that its Vice President, Ms. Qin Guofen, is under investigation and has been placed under detention by the Qidong Municipal Supervisory Committee, but this matter is personal and unrelated to the company's operations [1] - The company assures that the investigation will not significantly impact its daily operations, which are proceeding normally [1] - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by law [1] Group 2 - The company held its third extraordinary general meeting of shareholders on November 20, 2025, at its conference room in Nantong, Jiangsu Province [3] - The meeting was attended by 8 out of 9 current directors, with one independent director absent due to work commitments [5] - A resolution to change the accounting firm was passed during the meeting [6]

Core Points - The company, Wengfeng Co., Ltd. (SH601010), announced on November 20 that its Vice President, Qin Guofen, is under investigation and has been subjected to detention measures, which are personal matters unrelated to the company [2][5] - The company stated that the investigation will not significantly impact its daily operations, and all business activities are proceeding normally [2][5] - As of the announcement date, the company is unaware of the progress or conclusions of the investigation and will continue to monitor the situation [2] Financial Performance - For the first three quarters of the year, Wengfeng Co., Ltd. reported a revenue of 1.187 billion yuan, a year-on-year decline of 14.58% [5] - The net profit attributable to shareholders decreased by 75.5%, amounting to approximately 16.99 million yuan [5] - The company reported a significant drop in total revenue for the latest reporting period, with a total income of approximately 329.55 million yuan, reflecting a decrease of 15.20% compared to the same period last year [6] Executive Compensation - Qin Guofen's pre-tax remuneration for the previous year was reported to be 1.0285 million yuan [4] - Qin was appointed as Vice President of the company in 2023, with a term lasting from September 27, 2023, to September 26, 2026 [3] Historical Context - Wengfeng Co., Ltd. has had limited disclosures regarding executive investigations in recent years, with a notable past incident in January 2017 involving administrative penalties for undisclosed shareholding issues [8]

盘前市场动向 1. 11月20日(周四)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.56%，标普500指数期货涨1.17%，纳指期货涨 1.60%。 | = US 30 | 46,395.50 | 46,498.20 | 46,150.50 | +256.70 | +0.56% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6.720.10 | 6,736.90 | 6.674.30 | +77.90 | +1.17% | | 트 US Tech 100 | 25,034.60 | 25,124.60 | 24,876.30 | +394.10 | +1.60% | 2. 截至发稿，德国DAX指数涨0.74%，英国富时100指数涨0.46%，法国CAC40指数涨0.65%，欧洲斯托克50指数涨0.81%。 | 德国DAX30 | 23,376.65 | 23,454.15 | 23,311.50 | +172.51 | +0.74% | | --- | --- | --- | --- | --- | --- | | 瑞 英国富时100 | ...

证券日报网讯 11月19日晚间，步步高发布公告称，公司于2025年11月18日召开了第七届董事会第八次 会议，审议通过了《关于公司轮值总裁当值的议案》。现将相关情况公告如下：根据公司《轮值总裁轮 值管理制度》和《关于聘任高级管理人员及相关人员的公告》（公告编号：2024-119），轮值总裁邓静 先生当值期间于2025年11月20日结束。自2025年11月21日起至2026年11月20日为公司轮值总裁杨芳女士 当值期间，由其行使总裁法定职权，承担相关法律法规规定的责任与义务。 （文章来源：证券日报） ...