Financing and Investment - Shenzhen Photon Leap Technology Co., Ltd. has completed several hundred million yuan in angel round financing, with funds primarily allocated for AI imaging algorithm development, global expansion, and smart hardware product mass production preparation [1][3] - Shanghai Lin Qingxuan Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with a revenue growth from 691 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate of 32.3% [5] Mergers and Acquisitions - Anta Group has announced the completion of the acquisition of German outdoor brand Jack Wolfskin, enhancing its competitiveness in the professional outdoor sports sector [8] - Neo Investment Partners is exploring potential investors for the luxury leather brand Valextra, considering an exit from its investment since holding approximately 60% of the brand since 2013 [11] Product Launches and Brand Strategies - Luckin Coffee has launched a new product, the Feather Light Fruit and Vegetable Tea, priced at 9.9 yuan per large cup, aiming to align with the growing health-conscious consumer demand [13] - Antonia has opened two new flagship stores in China, marking a significant milestone in its Asian market strategy [16] Data Security and Brand Reputation - Cartier has confirmed a data breach affecting customer information globally, highlighting the need for luxury brands to enhance their data protection mechanisms [18] Executive Appointments - Nike has appointed former McDonald's executive Michael Gonda as the new Chief Communications Officer, effective July 7, as part of a significant executive committee overhaul [20] - Kizik has appointed Gareth Hosford, a former Nike executive, as its new CEO, aiming to lead the brand into a new phase of omnichannel expansion [23] - Dr. Martens has appointed Paul Zadoff as President of the Americas market, bringing over 30 years of leadership experience to drive growth and profitability [25][26]

Group 1 - Tmall's 618 event has seen a significant increase in overseas brand participation, with nearly 50,000 new products launched on Tmall International [1][3] - The first hour of sales recorded a doubling in transactions for 374 overseas brands, with 109 brands exceeding 10 million in sales during the initial phase [3] - New Zealand's A2 milk brand experienced a 55% increase in sales during the first phase, prompting an early arrival of 100,000 units of popular stock [3] Group 2 - The second-generation red light mask sales increased by 198% compared to last year's Double 11 event, leading to a 20% increase in stock for CurrentBody [4] - KAGAMI, a Japanese whiskey glass brand, reported a 30% increase in sales by May 27, with stock levels for 618 being more than double that of the previous year [4] - VAPE, a mosquito repellent brand, achieved the top sales in the mosquito liquid category on Tmall International, with stock levels also doubling compared to last year [4] Group 3 - Many overseas brands attribute their sales success to simplified discount mechanisms and transparent pricing during the 618 event [6] - Gotukola, an Israeli hair care brand, anticipates a 268% increase in sales, with a target of 27 million [6] - WHC, a Belgian fish oil brand, aims for 130 million in sales, reflecting a 97% year-on-year growth, aided by a 15% official discount [6] Group 4 - On June 3, Tmall's 618 Import Day featured over 1,500 global buyers conducting live streams from 15 countries, showcasing nearly 20,000 imported products at discounted prices [8] - Major discounts were offered on luxury items, such as Louis Vuitton and Coach products, with significant price reductions during the live streams [8] - Tmall International introduced various import category coupons, providing discounts up to 420 yuan for purchases over specified amounts [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The DTC channel is under short-term pressure, and the FY2026 Q1 guidance is below expectations [2][6] - The company reported FY2025 revenue of $4.986 billion, a year-on-year increase of 16.3%, with a gross margin of 57.9% [6][9] - The management expects double-digit revenue growth for FY2026, with HOKA brand growth around 15% and UGG brand growth in the single digits [9] Financial Performance - FY2025 Q4 revenue was $1.022 billion, exceeding market expectations of $1.001 billion, with a year-on-year growth of 6.5% [6] - The gross margin for FY2025 Q4 was 56.7%, up 0.5 percentage points year-on-year, driven by an increase in full-price sales of UGG [6] - The company’s inventory at the end of the quarter was $495.2 million, a year-on-year increase of 4.4% [6] Regional and Channel Performance - In FY2025 Q4, UGG brand revenue was $2.531 billion, a year-on-year increase of 13.1% [6] - DTC channel revenue for FY2025 Q4 was $410 million, a year-on-year decrease of 1.2% [6] - HOKA brand revenue for FY2025 was $2.233 billion, a year-on-year increase of 23.6%, with DTC revenue growth of 23% [6] Future Projections - Revenue projections for FY2026 are estimated at $5.412 billion, with a growth rate of 8.6% [8] - The expected diluted EPS for FY2026 is $6.70, with a projected P/E ratio of 15.6 [8][9] - The company aims to maintain profitability through selective price increases and optimizing production efficiency [9]

活动期间，京东服饰联合达芙妮通过多样创新互动，深化品牌与消费者的情感联结。在线上，京东官方账号矩阵及社交平 台达人共同发起互动抽奖，消费者参与活动即可赢取宋茜同款。此外，京东还整合包括多城市京东MALL大屏等多个核心 流量位资源，实现亿级流量覆盖，让活动高效触达消费群体。 此次合作恰逢京东心动购物季期间，京东服饰与达芙妮以"明星效应+平台势能"双驱动抢占夏日鞋靴市场。以达芙妮官宣代 言人为支点，依托京东强大的自营供应链能力，双方通过新品发布、精准人群触达、内容种草、限时折扣等多方深化协 同，在为消费者带来了丰富且优质的鞋靴产品的同时，也让达芙妮的年轻化策略得到充分发挥，进而强化了品牌形象，双 方的此次合作更是为传统品牌的年轻化转型提供了新思路。 解锁清凉出街计划，用轻盈步伐迈向自信夏日。消费者打开京东APP搜索"达芙妮"，即可入手心仪新品，享受新品发售限 时8折超值福利。 转自：新华财经 5月30日，国民经典鞋履品牌达芙妮正式宣布全能艺人宋茜成为全新品牌全球代言人，并推出包括宋茜同款芭蕾德训小白 鞋、金色细带凉鞋、法式玛丽珍鞋等多款新品，并同步上线京东服饰，更带来限时8折优惠以及随机抽送10双宋茜同款等多 重 ...

据悉，红蜻蜓正在构建行业AI大模型，以30年数据积累，供应链、消费者行为、文化IP等要素全部纳入 智能决策系统，推动博物馆体系升级——沉浸式展陈、数字人导览与模块化IP展形成矩阵，让文物不再 是玻璃柜里的标本，而是可触摸、可参与、可带走的文化体验。活动当天，红蜻蜓首次推出AI主理人 与红蜻蜓董事长、鞋文化博物馆主理人钱金波同台互动，通过大屏实时问答，诠释红蜻蜓"放空"系列的 设计理念与品牌文化内核。 近日，红蜻蜓（603116）携手温州鞋文化博物馆开展系列活动。活动当天，红蜻蜓首次推出AI主理人 并与真人同台互动。红蜻蜓表示，希望以鞋文化博物馆为试验场，探索一条"文化数智破局"路径。 温州鞋文化博物馆内有1500余件历代鞋履藏品，按历史时期展示从远古到新中国成立后的各类鞋履，清 晰呈现鞋履的发展脉络，成为"中国鞋都"温州的重要文化载体。活动中，40余名嘉宾参观鞋文化博物 馆，聆听温州瓯绣非遗大师课，并体验非遗錾刻工艺研学。 红蜻蜓表示，公司首创"策展+零售"模块化解决方案，使鞋文化博物馆IP可快速植入全国商场。在上海 森兰花园城的快闪店中，馆藏作品被转化为国潮IP与潮酷纹样，落实在视觉场景、体验场景中。同时， ...

新华社北京5月25日电 题："只要产品够硬总会赢得机遇"——中美互降关税落地一线观察 新华社记者唐诗凝、古一平、王丰 《中美日内瓦经贸会谈联合声明》发布已近半月。随着5月14日双方互降关税举措落地，近期记者深入 多家外贸企业调研，深切感受到市场对此次中美经贸高层会谈达成重要共识的积极回应：一波"订单 潮"涌来，工厂又现忙碌，货船舱位紧张…… "咱们得快点！"……北京时间5月12日17时许，《中美日内瓦经贸会谈联合声明》发布2小时后，深圳市 盛天龙视听科技有限公司就收到了好几封来自美国客户的"催单"邮件。 "关税能降下来，包括所有中间商、美国终端商在内的合作伙伴们，大家都高兴。"公司销售部工作人员 向聪俐对记者说。 按下"暂停键"的对美外贸订单迎来重启，美国合作伙伴抓紧囤货，国内外贸企业加速恢复对美出口商品 生产，多地工厂开足马力……争分夺秒的忙碌背后，是大洋两岸合作伙伴对互利共赢的共同期待。 美国服装与鞋类协会发表声明说，协会对美中经贸会谈取得实质性进展表示欢迎，认为这可能有助于缓 解过去一个多月以来的美中贸易紧张局面。 5月18日，在美国纽约举办的2025年国际当代家具展上，美国康涅狄格州家具企业赫勒公司总 ...

在全球奢侈品巨头纷纷下调预期调整策略的大背景下，德国鞋履品牌Birkenstock勃肯鞋在2025年财年第 二季度交出亮眼成绩，营业额同比增长19%，净利润大涨47%。据悉，截至2025年3月31日的三个月 内，Birkenstock营业额达5.74亿欧元，增长覆盖所有区域、渠道与品类。其中亚太市场表现最强，收入 达4780万欧元，同比增长30%，欧洲、中东和非洲市场增长12%达2.13亿欧元，美洲市场增长23%至3.13 亿欧元。 爱马仕在深圳举办匠心工坊体验活动 日前，爱马仕诚邀公众于深圳走近工匠，探索卓越工艺与创新精神。记者获悉，自1837年以来，创新传 承以及功能美学始终引领着爱马仕产品创作的核心价值观。 活动现场，布景以工匠操作台为灵感，构筑舒适开阔的空间，聚焦根植于爱马仕历史与生活的四大主 题：工艺传承、卓越材质、持久承诺与地区纽带。 来自爱马仕不同产品部类的工匠携工具、材质、专业知识与传承精神通过互动体验的线下活动，逐渐步 入公众视野。据悉，匠心工坊体验活动即日起至6月1日结束。 勃肯鞋第一财季中国市场增长强劲 比音勒芬2024年营收增长13% 总部位于广州的比音勒芬近日发布2024年年报，全年 ...

研究早观点 2025 年 5 月 14 日 星期三 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,374.87 | 0.17 | | 深证成指 | | 10,288.08 | -0.13 | | 沪深 | 300 | 3,896.26 | 0.15 | | 中小板指 | | 6,370.78 | -0.27 | | 创业板指 | | 2,062.26 | -0.12 | | 科创 50 | | 1,009.68 | -0.15 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】化学原料：新材料周报（250505-0509）-风电光伏累计装 机首超火电，西格里碳素关闭 Lavradio 碳钎维基地 【公司评论】阳光电源(300274.SZ)：阳光电源 2024 年年报及 2025 年 一季报点评-2025 年 Q1 业绩超预期，储能出货高速增长 【公司评论】赛轮轮胎(601058.SH)：赛 ...

► 文 观察者网 刘媛媛 编辑 周宇舫 5月12日，中美两国在日内瓦发布经贸会谈联合声明，为紧张已久的双边关税争端带来了阶段性缓和。本次中美经贸高层会谈取得实质性进展，大幅降低 双边关税水平，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方也相应暂停实施24%的反制关 税。 市场反应积极，道指期货应声上涨，显示出投资者对贸易环境改善的期待。不过，市场也早已了解，国际贸易政策仍存在较大变数，高悬的达摩克利斯之 剑，依然时刻威胁着市场的稳定。 在此背景下，无论是中国政府还是外贸企业，都清醒地认识到，不能完全寄希望于关税政策环境的改善，扩大内需、做好两手准备，才是长期发展之道。 一些广东的外贸人，更是深刻领会到"要为鸡蛋多找几个篮子"的道理。 "还是有很多的不确定性，我们感觉到，当前海外过来的买家数量在不断减少，并且很明显他们是带着一种'你们现在肯定出口不好'的心态来的，所以可 能会利用这点把价格压得很低。"在位于深圳市龙华区的多彩科技会议室里，总经理李森眉头微皱，他苦笑着说，此前的关税上调，给公司的出口业务蒙 上了一层阴影，哪怕现在有所缓和，也不敢松懈半分。 ...

点击按钮 ▲立即预约 央行宣布降息降准释放万亿长期流动性 5月7日，国新办举行新闻发布会。央行行长潘功胜表示，降低存款准备金率0.5%，预计向市场提供长期流动性约1万亿元。下调政策利率0.1%， 即公开市场7天期逆回购操作利率从目前的1.5%调降至1.4%，预计将带动贷款市场报价利率（LPR）同步下行约0.1%。下调结构性货币政策工 具利率0.25%，降低个人住房公积金贷款利率0.25%。 潘功胜宣布，中国人民银行将设立5000亿元服务消费与养老再贷款，加大消费重点领域低成本资金支持。增加3000亿元科技创新和技术改造再 贷款额度，由目前的5000亿元增加至8000亿元，持续支持"两新"政策实施。坚定支持汇金公司在必要时实施对股票市场指数基金的增持，并向 其提供充足的再贷款支持，坚决维护资本市场的平稳运行。（财联社） ｜点评｜ 央行此前多次表示将择机降息降准，现在终于一并落地。本次一揽子货币政策包中从数量、价格、结构性等方面，为市场注入流动 性，提振市场信心。降息幅度略低于市场预期，考虑到银行一季度净利润表现全面下滑，此时央行很难采取大幅降息措施。央行用大幅降准的 方式，继续改善银行负债表，从而引导实际贷款利 ...