4月21日，南都记者从广州知识产权法院获悉，该院发布2024年知识产权司法保护状况白皮书及十大典 型案例，其中包括一起商标行政案件。恒某服饰店未经耐克公司授权，在销售的服装、鞋子、店铺装潢 中突出使用侵权标识。广州开发区知识产权局根据涉案违法经营额32.4万作出1倍罚款后，恒某服饰店 不服并提起行政复议、诉讼请求均被驳回。 一审法院经审理认为，被诉处罚决定有关恒某服饰店违法事实的认定合法，行政处罚结果合法、适当， 被诉处罚决定及被诉复议决定作出程序合法，判决驳回恒某服饰店的全部诉讼请求。一审宣判后，恒某 服饰店提起上诉。 广州知识产权法院二审经审理认为，涉案注册商标具有较高知名度，涉案店铺在广州市黄埔区的繁华路 段开设，且经营时间不短，涉案店铺从招牌、内部装潢，到销售的侵权商品均使用涉案侵权标识，误导 消费者，造成了不良影响，再考虑恒某服饰店经营者叶某生活困难等实际因素，广州开发区知识产权局 根据涉案店铺违法经营额为324428.24元而作出1倍的罚款，并无不当。据此，二审判决驳回上诉，维持 原判。 广州知识产权法院指出，商标行政案件主要聚焦于行政行为的合法性及合理性，本案在商标行政执法和 司法审查领域具有典 ...

近日，有消费者在网上留言称优衣库的衣服不好退货了，原来线上下单门店退货的方式将在5月1日被取消，只能在线上付费寄回指定地址。 4月21日，南都·湾财社记者也与优衣库深圳一门店确认，相关工作人员表示公司确实出了新规定，自5月起所有线上下单的衣服无法拿到优衣库线下门店退 货，只能寄回指定地址办理退货，至于是否需要额外支付运费则需要关注下单时产品是否包含有运费险。至于新规原因，店员表示并不清楚，之前确实会有 顾客带大行李箱来门店退换。 就新规变动原因，南都·湾财社也联系了优衣库相关负责人。截至发稿前，暂未收到优衣库方面的回复。 退货新规惹争议 线上下单的衣服无法线下退货，消费者给出了不同声音。 比如黄女士就表示，这样的退货更加智能与简化，线上线下更统一方便管理，"跟大家现在正常网购一样"。 但也有不少消费者不理解，认为明明优衣库有线上线下两个渠道，可同时供消费者做退货选择，如今变成哪里买的就得从哪里退，限制变多。再者，也有诸 如蒲女士这样的消费者提出担心，认为线上线下完全区隔，会否存在两个不同渠道的商品，其质量会有不同。 其中优衣库品牌收入在迅销集团总收入占比86.9%。东南亚、印度、澳洲、北美和欧洲都在高速增长， ...

Core Viewpoint - Uniqlo has achieved its best performance in history, with strong growth in regions like Southeast Asia, India, Australia, North America, and Europe, while the Chinese market is experiencing a slowdown [3][4]. Financial Performance - Fast Retailing, Uniqlo's parent company, reported a total revenue of 1,790.1 billion yen (approximately 91.3 billion RMB) for the first half of the 2024-2025 fiscal year, a year-on-year increase of 12%. Net profit reached 233.5 billion yen (approximately 11.9 billion RMB), up 19.2% [3][4]. - Revenue in the Greater China region declined by approximately 3% to 361.7 billion yen, with profits down about 9%. Specifically, revenue in mainland China fell by 4%, and profits decreased by 11% [4][10]. Market Strategy and Consumer Behavior - Uniqlo has ended its decade-long "honeymoon" period in China, shifting focus from market expansion to market penetration as consumer preferences evolve towards affordable alternatives [4][8]. - The younger generation in China is increasingly opting for cheaper substitutes, leading to a shift in brand loyalty. Uniqlo faces competition from lower-priced brands that directly market themselves as alternatives to Uniqlo [4][7]. Competitive Positioning - Despite the challenges, Uniqlo's brand fundamentals remain intact, as it continues to offer high-quality, basic apparel that meets market demands. The brand's relative competitiveness is reportedly increasing as consumer sentiment shifts [7][8]. - Uniqlo has maintained its position as one of the top five brands in the women's clothing market in mainland China from 2018 to 2022 [7]. Store Strategy - Uniqlo is adjusting its store strategy by closing smaller, underperforming stores and focusing on larger flagship locations to enhance profitability [9][16]. - The company has increased its store count in Greater China to 1,031, surpassing Japan's 787 stores, but revenue per store in China remains lower than in Japan [10][12]. E-commerce Integration - Uniqlo's e-commerce strategy is performing well, with online sales accounting for 20% of its revenue in China, higher than Japan's 15%. The "store-warehouse integration" strategy is enhancing overall performance [21][22]. - The company has seen significant success during major sales events, ranking first in clothing sales on platforms like Tmall during events like 618 and Double 11 [26]. Supply Chain and Production - Uniqlo relies heavily on Chinese factories, with 269 suppliers in China compared to only 75 in Vietnam and 32 in Bangladesh. The efficiency of Chinese manufacturing remains crucial for Uniqlo's operations [29][30]. Future Outlook - Uniqlo aims to achieve a sales target of 1 trillion yen by 2028, with the Chinese market being a core battleground despite current challenges [30].

Core Viewpoint - The company is undergoing a channel adjustment phase, with expectations for high-quality development, maintaining a "buy" rating despite short-term revenue pressure due to store closures [1] Group 1: Financial Performance - In Q1 2025, the company reported revenue of 1.67 billion yuan, a year-on-year decrease of 7.6%, with net profit attributable to shareholders at 120 million yuan, down 22.0% [1] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 340 million, 420 million, and 470 million yuan respectively, down from previous estimates of 660 million and 750 million yuan [1] - The current price-to-earnings ratio is projected at 23.5, 19.4, and 17.1 times for 2025-2027 [1] Group 2: Brand Performance - Revenue from women's wear, men's wear, and children's wear decreased by 12.8%, 6.7%, and 6.6% respectively in Q1 2025, primarily due to store closures by franchisees [2] - The total number of stores has decreased, with net closures of 27 for women's wear, 23 for men's wear, 7 for leisure wear, and 10 for children's wear, bringing totals to 1,225, 1,267, 283, and 468 stores respectively [2] Group 3: Channel Performance - Online revenue in Q1 2025 was 450 million yuan, down 12.7%, while offline revenue was 1.20 billion yuan, down 6.7% [3] - Directly operated stores outperformed franchise stores, with direct sales generating 820 million yuan (down 3.6%) compared to franchise sales of 380 million yuan (down 12.7%) [3] - The company has closed a total of 57 stores this year, with 23 direct and 34 franchise closures [3] Group 4: Profitability and Operational Efficiency - The gross margin improved to 60.0% in Q1 2025, an increase of 4.8 percentage points year-on-year, driven by product structure optimization and improved terminal discount rates [4] - The operating expense ratio increased to 51.4%, with sales, management, financial, and R&D expense ratios rising by 4.8, 0.7, 0.3, and 0.1 percentage points respectively [4] - The company reported a negative operating cash flow of -300 million yuan, primarily due to declining revenue and accelerated payments to suppliers [4] Group 5: Market Sentiment - In the last 90 days, 9 institutions have rated the stock, with 7 "buy" ratings and 2 "hold" ratings, and the average target price set at 16.86 yuan [5]

社交媒体视频显示，当天特朗普在白宫还颇为骄傲地介绍身边的美国富豪在股市里大赚一笔。 特朗普：他今天（在股市）赚了25亿美元，他赚了9亿美元。 美国舆论及多名国会参议员质疑特朗普及其"身边人" 是否操纵股市、搞内幕交易以牟取暴利。 特朗普喊话投资者买入美股 特朗普2日在白宫签署关于所谓"对等关税"的行政令，宣布美国对贸易伙伴加征10%的"最低基准关税"，并对某些贸易伙伴征收更高关税，引发美股持续暴 跌。9日，特朗普突然宣布暂停这一政策，美股应声暴涨。 据美国媒体报道称，特朗普在暂缓加征关税决定公布前差不多3小时，也就是美股开盘后不久通过社交媒体发文称： "现在是买入的绝佳时机！DJT。" 据美联社说法，虽然特朗普有时在帖文中以自己全名的英文缩写DJT强调帖文是自己亲自所写，但DJT也代表"真实社交"平台母公司特朗普媒体科技集团的 股票。 该股价格当日收盘上涨了约22%，为大盘涨幅的两倍左右。特朗普在这家公司持股53%， 估算下来，特朗普家族因这波股市暴涨，一天就获利4亿美元以 上。 据央视新闻4月11日报道，过去数日，美国股市因总统特朗普的关税政策而剧烈震荡。美股9日大涨前，特朗普在社交媒体上喊话买入，他旗下公 ...

Core Insights - The company reported a revenue of approximately 1,790.198 billion yen for the six months ending February 28, 2025, representing a year-on-year growth of 12% [1] - The total operating profit reached 304.2 billion yen, an increase of 18.3% year-on-year, while profit attributable to the parent company was 233.566 billion yen, up 19.2% [1] - The company plans to resume trading of its Hong Kong Depositary Receipts on April 11, 2025 [1] Domestic Operations (UNIQLO Japan) - For the first half of the fiscal year, revenue from the UNIQLO Japan segment totaled 541.5 billion yen, reflecting an 11.6% year-on-year increase, with operating profit at 97.6 billion yen, up 26.4% [1] - The strong sales performance was driven by strategic product offerings and marketing initiatives in response to temperature changes, with same-store sales (including online) increasing by 9.8% [1] - Gross margin improved by 0.8 percentage points due to better discount rates, while the ratio of selling, general, and administrative expenses to revenue improved by 1.4 percentage points due to lower personnel and rental costs [1] International Operations (UNIQLO Overseas) - The overseas UNIQLO segment reported revenue of 1,014.1 billion yen, a 14.7% year-on-year increase, with operating profit at 168.5 billion yen, up 11.7% [2] - Significant growth was observed in Southeast Asia, India, Australia, North America, and Europe, driven by increasing global support for UNIQLO's core products [2] GU Segment - The GU segment generated revenue of 165.8 billion yen, a 3.9% year-on-year increase, but operating profit decreased by 9.3% to 13.9 billion yen [2] - Despite popularity in certain products, the segment faced challenges due to a lack of trending items and insufficient inventory of popular products, leading to only a slight increase in same-store sales [2] - The decline in operating profit was attributed to increased rental and headquarters costs, as well as higher advertising expenses due to strategic increases in television advertising in Japan [2] Global Brands Segment - The global brands segment reported revenue of 67.7 billion yen, a decrease of 2.3% year-on-year, but achieved an operating profit of 0.9 billion yen, compared to a loss of 1.7 billion yen in the previous year [3] - While the Theory brand experienced a decline in revenue, the segment focused on improving gross margins and reducing the ratio of selling, general, and administrative expenses to revenue, leading to a turnaround in operating performance [3]

Group 1 - Nike holds a 2.85% market share, making it the largest global retailer, but its market share decreased by 0.15 percentage points in 2024 [3] - Shein's market share increased by 0.24 percentage points to 1.53%, positioning it as a significant player in the fashion market alongside luxury brands like Hermes and Chanel [3] - Shein is the highest-ranked Chinese brand among the top ten global fashion retailers, with Zara and Uniqlo also showing positive growth [3] Group 2 - Shein has invested over 10 billion yuan to enhance its smart supply chain centered in Guangzhou, with projects expected to generate significant export trade [4] - The "Shein Bay Area Smart Industrial Park" in Zhaoqing is set to be operational this year, with an anticipated annual service trade export of 3.5 billion yuan [4] - Collaborations with leading universities and companies aim to promote sustainable development and innovation in textile technology [4] Group 3 - The importance of cross-border e-commerce is highlighted, with predictions indicating it will reshape the global economy by 2040 [5] - In 2024, China's cross-border e-commerce imports and exports reached 2.63 trillion yuan, marking a 10.8% year-on-year growth [5] - Shein is leveraging its flexible supply chain to support third-party brands and industry merchants in expanding into international markets [5] Group 4 - Shein plans to launch over 150 industry connection activities by 2025, utilizing both online and offline methods to assist local merchants in international expansion [6] - The company has already conducted multiple training sessions in various regions to empower local industry merchants [6] - Guangdong province has become a model for Shein's industry connection initiatives, achieving coverage of all 21 prefecture-level cities in 2024 [6]

Company Overview - ST Modern closed at 2.24 yuan, up 2.28%, with a latest price-to-book ratio of 4.42 and a total market capitalization of 1.596 billion yuan [1] - As of September 30, 2024, ST Modern had 10,578 shareholders, an increase of 1,659 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The company specializes in the research, design, outsourcing production, brand promotion, and terminal sales of its own brand CANUDILO high-end menswear, as well as agency business for international clothing brands [1] Financial Performance - For the third quarter of 2024, ST Modern reported operating revenue of 159 million yuan, a year-on-year decrease of 25.82% [1] - The net profit for the same period was -13,064,654.66 yuan, representing a year-on-year decline of 76.31% [1] - The sales gross margin stood at 66.12% [1] Industry Comparison - ST Modern's price-to-earnings (P/E) ratio (TTM) is -33.98, while the industry average is 46.80 [2] - The company's price-to-book ratio of 4.42 is higher than the industry median of 1.76 [2] - The total market capitalization of ST Modern is 1.596 billion yuan, compared to the industry average of 54.98 billion yuan [2]

Core Viewpoint - Urban Beauty, in collaboration with actress Gulnazar, has launched exclusive new products on JD Fashion, including popular items like bras and loungewear, with promotional offers available for consumers [1][3]. Group 1: Product Launch and Promotions - Urban Beauty's new collection features Gulnazar's signature "弹弹衣" bras and Lenzing Modal loungewear sets, exclusively available on JD Fashion [1][3]. - The launch coincides with JD's Super Star Fan Day, offering discounts such as 50 off for purchases over 100 [1]. - A live broadcast event will take place at the Shenzhen Underwear Expo, showcasing more promotional offers [1]. Group 2: Product Features - The "弹弹衣" bras are designed with high elasticity and soft support, providing 3D shaping and breathability, suitable for hot summer days [3][4]. - The Lenzing Modal loungewear is upgraded for softness, breathability, and environmental friendliness, featuring a delicate touch and a stylish pastel color palette [4]. - Additional products include various bra styles catering to different body types, such as strapless bras, soft support bras, and loungewear made from 100% Xinjiang cotton [6][4]. Group 3: Shopping Experience - Consumers can enjoy a fast shopping experience with delivery times as quick as 9 minutes for popular new items [8]. - JD Fashion emphasizes the ease of selecting lightweight and comfortable spring and summer lingerie [8].

Core Viewpoint - Uniqlo's strategy in Europe is shifting towards local cultural integration, contrasting with its previous approach in China, where it focused on transplanting Japanese style. The company aims to establish a strong presence in the European market after experiencing a slowdown in growth in China [4][5]. Group 1: Market Strategy - Uniqlo is collaborating with local artists in Europe to create a positive brand image and is opening flagship stores in prime locations to gain respect from local consumers [4][8]. - The company has significantly increased its investment in the European and North American markets, with overseas operations contributing approximately 20% to Fast Retailing's revenue, a figure that continues to grow [4][8]. - Uniqlo's previous attempts to enter the European market were met with challenges, including management issues and a lack of consumer acceptance, leading to a strategic retreat and a more cautious approach in recent years [9][10]. Group 2: Financial Performance - The latest financial reports indicate that overseas business, particularly in Europe and North America, has driven growth for Uniqlo, with expectations of a 76% increase in capital investment for overseas operations by the fiscal year 2025 [8][11]. - E-commerce has become a significant revenue driver for Uniqlo in Europe, with its share of total sales increasing from 20% in fiscal year 2019 to 30% in fiscal year 2021, aided by a shift in consumer behavior during the pandemic [11][12]. Group 3: Competitive Landscape - Uniqlo faces competition from local fast-fashion brands in Europe and North America, where consumer preferences vary significantly. The brand is perceived as a more durable alternative to competitors like H&M and Zara, with lower price points for essential items [10][12]. - The company is also expanding its physical presence in the U.S., with plans to open 200 stores by 2027, leveraging e-commerce data to identify optimal locations [15][18]. Group 4: Challenges and Risks - Uniqlo's reliance on Chinese manufacturing poses risks, especially with potential tariff increases and geopolitical tensions affecting supply chains. The company has a significant number of its production facilities in China, which could impact pricing strategies if tariffs rise [18][19]. - The brand's commitment to maintaining its manufacturing base in China, despite rising costs and geopolitical pressures, reflects a long-term strategy that may face challenges as it expands in Western markets [18][19].