Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retail, and wholesale of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, while the debt-to-asset ratio was 33.74% [1]. Stock Performance - On June 6, the stock price closed at 0.172 HKD per share, marking a 37.6% increase with a trading volume of 960,000 shares and a turnover of 158,900 HKD, with a price fluctuation of 36.0% [1]. - Over the past month, the stock has experienced a cumulative decline of 7.41%, while year-to-date, it has seen a cumulative increase of 3.31%, underperforming the Hang Seng Index by 19.18% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -5.37, with a median of -0.17 [1]. - Moiselle International's P/E ratio is -0.64, ranking 114th in the industry, compared to other companies such as Fast Retail-DRS at 0.38, Zhejiang Yong'an at 1.34, Urban Beauty at 3.52, Chih Li Industrial Group at 3.58, and Daren International at 3.65 [1].

编者按：特朗普政权诞生的美国。尽管社会上弥漫着对现状的愤怒和不满，经济却处于巅峰状态，超级 大国的地位依然稳固。美国的强大与脆弱究竟源自何处？《日本经济新闻》美国当地记者报道那些日常 新闻中未曾展现的 " 真实美国 " 。本栏目不定期刊登。 抱着婴儿散步的萨拉（33岁）穿着"On"的鞋 "坦率地说，耐克已经很土（dorky）了"，"其实我并不太喜欢耐克的跑鞋。我一直觉得它们没有达到亚 瑟士或索康尼这些品牌的水准"。耐克在1980到90年代曾是不可动摇的人气运动品牌，如今耐克的品牌 影响力正在下滑…… 四月一天的午后，纽约中央公园充满了在春日暖阳下慢跑、锻炼的人群。虽然这是常见的景象，但仔细 观察他们的脚下，会发现一个异状。穿着运动鞋之王耐克（Nike）的人只占大约四分之一，数量与穿着 亚瑟士（ASICS）或瑞士品牌On的人几乎持平。 "我不是很喜欢耐克" 在高收入、时尚敏感度高的纽约人当中，似乎正在出现疏远耐克的倾向。当向正在散步的萨拉（33岁） 提出这一疑问时，她回答说："其实我并不太喜欢耐克的跑鞋。我一直觉得它们没有达到亚瑟士或索康 尼（Saucony）这些品牌的水准"。 萨拉学生时代曾是一名足球选手。当 ...

Group 1 - The U.S. trade deficit significantly narrowed to $61.6 billion in April 2025, the lowest since September 2023, down from $138.3 billion in March [2] - A major reason for the reduction in the trade deficit was a notable decline in the value of U.S. imports, which fell by 16.3% month-over-month to $351 billion [2] - The decline in imports may indicate weakening demand expectations, which is not a positive sign for economic outlook [4] Group 2 - Initial jobless claims in the U.S. increased by 8,000 to 247,000, the highest since October 2024, reflecting signs of a softening job market amid uncertainty from tariff policies [4] - The manufacturing PMI for May 2025 was reported at 48.5, indicating economic contraction as it remains below the neutral level of 50 [4] - The annualized core inflation rate in April 2025 was steady at 2.8%, but the impact of tariff policies may lead to rising consumer price indices, complicating future inflation targets [4] Group 3 - The European Central Bank announced a 25 basis point rate cut on June 5, signaling the potential end of its monetary policy cycle, which contrasts with the U.S. Federal Reserve's stance [5] - Despite more rate cuts in the Eurozone, the euro remains strong against the dollar, reflecting concerns about the U.S. economic outlook [5] Group 4 - U.S. stock indices weakened on June 5, with economic performance being a significant drag on market performance [7] - Tesla's stock dropped 14.26% due to escalating tensions between Elon Musk and Donald Trump, resulting in a market cap loss of over $150 billion [7] - Lululemon's first-quarter earnings exceeded expectations, but the outlook was negatively impacted by tariff policies, leading to a 22.37% drop in stock price post-earnings [8]

Core Insights - The latest financing balance of the ChiNext stocks is 341.461 billion yuan, with a week-on-week increase of 1.339 billion yuan, indicating a positive trend in financing activities [1] - On June 5, the ChiNext index rose by 1.17%, and the total margin balance for ChiNext stocks reached 342.402 billion yuan, marking a continuous increase over three trading days [1] - Among the 527 ChiNext stocks with increased financing balances, 31 stocks saw an increase of over 10%, with Mankalon leading at a 32.46% increase despite a 14.71% drop in stock price [1][2] Financing Balance Increase - The average increase in stock prices for those with financing balance growth exceeding 10% was 1.42%, with notable gainers including Kangliyuan and Sifang Jichuang, which rose by 11.01% and 10.74% respectively [2] - Major inflows of funds were observed in stocks like Taichengguang and Xice Testing, with net inflows of 146 million yuan and 96.1996 million yuan respectively [2] Financing Balance Decrease - A total of 405 stocks experienced a decrease in financing balance, with 13 stocks seeing a decline of over 10%. Hopu's financing balance dropped by 35.86%, the largest decrease [4] - Other significant declines were noted in Kaili and Aoke stocks, with decreases of 28.00% and 19.94% respectively [4][5]

2025 年 06 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 95 期 观点精粹: 公司概览：经营稳+高分红（国资央企背景，煤炭产运销一体化运营，低负债、高现金、高分红）：中国神华 是央企背景综合能源巨头，控股股东为国家能源集团公司，截至 2024 年 12 月，实际控制人国资委持股比例 为 62.62%。公司已形成煤炭"生产—运输—转化"的一体化运营模式，拥有煤炭、电力、铁路、港口、航运、 煤化工六大业务，2024 年毛利占比（合并抵消前）分别为 69.93%/13.36%/14.15%/2.42%/0.47%/0.28%。一 体化经营平抑周期波动（毛利率稳），优质管理下公司 2015-2024 年公司期间费用率稳中有降。除业绩稳健 以外，公司资产负债表亦较健康，具备低负债、现金充沛等特征。分红方面，公司截至 2024 年三年累计分红 占比高达 224.71%、位于行业第二位，且 2025-2027 年度股东回报规划中计划现金分红分配利润不低于当年 归母净利润的 65%，相 ...

智通财经6月6日电，LULULEMON在削减全年盈利预期后美股盘后下跌21%。 ...

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]

（文/朱道义 编辑/张广凯） "并购之王"安踏，凭借"买买买"让麾下的品牌矩阵再次扩容。 6月2日，中国运动服饰巨头安踏集团（股票代码：02020.HK）发布公告，宣布完成对德国专业户外品牌 Jack Wolfskin（狼爪）业务的收购。 根据公告内容，该公司的董事会于2025年5月31日完成了与目标公司签署的买卖协议的交割，Jack Wolfskin 业务现已成为公司的间接全资附属公司。 事实上，此前于4月10日，安踏集团就曾宣布，与全球最大的高尔夫球杆生产商 Topgolf Callaway Brands Corp.（下文简称 Topgolf）订立了一份有关 Callaway Germany Holdco GmbH（Jack Wolfskin品牌所属公司）股本权益的买卖协议，将间接全资收购狼爪，基础对价为现金2.9亿美元。如今算是靴子落地。 对于狼爪来说，投身安踏或是一次机会难得的新生；对于安踏来说，整合狼爪，也是其巩固户外赛道竞争力，乃至推进全球化战略的关键落子。 鞋服分析师吕昌福分析认为，如果把户外品牌分高、中、低三个等级，那么代表品牌分别是始祖鸟、北面和迪卡侬。由于始祖鸟本身是安踏的，超级安踏之 后 ...

2025 年 06 月 05 日 公司研究 [Table_Title] 高性能户外服饰领先品牌 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn ——伯希和（H02138）公司招股书解读 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 研究所： 公司构建"自主创新+全球供应链"双轨技术体系，社群赛事绑定用 户群体。公司自主研发 PT-China 平台已推出 Storm Breath 防水透 湿科技等 9 大核心技术，同时整合 Polartec、Vibram 等国际顶尖供 应商资源，形成差异化技术矩阵。社群运营深度绑定户外圈层，赞 助"7+2 计划"极限运动员何静等专业 IP，举办超 120 场线下活动 覆盖徒步、雪山攀登等场景，塑造专业品牌形象。截至 2025 年 4 月， 合作户外社群超 25 个，提升用户粘性。通过"技术专利化+体验场 景化"策略，公司实现从产品供应商向户外生活方式引领者的升级， 为长期增长注入动能。 风险提示：1）市场竞争加剧风险；2）门店扩张不及预期风险；3） 原材料风险；4）依赖单一产品线风险；5）上市进展不及预期风险。 证券分析师： ...

Core Viewpoint - Shenzhen Ge Li Si Apparel Co., Ltd. is set to hold its shareholder meeting on June 16, 2025, with a focus on maintaining shareholder rights and ensuring smooth proceedings [1][2][3]. Meeting Details - The meeting will combine on-site and online voting methods, with specific time slots for voting [1][2]. - The location for the on-site meeting is specified as the 12th floor of the Tai Ran Li Cheng Building, Shenzhen [2]. - The agenda includes the introduction of the meeting, presentation of the board's work report, and voting on various proposals [3][4]. Company Performance - In 2024, the company achieved a revenue of 3.036 billion yuan, marking a year-on-year increase of 4.14% [5][9]. - The domestic market saw significant growth, particularly for brands like ELLASSAY, self-portrait, Laurèl, and IRO, with self-portrait brand revenue surpassing 500 million yuan, growing by 21% [5][9]. - Online sales also experienced a substantial increase, with a 32% year-on-year growth, and online sales accounted for 17.4% of total revenue [9][10]. Market Trends - The apparel industry is witnessing a trend towards high-end brand consolidation, with market share increasingly concentrated among leading companies [6][7]. - Younger consumers are driving a shift towards emotional and personalized consumption, with brands needing to appeal to multiple age groups [7][8]. - The rise of new technologies and platforms is enhancing industry efficiency, necessitating brands to adapt to digital transformation [8][10]. Strategic Initiatives - The company is focusing on digital transformation and AI technology to improve operational efficiency and enhance customer engagement [10][12]. - Sustainability initiatives are being prioritized, with efforts to reduce carbon emissions and promote eco-friendly practices [13][19]. - The company plans to optimize its store network and enhance the customer experience through refined management practices [20][21].