Core Viewpoint - Etam, a European fashion brand, is set to cease operations in China after over 30 years in the market, with its Tmall flagship store closing on November 30 due to business adjustments [1][3]. Group 1: Company Operations - The Tmall flagship store will stop operations, but orders placed before the closure will still be delivered as planned [1]. - Customers who won prizes in the Double Eleven membership challenge must redeem their rewards by December 8, after which the warehouse will stop shipping [1]. - As of December 3, the store only has a limited selection of lingerie products available for prize redemption and no new products are being supplied [1]. Group 2: Market Presence and Historical Context - Etam entered the Chinese market in 1994 and established a significant presence, opening 723 stores within two years and achieving annual sales exceeding 900 million yuan [7]. - By June 2014, Etam had 3,083 stores in China, contributing to a total of 4,246 stores globally [7]. - The brand's performance in China has declined over the years, with store closures and losses becoming common, leading to the current situation where its online store is the last remaining operation in the country [7]. Group 3: Industry Trends - Etam's exit is part of a broader trend of European fashion brands leaving the Chinese market, with other brands like the German lingerie brand Triumph also announcing their exit [8]. - The Chinese lingerie market has seen a rise in new brands such as Ubras and NEIWAI, which cater to consumer preferences for comfort and innovative designs, leading to increased competition [10]. - According to Northeast Securities, the global women's lingerie industry is entering a "comfortable and diverse period," with various subcategories like sports bras and plus-size lingerie becoming independent segments [10].

Core Insights - Hailan Group celebrates its 37th anniversary on December 1, marking its evolution from a wool spinning factory to a leading player in the Chinese apparel industry [1] - The establishment of Jiangyin Hailan Water Beverage Co., Ltd. on the same day indicates Hailan Group's expansion into the beverage sector, with a registered capital of 5 million RMB [1] - Hailan Group's main brand, Hailan Zhi Jia, went public in 2014 as the "first men's clothing stock" and is now pursuing a dual listing on the Hong Kong Stock Exchange [3] Company Overview - Hailan Group was founded by Zhou Jianping in 1988 and has grown to become a modern holding group focusing on apparel and home goods [1] - The company is recognized as the first in Wuxi to achieve over 100 billion RMB in revenue, with its business scope including apparel retail, cultural tourism, commercial management, and smart energy [1] Financial Highlights - Hailan Zhi Jia, the flagship brand of Hailan Group, has a current market capitalization of nearly 30 billion RMB [3]

Core Viewpoint - The report from Credit Lyonnais indicates an upward adjustment of the target price for Bosideng (03998) from HKD 5.2 to HKD 5.8, driven by an increase in the forecasted price-to-earnings ratio to 13 times from the previous 12 times, highlighting an attractive risk-return profile with a projected dividend yield of 6.5% over the next 12 months [1] Group 1 - Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, aligning with expectations [1] - The management reiterated its guidance for fiscal year 2026, anticipating a 10% year-on-year sales growth, with net profit growth expected to exceed sales growth [1] - Since October, Bosideng's offline sales have recorded double-digit year-on-year growth, with a reduction in discount rates, while online sales maintained strong momentum during the Double Eleven shopping festival [1] Group 2 - The firm has revised its net profit forecasts for fiscal years 2026 to 2028 upwards by 1% to 2%, reflecting a more favorable business mix and stringent cost control, while sales forecasts remain largely unchanged [1]

Core Viewpoint - Citi has raised the target price for Bosideng (03998) from HKD 5.2 to HKD 5.8, citing an increase in the forecasted price-to-earnings ratio to 13 times from 12 times, and a projected dividend yield of 6.5% over the next 12 months, making the risk-return profile attractive [1] Financial Performance - Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, aligning with expectations [1] - The management has reiterated its guidance for fiscal year 2026, anticipating a 10% year-on-year sales growth, with net profit growth expected to exceed sales growth [1] Sales Trends - Since October, Bosideng's offline sales have recorded double-digit year-on-year growth, with a reduction in discount rates [1] - The online business has also maintained strong momentum during the Double Eleven shopping festival [1] Profit Forecast Adjustments - The forecast for net profit for fiscal years 2026 to 2028 has been increased by 1% to 2% to reflect a more favorable business mix and strict cost control, while sales forecasts remain largely unchanged [1]

Core Viewpoint - Recently, Alice Technology (Guangdong) Co., Ltd. was established with a registered capital of 5 million RMB, indicating a diversification into various sectors including home appliances, optical instruments, and healthcare services [1] Company Summary - The registered capital of Alice Technology is 5 million RMB [1] - The company is involved in the research, sales, and manufacturing of home appliances, as well as the sale of home appliance components [1] - Additional business activities include the manufacturing and retail of clothing, optical instruments, and daily necessities [1] Industry Summary - The company operates in multiple sectors, including home appliances, healthcare, and technology services, reflecting a broad market approach [1] - The business scope includes both general and licensed projects, such as online data processing, medical device production, and cosmetics manufacturing [1] - The company is positioned to engage in domestic trade, property management, and import-export activities, enhancing its operational flexibility [1]

机构：中信建投证券 研究员：叶乐/黄杨璐 核心观点 FY26H1（自然年25 年4 月-9 月）公司营收、归母净利润分别同比+1.4%、+5.3%，其中FY26H1 羽绒服 业务同比+8.3%，主品牌波司登、雪中飞品牌分别同比+8.3%、-3.2%；批发模式营收增速（+7.9%）快 于直营（+6.6 %）。截止9 月底，波司登、雪中飞品牌门店分别为3140、389 家，较财年初分 别-67、+126 家。FY2 6 H1公司OEM 和女装业务承压。FY26H1 公司毛利率50.0 %/+0 .1 p c t，主要系 毛利率较高的羽绒服业务占比提升。财务费用率同比-1.3pct 和其他收入占比同比+0.4pct 共同助力下， 公司经营利润率17.0%/+0.3pct、归母净利率13.3%/+0.5pct。展望FY26H2，波司登主品牌将加大羽绒品 类投入以及强化品类竞争优势，积极推进产品科技研发以及优化渠道布局，伴随着下半财年销售旺季来 临，预计有望提速增长，泡芙和极寒系列有望引领。10 月至今公司羽绒服主业销售表现良好。 事件 公司发布FY26H1 业绩公告（业绩期为2025 年4 月1 日-9 月30日）： ...

Core Viewpoint - Bosideng reported a stable revenue growth driven by its brand down jacket business, while the OEM processing business faced pressure due to tariffs [1][2] Group 1: Financial Performance - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% [1] - The brand down jacket business generated revenue of 6.568 billion yuan, growing by 8.3%, with the main Bosideng brand contributing 5.719 billion yuan, also up 8.3% [1] - The OEM processing business revenue declined by 11.7% to 2.044 billion yuan, while women's clothing revenue fell by 18.6% to 0.251 billion yuan [1] - The overall gross margin slightly increased by 0.1 percentage points to 50.0%, with the brand down jacket business gross margin decreasing by 2.0 percentage points to 59.1% [2] Group 2: Channel and Inventory Management - The company optimized its channel structure, resulting in a net increase of 88 retail stores to 3,558, with self-operated stores increasing by 3 to 1,239 [1] - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [3] - The online channel for the brand down jacket business saw a revenue increase of 2.4% to 1.383 billion yuan, accounting for 21.1% of the business [1] Group 3: Future Outlook - The company expects the OEM business to stabilize and return to growth in the second half of the fiscal year, while maintaining a focus on product innovation and channel quality improvement [3] - The net profit forecasts for FY2026-2028 are 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan, with corresponding PE ratios of 13.5, 12.1, and 11.1 times [3]

此外，公司维持较强派息意愿，中期宣派股息0.063 港元/股，同比+5.0%。 机构：华源证券 研究员：符超然 2025/26 上半财年营收在高基数下同增1.4%。公司发布FY2025/26 中报，上半财年实现营收89.3 亿元， 同比+1.4%；实现归母净利润11.9 亿元，同比+5.3%，归母净利率13.3%，同比+0.5pct，在高基数下公司 上半财年仍实现收入与利润的双增长。 多渠道协同推动品牌羽绒服业务高质量发展。公司近年不断深化Top 店改革，定制"一店一设"、"一店 一策"的精细化策略提升店铺运营效率。拆分核心业务品牌羽绒服：从销售类别看，品牌羽绒业务的自 营及批发渠道FY25/26H1 营收同比分别+6.6%/+7.9%，协同驱动公司营收增长。拆分线上线下看，线下 端，波司登、雪中飞线下店铺较FY24/25 年底分别-67/+126 家至3140/389 家，雪中飞开店速度提升，冰 洁开启品牌重塑及焕新，于FY25/26H1 开启线下渠道布局；线上端，公司通过发力核心品类、注重品 牌建设、聚焦内容创新及精细化运营，持续提升经营能力和运营效率，推动上半财年线上营收同增 2.4%，"双十一"战绩位 ...

机构：东吴证券 研究员：汤军/赵艺原 投资要点 公司公布FY2026H1 业绩：营收89.28 亿元/yoy+1.4%，归母净利11.89亿元/yoy+5.3%，中期派息每股6.3 港仙。 品牌羽绒服：主品牌稳健增长，批发有效去库。FY26H1 品牌羽绒服业务收入65.68 亿元/yoy+8.3%/占比 73.6%。1）按品牌分，波司登主品牌收入57.19 亿元/yoy+8.3%，雪中飞收入3.78 亿元/yoy-3.2%，冰洁 收入0.15 亿元/yoy-26.0%。主品牌持续在品牌、产品、渠道维度优化向上，延续高质量增长表现；雪中 飞聚焦性价比羽绒服赛道，深挖品牌"冰雪"及"运动"基因，持续发力线上业务；冰洁品牌上半年启动重 塑，关注年轻女性羽绒服品牌产品的高质量发展。2）按模式分，自营/批发收入分别同比 +6.6%/+7.9%，批发收入增长快于自营，使得FY26H1 品牌羽绒服毛利率同比-2.0pct 至59.1%。我们预计 批发终端销售增长进一步快于报表表现，批发商库存有效去化，为旺季销售做好准备。截至FY26H1 末，羽绒服业务零售网点总数较本财年年初净增加88 家至3,558 家，公司持续优化渠道 ...

日前，法国服饰品牌Etam艾格发布消息，宣布Etam天猫官方旗舰店于11月30日停止运营。12月2日，记者已在天猫平台查无此店。据其工作人员透露，小 红书、抖音店铺也同步关闭。 Etam Etam Etam官方旗舰店 2025年10月25日 论公众号 · 经视直播 图源：Etam小红书官方账号 关注 闭店公告 亲爱的顾客朋友: 因公司业务调整, Etam天猫官方旗舰店将于 2025年11月30日起停止运营。在此之前下单的 货品,我们将按计划送达。 店铺结束运营后,会员权益也将失效,请您尽 快前往【会员中心】进行线上兑换。 我们的在线客服将为你开放至2025年12月 15日。在此期间,如您有任何问题,可以随时和我 们联系。 感谢您一直以来对Etam品牌的支持与厚爱, 在此也祝您健康美丽,生活愉快! 来源：21世纪经济报道 在公告中，艾格表示，是因公司业务调整。实际上，早在2018年，艾格已将中国市场的成衣业务出售给香港某投资机构，仅保留内衣业务。2020年，其中 国市场门店数量已经为0，此次关闭的线上店正是内衣店，这也意味着，进入中国市场31年的艾格，或将彻底退出。 有消费者在社交媒体平台晒出当年购买的衣服，回 ...