面对如此巨大的预告差异，单靠所谓的会计估值调整或收益确认条件变化，难以平息市场的疑虑。更令 人担忧的是，明知已有"前科"，如意集团在信息披露方面仍旧未能保持足够谨慎，再次大幅"修正"业绩 预告，显然已经构成对投资者信任的二次伤害。资本市场的根基在于透明和诚信，上市公司若将信息披 露视作可以随意揉搓的"橡皮泥"，不仅破坏了市场定价的基本逻辑，也会引发投资者用脚投票的连锁反 应。 每经评论员贾运可 更关键的问题在于，此次业绩修正所揭示的公司困境。一方面，公允价值变动导致资产减值高达3.6亿 元，显示公司过往在资产配置上存在较大的风险暴露；另一方面，债务重组收益因确认条件发生变化被 调减1.04亿元，也显示公司在报表处理上可能存在"先乐观后打补丁"的倾向。此类"前期美化、后期修 正"的做法，不仅影响投资者判断，还可能引发合规风险。 近日，如意集团（002193）(SZ002193，前收盘价5.02元，市值13.15亿元)发布2024年业绩预告修正公 告，将净利润由此前预告的620万元至910万元，修正为亏损4.6亿元至5.95亿元，"变脸"幅度之大令投资 者大为震惊。这已是公司连续第二年出现类似情况。去年，公司20 ...

Group 1 - A Chinese shopping app, DHgate, has recently ranked second in the free app download chart in the US App Store, only behind ChatGPT, with Taobao also making the top five [1] - DHgate's download volume surged by 800% month-on-month, with over 3,000 US wholesalers reportedly placing orders daily [2] - The rise of Chinese e-commerce platforms like DHgate and Taobao can be attributed to US government tariffs, leading American consumers to seek more affordable options [3] Group 2 - Social media platforms like TikTok and YouTube have seen a surge in interest in Chinese factories, with influencers showcasing products from these factories, including those supplying international brands [4] - Discussions on how to bypass tariffs to purchase affordable Chinese goods are gaining traction on overseas platforms, with one video on the topic receiving nearly 1 million views [4] - The OECD's report indicates that China dominates about half of the key nodes in global value chains, highlighting the deep reliance on Chinese manufacturing [4][5] Group 3 - China possesses a comprehensive industrial classification system, with a robust supply chain capable of producing high-quality, cost-effective goods [5] - In Q1 2025, China's foreign trade reached a historical high, with the number of private and foreign enterprises engaged in import and export activities also hitting record levels [5] - The popularity of Chinese e-commerce and manufacturing abroad reflects the resilience of China's supply chain and the deep dependence of global value chains on Chinese manufacturing [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 65.17 based on a PE of 14 times for 2025, which is considered the lowest level in the past decade [5]. Core Viewpoints - The company is one of the largest vertically integrated knitwear manufacturers globally, with strong profitability driven by several advantages, including robust R&D capabilities, integrated production efficiency, and diversified overseas factory layout [2]. - The company has a manageable risk profile regarding tariffs, with only 16% of its exports going to the U.S., and potential tariff impacts on overall orders estimated to be less than 3% [3]. - The company is expected to benefit from the recovery of major clients, with positive trends in orders from Uniqlo, Adidas, and Nike, indicating a favorable short-term outlook [4]. Summary by Sections Company Highlights - The company has established long-term partnerships with major global brands such as Nike, Uniqlo, and Adidas, enhancing its market position [15]. - In 2024, the company is projected to achieve revenue of CNY 28.66 billion, a year-on-year increase of 14.79%, and a net profit of CNY 6.24 billion, up 36.94% [15]. Investment Logic - The company’s diversified production capacity and collaboration with major clients provide a competitive edge, with the potential to increase market share amid industry disruptions [3]. - The company's management has shown confidence in its future by increasing their shareholdings during recent market fluctuations [3][4]. Short-term Orders - The company is expected to see improved order conditions due to the recovery of its core clients, with Uniqlo and Adidas showing positive sales trends [4]. - The long-term market share is anticipated to grow as major clients focus on core suppliers, reducing the number of suppliers they work with [4]. Profit Forecast, Valuation, and Rating - The company’s EPS is projected to be CNY 4.39, CNY 4.91, and CNY 5.48 for 2025, 2026, and 2027 respectively, with a PE ratio of 11 times for 2025 [5]. - The report indicates that the company’s recent stock price decline presents a buying opportunity, with a target valuation based on a PE of 14 times for 2025 [5].

Group 1 - The company held a supervisory board meeting on March 31, 2025, to discuss the adjustments to the 2025 stock option incentive plan due to changes in the list of incentive recipients [1][2] - The supervisory board confirmed that the adjustments comply with the relevant laws and regulations, ensuring no harm to shareholders' interests [2][3] - The board approved the first grant date of the incentive plan as April 3, 2025, with 1,922,600 stock options to be granted to 63 eligible recipients at an exercise price of 4.46 yuan per option [3]

Investment Rating - The report maintains a "Buy" rating for Li Ning (02331.HK) [1] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, representing a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, down 5.5% year-on-year, primarily due to a 333 million yuan impairment on investment properties [8] - Li Ning is actively optimizing its channel structure by closing unprofitable stores and accelerating its expansion into emerging markets, with a total of 1,297 direct-operated stores as of the end of 2024, a decrease of 201 stores year-on-year [8] - The company has solidified its professional sports image, with the running category showing significant growth, and has become a partner of the Chinese Olympic Committee for the period of 2025-2028, which is expected to enhance brand value and market influence [8] Financial Summary - Revenue projections for 2024-2027 are as follows: 28.676 billion yuan in 2024, 28.682 billion yuan in 2025, 30.043 billion yuan in 2026, and 31.590 billion yuan in 2027 [1][9] - The net profit attributable to shareholders is forecasted to decline to 2.454 billion yuan in 2025, followed by a recovery to 2.705 billion yuan in 2026 and 3.021 billion yuan in 2027 [1][9] - The report indicates a projected P/E ratio of 15 for 2025, 14 for 2026, and 13 for 2027, reflecting a long-term positive outlook due to investments in top-tier event resources [8][9]

Core Insights - The report emphasizes that the apparel manufacturing and export sectors are expected to benefit from a recovery in discretionary consumption, with specific opportunities identified for companies in these segments [3][9] - It suggests that after valuation adjustments, apparel brand companies may enter a new market phase, highlighting the importance of selecting companies with strong market share and valuation appeal [3][10] Industry Overview - The apparel and light industry sectors have shown a decline, with the textile and apparel sector down by 2.38% and the light industry down by 1.81%, while the Shanghai and Shenzhen 300 index remained flat at +0.01% [5] - The report ranks the textile and apparel industry 25th out of 31 sectors in terms of performance, indicating a challenging environment [5] Key Companies in Apparel Manufacturing - **Shenzhou International**: Recognized as the largest vertically integrated garment manufacturer globally, benefiting from high production efficiency and strong management capabilities. The company is expected to maintain a high market share among core clients as orders recover [9] - **Huali Group**: A leading manufacturer of sports and leisure footwear, with advantages in capacity utilization and cost control. The company anticipates a recovery in order volume as major clients reduce inventory [9] - **Fuchun Dyeing and Weaving**: A top global sock yarn manufacturer, utilizing a warehouse-based production model to ensure cost control and stable delivery times, which supports long-term growth [9] - **Jiansheng Group**: A major manufacturer of cotton socks and seamless sportswear, expected to see improved order volumes as client inventory levels decrease and production capacity utilization increases [9] Key Companies in Apparel Branding - **Bosideng**: A leading domestic down jacket brand, focusing on product iteration and expanding its product matrix to include functional apparel, which is expected to drive sustainable growth [10] - **Hailan Home**: A prominent men's apparel brand with strong performance across both online and offline channels, and steady overseas market expansion. The company is expected to benefit from stable growth in its main brand [10] - **Baoxini**: A mid-to-high-end men's clothing brand with a well-established product matrix. The company is focusing on improving store efficiency and expanding its store network, which is anticipated to enhance overall performance [10] - **Fuanna**: A leading home textile company that is increasing its offline store presence, which is expected to contribute positively to its performance due to the growth of franchise store sales [10] Valuation Performance of Key Companies - The report includes a detailed valuation table for key companies in the apparel and light industry, providing insights into market capitalization, earnings per share (EPS), price-to-earnings (P/E) ratios, and dividend yields for various companies [12][14]

美尔雅: 舆情管理制度 湖北美尔雅股份有限公司 第三条 本制度所称舆情分为重大舆情与一般舆情： 重大舆情：传播范围广，严重影响公司公众形象或正常经营 活动，使公司已经或可能遭受损失，造成公司股票及其衍生品种 交易价格变动的负面舆情。 一般舆情：除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、 协同应对。 第五条 公司成立应对舆情处理工作领导小组（以下简称"舆 情工作组 "），由董事长担任组长，副董事长和董事会秘书担任 副组长，成员由其他高级管理人员及相关职能部门负责人组成。 第一章 总则 第一条 为提高湖北美尔雅股份有限公司（以下简称"公司 "） 应对各类舆情的能力，建立快速反应和应急处置机制，正确把握和 引导网络舆论导向，及时、妥善处理各类舆情对公司股价、商业信誉 及正常生产经营活动造成的影响，切实保护投资者合法权益，根据相 关法律法规、规范性文件和《公司章程》的规定，结合公司实际情况 制定本制度。 第二条 本制度所称舆情包括报刊、电视、网络等媒体对公司 进行的负面报道，社会上存在的已经或将给公司造成不良影响的 传言或信息，可能或 ...

Core Viewpoint - The article discusses the rising trend of factory tourism, particularly focusing on Xiaomi's factory tours, which have become highly sought after, akin to popular tourist attractions. This phenomenon reflects a shift in consumer behavior where factory visits are now seen as both entertaining and educational experiences, allowing consumers to engage with brands in a unique way [2][28]. Group 1: Factory Tourism Popularity - Factory tours have transformed from industrial visits to popular tourist attractions, with Xiaomi's factory becoming a prime example, where tickets are in high demand and even resold for significant amounts [3][10]. - The phenomenon of factory tourism is not new but has gained momentum, with over 20,000 related posts on Xiaohongshu in 2024, indicating a growing interest among consumers [15]. - Companies like NIO and BYD have also embraced factory tours, with NIO receiving over 130,000 visitors and online views exceeding 4 million [17]. Group 2: Consumer Engagement and Experience - Factory tours now offer free snacks, meals, and interactive experiences, making them appealing to visitors who can enjoy a luxurious experience at little to no cost [5][20]. - Visitors can participate in DIY projects and educational activities, enhancing the overall experience and providing a sense of value beyond traditional tourism [7][20]. - The strict regulations and unique experiences offered during these tours create a sense of exclusivity and excitement, akin to a theme park experience [10][14]. Group 3: Marketing Strategy for Companies - Companies are increasingly using factory tours as a marketing strategy to generate consumer interest and social media buzz, often yielding better returns than traditional advertising methods [30][34]. - The shift towards factory tourism aligns with historical practices where companies like Citroën invited consumers to visit their factories, setting a precedent for modern marketing strategies [31]. - The success of factory tours is evident in the significant increase in sales for companies like Tesla, which saw a 12.8% rise in sales after offering factory tour opportunities to customers [34]. Group 4: Economic Benefits for Consumers and Companies - Factory tours provide consumers with cost-effective entertainment options, often at a fraction of the price of traditional tourist attractions, making them an attractive alternative [24][44]. - The concept of factory stores has emerged, allowing consumers to purchase products directly from manufacturers at discounted prices, further enhancing the appeal of factory visits [43]. - Both consumers and companies benefit from this trend, as consumers enjoy unique experiences and savings, while companies gain valuable marketing exposure and potential sales increases [44][45].

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and understanding, aligning with the belief that knowledge acquisition is essential for wisdom [2][3][6]. Summary by Sections Book Recommendation - The featured book is "China's Economy 2025: Stabilizing Expectations, Promoting Consumption, and Expanding Domestic Demand," authored by Liu Shijin, Huang Qifan, and Huang Hanquan, published by CITIC Press Group [8]. Economic Structure and Development - The article discusses the evolution of industrial organization from the agricultural era to modern industrialization, highlighting the shift from small-scale workshops to complex corporate structures that enhance production efficiency [9][10]. Five Types of Productive Service Enterprises - The article outlines five distinct operational models for productive service enterprises: 1. Numerous specialized and innovative service enterprises across cities [10]. 2. Large enterprise groups that manage both productive services and manufacturing [11]. 3. Fortune 500 companies focused on specific service sectors [11]. 4. Chain enterprises that provide services related to advanced industrial products while outsourcing manufacturing [11]. 5. Industrial internet enterprises that leverage digital technologies for efficient production and sales [12]. Industrial Internet as a New Frontier - The industrial internet is identified as a significant growth area, contrasting with the declining growth of consumer internet, and emphasizes the need for a focus on industrial internet to maintain global competitiveness [12][14]. Three Models of Industrial Internet - The article describes three models of industrial internet: 1. Industrial internet platforms within large enterprises that digitize their entire supply chain [15]. 2. Industry-specific platforms that connect numerous service and manufacturing enterprises [15]. 3. Regional platforms that integrate local industry clusters through digital networks [16]. Characteristics of Industrial Internet - The industrial internet is characterized by: 1. Value-added effects, where the production and sales values can significantly exceed traditional metrics [18]. 2. The ability to revitalize traditional industries and create jobs through digital empowerment [19]. 3. Accelerated development of regional productive services, transforming areas into manufacturing, trade, and logistics centers [20]. Financial Technology Integration - The industrial internet facilitates comprehensive financial technology solutions, addressing the financing challenges faced by small and medium enterprises by providing transparent data for banks [21]. Strategic Importance of Industrial Internet - The article concludes that regions fostering industry-specific internet platforms can attract manufacturing, logistics, trade, and financial services, positioning themselves as competitive centers in the global economy [22].

Market Overview - In February, the A-share market saw the CSI 300 index rise by 1.9%, while the textile and apparel sector increased by 1.3%[13] - The Hong Kong market's Hang Seng Index rose by 3.2%, with the textile and apparel sector index up by 2.9%[13] - The US market experienced a decline, with the S&P 500 index down by 1.4% and the consumer discretionary sector down by 9.4%[13] Brand Performance - In January, outdoor and women's apparel sales on Tmall, JD, and Douyin platforms saw significant growth, with respective year-on-year increases of 56% and 45%[19] - Notable brands such as KOLONSPORT and Bi Yin Le Fen achieved year-on-year sales growth of 81% and 101% respectively[24] - Major brands like Nike and Adidas reported year-on-year sales growth of 21% and 34% respectively on these platforms[24] Manufacturing Insights - Vietnam's textile and footwear exports grew by 3.4% and 2.7% year-on-year in January, despite high base effects[2] - Key Taiwanese manufacturers like Yu Yuan and Zhi Qiang reported over 20% growth in January, with Yu Yuan achieving record revenue for the month[2] - Nanshan Zhishang's stock surged by 81.5% due to its involvement in robotic tendon materials, indicating strong future demand[16] Investment Recommendations - The report recommends focusing on undervalued Hong Kong stocks and brands with new growth potential, such as All Cotton Era and Hai Lan Home[3] - For textile manufacturing, companies like Shenzhou International and Huali Group are highlighted for their strong growth prospects and market share potential[3] Risk Factors - Potential risks include macroeconomic weakness, international political and economic uncertainties, and significant fluctuations in exchange rates and raw material prices[3]