Market Overview - The Hong Kong stock market is experiencing a continuous decline, with the Hang Seng Index down 1.13% at 24,880 points and the Hang Seng Tech Index down 0.77% at 5,448 points [1]. Company Performance - Prada's mid-term results show an adjusted EBIT of €618.5 million, representing a year-on-year increase of 7.55%. The net revenue is approximately €386 million, with a slight growth of 0.62%. Earnings per share stand at €0.151 [3]. - All regions reported growth in sales, with the Asia-Pacific region seeing a net retail sales increase of 10.4%, Europe at 8.6%, the Americas at 12.4%, and Japan at 4.3% [3]. Sector Movements - Technology stocks are collectively declining, with Meituan falling over 3%. Meanwhile, innovative drug concepts are showing positive movement, with Lepu Biopharmaceuticals rising over 5% [3]. - Domestic brokerage stocks are also opening lower, with Everbright Securities down over 2% [3]. - Gold stocks continue to retreat, with China Silver Group dropping over 3% [3]. - Stablecoin concept stocks are generally down, with Jingwei TianDi falling over 6% [3]. ETF Performance - Cross-border ETFs such as the Hang Seng Innovation Drug ETF and others are up over 2%. Additionally, U.S. ETFs like the S&P 50 ETF and Nasdaq ETFs are up over 1% [3].

Core Viewpoint - Prada's stock dropped over 9% following the release of its interim results, indicating investor concerns about the company's performance and future leadership changes [1] Financial Performance - Prada reported a net revenue of €2.74 billion, reflecting a 9% increase year-on-year when adjusted for fixed exchange rates [1] - Adjusted EBIT was approximately €618.5 million, showing a year-on-year growth of 7.55% [1] - Net income was around €386 million, with a modest year-on-year increase of 0.62% [1] Strategic Developments - Management disclosed that the acquisition of Versace is expected to be completed in Q4, with an integration plan to be announced in early 2026 [1] - The CEO of Prada, Gianfranco D'Attis, will officially leave the company on June 30, 2025, after a tenure of only two and a half years [1] - During the transition period, Andrea Guerra, the Group CEO, will temporarily manage the Prada brand until a new CEO is appointed [1]

Core Insights - Prada's adjusted EBIT for the mid-term is approximately €618.5 million, reflecting a year-on-year increase of 7.55% [1] - The net revenue stands at approximately €386 million, showing a slight year-on-year growth of 0.62% [1] - Earnings per share are reported at €0.151 [1] Revenue Breakdown - Retail sales net revenue increased by 10.1% year-on-year, primarily driven by full-price and comparable sales [1] - Retail sales account for 89.5% of total net revenue [1] - Prada brand's retail sales net revenue decreased by 2% at constant exchange rates, while Miu Miu's retail sales net revenue surged by 49% [1] Regional Performance - All regions reported growth in retail sales net revenue: - Asia-Pacific increased by 10.4% - Europe grew by 8.6% - Americas saw a rise of 12.4% - Japan experienced a growth of 4.3% - The Middle East showed strong performance with a growth of 25.7% [1]

Group 1 - Coldplay's lead singer Chris Martin jokingly suggested a couple was cheating during a concert, leading to a lawsuit from the male partner for invasion of privacy and emotional distress [1][3] - The male partner, Andy Byron, is the CEO of a tech company and claims the incident has permanently damaged his life [3] - The incident has gained significant media attention, resulting in personal repercussions for Byron, including his wife's social media actions [3] Group 2 - Xiwanda has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [2] - Starbucks CEO Brian Niccol mentioned over 20 potential buyers are interested in acquiring stakes in its China operations, while the company aims to retain a significant share [7] - Starbucks reported Q3 revenue of $9.5 billion, with a same-store sales decline of 2%, which was worse than expected [7][18] Group 3 - Meta reported a Q2 net profit of $18.337 billion, a 36% increase year-over-year, with revenues of $47.52 billion, surpassing expectations [17] - Microsoft announced Q4 revenue of $76.441 billion, an 18% increase from the previous year, with a net profit of $27.233 billion, up 24% [16] - Adidas reported a Q2 net profit of €369 million, a 94% increase year-over-year, despite a slight revenue growth of 2.2% [17] Group 4 - Ningde Times achieved a net profit of 30.512 billion yuan in the first half of the year, a 33.02% increase year-over-year, with total revenue of 178.886 billion yuan [20] - Luckin Coffee reported Q2 net revenue of 12.36 billion yuan, a 47% year-over-year increase, with a net profit of 1.25 billion yuan, up 44% [20] - Prada's H1 net revenue reached €2.74 billion, an 8% increase year-over-year, with a net profit of €386 million [21]

Core Viewpoint - L Catterton, a private equity firm under LVMH, has acquired a majority stake in L.A.B. Golf for over $200 million, highlighting the growing demand for innovative golf equipment and the potential for significant sales growth in the coming years [4][5]. Group 1: Company Overview - L.A.B. Golf started as a small company selling unique putters from a trailer and has become one of the hottest startups in the golf industry [4]. - The company’s name stands for "Lie Angle Balance," and its patented technology aims to eliminate torque, making putting easier for golfers [4]. - L.A.B. putters are known for their distinctive design, featuring various screws on the bottom that enhance balance and appeal to professional players [4]. Group 2: Market Performance - Following a notable win by golfer J.J. Spaun using L.A.B. putters, demand surged among amateur players, with the company selling approximately 130,000 putters last year [5]. - Sales are projected to triple by 2025, indicating strong market potential [5]. - The starting price for L.A.B. putters is $399, with custom modifications potentially exceeding $1,000 [5]. Group 3: Investment Context - L Catterton has a diverse investment portfolio that includes brands like Birkenstock, RH, and Peloton, as well as recent investments in Flexjet and Solidcore [6]. - The firm’s acquisition of L.A.B. Golf aligns with its strategy to invest in consumer brands with high growth potential [6].

Core Viewpoint - Kering Group, a major player in the luxury goods sector, reported a significant decline in both revenue and net profit for the first half of 2025, mirroring trends seen in other luxury brands like LVMH [1][2]. Financial Performance - Kering Group's revenue decreased by 16% year-on-year to €7.587 billion, while net profit fell by 46% to €474 million [1]. - For the second quarter, revenue also dropped by 16%, surpassing the decline seen in the first quarter [1]. - Gucci's revenue fell by 26% to €3.027 billion, with a second-quarter decline of 27% [1]. - YSL's revenue decreased by 11% to €1.288 billion, with a second-quarter drop of 13% [1]. - BV (Bottega Veneta) showed a slight growth of 1% to €846 million, but its second-quarter revenue fell by 1% [1]. Regional Market Analysis - No region reported year-on-year growth, with the largest declines in the Asia-Pacific region and Japan, down 21% and 20% respectively [2]. - Western Europe and North America saw revenue decreases of 13% and 12% respectively [2]. - The sales share from the Asia-Pacific region dropped by 3 percentage points to 29% [2]. Brand Performance and Strategy - Gucci's contribution to Kering's revenue has decreased from over 50% to 40% in the first half of the year [3]. - Gucci has experienced six consecutive quarters of declining comparable sales, with declines ranging from 21% to 25% [3]. - Kering closed 24 stores in the first half of the year, including 18 Gucci stores [3]. Future Outlook and Leadership Changes - Kering Group is seeking to adapt to market changes and has appointed Luca de Meo as the new CEO, effective September [4]. - The luxury sector is expected to remain a key player in high-end consumption, but brands must innovate and enhance customer service to reverse sales declines [4]. - Experts suggest that luxury brands need to embrace a shift towards de-branding and focus on consumer engagement rather than traditional branding [4].

Core Viewpoint - Kering Group, a major player in the luxury goods sector, reported a significant decline in both revenue and profit for the second quarter and first half of 2025, indicating ongoing struggles in the luxury market, particularly for its flagship brand Gucci [1][2][3] Financial Performance - Kering Group's revenue for Q2 2025 decreased by 15% to €3.7 billion, with Gucci's revenue dropping by 27% to €1.46 billion, marking six consecutive quarters of sales decline for Gucci [1][2] - For the first half of 2025, Kering's total revenue was €7.587 billion, down 16% year-on-year, while recurring operating profit fell by 39% to €969 million, and net profit decreased by 46% to €474 million [1][2] - Gucci's revenue for the first half was approximately €3.027 billion, reflecting a year-on-year decline of about 26% [1][2] Brand Performance - Gucci and YSL (Saint Laurent) continue to show declining sales, with Gucci's revenue for the first half down 26% and YSL's down 11% [2][3] - BV (Bottega Veneta) experienced a slight growth of 1% in revenue for the first half, but its growth rate has slowed, with a 1% decline in Q2 [2] Regional Market Analysis - No regional market achieved year-on-year growth, with the largest declines in the Asia-Pacific region and Japan, down 21% and 20% respectively [3] - Sales in Western Europe and North America decreased by 13% and 12% respectively, with overall sales from the Asia-Pacific region dropping by 3 percentage points to 29% of Kering's total revenue [3] Store Operations - Kering closed a net total of 24 stores in the first half of the year, including 18 Gucci stores, 1 YSL store, and 5 BV stores, bringing the total number of global stores to 1,789 [3] Leadership Changes - Kering appointed Luca de Meo as the new CEO, effective September 2025, who previously helped Renault recover from a crisis in the automotive sector [2][8] - The industry is skeptical about whether de Meo can effectively revitalize Kering's performance in the luxury goods market [8] Industry Trends - Experts suggest that luxury brands need to focus on digital transformation and innovative retail models rather than merely closing stores [6] - The luxury market in China remains a significant opportunity, but brands must adapt to changing consumer preferences and invest in product innovation and customization [7][8]

Group 1 - The CEO of Prada stated that the acquisition of Versace is expected to be completed between September and November [1]

每经记者｜杜蔚 每经编辑｜魏官红 又有多个大牌"卖不动"了。继LV母公司LVMH集团之后，全球三大奢侈品集团之一的开云（Kering集 团）也发布了一份营收、利润双双下滑的成绩单。 7月29日晚，开云集团发布2025年第二季度及半年业绩报告。财报显示，今年第二季度，开云集团营收 下降15%至37亿欧元，在集团利润中占比最大的Gucci（古驰）营收下降27%至14.6亿欧元。《每日经济 新闻》记者注意到，这已是Gucci连续6个季度销售下滑。而在今年上半年，开云集团整体营业收入 75.87亿欧元，同比下降16%；经常性营业利润9.69亿欧元，同比下降39%；净利润4.74亿欧元，同比下 降46%。Gucci营收同比下滑约26%至30.27亿欧元。 净利润骤降46% 全球门店净减少24家 今年上半年，开云集团营收、净利润双双下滑。财报显示，开云集团营业收入同比下降16%至75.87亿 欧元；净利润同比下降46%至4.74亿欧元。其中，第二季度营收下降16%，降幅超过一季度。 分品牌来看，开云集团旗下两大主力品牌Gucci、YSL（圣罗兰）继续显露颓势。今年上半年，Gucci营 收30.27亿欧元，同比下降26%； ...

Core Insights - Prada reported a net revenue of €2.74 billion for the first half of 2025, representing a 9% increase year-over-year at constant exchange rates [1] - Adjusted EBIT was approximately €618.5 million, showing a year-over-year growth of 7.55% [1] - Retail sales net revenue increased by 10.1% compared to the same period in 2024, driven by full-price and comparable sales [1] Revenue Breakdown - Retail sales net revenue accounted for 89.5% of total net revenue, consistent with 2024 [1] - Retail sales net revenue for the Prada brand decreased by 2% at constant exchange rates, while Miu Miu's retail sales net revenue surged by 49% [1] Regional Performance - All regions experienced growth, with Asia-Pacific retail sales net revenue increasing by 10.4% [2] - Europe saw an 8.6% increase in retail sales net revenue, despite a high comparison base and reduced tourist spending in the second quarter [2] - The Americas achieved a notable growth of 12.4%, supported by local and tourist demand [2] - Japan's retail sales net revenue increased by 4.3%, reflecting a slowdown in tourist spending but stable local demand [2] - The Middle East exhibited strong performance with a 25.7% year-over-year increase in retail sales net revenue [2]