里昂发表研究报告指，留意到内地运动服饰品牌持续扩大市占率，上半年销售按年增长4.2%，优于服 装及配饰行业的3.1%增幅。该行首选安踏，将2025至27年销售额预测轻微上调2%，净利润预测上调 1%，目标价由114港元上调至116港元，予"跑赢大市"评级。至于李宁，该行维持"持有"评级，目标价 16港元。同时，该行将特步目标价由5.9港元上调至6.3港元，基于风险回报比维持"跑赢大市"评级。 ...

一周财经大事（2025年8月4日-8月10日） 头条 证监会1.6亿罚单：*ST高鸿财务造假，9名董监高被罚 8月8日晚，证监会在官网发布了一则对于上市公司财务造假案件的通报。 据悉，*ST高鸿（即大唐高鸿网络股份有限公司）长期开展无商业实质的笔记本电脑等"空转""走单"业 务，大幅虚增收入和利润，违反证券法律法规。 证监会拟对相关责任主体罚款1.6亿元，对配合造假的第三方罚款700万元。*ST高鸿涉嫌触及重大违法 强制退市情形，深交所将依法启动退市程序。 北京符合条件家庭五环外买房不限购，公积金加码！什么信号？ 8月8日，北京市住房和城乡建设委员会、北京住房公积金管理中心发布关于进一步优化调整本市房地产 相关政策的通知（下简称《通知》）。通知指出，符合北京市商品住房购买条件的居民家庭，在五环外 购买商品住房（含新建商品住房和二手住房）不限套数。此外，北京也加大住房公积金贷款支持力度。 通知自2025年8月9日起施行。 酒闻 茅台集团"百元酱酒"上新，新品瞄准宴席渠道 茅台集团旗下"百元酱香"产品上新。 8月6日，南都湾财社-酒水新消费指数课题组记者从茅台保健酒业公司微信公众号上注意到，该公司正 式对外宣布， ...

Investment Rating - The investment rating for the new consumption industry is "Positive" (maintained) [4][30] Core Viewpoints - The beauty industry saw a GMV growth of 31.7% year-on-year in July on Douyin, with the total GMV for beauty products ranging from 150 billion to 200 billion yuan [4] - The trend in the beauty market reflects a dual pattern of price segment downtrend and high-end consumption coexistence, with 68.1% of GMV coming from products priced below 200 yuan [4] - The潮玩 (trendy toy) industry is experiencing growth driven by successful events like the PTS Beijing International Trendy Toy Exhibition, highlighting the importance of IP operation for long-term growth [4] - International outdoor sports brands are increasingly entering the Chinese market, indicating a rising demand from Chinese consumers [4] Summary by Sections Industry Performance - The new consumption industry tracked from August 4 to August 8 shows a weekly increase of 4.23% in the textile and apparel index and 1.70% in the beauty care index, while the retail index decreased by 0.38% [7] Key Industry Data - In June, retail sales for textile and apparel increased by 1.9% year-on-year, while cosmetics saw a decline of 2.3% [12] - Gold and silver jewelry retail sales increased by 6.1% year-on-year in June [13] Investment Analysis Opinions - The growth of emerging consumer goods reflects new consumption concepts among the younger generation, emphasizing the importance of understanding these narratives for investment opportunities [19] - Recommendations include focusing on high-quality domestic brands in beauty, such as 毛戈平, 巨子生物, and 上美股份; in gold jewelry, brands like 老铺黄金 and 潮宏基; in trendy toys, companies like 泡泡玛特; and in ready-to-drink tea, brands like 蜜雪集团 and 古茗 [19]

Group 1: ABG and Reebok - Authentic Brands Group (ABG) denies rumors of selling Reebok to Anta, stating no plans to divest the brand now or in the future [3] - Reebok, acquired by Adidas for $3.8 billion in 2006, has struggled to compete in the North American market, leading to its eventual sale to ABG for $2.5 billion in 2021 [4][5] - ABG's initial forecast for Reebok's global retail sales to reach $5 billion in 2023 has been exceeded, with a target of $10 billion by 2027 [5] Group 2: Labor Issues at Gucci - Approximately 1,000 Gucci employees in Italy threaten to strike over the refusal of parent company Kering to pay bonuses for 2022-2024 [6] - This labor dispute comes at a sensitive time for Gucci, which is facing declining sales and is under new CEO Luca de Meo's leadership [7] Group 3: Crocs Financial Struggles - Crocs' stock plummeted by 29.2% after the company projected a 9%-11% decline in Q3 revenue, marking its lowest stock price in nearly three years [8] - The company reported a nearly $500 million net loss in Q2, largely due to a $700 million goodwill impairment from its $2.5 billion acquisition of HEYDUDE [8] - Rising tariffs are expected to increase costs by $40 million in the second half of 2025, further challenging Crocs' low-cost business model [8] Group 4: Ralph Lauren's Growth - Ralph Lauren's quarterly revenue exceeded Wall Street expectations, with projected sales growth of low to mid-single digits for the fiscal year [19] - Sales in Asia and Europe saw double-digit growth, while North America grew by 8%, with China showing the highest growth at 30% [19] Group 5: Anta's Joint Venture with Musinsa - Anta has formed a joint venture with Korean e-commerce platform Musinsa, with Anta holding 40% and Musinsa 60% [22] - Musinsa aims to open over 100 stores in China by 2030, with the first store set to launch in Shanghai in Q4 of this year [22]

Core Viewpoint - ABG Group has officially denied rumors regarding the sale of its UK sports brand Reebok to Anta Group, stating that it has no plans to divest the brand now or in the future [2][6]. Group 1: Company Background and History - Reebok was founded in 1958 and achieved sales of $307 million by 1985, which surged to $919 million the following year. In 1987, Reebok surpassed Nike with annual revenue of $1.4 billion, becoming the top global sports shoe brand [4]. - By 1991, Reebok's sales reached $2.7 billion, and in 2001, it signed an exclusive manufacturing deal with the NBA [4]. - In 2005, Reebok was acquired by Adidas for $3.8 billion, but the acquisition did not yield the desired results against Nike. Adidas sold Reebok to ABG for $2.5 billion in 2021 [4]. Group 2: ABG's Business Model and Strategy - ABG, founded by Jamie Salter in 2010, specializes in acquiring underperforming brands at low prices and revitalizing them through rebranding, repositioning, licensing partnerships, category expansion, and internal restructuring [5]. - The company has over 50 brands, with more than 20% related to sports, many of which joined ABG in the last three years, including Reebok and tennis brand Prince [6]. - ABG's retail sales exceed $29 billion globally, with a retail network spanning 150 countries. The company has seen expansion opportunities due to economic downturns and store closures in the U.S. [5]. Group 3: Recent Developments and Future Goals - ABG acquired the Champion brand for $1.2 billion from HanesBrands Inc., with the potential final transaction value reaching $1.5 billion. Despite a 26% decline in Champion's sales in the first quarter, ABG remains optimistic about its potential to contribute to the group's revenue, which is expected to exceed $32 billion [5]. - Reebok's sales surpassed $5 billion after joining ABG, and the brand is making a strong return to the basketball market by signing NBA star Shaquille O'Neal as the president of its basketball division [6]. - ABG aims to increase Reebok's annual revenue to $10 billion by 2027, emphasizing its commitment to the brand's global growth [9].

每经AI快讯，8月8日，安德玛股价美股盘前跌幅扩大至16%。 ...

Core Insights - Under Armour's stock dropped over 16% in pre-market trading following disappointing financial results [1] Financial Performance - Adjusted earnings per share for the first fiscal quarter were $0.020, up from $0.010 in the same period last year, but below the forecast of $0.03 [1] - The company reported a net loss per share of $0.010 for the first fiscal quarter, an improvement from a loss of $0.70 per share year-over-year, but below the expected profit of $0.01 [1] - Net revenue for the first fiscal quarter was $1.13 billion, a decline of 4.2% year-over-year, matching the forecast of $1.13 billion [1] - Adjusted operating income for the first fiscal quarter was $24.4 million, significantly up from $8 million in the same period last year, and above the forecast of $20.7 million [1] - Operating profit for the first fiscal quarter was $3.32 million, a substantial recovery from a loss of $299.7 million year-over-year, and above the expected profit of $6.04 million [1]

Investment Dynamics - Ajinomoto Co., Inc. announced a strategic investment in Australian plant-based protein company v2food, aiming to build a global sustainable protein industry alongside its acquisition of the U.S. brand Daring Foods [3] - v2food's unique "v2 RepliTech™" technology optimizes the taste of plant proteins, and its collaboration with CSIRO enhances its R&D capabilities [3] - v2food plans to leverage Daring Foods' retail network and brand recognition in the U.S. to promote its product range [3] Brand Dynamics - Anta Group signed an agreement with South Korean e-commerce platform Musinsa to establish a joint venture in China, with Anta holding 40% and Musinsa 60% [5] - The joint venture allows Anta to share profits without heavy investment in store openings, reducing expansion risks while retaining options for future equity increases [5] Retail Developments - JD.com plans to open five discount supermarkets in Suqian, Jiangsu, and Zhuozhou, Hebei, marking its first large-scale discount supermarket format in China [8] - The discount supermarkets will feature a large store format with a wide range of SKUs, with the Zhuozhou store covering 5,000 square meters and offering over 5,000 competitively priced daily goods [8] - This move is part of JD.com's strategy to penetrate lower-tier markets, following successful pilot stores in Beijing [8] Real Estate Transactions - JLL announced the sale of eight prime retail properties in Hong Kong, all leased to McDonald's, providing stable income for investors [11] - The total market value of the assets is approximately HKD 1.2 billion, with options for full acquisition or individual bids [12] - The "sell and lease back" model employed by McDonald's may inspire other brands with substantial property holdings to consider similar strategies [12] Market Expansion - Bawang Tea Ji is accelerating its expansion in Asia, planning to enter the Japanese and South Korean markets after establishing a presence in Indonesia, Thailand, and Vietnam [16] - The company aims to leverage the growing consumer power in Asia, particularly among millennials, to replicate the success of coffee in the tea beverage sector [16] Financial Performance - Revolve reported a 9% increase in overall sales for Q2, reaching USD 309 million, with its department sales also growing by 9% to USD 268.4 million [19] - The growth is attributed to an increase in proprietary brand offerings, which help reduce costs and attract consumer attention [19] Collaborations and Product Launches - Starbucks collaborated with fragment design to launch a new beverage, "BBTEA by FRAGMENT," inspired by Hong Kong-style tea, along with a reusable cup featuring the fragment logo [21] - This collaboration emphasizes the creative integration of product offerings, enhancing brand engagement and consumer interest [21] Personnel Changes - Prada Group announced the promotion of Christopher Bugg to Chief Communications Officer, overseeing global communication strategies for the group and its brands [27] - Bugg's appointment is seen as a strategic move to strengthen the group's brand positioning following the acquisition of Versace [27] Board Appointments - a2 Milk Company appointed Grant Dempsey, former CFO of TPG Telecom and with a background in investment banking, to its board [29] - This appointment is viewed as a signal to enhance investor communication quality and provide diverse perspectives for future strategic expansion [29]

云脊私募成立之初，梁力便确立了以"深度"研究驱动的核心基调，不追逐转瞬即逝的市场热点，也不参 与短期投机炒作。在他看来，"深度"的关键是站在产业投资与长期股东视角剖析企业，聚焦商业模式、 行业竞争格局、竞争战略、核心竞争力构建、企业文化、管理层能力等多重维度。"这些维度决定了企 业能走多远。" 新华财经上海8月7日电 今年以来，A股市场持续回暖的同时，行情切换节奏加快，板块轮动频繁。在此 背景下，以深度研究驱动长期复利的资产管理人越来越受到市场的密切关注。今年2月，由梁力创立的 云脊私募成功在中国证券投资基金业协会完成登记。 自创立之初，云脊私募便秉持"深度研究驱动"核心理念，不追逐热点，不参与炒作，并且着力构建 起"云脊七问"的研究框架，对企业进行抽丝剥茧的剖析。 近期，梁力在接受新华财经记者采访时表示，云脊私募锚定"未来3-5年年化回报超15%"的投资标的， 筛选具备一流商业模式与核心竞争力的企业，力求捕捉长期成长机遇。 挖掘深度：云脊七问构建系统投资框架 入行十余年来，梁力先后任职于券商资管、私募等机构，历练出丰富的行业经验。今年2月，其创立的 云脊私募在中国证券投资基金业协会完成登记注册。3月，公司首 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - Puma's revenue for FY2025Q2 was €1.94 billion, below market expectations of €2.01 billion, with a year-over-year decline of 2.0% at constant exchange rates [2][4] - Gross margin decreased by 0.7 percentage points to 46.1%, primarily impacted by increased promotional activities and currency fluctuations [2][4] Revenue Breakdown - Revenue performance was below expectations, with declines across all regions: - EMEA, Americas, and Asia-Pacific revenues decreased by 3.1%, 0.5%, and 2.9% respectively, totaling €0.77 billion, €0.78 billion, and €0.39 billion [5] - Direct-to-consumer (DTC) channels continued to grow, with a 9.2% increase to €0.60 billion, driven by strong e-commerce growth of 19.4% and a 3.4% increase in retail store sales [5] - Wholesale channels faced challenges, declining by 6.3% to €1.34 billion due to weak demand across markets [5] - Product categories showed varied performance: - Footwear revenue increased by 5.1% to €1.06 billion - Apparel and equipment revenues decreased by 10.7% and 6.4% to €0.60 billion and €0.28 billion respectively [5] Inventory and Guidance - Inventory levels were high, with a year-over-year increase of 9.7% to €2.15 billion, primarily due to accelerated deliveries of products to the U.S. amid tariff impacts [7] - The company has adjusted its full-year guidance, now expecting a low double-digit decline in sales at constant exchange rates, down from previous growth expectations [7]