Core Insights - A new company, Xinyu Youyue Footwear Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Deng Xiaohai [1] Business Scope - The company is engaged in various manufacturing activities, including shoe manufacturing and clothing manufacturing [1] - It also involves wholesale and retail of shoes and hats, as well as sales of raw and auxiliary materials for shoe making [1] - Additional activities include wholesale and retail of daily necessities, sales of electronic products, and internet sales, excluding items that require special permits [1]

智通财经记者 | 秦李欣 创下全球鞋类行业最大并购案纪录的交易，在两个月后引发资本争议。 11月20日，以AQR资本管理公司为首的对冲基金向美国特拉华州法院提起诉讼，要求重新评估全球第三大制鞋公司斯凯奇的公允价值。 图：界面图库 今年9月，3G资本完成对斯凯奇的收购。图：斯凯奇官网 此前，当地时间9月12日，斯凯奇官网发布声明称，巴西私募巨头3G资本已完成对斯凯奇的收购。该笔交易已于5月5日宣布。交易完成后，斯凯奇从纽约 证券交易所退市。公司继续由其高管团队领导，包括首席执行官Robert Greenberg和总裁Michael Greenberg。 郑丽斯仍对中国市场拥有长期的增长信心。她表示，随着消费者变得越来越成熟，斯凯奇将在细分赛道结合品牌特色与自身优势，打造更多针对中国消费 者需求的产品。除了顺应银发经济，强化"舒适"战略，打造足弓支持闪穿、宽脚防滑的健步鞋外，斯凯奇还将丰富产品线，覆盖篮球、匹克球、足球、跑 步等多运动场景。 据悉，该笔交易由3G资本以每股63美元、总估值约94亿美元的报价完成收购。3G资本和斯凯奇表示，此收购价格较该公司15天成交量加权平均股价溢价 30%。 然而，对冲基金和其他 ...

Core Insights - The total export value of foreign direct investment (FDI) enterprises in Vietnam reached $295.66 billion by the end of October, marking a year-on-year increase of 22.8% [1] Export Products - Six major export products exceeded $10 billion in export value, including: - Computers, electronic products, and accessories: $84.16 billion - Mobile phones and accessories: $48.51 billion - Machinery, equipment, tools, and accessories: $43.78 billion - Textiles: $20.41 billion - Footwear: $16.1 billion - Transportation vehicles and accessories: $11.83 billion [1] Major Export Markets - The primary export markets for Vietnam include: - United States - Mainland China - South Korea - Hong Kong, China - Japan [1]

Core Viewpoint - The article emphasizes the popularity and comfort of the NEW BOLUNE New Balance lightweight casual sports shoes, highlighting their stylish design and affordability, making them a must-have for consumers [11][15][46]. Group 1: Product Features - The shoes are designed for comfort, featuring a lightweight structure that allows for easy movement without feeling heavy [28][30]. - They are suitable for various activities, including urban commuting and leisure, and are praised for their breathability and support for different foot types [34][36][86]. - The shoes are made from high-quality materials, including a mix of PU and mesh, ensuring durability and ease of cleaning [81][125]. Group 2: Market Position - NEW BOLUNE is recognized as a reputable brand in the sports shoe market, with over 3,000 offline stores in China, and has gained popularity among trendsetters and athletes [18][20]. - The shoes are competitively priced at 99 yuan for standard models and 109 yuan for lined versions, significantly lower than similar products in the market, which typically retail around 135 yuan [43][46][145]. - The brand's marketing strategy leverages social media endorsements, particularly from influencers on platforms like Xiaohongshu, to enhance visibility and consumer trust [21][44]. Group 3: Consumer Appeal - The shoes are described as stylish and versatile, suitable for various outfits and occasions, appealing to a broad demographic [105][109]. - They are designed to enhance the wearer's appearance, providing a visually appealing look that makes feet appear smaller and legs longer [115][119]. - The combination of comfort, style, and affordability positions these shoes as a popular choice among consumers, leading to high sales volumes [44][46][145].

天眼查App显示，近日，南京多唔喔科技有限公司成立，法定代表人为姜稳柱，注册资本10万人民币， 经营范围为许可项目：互联网直播技术服务（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以审批结果为准）一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；信息技术咨询服务；互联网销售（除销售需要许可的商品）；鞋制造；制鞋原辅材料制 造；鞋帽零售；服装服饰零售；箱包销售；刀剑工艺品销售；工艺美术品及收藏品零售（象牙及其制品 除外）；工艺美术品及礼仪用品销售（象牙及其制品除外）；智能无人飞行器销售；玩具销售；第二类 医疗器械销售；货物进出口；技术进出口；专业设计服务；平面设计；鞋和皮革修理；非居住房地产租 赁；住房租赁（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Yuanyuan Group, highlighting that despite a decline in shipment volume due to a high base, product mix optimization has driven an increase in average selling price (ASP) and improved profit margins beyond expectations [1] Performance Summary - For the first three quarters of 2025, the company reported revenue of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit attributable to shareholders of $280 million, down 16.0%. Manufacturing business revenue was $4.23 billion, up 2.3%, with a net profit of $260 million, down 12.6%. Retail business revenue was $1.79 billion, down 7.9%, with a net profit of $2.367 million, down 50.3%. In Q3 2025, revenue was $1.96 billion, down 5.0%, and net profit was $110 million, down 27.0% [1][2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue increased by 2.3% to $4.23 billion, with shipment volume reaching 189 million pairs (up 1.3%). The ASP was $20.88 (up 3.2%). In Q3 2025, manufacturing revenue was $1.43 billion, down 4.5%, with shipment volume of 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%). The decline in shipment volume is attributed to a high base from Q3 2024, while ASP growth is due to an increased proportion of high-priced products [2][3] - Regionally, for the first three quarters of 2025, revenue from the U.S. increased by 5.4% (28.5% share), Europe by 11.7% (27.7% share), while revenue from mainland China decreased by 25.9% (13.4% share). Other regions saw a 9.2% increase (30.4% share). The decline in China is primarily due to trade friction and weak demand, while the U.S. and Europe experienced double-digit growth [2] Profitability Analysis - The capacity utilization rate for the first three quarters of 2025 was 93%, up 1 percentage point year-on-year. The gross margin was 18.3% (down 1.3 percentage points), mainly due to rising labor costs and lower-than-expected production efficiency. The SG&A expense ratio was 10.2% (down 0.2 percentage points), indicating effective cost control. The net profit margin was 6.2% (down 1.1 percentage points) [3] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), attributed to improved factory production efficiency and product mix optimization. The SG&A expense ratio remained at 10.2% (up 0.1 percentage points), with net profit of $110 million (down 25.7%) and a net profit margin of 7.6% (down 2.2 percentage points) [3] Retail Business Performance - Retail business revenue for the first three quarters of 2025 was $1.79 billion (down 7.9%), impacted by a weak retail environment and intensified competition, with same-store sales declining by double digits. The number of offline stores was 3,338 (down 3.5%). However, online revenue grew by 13% (accounting for 33% of total revenue), with live-streaming revenue more than doubling year-on-year [4] - In Q3 2025, retail revenue was $520 million (down 6.3%), with a significant improvement in the decline rate. October revenue showed a year-on-year decrease of only 0.7%. The gross margin for the first three quarters was 33.5% (down 0.5 percentage points), primarily due to increased discounts. The SG&A expenses decreased by 6.1% year-on-year, but the SG&A expense ratio increased by 0.7 percentage points to 32% due to negative operating leverage [4] - The proportion of old inventory was 9%, with inventory turnover days at 161 days (up 9 days year-on-year), indicating a slowdown in turnover due to weaker-than-expected sales, but still within a healthy range [4]

Core Viewpoint - Zheshang Securities maintains a "Buy" rating for Yuanyuan Group (00551), highlighting that despite a decline in shipment volume due to a high base, the company has improved its profit margins through product mix optimization and strong growth in online channels [1] Performance Overview - For the first three quarters of 2025, the company reported revenues of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit of $280 million, down 16.0%. Manufacturing revenue was $4.23 billion, up 2.3%, while retail revenue was $1.79 billion, down 7.9% [2] - In Q3 2025, the company achieved revenues of $1.96 billion, a year-on-year decline of 5.0%, with a net profit of $110 million, down 27.0%. Manufacturing revenue in Q3 was $1.43 billion, down 4.5% [2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue reached $4.23 billion, with shipment volume at 189 million pairs (up 1.3%) and an average selling price (ASP) of $20.88 (up 3.2%). In Q3, manufacturing revenue was $1.43 billion, with shipment volume at 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%) [3] - Revenue by region showed a 5.4% increase in the U.S. (28.5% share), 11.7% in Europe (27.7% share), a 25.9% decline in mainland China (13.4% share), and a 9.2% increase in other regions (30.4% share) [3] Profitability and Efficiency - The manufacturing capacity utilization rate was 93%, up 1 percentage point year-on-year, with a gross margin of 18.3% (down 1.3 percentage points). The SG&A expense ratio was 10.2% (down 0.2 percentage points) [4] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), driven by enhanced production efficiency and product mix optimization [4] Retail Business Performance - Retail revenue for the first three quarters was $1.79 billion, down 7.9%, affected by a weak retail environment and intensified competition. Same-store sales declined by double digits, with 3,338 direct-operated stores (down 3.5%) [5] - Online sales grew by 13% (33% share), with live-streaming revenue more than doubling year-on-year. In Q3, retail revenue was $520 million, down 6.3%, showing a narrowing decline [5] - The gross margin for retail was 33.5% (down 0.5 percentage points), with old inventory accounting for 9% and inventory turnover days at 161 days (up 9 days) [5]

Core Insights - The article highlights the growing investment opportunities in Qingyuan, particularly from Taiwanese businesses, emphasizing the favorable natural environment and supportive policies that have fostered a thriving investment climate [1][2]. Investment Environment - The "Qingyuan Special Session" event attracted nearly 600 representatives from Guangdong and Taiwan, culminating in a signing amount of nearly 900 million yuan [1]. - Qingyuan has established a strong relationship with Taiwanese investors since its establishment, with 131 Taiwanese enterprises investing a total of 1.283 billion USD, of which 1.078 billion USD has been utilized [3]. - Taiwanese enterprises span various sectors, including manufacturing, real estate, and modern services, contributing significantly to the local economy [3]. Geographic and Economic Advantages - Qingyuan benefits from its strategic location in the Greater Bay Area, with access to a consumer market of 86 million people and efficient transportation links, including a 24-minute high-speed train to Guangzhou [4]. - The North River provides a cost-effective and environmentally friendly transportation option for businesses, particularly in the cement industry, which has seen significant investment due to the region's abundant mineral resources [6][7]. Environmental and Lifestyle Factors - Qingyuan is referred to as the "back garden" of the Greater Bay Area, with a high forest coverage rate and excellent air quality, making it an attractive location for health-oriented businesses [9][10]. - The region's ecological advantages support agricultural development, with initiatives like the establishment of cross-strait agricultural cooperatives focusing on high-potential crops [11]. Government Support and Services - The local government has implemented efficient service measures, such as "one-stop" services for business registration and project initiation, enhancing the investment experience for Taiwanese enterprises [12]. - Continuous communication between the government and Taiwanese businesses has established a supportive environment, allowing for quick resolution of issues and fostering long-term investment [12][13]. Conclusion - Taiwanese investors have evolved from initial business establishment to becoming ambassadors for Qingyuan, promoting the city as a prime location for future investments and cultural exchanges [13].

清远市台商投资企业协会常务副会长卢政群建议粤东西北地区在完善产业链布局等硬件的同时，还要加 快提升教育、医疗等公共服务水平，增强对年轻一代台商的吸引力。(完) 中新社广东清远11月22日电(记者郭军)当前，广东正加快推动台资协调优化区域布局，积极引导台商助 力粤东西北融入粤港澳大湾区发展。11月21日至22日，全国近600位台商齐聚广东清远共谋发展，现场 签约电子、制鞋、汽车零组件等多个投资项目，总金额近9亿元(人民币，下同)。 （文章来源：中国新闻网） 这是继汕尾、云浮之后，广东在粤东西北城市再次举办此类活动。此次举行的广东台商助力粤东西 北"融湾发展"(清远专场)活动期间，广州市、清远市台务部门，以及两地台商投资企业协会还签署了对 口帮扶和共建友好协会合作协议。 "清远作为粤港澳大湾区北部生态屏障和产业拓展腹地，正全力推进'广清一体化'战略，加快构建现代 化产业体系，基础设施日益完善，政策支持精准有力，营商环境持续优化，为台商投资发展提供了广阔 空间和坚实保障。"清远市委副书记黄建平说。 清远市台商投资企业协会会长李正顺表示，清远作为"环珠三角地区融湾先行市"，不仅拥有快速衔接大 湾区的交通网络和作为'融 ...

Core Insights - The company reported a 1.0% year-on-year decline in revenue for the first nine months of 2025, totaling $6,017.4 million, with manufacturing revenue increasing by 2.3% [1] - The average selling price of footwear rose by 3.2% to $20.88 per pair, despite a 1.3% decrease in manufacturing gross margin due to uneven capacity utilization and rising labor costs [1] - The revenue contribution from Baosheng decreased by 7.9% year-on-year to $1,785.7 million, reflecting a decline in both USD and RMB terms [1] Revenue and Profitability - The company experienced a seasonal improvement in profitability in Q3 2025, driven by a robust order mix that offset the decline in shipment volume [2] - The global consumer market showed steady growth, particularly in the US back-to-school sales, although new tariff policies and geopolitical tensions created uncertainties [2] - The company maintained a demand-driven production strategy to enhance production scheduling flexibility, which contributed to improved profit margins in Q3 [2] Long-term Outlook - The company remains optimistic about the long-term prospects of the sports industry, driven by increasing awareness of sports and health, especially with upcoming international sporting events [2] - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of $8.2 billion, $8.6 billion, and $9.1 billion, along with net profits of $370 million, $410 million, and $460 million respectively [2]