巨型吊牌看似荒唐，本质上是电商领域"信任成本"高企的极端表现。服装行业原本就面临高库存、快周 转的压力，近年来愈演愈烈的"蹭穿"现象更是让服装经营者雪上加霜。公开数据显示，电商女装退货率 高达50%至60%，直播的退货率甚至达80%以上。 媒体曾报道，一些消费者为了婚礼、旅行等一次性需求购入服饰，使用后退回；还有学生团购服装参加 活动，利用平台规则集体退货。这些带有褶皱、污渍甚至明显磨损的衣物，让商家增加了运营成本。在 平台规则往往倾向于保护消费者的背景下，商家也难以通过正常方式进行反制，只能被迫祭出"巨型吊 牌"这一物理外挂，试图通过增加试穿的不便性，来劝退那些意图"免费租赁"的投机者。 平心而论，"巨型吊牌"虽显突兀，但也是对诚信消费生态的一种保护。对于大多数消费者而言，"确认 收货"前只需要确认尺码是否合身、款式是否满意。"巨型吊牌"在不影响正常消费者的同时，增大了"作 弊"的难度，有效隔绝了蹭穿者。在一定程度上，这确保了每一位消费者拿到手中的都是真正意义上的 新衣，为他们筑起了一道卫生与质量的防火墙，维护了公平交易的底线。 从长远来看，"巨型吊牌"或许能暂时降低退货率，但还应当思考如何建立更合理的退货 ...

Core Viewpoint - The recent surge in A-share companies applying for listings in Hong Kong reflects a significant trend towards dual listings, enhancing their international presence and financing options, while the Hong Kong market is evolving into a platform for global asset allocation [1][2][6]. Group 1: A-share Companies' Movement - Recently, companies like Hailan Home and Dashang Co. have announced plans to submit listing applications to the Hong Kong Stock Exchange, contributing to over 140 A-share companies pursuing listings or spin-offs in Hong Kong this year [2]. - The total IPO fundraising in the Hong Kong market has exceeded HKD 200 billion this year, positioning it as the leading global exchange for IPOs [2]. - The China Securities Regulatory Commission has introduced measures to support leading domestic companies in their Hong Kong listings, indicating a regulatory push towards internationalization [2][4]. Group 2: Role of Chinese Securities Firms - Chinese securities firms have captured over 60% of the market share in Hong Kong IPO sponsorship, leveraging their extensive resources and familiarity with regulatory frameworks [3]. - Major Chinese institutions like CICC and CITIC Securities have ranked highly in the Hong Kong IPO underwriting league table, showcasing their dominance in this space [3][4]. - The increasing number of companies seeking to list in Hong Kong has led to a surge in demand for advisory services from these firms, indicating a robust pipeline of future listings [3]. Group 3: Market Dynamics and Future Outlook - The current IPO boom is expected to have a lasting impact on the Chinese securities industry, enhancing their ability to meet cross-border financing needs and improving international competitiveness [4]. - The Hong Kong Stock Exchange has implemented various facilitative measures for A-share companies, resulting in a quicker overall listing review process [4]. - The trend of A-share companies pursuing Hong Kong listings is anticipated to continue, supported by favorable policies and the evolving role of Hong Kong as a platform for international capital [6].

Group 1 - South Rotation Holdings announced a dividend of HKD 0.11 per share, with an ex-dividend date of December 5, 2025, and a payment date of December 19, 2025. The company is classified under the apparel sector and is not part of the CSI Central State-Owned Enterprises Dividend Index or the Hang Seng High Dividend Yield Index [1] - CITIC Construction Investment Securities declared a dividend of HKD 0.181 per share, with an ex-dividend date of November 25, 2025, and a payment date of December 30, 2025. The company operates in the securities and brokerage sector and is also not included in the aforementioned indices [1] - Zhenxiong Group will distribute a dividend of HKD 0.036 per share, with an ex-dividend date of December 12, 2025, and a payment date of January 14, 2026. The company is categorized under industrial parts and equipment and is excluded from the CSI Central State-Owned Enterprises Dividend Index and the Hang Seng High Dividend Yield Index [1] Group 2 - The CSI Central State-Owned Enterprises Dividend Index, as of November 21, has a one-year dividend yield of 5.73%, which is higher than the 10-year government bond yield of 3.91%. The largest investment vehicle tracking this index is the Hong Kong Central State-Owned Enterprises Dividend ETF [2] - The Hang Seng High Dividend Yield Index, also as of November 21, has a one-year dividend yield of 5.39%, surpassing the 10-year government bond yield of 3.57%. The only ETF tracking this index is the Hang Seng Dividend ETF [2]

Core Viewpoint - HLA Home, known as "the men's wardrobe," has submitted its listing application to the Hong Kong Stock Exchange amid industry downturn and performance pressure, indicating a need for capital to sustain operations and pursue global expansion [1][2][3] Industry Environment - The domestic apparel industry is experiencing a challenging period with both volume and profit declines. From January to September 2025, the industry saw a revenue drop of 4.63% year-on-year, totaling 868.52 billion yuan, and a profit decline of 16.19%, worsening by 13.57 percentage points compared to the same period in 2024 [2] - Traditional clothing retailers are struggling due to the rise of online shopping and live-streaming e-commerce, leading to a significant reduction in physical store viability [2] Financial Status - HLA Home is facing an "increase in revenue but decrease in profit" situation. In the first three quarters of 2025, the company reported a revenue of 15.599 billion yuan, a 2.23% increase year-on-year, but a net profit of 1.862 billion yuan, down 2.37% [3] - The company's revenue has fluctuated significantly from 2019 to 2024, with a lack of sustained growth and a corresponding decline in net profit [3] Core Challenges - High inventory levels are a significant concern, with 11.518 billion yuan in stock and a turnover period of 323 days, far exceeding the industry standard [6] - The company is heavily reliant on its main brand, which accounts for over 70% of revenue, and has seen a decline in sales from this brand [7] - HLA Home's sales channels are imbalanced, with offline sales making up 79.58% of total revenue, while online sales are only 20.42%, indicating a need for better online performance [9][10] Transformation Efforts - The company is attempting to rejuvenate its brand and optimize channels by engaging younger celebrity endorsements and expanding its direct sales presence [12] - HLA Home is investing in digital transformation and R&D, with 157 million yuan allocated to new fabric development and technology applications to enhance supply chain efficiency [12] - The company is also accelerating its overseas expansion, with plans to open stores in Central Asia, the Middle East, and Africa, despite current overseas revenue being only 1.8% of total income [5][13] IPO Challenges - HLA Home faces external challenges, including being removed from the MSCI index, which reflects a lack of confidence from international investors regarding its growth and profitability [11] - Increased competition from fast fashion brands and local menswear companies is further squeezing market space, leading to price wars [11] Conclusion - The IPO is seen as a potential solution for short-term financing, but the company's long-term success will depend on the effective implementation of its transformation strategies and addressing core issues such as inventory management and brand diversification [14]

Core Viewpoint - Haier's Home, a leading domestic men's clothing brand, has achieved over 20 billion in sales and is now pursuing an "A+H" stock market layout after 25 years in the A-share market [1][2] Financial Performance - Projected revenues for Haier's Home from 2022 to 2024 are 17.905 billion, 20.754 billion, and 20.162 billion respectively, with net profits of 2.062 billion, 2.918 billion, and 2.189 billion [1] - For Q3 of this year, the company reported revenues of 15.599 billion, a year-on-year increase of 2.23%, and a net profit of 1.862 billion, down 2.37% year-on-year [1][2] Market Position - According to Frost & Sullivan, Haier's Home is the second-largest men's clothing brand globally and has held the top position in the Asian men's clothing market for 11 consecutive years since 2014 [2] - The company holds a 5.6% market share in China's men's clothing sector, making it the only Chinese men's clothing brand with annual revenues exceeding 10 billion RMB [2] Brand Diversification - Haier's Home has expanded beyond men's clothing to include brands such as OVV for women's clothing, the high-end children's brand Ying's, and collaborations with Adidas [2] - The main brand, Haier's Home, contributes 75.1%, 78%, and 74.8% to total revenue from 2022 to 2024, indicating its core business status [2] Custom Clothing Business - The corporate clothing customization segment has shown significant growth, with revenues of 2.247 billion, 2.280 billion, and 2.224 billion from 2022 to 2024, accounting for 12.6%, 11%, and 11.1% of total revenue [3] - The gross margin for the customization business was notably high, reaching 47.9% and 46.1% in 2022 and 2023, respectively, although it has started to decline in 2024 [3] Store Expansion - As of June 30, the company operates 7,209 stores globally, with 5,723 under the Haier's Home brand, including 92 overseas [3] - The company plans to increase its overseas direct stores from 111 to 200 over the next three years, focusing on Australia, Europe, and Southeast Asia [5] International Strategy - The opening of the first Australian store in September marks a strategic shift towards developed markets [4] - The company aims to explore independent operations or acquisition opportunities in the sportswear sector to tap into faster-growing markets [5]

短短几天时间，中国人退订50万张赴日机票。 突如其来的退票，直接让日本消费类股票一路走低。资生堂暴跌 11.4%，跌幅为今年4月以来最大。 日本服装巨头迅销股价大跌近7%，无印良品大跌超9%，日本航空一度大跌近6%。 有日本经济专家表示，如果中国游客数量出现锐减，日本将出现2万亿日元以上的损失。 因为日本国家旅游局发布的数据显示，2025年前三季度，中国内地赴日游客累计达748.7万人次，同比增长42.7%，中国内地成为日本入境游最大客源地。 处于上海的"三小时圈"内的日本，甚至可以成为江浙沪的周末后花园。 不光是日本，中国人到底多爱旅游？ 世界旅行及旅游理事会数据显示，2025年中国旅游业将为全球经济贡献13.7万亿元，占全球旅游GDP的10.3%，并创造8300万个就业岗位。 一生爱凑热闹的中国人，早就成了全球旅游的财神爷。 5个踏进日本的外国游客， 最有名的桥段，是有人在泰国掉海里，结果被一群东北人救了。 而中国游客对日本的重要性，恐怕日本比我们还要清楚。 过往几十年，日本执行"观光立国"战略，核心逻辑是通过放松签证政策，开发高承受力的旅游接待环境，最终大量吸引外国游客。 就有1个中国人 现在，在全世界 ...

Core Viewpoint - The company, Hailan Home, is facing significant challenges as it prepares for its IPO in Hong Kong, including slowing growth and high inventory levels, despite maintaining its position as a leading men's apparel brand in China for 11 consecutive years [2][5][16]. Company Overview - Hailan Home, established in 1997, is synonymous with "value for men's clothing" and has rapidly expanded through a light-asset and franchise model, covering a wide range of men's apparel [3][5]. - At its peak, Hailan Home had a market share that ranked it first in China's men's clothing sector and second globally by 2024, with over 7,200 stores worldwide [5][16]. Current Challenges - The overall apparel industry is experiencing a downturn, with a reported 2.4% decline in industrial added value for major clothing enterprises in the first nine months of 2025, and a 16.19% drop in total profits [5][7]. - Hailan Home's revenue growth has stagnated, with a mere 3% increase in revenue to 11.24 billion RMB in the first half of 2025, while net profits have been declining [7][9]. - The company is grappling with a significant inventory issue, with stock levels reaching 11.52 billion RMB by September 2025, a 12.3% increase from June 2025, and an average inventory turnover period of 361 days [9][16]. Financial Performance - Hailan Home's gross merchandise volume (GMV), transaction numbers, and average store revenue have all declined since 2024, with 195 franchise stores closing in the first half of 2025 [7][9]. - The company's sales expense ratio has increased from 13.38% in 2020 to 24% in 2024, indicating rising costs associated with marketing and sales efforts [12][16]. Strategic Initiatives - The new leadership under Zhou Licheng has implemented various marketing strategies, including celebrity endorsements and a focus on online sales, but these efforts have not yet translated into significant financial recovery [10][12]. - Hailan Home has attempted to diversify its offerings by entering the sportswear market and expanding its international presence, with overseas revenue growing by 27.42% in the first half of 2025 [14][15]. Conclusion - The upcoming IPO in Hong Kong is seen as a critical move for Hailan Home to secure necessary funding to address its growth challenges, high inventory costs, and marketing expenses [16]. The company must shift its focus from mere expansion to quality growth through targeted marketing and product innovation to regain investor confidence [16].

Core Viewpoint - The introduction of oversized tags in the clothing industry is a response to the high return rates caused by consumer abuse of return policies, particularly the seven-day no-reason return policy [1][2] Group 1: Industry Trends - The order volume for oversized tags reached 700,000 to 800,000 sets in the three months leading up to "Double Eleven" [1] - A female clothing seller reported a staggering return rate of 75% on annual sales of approximately 8 million yuan [1] - The use of oversized tags has reportedly reduced malicious return rates from 42% to 18% for online stores [2] Group 2: Consumer Behavior - Instances of consumers returning items after use, such as students returning clothes after an event, highlight the issue of "wear and return" practices [1] - The seven-day no-reason return policy, while intended to protect consumer rights, has been exploited by some consumers, leading to significant losses for sellers [2] Group 3: Business Strategies - The production cost of oversized tags can be as low as 0.2 yuan each, making them a cost-effective solution compared to the 40 yuan return cost for a 200 yuan garment [2] - The oversized tags serve as a form of distrust towards consumers, potentially affecting the shopping experience for honest buyers [2][3] Group 4: Platform Responsibilities - Addressing the issue of "wear and return" requires a balanced approach where platforms enforce equal rights and responsibilities for both buyers and sellers [3] - The example of a food delivery platform allowing couriers to block certain customers illustrates a potential model for e-commerce platforms to adopt in managing buyer-seller relationships [3]

Core Viewpoint - Jomoo (601566) experienced a limit down today with a trading volume of 3.03 billion yuan and a turnover rate of 3.53%, indicating significant market activity despite the price drop [2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's watchlist due to a daily price drop of 10.06%, with a total net buying of 20.63 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction of 65.12 million yuan, with a buying amount of 42.87 million yuan and a selling amount of 22.24 million yuan, resulting in a net buying of 20.63 million yuan [2]. - The largest buying brokerage was Huaxin Securities with a purchase amount of 12.17 million yuan, while the largest selling brokerage was Guotai Junan Securities with a selling amount of 5.96 million yuan [2]. Recent Performance - Over the past six months, the stock has appeared on the watchlist six times, with an average price increase of 5.98% the day after being listed and an average increase of 19.94% over the following five days [3]. - Today, the stock saw a net inflow of 56.18 million yuan from major funds, with a significant inflow of 44.14 million yuan from large orders [3]. - In the last five days, the stock experienced a net outflow of 251 million yuan [3]. Financing and Earnings - As of November 21, the stock's margin trading balance was 138 million yuan, with a financing balance of 138 million yuan and a securities lending balance of 377,800 yuan [3]. - In the last five days, the financing balance decreased by 29.73 million yuan, a decline of 17.72%, while the securities lending balance increased by 108,600 yuan, an increase of 40.33% [3]. - The company's Q3 report indicated a total revenue of 2.13 billion yuan for the first three quarters, a year-on-year decrease of 6.02%, while net profit reached 310 million yuan, a year-on-year increase of 129.63% [3].

Core Viewpoint - Haier's Home has achieved over 20 billion in sales and is expanding its capital layout with an A+H share listing after 25 years in the A-share market [1][2] Financial Performance - Revenue projections for Haier's Home from 2022 to 2024 are 17.905 billion, 20.754 billion, and 20.162 billion respectively, with net profits of 2.062 billion, 2.918 billion, and 2.189 billion [1] - The company's net profit margins are projected at 11%, 13.56%, and 10.45% for the same period [1] - For Q3 of this year, revenue was 15.599 billion, a year-on-year increase of 2.23%, while total profit was 2.417 billion, a decrease of 1.69% [1] Market Position - Haier's Home is the second-largest men's clothing brand globally and has held the top position in the Asian men's clothing market for 11 consecutive years since 2014 [2] - The company holds a 5.6% market share in China's men's clothing sector, surpassing the combined market share of the second to fifth largest competitors [2] Brand Diversification - Besides men's clothing, Haier's Home has expanded into women's clothing with the OVV brand, high-end children's clothing with the acquisition of the Ying's brand, and sportswear through collaboration with Adidas [2] - The main brand, Haier's Home, contributes 75.1%, 78%, and 74.8% to total revenue from 2022 to 2024, indicating its core business strength [2] Custom Clothing Business - The corporate clothing customization segment generated revenues of 2.247 billion, 2.280 billion, and 2.224 billion from 2022 to 2024, accounting for 12.6%, 11%, and 11.1% of total revenue [3] - This segment has shown the fastest growth among Haier's Home's proprietary brands, with a revenue of 1.343 billion in the first half of this year, a year-on-year increase of 23.7% [3] Store Expansion - As of June 30, the company operates 7,209 stores globally, with 5,723 under the Haier's Home brand, including 92 overseas [3] - The company plans to increase its overseas direct stores from 111 to 200 over the next three years, focusing on Australia, Europe, and Southeast Asia [5]