商贸零售 商贸零售 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2024-05 2024-09 2025-01 商贸零售 沪深300 相关研究报告 《悦享生活，深挖情绪消费景气赛道 —2025 年零售行业中期投资策略》 -2025.5.7 《零售企业经营持续承压，关注高景 气优质公司—行业周报》-2025.5.5 《年报一季报陆续披露，关注高景气 板块优质公司—行业周报》-2025.4.27 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 零售行业 2025 年中期投资策略：悦享生活，深挖情绪消费景气赛道 本周我们发布零售行业 2025 年度中期投资策略，分板块来看，（1）传统零售： 线上流量红利接近见顶、电商查税等问题出现，反观实体店能为消费者提供视/ 触/听/嗅觉全方位体验， ...

IPO Dynamics - Green Tea Group Limited has initiated its IPO process, set to end on May 13, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "6831" on May 16, 2025 [3] - The company plans to issue a total of 168,364,000 shares, with 16,836,400 shares available for public offering in Hong Kong and 151,527,600 shares for international offering [3] - Green Tea Group ranks third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, indicating its market scale and strength for an IPO [3] Acquisition Dynamics - The Australian Competition and Consumer Commission (ACCC) has begun an informal assessment of Lactalis' proposal to acquire assets from Fonterra, with Rothschild acting as an advisor for Lactalis [5] - The ACCC is seeking public feedback on the acquisition, highlighting potential overlaps in raw milk procurement, dairy processing, and supply to food service businesses [5] - The acquisition could impact consumers and the market, as Lactalis may leverage its global network to enhance the visibility of Mainland Group's brands [5] Brand Dynamics - A Bathing Ape (Bape) has collaborated with singer JJ Lin to launch a limited edition series, coinciding with his concert tour [7] - The collection features three items designed in JJ Lin's favorite purple color, including a notable Bape Sta Color Camo Purple sneaker [7] - This collaboration is expected to create a new wave of demand due to the combination of Bape's streetwear appeal and JJ Lin's celebrity influence [7] Financial Data - Puma reported a 63.7% decline in EBIT for Q1 2025, dropping from €159 million to €57.7 million, with sales slightly increasing by 0.1% to €2.07 billion [22] - Sales in the Europe, Middle East, and Africa region grew by 5.1% to €891.7 million, while the Americas saw a 2.7% decline to €753.7 million, primarily due to poor performance in North America [22] - The Asia-Pacific region experienced a 4.7% sales decline to €430.5 million, with ongoing weakness in the Greater China market being a significant factor [22] - Pandora achieved a 7% organic sales growth in Q1 2025, with total sales reaching 7.35 billion Danish Krone, driven by an 18% increase in online sales [25] - The company maintains its forecast for 2025, expecting organic growth between 7% and 8%, with notable growth in the U.S. market at 11% [25] - European sales grew by 4%, with strong performances in mature markets like Spain and Portugal [25] Personnel Dynamics - Tory Burch has announced three management appointments, with Thibault Vilet becoming the new President for Asia-Pacific, Japan, Europe, and the Middle East [29] - Paolo Zullo has been appointed as the President for Europe and the Middle East, effective July 2025, overseeing retail, e-commerce, and distribution in the region [29] - Joshua Chen will join the brand, with Vilet continuing to report to CEO Pierre-Yves Roussel [29]

世间珍宝何其多，要说哪种宝石更能够体现女性自信优雅的强大气质？ 那我一定毫不犹豫选—— 祖母绿 ！ 作为 「四大名贵宝石」之一、绿宝石之王 ，祖母绿拥有无可比拟的翠绿之色。 如一泓湖水静流，柔和又浓艳，有着沁人心脾的高贵感。 祖母绿不仅是 历代尊贵女性的身份象征， 现在也是 明星名媛出席重要活动的标配！ 不过，天然祖母绿价格相当昂贵， 动辄几万、十几万，真不是咱普通人能随便拥有的！ 退一步说，就算咱咬咬牙花个几万买回来小小一颗祖母绿， 平时多半也是供着，根本舍不得戴 啊 —— 祖母绿是很脆弱的宝石， 万一磕着碰着有了划痕，或是不小心搞丢了，得肉痛死！ ▼ 选用 上乘哥伦比亚天然祖母绿晶种培育 ，质感非常优秀！ 我戴着去店里悄咪咪对比了， 肉眼根本瞧不出差别～ 关键是 连大克拉价格都相当亲民！ 至低只要 99元起 ， 花个一两百、两三百，就能圆"大克拉之梦"！ 玖钻也是咱老朋友了，之前他家莫桑钻卖得超级火爆，大家都很喜欢， 好评和回购就没间断 过。 镶有11颗哥伦比亚梨形祖母绿宝石王冠 创下了祖母绿王冠的拍卖记录 | | | | | | 1 | | | | --- | --- | --- | --- | --- ...

康乃馨香沁心房, 烛光暖暖映纱窗。 春晖脉脉传千里,慈爱涓涓润四方。 又是一年芳菲月,又逢一季感恩时。 今天就带大家了解一下母亲节礼物 背后蕴含的税收小知识吧! 型 花 l. 增值税政策: 农业生产者 自产自销的农业生产者(包括个 人和单位)销售花卉 免征增值税。 小规模纳税人 〈 在2023年1月1日至2027年12月31日 之间，小规模纳税人销售购进的花卉, 如果一个季度的销售额在30万元以内目 末开具增值税专用发票,这部分销售额 免征增值税。如果销售额超过30万元或 者开具的是增值税专用发票,则需要按 规定缴纳增值税。 2023年1月1日 | 20 2027年12月31日 个季度销售额 ▽ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 曾值税专用发票 || 电 TH 撸信祝 30 同元以内 个季度销售额 》 增值税专用发票 缴纳 语 18 0 - 7 F 般纳税人 销售购进的鲜花,鲜花属于农产品, 增值税税率为9%。如果对花卉进行进一步 加工,如制成工艺品,税率为13%。 撸值税 销售购进的 >> 世主体 税率为9% 增值 ...

今年是海南自由贸易港封关运作之年。 建设海南自由贸易港，是习近平总书记亲自谋划、亲自部署、亲自推动的重大国家战略。2022年4月， 习近平总书记在海南考察时强调："加快建设具有世界影响力的中国特色自由贸易港，让海南成为新时 代中国改革开放的示范"。2024年12月，习近平总书记听取海南省委和省政府工作汇报时强调："努力把 海南自由贸易港打造成为引领我国新时代对外开放的重要门户"。 牢记习近平总书记嘱托，海南省不断完善自由贸易港政策制度体系，通过高水平对外开放，实现货物贸 易、服务贸易年均20%以上的增长，实际使用外资规模稳步增长。 近日，记者在海南采访，受访企业负责人对海南自由贸易港建设充满信心，对封关运作充满期待："外 部风险挑战阻挡不了我们走向世界的步伐！" 在扩大开放中练内功强本领 "21%的关税减免，这对销售端是重大利好！"海南京润珍珠有限公司董事总经理周朔说。 加工增值内销免关税，是海南自由贸易港政策之一，2021年落地洋浦保税港区后，经过两次扩围，现已 覆盖海南全岛。该政策明确，对于海南鼓励类产业企业，进口料件后在海南自由贸易港加工成货物，如 果增值超过30%（含），进入内地销售时可免征进口料件的 ...

Group 1 - The issue of counterfeit gold is sensitive and has been highlighted by multiple authoritative media outlets, indicating a growing concern in the market [1][3][5] - A recent incident involved a customer purchasing a gold bar from a bank, which was later found to be fake upon inspection, raising questions about the integrity of the gold supply chain [1][3] - Banks are currently investigating the situation and will provide an official announcement, but the exact point of failure in the gold verification process remains unclear [3][6] Group 2 - Historical cases of counterfeit gold have emerged, including a mining company that used fake gold to defraud financial institutions, amounting to over 10 billion [5][6] - The gold market in China is heavily regulated, with strict laws governing the buying and selling of gold, including the requirement that individuals can only sell gold back to the central bank [12][22] - Despite the regulations, there are loopholes that allow for informal transactions, leading to potential legal risks for individuals and businesses holding gold [23][26] Group 3 - The current regulatory framework still imposes significant restrictions on gold transactions, with the 1984 Gold and Silver Management Regulations remaining in effect [14][15][16] - Individuals are advised to purchase gold through licensed institutions to ensure legality, as buying from private individuals is considered illegal [22][27] - For those looking to invest in gold, alternatives such as gold futures contracts or ETFs are recommended over physical gold due to lower transaction costs and risks of counterfeiting [28][30]

WORLD GOLD COUNCIL 世界黄金协会 2025世界黄金协会「硬足金」饰品品鉴沙龙 在全球金价持续高位运行与消费分化的背景下，硬核轻盈、光泽耀眼、工艺精巧、搭配性强的「硬足金」饰品，凭借突破性的产品特性，满足年轻消费群体 对时尚审美和每日皆可佩戴等多元需求的同时，也正在升华为全新的年轻文化价值符号，成为联结年轻潜力消费人群、破局中国金饰消费的关键抓手。由世 界黄金协会主导的「硬足金」饰品联合推广，历经三年深耕，完成三级跨越：2023年开启品类认知建设；2024年聚焦"硬、轻、亮"三大特性突出产品优势； 如今迈入第三年，世界黄金协会持续着力数字社交媒体营销，诠释「硬足金」的品牌精神价值 – 致敬中国出彩不凡的Z世代。5月9日，世界黄金协会携手菜 百首饰、潮宏基、老凤祥、老庙黄金、六福珠宝、明牌珠宝、谢瑞麟、中国黄金、中国珠宝、周大福、周大生和周生生十二家联合推广零售商，在上海举办 2025世界黄金协会「硬足金」饰品品鉴沙龙，共同推动Z时代年轻群体在数字社交平台的需求潜力，开启「硬足金」饰品发展的新篇章。 世界黄金协会中国区CEO王立新先生与十二家联合推广零售商代表合影共庆世界黄金协会2025「硬足金 ...

Core Viewpoint - The 2025 Shanghai International Jewelry Exhibition will take place on May 9, 2025, showcasing the latest trends and innovations in the jewelry industry, with participation from top jewelers globally [1][3]. Group 1: Exhibition Overview - The exhibition will cover an area of 25,000 square meters and feature over 1,000 booths, attracting nearly a thousand top jewelers from around the world [3]. - The event will display a full range of jewelry and gemstones, including gold, jade, colored diamonds, crystals, pearls, and more, highlighting craftsmanship, design concepts, and innovations in the industry [3]. Group 2: Featured Brands and Exhibitors - Notable brands such as Lao Feng Xiang and Edison Pearls will showcase their products, including the "盛唐风华" series by Lao Feng Xiang, which emphasizes grandeur in design [3]. - The jade exhibition area will feature groups from various regions, including Jieyang and Pingzhou, showcasing leading enterprises in the jade industry [3]. Group 3: Special Features and Services - The exhibition will include a special area for colored gemstones, featuring over a hundred varieties from domestic and international companies [5]. - An independent jewelry designer exhibition, organized by the China Jewelry and Jade Association, will present diverse works from emerging designers, emphasizing originality and artistic value [5]. - The event will also provide free jewelry identification and consumer consultation services in collaboration with the National Jewelry and Jade Testing Group [7].

1 | | 天风证券 李璇 | | --- | --- | | | 华安基金 孔涛 | | | 申万菱信 黄书瀚 | | 时间 | 2025 年 5 月 9 日 | | 地点 | 公司会议室 | | 上市公司接待 | 董事长兼总经理孙松鹤、董事兼副总经理吴长峰、副总经理兼董事会 | | 人员姓名 | 秘书许恬 | | | 一、介绍环节 | | | 公司副总经理兼董事会秘书许恬就公司 年度及 年一季 2024 2025 | | | 度经营情况做了介绍。 | | | 二、问答环节 | | | 1、曼卡龙的优势是什么？在未来可能出现的困难及挑战？ | | | 答：我们核心优势在于线上化的能力，未来线下门店的运营想要突破 | | | 半径，就得借助强大的线上运营能力，所以这里最大、最重要的挑战 | | | 是对加盟商的筛选，我们需要能感知年轻消费者的需求，懂得如何线 | | | 上线下相结合进行运营的加盟商。 | | | 2、如何做符合年轻人喜好的产品？ | | | 答：在产品研发时，我们注重对消费者的研究，且要关注国际时尚资 | | 投资者关系活动 | 讯，将前沿的流行趋势融入设计，所以公司产品一定是从中国文化出 ...

代码：002867 证券简称：周大生 编号：2025-017 投资者关系活动记录表 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他(电话会议) | | | | 共计 54 位投资者（排名不分先后）： | | | | 交银基金：陈均峰、楼慧源 | 广发证券：包晗 | | | 长江证券（自营）:蔡念恒 | 上海原泽私募基金:姚姗 | | | 深圳前海云溪基金:李志勇 | 金科投资:张诚 | | | 福建豪山资管:蔡再雄 | 西部利得基金:林静 | | | 长江证券（上海）资管:杨杰 | 西南证券（自营）:李佳为 | | | 中加基金:陈晨 | 谦璞投资:张若溪 | | | 国泰君安资管:周晨 | 中泰证券（上海）资管:陈佳玲 | | 参与单位名称 | 鑫巢资本:王璞 | 农银汇理基金:魏刚 | | 及人员姓名 | 财通证券资管:李真 | 光大证券（自营）:苏晓珺 | | | 青骊投资（上海）:李署 | 北京沣沛投资:李爽 | | ...