Group 1 - The company plans to acquire 80% equity of Zhizhe Tongxing Brand Management Consulting (Beijing) Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [2][3] - The company has completed the audit and evaluation work as of December 31, 2024, and the draft of the restructuring report is nearly finished, pending procedural work by relevant intermediaries [3] - The restructuring proposal requires approval from the company's board of directors and shareholders, as well as consent from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission before it can be officially implemented [3]

Group 1: Company Performance - CHANEL reported a 30% drop in operating profit and a 28.2% decline in net profit for 2024, marking its first negative growth in five years [1] - Other luxury brands are also facing challenges, with LVMH experiencing a 5% revenue decline in Q1, Kering down 12% last year and 14% in Q1 this year, and Hermès showing a 7% increase, which is 10 percentage points lower than the previous year [3] Group 2: Market Trends - The luxury goods market is undergoing a collective downturn, influenced by global economic instability and changing consumer attitudes, particularly in China where the enthusiasm for brand logos is waning [3] - Bain & Company forecasts an 18%-20% decline in China's personal luxury goods market sales in 2024, with similar challenges expected in the first half of 2025 [3] Group 3: Consumer Behavior - Young consumers are shifting towards "intelligent consumption," focusing on value and personal needs rather than blindly pursuing high prices or marketing narratives [5] - The discount brand sector is thriving, with China's outlet sales projected to reach 239 billion yuan in 2024, a 4.5% increase, and Vipshop reporting net revenue of 26.3 billion yuan in Q1 2025 with 41.3 million active users [5] Group 4: Sales Strategies - Vipshop's recent promotional event achieved record sales for the COACH brand, indicating that consumers are not opposed to high-priced items, but rather seek compelling value propositions [7] - The emphasis on cost-effectiveness or value-for-money has become a crucial factor in consumer purchasing decisions, suggesting a potential new strategy for luxury brands to adapt to changing market dynamics [7]

2025年5月，摩纳哥大奖赛颁奖台上，一只由路易威登（LV）定制的奖杯箱成为焦点。细看这个以品牌 经典硬箱工艺打造的容器，箱体由摩纳哥国旗的红色点缀品牌经典Monogram标识,并印饰标志性V字标 识——V既代表"胜利"(Victory),也代表"路易威登"(Vuitton)｡红白两色不仅致敬摩纳哥国旗,更诠释了这个 国家丰富而充满活力的文化。这种"文化符号+赛事曝光"的组合，让路易威登在高净值人群中建立起"胜 利象征"的品牌联想。 事实上，2021年至2024年,世界一级方程式锦标赛摩纳哥™大奖赛的奖杯箱均由路易威登打造。路易威 登也在今年1月宣布成为世界一级方程式锦标赛®的官方合作伙伴,并在为期10年的合作中发挥品牌核心 作用,助力大赛开展｡在资本与文化的双重驱动下，F1正成为奢侈品牌触达高净值人群的战略支点。 作为F1现存最久的全球合作伙伴，劳力士的长期坚守堪称品牌渗透的典范，从2013年起，劳力士成为 F1的全球合作伙伴、官方时计，开启了一段长达11年的合作之旅。在这期间，劳力士不仅在赛事现场 有着醒目的品牌展示，还冠名了多个重要分站赛事。 据相关报道，劳力士每年为F1支付的赞助费高达5000万美元， ...

开启"桂字号"品 牌建设新征程！ 广西农业品牌促 进会换届_南方 +_南方plus 5月26日，广西 农业品牌促进会 换届选举大会在 自治区农业农村 厅顺利举行。会 议全面总结上一 届理事会工作成 效，选举产生第 二届理事会领导 班子，并围 绕"品牌强农"战 略部署未来重点 任务。自治区农 业农村厅副厅长 唐咸来出席会议 并讲话。 5月26日，广西农业品牌促进会换届选举大会在自治区农业农村厅召开。 广西农业品牌促 进会是经自治区 农业农村厅同 意，通过自治区 民政厅批准成立 的，旨在为广西 农业品牌发展提 理机制。已累计 培育广西品牌目 录产品666个。 2022年，广西在 中国品牌价值区 域品牌（地理标 志）百强榜单中 供政策研究，开 展农业行业咨询 策划、农业品牌 管理、市场运营 指导、经营信息 服务、促进农业 品牌建设的社会 团体。 作为聚焦"桂字 号"品牌建设的 专业平台，促进 会围绕政策研 究、品牌管理、 市场推广、人才 培训等核心业 务，推动品牌 与"绿色食 品""圳品"等认 证衔接，搭建农 业品牌信息平 台，组织品牌评 价及国内外推 广，维护会员权 益、促进行业交 流，在政府与企 业间发挥桥梁作 ...

Core Viewpoint - Companies are increasingly utilizing the "first sale rule" to reduce tariff costs, allowing them to calculate duties based on the initial sale price rather than the final import price, thus alleviating cost pressures from tariffs [1][2]. Group 1: Implementation of the First Sale Rule - The first sale rule has been in existence since 1988 but gained renewed attention during the Trump administration due to increased tariffs [1][2]. - The rule allows retailers to pay duties based on the initial sale price, which can significantly lower costs, as demonstrated by a case where a T-shirt's initial price was $5 compared to a final retail price of $40 [1]. - Companies must provide comprehensive documentation to prove compliance with the first sale rule, including orders, contracts, and invoices [3]. Group 2: Challenges and Considerations - The application of the first sale rule can be complex, requiring companies to establish trust among parties involved and to ensure that transactions meet specific criteria [4]. - Companies need to carefully plan their supply chain structures and maintain all relevant documentation to support their claims during customs reviews [3][4]. Group 3: Industry Adoption and Benefits - The first sale rule is particularly advantageous in high-value consumer goods and luxury sectors, where profit margins are larger [5]. - Companies like Moncler have reported significant benefits to their cost structures from utilizing the first sale rule, with initial sale prices being much lower than retail prices [5]. - Other companies, such as Kuros Biosciences and Traeger, are also adjusting their business structures to take advantage of the first sale rule as a means to lower tariffs and costs [5]. Group 4: Policy Implications - While the first sale rule is legally compliant, its widespread use may undermine the Trump administration's goals of increasing tax revenue through tariffs and promoting domestic manufacturing [6].

Investment Rating - The report recommends a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Steady Medical, and Bosideng, among others [12][36][37]. Core Insights - Amer Sports reported a strong performance in Q1 2025, with revenue growth of 23% year-on-year to $1.473 billion, driven by significant growth in the Asia-Pacific region [1][17]. - The Technical Apparel segment, led by the Arc'teryx brand, saw a revenue increase of 28% to $664 million in Q1 2025, with a notable profit margin improvement [2][21]. - The Outdoor Performance segment, centered around the Salomon brand, achieved a 25% revenue growth to $502 million, benefiting from new store openings and strong direct-to-consumer (DTC) sales [3][26]. - The Ball & Racquet segment, featuring Wilson, experienced a 12% revenue increase to $306 million, with a long-term growth forecast of low to mid-single digits [4][29]. - The report highlights the resilience of the sportswear sector, projecting a revenue growth of 15% to 17% for Amer Sports in 2025, with specific segments expected to outperform [1][17]. Summary by Sections Amer Sports Performance - Q1 2025 revenue increased by 23% to $1.473 billion, with regional growth of +12% in the Americas, +43% in Greater China, +12% in EMEA, and +49% in Asia-Pacific [1][17]. - Adjusted gross margin improved by 3.3 percentage points to 58%, and adjusted operating profit margin rose by 4.9 percentage points to 15.8% [1][17]. - Net profit for Q1 2025 was $135 million, a significant increase from $5 million in Q1 2024 [1][17]. Technical Apparel - Revenue for the Technical Apparel segment grew by 28% to $664 million in Q1 2025, with an adjusted operating profit margin of 23.8% [2][21]. - Direct-to-consumer sales increased by 31%, while wholesale revenue grew by 22% [2][21]. - The Asia-Pacific region led growth, followed by Greater China [2][21]. Outdoor Performance - The Outdoor Performance segment's revenue rose by 25% to $502 million, with an adjusted operating profit margin of 14.7% [3][26]. - DTC sales surged by 68%, driven by new store openings in Greater China and Asia-Pacific [3][26]. - The Americas region's performance was stable, primarily due to the divestiture of the Enve business [3][26]. Ball & Racquet - Revenue for the Ball & Racquet segment increased by 12% to $306 million, with an adjusted operating profit margin of 6.6% [4][29]. - The growth was supported by strong sales in racquets, golf products, and apparel [4][29]. - Long-term revenue growth is expected to be low to mid-single digits [4][29]. Industry Outlook - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation improvement in 2025 [5][34]. - The sportswear sector is expected to benefit from government policy support and increased participation in sports activities [5][34].

Core Insights - The product "ZUCCARI Double Anti-Birch Juice" has gained popularity on e-commerce platforms, marketed as an Italian import with anti-inflammatory benefits, and is priced at approximately 300 yuan per bottle [1][2] - The product's sales figures indicate significant consumer interest, with over 300 million yuan in total sales and nearly 11,000 units sold [2] - The parent company, Qingmu Technology, has successfully incubated the ZUCCARI brand, which has a gross margin of nearly 80%, significantly higher than other business segments [1][6] Sales Performance - The price for five bottles of "Double Anti-Birch Juice" is 1499 yuan, averaging about 300 yuan per bottle, while another product, "888 Metabolism Drink," is priced at 649 yuan per bottle [2] - The "Double Anti-Birch Juice" has sold nearly 11,000 units, contributing to over 300 million yuan in total sales across all platforms [2] Product Claims and Consumer Feedback - The product claims to improve skin texture and brightness, with reported increases of 30% and 34% respectively after 15 days of use, based on clinical trials [2] - Consumer feedback has been mixed, with some expressing skepticism about the product's effectiveness and questioning the high price [2][3] Regulatory Concerns - There are complaints regarding the lack of proper labeling in Chinese on the product, which is a requirement for imported food products in China [4] - The absence of compliant labeling raises questions about the product's legality and adherence to Chinese food safety standards [4] Company Background - Qingmu Technology, which launched the ZUCCARI brand in China in the second half of 2023, focuses on brand retail solutions and has seen significant growth in its brand incubation and management business [5] - The company reported a revenue of approximately 1.153 billion yuan for 2024, a year-on-year increase of 19.2%, with a notable growth of 126.51% in its brand incubation and management segment [5][6]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-05-22 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250518：央行报表总规模因何连月缩减？ 由于 2025 年 5 月"降准"落地，预计降准对央行报表科目的置换效应或 引致央行进一步"缩表"。 海外周报 20250518：特朗普"漂亮法案"意外受挫，减税落地仍需等待 核心观点：超预期的中美关税谈判结果令市场信心大增，本周美债利率大 幅走高，10 年期美债利率抬升至 4.477%，美股全线大涨，黄金大跌 3.65%。 本周公布 4 月美国 CPI 超预期回落，但市场对关税反复风险的担忧犹存， 对通胀前景仍然保持谨慎，此外本周由共和党提出的综合性财税法案未 能在众议院预算委员会通过，反映出特朗普与民主党和部分温和派共和 党在福利开支削减和保持预算平衡方面的分歧。向前看，近期受关税进展 影响，黄金价格出现大幅回落，但央行购金从需求端支撑黄金价格的中长 期逻辑仍未改变。 风险提示：特朗普政策超预期；美联储降息幅度过大 引发通胀反弹甚至失控；美联储维持高利率水平时间过长，引发金融系统 流动性危机。 固收金工 [Tab ...

证券研究报告·公司点评报告·互联网电商 若羽臣（003010） 独家原料红宝石油产品重磅上新，保健品业 务高增可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,366 | 1,766 | 2,685 | 3,634 | 4,762 | | 同比（%） | 12.25 | 29.26 | 52.06 | 35.34 | 31.04 | | 归母净利润（百万元） | 54.29 | 105.64 | 179.66 | 232.36 | 302.92 | | 同比（%） | 60.93 | 94.58 | 70.07 | 29.34 | 30.37 | | EPS-最新摊薄（元/股） | 0.33 | 0.64 | 1.10 | 1.42 | 1.85 | | P/E（现价&最新摊薄） | 179.98 | 92.50 | 54.39 | 42.05 | 32.26 | ◼ 公司上新重磅单品红宝石油产品，进一步 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 5.01 billion yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 5.01 billion yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands [4] Financial Projections - Total revenue is projected to grow from 1.37 billion yuan in 2023 to 4.76 billion yuan in 2027, with a compound annual growth rate (CAGR) of 31.04% [1] - Net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]