2025.05. 28 本文字数：1073，阅读时长大约2分钟 作者 | 第一财经 樊志菁 周三，美股全线走低，投资者消化美联储会议纪要，芯片设计行业尾盘跳水。截至收盘，道指跌 244.95 点 ， 跌 幅 0.58% ， 报 42098.70 点 ， 纳 指 跌 0.51% ， 报 19100.94 点 ， 标 普 500 指 数 跌 0.56%，报5888.55点。 根据美联储5月6日至7日的会议纪要， 未来几个月，美联储可能会面临通胀上升和失业率上升的"艰 难权衡"。"与会者一致认为，经济前景的不确定性进一步增加，因此在政府政策的一系列变化产生 经济影响变得更加清晰之前，采取谨慎的态度是恰当的。" 券商Spartan Capital Securities首席市场经济学家卡尔蒂略（Peter Cardillo）表示："美联储会 议纪要没有透露任何新信息。它们基本上表明美联储处于观望状态，试图就贸易问题得到更多澄 清。" 英伟达业绩不俗 英伟达周三盘后公布业绩，营收440.4亿美元，同比增长69%，市场预期433.1亿美元，净利润同比 增长26%，至188亿美元。调整后每股盈利EPS 0.96美元，市场预期 ...

国际油价反弹超1%。 *三大股指下挫，纳指跌超0.5%； *中长期美债收益率走高，2年期美债逼近4%； *美联储会议纪要重申耐心。 周三美股全线走低，投资者消化美联储会议纪要，芯片设计行业尾盘跳水。截至收盘，道指跌244.95 点，跌幅0.58%，报42098.70点，纳指跌0.51%，报19100.94点，标普500指数跌0.56%，报5888.55点。 根据美联储5月6日至7日的会议纪要， 未来几个月，美联储可能会面临通胀上升和失业率上升的"艰难 权衡"。"与会者一致认为，经济前景的不确定性进一步增加，因此在政府政策的一系列变化产生经济影 响变得更加清晰之前，采取谨慎的态度是恰当的。" 券商Spartan Capital Securities首席市场经济学家卡尔蒂略（Peter Cardillo）表示："美联储会议纪要没有 透露任何新信息。它们基本上表明美联储处于观望状态，试图就贸易问题得到更多澄清。" 个股方面，明星科技股跌多涨少，特斯拉跌1.6%，微软跌0.7%，亚马逊跌0.6%，英伟达跌0.5%，谷歌 跌0.3%，苹果涨0.1%，Meta 涨0.2%。 纳斯达克中国金龙指数跌0.6%，阿里巴巴、京东 ...

美国那边，最近有人动了脑筋，盯上了一条原本没人注意的边角料规定。结果一试，发现还真能把对中国的高额关税给绕过去。消息一出，商业圈炸开 了锅，有人叫好，有人皱眉，气氛一下子变得复杂又紧张。 说白了，美国企业靠这招，名正言顺地绕开了部分对中国加征的高关税。有人甚至用了合法偷税这个词，但严格来说，不违法。只是被挖出来的方式过 于巧妙，打了不少人一个措手不及。 这条规则其实早就摆在那里，只不过没几个人真去琢磨。直到2018年，美国对中国商品大规模加征关税，有的进口商觉得吃不消，开始咨询律师、找办 法，结果就翻出了这条沉睡的规定。从那以后，一些大公司悄悄开始用，包括做奢侈品的，也有搞生物技术的，还有美国本土的烧烤炉制造商，动静一 点点变大。 可不是谁想用就能用的，条件不少：两次以上独立交易、每次都得是真实买卖、得有文件能说明交易结构和金额，最关键的是，得让中国那边的供应商 说实话——把实际出厂价格交代清楚。这一步，其实最难。谁都知道，中间商能赚就是靠这个价格差。你让他告诉沃尔玛，货其实才5美元一件？不愿 意的不少，心里打鼓的更多。 但一旦配合好了，利益巨大。比如对中国商品加征的关税是30%，可实际算下来，有时甚至超过3 ...

来源：央视新闻客户端 "海外专柜正品""境外直邮"，在一些电商平台的"全球购"网络直播间，这些噱头吸引了不少人下单。当 然，吸引消费者的除了网络主播们宣称的"正品"外，还有就是低于线下正品专柜的诱人"折扣"，五折、 六折、七折，正品认证，低廉价格，让人感觉买到就是赚到。可是，这些直播间里销售的海外商品，真 的来自海外吗？这些商品真的是"正品"吗？上海警方就破获了一起特大跨境网络售假案，揭开了造假内 幕，来看假货是如何镀金，摇身一变成网络直播间里的"全球购"正品的。 七折网购"海外正品" 到货发现货不对板 这是某网购平台"全球购"板块的一场直播。主播在售卖某国外品牌衣服的过程中，不断向消费者展示一 张品牌"授权书"，并声称，自家直播间里销售的商品均为正品，而且还保证是境外直邮。当然，正品只 是这个直播间宣传的一个点，最吸睛的还是价格："全场七折"。 被害人 邓先生：我如果是说以低的价格买的，我也不会来报警了。但是我是以正常的价格去买的，鉴 定下来结果为假的，所以我才来公安机关报警。 网店有平台认证 也确从保税仓发货 在接到邓先生的报案后，上海警方也进行了一番侦查。根据邓先生提供的线索，警方侦查发现，该店铺 确实 ...

Core Viewpoint - The collaboration between baleaf and OROLAY on Amazon represents a successful example of brand partnership that transcends product categories, targeting a shared customer base of women over 30 who value quality and comfort [3][30]. Group 1: Collaboration Insights - baleaf and OROLAY share a similar customer demographic, primarily women over 30, who appreciate quality living and versatile fashion [3]. - The partnership aims to create a modern wardrobe solution that meets the multi-scenario needs of contemporary women, reflecting a keen insight into consumer upgrade trends [3][10]. - The collaboration is seen as a new exploration in building a global brand through deep integration of both brands' identities [3]. Group 2: Marketing Strategy - Amazon's official team utilized big data analysis to identify the potential for collaboration, allowing both brands to step out of their comfort zones through joint marketing efforts [6]. - The marketing strategy included a phased approach with stages for preheating, explosion, conversion, and remarketing, ensuring a comprehensive advertising strategy [19][25]. - The collaboration emphasized the importance of advertising synergy, aiming to create a closed-loop of traffic through both internal and external marketing efforts [19]. Group 3: Performance Metrics - The collaboration led to significant increases in new customer rates, with baleaf experiencing over 60% growth and OROLAY achieving over 70% growth during the partnership [12]. - The homepage traffic for both brands reached nearly 80%, indicating strong consumer interest and engagement [12]. - One of OROLAY's products sold out within a week, showcasing the effectiveness of the collaboration [12]. Group 4: Challenges and Solutions - The partnership faced challenges in marketing execution and coordination, which required both brands to engage in regular meetings and discussions to align their strategies [13][15]. - The collaboration process was characterized by a mutual understanding of each brand's culture and product offerings, which facilitated smoother operations [15]. - The Amazon seller growth service team played a crucial role in supporting the partnership, helping to navigate the complexities of joint marketing [25]. Group 5: Future Directions - Both brands expressed a desire to improve upon their initial collaboration, indicating plans for future partnerships that could further enhance brand visibility and consumer engagement [30][40]. - OROLAY is focusing on building a localized team in the U.S. to better understand consumer habits and enhance marketing efforts [38]. - The emphasis on creating localized, co-created products that resonate with consumer needs is seen as essential for future success [38].

30年过去，"红极一时"的真维斯却在自己的"老家"——澳大利亚破产了。5月19日，记者查询了真维斯澳大利亚官网，网页上赫然是"商店全部关闭"的字 样。 图片来源：真维斯澳大利亚官网。 已有53年历史的真维斯诞生于澳大利亚，1993年被我国企业旭日集团引入上海开出首店后，品牌进入高速发展。巅峰时期，其全球门店数量达3156家。 中国真维斯的所有者旭日集团在发布的《关于真维斯澳大利亚业务调整的声明》中表示，近日，澳大利亚真维斯公司基于全球零售业态变革及当地市场环 境变化，作出了正常业务调整，重整了线上线下业务，优化运营模式，（将）全力推动澳大利亚公司向电商渠道发展。 澳大利亚店铺全关 中国门店"佛系"迎战"618" 早在2020年，就传出了真维斯位于澳大利亚的公司将要破产的消息，直至今年三月，澳大利亚真维斯进入"自愿清算流程"的消息更是传得沸沸扬扬。 "奢品"沦为快消品 2020年至2024年五年间，中国真维斯电商销售增长超过13倍，业绩稳步上升，2024年全年电商全网销售额突破60亿元，创历史新高。"中国真维斯与澳大 利亚真维斯属两所完全独立公司，双方业务互不影响。财务相互独立。正因为中国真维斯的转型成功，才带 ...

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $35.2 million or $0.70 per share, compared to $34.8 million or $0.69 per share in Q1 2025, reflecting a year-over-year increase [4] - Net sales increased by 3.7% to $272.1 million from $262.5 million in the prior year [4] - Gross margin improved to 46.7%, a 70 basis point increase from 46% in the previous year [4] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 10.5%, representing about 50% of total sales, up from 47% last year [9] - Men's merchandise sales decreased by about 2.5%, accounting for approximately 50% of total sales, down from 53% [10] - Youth business saw an increase of approximately 11.5% year-over-year [12] Market Data and Key Metrics Changes - Comparable store sales increased by 3% compared to the same period last year [4] - Online sales rose by 4.5% to $46.4 million [4] Company Strategy and Development Direction - The company plans to open seven new stores and complete 16 additional full remodel projects for the remainder of the year [7] - Focus on enhancing private label offerings, which represented 47.5% of sales, up from 46% in the prior year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in managing vendor relationships to mitigate tariff impacts, with some vendors maintaining stable costs [21] - Positive trends in women's business and strong sell-throughs in key categories were highlighted as encouraging signs for future performance [21] Other Important Information - Selling, general and administrative expenses were 30.7% of net sales, up from 29.8% in the previous year, driven by increases in incentive compensation and health insurance costs [5] - Inventory stood at $132.4 million, a 1.3% increase from the previous year [6] Q&A Session Summary Question: Impact of China tariffs on gross margin - Management indicated that they are managing tariffs effectively with vendors, with some costs remaining stable and others experiencing low to mid-single digit increases [16][21] Question: Increase in operating lease assets - The increase in operating lease assets was attributed to new stores and remodels over the past twelve months [17] Question: Drivers of merchandise margin increase - The increase in merchandise margin was driven by growth in private label and strong regular price selling [23] Question: Potential for SG&A leverage - Management noted that total SG&A dollars were up slightly, with store payroll flat as a percentage of sales, indicating potential for leverage if sales continue to improve [27]

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $35.2 million or $0.70 per share, compared to $34.8 million or $0.69 per share in Q1 2025, reflecting a year-over-year increase [4] - Net sales increased by 3.7% to $272.1 million from $262.5 million in the prior year [4] - Gross margin improved to 46.7%, a 70 basis point increase from 46% in the previous year [4] - Selling, general and administrative (SG&A) expenses were 30.7% of net sales, up from 29.8% in the prior year [5] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 10.5%, representing about 50% of total sales, up from 47% last year [7] - Men's merchandise sales decreased by about 2.5%, accounting for approximately 50% of total sales, down from 53% [8] - Accessory sales increased by approximately 3.5%, while footwear sales decreased by about 7% [9] - Private label sales represented 47.5% of total sales, up from 46% in the prior year [10] Market Data and Key Metrics Changes - Comparable store sales increased by 3% year-over-year [4] - Online sales rose by 4.5% to $46.4 million [4] - Average unit retail (AUR) for women's denim increased from $80.85 to $84.85, while men's denim price points increased from $88.65 to $89.7 [7][8] Company Strategy and Development Direction - The company plans to open seven new stores and complete 16 additional full remodel projects for the remainder of the year [6] - Focus on enhancing private label offerings and maintaining strong relationships with key vendors to manage costs effectively [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in managing tariff impacts, with some vendors maintaining stable costs while others have low to mid-single-digit increases [14] - Positive trends in women's business and strong sell-throughs in key categories were highlighted, indicating a favorable outlook [19] Other Important Information - Inventory as of May 3, 2025, was $132.4 million, up 1.3% from the previous year [6] - The company completed five full store remodels and closed two stores during the quarter [6] Q&A Session Summary Question: Impact of China tariffs on gross margin - Management indicated that they are managing tariffs effectively with vendors, resulting in minimal cost increases [14] Question: Increase in operating lease assets - The increase was attributed to new stores and remodels recognized on the balance sheet [15] Question: Drivers of merchandise margin increase - The increase in merchandise margin was driven by growth in private label and strong regular price selling [20] Question: SG&A expense leverage opportunities - SG&A expenses were up due to increased payroll and incentive compensation, but management noted potential for leverage with continued sales growth [26]

Core Viewpoint - Gap (GAP) is expected to report quarterly earnings of $0.44 per share, a 7.3% increase year-over-year, with revenues forecasted at $3.42 billion, reflecting a 0.9% increase compared to the previous year [1] Earnings Estimates - Analysts predict that the consensus EPS estimate has remained unchanged over the last 30 days, indicating a reassessment of initial estimates by covering analysts [1][2] - The correlation between earnings estimate revisions and short-term stock price performance is emphasized as a significant factor for investors [2] Sales Projections - Analysts estimate 'Net Sales- Gap Global- Total' to reach $700.37 million, a 1.7% increase from the prior-year quarter [4] - 'Net Sales- Banana Republic Global- Total' is projected at $437.44 million, indicating a decrease of 0.6% from the year-ago quarter [4] - 'Net Sales- Old Navy Global- Total' is expected to be $1.93 billion, reflecting a year-over-year increase of 0.8% [5] Comparable Store Sales - The estimated 'Comparable Store Sales - Old Navy - YoY change' is 1.4%, down from 3% reported in the same quarter last year [5] - 'Comparable Store Sales - Gap - YoY change' is projected at 3.6%, consistent with the year-ago value of 3% [6] Store Locations - The number of company-operated stores for Gap is expected to be 2,501, down from 2,554 in the same quarter last year [6] - Analysts forecast 'Number of Store Locations - Banana Republic - Total' at 418, down from 440 year-over-year [7] - 'Number of Store Locations - Old Navy North America' is projected to reach 1,251, slightly up from 1,244 year-over-year [7] Square Footage - Analysts project 'Square Footage - Total' to be 29.48 million square feet, down from 30.5 million square feet in the same quarter last year [8] Stock Performance - Over the past month, Gap shares have returned +39.3%, outperforming the Zacks S&P 500 composite's +10.7% change [8]

证券代码：002127 证券简称：南极电商 南极电商股份有限公司投资者关系活动记录表 编号：2025-011 分品牌来看，公司南极人品牌在业务调整与重塑的过程 中，后续将进入经营高质量恢复阶段。百家好目前处于业务 快速增长期，在基于稳定增长的基础上，计划通过学习一些 设计师品牌及优秀案例，逐步拓宽产品品类。卡帝乐鳄鱼目 前处于战略性收缩状态，后续将在产品质量、供应商以及经 销商等方面进行调整与重塑，待后续调整完毕会将重新进行 产品上链。 （二）线下门店的核心战略及具体规划？主要线下门店类型 经营模式？线下门店的 SKU 是直营还是加盟？公司对于线 下门店的销售金额是否有规划？ 答复： 目前南极人仲盛快闪店已经开业，后续环球港将会开设 首家固定店铺，此外公司也在积极与上海及上海周边地区的 零售业态进行广泛积极的洽谈，同步探索开立满足多品类、 可社交、提供生活方式的大型综合店。 线下店铺类型包括但不限于单点店、综合店及社区店等， 公司的目标是根据不同的店铺的要素探索合适的经营模型。 公司线下门店将提升店铺的高端化形象，并将通过融入自有 IP 系列，增加网红打卡区域等营销形式，强化线下消费者的 体验感。 目前公司重 ...