Core Viewpoint - Mardi Mercredi, a South Korean designer brand, is closing all its physical stores in China and ceasing operations of its mini-program mall as of October 31, 2025, due to business optimization adjustments [3][4]. Group 1: Store Closures and Online Operations - The brand's physical stores in major cities like Beijing, Shanghai, and others have been clearing out inventory as part of a large-scale withdrawal from the market [3]. - Despite the closure of physical stores, the online flagship store will continue to operate, and customer service for online purchases will remain unaffected [3][10]. - The brand's mini-program mall will stop operations, and the membership system will also be terminated, requiring members to transfer their points to new brands by the deadline [4][7]. Group 2: Brand Management and New Initiatives - The Chinese agent for Mardi Mercredi, Mandoia (Shanghai) Brand Management Co., Ltd., stated that the closure is part of a strategy to focus on new brands like Raive and Rest&Recreation [3][10]. - Mandoia was established in March 2022 and is involved in brand management and retail across various sectors, including fashion [3]. Group 3: Brand Background and Market Presence - Mardi Mercredi was founded in 2018 by designers Park Hee-mook and Lee Soo-hyun, with a style that leans towards casual French fashion [11]. - The brand entered the Chinese market in 2022 and opened its first pop-up store in Shanghai in April 2023, targeting a demographic of young adults [11]. - The brand has faced challenges with counterfeit products in the Chinese market, which has affected its operations [10].

Group 1 - The core point of the article highlights that Mois International (00130) has seen a significant stock deposit at Citibank, with a market value of HKD 30.59 million, representing 65.99% of the total [1] - For the fiscal year ending March 31, 2025, Mois International reported revenues of approximately HKD 103 million, reflecting a year-on-year decrease of about 25% [1] - The company recorded a loss attributable to shareholders of HKD 56.546 million, which is an increase of 17.56% compared to the previous year, resulting in a loss per share of HKD 0.2 [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][6][6]. Core Insights - The company reported a slight increase in revenue and net profit for Q3 2025, with total revenue reaching 15.6 billion yuan, a year-on-year growth of 2.2%, and a net profit of 1.86 billion yuan, down 2.4% year-on-year [6][6][6]. - The gross margin improved to 45.2% for the first three quarters of 2025, while the net profit margin remained stable at 11.6% [6][6][6]. - The company is expected to benefit from the recovery of retail consumption, with projections for net profit growth in the coming years [6][6][6]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 21.649 billion yuan, with a projected growth rate of 3.3% [5][5][5]. - The net profit for 2025 is forecasted to be 2.168 billion yuan, reflecting a slight increase of 0.4% year-on-year [5][5][5]. - The earnings per share (EPS) for 2025 is expected to be 0.45 yuan, with a projected increase to 0.50 yuan in 2026 and 0.55 yuan in 2027 [5][5][5]. Brand and Channel Performance - The main brand, 海澜之家, generated revenue of 10.8 billion yuan in the first three quarters of 2025, although it experienced a decline of 4% year-on-year [6][6][6]. - Online sales accounted for 30.9 billion yuan, down 3.3% year-on-year, while offline sales increased by 6.4% to 120.5 billion yuan [6][6][6]. - The company is expanding its new business model with 京东奥莱, which is expected to contribute significantly to future growth [6][6][6].

Group 1 - The company Meibang Apparel (SZ 002269) announced that its 20th meeting of the sixth board of directors was held on October 30, 2025, in Shanghai, where the agenda included the discussion of the 2025 third-quarter report [1] - For the first half of 2025, Meibang Apparel's revenue composition was 87.04% from wholesale and retail, and 12.96% from other businesses [1]

Core Insights - Guangzhou Mushihua Xu Clothing Co., Ltd. has recently been established with a registered capital of 100,000 RMB [1] Company Overview - The company operates in various sectors including retail and wholesale of clothing and accessories, jewelry retail, and eyewear sales (excluding contact lenses) [1] - Additional business activities include sales of textiles, internet sales (excluding licensed goods), jewelry wholesale, and sales of clothing accessories [1] Services Offered - The company provides a range of services such as information technology consulting, technical services, development, consulting, and technology transfer [1] - It also engages in network technology services, enterprise management, marketing planning, and consulting services [1] Product Range - The product offerings include bags, leather goods, daily necessities, general merchandise, and watches [1]

Core Viewpoint - A new individual business named Jinghong Muzhi Clothing Store has been established, focusing on various retail and wholesale activities in the clothing and accessories sector [1] Company Summary - The legal representative of the newly established clothing store is Lü Zhihong [1] - The registered capital of the business is 100,000 RMB [1] - The business operations include retail and wholesale of clothing and accessories, as well as sales of footwear, bags, and jewelry [1] Industry Summary - The business is involved in general projects such as clothing retail, clothing wholesale, and sales of clothing accessories [1] - Additional activities include internet sales (excluding items requiring special permits) and personal internet live streaming services [1]

Core Viewpoint - Xinha shares (003016.SZ) reported its Q3 2025 results, highlighting a significant institutional ownership increase, indicating strong investor confidence in the company [1] Institutional Ownership - As of October 28, 2025, seven institutional investors hold a total of 292 million shares of Xinha, representing 69.33% of the total share capital [1] - The institutional ownership increased by 1.08 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 40 public funds were disclosed, including notable funds such as Guotai Haitong CSI 500 Index Enhanced A and Huande Quality Governance Mixed Fund [1] Foreign Investment Trends - One foreign fund, Hongye Asia Limited, reduced its holdings slightly compared to the previous quarter, indicating a minor decline in foreign investment [1]

天眼查App显示，近日，扬州经济技术开发区晴天服装工作室（个体工商户）成立，法定代表人为何琼 华，注册资本1万人民币，经营范围为一般项目：服装服饰零售；服装服饰批发；纺织、服装及家庭用 品批发；日用品销售；互联网销售（除销售需要许可的商品）；鞋帽批发；鞋帽零售；皮革制品销售； 皮革销售；箱包销售（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）。 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Shenzhou International, Anta Sports, Li Ning, and Bosideng, among others [10][24][41]. Core Views - The textile and apparel industry is experiencing a recovery in retail sales, with clothing retail sales growing by 4.7% year-on-year in September 2025, indicating a positive trend [1][15]. - E-commerce sales in the apparel sector are outperforming offline channels, with online retail sales of physical goods reaching 915.28 billion yuan, a growth of 6.5% [2][17]. - Companies like Nike are showing signs of improvement in their fundamentals, which is expected to benefit upstream manufacturing companies [3][21]. Summary by Sections Retail Sales Performance - In September 2025, the total retail sales of consumer goods increased by 3% year-on-year, with cumulative growth of 4.5% from January to September 2025 [1][15]. - Jewelry retail sales saw a significant increase of 9.7% year-on-year in September 2025, driven by rising gold prices [1][15]. E-commerce vs. Offline Sales - For the period from January to September 2025, offline retail sales in various channels showed mixed results, with convenience stores and supermarkets growing by 6.4% and 4.4%, respectively [2][17]. - The e-commerce channel accounted for 25% of total retail sales, with food, clothing, and daily necessities growing by 15.1%, 2.8%, and 5.7%, respectively [2][17]. Company Recommendations - The report highlights several companies with strong fundamentals and growth potential, including: - Shenzhou International and Huayi Group, benefiting from Nike's improved orders [3][21]. - Anta Sports, with a PE ratio of 17 times for 2025, and Li Ning, with a PE ratio of 18 times for 2025, both showing strong operational resilience [3][22]. - Bosideng, expected to see stable revenue growth during the autumn and winter seasons [4][35]. Market Trends - The textile and apparel sector is expected to continue its recovery, with companies focusing on product innovation and channel efficiency to enhance their market positions [3][23]. - The report notes that the overall textile and apparel sector has underperformed compared to the broader market, with the textile manufacturing sector growing by 2.11% and the brand apparel sector by 1.62% [29][30].

天眼查App显示，近日，汕头市米韵服饰有限公司成立，法定代表人为李维妹，注册资本10万人民币， 经营范围为一般项目：服装服饰批发；服装服饰零售；针纺织品及原料销售；化妆品批发；化妆品零 售；日用百货销售；母婴用品销售；个人卫生用品销售；箱包销售；鞋帽零售；文具用品零售；办公用 品销售；体育用品及器材零售；家用电器零配件销售；电子产品销售；五金产品零售；塑料制品销售； 日用杂品销售；皮革制品销售；玩具销售；食品销售（仅销售预包装食品）；互联网销售（除销售需要 许可的商品）。（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）。 ...