证券代码：603958 证券简称：哈森股份 公告编号：2025-059 哈森商贸（中国）股份有限公司 2025 年第三季度服装行业主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 哈森商贸（中国）股份有限公司（以下简称"公司"）根据《上海证券交易 所上市公司自律监管指引第 3 号行业信息披露：第十号--服装》的相关规定，现 将 2025 年第三季度公司鞋包业务主要经营数据（未经审计）公告如下： | | | | | 单位：家 | | --- | --- | --- | --- | --- | | 项目 | 本期新开 | 本期关闭 | 本期净减少 | 期末店铺数量 | | 直营店铺合计 | 20 | 55 | 35 | 701 | | 其中：哈森 | 7 | 20 | 13 | 313 | | 卡迪娜 | 0 | 13 | 13 | 70 | | 诺贝达 | 0 | 3 | 3 | 89 | | 派高雁 | 3 | 7 | 4 | 134 | | 其他 | 10 | 12 | 2 | 95 | | 经销商店铺合计 ...

Core Viewpoint - The article emphasizes the quality and integrity of Adidas in choosing to collaborate with a reputable Chinese manufacturer, Snow Flying, for its products, highlighting that this choice reflects a commitment to quality over cost-cutting measures often seen in the industry [3][4][7]. Group 1: Manufacturing Quality - Adidas' decision to use Snow Flying, a well-established Chinese apparel manufacturer, is portrayed as a sign of quality, contrasting with cheaper alternatives from Southeast Asian factories [3][4]. - The article argues that the perception that OEM (Original Equipment Manufacturer) products are inferior is a misconception, as many high-quality brands utilize OEM manufacturing without compromising on quality [5][6]. Group 2: Chinese Manufacturing Capabilities - The article asserts that Chinese manufacturers, particularly in the apparel sector, have developed significant expertise and technology over the past 30 years, making them leaders in the field [7]. - It highlights that the best materials and manufacturing techniques are often sourced from China, with specific examples such as the high-quality denim produced in Changzhou [7]. Group 3: Cost and Quality Relationship - The relationship between the cost paid by brands to manufacturers and the quality of the final product is emphasized, indicating that higher investment leads to better quality outcomes [6][7]. - The article suggests that many brands avoid using Chinese manufacturing not due to a lack of quality, but because they cannot afford the higher costs associated with reputable manufacturers [7].

Core Insights - The 138th Canton Fair is set to showcase Dongguan as a "City of Manufacturing Aesthetics," attracting significant attention from domestic and international buyers [1] - Dongguan's enterprises achieved an intended transaction amount of $530 million during the first phase of the fair, marking a 15.2% increase compared to the previous session [1] Group 1: Manufacturing Aesthetics - Dongguan has introduced the concept of "Manufacturing Aesthetics" in 2024, focusing on six dimensions: design, craftsmanship, production, products, culture, and philosophy to reconstruct the value of its manufacturing industry [1] - The fair serves as a platform to demonstrate Dongguan's quality advantages and innovative capabilities in manufacturing [1] Group 2: International Procurement Engagement - Over ten international buyers from countries such as Argentina, Egypt, Russia, Brazil, and Canada will engage in precise industrial matching in Dongguan, facilitating direct procurement needs to local manufacturers [2] - The participation of these global buyers highlights Dongguan's robust manufacturing strength in the international market [2] Group 3: Trade Expansion Initiatives - Dongguan's Commerce Bureau emphasizes the importance of international buyer resources during the fair as a vital channel for expanding international trade [3] - The city plans to organize more targeted and professional trade matching activities to promote the "Dongguan Manufacturing" brand and connect local enterprises with global markets [3] Group 4: Media Engagement and Aesthetic Exploration - Mainstream media and influencers will visit Dongguan on October 24-25 to experience the charm of the "City of Manufacturing Aesthetics" [4] - Dongguan has hosted various high-profile exhibitions to showcase its manufacturing industry's aesthetic and creative capabilities, enhancing its international appeal [4] Group 5: Cultural and Creative Industries - Dongguan is recognized as a "City of Trendy Toys," producing a quarter of the world's animation derivatives and nearly 85% of trendy toys, serving as a prime example of "Manufacturing Aesthetics" [5] - The city aims to integrate traditional cultural inspirations into innovative product development, enhancing its competitive edge in the global market [5]

Group 1 - The construction of major projects in Fujian is progressing rapidly, with significant efforts in various sectors including transportation and petrochemicals [6][7][12] - Fujian's GDP reached 27,996.57 billion yuan in the first half of the year, reflecting a year-on-year growth of 5.7% [7] - Jinjiang, a key foreign trade hub, has a textile and footwear industry with an annual output value exceeding 400 billion yuan, contributing significantly to the global market [8] Group 2 - Jinjiang has 872 high-tech enterprises and is focusing on innovation in traditional industries through new materials and smart manufacturing [9] - The establishment of a low-altitude drone governance platform in Fuzhou aims to enhance urban management and response capabilities [9] - Fujian Haohui Lin Food Co., Ltd. benefited from a 9 million yuan loan from Fujian Haixia Bank, showcasing innovative financing solutions for local businesses [10][11] Group 3 - The integration of industry and technology is emphasized, with initiatives to connect enterprises with research institutions for innovation [8][9] - The government is actively addressing financing challenges faced by private enterprises, promoting new financial products to support business growth [10][11] - The construction of the integrated circuit industry park in Quanzhou is underway, with efforts to streamline environmental assessments and project approvals [12] Group 4 - The local government is implementing measures to incentivize and support capable officials, enhancing their roles in driving economic development [13][14] - A focus on accountability and performance evaluation is evident, with a system in place to promote effective leaders within the administrative framework [13][14] - Continuous efforts are being made to foster a proactive and responsible workforce, aligning with the broader goals of modernization and economic prosperity in Fujian [15]

Core Insights - The article emphasizes the role of county-level economies as fundamental units of the national economy, highlighting the importance of financial support in revitalizing these economies [1] Group 1: Financial Mechanisms and Support - The People's Bank of China (PBOC) in Putian has established a "door-to-door" policy guidance mechanism to tailor financial solutions for local enterprises, enhancing service efficiency [2] - A financial work committee has been formed to ensure smooth policy transmission and support for county-level financial management [3] - The PBOC has introduced innovative loan products to support local industries, such as "Craftsman Loans" and "Ability Loans," to meet the financing needs of the handicraft industry [4] Group 2: Credit and Loan Growth - As of the end of August, the balance of loans for technical transformation projects in the county reached 822 million yuan, with a significant increase in loan issuance efficiency [2] - The balance of loans for agricultural support in Xianyou County reached 1.753 billion yuan, marking a year-on-year growth of 42.62% [3] - The total loan balance for key county-level industrial chains reached 19.357 billion yuan, with 2,366 enterprises benefiting from these loans [4] Group 3: Financial Services for Rural Areas - The PBOC has promoted a "Supply and Marketing + Finance" service model to assist village-level supply cooperatives in obtaining credit, facilitating financial access for small-scale operations [6] - By the end of July, 107 financial credit villages and 8 credit towns were established, benefiting over 12,534 clients with a total loan issuance of 3.17 billion yuan [6] Group 4: Technological Empowerment - Financial institutions are leveraging big data and AI to innovate financial products and services, enhancing accessibility for various market entities [7] - The PBOC has guided banks to utilize national platforms for credit information sharing, resulting in 55 loans amounting to 97.51 million yuan for local enterprises [8]

Group 1 - The importance of developing the real economy is emphasized as a strategic choice for a large country like China, focusing on industrial modernization and manufacturing improvement [1][2][3] - The Luoyang Bearing Group has successfully increased its high-end bearing output to account for 70% of its total production, showcasing the effectiveness of focusing on real industry [1] - The transformation of Yangquan Valve Company, which has embraced technological innovation, reflects the historical evolution of national industry and the necessity of maintaining a strong real economy [1] Group 2 - The steel industry, particularly the development of "hand-tear steel," illustrates the commitment to innovation and quality, with thickness reduced from 0.02mm to 0.015mm [4] - Companies are encouraged to focus on their core business and avoid distractions from capital operations, as seen in the textile and footwear industries in Fujian [5] - Innovation is highlighted as a core competitive advantage, with companies like XCMG and LiuGong leading in engineering machinery through groundbreaking products [6][7] Group 3 - The manufacturing sector is identified as a critical component of the real economy, with China's industrial output increasing from 31.3 trillion yuan to 40.5 trillion yuan during the 14th Five-Year Plan [8] - China has over 63 million enterprises, including 504,000 high-tech firms and 14,000 specialized small and medium-sized enterprises, indicating a robust and resilient real economy [8] - China's contribution to global manufacturing growth exceeds 30%, and it remains the largest automobile exporter, enhancing its international industrial competitiveness [8]

Core Viewpoint - The 10th Huashang Cultural Festival will be held on October 29 in Shangqiu, aiming to create a platform for global Chinese merchants to connect with the national unified market, emphasizing the historical roots of commercial civilization in the region [1][2]. Group 1: Festival Overview - The festival has evolved from a local cultural event to a globally recognized cultural celebration since its inception in 2006 [1]. - The theme "Gathering at the Source of Yin Shang, Integrating into the Big Market" reflects both a historical tribute to commercial roots and a contemporary focus on market integration [1][2]. Group 2: Strategic Importance of Shangqiu - Shangqiu is positioned as a key node in the "Belt and Road" initiative and a core area for high-quality development in the Yellow River Basin, benefiting from multiple strategic opportunities [2][3]. - The city aims to leverage its unique geographical advantages and industrial foundation to contribute to the construction of a national unified market [3][4]. Group 3: Financial Support Activities - A financial support event will take place on October 28, focusing on "Financial Empowerment and Industry-Finance Coordination" to connect financial institutions with local industries [6][9]. - The event aims to facilitate diverse financial services and promote high-quality regional economic development by linking financial capital with local特色产业 [6][9]. Group 4: Industry Development Strategies - Shangqiu is focusing on building a logistics network, enhancing agricultural supply stability, and nurturing competitive niche industries to support its economic growth [7][8]. - The city is also promoting cultural and tourism integration to stimulate domestic demand and create new economic scenarios [8]. Group 5: Event Activities - The festival will feature a series of activities, including cultural performances, academic exchanges, and business events, aimed at showcasing Shangqiu's unique charm and fostering industry collaboration [10][11]. - Specific exhibitions, such as the Refrigeration Equipment Expo and Shoe Industry Expo, will highlight local industry strengths and facilitate project signings [10].

Core Insights - The retail industry is transitioning from high-speed growth to stock competition, necessitating the digital transformation of "people, goods, and venues" through generative AI and data applications [1][2][4] Group 1: Market Dynamics - The retail sector is experiencing intensified competition, requiring companies to leverage digital technologies to enhance sales conversion rates and inventory turnover while reducing operational costs [2][6] - Post-pandemic consumer behavior has shifted towards rationality, prompting businesses to focus on member economies rather than traffic-driven models [4] Group 2: Industry-Specific Trends - In the beauty sector, domestic brands have rapidly increased their market share from 43.7% in 2022 to 55.7% in 2024, utilizing KOL evaluations and UGC content to establish a marketing loop [9] - The footwear and apparel market is facing severe competition, with companies needing to build independent product development capabilities and brand recognition to stand out [11] - The home goods industry is entering a phase of replacement, with companies seeking growth through international expansion and enhanced online-offline integration [14] Group 3: Generative AI and Data Integration - Generative AI's application potential is highly dependent on high-quality, compliant data, with data governance being crucial for establishing this foundation [20] - 71% of companies plan to strengthen data-driven decision-making, with generative AI primarily being implemented in marketing and customer service scenarios [23] - Nearly 90% of companies prefer to collaborate with external service providers for generative AI development, indicating a strong reliance on cloud service providers for comprehensive data and AI solutions [29][30] Group 4: Marketing and Customer Engagement - Over 90% of companies have adopted generative AI in marketing, significantly reducing content production costs and improving sales conversion rates [48][51] - Generative AI enhances customer service efficiency, with over 50% of companies reporting improvements in service quality and reduced reliance on human intervention [53] Group 5: Decision-Making and Governance - 93% of companies are building knowledge bases that cover multiple scenarios, with generative AI aiding in data governance and enhancing decision-making processes [56] - The integration of generative AI and data allows for real-time insights and dynamic responses, shifting decision-making from experience-driven to data-driven approaches [42] Group 6: International Expansion - 93% of retail companies are expanding overseas, focusing on markets with high purchasing power and mature channels, such as the Asia-Pacific and Europe [66] - Generative AI is key in overcoming language and cultural barriers, facilitating localized marketing and efficient customer service for companies entering international markets [69]

Core Insights - The article emphasizes the importance of consumption as a key driver of economic growth and a reflection of public well-being [2] Group 1: Consumption Trends - Various regions are actively enhancing consumption through new scenarios, business models, and supply chains, aiming to stimulate demand and economic growth [2][5] - The night economy in Chengdu, exemplified by the "Night Tour Jinjiang," showcases the integration of cultural tourism and local businesses, attracting both domestic and international tourists [4] - In Hubei, cultural experiences are increasingly integrated into tourism, with significant revenue generated from cultural products, indicating a shift towards experiential consumption [5][6] Group 2: Technological Advancements - The automotive industry is leveraging smart production lines, with companies like Lantu Auto achieving significant growth in vehicle deliveries due to enhanced production efficiency [8] - In Fujian, the shoe industry is transitioning to high-end products through intelligent manufacturing and personalized customer experiences, reflecting a broader trend of technological integration in traditional industries [9][10] Group 3: Community and Social Initiatives - Community initiatives in Xiamen are enhancing local services and promoting consumption, with a focus on convenience and accessibility for residents [11][12] - Employment generation is a critical aspect of economic development, with the clothing e-commerce sector in Hubei creating thousands of jobs through innovative business models [13][14]

Core Insights - Belle Fashion Group demonstrated the effectiveness of its multi-brand strategy by achieving a 56% year-on-year sales growth during the 2025 Tmall Super Brand Day, setting a new record in the apparel industry [1][2][4] - The company successfully navigated the highly fragmented consumer market by leveraging diverse brand offerings to meet varied consumer preferences, with over 16 different fashion styles identified among Chinese consumers [1][4] Group Synergy - The success of the Super Brand Day was attributed to the synergistic effect of the multi-brand matrix, which integrated national outdoor advertising resources and optimized supply chain and retail operations for rapid response [2][8] - Each brand under the unified "Starry Street" theme showcased its unique positioning, with BELLE focusing on "fashion leisure," STACCATO emphasizing "elegance," and Champion leveraging celebrity endorsements to drive sales [4][5] Market Expansion and Differentiation - Belle Fashion has adopted a strategy of "expanding the track" and "differentiated branding" to maintain vitality, expanding from fashion to sports and leisure since its transformation in 2017 [5][7] - The company holds a leading market share of 12.3% in the Chinese fashion footwear market, with BELLE and Champion showing significant growth in their respective categories [7][10] Sustainable Growth Model - Belle Fashion's ability to balance scale advantages with brand innovation has created a sustainable growth model, allowing it to achieve counter-cyclical growth in a recovering but uneven consumer market [8][10] - The company's multi-brand strategy is seen as a key weapon for large fashion groups to address market fragmentation, with a focus on capturing consumer demand through supply chain and digital capabilities [10][11]