白宫，传出多则重磅消息！ 当地时间5月2日，白宫表示，美国将于6月14日举行阅兵式。同一天，白宫公布的2026财年预算案显示，特朗 普政府计划削减1630亿美元非国防支出，同时增加国防支出和国土安全支出。 另外，美国鞋类分销商和零售商协会本周致信白宫，请求豁免美国总统特朗普所谓的"对等关税"，称关税将推 高美国的鞋类产品成本，导致企业倒闭。这封信由耐克、阿迪达斯、斯凯奇等76个鞋类品牌签署。 还有消息称，特朗普政府计划大幅裁减美国情报机构。美国中央情报局计划裁员1200人，美国其他情报部门也 将裁员数千人。 举行阅兵式 报道称，当地时间4月7日，华盛顿哥伦比亚特区市长缪里尔·鲍泽和弗吉尼亚州阿灵顿县委员会主席塔基斯·卡 兰托尼斯表示，他们已经在与特朗普政府官员讨论今年夏天举行阅兵式的计划。按照鲍泽的说法，初步规划的 阅兵路线起点在阿灵顿县，终点在波托马克河对岸的华盛顿特区。 美联社当时援引一名不愿具名国防官员的说法称，可能将安排在6月14日纪念美国陆军成立250周年的庆典活动 期间增加一场阅兵式，那天是特朗普79岁的生日。该庆典活动已经筹备了大约两年，内容包括在华盛顿特区国 家广场举行一系列活动和装备展示，展 ...

【宏观消息】 美国就业新增17.7万强化"软着陆"路径 且降息预期依旧坚挺。美国4月非农就业市场可谓持续增长稳 健，失业率保持稳定，表明美国总统唐纳德·特朗普主导的新一轮面向全球激进关税政策与全球贸易战 役尚未对美国企业招聘计划产生实质的负面影响。美国劳工统计局周五公布的数据显示，当月非农就业 人数增加17.7万人，低于上月统计但是优于经济学家们预期的13万，此前两个月的非农就业数据数据则 小幅向下修正。失业率维持在4.2%，与市场预期一致。 智通财经APP获悉，周五，三大指数均收涨超1%，且在本周录得涨幅，其中标普500指数、道指均连涨 9日。受到美国劳动力市场"温和"降温以及关税方面更多利好消息提振，风险资产普遍上涨。 【美股】截至收盘，道指涨564.47点，涨幅为1.39%，报41317.43点，本周累计涨幅3.00%;纳指涨266.99 点，涨幅为1.51%，报17977.73点，本周涨幅3.42%;标普500指数涨82.53点，涨幅为1.47%，报5686.67 点，本周涨幅2.92%。其中，标普500指数录得自2004年11月以来最长连涨纪录，收复自4月2日以来的 跌幅。 Meta(META.US ...

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Core Insights - The company, Harsen Trading (China) Co., Ltd., reported a mixed financial performance for the year 2024, with a slight increase in revenue but a significant expansion in losses [1][2]. Financial Performance Summary - Revenue for 2024 reached 821,012,245.70 yuan, a 1.12% increase from 811,887,920.62 yuan in 2023, indicating slow business expansion [2]. - The net profit attributable to shareholders was -96,407,444.40 yuan, compared to -5,330,845.08 yuan in 2023, reflecting a substantial increase in losses [2]. - The basic earnings per share dropped to -0.436 yuan from -0.024 yuan in 2023, indicating deteriorating profitability [2]. Expense Analysis - Sales expenses decreased by 3.13% to 379,129,878.29 yuan from 391,364,471.46 yuan in 2023, but the overall scale remains large [3]. - Management expenses surged by 42.58% to 56,297,826.27 yuan, primarily due to intermediary fees related to cash acquisitions [3]. - Research and development expenses increased significantly by 425.06% to 4,196,974.22 yuan, reflecting a focus on new products and business areas [3]. Cash Flow Situation - The net cash flow from operating activities was -23,543,359.17 yuan, a decline of 131.36% from 75,085,960.79 yuan in 2023, indicating cash flow challenges [4]. - The net cash flow from investing activities was -226,834,970.15 yuan, primarily due to cash acquisitions, which raises concerns about liquidity [4]. - The net cash flow from financing activities was 137,044,051.74 yuan, reflecting increased borrowing to support business operations [4]. Potential Risks - The company faces risks related to business transformation, particularly in the competitive landscape of precision metal components and related equipment [5]. - There are performance commitment risks associated with acquisitions, which could lead to goodwill impairment if profit targets are not met [5]. - The company also faces risks from accounts receivable, with a significant portion of its assets tied up in receivables from clients in the consumer electronics sector [5]. Executive Compensation - The chairman received a pre-tax remuneration of 1.2 million yuan, while the general manager received 696,000 yuan, indicating a need to reassess the link between executive compensation and company performance [7].

Core Viewpoint - Xtep International has reported a mid-single-digit year-on-year growth in retail sales for its main brand in the first quarter of 2025, with a notable performance from its Saucony brand, which saw retail sales in China increase by over 40% year-on-year [1][4] Brand Performance - The company has established a brand matrix with its main brand targeting the mass sports market, while Saucony and Merrell focus on professional sports, and K-Swiss and Palladium cater to the fashion sports market [2][4] - Saucony became the first new brand within the group to achieve profitability in 2023, while K-Swiss and Palladium are still in the process of narrowing losses [2][4] - In December 2023, Xtep acquired 40% of Saucony's intellectual property rights in China, enhancing its control over the brand [2] Market Dynamics - The running market in China is experiencing robust growth, with a potential consumer base of 400 million, but competition is intensifying among brands [7][11] - Xtep's running shoes are priced between 400 to 700 RMB, with some competition in the over 1000 RMB segment from emerging brands like HOKA and Salomon [7][11] Financial Insights - Xtep plans to raise approximately 9.85 billion HKD through share placements and bond issuance to further develop its main brand and Saucony's direct-to-consumer business model [8][11] - Despite a significant revenue increase for Saucony, its contribution to the overall revenue remains below 10%, with the main brand still accounting for 123.27 billion RMB in revenue [8][11] Strategic Focus - The company is concentrating resources on its main brand and the running segment, indicating a strategic shift towards enhancing its presence in the running market [4][5] - Xtep is also exploring multi-category development, including investments in basketball and tennis, but these initiatives will take time to scale [12]

Investment Rating - The report maintains an "Outperform" rating for Li Ning, with a target price of HK$16.00, indicating a potential upside of 6.5% from the current price of HK$15.00 [2][12]. Core Insights - Li Ning's 1Q25 performance was in line with expectations, with a focus on product category expansion in 2025, which is designated as an investment year for the company [1][6]. - The company anticipates flat revenue growth for 2025, with a high single-digit net profit margin, as it invests heavily in brand partnerships and product development around the upcoming Olympic Games [6][12]. - The report highlights a strong performance in the running category, with over 20% growth, while basketball and sports lifestyle categories are experiencing declines [4][11]. Summary by Sections Financial Performance - For 1Q25, Li Ning's revenue growth was low single-digit, with direct channel sales declining due to a reduction in the number of directly managed stores [3][10]. - The company achieved a sell-through rate of approximately 5X in inventory to sales ratio, with improvements in discount rates across various channels [3][10]. Product Development - Li Ning's retail sales mix for 2024 shows running (28%), fitness (15%), basketball (21%), and casual (35%) categories, with respective growth rates of 25%, 6%, -21%, and -6% [4][11]. - New product launches are planned across all categories for 2025, including specialized running shoes and basketball models, with significant sell-out rates reported for certain lines [4][11][12]. Market Strategy - The company has secured partnerships with the Chinese Olympic Committee and plans to enhance its brand presence through sponsorships and collaborations with sports stars [6][12]. - Li Ning's channel adjustments are nearing completion, positioning the company for a potential brand upcycle post-2025 [7][12].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to P/E ratios of 15, 13, and 11 respectively [5] Core Insights - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company has successfully launched new factories in Vietnam, Indonesia, and China to meet the growing demand, with two new shoe factories already operational in Q1 2025 [3] - The gross margin for Q1 2025 was 22.90%, down 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories [3] - The company is expected to gradually restore its profitability as new factories improve operational efficiency through optimized training mechanisms and the deployment of smart production equipment [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth, while the net profit attributable to the parent company was 762 million RMB, down 3.25% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, marking an 8.24% year-on-year increase, with a slight growth in average selling price (ASP) [3] - The company’s gross margin was impacted by new factory ramp-ups, but the net profit margin was 14.26%, down 2.30 percentage points year-on-year [3] Market and Client Dynamics - The company is less affected by tariffs due to its Southeast Asian factories using a processing model and local sourcing of over 50% of raw materials in Vietnam [4] - The company is expected to benefit from new client orders, particularly from Adidas, as it continues to expand its customer base despite slower growth from major clients like Nike [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 44.23 billion, 50.74 billion, and 57.92 billion RMB from 2025 to 2027, with corresponding P/E ratios of 15, 13, and 11 [5]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to PE ratios of 15, 13, and 11 times respectively [5] Core Views - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company is benefiting from a strong customer base, particularly with new clients like Adidas, which is expected to drive growth despite challenges in the broader market [4] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth. The net profit attributable to the parent company was 762 million RMB, down 3.25% year-on-year, while the non-recurring net profit was 751 million RMB, also down 3.35% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, an increase of 8.24% year-on-year, with an increase in average selling price (ASP) contributing to order growth. New customer orders have significantly increased, particularly following the partnership with Adidas that began in Q4 2024 [3] - The gross margin for Q1 2025 was 22.90%, a decrease of 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories. The company plans to enhance operational efficiency through training and the deployment of smart production equipment [3] Market and Client Dynamics - The company is minimally affected by tariffs due to its Southeast Asia factories operating under a processing model, with over 50% of raw materials sourced locally in Vietnam. The company’s production capacity is concentrated in Vietnam and Cambodia, which mitigates the impact of tariff increases announced by the U.S. [4] - The growth strategy relies heavily on new clients like Adidas and On, with strong order momentum expected to continue. The company’s customer acquisition capabilities are highlighted as a key strength, allowing it to achieve rapid growth even as major clients like Nike experience slower growth [4]

据外媒报道，这种制造方法带来了诸多优势。首先，鞋子的形状和尺寸可以根据每个消费者的需求 进行定制，确保穿着的舒适性和贴合性。设计团队只需修改3D模型，即可轻松优化鞋款设计，大大提 高了设计效率和灵活性。然而，值得注意的是，目前Climacool鞋款并未提供个性化定制服务。 阿迪达斯近期在鞋类制造领域迈出了创新的一步，宣布将面向全球市场推出一款采用3D打印技术 的Climacool鞋款。这款鞋最初仅在阿迪达斯的Confirmed平台上限量发售，专为平台用户打造，而现 在，它将向所有消费者开放购买。 据悉，Climacool鞋款的独特之处在于其整体采用了先进的3D打印技术制造。阿迪达斯虽未透露具 体的生产工艺细节，但确认这些鞋子是通过增材制造技术完成的，涉及尖端的3D打印技术。这一创新 不仅令人瞩目，也预示着鞋类制造行业的新变革。 此前，阿迪达斯曾在Futurecraft 4D鞋款的中底尝试过"连续液态界面生产"工艺，该技术通过紫外光 将液态聚合物树脂逐层固化，形成固体材料。而Climacool鞋款在此基础上更进一步，实现了整鞋的3D 打印制造。 阿迪达斯此次推出的Climacool鞋款售价为140美元（约合10 ...