Group 1 - The core viewpoint of the news is that both Bosideng and Anta have denied any plans to acquire the down jacket brand Canada Goose, amidst reports of potential sales by its major shareholder Bain Capital [1][5] - Bain Capital is reportedly seeking to sell its stake in Canada Goose, with Boyu Capital having made a verbal offer and Advent International in discussions with Bain [1] - Other potential buyers mentioned include Bosideng International and a consortium formed by FountainVest and Anta Sports [1]

2025年二季度以来，部分企业面临压力，但也有部分头部企业交出了高质量"答卷"。高端运动户外 服饰品牌比音勒芬便是依旧保持稳定增长的行业代表之一。 比音勒芬2025上半年财报显示，公司实现营收21.03亿元，同比增长8.63%，净利润4.14亿元。其中，服 饰产品收入同比增长8.91%，在上装优势品类上公司营收增速达到12.42%。 线上渠道成为今年上半年比音勒芬增长最大的亮点。据公司财报披露，比音勒芬针对线上开展了更为精 细化的品类、渠道运用策略。例如，在抖音品牌旗舰店之外开设鞋服、服饰、男装细分品类门店，进驻 小红书、微信小程序、天猫等关键运营宣传渠道。 最终，上半年品牌抖音单一渠道实现总成交额1.49亿元新高，同比增长149%；电商全平台渠道总成交 额4.72亿元，同比增长71.3%，增速领先其他渠道。 不仅是在线上拓展，品牌焕新升级还在于积极拥抱年轻消费群体，如采用联名、时尚大秀、代言人升级 等年轻化叙事策略。一系列组合拳加持下，2025年上半年比音勒芬线下VIP新客群中，80后、90后占比 约70%，焕新升级成果初见成效。 比音勒芬的增长并非个别因素所致，而是线上线下协同、渠道与品牌多方赋能的结果。 ...

荔枝新闻讯8月28日，波司登国际控股有限公司在港交所公告，公司谨此提及今日若干媒体关于本公司 可能收购Canada Goose Holdings Inc.的相关报道。本公司现澄清，相关报道的内容不实，公司亦无任何 应披露而未披露的信息。 登的相关公告为准。本公司股东及潜在投资者于买卖本公司股份时务请审慎行事。 据悉，波司登1976年创立于江苏省常熟市，主要从事自有羽绒服品牌的开发和管理，旗下品牌包括波司 登、雪中飞、冰洁等，是全球知名的羽绒服生产商。 综合｜ 波司登 人民网江苏 来源：荔枝新闻 ...

★ 宏观动态 ★ 央行：7月债券市场共发行各类债券77536.2亿元 央行发布2025年7月份金融市场运行情况。7月份，债券市场共发行各类债券77536.2亿元。国债发行 12226.5亿元，地方政府债券发行12134.9亿元，金融债券发行13905.5亿元，公司信用类债券1发行 13496.8亿元，信贷资产支持证券发行329.3亿元，同业存单发行24743.6亿元。截至7月末，债券市场托 管余额190.4万亿元。其中,银行间市场托管余额168.4万亿元，交易所市场托管余额22.0万亿元。分券种 来看，国债托管余额37.6万亿元，地方政府债券托管余额52.5万亿元，金融债券托管余额43.4万亿元， 公司信用类债券托管余额34.0万亿元，信贷资产支持证券托管余额1.0万亿元，同业存单托管余额20.7万 亿元。商业银行柜台债券托管余额2092.8亿元。 财政部：1—7月国有企业营业总收入与上年同期持平，利润总额同比下降3.3% 8月29日，财政部公布2025年1—7月全国国有及国有控股企业经济运行情况。1—7月，全国国有及国有 控股企业（以下称国有企业）营业总收入与上年同期持平，利润总额同比下降3.3%。 8月2 ...

★ 宏观动态 ★ 央行：7月债券市场共发行各类债券77536.2亿元 央行发布2025年7月份金融市场运行情况。7月份，债券市场共发行各类债券77536.2亿元。国债发行12226.5亿元，地方政 府债券发行12134.9亿元，金融债券发行13905.5亿元，公司信用类债券1发行13496.8亿元，信贷资产支持证券发行329.3亿 元，同业存单发行24743.6亿元。截至7月末，债券市场托管余额190.4万亿元。其中,银行间市场托管余额168.4万亿元，交 易所市场托管余额22.0万亿元。分券种来看，国债托管余额37.6万亿元，地方政府债券托管余额52.5万亿元，金融债券托 管余额43.4万亿元，公司信用类债券托管余额34.0万亿元，信贷资产支持证券托管余额1.0万亿元，同业存单托管余额20.7 万亿元。商业银行柜台债券托管余额2092.8亿元。 财政部：1—7月国有企业营业总收入与上年同期持平，利润总额同比下降3.3% 8月29日，财政部公布2025年1—7月全国国有及国有控股企业经济运行情况。1—7月，全国国有及国有控股企业（以下称 国有企业）营业总收入与上年同期持平，利润总额同比下降3.3%。 一、营业 ...

Core Viewpoint - Bain Capital, the major shareholder of Canada Goose, is considering selling its stake and has received a verbal offer from Hillhouse Capital, while also discussing with Advent International, both valuing Canada Goose at approximately $1.35 billion [1][5] Group 1: Potential Buyers - The interested buyers can be categorized into two types: strategic investors like Bosideng and Anta Group, and financial investors like Hillhouse Capital and Advent International [3][4] - Anta Group and Bosideng have publicly denied their interest in acquiring Canada Goose, with Anta stating it is "not a potential acquirer" and Bosideng claiming the reports are inaccurate [2][9] Group 2: Canada Goose's Financial Performance - Canada Goose has transitioned from a North American wholesale clothing company to a global high-end brand under Bain Capital's leadership, with revenue growth from CAD 591 million in FY2018 to CAD 1.348 billion in FY2025, reflecting a compound annual growth rate of 12.5% [5][6] - Despite revenue growth, Canada Goose has experienced a slowdown in growth and uneven performance, primarily relying on the Asia-Pacific market, while North America and EMEA markets lack stable growth [6][7] Group 3: Valuation and Market Position - As of August 26, Canada Goose's market capitalization was $1.18 billion, significantly lower than its peak of over $7.8 billion, with the reported valuation of $1.35 billion representing a premium of approximately 14.4% [7][8] - The valuation multiples for high-end down jackets and luxury apparel typically range from 7 to 12 times EV or EBITDA, with Canada Goose currently at around 8 times, which is considered reasonable given market uncertainties [7][8] Group 4: Strategic vs. Financial Investors - Financial investors focus on short to medium-term financial performance and aim to enhance valuation through supply chain optimization and brand management, while strategic investors consider long-term growth and synergies with their existing brands [4][5] - Given Canada Goose's current market pressures and profitability challenges, strategic investors may be better suited for driving the next phase of growth, particularly in expanding into the Chinese and Asian markets [7][8] Group 5: Other Potential Buyers - The likelihood of Bosideng and Anta Group acquiring Canada Goose is low due to their lack of interest and existing strategic focuses [9][10] - Few Chinese apparel groups have the capacity to acquire Canada Goose, and the overall luxury market is facing headwinds, leading to cautious behavior from financially capable companies [10][11] Group 6: Financial Investors' Interest - Hillhouse Capital and Advent International may still have interest in Canada Goose, with Hillhouse focusing on the Chinese market and having experience in consumer retail investments [11][12] - Advent International has a strong track record in investing in high-end fashion and beauty brands, favoring those in rapid growth phases [12]

雅戈尔时尚股份有限公司 外部信息报送和使用管理制度 （2025年8月修订稿） 第一章 总 则 在定期报告、临时报告正式公开披露前，公司及其董事、高级管理人员和其 他相关人员不得以任何形式、任何途径（包括但不限于业绩说明会、分析师会议、 接受投资者调研座谈等）向外界或特定人员泄露定期报告、临时报告的内容。 第五条 在公司公开披露年度报告前，公司不得向无法律法规依据的外部单 位提前报送年度统计报表等资料。 对于外部单位提出的报送年度统计报表等无法律法规依据的要求，公司应当 拒绝报送。 第六条 公司依据法律法规向特定外部信息使用人报送年度报告相关信息 的，提供时间不得早于公司业绩快报的披露时间，业绩快报的披露内容不得少于 向外部信息使用人提供的信息内容。 第七条 公司应当将对外报送的未公开重大信息作为内幕信息，并书面提示 报送的外部单位及相关人员认真履行《中华人民共和国证券法》《上市公司信息 披露管理办法》等有关法律法规赋予的保密义务和禁止内幕交易的义务。 公司依据法律法规的要求应当报送的，需要将报送的外部单位相关人员作为 内幕知情人登记在案备查。 第一条 为进一步加强雅戈尔时尚股份有限公司（以下简称"公司"）定期 ...

Group 1 - The company announced a cash dividend distribution of 0.08 yuan per share (tax included) for the first quarter of 2025, with no bonus shares or capital reserve fund transfers [1][2] - As of March 31, 2025, the company's net profit was approximately 615.90 million yuan (unaudited), and the undistributed profits amounted to approximately 27.53 billion yuan (unaudited) [1] - The total share capital as of the board meeting date was 4,623,441,902 shares, leading to a total cash dividend distribution of approximately 369.88 million yuan (tax included) [2] Group 2 - The board of directors approved the profit distribution plan with a vote of 9 in favor, confirming compliance with the company's profit distribution policy and shareholder return plan [2] - The profit distribution plan falls within the decision-making authority granted to the board by the 2024 annual general meeting and does not require further approval from the shareholders' meeting [2]

智通财经记者 | 朱咏玲 智通财经编辑 | 楼婍沁 加拿大鹅的去向成为近日市场关注焦点。 有市场消息称，加拿大鹅控股股东贝恩资本正在考虑出售所持有的该公司股权，并已收到博裕资本的口头报价，同时也在与安宏资本（Advent International）讨论，双方均对加拿大鹅给出约13.5亿美元的估值。其他感兴趣的买家还有波司登，以及由方源资本和安踏集团组成的财团。 不过，安踏集团与波司登已先后发公告回应，前者表示"并非潜在收购的一方"，后者称"相关报道的内容不实"。 加拿大鹅方面向智通财经表示，对该消息"不予评论"。智通财经向博裕资本与安宏资本寻求回应，截至发稿未获回复。 晶捷品牌咨询创始人、战略品牌专家陈晶晶告诉智通财经，财务投资者的回报更多依赖中短期财务表现，收购后需通过供应链优化、品牌管理和国际扩张等 手段提升估值，其优势在于短期内提振业绩和股价。而战略投资者更多考虑收购对象能否与自身品牌及市场发挥协同效应，着眼于长期增长曲线的重塑。 而眼下的加拿大鹅，就处在现任财务投资者谋求退出以兑现回报的阶段。 贝恩资本曾在2013年收购加拿大鹅70%的股权，后在2017年将加拿大鹅送上市。通常私募股权基金的投资周期 ...

Core Insights - Dazzle Fashion Co., Ltd. reported a revenue of 1.067 billion yuan and a net profit of 170 million yuan for the first half of 2025, with a significant quarter-on-quarter revenue growth of 22.76% in Q2 [1] - The company is focusing on enhancing its core brand and product structure while upgrading consumer experiences through new flagship stores and digital transformation initiatives [2][3] Financial Performance - The company achieved a net cash flow from operating activities of 201 million yuan, reflecting a year-on-year increase of 31.02% [1] - In the first half of the year, online channel revenue grew by 22.53%, while offline direct sales increased by 7.88%, reaching 490 million yuan [2] Strategic Initiatives - Dazzle Fashion is enhancing its brand image and retail experience through the launch of new flagship stores, such as the Maison DAZZLE in Shanghai and Shenzhen, which have improved consumer attraction [2] - The company is committed to digital transformation, utilizing a unified data analysis platform to shorten product launch cycles and improve resource allocation flexibility [2][3] Talent and Organizational Development - The company prioritizes talent acquisition and organizational structure as core competitive advantages, focusing on high-performance talent and internal training [3] - Dazzle Fashion is implementing refined operational strategies across its direct sales, distribution, and e-commerce sectors to enhance operational efficiency and support business growth [3] Future Outlook - The company aims to deepen its first-store economic model through the new flagship stores, responding to national calls for boosting consumption and enhancing brand influence in key commercial areas [3] - Continuous digital development is expected to improve differentiated and refined operations, contributing to sustainable growth [3]