推动传统产业向高端化、智能化、绿色化转型，是深圳建设中国特色社会主义先行示范区，培育区域竞争新优势、抢占全球价值链高端的关键举措。进一步 提升龙华大浪时尚服装产业发展效能，探索改造升级传统产业的有效路径，更是深圳推动传统优势产业向全球价值链高端跃升、培育区域竞争新优势的重要 内容。 转自：中国质量报 创新质量强企强链强县（区）融合发展新路径 深圳大浪时尚小镇"产业+民生"质量联动提升试点工作取得初步成效 □ 吴 芳 吕秀清 黄远辉 本报记者 许创业 在粤港澳大湾区核心引擎城市深圳，龙华区大浪时尚小镇正以一场深刻的质量变革，重新定义传统产业升级与民生福祉提升的内在关联。作为深圳"产业 +民生"质量联动提升的试验田，大浪时尚小镇通过创造性开展投资于物和投资于人紧密结合的质量强企强链强县（区）融合新模式，书写着融合发展的生 动篇章。 从AI检测技术赋能产业提质，到定制巴士解决通勤难题；从产业链协同打造优质生态，到技能培训助力工人成才，大浪时尚小镇用一个个鲜活实践，初步 探索出"产业发展与人的发展同频共振"的创新模式，交出了一份兼具厚度、温度与力度的时代答卷。 5级联动：从概念设计到生动实践 多年来，龙华区始终以大浪 ...

Financial Data and Key Metrics Changes - The company reported net sales of $1.47 billion, an increase of 9% year-over-year, with adjusted gross margin expansion of 170 basis points and earnings growth of 45% [6][27][32] - Adjusted operating income for the third quarter was break-even, better than the guidance of an adjusted operating loss of $35 million to $55 million [33][34] - Adjusted net loss per share was $0.27, significantly better than the guidance of $0.55 to $0.75 [34] Business Line Data and Key Metrics Changes - The intimates business returned to growth, up mid-single digits, gaining over 1% share in the U.S. intimates market [5][14] - PINK achieved low double-digit sales growth, marking a significant recovery [17][30] - The beauty business grew low single digits, building on last year's mid-teens increase [20][30] Market Data and Key Metrics Changes - International retail sales grew over 30% during the quarter, driven by exceptional performance in China, particularly in the digital channel [6][31] - The company gained market share in the U.S. intimates market despite an overall market decline [25][62] Company Strategy and Development Direction - The company is focused on four strategic pillars: supercharging bra authority, recommitting to PINK, fueling growth in beauty, and evolving brand projection and go-to-market strategy [4][12][19] - The Path to Potential strategy aims to create a powerful multiplier effect, unlocking greater value across the ecosystem [4][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the strategy and deliver a strong holiday season, despite being cautious about potential consumer pullback post-holiday [25][45] - The company raised its full-year outlook for net sales to a range of $6.45 billion to $6.48 billion, reflecting strong momentum [35][36] Other Important Information - The Victoria's Secret fashion show significantly boosted brand engagement, resulting in nearly 9 million new social followers and 51 billion total media impressions [9][10] - The company is investing in talent to scale its beauty business and enhance its innovation pipeline [20][21] Q&A Session Summary Question: How is the company maintaining momentum post-fashion show? - Management noted strong traffic and engagement, particularly in stores, and emphasized the importance of the Path to Potential initiatives [46][47] Question: Can you elaborate on strategies to reduce promotions? - The company is pulling back on promotions while utilizing gifts with purchase (GWPs) to maintain customer value, contributing positively to gross margin [49] Question: What is the profile of new customers being acquired? - New customer acquisition is focused on the 18-24 age group, with a noted increase in higher average order values [51][52] Question: What is the outlook for operating margins? - Management believes a low double-digit operating margin is achievable over the next couple of years, supported by growth and disciplined expense management [53] Question: What is the cadence of monthly comps in Q3? - Strong performance was noted throughout Q3, with significant amplification in October due to the fashion show, sustaining momentum into November [60][61]

Core Viewpoint - The article highlights the efforts of the Anqing Municipal Commission for Discipline Inspection and Supervision in addressing public grievances and improving the business environment through effective supervision and governance initiatives [1][2][5]. Group 1: Public Welfare Initiatives - The Anqing Municipal Commission has implemented infrastructure improvements, such as drainage system upgrades, to alleviate flooding issues in residential areas, significantly enhancing the quality of life for residents [1]. - The commission actively engages with public service hotlines to identify and address pressing community issues, ensuring that citizen concerns are met with actionable responses [1][2]. - Specific problems in residential areas, such as sewage blockages and unfulfilled property fee subsidies, have been systematically addressed through coordinated efforts among various governmental departments [1][2]. Group 2: Anti-Corruption and Governance - The commission has integrated the rectification of public interest violations with the governance of corruption and misconduct, thereby enhancing public satisfaction and trust [2]. - During critical periods, the commission conducts thorough supervision to prevent issues related to improper conduct, such as unauthorized dining and gift-giving [2][3]. - The use of big data analytics has been employed to uncover hidden violations, leading to accountability for those misusing public funds under the guise of legitimate activities [2][3]. Group 3: Business Environment Optimization - The "Clear Wind Escort" initiative has been launched to monitor and improve the business environment, focusing on key enterprises and projects to address their operational challenges [4]. - The commission has successfully resolved over 1,100 business-related complaints and has taken disciplinary actions against 13 individuals for misconduct related to business operations [4]. - The ongoing improvements in the business environment have attracted significant projects, contributing to the economic development of Anqing [4][5].

Core Viewpoint - The event "Tide Rising at the Airport: First Release in Shenzhen" held at Shenzhen Airport aims to showcase the "first economy" by highlighting new international high-end brand stores, local quality brand products, and newly opened international flight routes, thereby enhancing Shenzhen's economic development level in this area [1][6]. Group 1: Event Overview - The event is guided by the Shenzhen Municipal Bureau of Commerce and organized by Shenzhen Airport Group, focusing on five key scenarios: first store, first release, first exhibition, first show, and first flight [6][7]. - Participants experienced an immersive journey designed to showcase Shenzhen Airport's achievements in building a "first release highland" and a "world-class airport business circle" [6][7]. Group 2: Brand Participation and Highlights - Major brands such as Huawei, Insta360, and others showcased their latest products, emphasizing China's innovative capabilities in technology [7][8]. - New international flight routes were promoted in collaboration with Emirates and other airlines, enhancing connectivity [7]. - Various first stores, including Wolfgang Puck and other renowned dining brands, attracted significant attention from participants [7][9]. Group 3: Economic Impact and Future Plans - Shenzhen Airport has seen over 53 million passengers this year, leveraging its position as a key hub in the Guangdong-Hong Kong-Macao Greater Bay Area [9]. - The airport has introduced nearly 60 new brands this year, including around 20 first-time entries, expanding its retail offerings significantly [9][10]. - Future plans include further exploration in the "first economy" sector and continuous upgrades in facilities and services to enhance passenger shopping experiences [10].

Core Viewpoint - The incident of a Louis Vuitton (LV) coat resembling a school uniform has sparked significant online discussion, highlighting the contrast between high-end fashion and affordable school attire, with the LV coat priced at 16,000 yuan compared to the school uniform's price of 86 yuan [3]. Group 1: Product Comparison - A social media post revealed that an LV men's coat shares a similar black and white striped design with the school uniform from Changjun Middle School in Changsha, leading to humorous comparisons among netizens [3]. - The LV coat is a limited edition for the autumn and winter season, made of 79% cotton and 21% polyamide, and is currently sold out nationwide [3]. - This is not the first instance of LV clothing resembling school uniforms; a previous LV baseball jacket priced at 69,000 yuan was noted for its similarity to winter school uniforms in Nanning, Guangxi [4]. Group 2: Brand Response - LV's customer service acknowledged the similarities in design but emphasized that the coat's high price is due to its limited edition status and the designer's involvement in its creation [3]. - The brand has not confirmed whether the coat will be restocked, advising customers to check official channels for updates [3]. Group 3: Industry Trends - The phenomenon of luxury brands resembling school uniforms has been noted multiple times, including a Ralph Lauren polo shirt and a Gucci dress that drew comparisons to school attire, indicating a recurring trend in the fashion industry [6].

Core Insights - The 2025 World Design Capital Conference (WDCC2025) will be held from September 25 to 28 along the Huangpu River, co-hosted by the Shanghai Municipal Government and UNESCO, focusing on the theme "Design Without Boundaries, Sustainable Development" [1] Group 1: Event Overview - The conference will feature nearly 100 co-creation partners, over 60 exhibition areas, and more than 3,000 exhibits [4] - The event will follow a "12255+X" structure, including an opening ceremony, two major exhibitions (one in Shanghai and one overseas), two thematic forums, five specialized forums across various design fields, and multiple city-wide and overseas activities [4] Group 2: Talent Development - The conference will launch the "U35 Plan" aimed at nurturing young creative design talents in fields such as industrial design, architectural design, fashion design, digital design, service design, and creative management [4][13] - A total of 300 applications have been received, with 35 selected participants to be showcased during the conference [4][13] Group 3: Design Trends and Innovations - The conference will emphasize a "new paradigm of fashionable living," showcasing design-driven new consumption scenarios, including new energy vehicles, consumer electronics, high-end fashion, and cultural creative products [13] - Notable exhibits will include the latest models from brands like Huawei and Xiaomi, as well as high-end fashion collections from renowned designers [13] Group 4: Global Participation and Recognition - The event will gather nearly 1,000 speakers, including leaders from three major international design organizations and top design schools, to discuss cutting-edge technologies and trends in five design fields [12] - The "Shanghai Design 100+" global competition will feature over 2,600 entries from 17 countries, showcasing high-quality projects and trends in the design industry [12]

Core Viewpoint - Youngor Fashion Co., Ltd. announced adjustments to the share repurchase price limit following the implementation of the first quarter equity distribution on September 13, 2025 [1] Group 1: Share Repurchase Overview - On August 28, 2025, Youngor Fashion's board approved a plan to repurchase shares through centralized bidding, with a budget of no less than 500 million yuan and no more than 960 million yuan, aimed at employee stock ownership plans or equity incentives [2] - The initial repurchase price limit was set at no more than 8 yuan per share, with a repurchase period not exceeding 12 months from the board's approval date [2] Group 2: Equity Distribution Details - According to the equity distribution announcement on September 6, 2025, the company distributed a cash dividend of 0.08 yuan per share (before tax), totaling 369,875,352.16 yuan, based on a total share capital of 4,623,441,902 shares [3] Group 3: Adjustment of Repurchase Price Limit - The repurchase price limit was adjusted from 8 yuan per share to 7.92 yuan per share due to the cash dividend distribution, effective from September 12, 2025 [4] - Based on the lower limit of 500 million yuan and the adjusted price limit, approximately 63,131,313 shares are expected to be repurchased, representing 1.37% of the total share capital; at the upper limit of 960 million yuan, approximately 121,212,121 shares are expected, representing 2.62% of the total share capital [4] Group 4: Other Matters - All other aspects of the share repurchase plan remain unchanged, and the company will continue to disclose progress on the repurchase [5]

Group 1 - The core narrative of Chinese manufacturing is evolving, showcasing both industrial and cultural advancements as companies expand globally [1][4] - The Jiangsu Siemens Low Voltage Cabinet Factory has completed an intelligent transformation, increasing production capacity to 20,000 units annually while reducing workforce by 30% [2] - The factory achieved Siemens' global MMA certification, which includes 86 criteria, enabling its products to enter European and Southeast Asian markets [2][4] Group 2 - The JUZUI brand from Zhejiang Anzheng Fashion Group showcased its collection at New York Fashion Week, blending Eastern aesthetics with modern design [3] - JUZUI emphasizes sustainability by using Furmark-certified natural fur and a versatile design approach, enhancing its brand value [3] - The brand's international exposure is expected to positively impact its domestic performance, with a projected double-digit growth in the 2024 autumn/winter season [4] Group 3 - Both companies illustrate a shift in export strategy from cost-based competition to value-based competition, leveraging international certifications to enhance their market positions [4] - The transformation of Chinese manufacturing is marked by a focus on selling standards, culture, and values, moving from passive participants to rule-makers in the global market [4]

Financial Data and Key Metrics Changes - In H1 2025, revenues reached €928 million, a decrease of 2% organically, despite a strong 6% organic growth in DTC channels [3][4] - Gross profit was €626 million, with a margin of 67.5%, reflecting a 110 basis points improvement driven by a better channel mix [4][5] - Adjusted EBITDA for the group was €69 million, with an EBITDA margin of 7.4%, down 100 basis points compared to H1 2024 [6][7] - Net profit increased to €48 million, up 53% from €31 million in the previous year, attributed to higher financial income and foreign exchange gains [9][10] - Capital expenditure (CapEx) was €54 million, representing about 6% of revenues, primarily focused on store network development [11] Business Line Data and Key Metrics Changes - The Zegna segment generated an adjusted EBITDA of €94 million, with a margin of 14.3%, up from 12.8% in H1 2024, due to higher operating leverage [8] - Thom Browne's adjusted EBITDA fell to €4 million from €20 million in H1 2024, driven by a significant revenue decline in the wholesale channel [8] - Tom Ford Fashion recorded an adjusted EBITDA loss of €90 million, worsening from a €12 million loss last year, due to planned investments in store expansion and IT infrastructure [9] Market Data and Key Metrics Changes - The company noted strong momentum in Europe, the Middle East, and the Americas, while the Greater China Region (GCR) remains challenging and volatile [16] - There are early signs of improvement in GCR, but the company remains cautious about drawing conclusions from recent trends [16] Company Strategy and Development Direction - The company is focusing on expanding its DTC network, with new store openings in key markets like Miami and Shanghai [14] - A marketing campaign for Zegna's Fall-Winter 25 collection has been launched, emphasizing the brand's heritage and new fabric innovations [13] - The company is committed to maintaining strategic investments while managing costs, particularly in the context of a volatile market environment [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging and volatile sector environment but expressed confidence in the actions taken to protect profitability [7][16] - The company is planning for a cautious approach in China, anticipating a "new normal" rather than a rapid recovery [59] Other Important Information - Free cash flow absorption was €23 million in H1 2025, compared to €7 million in the previous year, driven by lower operating cash flow [11] - The net debt at the end of June was approximately €92 million, consistent with the previous reporting period [12] Q&A Session Summary Question: Current performance in terms of margin and expectations for H2 - Management explained that the gross margin improvement is linked to the DTC revenue growth and emphasized the importance of maintaining quality in DTC sales [22][23] Question: Opportunities for margin improvement in the Zegna segment - Management indicated that Zegna's margins could trend between 13% and 14% for the year, with a long-term goal of reaching 15% [32] Question: Current trends in the Chinese market - Management noted early signs of improvement in GCR but remained cautious about the overall recovery, emphasizing the need for a stable environment before making definitive conclusions [16][59] Question: Pricing strategy and consumer response - Management confirmed that price increases have been implemented to offset costs and tariffs, with no significant negative consumer response observed [53][56]

Financial Data and Key Metrics Changes - In H1 2025, revenues reached €928 million, a decrease of 2% organically, despite a strong DTC organic performance of 6% [3][4] - Gross profit was €626 million, with a margin of 67.5%, reflecting a 110 basis points improvement driven by a better channel mix [4][10] - Adjusted EBITDA for H1 2025 was €69 million, with an EBITDA margin of 7.4%, down 100 basis points compared to the previous year [6][8] - Net profit increased to €48 million, up 53% from €31 million in the previous year, attributed to higher financial income and foreign exchange gains [10][11] - Capital expenditure (CapEx) was €54 million, representing about 6% of revenues, primarily for store network development [12] Business Line Data and Key Metrics Changes - The Zegna segment generated an adjusted EBITDA of €94 million, with a margin of 14.3%, up from 12.8% in H1 2024, due to higher operating leverage [9] - Thom Browne's adjusted EBITDA fell to €4 million from €20 million in H1 2024, driven by a significant decrease in revenues, particularly in the wholesale channel [9] - Tom Ford Fashion recorded an adjusted EBITDA loss of €90 million, compared to a €12 million loss last year, due to planned investments in store expansion and IT infrastructure [10] Market Data and Key Metrics Changes - Strong momentum was noted in Europe, the Middle East, and the Americas, while the Greater China Region (GCR) remains challenging and volatile [17][59] - Initial signs of improvement in GCR were observed, but the market is still considered volatile, with a cautious outlook [17][59] Company Strategy and Development Direction - The company is focusing on expanding its DTC network, with new store openings in key markets like Miami and Shanghai [15] - A strategic emphasis on quality and personalization in the DTC channel is expected to enhance gross margins [23] - The company plans to maintain investments in brand development while managing discretionary costs [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging and volatile sector environment but expressed confidence in actions taken to protect profitability [8][17] - The outlook for H2 2025 includes expectations for low single-digit organic growth, with a cautious approach to the Chinese market [24][59] Other Important Information - Free cash flow absorption was €23 million in H1 2025, compared to €7 million in the previous year, driven by lower operating cash flow [13] - The company confirmed a tax rate of around 30% for the year, down from 35% last year [11] Q&A Session Summary Question: Current performance in terms of margin and expectations for H2 - Management explained that the gross margin improvement is linked to DTC revenues and emphasized the importance of quality in driving margins [20][23] - For H2, management confirmed expectations of low single-digit growth and realistic EBIT consensus [21][25] Question: Margin improvement in the Zegna segment and Thom Browne's margins - Management indicated that Zegna's margins could trend between 13% and 14% for the year, with long-term potential for 15% [30][32] - For Thom Browne, management expects a reduction in the decline of wholesale revenues and aims for a return to double-digit EBIT margins [34] Question: Current trends in the Chinese market - Management noted early signs of improvement in the Chinese market but remained cautious about drawing conclusions from short-term trends [38][59] Question: Pricing strategy and risks for H2 - Management confirmed a systematic low single-digit price increase to offset costs and tariffs, with no significant consumer pushback observed [51][53] - The main risk for H2 is still the volatility in the Chinese market, with a focus on planning for a "new normal" [56][59]