公司代码：603877 公司简称：太平鸟 转债代码：113627 转债简称：太平转债 不适用 第二节 公司基本情况 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重大影响和预计未来 ...

Group 1 - The core financial performance of Moncler Group for the first half of 2025 includes a consolidated revenue of €1.2257 billion, reflecting a 1% increase at constant exchange rates and flat growth at current exchange rates [1] - The group's EBIT for the first half of 2025 was €224.8 million, with an EBIT margin of 18.3%, compared to €258.7 million and a margin of 21.0% in the same period of 2024, primarily due to adjustments in marketing expenses [1] - The net profit for the group was €153.5 million, resulting in a profit margin of 12.5% [1] Group 2 - Moncler brand revenue for the first half of 2025 was €1.039 billion, showing a 1% increase at constant exchange rates and flat growth at current exchange rates; the second quarter saw a 2% decline at constant exchange rates, mainly due to a slowdown in DTC channel growth [1] - Stone Island brand revenue was €186.7 million, with a 1% decline at constant and current exchange rates; however, the second quarter saw a 6% increase at constant exchange rates, driven by growth in DTC and wholesale channels [1] Group 3 - The CEO of Moncler Group, Remo Ruffini, emphasized the importance of creative design and community engagement to strengthen brand power while maintaining resilience and stable operations in response to external challenges [2]

Core Insights - The fast fashion brand W.Management has opened its first store in Beijing, attracting significant consumer interest through an interactive "One-Day Store Manager" event [1][4][6] Group 1: Brand Overview - W.Management, founded in 2023, targets a core female demographic by promoting "freedom of dressing" through its unique design style that blends American retro and modern street elements [4][6] - The brand has rapidly expanded, opening 23 large stores across various cities including Beijing, Shanghai, and Guangzhou within three years, with each store exceeding 2000 square meters [4][6] Group 2: Marketing Strategy - The "One-Day Store Manager" initiative has become a popular marketing strategy among brands, initially originating from Japan, where celebrities serve as temporary store managers to drive traffic and engagement [23][24] - W.Management has effectively utilized social media platforms like Xiaohongshu to create buzz around its store openings and events, engaging fans and consumers through pre-event promotions and interactive activities [11][13][17] Group 3: Consumer Engagement - The "One-Day Store Manager" event not only boosts foot traffic but also enhances consumer interaction, allowing fans to engage directly with influencers and brand representatives during the event [15][19] - The presence of attractive and engaging staff during these events has been noted to significantly enhance the shopping experience, leading to increased consumer satisfaction and brand loyalty [19][26] Group 4: Industry Trends - The trend of utilizing "One-Day Store Managers" has gained traction among various brands, including those in the beverage sector, as a means to create unique consumer experiences and drive sales [25][28][31] - Brands are increasingly recognizing the value of emotional consumer engagement, where the shopping experience transcends mere transactions, fostering deeper connections with consumers [38][39]

Group 1 - Balenciaga has released a controversial women's blue knitted skirt priced at 4500 yuan, which many consumers initially mistook for men's underwear, leading to widespread mockery online [1][3][5] - The skirt is part of Balenciaga's 2025 Fall Collection and features a unique design with a Balenciaga logo at the waistband and an unconventional cut [3][5] - The brand is known for its unconventional designs, including a "Peking Duck Bag" priced at 15500 yuan, which resembles a potato chip bag and has garnered significant attention [5][11] Group 2 - Balenciaga's history of producing "expensive and incomprehensible" designs is rooted in its brand identity, which emphasizes innovation and avant-garde fashion [19][22] - The current creative director, Demna Gvasalia, has been pivotal in pushing the brand's boundaries since his appointment in 2015, leading to a notable increase in sales from approximately 350 million euros in 2015 to an estimated 2.5 billion euros in 2023 [20][22] - Despite a predicted decline in sales for 2024, Balenciaga's overall performance remains relatively stable compared to the broader luxury goods market [20][22] Group 3 - The concept of "expensive and useless" items is prevalent in the luxury goods sector, serving as a marketing strategy to attract attention and create discussions around the brand [23][31] - Balenciaga's pricing strategy and unique designs contribute to its brand allure, as consumers often engage in discussions about the absurdity of the products, which in turn enhances brand visibility [33][34] - The phenomenon of "conspicuous consumption" is highlighted, where luxury goods serve as a status symbol, and the discussions surrounding their impracticality further solidify their market presence [33][34]

Financing Dynamics - Thai company IMCOCO, specializing in the coconut water supply chain, has completed a Pre-A round financing of over 100 million yuan, led by Insignia Ventures Partners and followed by Tiantu Investment. The funds will be used for factory capacity expansion, global branding of its ONLIFE brand, and establishing a headquarters in China [3] - IMCOCO, founded in 2023 and headquartered in Bangkok, operates in four main areas: coconut planting, cross-border trade of coconut products, raw material research and production, and coconut water beverage processing. It boasts the only 10,000-ton coconut water production base in Thailand and a standardized supply system for coconut products globally [3] Brand Dynamics - Ussu Beer has launched a new product called "Dian Chi," entering the functional beverage market. The product features a low-sugar design and is enriched with taurine, vitamins B6 and B12, niacinamide, and Tianshan snow lotus extract, adding a unique regional characteristic [8] - Oreo has announced a collaboration with American artist Selena Gomez to launch a limited edition cookie inspired by her favorite horchata drink. The cookies will be available for pre-sale on June 2 and will feature unique designs, including a collectible cookie with Selena's signature [18][19] Company Performance - Amer Sports reported a 23% year-on-year increase in revenue for Q1 2025, reaching $1.47 billion, driven by strong demand for its brands Arc'teryx and Salomon, particularly in footwear. The company has raised its full-year revenue growth forecast to 15%-17% [20][22] - The market capitalization of Honey Snow Group has surpassed 200 billion HKD, making it the second-largest listed company in Henan, following Muyuan Foods. The stock price reached 535 HKD per share, exceeding Tencent's stock price [12][15] Personnel Dynamics - Gucci has appointed Maria Cristina Lomanto as the new president for the EMEA region, effective June 1, replacing Matteo Mascazzini. Lomanto has extensive experience in the luxury goods industry [24] - Bi Yin Le Fen has announced a managerial change, appointing Xie Yang as the new general manager, following the resignation of the previous general manager Shen Jindong. This move aims to optimize the management structure [27] - Inditex has announced significant personnel changes, including the appointment of Fernando de Bunes Ibarra as the new sustainability director and Ignacio Fernández Fernández as the new general manager, indicating a strategic reshuffle within the company [28]

Core Viewpoint - The article highlights the significant achievements of Longhua District in Shenzhen regarding brand development and the promotion of high-quality consumer goods, emphasizing the importance of brand building in driving economic growth and consumer satisfaction [5][6][10]. Group 1: Brand Development Initiatives - Longhua District has successfully included 13 local enterprises in the list of 74 recognized brands in the Shenzhen (Bay Area) known brands, showcasing its strong brand presence [5][11]. - The district has established a leadership group for brand development, implementing various plans and measures to enhance brand quality and recognition since 2018 [7]. - The "Three Products" strategy aims to improve product variety, quality, and brand influence, with Longhua being recognized as a model city for this initiative [6][12]. Group 2: Technological Integration and Innovation - The district is leveraging digital technology to enhance brand value, focusing on integrating digitalization into the consumer goods industry to meet evolving consumer demands [8][10]. - Longhua has positioned itself as a leader in smart manufacturing, utilizing advancements in industrial internet, artificial intelligence, and 5G technology to drive innovation and brand development [9][10]. - The "Digitalization Action Plan" aims to significantly enhance the integration of digital technology in the consumer goods sector by 2025, fostering the creation of new and high-quality products [8]. Group 3: Quality Improvement and Market Expansion - Longhua District is actively promoting quality management practices and has implemented policies to support green, low-carbon, and digital development for enterprises [12]. - The district has organized events like "Quality Month" to recognize exemplary quality enterprises, encouraging continuous improvement in product quality [12]. - Local companies are participating in exhibitions to enhance brand visibility and expand market reach, contributing to the overall growth of the consumer goods sector [9][11].

这是新消费智库第 2 6 2 4 期文章 新消费导读 1. 甘源推出两种全新风味坚果 新消费 1. 甘源推出两种全新风味坚果 近日， J immy Choo 与 Malbon 再度推出高尔夫联名限定系列，最新系列巧妙融合 Malbon 在高尔夫休闲服饰领域的经典美学与 J immy Choo 标志性的奢华格调，并在第一代成功合作基础上全新升级 。 （ TOPBRAND ） 2. DQ 推出 0 蔗糖减脂酸奶冰淇淋碗 3. J immy Choo 联手 Malbon 发布高尔夫联名系列 4. HOKA CLIFTON 10 跑鞋正式发布 5. 李子园推出 AD 钙奶 6. 中粮包装今日正式从港交所退市 7. Happy Howl 获得种子轮融资 8. 百合股份拟收购新西兰 Ora 56% 股权 9. 女性健康品牌 Moom Health 获融资 10. Argand Partner s 收购舞蹈服饰品牌 Capez io 母公司 11. BOSS 官宣崔胜哲为全球品牌代言人 12. 24 小时无人健身空间 The Gym Pod 登陆香港 13. 紫燕食品在长沙成立新餐饮公司 14. Blue Bottle C ...

这是新消费智库第 2 6 1 6 期文章 新消费导读 1.Crocs携手Marimek ko推出首款合作系列 2.怡宝魔力运动饮料1L装新品全国上市 3. Inner Brightnes s推出Ak kermans ia益生菌补充剂 4.必胜客披萨有蛇出没 5.承德露露跨界推出露露草本「养生饮」 6.圣农发展拟11.26亿元收购太阳谷剩余54%股权 7.达能拟在德国爱他美工厂进行重大投资 8.美国拟成立Ti kTok美国独立公司，亚马逊等多方竞购 9.联合利华宣布收购Wi ld 10.Safi lo收购眼镜品牌Blender s多数股权 11.真维斯关闭澳洲所有门店 12.ZITA TAN发布2025秋冬系列 13.上美股份AI智能化妆品无人车间已正式投产 14.GymNation打造全球首个于健身房中的酒店 15.AUTEUR发布「星际漫游」系列 新消费 1.Crocs携手Marimek ko推出首款合作系列 怡宝官宣魔力运动饮料1L装新品全国上市。新品特别添加电解质、氨基酸、GLU葡萄糖和维生素B6，助力身体代谢、提供能量，1L大容量， 为不同流汗场景提供补充。（食业头条） 3. Inner Bright ...

艰难环境下，一些新品牌依然在天猫脱颖而出：今年天猫双 11 开卖阶段，有 469 个新品牌拿下所在趋势 品类第一，比起半年前的 618 开卖阶段爆发更猛，登顶新品牌数量增长了 100 个以上。 时尚功能性服饰品牌 SIINSIIN 双 11 首日开卖 40 分钟，成交额超过去年首日全天，超级单品轻塑鲨鱼裤 单品成交额突破 3500 万元；鲜奶品牌悦鲜活双 11 首日销售额较去年同期增长 83%，仅一天的销售额就超 过去年的第一波段，押注的 0 乳糖新品 4 小时销售额破千万元；ISEE MIGGA 在与 BURTON、迪桑特等 国际一线大牌的同台竞争下，依然成为滑雪服品类 TOP 3。 天猫可能依然是最适合做品牌的线上渠道，这是大多数商家们的共识。不仅因为每天有超过 3.5 亿人会打 开淘宝天猫；也不仅因为天猫擅长营销、提供了完备的商家做生意的工具；更重要的是，品牌一直是天猫 看重且坚定要长期服务的对象。 建立对新品牌更友好的经营环境 一位在消费行业打拼多年的创业者曾告诉我们，自己每两、三年就会见证一次流量红利的爆发，期间许多 新品牌起起伏伏，生于流量、死于流量，这让他意识到 "流量跟时间根本就不是朋友"。 ...