公告称，收益增长主要受惠于关税暂停期间的客户订单增加，以及新引进品牌的正面影响，并反映与去 年同期相比的低基数效应。业务量增加5.3%，但平均售价下降1.8%，原因为品牌客户倾向价格较低的 产品选项，反映客户在市场情绪疲弱的情况下采取谨慎态度以减低风险。 净亏损减少，主要由于：毛利改善;集团于越南中部营运的联营公司所产生应占联营公司溢利增加至约 1630万港元(2024年：约580万港元);部分被以下因素抵销：于本期间内，集团于中国内地及中国香港的 投资物业重估而产生公平值亏损增至约1760万港元(2024年：约650万港元);利息收入减少;及越南大底工 厂的一次性坏帐拨备约220万港元(2024年：无)。 信星集团(01170)公布截至2025年9月30日止6个月中期业绩，收益约3.47亿港元，同比增长6.5%;公司权 益持有人应占亏损656.8万港元，同比收窄49.35%;每股基本亏损0.98港仙，每股特别中期股息2港仙。 ...

Core Viewpoint - Virginie (02199.HK) reported a decrease in revenue for the first half of the fiscal year ending September 30, 2025, while experiencing significant growth in shareholder profit and basic earnings per share [1] Financial Performance - The company's revenue for the six months was HKD 3.84 billion, a year-on-year decrease of 3.4% [1] - Shareholder profit for the period was HKD 145 million, reflecting a year-on-year increase of 114.3% [1] - Basic earnings per share were HKD 0.118, with an interim dividend proposed at HKD 0.057 per share [1] Segment Performance - Sales revenue from intimate apparel decreased by 6.6% compared to the first half of the 2025 fiscal year, primarily due to temporary impacts from tariff fluctuations leading to reduced demand from brand partners [1] - Sales revenue from sports products increased by 13.4% compared to the first half of the 2025 fiscal year, driven by sustained demand from the growth of brand partner business performance [1] - Sales revenue from consumer electronic accessories saw a significant decline of 54.0% compared to the first half of the 2025 fiscal year, attributed to several brand partners undergoing product iterations, with new models not yet in mass production [1] - Sales revenue from cups and other accessories decreased by 21.9% compared to the first half of the 2025 fiscal year, due to a reduction in orders for intimate apparel leading to a decline in cup sales [1]

北京商报讯（记者 张君花）11月21日，维珍妮发布公告称，根据对集团未经审核综合管理账目初稿作 出的初步审阅及评估，预期集团截至2025年9月30日止六个月期间("本期间")的综合纯利将较2024年同 期录得不少于100%的增幅。集团业绩有所改善主要归因于(i)整体营运效率提升；(ii)集团与 Victoria'sSecret&Co.的合资公司("维密中国")应占溢利显着增加；及(iii)重组成本及财务成本明显减少。 ...

格隆汇11月21日丨维珍妮(02199.HK)公告，根据对集团未经审核综合管理账目初稿作出的初步审阅及评 估，预期集团截至2025年9月30日止六个月期间(「本期间」)的综合纯利将较2024年同期录得不少于 100%的增幅。集团业绩有所改善主要归因于(i)整体营运效率提升；(ii)集团与Victoria'sSecret&Co.的合 资公司(「维密中国」)应占溢利显着增加；及(iii)重组成本及财务成本明显减少。 ...

智通财经APP讯，同得仕(集团)(00518)发布公告，集团预计于截至2025年9月30日止六个月取得公司拥 有人应占亏损不多于900万港元，而截至2024年9月30日止六个月则取得公司拥有人应占亏损约1480万港 元。集团净亏损减少乃主要由于集团营运效率及成本管理的改善。 ...

Core Viewpoint - The article discusses the performance of various stock indices and sectors in the market, highlighting the movements in the steel sector and the overall market trends in both A-shares and Hong Kong stocks [3][4][6]. Group 1: A-share Market Performance - The A-share market opened lower with the Shanghai Composite Index down by 0.21%, the Shenzhen Component Index down by 0.22%, and the ChiNext Index down by 0.32% [4]. - Specific stocks in the steel sector showed significant gains, with major players like Dazhong Mining hitting the daily limit and Fangda Special Steel rising over 7% [3]. Group 2: Hong Kong Stock Market Performance - The Hong Kong stock market opened higher, with the Hang Seng Index up by 0.76% and the Hang Seng Tech Index up by 0.53% [6]. - Key sectors in Hong Kong included gains in companies related to Foxconn, rare earth magnets, and new energy vehicles, while stocks like NetEase and Ctrip saw declines of over 3% [6][7].

Core Insights - VF Corporation's Q2 FY2026 performance exceeded financial guidance, with global revenue reaching $280 million, a 2% year-over-year increase (1% decrease when adjusted for constant currency) [1] Revenue Performance - The North Face brand experienced a 6% year-over-year growth in global business (4% growth when adjusted for constant currency) [1] - Timberland brand saw a 7% year-over-year growth in global business (4% growth when adjusted for constant currency) [1] Strategic Focus - China is identified as a key strategic market for VF Corporation, with significant growth potential and ongoing consumer vitality [1] - The company plans to strengthen its retail network and expand its brand portfolio in China, aiming to solidify local operations and enhance product and service experiences for Chinese consumers [1]

Major Events - Four Seasons Pharmaceutical (00460) invests in Swiss Suisselle to accelerate global medical aesthetics business expansion [1] - Basilea Pharmaceutica-B (02616) to announce Phase I dose-escalation clinical data for PD-1/VEGF/CTLA-4 triple antibody and latest research design for ROR1 ADC [1] - Hengrui Medicine (01276) subsidiary receives drug clinical trial approval notice [1] - Huajian Medical (01931) acquires U.S. property and establishes U.S. subsidiary ETHK BANK to promote stablecoins and intellectual property securitization in the U.S. [1] - China National Pharmaceutical Group (01177): TQB2102 "HER2 dual antibody ADC" included in breakthrough therapy designation program [1] Operating Performance - 361 Degrees (01361): Retail sales of 361° main brand products in Q3 increased by approximately 10% year-on-year [1] - Xinhua Insurance (01336) expects net profit attributable to shareholders for the first three quarters to increase by 45% to 65% year-on-year [1] - Country Garden (02007) achieved contract sales amounting to approximately 2.58 billion yuan in September [1] - Dekang Agriculture and Animal Husbandry (02419) sold approximately 7.55 million pigs and generated sales revenue of approximately 14.28 billion yuan in the first nine months [1] - Longfor Group (00960) achieved total contract sales amount of 50.75 billion yuan in the first nine months [1]

Core Viewpoint - Anta Group is intensifying anti-corruption measures and enhancing internal controls while pursuing aggressive acquisition strategies to maintain growth and profitability in a challenging market environment [2][4][11]. Anti-Corruption Measures - By 2025, Anta Group is focusing on high-risk areas for anti-corruption governance, employing internal audits and inspections to combat corruption [2]. - As of August 2025, 74 employees were dismissed for serious misconduct, and 46 individuals were referred to judicial authorities, including one executive and 14 senior managers [4]. - Anta has established a "career tracing mechanism" to hold employees accountable for misconduct regardless of their employment status [4]. - The company has formed an "Integrity and Ethics Committee" and revised six core policies to strengthen compliance and risk management [4]. Financial Performance - In the first half of the year, Anta reported revenue of 38.544 billion yuan, a year-on-year increase of 14.3%, while net profit attributable to shareholders fell by 8.9% to 7.031 billion yuan [8]. - The overall gross margin decreased by 0.7 percentage points to 63.4%, attributed to lower margins in e-commerce and footwear segments [8]. - The main brand, Anta, saw a gross margin decline from 56.6% to 54.9%, while FILA's gross margin fell to 68% [8]. Acquisition Strategy - Anta continues its acquisition strategy, having completed the acquisition of Jack Wolfskin and is reportedly pursuing the Reebok brand [7][11]. - The company aims to replicate the success of FILA, which has become a significant revenue contributor since its acquisition [7]. Global Expansion - Anta is committed to a "single focus, multi-brand, globalization" strategy, with plans to establish a strong presence in Southeast Asia and other international markets [11]. - The company aims to open 1,000 stores for the Anta brand in Southeast Asia over the next three years [11].

Core Insights - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year increase of 3.3% [1] - The gross profit for the same period was 7.41 billion yuan, up 2.5%, with an overall gross margin of 50.0% [1] - Net profit reached 1.74 billion yuan, resulting in a net profit margin of 11.7% [1] Financial Performance - R&D investment increased by 8.7% year-on-year, with cumulative R&D spending exceeding 3.8 billion yuan over the past decade [1] - Professional product revenue accounted for over 60% of total revenue, with footwear products making up 56% of this segment [2] - Retail sales in the running category grew by 15%, with over 14 million pairs of professional running shoes sold across all channels [2] Market Strategy - The company is focusing on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, while also exploring new categories like outdoor sports, tennis, and pickleball [2] - Li Ning aims to enhance its product competitiveness and deepen collaboration with the Chinese Olympic Committee, focusing on quality improvement and solidifying its business foundation [3] - The company plans to maintain a "single brand, multiple categories, and multiple channels" strategy to drive sustainable growth [3] Operational Insights - As of June 30, 2025, the total number of Li Ning stores (including Li Ning brand and Li Ning YOUNG) reached 7,534 [3] - The company emphasizes a steady and pragmatic approach to business development, aiming for long-term health and sustainability [3]