纺织服饰 赢家时尚（03709.HK） 买入-B(维持) 公司近一年市场表现 资料来源：最闻，山西证券研究所 市场数据：2025 年 8 月 22 日 收盘价（港元）： 7.340 | 年内最高/最低（港 | 10.060/6.560 | | --- | --- | | 元）： | | | 流通/总股本（亿股）： | 7.04/7.04 | | 流通市值（亿港元）： | 51.68 | | 总市值（亿港元）： | 51.68 | 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 请务必阅读最后股票评级说明和免责声明 1 2025H1 业绩稳健增长，电商渠道表现领先 事件描述 8 月 22 日，公司发布 2025 年上半年业绩。2025H1，公司实现营收 31.04 亿元，同比下降 6.12%；实现归母净利润 2.88 亿元，同比增长 3.19%。 事件点评 2025 年上半年营业收入同比下滑，但业绩端因费用控制实现增长。营收 端，2025H1，公司实现营收 31.04 亿元，同比 ...

服装丨市场观察 本周看点： -奢侈品牌，谁在大手笔升级中国门店？ -运动户外品牌如何分走奢侈品牌的"蛋糕"？ -安踏李宁特步，集体撞上"中年墙 "。 行业环境 1.亚瑟士和LV，抢着卖高价香水 关键词 ： 香水生意,时尚品牌,生活方式,美妆领域,奢侈品 概要 ： 香水生意正成为时尚品牌拓展生活方式的重要领域，运动品牌鬼塚虎和轻奢品牌珑骧 近期纷纷进军香水市场。全球香水市场规模预计从2025年的530亿美元增长至2032年的775.3亿 美元，高端细分市场增长最快。奢侈品集团如香奈儿、开云集团在主营业务下滑时，美妆业务 表现强劲，促使更多品牌布局香水领域。鬼塚虎与知名香水设计师合作推出系列香水，强调品 牌调性而非急于变现；珑骧则选择与专业香水企业合作。高端小众香水成为行业趋势，如PUIG 集团旗下品牌表现突出，但整体增速放缓。时尚品牌跨界香水旨在提升品牌价值，未来能否成 为业绩助力取决于市场发展。 2.奢侈品牌，谁在大手笔升级中国门店？ 关键词 ： 奢侈品市场,增长放缓,门店数量,中国市场,品牌活力 概要 ： 2025年上半年，中国奢侈品市场增长放缓，奢侈品牌新开门店数量同比下降38%，焕新 门店数量下降30% ...

Group 1 - The implementation of high tariffs by the US on India, reaching a total of 50%, poses a significant threat to India's manufacturing ambitions, particularly its "Make in India" initiative [1][4][12] - Major Indian companies in the apparel sector are relocating production to countries like Bangladesh, Vietnam, and Ethiopia due to the adverse effects of US tariffs [1][2] - The European Union's 15% tariffs have already led to a notable decline in exports, indicating that India's manufacturing sector may face even more severe challenges under the 50% tariff regime [2][4] Group 2 - The Indian government is experiencing a loss of foreign investment confidence, with many foreign companies facing high tax penalties and regulatory challenges, leading to a perception of India as an "investment graveyard" [6][10] - The withdrawal of Chinese engineers from Indian manufacturing facilities is exacerbating the operational difficulties faced by the sector, prompting the Indian government to reconsider its investment policies towards China [10][12] - Despite attempts to attract Chinese capital and technology, the longstanding trust issues between Chinese firms and the Indian government hinder potential investments, complicating India's efforts to revitalize its manufacturing industry [10][12][14]

日禾戎美股份有限公司 第一章 总则 对于董事会权限范围内的担保事项除公司全体董事过半数同意外， 还应经出席董事会会议的 2/3 以上董事审议同意。 第一条 为了进一步规范日禾戎美股份有限公司（以下简称"公司"）董事 会的议事方式和决策程序，促使董事和董事会有效地履行其职责， 提高董事会规范运作和科学决策水平，根据《中华人民共和国公司 法》(下称"《公司法》")、 《中华人民共和国证券法》(下称"《证券 法》")、 《上市公司治理准则》、《深圳证券交易所创业板股票上市 规则》(下称"《上市规则》")等相关法律、行政法规、规范性文 件和《日禾戎美股份有限公司章程》(下称"《公司章程》")的规定， 制订本议事规则。 第二条 董事会应认真履行有关法律、行政法规和《公司章程》规定的职责， 确保公司遵守法律、行政法规和《公司章程》的规定，公平对待所 有股东，并关注其他利益相关者的合法权益。 第二章 董事 第三条 凡存在《公司章程》规定的关于不得担任董事的情形之一的，不 得担任董事。 第四条 董事由股东会选举或更换，任期 3 年。董事任期届满，可连选连 任。董事在任期届满以前，除《公司章程》有明确规定外，股东 会不能无故解 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **live e-commerce industry**, focusing on the **pet and health supplement sectors** and their performance from May to July 2025 [1][5][8]. Key Insights and Arguments Pet Industry - The pet industry had a small GMV share of 1.3% in May, 1.5% in June, and 1.1% in July 2025, but showed significant growth potential with major brands like **Mafudi**, **Fleegat**, and **Zhongchong** expected to exceed 50% growth in the first half of 2025 [1][4]. Health Supplement Industry - The health supplement sector experienced a **55% year-on-year growth** in Q2 2025, driven by relaxed platform policies that allowed new brands like **Wanyi Nan** and **Five Female Doctors** to gain traffic support [1][5][8]. - The platform's decision to ease restrictions was based on internal quality checks and the need to find new GMV growth points, as larger sectors like clothing and beauty had limited growth potential [8]. Brand GMV Share - Brand GMV share increased from approximately **62%-63%** at the beginning of the year to **69% in June** and **66% in July** 2025 [1][10]. Advertising Expenditure - E-commerce advertising expenditures for May, June, and July were **29.7 billion**, **31.2 billion**, and **25.6 billion** CNY respectively, with a stable ROI of around **2.5-2.7** [1][15]. Additional Important Content Platform Strategy - The platform's core business strategy focuses on content delivery, shelf scenarios, and brand support, prioritizing top brands for self-broadcasting and full shelf placement [2][16]. - The platform encourages mid-tier influencers to increase their broadcast frequency while reducing reliance on top-tier influencers to balance the ecosystem [19][20]. Brand Classification - Brands are classified into an S-level brand library based on their annual GMV and advertising budget contracts, with a minimum GMV requirement of **40 million** CNY [11][12]. ROI and Commission Policies - The ROI for merchants remained stable, with a slight increase in July compared to previous months. The commission policy has also seen an increase in rebate rates from **30% to 50%** compared to the previous year [15][26]. Market Dynamics - The platform aims to increase self-broadcast GMV from **63%** in 2025 to **70%-75%** in the next one to two years, indicating a strategic shift towards more cost-effective broadcasting methods [22]. New Brand Support Initiatives - New policies have been introduced to support new brands and white-label merchants, including cash rewards and resource packages to boost GMV growth in preparation for upcoming sales events [30]. Impact of Taxation - The potential impact of the advertising tax on platform and merchant operations remains uncertain, with significant implications depending on how influencer commissions are classified [37]. This summary encapsulates the essential insights and data from the conference call, highlighting the performance and strategic direction of the live e-commerce industry, particularly in the pet and health supplement sectors.

财经杂志 . 文/中国社科院世经政所博士后 谢慧敏、 中国社科院世经政所研究员 杨盼 盼 、中国社科院世经政所研究员 徐奇渊 4月以来，特朗普政府的关税政策经历了剧烈波动与多次重大调整。 特 别 是 针 对 中 国 ， 美 国 先 是 施 加 " 对 等 关 税 " ， 随 后 又 多 次 提 升 关 税 ， 最 终 将 税 率 加 征 至 14 5% ， 这 可 被 视 为 一 次 极 限 关 税 的 压 力 测 试。 在如此高的关税下，4月中国对美出口同比下降21.3%，下降幅度显 著低于此前各类模拟测算的结果。其原因何在？可持续性如何？本 文尝试基于美国进口商提单层面的微观数据做逐一回答。 以下文章来源于财经杂志 ，作者谢慧敏 等 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 抢进口在"对等关税"早期发挥作用 基于Panjiva数据，4月15日-5月13日，美国从中国海运进口货值同比下降15.5%，这与中国海关总 署公布的4月中国对美出口下降约21%较为 ...

Group 1 - The core point of the announcement is the approval of the 2024 annual equity distribution plan by the company's shareholders, which includes a cash dividend distribution based on the number of shares held [1][2]. - The equity distribution plan specifies that for every 10 shares held, shareholders will receive a cash dividend of 1.35 yuan, with different tax treatments for various types of shareholders [1][2]. - The equity registration date is set for May 28, 2025, and the ex-dividend date is May 29, 2025, indicating when shareholders will officially receive their dividends [2]. Group 2 - The distribution will be made directly to shareholders' accounts through their securities companies or other custodians on the ex-dividend date [2]. - The distribution applies to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the registration date [2]. - The company assumes all legal responsibilities for any issues arising from insufficient cash dividends due to a decrease in shares held by shareholders during the distribution application period [2].

Core Viewpoint - Rongmei Co., Ltd. (301088) reported a decline in operating revenue for 2024, while net profit showed significant growth, indicating a mixed financial performance [1] Financial Performance - The company's operating revenue for 2024 is 689 million yuan, representing a year-on-year decrease of 10.20% [1] - The net profit attributable to shareholders reached 107 million yuan, reflecting a year-on-year increase of 25.95% [1] - Basic earnings per share (EPS) is 0.47 yuan, which is a year-on-year growth of 27.03% [1] Dividend Distribution - The company plans to distribute a cash dividend of 4.39 yuan per 10 shares (tax included) to all shareholders [1] - No bonus shares will be issued, and there will be no capital reserve conversion to additional shares [1]