Core Viewpoint - The article discusses the evolving consumer behavior amidst economic pressures, highlighting a shift from impulsive spending to more intentional and selective purchasing decisions. Consumers are adapting to uncertainties and maintaining a sense of control over their spending choices [2][6][21]. Group 1: Consumer Pressure Index - The latest Consumer Pressure Index report from Kearney indicates that while economic pressures persist, they have not significantly increased in most regions [2][4]. - Inflation and housing costs are identified as the two main sources of anxiety for global consumers, with rising expenses in food and energy contributing to ongoing stress [4][5]. Group 2: Changing Consumer Behavior - Consumers are transitioning from a mindset of "buying everything" to "selectively choosing," reflecting a return to a sense of control over their purchases [7][8]. - The concept of "revenge spending" has evolved into a more restrained yet powerful form of consumer expression, where individuals make conscious choices to assert their preferences in a volatile market [8][21]. Group 3: Consumer Mindsets - Consumers can be categorized into three psychological states: "Enjoyment Tribe," "Scarcity Tribe," and "Neutral Tribe," each exhibiting different spending behaviors based on external circumstances [16][11]. - The article suggests that consumers are not merely reacting to pressure but are also seeking novelty and meaningful experiences in their purchases [17][19]. Group 4: Trends and Implications for Brands - The market is entering a phase of brand consolidation, where established brands may struggle if they do not adapt to changing consumer values that prioritize relevance over mere recognition [22][23]. - Brands that focus on delivering emotional value and joy, rather than amplifying consumer anxiety, are more likely to succeed in the current environment [21][26]. - The article highlights three emerging trends: the rise of selective purchasing, the importance of emotional engagement in branding, and the redefinition of everyday value through smarter consumption [22][25][26].

Investment Rating - The report indicates a positive investment outlook for the retractable charging cable industry, suggesting it is likely to gradually replace traditional chargers as the mainstream mobile charging device [3]. Core Insights - The retractable charging cable offers significant advantages in portability and multi-scenario applications, aligning with market trends in charging solutions [3]. - The industry is witnessing a shift towards higher power fast charging capabilities, with many products achieving 67W to 100W, driven by advancements in GaN technology [7][8]. - The market for retractable charging products is expected to grow significantly, with global sales projected to increase from 8.94 million units in 2021 to 13.37 million units in 2024, reflecting a compound annual growth rate (CAGR) of 14.36% [15]. Summary by Sections Product Comparison - Retractable chargers integrate the charging cable, making them more compact and suitable for travel compared to traditional chargers, which have separate cables that can increase volume by 50%-100% [2]. Market Trends - The retractable charging cable market is expanding beyond traditional desktop and home use to include automotive and outdoor applications, with cable lengths typically exceeding 60cm [4]. Fast Charging Technology - Many retractable chargers now support high-power fast charging, with examples like the 67W retractable charger capable of charging an iPhone 16 Pro to over 50% in 35 minutes [7]. - Future developments are expected to focus on even higher power outputs and smarter charging capabilities [8]. Industry Structure - The industry chain consists of upstream component suppliers, midstream manufacturers, and downstream retail channels, with a focus on technological innovation and cost-effectiveness driving competition [12][14]. Market Dynamics - The retractable charging product market is characterized by a high degree of competition, with major players like Baseus and Ugreen holding significant market shares, while smaller brands can leverage differentiation strategies to gain market presence [18][19].

Core Viewpoint - The company, Viginie, has shown a recovery in its fiscal year 2025 performance, with an 11.7% increase in revenue to HKD 7.84 billion, despite challenges from macroeconomic fluctuations and uneven consumer recovery [1] Group 1: Business Performance - The intimate apparel segment generated revenue of HKD 4.243 billion, a modest increase of 3.0% year-on-year, accounting for 54.2% of total revenue, with a gross margin improvement of 1.0 percentage points to 24.7% [3] - The sports products segment emerged as a growth highlight, with revenue of HKD 2.934 billion, a significant increase of 26.9% year-on-year, representing 37.4% of total revenue, driven by a global sports trend and strong demand for sports bras [3] - The consumer electronics accessories segment, although smaller, saw robust growth with revenue of HKD 409 million, a substantial increase of 43.2% year-on-year, primarily driven by new product orders from core brand partners [3] Group 2: Operational Optimization - The company is advancing its smart transformation through vertical integration, intelligent management, automation, and localized supply chains to enhance production efficiency and cost control [4] - As of October 2024, the total output value from the Vietnam base accounted for 85% of total revenue, with approximately 31,900 employees in Vietnam compared to about 4,900 in mainland China [4] - The company's China operations generated revenue of HKD 1.966 billion in fiscal year 2025, a 4.4% increase year-on-year, with a net profit of HKD 85.6 million, benefiting from localized innovation and strong e-commerce performance [4] Group 3: Future Outlook - The company faces multiple challenges in fiscal year 2026 due to increased global market uncertainty from trade tariffs, leading to cautious order placements from brand partners [5] - The company is implementing cost-reduction measures across R&D, production, and operations to enhance organizational efficiency and effectiveness [5] - The company aims to leverage its leading Bonding technology to expand its successful cross-category initiatives from intimate apparel to sports and clothing segments, showcasing strong market potential [5]

2024年，在全球智能终端市场逐步回暖的大背景下，杰美特（300868.SZ）自有品牌"决色"在国内市场 实现销售收入同比增长55.22%，在公司整体营业收入同比增长12.59%的基础上展现出强劲增长动能。 凭借精准的产品定位、高效的渠道整合以及柔性化供应链能力，杰美特自主品牌业务成为全年经营结构 中的一大亮点。 年报显示，2024年，杰美特持续拓展短视频、直播电商等线上销售渠道，强化用户流量转化能力，同时 依托经销商网络的渠道渗透优势，提升终端触达效率与品牌可见度。在线上线下融合的销售模型推动 下，自有品牌在国内市场的销售表现获得了显著放量。 值得注意的是，在供应链侧，杰美特下一步将聚焦深化柔性智造体系，提升市场反应速度与履约效率。 同时将聚焦于新材料研发、高品质创新技术和低成本纤维类装饰工艺技术等三个领域的基础研究及技术 攻关，持续深化质量管理体系落地。 根据年报披露，未来杰美特将通过国内成熟经验与海外本土化需求的双向融合，在品牌价值传递、产品 创新协同与供应链成本管控等多个维度构建深度联动机制，打造面向全球市场的品牌成长路径，推动自 有品牌业务实现更具可持续性的规模扩张。 数据显示，2024年自有品牌业 ...

2025年4月28日，杰美特(300868.SZ)发布2025年一季报。 公司摊薄每股收益为-0.03元，在已披露的同业公司中排名第44，较去年同报告期摊薄每股收益减少0.10 元，同比较去年同期下降140.81%。 公司最新总资产周转率为0.07次，在已披露的同业公司中排名第51，较去年同期总资产周转率减少0.03 次，同比较去年同期下降30.09%。最新存货周转率为1.16次，在已披露的同业公司中排名第28，较去年 同期存货周转率减少0.31次，同比较去年同期下降21.01%。 公司股东户数为1.37万户，前十大股东持股数量为7925.30万股，占总股本比例为61.92%，前十大股东 持股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | | 谌建平 | 35.56% | | N H | 杨美华 | 11.85% | | 3 | 黄新 | 6.00% | | 4 | 张梓涵 | 2.03% | | 5 | 陈鸿钧 | 1.87% | | 6 | 中信证券资产管理(香港)有限公司-客户资金 | 1.60% | | 7 | 秦娜 | 1.19% | | 8 | 黄 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0293 | 0.0718 | -140.81 | -0.0732 | | 每股净资产（元） | 0 | 11.98 | -100 | 12.63 | | 每股公积金(元) | 10.31 | 10.41 | -0.96 | 10.41 | | 每股未分配利润(元) | 0.71 | 0.76 | -6.58 | 1.33 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.5 | 2.11 | -28.91 | 0.92 | | 净利润(亿元) | -0.04 | 0.09 | -144.44 | -0.09 | | 净资产收益率(%) | -0.24 | 0.59 | -140.68 | -0.58 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 3372.99万股，累计占流 ...