珠宝时尚业务是豫园股份核心收入来源，2024年占总收入63.88%，同时也是公司业绩压舱石。 此前受到行业周期性波动影响，豫园股份收入陷入调整。今年二季度则出现了复苏信号，珠宝时尚业务 实现收入76.12亿元，结束下滑，同比增长了2.1%。核心业务的企稳回升是公司二季度业绩企稳的主要 原因，同时也标志着豫园股份的结构调整初见成效。 近几年，在金价高位运行及外部消费不振的双重影响下，黄金消费需求有所下降。根据中国黄金协会的 统计，2024年国内黄金首饰消费量为532.02吨，同比下降 24.69%。 2025年8月25日，豫园股份发布2025年半年报。二季度实现营业收入103.3亿元，与上年同期持平，收入 增速环比大幅提升，出现了企稳迹象。 值得注意的是，核心收入来源珠宝时尚业务二季度收入同比增长2.1%，结构调整初见成效。在豫园股 份经历一段时间的调整后，释放了积极信号。 目前的豫园股份正在经历"新产业、新业态、新商业模式"的升级，不少领域已经开始取得突破。随着相 关政策的出台，以及公司主动转型调整，重回增长只是时间问题。 珠宝时尚业务企稳 结构调整初见成效 豫园股份的转型已经收到初步成效。今年上半年豫园股份 ...

Core Viewpoint - Richemont, the parent company of Cartier, reported a 3% increase in sales for the quarter from April to June, reaching €5.4 billion (approximately $6.3 billion), despite challenges from a strong euro and weak sales in Asia [1][2]. Group 1: Sales Performance - Overall sales increased by 3%, amounting to €5.4 billion (approximately $6.3 billion) [1]. - If not for the impact of a weaker dollar, the sales growth could have reached 6% [2]. - Sales in Europe, the Americas, and the Middle East and Africa experienced double-digit growth, driven primarily by jewelry sales [3]. Group 2: Jewelry and Regional Performance - The sales of the four major jewelry brands—Bulgari, Cartier, Van Cleef & Arpels, and Vhernier—grew by 11%, marking the third consecutive quarter of double-digit growth [4]. - However, sales in the Asia-Pacific region declined by 4%, with Japan experiencing a 13% drop, alongside a 10% revenue decrease in the professional watchmaking segment, which includes brands like Panerai, Piaget, and Vacheron Constantin [4]. - The performance of the jewelry segment was slightly better than analysts' expectations, aligning with the overall sales figures [5].

Core Insights - Richemont Group reported a 4% year-on-year increase in sales for the fiscal year 2025, reaching €21.399 billion, with all regions except Asia Pacific showing double-digit growth [4][9] - The jewelry segment, including brands like Cartier and Van Cleef & Arpels, generated €15.33 billion in revenue, growing 8% at constant exchange rates, while the watch segment saw a significant decline of 13% to €3.28 billion [4][6] - The emergence of Chinese jewelry brand Laopuhuang poses a competitive threat to established luxury brands, benefiting from cultural confidence and a unique market positioning [10][14] Financial Performance - Richemont's operating profit for the fiscal year was €3.76 billion, a slight decline of 1%, with an operating margin of 20.9%, down 240 basis points from the previous year [4] - The fourth quarter sales increased by 8% year-on-year to €5.17 billion, exceeding market expectations [4] - The jewelry division's operating profit grew by 4% to €4.9 billion, while the watch division's operating profit plummeted by 69% to €175 million [6] Regional Analysis - The Asia Pacific market experienced a 13% decline in revenue, primarily due to a 23% drop in sales from mainland China, Hong Kong, and Macau [8][9] - The Americas and Japan markets showed strong growth, with revenues increasing by 15% and 30% respectively, while Europe and the Middle East remained stable [9] - The contribution of the Asia Pacific market to total sales decreased from 40% to 33%, although it remains the largest regional market for Richemont [8] Brand Performance - Cartier accounted for over half of Richemont's sales and more than 70% of its profits, with its performance in China being a significant concern for the group [4][6] - Laopuhuang achieved remarkable growth, with a 166% increase in revenue to ¥9.8 billion and a 254% rise in net profit to ¥1.48 billion, positioning itself as a strong competitor in the luxury jewelry market [13][14] - The average sales per store for Laopuhuang reached ¥328 million, surpassing established international brands [13] Market Trends - The luxury jewelry market is characterized by a low level of branding, with new players emerging and capturing market share [14] - Laopuhuang's success is closely tied to Chinese cultural confidence, filling a market gap for high-end yet affordable jewelry [10][14] - Richemont's management is considering various strategies to mitigate the impact of U.S. tariff policies while maintaining a unified global pricing strategy [14]

Core Insights - The Chinese luxury market is witnessing a shift from soft luxury (bags, clothing, shoes, and beauty) to hard luxury (jewelry and watches), which is becoming a new growth driver amidst market uncertainties [4] - The future development of the Chinese hard luxury market will revolve around three key themes: resilience return, structural differentiation, and value reconstruction [4] Industry Insights - Jewelry and watches are experiencing divergent market trends, with jewelry showing strong resilience during economic fluctuations, driven by classic collections and innovative product strategies [7] - The jewelry market is expected to maintain steady growth in 2024, even as the global personal luxury goods market faces a downturn [7] - The Chinese jewelry market is transitioning into a normalized expansion phase post-pandemic, presenting ongoing growth opportunities despite a slowdown in growth rates [10] Consumer Behavior - Jewelry is increasingly viewed as an emotional anchor and status symbol, with significant sales spikes during emotional occasions like weddings and anniversaries [13] - The Tmall Luxury platform has seen successful launches of new jewelry collections from top brands, leveraging emotional resonance and marketing strategies [13] - Consumer motivations for jewelry purchases are shifting from traditional status symbols to expressions of individuality and emotional connection [27] - In decision-making, design aesthetics and brand prestige are becoming more critical, with consumers valuing cultural significance and craftsmanship [28] Market Dynamics - The Swiss watch industry is facing challenges, with a projected decline in exports in 2024, indicating a phase of adjustment post-pandemic [15][18] - Despite overall market downturns, high-end watch brands are maintaining resilience, with leading brands expanding their market share [22] - The luxury watch market is experiencing a structural shift, with significant growth in female watch consumption and a focus on unique designs and cultural narratives [51] Digital Transformation - The hard luxury market in China is at a crossroads of differentiation and reconstruction, necessitating brands to adapt in retail experience, cultural expression, and digital operations [62] - The year 2025 is seen as a turning point for redefining e-commerce value, with brands focusing on conversion efficiency and user quality rather than superficial engagement [63] - Tmall Luxury is evolving into a digital boutique, enhancing connections between brands and consumers through data insights and social interactions [63][64]

Core Insights - The luxury and fashion industry is undergoing significant transformation driven by rational consumption trends and the need for industry transition, with key signals emerging in cross-industry innovation, strategic adjustments, sustainable transformation, and market dynamics [1] Cross-Industry Innovation - Ferrari has announced its entry into the sailing sector, led by sailor Giovanni Soldini, aiming to enhance its technical capabilities and innovate its racing and car designs [4] - Estée Lauder has appointed Brian Franz as its first Chief Technology, Data, and Analytics Officer to drive digital transformation and improve consumer experience [3] Strategic Adjustments - Kering Group is facing challenges, with Gucci's revenue down 25% year-on-year in Q1 2025, leading to cost-cutting measures and hiring freezes [7] - Adidas reported an 82% increase in operating profit to €610 million in Q1 2025, driven by the popularity of retro shoes, although it remains cautious about full-year forecasts [11][12] - Nike has restructured its strategic decision-making by appointing Jennifer Hartley as Chief Strategy Officer, consolidating strategic roles to enhance efficiency [8] - BasicNet has appointed the Boglione brothers as co-CEOs to accelerate digital and youth-oriented transformation in response to market changes [9] - Hermès is expanding its production capacity in France to meet growing demand for its luxury handbags, reinforcing its commitment to 100% French manufacturing [10] Sustainable Transformation - Anta has released its first independent ESG report, showcasing a commitment to sustainability with 34 carbon footprint products and a goal for sustainable products to exceed 30% by 2024 [4][5] Market Dynamics - Proya has become the first domestic beauty company in China to achieve over ¥10 billion in revenue, with a 21.04% increase in 2024 [13] - The global art market has seen a 12% decline in sales, with a significant drop in the Chinese market, although there is hope for recovery driven by the younger generation's interest in cultural consumption [14] - Breitling announced a price increase of 3%-4% in China, reflecting market changes and the brand's commitment to quality [15]

卖到欧洲的中国电动车将最高面临 48% 的关税 卖到欧洲的中国电动车将最高面临 48% 的关税 欧盟委员会公告称，如无法与中方达成解决方案，7 月 4 日起，将对比亚迪、吉利汽车和上汽集团三家 抽样公司分别加征 17.4%、20% 和 38.1% 的反补贴税。目前欧盟对所有进口车征收 10% 的关税，叠加反 补贴税后，关税最高达 48.1%。 针对欧盟的做法，商务部新闻发言人回应称，中方敦促欧盟立即纠正错误做法，切实落实近期中法欧领 导人三方会晤达成的重要共识，通过对话协商妥善处理经贸摩擦。中方将密切关注欧方后续进展，并将 坚决采取一切必要措施，坚定捍卫中国企业的合法权益。 劳力士涨价，因为金价涨了 苹果大模型系统的更多细节 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 除了上述三家车企，参与调查但未被抽样的车企平均加征 21% 的反补贴税，这些公司包括特斯拉、宝 马、奇瑞、一汽、长安、东风、长城、零跑、南京金龙、蔚来、小鹏、爱驰和江淮，它们需要缴纳的关 税合计达 31%。提出申请的特斯拉可能适用单独的税率。其他未配合调查的企业，将要面对总计 48.1% 的关税。 上汽集团面临的税率最高，可能与其出 ...