整理 ｜ 贺哲馨 #Big News# SHEIN再被传赴港上市 SHEIN仍不放弃上市。 路透社报道，跨境电商巨头Shein正计划将上市地点转向香港，或于近期向港交所递交上市申请，目 标在今年内完成IPO。截至目前，港交所与Shein均未对相关报道作出回应。 自2020年首次传出上市消息以来，Shein的上市之路可谓一波三折。2020年SHEIN曾被曝光赴美 IPO，但由于地缘政治变化一度搁置。随后SHEIN调整股权结构，将母公司迁至新加坡，被解读为优 化上市架构。 2023年，SHEIN再度冲击美股，后又因ESG、供应链合规等问题搁置。2024年，SHEIN转战伦敦， 去年5月，消息称SHEIN计划向港交所提交招股书，目标在年内上市。 路透社援引一位消息人士称，SHEIN在伦敦上市计划的流产，因为国内监管机构未批准该IPO。另有 消息人士称，原预期大陆监管机构会在英国金融行为监管局（FCA）批准后迅速放行，但此后却遭遇 意外延迟。 当前全球贸易政策存在较大不确定性，特别是关税政策的潜在变动，预计Shein的上市进程仍将面临 诸多挑战。 勃肯鞋在2025年第二季度实现了574.3百万欧元的营收，同比增长19 ...

摩根大通欧洲、中东和非洲地区杠杆融资主管Daniel Rudnicki Schlumberger表示："高收益债券市场已经 强势回归，上周是今年最繁忙的一周。市场资金充裕，而且不受关税影响的非周期性公司的交易可以在 公开和私人债券市场进行。" 尽管其他人不那么乐观，但交易的规模和范围却令人震惊。 智通财经APP获悉，垃圾债市场在因美国总统唐纳德·特朗普的关税政策而陷入停滞几周后，又开始重 新复苏。包括意大利运动鞋品牌Golden Goose和德国连锁酒店Motel One在内的公司开始发债，就连一 些极具风险的企业贷款类型也突然重新受到青睐。 4月底，一系列高收益债券交易拉开了这波浪潮的序幕——如今，贷款发行方也纷纷加入。 在一系列交易被取消或搁置后，贷款机构正抓住这令人欣喜的喘息机会。不过，这种情况可能不会持续 太久，因为特朗普的关税仍然迫在眉睫。 投资活动激增主要发生在欧洲，原因是市场预期欧洲利率将更快下降，而且受到关税影响的美国投资者 也在寻求多元化投资。不过，美国垃圾债市场也出现了复苏的迹象。 在这些发行中，有一些风险较高的交易类型表明投资者需求正在升温。这些交易包括股息资本重组(公 司筹集现金用于向 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to P/E ratios of 15, 13, and 11 respectively [5] Core Insights - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company has successfully launched new factories in Vietnam, Indonesia, and China to meet the growing demand, with two new shoe factories already operational in Q1 2025 [3] - The gross margin for Q1 2025 was 22.90%, down 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories [3] - The company is expected to gradually restore its profitability as new factories improve operational efficiency through optimized training mechanisms and the deployment of smart production equipment [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth, while the net profit attributable to the parent company was 762 million RMB, down 3.25% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, marking an 8.24% year-on-year increase, with a slight growth in average selling price (ASP) [3] - The company’s gross margin was impacted by new factory ramp-ups, but the net profit margin was 14.26%, down 2.30 percentage points year-on-year [3] Market and Client Dynamics - The company is less affected by tariffs due to its Southeast Asian factories using a processing model and local sourcing of over 50% of raw materials in Vietnam [4] - The company is expected to benefit from new client orders, particularly from Adidas, as it continues to expand its customer base despite slower growth from major clients like Nike [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 44.23 billion, 50.74 billion, and 57.92 billion RMB from 2025 to 2027, with corresponding P/E ratios of 15, 13, and 11 [5]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to PE ratios of 15, 13, and 11 times respectively [5] Core Views - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company is benefiting from a strong customer base, particularly with new clients like Adidas, which is expected to drive growth despite challenges in the broader market [4] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth. The net profit attributable to the parent company was 762 million RMB, down 3.25% year-on-year, while the non-recurring net profit was 751 million RMB, also down 3.35% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, an increase of 8.24% year-on-year, with an increase in average selling price (ASP) contributing to order growth. New customer orders have significantly increased, particularly following the partnership with Adidas that began in Q4 2024 [3] - The gross margin for Q1 2025 was 22.90%, a decrease of 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories. The company plans to enhance operational efficiency through training and the deployment of smart production equipment [3] Market and Client Dynamics - The company is minimally affected by tariffs due to its Southeast Asia factories operating under a processing model, with over 50% of raw materials sourced locally in Vietnam. The company’s production capacity is concentrated in Vietnam and Cambodia, which mitigates the impact of tariff increases announced by the U.S. [4] - The growth strategy relies heavily on new clients like Adidas and On, with strong order momentum expected to continue. The company’s customer acquisition capabilities are highlighted as a key strength, allowing it to achieve rapid growth even as major clients like Nike experience slower growth [4]

据外媒报道，这种制造方法带来了诸多优势。首先，鞋子的形状和尺寸可以根据每个消费者的需求 进行定制，确保穿着的舒适性和贴合性。设计团队只需修改3D模型，即可轻松优化鞋款设计，大大提 高了设计效率和灵活性。然而，值得注意的是，目前Climacool鞋款并未提供个性化定制服务。 阿迪达斯近期在鞋类制造领域迈出了创新的一步，宣布将面向全球市场推出一款采用3D打印技术 的Climacool鞋款。这款鞋最初仅在阿迪达斯的Confirmed平台上限量发售，专为平台用户打造，而现 在，它将向所有消费者开放购买。 据悉，Climacool鞋款的独特之处在于其整体采用了先进的3D打印技术制造。阿迪达斯虽未透露具 体的生产工艺细节，但确认这些鞋子是通过增材制造技术完成的，涉及尖端的3D打印技术。这一创新 不仅令人瞩目，也预示着鞋类制造行业的新变革。 此前，阿迪达斯曾在Futurecraft 4D鞋款的中底尝试过"连续液态界面生产"工艺，该技术通过紫外光 将液态聚合物树脂逐层固化，形成固体材料。而Climacool鞋款在此基础上更进一步，实现了整鞋的3D 打印制造。 阿迪达斯此次推出的Climacool鞋款售价为140美元（约合10 ...