今年以来，南京江北新区引入各类品牌首店52家 首店经济托起"青春活力新主城" □ 南京日报/紫金山新闻记者 李都 通讯员 周长江 左手点心慢吃，右手品茶饮咖。7月2日晚，在位于桥北商圈金象城购物中心一楼的泸溪河桃酥店内，不 少年轻人来尝试"桃酥+咖啡"或"西点+茶饮"的搭配，休憩区内坐得满满当当，结账台前更是排起长龙。 日前，这家以融合创新为主题的泸溪河全国首家集合店正式开业，吸引众多消费者前来体验和打卡。 泸溪河全国首家集合店的落户，是南京江北新区首店经济发展壮大的一处缩影。今年以来，新区共引入 各类品牌首店52家，其中全国首店2家、省级首店7家、市级首店13家，涵盖零售、餐饮、文化等多个领 域。 焦业态调优、消费促进、形象焕新、服务提升四个维度，开展各个商圈品质提升行动，将以更加有力的 举措引进更多首店，推动首店经济从"现象级火爆"迈向"常态化繁荣"。 首店经济的蓬勃兴起，也是城市竞争力增强的鲜明标志。首店经济的魅力，不只在于其本身，还在于首 店强大的"虹吸效应"，一家首店的入驻，常能带动整个商圈焕新。 5月23日，永辉超市南京首家"学习胖东来"自主调改店在江北龙湖天街开业，开业以来客流火爆，6月客 流同 ...

机构：长江证券 研究员：于旭辉/魏杏梓 晶苑国际：全球制龙头，入局运动驱动成长晶苑国际为全球多品类制衣龙头，近年来布局运动品类驱动 成长。晶苑国际为全球服装代工行业的先驱者，产品矩阵相较同业更为多元均衡，品类涵盖休闲服、运 动服、牛仔服、贴身内衣、毛衣等。2016 年公司收购Vista，成功进军运动服和户外服领域，布局高景 气赛道引领公司营收提速，当前已与优衣库、GAP、Levi's、UA 等多个头部品牌客户建立深度合作。 公司为家族制企业，实控人罗乐风夫妇持股76.5%，管理团队经验丰富，二代接班稳定传承，此外公司 经营现金流较充足，分红率呈现提升趋势。 制衣长期格局优化，看好运动赛道景气度 制衣行业稳健扩容，运动仍为最好的细分赛道。2024 年，全球服装代工行业规模约为5181 亿美元，近 五年复合增速为0.6%，其中运动行业空间广阔且未来增长确定性相对较强，品类特征决定产业链各环 节盈利能力较优且集中度较高，仍为我们长期看好的优质赛道。 造河：降本提效，打造供应链壁垒。晶苑已布局全球化生产网络，实现当地产能配套及产能灵活调配， 降本：较早布局海外产能使晶苑具备相较同行更低的综合所得税率，且享受到发展中国 ...

Company Overview - 汇成国际控股有限公司 is a rapidly developing company engaged in the design, production, marketing, and sales of clothing, focusing primarily on men's apparel [2] - The company operates multiple internationally recognized brands, targeting middle to high-income consumers with a variety of men's casual wear, including gentleman's leisure, outdoor leisure, and casual clothing [2] - The company holds ownership of brands such as London Fog, York, MCS, Henry Cotton, and Marina Yacht in the Greater China region [2] Sales Network - As of December 31, 2023, the company's sales network includes 134 self-operated retail points in major Chinese cities like Beijing, Shanghai, Chengdu, and Shenzhen, along with 39 retail points operated by third-party retailers in other cities [2] - The balanced combination of self-operated and third-party retail points is believed to facilitate rapid growth and penetration into the vast Chinese men's apparel market [2] Market Position and Strategy - According to a report commissioned by Euromonitor, the Saint Laurent brand is a leading brand in the mid-to-high-end casual men's wear segment in China by retail sales [2] - The company aims to differentiate itself from competitors through multiple men's clothing brands, each with a unique style and targeted customer base [2] - The strategy includes selecting established licensed brands to attract middle to high-income male customers, leveraging existing market recognition and goodwill [2] Production and Supply Chain - The company primarily outsources production to minimize costs, allowing it to focus on brand selection, design, and sales management [2] - It owns production facilities in Dezhou, Shandong Province, mainly for producing key products such as pants and jackets [2] Financial Performance - As of December 31, 2024, the company reported total revenue of 156 million yuan, a year-on-year decrease of 24.84%, and a net profit attributable to shareholders of -109 million yuan, a year-on-year increase of 23.23% [1] - The gross profit margin stands at 51.97%, with a debt-to-asset ratio of 16.34% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -7.04 times, with a median of -0.17 times [1] - 汇成国际控股's P/E ratio is -1.78 times, ranking 107th in the industry [1]

Group 1 - Sichuan Xinghongtai Garment Co., Ltd. has completed the renovation of a 2,000 square meter factory and installed equipment, with nearly 100 employees starting work [1] - Sichuan Hangcai Textile Co., Ltd. is expanding its second phase project, which will more than double its yarn production capacity from 15 tons [1] - Multiple light textile and apparel companies in Quxian Economic Development Zone are expanding production despite economic pressures, attributed to years of efforts to fill the "mid-chain gap" in the industry [1] Group 2 - The Quxian Economic Development Zone has 52 light textile and apparel companies, with 12 having export achievements, earning the title of "China's Outdoor Textile and Apparel City" [1] - There is a significant gap in the middle of the textile supply chain, with only three companies in spinning and nearly 50 in garment manufacturing, limiting local supply and increasing logistics costs [2] - To enhance the industry, Quxian is actively attracting businesses and revising park planning, with the introduction of Sichuan Mingzhen Textile Technology Co., Ltd. increasing fabric production capacity from 90,000 meters to 150,000 meters per day [2] Group 3 - Over 10 companies in the Quxian Economic Development Zone plan to expand production, with logistics costs expected to decrease by 20% and local supply rates increasing from 37% to 80% once the production loop is established [3]

（文/霍东阳 编辑/张广凯） 昔日的"步行街巨头"真维斯要在"老家"破产了。 今年三月，澳大利亚休闲服饰品牌真维斯（Jeanswest）进入自愿清算流程，公司目标在5月20日前在线下90家门店完成价值2000万美元品牌库存的销售，并 出售真维斯品牌的知识产权。 这并不是它第一次自愿进入破产清算。 早在2020年1月，当时隶属于旭日集团的真维斯澳大利亚公司宣布自愿进入破产清算阶段。当时真维斯董事长杨勋表示，因澳大利亚子公司连年亏损，经营 难以为继。 不过，它很快找到了"接盘侠"——香港家族企业Harbour Guidance。但在Harbour Guidance的运营下，真维斯的业务还在继续萎缩，2020年接手时还有146家 门店，而到了2025年仅剩下90家。因为经营不利，Harbour Guidance在2024年也进入破产清算程序，导致真维斯澳大利亚公司再次宣告破产。 尽管真维斯在中国市场的认知度极高，一度"霸占"90后的衣柜，但它实际是一个澳洲品牌。1972年，Jeanswest 创立于澳大利亚 Perth，旭日集团则在很长一 段时间里是 Jeanswest 的供应商。 我们所熟识的真维斯，是1990年 ...

Core Viewpoint - Jeanswest Australia has entered voluntary liquidation and plans to close over 90 stores in Australia, affecting approximately 600 employees [1][3][5] Group 1: Company Background and Financial Struggles - Jeanswest Australia entered bankruptcy in early 2020 due to debts of approximately $50 million, leading to the closure of 146 stores and nearly 1,000 employees [3] - The brand was acquired by Harbour Guidance in 2020, which attempted to reduce operations but could not reverse the decline [3][5] - The company has struggled for five years, ultimately leading to its current bankruptcy situation, attributed to rising living costs and reduced consumer spending [3][5] Group 2: Market Dynamics and E-commerce Impact - The rise of online shopping platforms has significantly impacted Jeanswest, with Australian online shopping expected to reach $69 billion in 2024, a 12% increase year-on-year [5] - Major players like Amazon, Shein, and Temu have driven this growth, with Temu alone projected to exceed $2 billion in annual sales in Australia [6][5] - Approximately 4 million Australians have shopped on Temu, and around 2 million have used Shein, indicating a shift in consumer behavior towards e-commerce [6] Group 3: Asset Management and Future Plans - The bankruptcy trustee is currently selling the brand's intellectual property, including trademarks, clothing designs, and customer data, with a deadline for potential buyers set for May 29 [6][7] - The success of the intellectual property sale is deemed crucial for the feasibility of a Deed of Company Arrangement (DOCA) that could allow for restructuring [7] - Jeanswest was established in 1972 and became a well-known brand in Australia, but has faced declining competitiveness due to the rise of fast fashion and e-commerce [7][12] Group 4: Distinction Between Australian and Chinese Operations - The parent company, Esprit Group, emphasizes that Jeanswest Australia and Jeanswest China operate as completely independent entities, with no financial interdependence [12] - The success of Jeanswest China in e-commerce, with sales increasing over 13 times from 2020 to 2024, has allowed the Australian branch to focus on transitioning to online sales [12][10]

Company Overview - 汇成国际控股有限公司 is a rapidly developing company engaged in the design, production, marketing, and sales of clothing, focusing primarily on men's apparel [3] - The company operates multiple internationally recognized brands, targeting middle to high-income male consumers with a variety of casual wear, including gentleman's leisure, outdoor leisure, and casual clothing [3] - The company has a vast sales network consisting of self-operated and third-party retail points across 244 cities in China, with a significant presence in major cities like Beijing, Shanghai, Chengdu, and Shenzhen [3] Financial Performance - As of December 31, 2024, 汇成国际控股 reported total revenue of 156 million yuan, a year-on-year decrease of 24.84% [1] - The company recorded a net profit attributable to shareholders of -109 million yuan, representing a year-on-year increase of 23.23% [1] - The gross profit margin stood at 51.97%, while the debt-to-asset ratio was 16.34% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for 汇成国际控股 [2] - The company's price-to-earnings (P/E) ratio is -1.52, ranking 109th in the textile and apparel industry, which has an average P/E ratio of -6.37 [2] - Competitors in the industry include FAST RETAIL-DRS with a P/E of 0.36, 浙江永安 at 1.34, and 大人国际 at 3.59, among others [2]

2024年最后一天，作为美特斯邦威创始人，周成建发布了"年终总结"，开篇就公布了美特斯邦威（以下 简称"美邦"）所取得的成绩。 周成建坦承："我那时候不知道周杰伦，就问，他很火吗？真的好吗？总监告诉我，火，真的好。我说 那你去签吧，我要睡觉了。签周杰伦当代言人这个事情，不到15分钟就定下了。" 这之后，休闲服饰的上行期、全国性扩张叠加周杰伦的"超级流量"，美邦开始走上巅峰，受到80后一代 青睐，被誉为"步行街之王"。2008年，美邦顺利登陆A股，直接把周成建送上"浙江首富"的宝座；2011 年，美邦营收破百亿，推动他三年蝉联国内"服装首富"。 按照周成建的描述，这些成绩包括：在长沙进行"5.0新零售"商业模式的试测，"完成了40天内过亿GMV 的战绩"；在武汉开出第一家全新潮流户外体验店，上海武夷路门店开业，云南文山生活馆店铺陆续落 地，"在全国各层级市场我们都赢得了市场的好评和消费者的欢迎"。 看上去似乎一片美好，整体效果却相当残酷。 4月29日，美邦服饰发布了2024年业绩报告，该报告显示，其全年营业总收入6.81亿元，同比下降 49.79%，净亏损1.95亿元，去年同期净利3174.58万元，净利润同比 ...

Group 1 - The 137th Canton Fair has seen a significant increase in participation, with over 30,000 exhibiting companies, including more than 4,200 new entrants [3][6] - The sports and leisure products section is particularly vibrant, attracting a high volume of international buyers, indicating a strong demand for sports-related goods [3][5] - Companies like Wuxi Xingfengda Trading Co., Ltd. are using the fair as a platform to test new products, with a notable increase in export sales from $1 million to $18 million since its establishment [7][8] Group 2 - The growing emphasis on sports among domestic consumers is driving demand for sports apparel, with companies like Zhongshan Weiye Garment Co., Ltd. reporting significant export figures [6][7] - International buyers, such as Euan Miiroy from the UK, highlight the fair as a unique opportunity to find high-quality, cost-effective products [4][8] - The integration of technology in sports products is evident, with innovations like AI-assisted exoskeletons and robotic dogs being showcased, indicating a trend towards tech-enhanced sports equipment [8]

美邦服饰的核心业务——休闲服饰板块，正遭受品牌老化与市场竞争加剧的双重打击。 品牌定位模糊与消费者偏好的快速变化。近年来，消费者对时尚的需求日益多元化，而美邦服饰的产品 却未能及时跟上潮流趋势。品牌定位从"潮流休闲"转向"潮流户外"的尝试，虽然反映了管理层对市场变 化的敏锐洞察，但实际效果却因产品设计与市场需求的脱节而大打折扣。部分加盟商对新模式缺乏信 心，转投其他品牌，进一步加剧了市场份额的流失57。 毛利率持续下滑与市场竞争白热化。随着国内外快时尚品牌的加速布局，美邦服饰的定价策略与产品差 异化优势逐渐丧失。为应对竞争，公司不得不通过降价促销来维持销售，这直接导致毛利率的大幅下 滑。与此同时，库存周转效率低下，存货减值风险进一步攀升。 2024年，美邦服饰交出了一份令人失望的成绩单。2024年年报显示，公司营业收入6.81亿元，同比下降 49.8%；归母净利润亏损1.95亿元，同比下降715.4%。 全年营业收入大幅下滑，净利润由盈转亏，经营活动现金流持续为负，暴露出公司在品牌老化、市场竞 争加剧以及战略转型受阻等多重风险下的经营困境。作为曾经的"中国版ZARA"，美邦服饰正面临着前 所未有的挑战，亟需在 ...