背靠李宁、安踏、安德玛等一众头部运动品牌，运动鞋履专业代工厂商龙行天下正式启动A股上市征程，拟冲击上交所主板。 公司近日公告披露，已于2025年12月12日向广东证监局提交上市辅导备案材料，并于12月17日获受理确认，招商证券担任辅导机构。南都·湾财社记者梳理 发现，尽管公司近年业绩保持增长态势，但高客户集中度、毛利率承压、行业竞争白热化等多重挑战，正成为这家代工厂冲刺IPO的现实考验。此次冲击资 本市场背后有何战略考量？面对发展瓶颈又将如何破局？南都·湾财社记者就此向龙行天下发函采访，但截至发稿暂未收到公司回复。 业绩稳步增长，全球产能布局成型 公开资料显示，成立于1998年的龙行天下集团，总部位于东莞，专注于运动鞋履的开发设计、生产与销售，凭借多年行业积累，已成为国内具备规模优势的 专业制造商。 据公司披露的财务数据，龙行天下经营业绩呈现持续增长态势。2023年实现营业收入42.11亿元，归母净利润2.07亿元；2024年营收同比增长32.71%至55.88 亿元，归母净利润同步提升至2.78亿元。2025年上半年，公司延续增长势头，营收同比增长13.74%至29.32亿元，但归母净利润较上年同期下降10 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 15.97 and a fair value of HKD 19.99 [4]. Core Insights - The company is the world's largest sports shoe manufacturer, driven by both manufacturing and retail operations, with a potential performance turnaround expected [1][9]. - The manufacturing business is expected to see revenue and profitability improvements due to various factors, including a recovery in order placements from brand clients and a favorable market environment in 2026 [9]. - The retail business is actively pursuing multi-channel and refined operations, which are anticipated to lead to a performance rebound [9]. Summary by Sections Company Overview - The company is the largest sports shoe manufacturer globally, with a market share based on annual production [14]. - It has a significant workforce of 285,500 employees, with 265,500 in manufacturing and 20,700 in retail [14]. - The company achieved a revenue of USD 8.182 billion in FY2024, reflecting a year-on-year growth of 3.7% [2][14]. Manufacturing Business - The manufacturing segment contributed 68.7% of total revenue and 85.2% of profit in FY2024, with revenues of USD 5.621 billion, up 11.1% year-on-year [17]. - The average selling price (ASP) for shoes was USD 20.25, down 5.1% year-on-year due to a higher concentration of high-end products in previous years [17]. - The company has a diversified production base across several countries, with significant output from Indonesia, Vietnam, and China [15][17]. Retail Business - The retail segment, operated through the subsidiary BaoSheng International, generated USD 2.561 billion in FY2024, a decrease of 9.5% year-on-year [24]. - The company is optimizing its store network, reducing the number of direct-operated stores to 3,448 while improving average store size [24]. - The retail business is expected to benefit from improved discount rates and effective inventory management [9]. Financial Projections - The company forecasts earnings per share (EPS) of USD 0.23, USD 0.26, and USD 0.28 for FY2025, FY2026, and FY2027, respectively [9]. - The report estimates a fair value of HKD 19.99 per share based on a sum-of-the-parts valuation method [9]. Market Performance - The company's stock price has shown significant volatility, with a historical increase of 2044.24% since its listing in 1992, although it has faced challenges in recent years due to external market conditions [46]. - The company’s price-to-earnings (P/E) ratio has fluctuated between 7 and 18 times, indicating a relatively low valuation compared to historical levels [46].

智通财经记者 | 秦李欣 智通财经编辑 | 任雪松 广东龙行天下科技股份有限公司（下称"龙行天下"）近日正式启动IPO进程。 值得提出的是，与这些已建立规模效应的行业巨头相比，龙行天下仍属中型成长企业，在规模与抗风险 能力上存在差距。 2024年，华利集团、裕元集团、丰泰企业的销量分别达到2.23亿双、2.553亿双和1.17 亿双，而龙行天下的同期产量接近5000万双。这一规模差距意味着其在成本控制、客户议价及分散风险 方面面临更大挑战。 此外，作为劳动力密集型产业，全球产能布局与国际贸易环境成为影响盈利的关键变量。 为顺应产业链转移趋势并控制成本，龙行天下自2016年起在越南建立生产基地，并于2023年开始筹备印 尼基地。其产能持续向海外转移，以休闲鞋为例，越南生产基地的销售数量占比从2023年的25.68%提 升至2024年的39.32%。然而，近年来不断变化的国际贸易形势及潜在的贸易壁垒，也给这种全球化生 产布局带来了不确定性。 公司于12月15日发布公告，表示已开始接受招商证券的上市辅导，拟申请公开发行股票并在上海证券交 易所上市。随后在12月17日，龙行天下进一步公告已取得广东证监局出具的《辅导备 ...

Core Viewpoint - JD Fashion, in collaboration with Zhonglian Inspection Group and several well-known down jacket brands, has launched the first group standard in China for grading the thermal performance of down jackets, providing consumers with a quantifiable basis for selecting down products [1][3]. Group 1: Standard Overview - The newly released standard (T/CTES 1080—2025) addresses the gap in existing national and industry standards regarding the direct thermal performance grading of down clothing [3]. - The standard introduces a systematic grading system based on three core parameters: down content, fluffiness, and down turbidity, categorizing products into five quality levels from AAAAA to AAA [3]. - AAAAA level requires down content ≥90%, goose down fluffiness ≥17.5cm, and turbidity ≥1000mm, all exceeding current national standards [3]. Group 2: Consumer Guidance - The standard classifies thermal performance into four levels based on extreme applicable temperatures: severe cold (-30.0℃ to -20.1℃), extreme cold (-20.0℃ to -10.1℃), mild cold (-10.0℃ to -0.1℃), and slightly cold (0℃ to 10.0℃) [3]. - It provides average power and cooling rate benchmarks for both men's and women's products, facilitating a straightforward selection process for consumers [3][4]. Group 3: Industry Impact - The standard is expected to promote the standardization of the down jacket industry, enhance the competitiveness of Chinese down products in the international market, and provide transparent, comparable product information for consumers [7]. - JD Fashion has previously launched the JD FASHION label, ensuring that products meet high standards in material quality and craftsmanship, further solidifying its commitment to quality [7]. Group 4: Future Developments - JD Fashion plans to continue collaborating with authoritative testing institutions and quality brand merchants to build a more comprehensive quality assurance system for apparel, aiming for a reliable shopping experience for consumers [9].

Core Points - The article discusses the announcement of the eighth list of non-compliant products identified during the provincial quality supervision and inspection tasks organized by the Sichuan Provincial Market Supervision Administration for the year 2025 [2] Group 1: Non-compliant Products - A total of 14 non-compliant travel bag products were identified, with issues primarily related to oscillation impact performance [3][4] - Specific companies involved include Chengdu Ouxiyi Trading Co., Chengdu Auchan Supermarket Co., and Guangzhou Jieshi Bag Co., among others [3][4] - The inspection covered various specifications and models of travel bags, indicating a widespread issue across different manufacturers [3][4] Group 2: Other Non-compliant Products - Non-compliance was also noted in brake hoses and swimming suits, with issues such as necking after passing volume and fiber content [4][5] - The inspection revealed problems in children's shoes, including heavy metal content and phthalates, highlighting safety concerns in children's products [5][6] - The report emphasizes the importance of product quality and safety standards across various industries, including textiles and automotive parts [4][5][6]

Core Viewpoint - Yuanyuan Group reported a slight decline in revenue but an increase in profit, indicating resilience in its footwear segment despite challenges in the retail environment [1][2] Group 1: Financial Performance - For the nine months ending September 30, 2025, the company recorded an unaudited consolidated profit attributable to owners of approximately $278.7 million [1] - The group's revenue was $6.0174 billion, a minor decrease of 1.0% compared to $6.0753 billion in the same period last year [1] - Revenue from footwear activities increased by 4.6% to $3.9561 billion, with a total footwear shipment volume rising by 1.3% to 189.4 million pairs [1] Group 2: Product Segmentation - Sports and outdoor footwear accounted for 83.6% of the footwear manufacturing revenue, while casual shoes and sports sandals made up 16.4% [1] - In terms of overall revenue, sports and outdoor footwear represented 55.0% of total revenue, with casual shoes and sports sandals contributing 10.8% [1] - The average selling price of footwear increased by 3.2% to $20.88 per pair [1] Group 3: Retail Environment - Despite a relatively stable omnichannel performance, the retail environment in mainland China has become increasingly volatile, leading to significant declines in both direct and franchise channels [2] - Revenue from Baosheng decreased by 7.9% to $1.7857 billion, down from $1.9398 billion in the same period last year [2] - In RMB terms, Baosheng's revenue fell by 7.7% to RMB 12.9028 billion from RMB 13.9842 billion year-on-year [2]

Group Overview - 9M25 total revenue was US$6,017.4 million[11], with athletic/outdoor shoes accounting for 55% and Pou Sheng contributing 29.7%[10] - 2024 revenue reached US$8,182 million, profit attributable to owners was US$393 million, and dividend per share was HK$1.30[13] - Shoe volume increased by 17% to 255 million pairs in 2024, while ASP decreased by 5.1% to US$20.25[13] - The company is committed to reducing emissions by 46.2% by 2030 compared to 2019[23] Financial Performance (9M25 vs 9M24) - Group revenue decreased by 1% to US$6,017.4 million[42, 53] - Manufacturing revenue increased by 2.3% to US$4,231.7 million[42, 65] - Retail revenue (Pou Sheng) decreased by 7.7% to RMB 12,903 million[42] - Profit attributable to owners decreased by 16% to US$278.7 million[42, 53] - Manufacturing profit attributable to owners decreased by 12.6% to US$263.9 million[42, 65] - Retail profit attributable to owners decreased by 50.1% to RMB 171 million[42] Manufacturing Business - Shoe volume increased by 1.3% YoY to 189.4 million pairs[40, 49] - ASP increased by 3.2% YoY to US$20.88 per pair[40] - Manufacturing gross profit margin was 18.3%, a decrease of 1.3 percentage points[40, 65] - Manufacturing operating profit margin was 6.6%, a decrease of 1.3 percentage points[40, 65] Retail Business (Pou Sheng) - Online contribution reached a historical high, accounting for 33% of total sales[98] - Number of direct operated stores decreased by 3.5% YoY[109]

Investment Rating - The report assigns an "A" rating for investment in the textile manufacturing industry, with specific buy recommendations for Shenzhou International (02313.HK), Yuanyuan Group (00551.HK), and Huali Group (300979.SZ) [1]. Core Insights - The global textile and apparel export value is approximately $900 billion, with an expected compound annual growth rate (CAGR) of 3.2% from 2020 to 2024. The export value is projected to reach $882.7 billion by 2024 [2][16]. - The apparel manufacturing industry is experiencing a trend of vertical integration, with some mid-to-large companies extending upstream into weaving and dyeing processes, while the footwear industry remains more concentrated in competition [3][4]. - The report highlights that the sportswear manufacturing sector has a low concentration level, with vertical integration becoming a trend. Shenzhou International is identified as the largest sports knitwear manufacturer globally, with a production capacity of 550 million garments and revenue of 28.7 billion yuan in 2024 [4][9]. Summary by Sections Textile Manufacturing Overview - The global textile and apparel export value is around $900 billion, with the EU, the US, and Japan being the top three importers. The CAGR from 1989 to 2000 was 5.6%, while from 2014 to 2020, it slowed to -0.3% due to inventory destocking and pandemic impacts [16][19]. - The report notes that the textile manufacturing industry is shifting globally, with China's export share declining to 34% in 2023 [19][20]. Apparel Manufacturing Industry - The apparel manufacturing supply chain includes six main areas: fiber, spinning, weaving, dyeing, garment making, and retail. The trend is towards vertical integration, enhancing product development capabilities [36]. - Major apparel manufacturers have high customer concentration, with the largest customer accounting for about 30% of revenue for many companies [50][52]. - The report indicates that overseas production capacity is expanding, with Vietnam, Cambodia, and Indonesia being the primary locations for apparel manufacturing [55]. Footwear Manufacturing Industry - The footwear manufacturing industry has a higher concentration level, with leading companies like Yuanyuan Group dominating the market. In 2024, Yuanyuan Group is expected to produce 255 million pairs of shoes, generating revenue of $5.621 billion [4][9]. - The report emphasizes that the competition in the footwear sector is more concentrated compared to apparel, with fewer suppliers for footwear than for apparel [3][43]. Investment Recommendations - The report recommends Shenzhou International due to its lower exposure to the US market and strong overseas fabric production capacity, which exceeds 50% [9]. - Yuanyuan Group is recommended for its strong upstream material control and potential for profit recovery as production capacity increases [9]. - Huali Group is noted for its average exposure to the US market and optimistic sales outlook due to new client acquisitions [9].

Core Viewpoint - The article emphasizes the importance of comfortable shoes in enhancing one's quality of life and self-care, suggesting that the state of one's shoes reflects their attitude towards themselves [8][10][18]. Group 1: Importance of Shoes - A good pair of shoes can significantly impact one's journey in life, as they provide comfort and support [3][18]. - The condition of shoes can reveal a person's lifestyle and self-care habits, contrasting those who take care of their shoes with those who neglect them [10][12][16]. Group 2: Wayne Flex Brand Introduction - Wayne Flex is highlighted as a brand that combines comfort and design, making it suitable for individuals experiencing changes in foot shape as they age [31][36]. - The founder, Wayne Finkelstein, is recognized as a prominent designer in the footwear industry, known for creating comfortable shoes [33][36]. Group 3: Product Features - Wayne Flex shoes utilize high-quality materials, such as Kenyan sheep leather and American long-tail deer leather, to ensure comfort and durability [42][43]. - The brand focuses on ergonomic design, with shoes tailored specifically for Asian foot shapes, enhancing comfort during wear [49][51]. - Unique patented insoles and advanced cushioning technology are employed to provide a soft and supportive walking experience [60][66]. Group 4: Promotional Event - A live-streaming event is scheduled for October 24, featuring discounts of up to 80% on Wayne Flex products, making it an attractive opportunity for consumers [25][68]. - The event includes a giveaway of mobile phones to encourage participation and engagement [130].

Investment Rating - The report does not explicitly provide an investment rating for the retail industry in China [1]. Core Insights - Offline retail performance in South China was under pressure during Q3 2025 and the first three days of Golden Week, with significant year-on-year declines in sales for many brands [10][11]. - International cosmetics brands experienced weak sales, while domestic brand MAOGEPING showed strong performance during the same period [12]. - Sports brands Li-Ning and Anta outperformed NIKE and ADIDAS, achieving double-digit growth, while the latter two saw declines [13]. - Outdoor brands maintained resilient sales, with higher discount levels compared to sports brands, although overall discount levels remained stable year-on-year [14]. Summary by Sections Offline Retail Performance - In Q3 2025, offline retail sales in Guangzhou showed a double-digit decline both month-on-month and year-on-year, with a slight recovery in sales during the first three days of Golden Week [10]. - The average retail transaction value declined year-on-year, particularly for high-value products and cosmetics, while mid-to-low priced products remained stable [10]. Dining Performance - Dining performance during Golden Week showed divergence, with traditional Cantonese cuisine performing strongly, while Western and Japanese cuisines faced declines [11]. Cosmetics Sales - 70% of international cosmetics brands reported year-on-year sales declines, with DIOR experiencing a double-digit drop, while domestic brand MAOGEPING performed exceptionally well due to strong promotions [12]. Sports Brand Performance - In Q3 2025, NIKE and ADIDAS saw modest growth, while Li-Ning and Anta achieved double-digit growth, attributed to their participation in promotional activities during Golden Week [13]. Outdoor Brand Performance - Sales growth for outdoor brands was led by The North Face and Jack Wolfskin, both achieving double-digit growth, while other brands like Columbia saw mid-to-high single-digit growth [14].