原标题：日媒：依赖中国消费者和游客的日企正做准备，以应对中日关系恶化带来的影响 《日经亚洲》指出，受高市早苗引发的争议事件影响，日本的航空公司和零售商股票11月17日出现大幅下跌。11 月18日，日本东京股市日经225种股票平均价格指数开盘后更是持续走低，一度跌超3%。截至北京时间13点15 分，日经225指数报48915.24，跌超1400点。市场分析普遍认为，本轮下跌，主要受科技股领跌及中日关系恶化拖 累。 据日本国家旅游局的统计，今年1月至9月，中国赴日游客人数约为749万人次，较去年同期增长超过40%，是各国 或地区中人数最多的。 当地时间2025年9月20日，日本东京，银座商业区 IC Photo 另据日本观光厅的统计，今年7月至9月，中国游客在日本的消费额位居外国游客之首，占游客总消费额2.131万亿 日元的27.7%，达5901亿日元。这一数字较去年同期增长了26.1%，去年同期为4999亿日元。 【文/观察者网 熊超然】日本首相高市早苗本月初发表涉台错误言论，至今仍不思悔改，中方对此发动雷霆反击 ——外交警告、留学预警、旅游提醒、叫停交流活动…… 11月18日，《日经亚洲》报道指出，在当前局势 ...

Group 1 - The Japanese stock market experienced a significant decline, with the Nikkei 225 index dropping over 1% and falling below 50,000 points, primarily affecting tourism and retail stocks [1][3] - Notable declines included Shiseido's stock, which fell 11%, and Pacific International Holdings, which saw an 8.9% drop, marking their largest single-day declines since April 2024 [1][3] - Major retail and tourism-related companies, such as Isetan Mitsukoshi and Uniqlo's parent company Fast Retailing, also faced substantial stock price drops, with declines exceeding 5% [3] Group 2 - The downturn in the stock market is attributed to deteriorating Sino-Japanese relations, with Chinese authorities issuing travel warnings to their citizens regarding travel to Japan [5][11] - Chinese tourists are crucial for Japan's tourism sector, accounting for nearly 20% of international visitors in 2024, with their spending representing 27% of total inbound consumption, amounting to approximately 2.1 trillion yen [7] - A significant reduction in Chinese tourists could lead to a GDP decrease of 0.36% for Japan, equating to an economic loss of about 2.2 trillion yen [7] Group 3 - Japan's economy is facing multiple challenges, including a 1.8% decline in real GDP for the third quarter, marking the first negative growth in six quarters, largely due to decreased exports and a sharp drop in private residential investment [9] - Analysts suggest that the recent travel warnings from China threaten Japan's retail sales growth, particularly for companies like Shiseido and Uniqlo, which rely heavily on Chinese consumers [11] - The Japanese government has set an ambitious target to increase annual inbound tourist numbers to 60 million by 2030, but this goal is now uncertain due to escalating political tensions with China [15]

根据花旗银行发布的报告，2024年前11个月，日本是中国游客第四大热门出境旅游目的地，占中国游客 出境旅游总量的5%以上。日本国家旅游局的初步数据则显示， 2024年赴日国际游客中，近五分之一来 自中国 ，约700万人次。 日本一直希望借此势头，到2030年实现每年6000万入境游客的目标。野村证券外汇策略负责人后藤雄二 （Yujiro Goto）在报告中表示，如果中国游客人数降至零，每月入境旅游收入可能减少2000亿日元（约 13亿美元），并警告这一打击可能延迟日本央行的加息计划。 彭博情报（Bloomberg Intelligence）高级分析师Catherine Lim表示，这一事态"威胁到以旅游为主导的日 本零售销售增长预期"。她还指出，中国消费者对日货的抵制风险加大，可能损害迅销旗下优衣库、亚 瑟士和无印良品的在华销售。 11月17日周一，东京股市旅游、零售相关股票大跌，部分股票跌幅超10%。中国游客减少将冲击日本的 旅游势头，而这是日本经济中少数亮点之一。 截至周一收盘，日经225指数下跌52.62点至50323.91点，跌幅为0.10%。其中，日本化妆品巨头资生堂 股价一度暴跌超过11%，为今年 ...

Group 1 - Fast Retailing (06288) shares fell over 6%, currently down 6.52% at HKD 26.4, with a trading volume of HKD 159,000 [1] - The Japanese stock market saw significant declines in several consumer stocks, with Shiseido dropping over 9% and Fast Retailing experiencing a decline of over 6% [1] - The Ministry of Culture and Tourism in China issued a travel advisory, citing a deterioration in the safety environment for Chinese citizens in Japan due to rising crime rates and several unresolved cases involving Chinese nationals [1] Group 2 - Recent provocative remarks by Japanese leaders regarding Taiwan have further strained the atmosphere for exchanges between China and Japan, posing significant risks to the personal safety of Chinese citizens in Japan [1]

消息面上，今早日本股市多只消费股出现大跌，截至发稿，资生堂大跌超9%，优衣库母公司迅销一度 跌超6%。文化和旅游部发文表示，外交部11月14日发布出行提醒：今年以来，日本社会治安不靖，针 对中国公民违法犯罪案件多发，发生多起在日中国公民遇袭事件，部分案件迄未侦破，中国公民在日本 安全环境持续恶化。近日，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日人员交流氛围，给在 日中国公民人身和生命安全带来重大风险。 迅销(06288)跌超6%，截至发稿，跌6.52%，报26.4港元，成交额15.9万港元。 ...

Core Insights - Fast Retailing's latest financial report indicates a 9.6% year-on-year increase in sales for FY2025, reaching 3.4 trillion yen, and a 12.6% increase in operating profit to 564.2 billion yen, marking the fourth consecutive year of record highs [1][2] - The North American market saw revenue growth exceeding 24%, while the European market experienced over 33% growth [1][2] - The report highlights strategic adjustments in the Chinese market, with a year-on-year business profit growth of 11% in Q4 due to improved gross profit and reduced operating expenses [1][6] Financial Performance - Total revenue for FY2025 reached 3.4 trillion yen, with net profit attributable to shareholders increasing by 16.4% to 433 billion yen [2] - The gross profit margin was 53.8%, with a slight decrease of 0.1 percentage points compared to the previous year [3] - Operating profit for FY2025 was 564.2 billion yen, reflecting a 12.6% increase [3] Market Performance - Uniqlo contributed approximately 86.4% of the group's total revenue, amounting to 2.9 trillion yen, with domestic sales in Japan surpassing 1 trillion yen for the first time, growing by 10.1% [4] - Overseas sales also reached a record high, increasing by 11.6% to 1.91 trillion yen, accounting for over 55% of Uniqlo's total revenue [5] - North American revenue was 271.1 billion yen, up 24.5%, while European revenue was 369.5 billion yen, up 33.6% [5] Strategic Adjustments in China - The Chinese market is facing competitive pressures, but Uniqlo's fundamental position remains resilient despite challenges from local brands and online alternatives [6][9] - The company is actively pursuing strategic adjustments across various dimensions, including product innovation and online presence, with Q4 showing positive results in business profit growth [6][9] - Uniqlo's membership base in China reached approximately 13.5 million, with over 40% of members aged 18 to 29, indicating strong brand appeal among younger consumers [9] Store and Product Strategy - Uniqlo is shifting focus from quantity growth to enhancing individual store quality, emphasizing localized operations and consumer experience [7] - The company has opened flagship stores in cities like Changsha and Chengdu, integrating local cultural elements into their offerings [7] - The online strategy is accelerating, with the launch of a mini-program on JD.com, resulting in a significant increase in online customer engagement [9]

Core Viewpoint - The article discusses Uniqlo's strategy in response to the stringent U.S. tariff policies, highlighting the complexities behind its decision to maintain its supply chain in Asia rather than relocating to the U.S. [1][3] Group 1: Tariff Impact - By 2025, U.S. tariffs on Chinese goods will increase, with additional tariffs of 20% to 49% on products from Southeast Asian countries and 24% on non-automotive products from Japan [1] - In FY2025, Uniqlo's North American revenue is projected to grow by 24.5%, with profits increasing by 35.1%, contributing significantly to Fast Retailing's net profit of $2.8 billion [1] - Fast Retailing estimates that tariffs could reduce profits by 1% in FY2025, with a more significant impact expected in the second half of the fiscal year [1] Group 2: Supply Chain Strategy - Uniqlo's supply chain is heavily reliant on Asia, with approximately 30% of production in China and the majority in Southeast Asia, making it vulnerable to U.S. tariffs [1] - The company's operational model emphasizes "Japanese design, Asian production," allowing it to produce high-quality, cost-effective products recognized globally [4] - Asian factories offer flexibility in design changes, producing samples in 5 to 7 days, while U.S. production lacks this efficiency and skilled labor [6] Group 3: Response Strategies - Uniqlo has adopted a short-term strategy of stockpiling goods in the U.S. to mitigate the immediate impact of tariffs [6] - The company plans to increase prices by 10% to 15% on certain products in the U.S. market starting in Fall 2025, indicating a need to maintain profitability despite rising costs [6] - Fast Retailing is diversifying its strategy, focusing on North America and Europe due to slowing growth in China, with plans to open flagship stores in Chicago and San Francisco by 2026 [7] Group 4: Lessons for Other Companies - Uniqlo's approach serves as a model for other companies facing tariff pressures, emphasizing that relocating production can be more costly than the tariffs themselves [9] - The company maintains its competitive edge by leveraging its Asian supply chain while employing strategies like stockpiling, price adjustments, and production location changes to navigate economic challenges [9]

Core Viewpoint - Uniqlo is determined to maintain its supply chain in Asia despite increasing tariffs on imports to the U.S., indicating a strategic choice to preserve its competitive advantage and operational efficiency [1][5][16] Group 1: Tariff Impact - The U.S. tariffs are severe, with additional taxes ranging from 20% to 49% on goods from Southeast Asian countries, and 24% on non-automotive products from Japan, affecting Uniqlo's supply chain [1][3] - Uniqlo's North American revenue is projected to grow by 24.5% and profits by 35.1% in the 2025 fiscal year, with significant contributions from this market [3][12] - The company anticipates a 1% profit reduction due to tariffs in the 2025 fiscal year, with a more pronounced impact expected in the latter half of the year [3][10] Group 2: Supply Chain Strategy - Uniqlo relies heavily on its Asian supply chain, which is not solely based on cost but also on design quality and production efficiency, adhering to Japanese standards [7][8] - The company can produce samples within 5 to 7 days in Asia, a capability that is lacking in the U.S. due to a shortage of skilled labor and textile infrastructure [8][10] - Uniqlo is exploring alternatives to mitigate tariff impacts, such as stockpiling inventory and shifting production from China to countries like Vietnam and Indonesia [10][12] Group 3: Pricing and Market Position - Uniqlo plans to increase prices by 10% to 15% on certain products in the U.S. starting in the fall of 2025, indicating a strategy to pass some costs onto consumers while maintaining profitability [12][14] - The company has successfully established a foothold in the U.S. market, having turned a profit after 17 years of operations, and is focused on expanding its presence [12][14] - Uniqlo's approach to navigating tariffs without compromising its supply chain or core competencies is seen as a model for other companies facing similar challenges [14][16]

Group 1: Uniqlo's Performance - Uniqlo's parent company, Fast Retailing, reported a record operating profit of 564.27 billion yen for the fiscal year ending August 2025, marking the fourth consecutive year of growth [3] - The Southeast Asia, India, and Australia regions showed significant sales performance, with North America and Europe also achieving double-digit growth in both revenue and profit [3] - In North America, revenue increased by 24.5% year-on-year, while profit rose by 35.1%; Europe saw revenue growth of 33.6% and profit growth of 23.7% [3] - Despite the overall decline in revenue in Greater China by 4.0% to 650.2 billion yen, the recovery in same-store sales in Japan and Greater China contributed to profit growth [3] - Uniqlo's success in the U.S. market was driven by a combination of price increases (approximately 5% on core items) and cost control measures, leading to a same-store sales growth of 3% [3] Group 2: Nike's Challenges in China - Nike's CEO acknowledged structural challenges in the Chinese market, which has seen a decline in performance for five consecutive quarters [5][6] - In the first quarter of fiscal year 2026, Nike's revenue in Greater China was $1.512 billion, down from $1.735 billion and $1.666 billion in the previous two fiscal years [5] - The company is focusing on improving sales trends through store updates, enhancing brand differentiation, and reducing inventory buildup among partners [5][6] Group 3: Wahaha's Leadership Changes - Zong Fuli has resigned from her positions at Wahaha Group, transitioning to focus on her own brand, "Wah Xiao Zong," while retaining a 29.4% stake as the second-largest shareholder [7] - The resignation is linked to compliance issues regarding the use of the "Wahaha" trademark, prompting her to shift her focus to her new brand [7] - Recent family disputes have negatively impacted Wahaha's sales and market confidence, with reported declines in daily sales and live-streaming events [8] Group 4: H&M and Designer Collaborations - H&M announced a collaboration with Chinese designer Jacuques Wei for the upcoming Year of the Horse Spring Festival, marking the second designer partnership in a long-term project with Shanghai Fashion Week [10] Group 5: Lululemon and Erewhon Collaboration - Lululemon partnered with Erewhon, a high-end organic supermarket, to launch a collection of apparel and accessories, set to debut in Shanghai [11] Group 6: Gucci's Increased Foot Traffic - Following the debut of Demna's collection, Gucci experienced a significant increase in store traffic, with a 53% rise in weekly visits at the Rodeo Drive location in Los Angeles [14] Group 7: Blue Bottle Coffee Expansion - Blue Bottle Coffee opened its third store in Shenzhen, continuing its slow but steady expansion in China, with a total of 15 stores across major cities [15] Group 8: Anker's New COO Appointment - Anker appointed a new Chief Operating Officer to enhance its market share, with plans to expand the use of its innovative manufacturing technology [16] Group 9: Zhou Dasheng's Acquisition of MBL - Zhou Dasheng Jewelry Group acquired the high-end audio brand MBL, which recently emerged from bankruptcy, aiming to expand its global sales network, particularly in the growing Chinese high-end audio market [17]

Core Viewpoint - Fast Retailing, the operator of Uniqlo, expects a slight increase in consolidated net profit for the fiscal year 2026, reaching 435 billion yen, while shifting growth focus from the Chinese market to other regions, particularly the U.S. market, which is becoming increasingly important [2][4]. Group 1: Financial Projections - The company forecasts a 10% increase in sales revenue for the fiscal year 2026, reaching 3.75 trillion yen [3]. - For the fiscal year 2025, the North American business reported operating income of 271.1 billion yen, a 25% year-on-year increase [3]. - The consolidated net profit for the fiscal year 2025 was 433 billion yen, marking a 16% year-on-year growth [5]. Group 2: Market Strategy and Pricing - Fast Retailing plans to raise prices to offset the impact of tariffs, although this poses a risk of declining consumer demand in the U.S. market [2][3]. - The company has already implemented price adjustments on certain products to manage the cost increases due to tariffs [3]. - The CEO of Fast Retailing expressed strong dissatisfaction with the U.S. tariff policy, emphasizing the need for a free and open market [3]. Group 3: Regional Performance - Sales in the Greater China region, including Hong Kong and mainland China, decreased by 4% to 650.2 billion yen, marking the first decline in five years [4]. - In contrast, North America saw a 25% increase in sales, reaching 271.1 billion yen, while Europe experienced a 34% growth, totaling 369.5 billion yen [4]. Group 4: Competitive Landscape - Other apparel companies, such as H&M and Inditex, are also raising prices in the U.S. market due to similar tariff impacts, indicating a broader trend in the industry [5].