柳井正在财报说明会上回答提问（10月9日，东京都港区） 运营优衣库的迅销集团预计2026财年合并净利润将小幅增长，达到4350亿日元。迅销正将增 长重心从中国市场转向其他地区，美国的重要性不断上升。该公司通过涨价来抵消关税的影 响，但也存在引发消费下滑的风险…… 运营优衣库的迅销集团于10月9日发布消息称，预计2026财年（截至2026年8月）合并净利润（国际会计 准则）将较上财年小幅增长，达到4350亿日元。在预计连续6年刷新最高利润的情况下，令人担忧的是 将全面受到特朗普关税影响的北美业务。该公司打算通过涨价来抵消关税的影响，但同时也隐藏着在全 球最大市场引发消费下滑的风险。 预计2026财年销售收益（相当于销售额）将增长10%，达到3.75万亿日元。 2025年6~8月，瑞典的H&M在以美国为核心的南北美洲销售额为120亿瑞典克朗，同比下降8%。该集团 首席执行官（CEO）丹尼尔·埃尔弗（Daniel Ervér）认为，9~11月以后，关税带来的影响将进一步加 剧，并暗示未来可能会实施涨价。 迅销正将增长重心从长年作为盈利重心的中国市场转向其他地区，美国市场的重要性不断上升。 在2025财年的海外优衣库 ...

运营优衣库的迅销集团预计2026财年合并净利润将小幅增长，达到4350亿日元。迅销正将增 长重心从中国市场转向其他地区，美国的重要性不断上升。该公司通过涨价来抵消关税的影 响，但也存在引发消费下滑的风险…… 运营优衣库的迅销集团于10月9日发布消息称，预计2026财年（截至2026年8月）合并净利 润（国际会计准则）将较上财年小幅增长，达到4350亿日元。在预计连续6年刷新最高利润 的情况下，令人担忧的是将全面受到特朗普关税影响的北美业务。该公司打算通过涨价来抵 消关税的影响，但同时也隐藏着在全球最大市场引发消费下滑的风险。 预计2026财年销售收益（相当于销售额）将增长10%，达到3.75万亿日元。 2025财年（截至2025年8月）北美业务的营业收入为2711亿日元，同比增长25%。在美 国，提高关税前的库存已基本见底。在迅销在东京都内召开的记者会上，首席财务官 （CFO）冈崎健表示："已通过调整价格消化了关税导致的成本上升"，同时透露称，已对部 分商品实施涨价。 迅销此前曾就2025财年的"业务利润"（销售收益减去销售成本、销售费用和管理费用后计算 得出）预测，关税将成为导致其降低约25亿日元的主要原因 ...

日本业务继续为集团提供稳定的现金流和利润贡献，全年收入首次突破1万亿日元，达1.03万亿日元， 同比增长10.1%；营业利润达1844.5亿日元，增长17.5%，创历史最佳业绩。库存管理方面，集团库存降 至5109.6亿日元，低于市场预期的5474.8亿日元，反映出较为健康的运营状况和需求预测能力。 9月底，优衣库在长沙五一广场核心商圈开出了湖南省首家城市旗舰店。这也是继武汉、成都后在中国 大陆开设的第三家城市旗舰店，通过"文化+商品+服务"的本地化融合，激活区域市场消费潜力。不过 10月第一周，优衣库关闭三家门店，分别位于北京、西安和嘉兴，而今年上半年，优衣库也至少关闭了 三家门店。 据南都此前报道，迅销集团2024-2025财年中期业绩（2024年9月-2025年2月）显示，营收17901亿日 元，同比增长12%，净利润2335亿日元，同比增长19.2%。东南亚、印度、澳洲、北美和欧洲受益大幅 增长，唯独大中华区放缓，优衣库大中华区营收下降约3%到3617亿日元，利润下降约9%，中国大陆市 场收入下降约4%，利润下滑11%。（此前报道：优衣库母公司上半财年营收增长12%，净赚超118亿 元） 10月9日， ...

消息面上，优衣库母公司迅销发布截至2025年8月31日止年度全年业绩，该集团取得收益34005.39亿日 元，同比增长9.6%；母公司拥有人应占溢利4330.09亿日元，同比增长16.4%；年内每股基本盈利 1411.44日元。公告指，集团所提出的"LifeWear 服适人生"理念愈发受到来自全球顾客的支持，集团连 续四个年度创下历来最高业绩水平。迅销预计，2026财政年度其综合收益总额将达37500亿日元，同比 增长10.3%。 智通财经APP获悉，迅销(06288)复牌涨超6%，截至发稿，涨6.44%，报25.78港元，成交额45.07万港 元。 ...

消息面上，优衣库母公司迅销发布截至2025年8月31日止年度全年业绩，该集团取得收益34005.39亿日 元，同比增长9.6%；母公司拥有人应占溢利4330.09亿日元，同比增长16.4%；年内每股基本盈利 1411.44日元。公告指，集团所提出的"LifeWear服适人生"理念愈发受到来自全球顾客的支持，集团连续 四个年度创下历来最高业绩水平。迅销预计，2026财政年度其综合收益总额将达37500亿日元，同比增 长10.3%。 迅销(06288)复牌涨超6%，截至发稿，涨6.44%，报25.78港元，成交额45.07万港元。 ...

2026财年预期全面超预期 公司同时预测，截至2026年8月的新财年营业利润将达6100亿日元，高于分析师平均预期的5880亿日元。这一预测反映出迅销对其全球扩张战略和 市场前景的信心。 弱势日元为公司业绩提供了显著支撑，目前日元兑美元汇率处于2月以来最低水平，兑欧元更是创下历史新低，这有利于公司海外收入转换和吸引 国内免税购物需求。 最新公布的2025财年业绩显示，迅销营业利润达5642.7亿日元，同比增长约13%，超出公司此前预期的5450亿日元以及分析师平均预期的5460亿 日元，连续第四年创下历史新高。优衣库国际业务营业利润达3093.2亿日元，成为集团最大利润贡献来源。 优衣库母公司迅销公司（Fast Retailing）连续第四年创下利润纪录，尽管面临美国关税压力，但凭借弱势日元和全球扩张战略推动业绩增长。 分析认为，弱势日元成为迅销业绩的重要推动力。在国内市场，日本旅游热潮带动了国内门店免税购物的激增。在海外市场，公司来自西方市场 的收入在转换为日元时获得额外提升。 其他品牌面临挑战 除优衣库外，迅销旗下其他品牌表现不一。GU品牌收入为3307亿日元，略低于市场预期的3327.8亿日元，营业利润 ...

Core Insights - The article emphasizes that Chinese consumers are adapting to a new normal, moving away from the mindset of waiting for economic growth to return to previous levels and instead focusing on practical consumption planning [4][6][26] Group 1: Consumer Behavior Trends - The first trend indicates that consumers are embracing a new normal, becoming more rational and proactive in planning their consumption [4][6] - The second trend highlights a clear segmentation in consumer confidence and behavior, with different demographic groups exhibiting varying levels of optimism [7][14] - Rural consumers, particularly the elderly, show increased confidence due to rural revitalization policies and income growth, while urban Z-generation consumers remain relatively optimistic despite facing challenges [9][11][12][13] Group 2: Spending Priorities - The third trend reveals that consumers are increasingly prioritizing personal achievements in their spending, focusing on categories that provide clear value and satisfaction [16][26] - Education emerges as the category with the highest expected spending growth at 5.7%, as consumers seek to invest in skills and knowledge for future security [17][18] - Health-related expenditures, including health products and services, are also on the rise, with expected growth rates of 2.7% and 2.4% respectively, reflecting a growing emphasis on well-being [19][20] - Travel spending is expected to grow by 1.9%, indicating a continued desire for cultural experiences and personal enrichment through travel [22] - Wealthy urban consumers are willing to invest in tangible goods like home renovations and automobiles, which signify an enhancement of their quality of life [23] Group 3: Market Opportunities - The article suggests that businesses should reassess their product strategies and communication methods based on the nuanced understanding of different consumer segments [14][24] - Companies operating in sectors aligned with the identified trends are positioned favorably, while those outside these areas may need to adapt their offerings to meet evolving consumer expectations [24][26]

Core Viewpoint - The article discusses the evolution and current perception of the middle class in China, highlighting a shift from aspiration and prestige to a sense of burden and disillusionment. Group 1: Historical Context - Over 20 years ago, the middle class was not yet a popular concept, with young professionals seeking guidance on lifestyle choices from publications [1][2] - Seven to eight years ago, the middle class began to emerge, with influencers promoting a specific lifestyle associated with affluence and taste [3][4] Group 2: Current Perception - The term "middle class" has become derogatory, associated with burdens such as long mortgages, demanding work hours, and a sense of hopelessness [5][6] - Individuals no longer identify as middle class, reflecting a significant shift in self-perception [7] Group 3: Lifestyle Changes - Consumption patterns have drastically changed, with individuals opting for budget-friendly brands and experiences, indicating a decline in traditional middle-class spending [8][10][11] - Travel and leisure activities have also downgraded, with a focus on affordability and practicality rather than luxury [12][13][14] Group 4: Economic Realities - The concept of homeownership has shifted from an asset-building strategy to a potential source of debt, limiting financial freedom and choices [20][21] - Despite seemingly good salaries, many middle-class individuals live frugally due to high living costs and debt obligations [22][23] Group 5: Future Outlook - The global middle class faces a precarious position, with limited resources to manage risks and a competitive environment for opportunities [24] - The next generation of middle-class families feels pressured to engage in educational competition, despite recognizing diminishing returns on such investments [25][27][28] Group 6: Redefining Middle Class - The definition of middle class may need to shift from income levels to risk management capabilities and the ability to provide a stress-free childhood for children [32] - The essence of being middle class may now be about personal fulfillment and life choices rather than material wealth [34][36][37]

如图所示，有你所在的公司吗？又比较看好谁的发展？欢迎留言区讨论... 早安，艾瑞巴蒂（手动问好），一起来看今天的早报： 【黑马高调早报】第2973期 更多创业内容请访问www.iheima.com Fast Reading 1、刘强东1元年薪到期 2、罗永浩再回应债务问题 今日头条 我国银行业总资产近470万亿元，位居世界第一 中国人民银行行长潘功胜9月22日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介绍，"十四五"期间，我国金融事业取得新的重大成 就。截至今年6月末，我国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世界第二；外汇储备规模连续20年位居世界第一。 刘强东「10年1元年薪」之约到期：已被授予2600万股期权 同时，我国在绿色金融、普惠金融、数字金融等方面走在世界前列，基本建成多渠道、广覆盖、安全高效的人民币跨境支付清算网络，移动支付处于国际 领先水平。（新华社） 证监会：深化科创板、创业板、北交所改革完善发行上市等制度机制培育壮大耐心资本 据证监会网站，9月22日，中共中国证券监督管理委员会委员会发布关于二十届中央第三轮巡视整改进展情况的通报。其中提到，下 ...

Group 1 - The core viewpoint of the article highlights that Uniqlo's domestic sales in Japan are projected to grow by 10% in the fiscal year 2025, reaching approximately 1.03 trillion yen, marking the first time a clothing company's domestic sales in Japan surpass 1 trillion yen [2][10] - The significant sales growth of 200 billion yen in the last three years is attributed to store and production system reforms after a period of stagnation following the COVID-19 pandemic [3][10] - Uniqlo operates 784 stores in Japan as of the end of August, with sales also including e-commerce and franchise royalties, contributing to the milestone of surpassing 1 trillion yen in domestic sales [2][10] Group 2 - In the past five years, the company has reduced the number of Uniqlo stores by over 30 while increasing the average store size by 10%, enhancing the shopping experience and increasing sales per store [4][10] - The company launched a platform called "Management Cockpit" in 2023, which collects over 30 million data points to improve product development and inventory management, allowing for rapid production based on market demand [7][10] - The company is focusing on expanding its presence in Europe and North America, with both regions showing double-digit revenue growth, which is essential for achieving the long-term sales target of 10 trillion yen set by the company's president [11][10] Group 3 - The company anticipates a 10% increase in consolidated sales revenue for the fiscal year 2025, reaching 3.4 trillion yen, with net profit also expected to rise by 10% to 410 billion yen, both setting historical records [10] - Uniqlo's overseas business is expected to account for 55.2% of total revenue by the fiscal year 2024, with significant growth in the Greater China region, which contributes 21.8% of overall sales [10][11] - Despite concerns over slowing consumer spending in China, the company is actively working to enhance brand visibility and sales in European and North American markets [11]