21世纪经济报道记者高江虹 过去这一周，最新一季财报披露已经接近尾声，Gap交出不错的成绩单，销售连续七个季度正增长。但全球最大的奢侈品电商 LuxExperience的成绩喜忧参半，GMV下滑4.3%，净销售额下降4.2%，经调整EBITDA亏损2810万欧元。但是，集团旗下 Mytheresa、Net-A-Porter、Mr Porter及YOOX等平台均实现全面增长。尤其是完成对原属于历峰旗下的YNAP收购后的Mytheresa 销售额和盈利能力均实现两位数增长。 中国内地和香港市场的消费复苏势头明显，瑞士手表10月出口额同比下降4.4%，但是对中国的出口连续第二个月增长，增幅达 13%；而且上周日刚刚结束的富艺斯钟表名表拍卖三天总成交逾3亿港元，创下了亚洲迄今最高常设钟表拍卖纪录。所谓"春江 水暖鸭先知"，从收藏级名表的交投活跃可见市场温度，因此上周意大利高级珠宝品牌Vhernier亚洲首店便选择落地香港。 然而值得注意的是，中国市场的复苏并不意味着遍地黄金重现，水土不服甚至竞争失败者亦是比比皆是。最近哈罗德百货宣布 明年关闭上海私人会员俱乐部和哈罗德茶室，黛安芬将于下个月关闭中国内地所有线下门店和网 ...

（原标题：开云集团拟成立风投部门； 黛安芬退出中国市场丨二姨看时尚） 21世纪经济报道记者 高江虹 过去这一周，最新一季财报披露已经接近尾声，Gap交出不错的成绩单，销售连续七个季度正增长。但 全球最大的奢侈品电商LuxExperience的成绩喜忧参半，GMV下滑4.3%，净销售额下降4.2%，经调整 EBITDA亏损2810万欧元。但是，集团旗下Mytheresa、Net-A-Porter、Mr Porter及 YOOX等平台均实现 全面增长。尤其是完成对原属于历峰旗下的YNAP收购后的Mytheresa销售额和盈利能力均实现两位数增 长。 中国内地和香港市场的消费复苏势头明显，瑞士手表10月出口额同比下降4.4%，但是对中国的出口连 续第二个月增长，增幅达13%；而且上周日刚刚结束的富艺斯钟表名表拍卖三天总成交逾3亿港元，创 下了亚洲迄今最高常设钟表拍卖纪录。所谓"春江水暖鸭先知"，从收藏级名表的交投活跃可见市场温 度，因此上周意大利高级珠宝品牌Vhernier亚洲首店便选择落地香港。 然而值得注意的是，中国市场的复苏并不意味着遍地黄金重现，水土不服甚至竞争失败者亦是比比皆 是。最近哈罗德百货宣布明年关 ...

品牌明确，淘宝、天猫等线上平台12月5日24:00前停摆，微信小程序售后服务12月10日24:00终止。黛 安芬1886年创立，2008年进入大陆市场，巅峰时员工超1万人。 德国黛安芬中国公司今日官宣，2025年12月31日起停止中国大陆市场运营，12月起线上线下（300959） 渠道逐步关闭。 ...

黛安芬将于2025年底退出中国大陆市场。 第一财经记者采访了解到，部分商场内的黛安芬门店近期已经准备撤柜，有些专柜正在进行折扣清仓甩 卖，打折幅度在5折到8折。有门店的店员透露，线下门店的生意比较差，客流量和销售额一直都不太理 想。 黛安芬是来自德国的全球知名内衣品牌，创立于1886年。对于撤离中国大陆市场的原因，有业内人士认 为，黛安芬虽然品牌知名度高，但随着其他本土品牌的崛起，市场竞争激烈，中纺联数据显示，2024年 中国内衣市场规模达2237亿元，本土品牌CR5首超外资品牌。价格也是一大问题，黛安芬的产品价格大 多在200元以上，有些甚至可达近千元，非常不具备价格竞争力。且目前一片式、无感内衣等新品快速 迭代，相比之下，黛安芬的产品比较陈旧。与此同时，电商平台的销售量越来越大，也导致黛安芬的线 下门店销售受到影响，加之商场租金成本和人工等成本高企，都使得黛安芬的整体经营压力变大。 黛安芬官方服务号11月21日发布信息称，Triumph集团决定自2025年12月31日起停止在中国大陆市场的 运营。 黛安芬官方服务号表示，Triumph黛安芬微信小程序将最迟于2025年12月10日24：00起停止售后服务； ...

汕头市纺织服装产业协会副秘书长李瑞萍介绍，汕头作为全国纺织核心产区，产业根基深厚，2023年规 上工业总产值突破1118亿元，文胸内裤、家居服产量占全国60%，锦氨面料产量更是独占全国80%市场 份额，内衣、无缝产品等核心品类年产量稳居全国前列。 "此次对接为我们突破发展瓶颈提供了有效路径。"东莞市富民时尚数字产业投资发展有限公司副总经理 何锐祥表示，虽虎门具备强大的设计研发和快速反应能力，却长期面临高端面料依赖外购的结构性矛 盾。此次合作不仅打通了两地面料采购与服装生产的直接通道，更将依托"织染一体化优质产品+厂家 直供"的核心优势，助力企业降本增效、提升市场竞争力，实现产业链上下游的高效联动。 据透露，已有部分虎门企业通过前期试水，实现生产成本降低15%、新品上市周期缩短20%的显著成 效。值得关注的是，依托汕头国际纺织城的原料集采优势和虎门成熟的电商渠道网络，双方还拟共建跨 境直播基地，探索"前店后厂"新模式。 东莞市虎门服装服饰行业协会荣誉会长朱华泽表示，虎门与汕头两地在面料源头供应和纺织品制造方面 形成优势互补，希望通过精准匹配和产业链深度合作，推动汕头与虎门跨区域产业资源优化配置与深度 融合，共同 ...

Core Insights - Shanghai consumer companies are leveraging innovation, quality, branding, and international expansion to drive growth and contribute to the city's goal of becoming an international consumption center [12][14]. Group 1: Innovation - Innovation is identified as the key to overcoming growth bottlenecks, with companies like Miaokelan Duo creating a diverse product matrix that appeals to all age groups, achieving a 38% market share in cheese [12][13]. - Long-established brands like Laofengxiang are successfully merging traditional craftsmanship with modern trends, utilizing collaborations with popular IPs to attract younger consumers [12][18]. Group 2: Quality - Quality is emphasized as the foundation of brand strength, with Longtou Co.'s "Fire Cotton" series achieving the highest market share in its category for 28 consecutive years [13]. - Kaien Health holds numerous patents and has received international recognition for its core products, reinforcing its position in the health and wellness sector [13]. Group 3: Branding - Branding is seen as a core asset for long-term development, with companies like Miaokelan Duo and Laofengxiang evolving their brand identities to resonate with modern consumers [13][14]. - Laofengxiang is expanding into the luxury market through strategic partnerships and product diversification, aiming to enhance its brand presence [16][21]. Group 4: International Expansion - Companies are increasingly looking to international markets for growth, with Longtou Co. and Kaien Health actively pursuing overseas opportunities [14][21]. - Laofengxiang is accelerating its global store openings and collaborations to promote Chinese aesthetics internationally [14][21]. Group 5: Financial Performance - Laofengxiang has maintained annual sales exceeding 50 billion yuan, with a target to surpass 100 billion yuan during the 14th Five-Year Plan [20][21]. - Miaokelan Duo reported a revenue of 3.957 billion yuan in the first three quarters of 2025, reflecting a 10.09% year-on-year growth [32].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [12]. Core Insights - The company has established a strong vertical integration model, enhancing production efficiency through overseas capacity, specialized factories, and rapid response to large orders. This has resulted in a solid binding with top clients and a leading fabric R&D capability, indicating that the current valuation is low and expected to gradually recover [4][10]. - Revenue is anticipated to grow by double digits this year, driven by increased market share from existing clients like Adidas and Uniqlo, alongside a recovery in Nike's performance and an overall improvement in industry conditions [4][10]. - Profitability is expected to accelerate in the second half of the year, with stable labor costs and tax rates, and a better profit elasticity anticipated next year as Nike recovers [4][10]. Company Overview - The company is recognized as the largest vertically integrated knitwear manufacturer in China, with long-term partnerships with premium brands such as Nike, Adidas, PUMA, and Uniqlo. Its strategic foresight and close collaboration with upstream enterprises have facilitated a comprehensive vertical integration of its business [7][19]. - The company has maintained steady revenue growth over the years, achieving a gross margin of 25-30% due to its product selection and vertical integration, although profit margins have fluctuated recently due to factory shutdowns and rising labor costs [7][33]. Industry Dynamics - In the short term, the apparel industry is transitioning from a destocking phase to a potential recovery, with expectations of improved order volumes as major brands like Nike reach operational turning points [8][40]. - Long-term trends indicate steady growth in downstream apparel consumption, diversification of brands, and an increase in outsourcing by brand owners, which will drive expansion for upstream suppliers [8][40]. - The company has shifted its focus towards the higher-growth and more certain sportswear segment, benefiting from a higher proportion of sports apparel and greater client concentration, which helps mitigate revenue volatility [9][30]. Financial Projections - The company's projected net profits for 2025, 2026, and 2027 are estimated at 6.78 billion, 7.72 billion, and 8.76 billion respectively, reflecting year-on-year growth rates of 9%, 14%, and 13% [10]. - The price-to-earnings ratio (PE) is expected to decrease to 13x by September 2025, indicating a low valuation compared to historical levels [10].

Core Viewpoint - Minyin International initiates coverage on Crystal International (02232) with a "Buy" rating and a target price of HKD 8.6, projecting revenue growth and profitability improvements from 2025 to 2027 [1] Group 1: Financial Projections - Expected revenues for 2025E-2027E are HKD 27.4 billion, HKD 30.0 billion, and HKD 33.0 billion, representing year-on-year growth of +10.8%, +9.5%, and +10.2% respectively [1] - Projected gross margins for the same period are 19.9%, 20.1%, and 20.2% [1] - Net profit attributable to shareholders is forecasted to be HKD 2.3 billion, HKD 2.6 billion, and HKD 2.9 billion, with year-on-year growth of +14.7%, +12.8%, and +11.1% respectively [1] Group 2: Market Position and Growth Drivers - The company’s core clients are expanding their market share, with sports and denim categories leading growth [1] - The top three categories are leisure, sports, and denim, accounting for 28%, 25%, and 21% of revenue in H1 2025 respectively [1] - The sports category is expected to grow significantly, with a CAGR of 18% from 2019 to 2024, driven by acquisitions and increased market share with clients like Adidas and Lululemon [1] - The denim category benefits from retro fashion trends, with the company being a key supplier for Levi's, A&F, and GAP [1] - Sweater and underwear categories are also growing steadily, with sweater revenue increasing by +29% year-on-year in H1 2025 due to innovative products [1] Group 3: Operational Capacity and Strategy - The company operates over 20 factories in Southeast Asia and China, with approximately 85% of production capacity located overseas, predominantly in Vietnam [2] - As of June 30, 2025, the workforce has grown to 79,000 employees, an increase of 9,000 from the previous year, with a focus on improving labor efficiency in the second half of the year [2] - Since 2021, the company has pursued vertical integration through acquisitions and new fabric factories, aiming for a self-supply rate of about 20% for leisure and sports fabrics by 2025, indicating potential for long-term profitability improvement [2]

Group 1 - The core viewpoint of the report is that Minyin International initiates coverage on Crystal International (02232) with a "Buy" rating and a target price of HKD 8.6, projecting revenue growth from 2025E to 2027E at 27.4 billion, 30.0 billion, and 33.0 billion respectively, with year-on-year growth rates of +10.8%, +9.5%, and +10.2% [1] - The report highlights that the company's gross profit margins are expected to be 19.9%, 20.1%, and 20.2% for the same period, with net profit attributable to shareholders projected at 2.3 billion, 2.6 billion, and 2.9 billion, reflecting year-on-year growth of +14.7%, +12.8%, and +11.1% [1] - The main growth drivers identified are the expansion of core customer share and category benefits, with leisure, sports, and denim being the top three categories, accounting for 28%, 25%, and 21% of revenue in the first half of 2025 [1] Group 2 - The sports category is leading growth, with a compound annual growth rate (CAGR) of 18% from 2019 to 2024, significantly increasing market share with clients like Adidas and Lululemon [1] - The denim category benefits from the retro trend, with the company being a key supplier for Levi's, A&F, and GAP, while knitwear and underwear categories are steadily growing through innovative products [1] - The company operates over 20 factories in Southeast Asia and China, with approximately 85% of its production capacity overseas, predominantly in Vietnam, which accounts for about 60% [2] Group 3 - As of June 30, 2025, the company has 79,000 employees, an increase of 9,000 compared to the same period last year, with a focus on improving labor efficiency in the second half of the year [2] - Since 2021, the company has been enhancing vertical integration through acquisitions and self-built fabric factories, expecting a self-supply rate of leisure and sports fabrics to reach about 20% by 2025, indicating potential for improved long-term profitability [2]

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, particularly recommending companies involved in sports manufacturing and non-woven fabric sectors [3][9]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 0.8% from November 3 to November 7, 2025, surpassing the SW All A index by 0.2 percentage points [4]. - October textile and apparel exports faced pressure, with a year-on-year decline of 12.6%, but recent US-China trade negotiations may lead to a gradual recovery in the export chain [9][11]. - The report highlights the potential for growth in the outdoor apparel segment due to the upcoming winter season and the 2026 Milan Winter Olympics, recommending brands like Bosideng [11][12]. Summary by Sections Industry Performance - The SW apparel and home textiles index increased by 2.2%, outperforming the SW All A index by 1.6 percentage points, while the SW textile manufacturing index rose by 1.0% [4]. - Retail sales in the apparel, footwear, and textile categories totaled 1,061.3 billion yuan from January to September, reflecting a 3.1% year-on-year growth [26]. Export Data - In October, China's textile and apparel exports amounted to $22.26 billion, down 12.6% year-on-year, with textile yarns and fabrics at $11.258 billion (down 9.0%) and clothing at $11.004 billion (down 16.0%) [33][34]. Cotton and Wool Prices - As of November 7, the national cotton price B index was reported at 14,792 yuan/ton, a slight increase of 0.1% for the week, while international cotton prices showed a decline [34]. - The Australian wool price index was reported at 924 cents/kg, reflecting a year-on-year increase of 23.4% [36]. Company Performance - Adidas reported a 3% year-on-year increase in revenue for Q3 2025, while Nike's revenue showed a slight recovery with a 1% increase [9][19]. - Nobon and Yanjing demonstrated strong growth in the non-woven fabric sector, with revenue increases of 23% and 17% respectively in Q3 2025 [10]. Market Opportunities - The report emphasizes the importance of domestic demand recovery in 2025, highlighting opportunities in high-quality domestic brands and the potential for a turnaround in the women's apparel sector [12][16].