Core Insights - The 2025 "Charm Ranking" released by the New First-Tier Cities Research Institute shows a reshuffling of 70 third-tier cities, with Zhongshan ranked 3rd, Nanyang 11th, and Shantou 16th, highlighting their competitive advantages in industry, population, and consumption [1][8]. Group 1: Zhongshan - Zhongshan's rise to 3rd place is attributed to its advantageous location as "Shenzhen West," with the Shenzhong Passage expected to open next year, reducing travel time to 20 minutes [3]. - The city has attracted 210 high-end manufacturing projects from Shenzhen, with a total investment exceeding 180 billion yuan, while also modernizing traditional industrial clusters, leading to the highest industrial profit growth rate in the province for two consecutive years [3]. - With housing prices only one-third of Shenzhen's and an increase of 80,000 permanent residents in six months, Zhongshan's commercial appeal has significantly increased [3]. Group 2: Nanyang - Nanyang, ranked 11th, has transformed from a "Central Grain Warehouse" to a "Central Medicine Valley," leveraging its reputation as the hometown of traditional Chinese medicine [5]. - The city has developed three trillion-yuan industrial chains in traditional Chinese medicine, mugwort, and meat products, with a national-level traditional Chinese medicine high-tech zone established [5]. - Nanyang's transportation infrastructure, including the intersection of the Jiaotang and Nanjin high-speed railways, facilitates access to major cities, contributing to a significant influx of labor and a notable increase in the local consumer market [5]. Group 3: Shantou - Shantou, ranked 16th, capitalizes on its dual strengths of being a "Hometown of Overseas Chinese" and a port city [7]. - Over the past decade, Shantou has introduced 460 overseas Chinese-funded projects, and the second phase of the Guoao Port has been put into operation, achieving an annual throughput of over 4 million TEUs [7]. - The city has successfully turned local specialties like Chaoshan cuisine, toys, and underwear into popular live-streaming products, with its express delivery volume ranking in the top 20 nationwide, fostering entrepreneurship among young people [7].

Group 1 - The core point of the news is that Langsha Co., Ltd. experienced a decline in stock price by 5.02%, with the current share price at 17.60 yuan and a total market capitalization of 1.711 billion yuan [1] - Langsha Co., Ltd. is primarily engaged in the manufacturing of knitted underwear and fabrics, with its main revenue sources being shorts (57.81%), other products (17.99%), underwear (9.32%), bras (9.06%), and supplementary items (5.82%) [1] - The company was established on December 26, 1996, and was listed on April 16, 1998, located in Yibin City, Sichuan Province [1] Group 2 - Among the top ten circulating shareholders of Langsha Co., Ltd., Huaxia Fund's Huaxia Pantai Mixed (LOF) A (160323) increased its holdings by 49,900 shares in the second quarter, now holding 396,700 shares, which is 0.41% of the circulating shares [2] - The fund has a current scale of 1.13 billion yuan, with a year-to-date return of 8.58% and a one-year return of 22.06% [2] - The fund manager, Mao Ying, has a tenure of 12 years and 137 days, while Zhang Chengyuan has a tenure of 8 years and 274 days, with their respective best and worst fund returns being 38.7%/-19.66% and 110.7%/-7.26% [3]

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, particularly highlighting the potential in the sports sector due to recent policy support for sports events [3][10]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index declining by 0.3% from September 15 to September 19, 2025, while the SW apparel and home textiles index rose by 0.7% [3][4]. - Recent industry data indicates that from January to August 2025, the total retail sales of clothing, shoes, and textiles reached 940 billion yuan, reflecting a year-on-year growth of 2.9% [3][21]. - The report emphasizes the importance of domestic demand recovery as a key investment theme for 2025, with a focus on quality domestic brands that are expected to rebound from current challenges [3][11]. Summary by Sections Textile Sector - Vietnam's textile and footwear exports fell in August, with a decline of 4.8% and 3.9% respectively, attributed to preemptive order completions to avoid tariff increases [9]. - The report suggests focusing on high-quality manufacturers with diversified global production capacities [9]. - The cotton price index in China was reported at 15,200 yuan per ton, down 0.3% week-on-week, while international cotton prices showed slight increases [34]. Apparel Sector - The government has introduced policies to boost service consumption, particularly in sports events, which is expected to enhance the performance of the sports apparel segment [10][11]. - The report highlights the potential for new consumption growth points through the integration of sports events with tourism and local commerce [10][11]. - Retail innovation is accelerating, with brands like Anta and 361 Degrees expanding their store formats to capture new consumer trends [11]. Key Recommendations - The report recommends investing in outdoor sports brands such as Anta, Li Ning, and 361 Degrees, as well as discount retailers like Hailan Home [3][11]. - It also suggests monitoring companies involved in the non-woven fabric supply chain, particularly Nobon and Jeya, which are expected to benefit from market recovery [9].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 爱慕股份有限公司（以下简称"公司"）于2025年9月16日召开了公司第三届董事会第十三次会议、第三 届监事会第十二次会议，审议通过了《关于终止投资建设物流园项目的议案》，同意公司终止投资爱慕 中央智能物流园（苏州）项目（以下简称"物流园项目"），本议案无须提交公司股东会审议。具体情况 如下： 一、对外投资概述 2024年4月25日，公司第三届董事会第七次会议、第三届监事会第六次会议审议通过了《关于投资建设 物流园项目的议案》，同意以自筹资金55,000万元投资建设爱慕中央智能物流园（苏州）项目，由公司 全资子公司苏州爱慕内衣有限公司投资建设，打造高效仓储物流供应链体系。具体详见公司于2024年4 月27日在上海证券交易所网站（www.sse.com.cn）披露的《关于投资建设物流园项目的公告》（公告编 号：2024-022）。 公司战略重点是全球化布局，国内市场目前进入了存量竞争的时代，目前公司苏州和北京物流中心，经 过资源整合、系统升级及数字化供应链的完善，预计可以应对未来国内 ...

爱慕股份此次终止的苏州物流园项目，实际始于2024年。 2024年4月25日，爱慕股份第三届董事会第七次会议、第三届监事会第六次会议审议通过了《关于投资 建设物流园项目的议案》，同意以自筹资金5.50亿元投资建设苏州物流园项目，由公司全资子公司苏州 爱慕内衣有限公司投资建设，打造高效仓储物流供应链体系。 彼时，爱慕股份给出的投资理由是："为响应国家发展新质生产力的要求，进一步满足公司未来8至10年 业务发展的存储及物流需求，增强仓储配送整合能力，提升物流效率和智能化水平。" 按最初计划，项目建成后预计仓库存储能力可达3000万件，具备智能化、数字化、柔性化、生态环保、 可扩展等现代化能力。 据爱慕股份介绍，2024年4月，公司通过招投标程序，确定了项目建设方案供应商。此后，公司持续推 动项目建设方案制定，并于同年6月完成了项目整体建设方案。同年9月，公司组织了建筑设计供应商招 投标工作，陆续推动供应商选定及建筑设计方案制定完善等工作。 9月17日盘后，贴身服饰龙头爱慕股份（SH603511，股价16.06元，市值64.89亿元）公告，拟终止投资 爱慕中央智能物流园（苏州）项目（以下简称苏州物流园项目），相关议 ...

人民财讯9月17日电，爱慕股份（603511）9月17日晚间公告，公司拟终止投资爱慕中央智能物流园(苏 州)项目(简称"物流园项目")。此前公司公告拟以自筹资金5.5亿元投资建设爱慕中央智能物流园(苏州)项 目，由公司全资子公司苏州爱慕内衣有限公司投资建设，打造高效仓储物流供应链体系。 ...

Core Insights - Forever 21 is making its fourth attempt to re-enter the Chinese market after previously exiting three times due to various challenges, including bankruptcy filings and failure to adapt to the digital retail landscape [4][10][21] - The brand's revival is marked by a partnership with Shanghai Chengdi, which will oversee product production, sales, and marketing in China, indicating a strategic shift towards leveraging local expertise [4][14] - The fast fashion landscape in China has significantly changed during Forever 21's absence, with local brands like SHEIN gaining substantial market share and established players like Zara and H&M adapting to digital trends [18][19][21] Company Overview - Forever 21 was founded in 1984 and became popular for its fast fashion offerings, particularly appealing to young women with its vibrant and trendy designs [8] - At its peak, the brand operated over 800 stores globally and achieved annual sales of approximately $4.1 billion [8] - The brand has faced significant challenges in China, including misalignment with target demographics and failure to keep pace with e-commerce trends, leading to its exit in 2019 [10][21] Market Dynamics - The Chinese fast fashion market has evolved, with local brands like SHEIN leveraging digital supply chains to become major players, while traditional brands are adapting through enhanced digital strategies [18][19] - Competitors like Zara and H&M are focusing on integrating online and offline sales channels, with Zara's digital sales accounting for nearly 30% of its revenue and H&M optimizing its store locations [19][21] - The return of Forever 21 presents a case study for other foreign fast fashion brands, highlighting the need to address historical issues and adapt to a more complex competitive environment [21]

Core Insights - Forever 21 is making its fourth attempt to re-enter the Chinese market, following previous exits and bankruptcy filings, which has garnered significant public interest [1][5][10]. Group 1: Brand History and Market Presence - Forever 21 was founded in 1984 and became popular for its fast fashion model, appealing to young consumers with its vibrant and trendy designs [8]. - At its peak, the brand operated over 800 stores in nearly 50 countries, generating annual sales of approximately $4.1 billion [8]. - The brand has previously faced challenges in China, including two bankruptcy filings and multiple market exits due to misalignment with consumer trends and digital transformation [10]. Group 2: Recent Developments - Recently, advertisements for Forever 21 have been spotted in Shanghai, indicating a potential comeback [3]. - The brand's parent company, Authentic Brands Group (ABG), has partnered with Shanghai Chengdi to revamp its operations in China, focusing on both online and offline sales channels [5]. - Forever 21 has announced its presence on social media platforms like Xiaohongshu, promoting its return to the Chinese market with a refreshed brand image [5]. Group 3: Future Challenges - The brand faces the challenge of redefining its image as youthful, fashionable, and trustworthy in a competitive market [13]. - Consumer reactions to the brand's return have been nostalgic, with many expressing excitement about its comeback [15].

Financial Data and Key Metrics Changes - Total revenue for the second quarter was $1,280,000,000, marking a 1% decline compared to the previous year but was the second highest ever for this quarter [21][22] - Operating income improved by 2% to $103,000,000, exceeding expectations, with a diluted EPS increase of 15% year-over-year [7][21] - Gross profit dollars were $500,000,000, reflecting a gross margin of 38.9%, up from 38.6% last year [22] Business Line Data and Key Metrics Changes - Aerie experienced a comp growth of 3%, achieving record second quarter revenue driven by strong demand in intimates, soft dressing, sleepwear, and activewear [5][14] - American Eagle saw a decline in comps but improved demand in key categories such as women's jeans and tops, with notable improvements as the quarter progressed [16][21] Market Data and Key Metrics Changes - Traffic was positive across brands and channels, with significant momentum building through the second quarter and into August [6][11] - New customer acquisition increased by over 700,000, with campaigns generating 40,000,000,000 impressions [19][58] Company Strategy and Development Direction - The company is focused on strengthening its brands, improving operational efficiencies, and enhancing customer experience while managing costs [4][7] - Capital allocation remains balanced between investments for long-term growth and returning capital to shareholders, with $276,000,000 returned year-to-date through dividends and share repurchases [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the brands and emphasized the importance of building on the progress made in the second quarter [12][29] - The third quarter is off to a better start, with consolidated comps up in the mid-single digits, and expectations for low single-digit increases in comparable sales for both the third and fourth quarters [27][28] Other Important Information - The company plans to open approximately 30 Aerie and offline locations and remodel 40 to 50 American Eagle stores [26] - Tariff impacts are expected to be $20,000,000 in Q3 and $40,000,000 to $50,000,000 in Q4, affecting gross margins [28][48] Q&A Session Summary Question: Can you tell us more about how you keep the momentum going with the new customers attracted by the campaigns? - The campaigns have generated unprecedented new customer acquisition, and the focus is on converting this buzz into repeat business [33][35] Question: Can you provide more details on the comp metrics, transaction ticket, and tariff impacts? - AUR was down mid-single digits, but healthy traffic was noted, with tariff impacts projected at $20,000,000 for Q3 and $40,000,000 to $50,000,000 for Q4 [46][48] Question: What percentage of sales does intimates represent for Aerie, and what is the strategy to recapture share? - Intimates account for roughly one-third of Aerie's business, and the strategy includes launching new collections and focusing on customer engagement [54][56] Question: How is the men's side of the business performing, and what are the expectations for denim? - Men's business has shown significant improvement, particularly in denim, which is trending positively [90][91] Question: What is the duration of the Sydney Sweeney and Travis Kelce campaigns? - The campaigns will continue through the remainder of the year, with new elements being introduced [94][96] Question: Can you discuss the inventory plans for Q3 and Q4? - Inventory positioning is aligned with plans, with a focus on managing costs and ensuring adequate supply for upcoming sales trends [99][100]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by strong orders from major clients and a robust performance in the leisurewear segment, particularly in the U.S. market [1][2]. Financial Performance - Revenue for 25H1 reached 14.966 billion yuan, a year-on-year increase of 15.3%, while net profit attributable to shareholders was 3.177 billion yuan, up 8.4% year-on-year [1]. - The interim dividend per share was 1.38 HKD, representing a 10.4% increase year-on-year, with a payout ratio of approximately 59.6% [1]. Product Performance - Revenue growth by product category for 25H1 was as follows: sportswear +9.9%, leisurewear +37.4%, and underwear +4.1%, with respective revenue shares of 67.7%, 25.3%, and 6.3% [1]. - Leisurewear emerged as the fastest-growing category, benefiting from increased demand in markets such as Japan and Europe, while sportswear growth was steady, driven by demand in the U.S. and Europe [1]. Client Contribution - Revenue from major clients in 25H1 was as follows: Uniqlo 4.33 billion yuan (+27.4%), Adidas 3.44 billion yuan (+6.0%), Nike 2.99 billion yuan (+28.2%), and Puma 1.53 billion yuan (+14.7%) [1]. - Strong order growth was noted from Uniqlo and Adidas, while Nike's order growth remained relatively stable [1]. Regional Performance - Revenue growth by region for 25H1 was as follows: U.S. +35.8%, Europe +19.9%, Japan +18.1%, and mainland China -2.1%, with respective revenue shares of 17.1%, 20.2%, 16.7%, and 24.4% [1]. Cost and Margin Analysis - The gross margin for 25H1 was 27.1%, a decrease of 1.9 percentage points year-on-year, primarily due to increased labor costs from wage hikes for frontline employees [2]. - The selling and administrative expense ratios for 25H1 were 0.73% and 7.23%, reflecting a year-on-year increase of 0.07 percentage points and a decrease of 0.04 percentage points, respectively [2]. - Financial expenses decreased by approximately 15.5 million yuan year-on-year, attributed to lower average financing costs and interest rates [2]. Other Financial Insights - Government subsidies increased by approximately 179 million yuan to 274 million yuan year-on-year, while income tax expenses rose by about 137 million yuan to 455 million yuan due to changes in Vietnam's tax policies [2]. - The net profit margin for 25H1 was 21.2%, down 1.4 percentage points year-on-year [2]. Future Outlook - The company is progressing well with the construction of its second fabric factory in Vietnam, expected to gradually commence production by the end of 2025, with a planned capacity of 200 tons per day [3]. - The new garment factory in Cambodia began operations in March 2025 and is in the process of expanding its workforce [3]. - Net profit forecasts for 2025-2027 have been slightly adjusted from 6.62 billion, 7.38 billion, and 8.16 billion yuan to 6.58 billion, 7.30 billion, and 8.09 billion yuan, respectively, with corresponding P/E ratios of 13, 12, and 10 times [3].