2025.12. 10 本文字数：4706，阅读时长大约8分钟 作者 | 第一财经 郑娜 "这是我能去的活动吗？"今年上半年突然收到卡地亚销售发来的珠宝展邀约消息时，Jennie忍不住这 样感叹。作为一个购买力有所收缩的"中产"，她过往在卡地亚的消费记录就只有一次。这种邀约在过 去发生的概率很低。 Jennie的经历并不是个例。近来的社交媒体上时而可以看到奢侈品牌降下"身段"，向普通客户发出邀 约的情况，各大品牌的活动也办得更加频繁。 这些现象背后都是当前奢侈品牌的销售压力。今年上半年，无论是LVMH集团，还是开云集团，业绩 都遭遇两位数下挫。全球经济大周期下，奢侈品辉煌的"闭眼卖"时代成为过去。 关闭低效能门店、集中资源开出更大的旗舰店，各大品牌向一线城市或新一线城市核心商圈的高端商 场聚集，试图向客户提供更集中、更丰富的服务和体验。这也给当前的零售商业带来了"集体撤 店"和"扎堆开业"共存的反差景象。 在品牌扩张、闭店之间，开发商的心态也不断发生变化，从过去讲究定位和格调，转向更加务实的现 金流。而当购物狂潮落幕，体验与情感成为消费增长的新引擎的当下，开发商也开始转向能提供愉悦 体验、情感共鸣的多元品牌。 ...

Core Viewpoint - The introduction of "giant tags" by e-commerce merchants aims to combat the high return rates associated with online shopping, particularly in women's clothing, by making it less convenient for consumers to return items after wearing them [1][2]. Group 1: E-commerce Challenges - The return rate for online clothing sales is alarmingly high, with some platforms reporting rates as high as 90%, particularly in women's apparel [2]. - Many consumers exploit the "seven-day no-reason return" policy, leading to a significant number of returns that are not due to product quality but rather to misuse of the return policy [2][4]. Group 2: Merchant Strategies - Merchants are adopting "giant tags," which are larger and made from stiffer materials, to deter consumers from wearing items before returning them [1][2]. - The placement of these tags is strategically considered to maximize visibility and minimize the likelihood of removal or concealment by consumers [3]. Group 3: Consumer Reactions - Consumer feedback on "giant tags" is mixed; while some support the initiative to reduce returns, others criticize the negative impact on the shopping experience, particularly for legitimate customers [3][4]. Group 4: Expert Insights - Experts suggest that while "giant tags" may provide a temporary solution to high return rates, they do not address the underlying issues of trust between consumers and merchants [4][5]. - A more comprehensive approach is needed, including improved consumer credit systems and better service environments to reduce the incentive for malicious returns [5].

Company Overview - Tianchuang Fashion Co., Ltd. is located in Nansha District, Guangzhou, Guangdong Province, and was established on April 9, 2004. The company was listed on February 18, 2016. Its main business involves the research, production, distribution, and retail of fashion consumer goods, as well as mobile internet marketing [1]. - The company's revenue composition is primarily from shoes, bags, and other products (98.29%), with a small portion from other sources (1.71%) [1]. Financial Performance - As of September 30, Tianchuang Fashion reported a revenue of 744 million yuan for the first nine months of 2025, representing a year-on-year decrease of 7.12%. The net profit attributable to the parent company was -5.23 million yuan, showing an increase of 83.01% year-on-year [2]. - The company has cumulatively distributed 528 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - On November 5, Tianchuang Fashion's stock price decreased by 2.10%, trading at 7.92 yuan per share, with a total market capitalization of 3.324 billion yuan. The stock has increased by 112.90% year-to-date [1]. - Over the past five trading days, the stock has risen by 4.35%, 7.76% over the past 20 days, and 22.22% over the past 60 days [1]. - The stock has seen a net outflow of 1.0756 million yuan in principal funds, with large orders accounting for 4.61% of total buying and 11.34% of total selling [1]. Shareholder Information - As of September 30, the number of shareholders for Tianchuang Fashion was 12,900, an increase of 12.99% from the previous period. The average number of circulating shares per person was 32,619, a decrease of 11.49% [2].

Core Viewpoint - Tianchuang Fashion is a leading company in the domestic fashion footwear industry, focusing on product research and design innovation, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Tianchuang Fashion reported revenue of 744 million yuan, ranking 8th in the industry, with the top company, Kairun Co., achieving 3.719 billion yuan [2] - The main business revenue from shoes, bags, and others was 518 million yuan, accounting for 98.29% of total revenue, while other revenue was 902,950 yuan, making up 1.71% [2] - The net profit for the same period was -5.1068 million yuan, ranking 6th in the industry, with the industry average net profit being 21.641 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tianchuang Fashion's debt-to-asset ratio was 28.60%, down from 33.74% year-on-year and below the industry average of 46.89% [3] - The gross profit margin for Q3 2025 was 66.48%, an increase from 63.16% year-on-year and higher than the industry average of 32.77% [3] Group 3: Executive Compensation - The chairman, Li Lin, received a salary of 756,600 yuan in 2024, an increase of 51,600 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.99% to 12,900, while the average number of circulating A-shares held per shareholder decreased by 11.49% to 32,600 [5]

Core Insights - The composition of shoppers in European luxury goods stores is changing, with a significant decline in Chinese tourists, whose share of the European duty-free market has dropped from 32% five years ago to 13% now, while American and Middle Eastern tourists have increased their shares to 22% and 13% respectively [3][5] - Overall duty-free luxury sales in Europe have grown by 7% year-on-year, despite the decline in Chinese tourist spending [3] Group 1: Shifts in Consumer Behavior - From 2019 to 2024, Chinese tourists' duty-free spending in Europe is projected to decline at a compound annual rate of 8%, while American and Gulf tourists' spending is expected to grow by 12% and 14% respectively [5] - The luxury brands in Europe are adapting to cater to new customer demographics, with English and Arabic becoming the dominant languages in stores [5] - Chinese tourists are increasingly shopping in Japan, with 40% of their duty-free purchases now occurring there, up from 14% in 2019 [5][9] Group 2: Changes in Retail Landscape - The convenience and cultural proximity of East Asian destinations have made them more appealing compared to Europe, which has become less accessible due to limited flight availability and complicated visa processes [9] - The luxury retail experience in China has significantly improved, with high-end shopping environments in cities like Beijing, Shanghai, Nanjing, and Shenzhen now rivaling those in Europe [9][19] - Price differentials between China and Europe have narrowed from 30% to under 10%, making local purchases more attractive for Chinese consumers [19] Group 3: Evolving Consumer Mindset - The perception of luxury shopping has shifted from a social symbol to a more personal experience, with consumers now viewing travel as a means of relaxation rather than a shopping spree [20] - The era of "shopping tourism" is ending, giving way to a focus on "experiential living," which emphasizes sustainable and rational consumption [20][22] - The decline in duty-free spending by Chinese tourists reflects a transformation in consumer logic rather than a decrease in purchasing power, indicating a more thoughtful and localized approach to consumption [22][23]

Core Insights - The report focuses on the global cross-border e-commerce market for apparel, footwear, and accessories, highlighting current market conditions, DTC brand case studies, operational strategies, and consumer insights for 2024 [1]. Group 1: Market Overview - The global apparel and footwear market reached a size of $1,818.74 billion in 2023, with stable search volume trends in recent years [1]. - The accessories market size in 2023 was $663.4 billion, showing continuous growth since 2020 [1]. - High attention regions for both markets include Eastern North America and Europe, with significant consumer interest in products like dresses, shoes, and shorts, as well as brands like Nike and Adidas [1]. Group 2: DTC Brand Opportunities - DTC brands are emerging as new opportunities in the industry, with notable examples including ARITZIA (women's apparel, $1.5 billion sales in 2022) and OOFOS (recovery footwear, $210 million sales in 2022) [1]. - Key success factors for DTC brands include effective user communication, leveraging social media traffic, reinforcing brand values, and focusing on niche markets [1]. Group 3: Consumer Insights and Strategies - The report emphasizes the importance of data-driven consumer insights, integrating user profiles, behaviors, and feedback to achieve strategic data utilization, brand localization, and operational refinement [1]. - Recommendations include deepening market penetration, enhancing brand equity, and monitoring performance optimization [1]. Group 4: Operational Strategies - The report provides case studies, such as a hair removal device project, to illustrate the application of consumer insights [1]. - It also offers solutions for building independent apparel websites, highlighting features like first-order conversion, bundled promotions, and repurchase activation [1].

Core Insights - The rental economy in China is experiencing significant growth, with a projected transaction scale exceeding 4.2 trillion yuan in 2024, representing a 32% year-on-year increase and serving over 750 million users [1] - The shift from ownership to sharing reflects a new consumer philosophy that emphasizes cost-effectiveness, trial experiences, and green consumption [1] - However, the rapid growth of the rental economy is accompanied by challenges such as information asymmetry and weak consumer rights awareness, leading to issues like counterfeit goods, contract traps, and privacy concerns [1] Industry Challenges - The lack of comprehensive laws, regulations, and industry standards for the rental economy is a significant issue, necessitating improved regulatory mechanisms for transaction processes [1] - There is a need for relevant authorities to expedite the establishment of clear responsibilities and rights among platforms, lessors, and consumers, particularly in high-dispute areas like damage assessment and information leakage [2] - Platforms should enhance their responsibilities by improving credit evaluation systems, standardizing offline item delivery, and ensuring user fund security [2] Recommendations for Improvement - Lessors are encouraged to invest more in product quality inspection and maintenance, moving away from short-term speculative thinking [2] - Consumers should enhance their risk awareness and ability to identify legitimate platforms, promoting a culture of honest rental consumption [2] - Addressing these challenges and optimizing service offerings will contribute to a more stable and vibrant rental economy, ultimately stimulating consumer activity [2]

Core Insights - The article highlights the evolution of the cup and pot industry from mere functional items to expressions of lifestyle and aesthetic taste, with Gemi positioning itself as a high-end Chinese brand since its establishment in 2018 [1] Group 1: Market Strategy - Gemi initially entered the market through a "shop-in-shop" model, collaborating with high-end supermarkets like Cool Play, Pang Donglai, Sam's Club, and Ole, achieving coverage in over 35,000 shop-in-shop locations within a few years [2] - The brand's strategy balances user demand with commercial goals, allowing consumers to perceive fashionable cups and pots as diverse expressions of lifestyle and social culture [2] Group 2: Consumer Experience - With market recognition established, Gemi is shifting focus from broad outreach to in-depth consumer experiences by setting up independent counters in key cities starting in 2025 [3] - These independent counters offer a complete brand narrative, emphasizing the choice of materials like titanium and the characteristics of artist collaboration products, providing an immersive experience of Gemi's lifestyle aesthetics [3] Group 3: Brand Narrative and Future Plans - Gemi aims to redefine the value of "Made in China" by transforming beauty into tangible cultural art, with each product serving as a portable piece of art [4] - The brand has strengthened its narrative by enlisting global ambassadors, such as Song Qian and Pan Zhanle, to embody the core attributes of high-end, fashionable, and healthy living, thereby expanding its retail presence and brand influence both domestically and internationally [4]

Core Viewpoint - The article highlights the widespread issue of difficulties in returning products purchased online, particularly focusing on the legal implications of merchants' return policies and consumer rights in the context of e-commerce [1] Group 1: Consumer Rights and E-commerce - Consumers have reported challenges with merchants refusing to honor the seven-day no-reason return policy, citing reasons such as "product unsealed" or "product activated" [1] - Some merchants explicitly state on product pages that the seven-day no-reason return policy does not apply, raising questions about the legality of such clauses [1] Group 2: Case Study - A specific case is presented involving a consumer, Ms. Hu from Wuhan, who purchased a bag for 7060 yuan and faced difficulties in returning it due to discrepancies between the received product and the displayed product [1] - The merchant denied the return request, claiming the issue was not a quality problem but rather a special leather effect, leading Ms. Hu to pursue legal action against the merchant and the platform in the Beijing Internet Court [1]

证券代码：603958 证券简称：哈森股份 公告编号：2025-043 哈森商贸（中国）股份有限公司 2025 年半年度服装行业主要经营数据的公告 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。 （二）按线上线下 （三）按品牌 （四）按产品 哈森商贸（中国）股份有限公司（以下简称"公司"）根据《上海证券交易 所上市公司自律监管指引第 3 号行业信息披露：第十号--服装》的相关规定，现 将 2025 年半年度公司鞋包业务主要经营数据（未经审计）公告如下： | | | | | 单位：家 | | --- | --- | --- | --- | --- | | 项目 | 本期新开 | 本期关闭 | 本期净减少 | 期末店铺数量 | | 直营店铺合计 | 20 | 100 | 80 | 736 | | 其中：哈森 | 9 | 40 | 31 | 326 | | 卡迪娜 | | 17 | 17 | 83 | | 诺贝达 | | 11 | 11 | 92 | | 派高雁 | 5 | 16 | 11 | 138 | | 其他 | 6 | 16 ...