责任编辑：小浪快报 根据喜娜AI异动分析，ST尔雅涨停原因可能如下，服装业务+医疗服务： 1、公司主要从事服装服饰类 产品的研发、设计、生产和销售，以及药品零售和医疗服务等业务。其中品牌男装、女装业务有一定占 比，出口加工类业务也占据一定份额，医疗业务占比为9.04% ，多元化的业务布局可能为股价带来支 撑。 2、近期消费市场有回暖迹象，服装行业作为消费领域的重要组成部分，有望受益于市场的复苏。 同时，医疗服务需求也一直较为稳定，公司的医疗业务也可能为其带来业绩增长预期。从同板块情况来 看，东方财富数据显示，当日部分服装和医疗相关个股也有不同程度的上涨，形成一定的板块联动效 应。 3、技术面上，若该股MACD指标形成金叉，且股价突破关键压力位，可能吸引更多技术派投资者 关注和买入。同花顺资金监控显示，当日超大单资金呈现净流入状态，表明有主力资金关注并布局该 股。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性 ...

女装商家和消费者啥时候停战？ 文｜卢力麟 编辑｜王泽轩 来源｜Vista氢商业（ID：Qingshangye666） 封面来源｜视觉中国 俗话说，"时尚就是上身基础，下身就不基础。"在刚刚过去的双11，比这个更权威的口诀出现了，那就是"衣服基础，吊牌就不基础。" 很多人在社交媒体平台上分享，自己买到的衣服吊牌快跟衣服一样大了，一片摞一片就像挂了一本杂志在上面，"多买几件都能拼成一本书了。"而这并不是 个例。许多消费者发现，女装的吊牌已经开始刮起了"越做越大"的风，有的大到能当餐垫，硬到能防身。 小红书@一只毒蘑菇 有消费者调侃："以前买衣服看款式，现在买衣服得先掂量一下吊牌的负重能力。" 这些吊牌的存在感如此之强，以至于有人戏称其为"衣服上最沉重的配 饰"。 在这个如A4纸一般大的吊牌背后，是整个女装行业在高退货率与消费信任之间的艰难平衡。当消费者购买女装和商家处理退货都变成一个技术活的时候， 我们不禁要问：女装为啥这么难搞？这场商家和消费者之间的博弈究竟何时才能停止？ 图 源 ： 巨型吊牌， 国内女装行业"最大创新"？ 如果你参与了刚刚过去的双11，可能会发现一个有趣的现象，那就是女装讨论焦点除了参差的版型 ...

以下文章来源于Vista氢商业 ，作者王泽轩 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 女装商家和消费者啥时候停战？ 文 ｜ 卢力麟 编辑 ｜ 王泽轩 来源｜ Vista氢商业（ID：Qingshangye666） 封面来源 ｜ 视觉中国 俗话说，"时尚就是上身基础，下身就不基础。"在刚刚过去的双11，比这个更权威的口诀出现了，那就是 "衣服基础，吊牌就不基础。" 很多人在社交媒体平台上分享，自己买到的衣服吊牌快跟衣服一样大了，一片摞一片就像挂了一本杂志在上面， "多买几件都能拼成一本书了。" 而这并不是个例。许多消费者发现，女 装的吊牌已经开始刮起了"越做越大"的风，有的大到能当餐垫，硬到能防身。 图源：小红书@一只毒蘑菇 有消费者调侃："以前买衣服看款式，现在买衣服得先掂量一下吊牌的负重能力。" 这些吊牌的存在感如此之强，以至于有人戏称其为"衣服上最沉重的配饰"。 在这个如A4纸一般大的吊牌背后，是整个女装行业在高退货率与消费信任之间的艰难平衡。当消费者购买女装和商家处理退货都变成一个技术活的时候，我们不禁要问： 女装为啥这么 难搞？这场商家和消费者之间的博弈究竟何时才能停止？ ...

Core Viewpoint - HLA Group Co., Ltd. (海澜之家) has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. According to Frost & Sullivan, HLA is the second-largest men's apparel brand globally by revenue in 2024 and has maintained the top position in the Asian men's apparel market for 11 consecutive years since 2014 [1][5]. Company Overview - HLA is recognized as a leading brand apparel retail group in China, distinguished by its diversified brand portfolio, extensive supply chain network, and strong channel integration capabilities. As of June 30, 2025, the company operates over 7,200 stores globally, with 5,631 stores in 31 provincial-level administrative regions in China, covering nearly all prefecture-level cities [5][7]. - The company has established a global sales network comprising 5,723 stores, including 92 overseas locations. Besides men's apparel, HLA's proprietary brands include the mid-range women's brand OVV and the high-end children's brand Ying's, catering to diverse customer preferences [5][6]. Financial Performance - HLA has shown steady revenue growth despite a complex market environment. The company reported revenues of RMB 17.91 billion, RMB 20.75 billion, RMB 20.16 billion, and RMB 11.24 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profits for the same periods were RMB 2.06 billion, RMB 2.92 billion, RMB 2.19 billion, and RMB 1.59 billion [8][9]. - The gross profit margin has improved over the years, reaching 43.4%, 45.2%, 45.5%, and 46.9% for the years 2022, 2023, 2024, and the first half of 2025, respectively, reflecting the company's focus on product quality, operational efficiency, and refined retail management [9][10].

Core Insights - Haier's Home is applying for a listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. According to Frost & Sullivan, Haier's Home is the second-largest men's clothing brand globally by revenue in 2024 and has held the top position in the Asian men's clothing market for 11 consecutive years since 2014 [1][3]. Company Overview - Haier's Home is a leading brand apparel retail group in China, distinguished by its diversified brand portfolio, extensive supply chain network, and strong channel integration capabilities. As of June 30, 2025, the company operates over 7,200 stores globally, with 5,631 stores in 31 provincial-level administrative regions in China, covering nearly all prefecture-level cities [3][5]. - The company has established a global sales network comprising 5,723 stores, including 92 overseas locations. Besides men's clothing, its proprietary brands include the premium women's brand OVV and the high-end children's brand Ying's, catering to diverse customer preferences [3][4]. Financial Performance - The company has shown steady revenue growth, recording revenues of RMB 17.905 billion, RMB 20.754 billion, RMB 20.162 billion, and RMB 11.238 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Net profits for the same periods were RMB 2.062 billion, RMB 2.918 billion, RMB 2.189 billion, and RMB 1.588 billion [6][7]. - The gross profit margin has improved over the reporting periods, reaching 43.4%, 45.2%, 45.5%, and 46.9% for 2022, 2023, 2024, and the six months ending June 30, 2025, respectively, reflecting the company's focus on product quality, operational efficiency, and refined retail management [6][8].

文丨若山 出品丨消费最前线 最近小小一枚吊牌竟然成为比飘忽不定的尺码更让人吐槽的"单品"，它并不是单纯的品牌标识，也不是功能装饰。所有匪夷所思的设计只为了让消费者无法 在剪掉它之前无法穿出门。而这一切都源自女装电商那足以摧毁任何常规的零售生意的退货率。 商家之所以费尽心机将一块巨大、显眼、印着醒目提示的塑料吊牌用一道极难复原的锁扣，牢牢固定在女装的袖口或裙摆上。只是为了续命的自卫反击，其 背后是中国女装电商近乎公开的秘密。 这套薄利多销电商打法，在"买五退四"面前正在彻底失效。这个小吊牌，如同一道尖锐的切口，划开了平台、商家与消费者三方在"七天无理由退货"规则 下，那张早已被过度拉扯、濒临撕裂的利益网。 规则的"溺爱"成为高退货率的温床 商家今天的"极限操作"，其实是被平台"规则"一步步逼出来的。在电商拓荒时代"七天无理由退货"是为解决线上购物"摸不着"的缺陷，从而建立信任的"基 石"。一经推出便成了平台的"服务护城河"。 但在平台间"内卷"式争夺用户的过程中，这条河开始泛滥。平台为了数据上的"用户体验"将退货门槛一降再降，流程一再简化。原本7天的"查验期"被妖魔 化，彻底变成了"免费试用期"，而"运费险"的 ...

Core Viewpoint - Analysts expect Kohl's to report a quarterly loss of -$0.19 per share, indicating a year-over-year decline of 195% with revenues projected at $3.49 billion, down 5.9% from the previous year [1] Earnings Estimates - Revisions to earnings estimates are crucial for predicting investor actions, with empirical research showing a strong correlation between earnings estimate trends and short-term stock performance [2] Key Metrics Projections - Analysts predict 'Other revenue' to reach $166.82 million, reflecting a year-over-year change of -17.8% [4] - 'Net Sales' are expected to be $3.32 billion, indicating a decline of -5.2% from the prior-year quarter [4] - 'Revenue Recognition- Accessories' is projected at $670.83 million, suggesting a year-over-year increase of +3.2% [4] - 'Revenue Recognition- Children's' is estimated at $427.08 million, down -12.1% year over year [5] - 'Revenue Recognition- Footwear' is expected to be $274.17 million, indicating a decline of -16.4% from the previous year [5] - 'Revenue Recognition- Men's' is projected at $668.96 million, reflecting a change of -4.6% from the prior-year quarter [6] - 'Revenue Recognition- Women's' is expected to be $832.42 million, indicating a year-over-year change of -4.2% [6] - 'Revenue Recognition- Home' is projected at $443.00 million, reflecting a change of -6.3% from the prior-year quarter [6] Store Metrics - The consensus estimate for the total number of stores stands at 1,153, down from 1,178 in the same quarter last year [7] Stock Performance - Over the past month, Kohl's shares have recorded a return of -7.6%, compared to the Zacks S&P 500 composite's -0.3% change, indicating a performance that aligns with the overall market [7]

Core Viewpoint - The apparel industry is witnessing a significant shift as brands like Uniqlo and various e-commerce women's fashion brands are moving towards offline retail to adapt to changing market dynamics and consumer behavior [4][18]. Group 1: Major Events in the Apparel Industry - Uniqlo has partnered with JD.com for a second time, marking a strategic move to boost its performance in the Greater China region [4]. - E-commerce women's fashion brands, such as KEIGAN, are increasingly opening physical stores, indicating a trend towards offline retail [4][5]. Group 2: Historical Context and Market Trends - The discussion about whether online brands should transition to offline retail has been ongoing for a decade, with differing opinions from industry leaders [6]. - The online women's fashion market has seen a significant increase in return rates, with some brands reporting rates as high as 70-80% [10][12]. Group 3: Challenges Faced by E-commerce Brands - High return rates and increasing customer acquisition costs have become critical issues for online women's fashion brands, leading to a reevaluation of their business models [9][10][16]. - The shift towards offline retail is seen as a practical solution to mitigate the challenges posed by high return rates and inventory management issues [18][27]. Group 4: Strategic Responses from Brands - Brands are increasingly opting for larger store formats in high-traffic areas to enhance brand visibility and customer experience [22][23]. - The trend of opening flagship stores is not limited to established brands; emerging online brands are also adopting this strategy to strengthen their market presence [26][30]. Group 5: Future Outlook - The apparel industry is moving towards a dual-channel strategy, combining online and offline sales to optimize customer engagement and inventory management [18][27]. - The focus on larger stores and prime locations reflects a broader industry consensus on the importance of physical retail in enhancing brand image and driving sales [22][23].

Core Insights - The article highlights the decline of the live-streaming industry in Hangzhou, particularly symbolized by the once-bustling Lijing International building, which now faces high vacancy rates and reduced rental prices [1][2][6] - The live-streaming boom is over, with many streamers and e-commerce businesses struggling due to decreased traffic, high inventory, and increased return rates, leading to a mass exodus from the industry [2][10] - Despite the challenges, some industry professionals believe that Hangzhou remains a key hub for live-streaming, with opportunities still available for newcomers [2][30] Group 1: Industry Decline - Lijing International, once a vibrant hub for nearly 20,000 streamers, now has numerous vacant rental units, with prices dropping from over 3,000 to just above 2,000 [1][6] - The overall vacancy rate for office spaces in Hangzhou reached a historic high of 27.7% in Q2 2023, indicating a broader trend of businesses leaving the area [2] - The live-streaming industry's revenue has significantly decreased, with many streamers now earning less than before, leading to a reconsideration of career paths [2][10] Group 2: Personal Experiences - Many individuals, like Liu Hui, moved to Hangzhou with hopes of financial success, but are now facing challenges such as layoffs and reduced salaries [6][30] - Streamers report a drastic reduction in hourly wages, with some seeing their pay cut from 160 to 80 yuan per hour due to increased competition [10][11] - The pressure to maintain high performance and viewer engagement has led to mental and physical health issues among streamers, with some opting to leave the industry altogether [12][19] Group 3: Future Prospects - Despite the downturn, some believe that the live-streaming sector in Hangzhou still offers good opportunities for newcomers, especially for those with strong personal branding [30] - The article suggests that while the industry is facing challenges, it may still be a viable option for fresh graduates looking to quickly earn money and gain experience [30][32] - The shift towards short video platforms for e-commerce is noted as a potential new avenue for those leaving traditional live-streaming roles [30]

Core Insights - The article discusses the decline of the live-streaming industry in Hangzhou, particularly focusing on the once-thriving Regin International building, which has seen a significant drop in activity and rental prices, reflecting a broader trend of retreat among influencers and e-commerce businesses in the region [4][5][6]. Group 1: Industry Decline - The live-streaming boom is over, with many influencers and e-commerce businesses facing reduced income and high inventory levels, leading to a mass exodus from Hangzhou [6][12]. - The vacancy rate for office spaces in Hangzhou reached a historical high of 27.7% in Q2 2023, indicating a significant downturn in the live-streaming sector [6]. - Rental prices for apartments in the Regin International building have dropped from over 3,000 to just above 2,000, with many units remaining vacant [5][6]. Group 2: Personal Experiences - Many individuals who moved to Hangzhou for opportunities in live-streaming are now reconsidering their career paths due to declining income and increased competition [9][13]. - The article highlights personal stories of individuals who initially found success in the industry but are now facing burnout and financial instability [12][13][18]. - The pressure to maintain high performance in live-streaming has led to mental and physical health issues among influencers, with some opting to leave the industry altogether [15][17]. Group 3: Market Dynamics - The influx of new graduates into the live-streaming industry has created a saturated market, driving down wages and increasing competition for jobs [22][23]. - E-commerce businesses are struggling with high return rates, with some reporting return rates as high as 80%, which further complicates profitability [19][20]. - The introduction of e-commerce taxes is expected to add additional pressure on businesses that rely on high-volume sales through live-streaming [6][19]. Group 4: Future Outlook - Despite the current downturn, some industry insiders believe that Hangzhou remains a key hub for live-streaming, with potential for future growth as the market stabilizes [27][28]. - The article suggests that for new graduates, pursuing a career in live-streaming may still offer better financial prospects compared to traditional industries [27].