2025/2026 INTERIM RESULTS INVESTORS PRESENTATION 2025.11.25 1H2026 HIGHLIGHTS Solid trajectory with sustained profitability | Revenue | | | Gross profit margin | | | --- | --- | --- | --- | --- | | HK$38,986 | million | On constant fx | 30.5% | 1H2025 31.4% | | 1.1% | | 0.5% | | | | Operating profit | | | Operating profit margin | | | HK$6,823 | million | 0.7% | 17.5% | 1H2025 17.2% | | Profit attributable to shareholders | | | Dividend per share | | | HK$2,534 | million | 0.1% | HK$0.22 | Payout ratio 85.7 ...

根据中国海关数据显示：2025年10月中国手表进口数量为73万只，同比增长54.1%，进口金额为2.43亿 美元，同比增长39.2%，2025年10月中国手表出口数量为4772万只，同比下降0.4%，出口金额为1.77亿 美元，同比增长20.6%。 相关报告：智研咨询发布的《2025-2031年中国手表行业市场现状调查及投资方向研究报告》 近一年中国手表出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国手表进口情况统计图 数据来源：中国海关，智研咨询整理 ...

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 ...

Group 1: Company Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.675 billion yuan, a year-on-year decrease of 12%, primarily due to a decline in the main watch business revenue [2] - The company aims to maintain its brand positioning as a high-quality Chinese watch brand with a focus on aerospace and aviation watches, emphasizing product innovation and precise marketing strategies [2] Group 2: Strategic Transformation - The company is actively promoting strategic transformation and upgrading, focusing on enhancing precision manufacturing technology and solutions in the precision technology sector [3] - The precision technology business is expanding into aerospace, medical devices, and robotics, although these areas currently contribute a small proportion to overall revenue [3] Group 3: Acquisition Plans - The acquisition of Chang Kong Gear is ongoing, with the company conducting audits and evaluations; however, the transaction plan has not been finalized and remains uncertain [4] - Chang Kong Gear specializes in precision components and has experience in research, production, and manufacturing, primarily serving aerospace and high-end equipment sectors [3] Group 4: Future Outlook - The company is committed to stabilizing its core watch business while accelerating its transformation and upgrading efforts to enhance overall business performance [4] - The company has implemented four phases of B-share repurchase since 2019, using approximately 279.14 million Hong Kong dollars to repurchase and cancel about 41.06 million B-shares [5]

Core Insights - The article highlights the emergence of "Repair Lane" in Tianjin, a themed street dedicated to small repairs, which has been operational for a year and a half, providing over a hundred convenient services to the local community [1][4]. Group 1: Business Operations - "Repair Lane" features around thirty small repair shops that open daily around 7 AM, serving approximately 1,000 customers each day and benefiting around 300,000 residents in the vicinity [1][4]. - Services offered include shoe and watch repairs, clothing alterations, leather care, knife sharpening, and appliance repairs, showcasing a diverse range of skills among the artisans [1][4]. Group 2: Customer Demographics - The customer base has evolved to include not only older residents who value nostalgia and resourcefulness but also a significant number of young people seeking high-quality repairs for their belongings [1][3]. - Young customers are particularly interested in cost-effective repairs for branded items and vintage aesthetics, indicating a shift in consumer behavior towards sustainability and value [1][3]. Group 3: Artisan Skills and Services - Artisans in "Repair Lane" possess specialized skills, with some having repaired over 2,000 knives at prices ranging from 10 to 18 RMB each, reflecting a growing appreciation for maintenance and care of personal items [3][4]. - The article emphasizes the emotional connections customers have with their items, such as repairing a watch given by a deceased friend or restoring a wedding gift, highlighting the sentimental value of repairs [4][6].

谁能想到啊！前阵子还在关税战场上死磕到底的美国和瑞士，居然光速握手言和了！ 39%关税都压得瑞士快喘不过气了，一瞬间就砍到15%，还附赠2000亿投资大礼包，这波操作真的绝 了！ 事儿得从今年7月说起，当时瑞士代表团去华盛顿谈贸易，结果没谈拢，唐纳德·特朗普总统直接拍板， 对瑞士加征39%的高额关税。这税率一出来，瑞士直接成了特朗普政府针对单个国家征税的顶流受害 者，两国贸易瞬间降到冰点。 但这还不是最重磅的，瑞士直接甩出了诚意王炸，承诺到2028年底前，让企业给美国投资约2000亿美 元！这笔钱不光覆盖教育、培训这些基础领域，还得把制药、黄金冶炼、铁路设备这些关键制造业搬到 美国去。 而且瑞士制药巨头罗氏早就抢先一步，今年早些时候就承诺给美国注资500亿美元，这波预热算是做足 了。 我算是看明白了，贸易这事儿从来就没有谁能独善其身。瑞士本来就是靠出口吃饭的经济体，手表、药 品、贵金属都是当家王牌，还有奢侈品、巧克力、护肤品这些享誉全球的好东西。 39%的关税跟一座大山似的压下来，商品成本飙升，竞争力直接打折扣，经济能好才怪。果不其然，上 个月瑞士官方就下调了2026年经济增长预期，直言美国关税就是拖累经济的 ...

Core Points - The United States and Switzerland have reached a framework agreement to reduce tariffs on Swiss imports from 39% to 15% [1] - Swiss companies have committed to invest $200 billion in the U.S., with $67 billion planned for 2026 [1] - The two countries aim to expedite trade agreement negotiations, targeting completion by early 2026 [1] Trade Impact - The U.S. tariffs on Swiss goods, which were implemented in August, have significantly impacted Switzerland's export-oriented economy, with approximately 18% of Swiss exports going to the U.S., and nearly 60% affected by these tariffs [1] - Key Swiss exports to the U.S. include watches, pharmaceuticals, chocolate, and cosmetics [1] - The Swiss mechanical and electrical engineering association noted that the reduction of tariffs to 15% only alleviates the competitive disadvantage faced by Swiss producers compared to EU or Japanese manufacturers, indicating that challenges remain [1]

新华社华盛顿/日内瓦11月14日电（记者施春 焦倩）美国白宫网站14日发布美国与瑞士贸易谈判框架 协议联合声明。根据声明，美国对进口自瑞士的产品征收的关税税率将从目前的39%降至15%。 瑞士联邦委员兼经济和教研部长帕姆兰率团于13日赴华盛顿与美国贸易代表格里尔举行贸易谈判。作为 框架协议的一部分，瑞士企业承诺对美投资2000亿美元，其中2026年投资额将达670亿美元。 两国表示将加快推进贸易协议谈判进程，计划于2026年初最终完成谈判。 美国7月底宣布调整对多个贸易伙伴征收的所谓"对等关税"税率，其中对瑞士的税率达39%。新关税税 率于8月7日正式生效。瑞士政府对此发表声明说，美关税措施对以出口为导向的瑞士经济造成巨大压 力，瑞士约18%的出口商品销往美国，其中近六成受到此关税影响。 瑞士对美出口产品主要包括手表、药品、巧克力和化妆品等。瑞士机械和电气工程行业协会14日表示， 美国对瑞士产品的关税降至15%仅仅消除了瑞士生产商相对于欧盟或日本生产商的巨大劣势，绝不意味 着警报解除。（完） ...

Core Viewpoint - The U.S. government is adjusting tariffs to address an affordability crisis, particularly focusing on food products that are either not produced domestically or produced in insufficient quantities Tariff Exclusions - The president is expected to sign an order today to eliminate or reduce tariffs on certain food products, including beef, coffee, bananas, and tomatoes [2][5] - There is uncertainty regarding the scope of these exclusions, including the number of food items affected and the countries involved [6] U.S.-Switzerland Trade Agreement - A preliminary trade agreement has been reached between the U.S. and Switzerland to lower tariffs on Swiss goods, notably reducing the tariff on watches from 39% to 15% [7][8] - Switzerland has committed to a $200 billion investment pledge over five years, with $67 billion allocated for the next year in the U.S. [9] Broader Trade Context - The agreement with Switzerland is part of a broader strategy to finalize trade deals with various countries, with India being a notable exception where negotiations have stalled [11][14] - The U.S. is also working on trade agreements with other Central and South American countries, indicating a push to finalize outstanding deals [10][11]

Core Points - The article discusses the tax policies related to cross-border e-commerce retail imports in China, particularly focusing on health and cosmetic products [1][2][3][4]. Group 1: Shopping Limits - The single transaction limit for cross-border e-commerce retail imports is set at 5,000 RMB, while the annual limit for individuals is 26,000 RMB [1][2]. Group 2: Tax Policies - For imports within the limit, the customs duty rate is temporarily set at 0%, while the value-added tax (VAT) and consumption tax are levied at 70% of the statutory taxable amount [2]. - If the taxable price exceeds the single transaction limit but is below the annual limit, and only one item is included in the order, it can still be imported through cross-border e-commerce channels, subject to full customs duty and taxes [2]. Group 3: Special Products - High-end cosmetics and skincare products with a taxable price exceeding 10 RMB per milliliter (or gram) or 15 RMB per piece (or sheet) incur an additional 15% consumption tax [3]. - An example illustrates that if a consumer purchases a skincare product priced at 425 RMB for 20 grams, the additional consumption tax and VAT calculations are provided [3]. Group 4: Other Considerations - There are specific import limits for sugar products (2 kg per person per year) and rice products (20 kg per person per year) that consumers should be aware of [4].