曹秀文的《马上蜂猴》画作。受访者 供图 近日，记者来到中国农民画村，金山农民画画家曹秀文正在工作室里细细勾勒新作。提起与服装品牌的 这次合作，她眼中闪烁着亮光，随即起身向记者展示了合作画作《马上蜂猴》的早期手稿。她表 示，"借物抒怀"在中国民间最常用，也最直接表达人们内心的所思所想，明年又是农历马年，《马上蜂 猴》的画作很有意义，从最初构思到最终定稿，自己前前后后修改了五六稿，花了一个多月的时间。 曹秀文向记者介绍，目前在某品牌的线上平台，2026新年系列已正式上新——不仅有以整幅《马上蜂 猴》为图案的卫衣，还有提取画中童趣元素重新组合设计的毛衣、背心等单品。"如果走在街上，我看 到年轻人都喜欢穿印有我画作的服装，我会非常激动，也希望年轻人能了解我们金山农民画，喜欢我们 金山农民画。"曹秀文说道。 据悉，这样的跨界合作，在金山农民画的发展路上并非首例。近年来，金山区积极推进"农民画+"发 展，不仅开发设计了大量文创产品，还与肯德基等品牌合作推出新春限定包装，并尝试了农民画与陶瓷 等多种艺术形式的融合创作。通过不断拓展产业形态、丰富应用场景，金山农民画持续焕发新的生命力 与时代活力。(完) 中新网上海12月14 ...

据新京报报道，近日广州一服装店店主时女士发视频称自家店铺遭到山东烟台一顾客刘女士诈骗，她称刘女士半年内在该店利用多个账号 下单后，截留高货值商品调包为低货值商品退款225单。12月12日，记者从广州警方了解到，服装店店主时女士被诈骗案已由增城区公安分 局立案侦查。 "这个案件可能是多家，不是一家、两家，侦破需要时间。"时女士对红星新闻记者说道。 时女士告诉红星新闻记者，该上海服装店店主也曾与她取得联系，该店主称自己将于"今天（13日）去报案"。 13日，红星新闻记者致电增城区公安分局卫山派出所了解是否有新增受害人，被告知无法透 露，采访需联系上级部门。截至发稿时，红星新闻记者未能成功与其上级部门取得联系。 两天前，该店主声援时女士的视频中提到："某女子仅退款225个（快递），我也是受害者。 不是这次的热搜事件，我是万万没想到吃瓜能吃到自己头上……在今年3月份的时候，我家 的小哥在处理退货，然后查看了退回的信息的时候，发现一位朋友，她拍了两件商品，一件 是29（元）的吊带，还有一件289（元）的毛衣，全部都点了退货，但我们收到的退包里只 有这个29（元）的吊带。然后我们就翻看了她的历史购买记录，发现这个ID之前 ...

Financial Data and Key Metrics Changes - The company reported record net sales of $1.3 billion for Q3 2025, up 7% year-over-year, achieving results at the high end of the outlook range [5][14] - Gross margin was 62.5% and operating margin was 12%, both impacted by approximately 210 basis points due to tariffs [6][17] - Earnings per share exceeded expectations at $2.36, compared to $2.50 in the previous year [17][19] - The company ended the quarter with cash and cash equivalents of $606 million and liquidity of approximately $1.06 billion [18] Business Line Data and Key Metrics Changes - Abercrombie brands saw a net sales decline of 2% with comparable sales down 7%, primarily due to lower average unit retail (AUR) [14][15] - Hollister brands experienced a 16% increase in net sales and a 15% rise in comparable sales, benefiting from balanced growth across genders and categories [10][15] - The company opened 30 new stores through Q3, aiming for a total of 36 by year-end [9] Market Data and Key Metrics Changes - In the Americas, net sales increased by 7%, while EMEA also saw a 7% increase, partially offset by a 6% decline in APAC [6][14] - Comparable sales in the Americas were up 4%, EMEA up 2%, and APAC down 12% [14] Company Strategy and Development Direction - The company is focused on sustainable long-term growth through investments in marketing, stores, and technology, including AI enhancements in customer service [12][22] - Strategic partnerships and collaborations, such as with Taco Bell and Kimo Sabe, are aimed at increasing brand awareness and customer acquisition [54][55] - The company plans to continue expanding its store footprint, with expectations of opening around 100 new experiences, including 60 new stores and 40 remodels [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the global growth opportunities for the brands, particularly in EMEA and APAC, despite short-term fluctuations [29][30] - The company is prepared for the holiday season, having tested and learned from previous quarters to optimize inventory and product assortment [13][22] - For Q4 2025, the company expects net sales to increase by 4%-6% compared to Q4 2024, with an operating margin around 14% [20][21] Other Important Information - The company repurchased $100 million worth of shares in the quarter, totaling $350 million year-to-date, representing 9% of shares outstanding at the beginning of the year [5][18] - The company anticipates a full-year net sales growth of 6%-7% from $4.95 billion in 2024, reflecting strong performance in Q3 and expected Q4 sales [19] Q&A Session Summary Question: Insights on Abercrombie brand performance by category and region - Management noted positive traffic and customer engagement, with strong inventory in key categories like denim and fleece heading into Q4 [28][29] Question: Expectations for Hollister's momentum into 2026 - Management highlighted balanced growth across genders and categories, with strong customer engagement and inventory management [34][35] Question: Composition of inventory and gross margin considerations for Q4 - Inventory is in good shape, with a 5% year-over-year increase at cost, and management expects continued improvements in AUR [42][44] Question: Marketing plans and promotional strategies - Management confirmed increased marketing investment while maintaining flexibility in promotional strategies to optimize AUR [62][70] Question: Tariff impacts and pricing adjustments - Management expects tariff impacts to be greater in Q1 2026, with pricing adjustments starting to show in late December and January [82][85]

Core Insights - The establishment of the National Wool Textile Trade and Technology Base aims to help Guangdong's wool textile products expand globally by addressing technical trade barriers and enhancing compliance capabilities [1][2] - The Dawang Town has developed a complete industrial chain in wool textile production, with over 28,000 market entities and an annual output of 900 million sweaters, accounting for one in five sweaters globally [1] Group 1 - The National Wool Textile Trade and Technology Base was officially inaugurated during the 22nd China (Dawang) Woolen Products Trade Fair, with eight enterprises receiving information collection point plaques [1] - The base has formed a professional service team to provide integrated trade and technology services, including standard services, risk warnings, and technical problem-solving [1][2] - The base aims to conduct research, evaluation, and application of technical trade measures, providing early warnings of potential export risks to assist enterprises in overcoming trade barriers [1][2] Group 2 - The Dawang Woolen Products Management Committee is actively collecting consumer demand data from various countries and analyzing technical trade measures to provide timely risk warnings to local enterprises [2] - In the first half of the year, the WTO reported a record high of 2,195 technical trade barriers, highlighting the increasing challenges faced by the global textile industry [2] - The committee has established a service ledger for small and medium-sized wool textile enterprises, offering targeted information services to help them mitigate risks and enhance local brand development [2]

Core Insights - The 2025 World Apparel Conference and the 22nd China (Dalang) Woolen Products Trade Fair are being held in Dongguan, focusing on the theme "Fashion Transformation, Diverse Coexistence" to explore new paths for the global fashion industry's integrated development [1][2] Group 1: Industry Trends - The textile and apparel industry is undergoing profound changes, with new technologies like artificial intelligence reshaping industry logic and creating new opportunities through emerging markets and personalized demands [2] - The Chinese apparel industry is adopting a path driven by technology for high-end development, data for digital empowerment, culture for brand leadership, green transformation for low carbonization, and global integration for collaborative growth [2] Group 2: Event Highlights - The 22nd China (Dalang) Woolen Products Trade Fair features a "Fashion Trend · Dongguan Made" theme, with a structure of "1 main venue + 6 sub-venues + 7 satellite exhibition halls," showcasing the achievements of the Dalang woolen industry and providing a platform for industry exchange [2] - Approximately 2,000 exhibitors are participating, with four major display areas for machinery, clothing, yarn, and comprehensive support, highlighting the vibrant textile industry [2] Group 3: Local Government Initiatives - Dongguan's government is implementing policies to support the textile industry, including a reward of up to 1 million yuan for companies undergoing digital transformation [1][4] - The total annual transaction volume of the entire woolen industry chain in Dalang exceeds 70 billion yuan, with aspirations to reach a trillion-level industrial cluster [4]

Core Insights - The overall price index for Linyi Mall this week is 102.34 points, showing a slight decrease of 0.02 points week-on-week, a decline of 1.55 points year-on-year, and a drop of 1.46 points compared to the beginning of the year [1] Price Index Summary - Among 14 categories of goods, 5 categories saw price increases, 2 remained stable, and 7 experienced price declines. The top three categories with price increases are: board materials, educational and office supplies, and ceramics [3] - The board materials price index rose to 97.37 points, with a week-on-week increase of 0.05 points, driven by increased demand in municipal engineering and home decoration sectors [5] - The educational and office supplies price index increased to 108.67 points, with a week-on-week rise of 0.03 points, although sales of sports and entertainment products saw a slight decline due to lower outdoor temperatures [8] - The ceramics price index reached 104.81 points, with a week-on-week increase of 0.02 points, as seasonal sales of ceramic sanitary ware and tiles began to slow down [10] - The clothing and accessories price index decreased to 103.68 points, with a week-on-week drop of 0.13 points, as demand for winter clothing increased but prices fell due to lower sales of certain items [13] - The home appliances and audio-visual equipment price index fell to 103.03 points, with a week-on-week decline of 0.06 points, as sales volumes for various appliances decreased [16] - The steel price index decreased to 95.95 points, with a week-on-week drop of 0.04 points, attributed to a decline in upstream raw material prices and weakened terminal demand [17] Detailed Price Index Table - The price index changes for various categories are as follows: - Total Price Index: 102.36 to 102.34 (-0.02) - Board Materials: 97.32 to 97.37 (+0.05) - Educational and Office Supplies: 108.64 to 108.67 (+0.03) - Ceramics: 104.79 to 104.81 (+0.02) - Home Appliances and Audio-Visual Equipment: 103.09 to 103.03 (-0.06) - Clothing and Accessories: 103.81 to 103.68 (-0.13) - Steel: 95.99 to 95.95 (-0.04) [18]

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]

Financial Data and Key Metrics Changes - The company's second quarter revenue growth was 14%, exceeding the high single-digit outlook, with total adjusted gross margin expanding 70 basis points to 67.7% [21][22] - Adjusted operating margin increased 210 basis points to 13.5%, with adjusted operating income rising by 34% [22][23] - The company ended the period with $1.6 billion in cash and short-term investments and $1.2 billion in total debt [28] Business Line Data and Key Metrics Changes - Core product sales grew mid-teens, driven by strong performance in cotton cable knit and seasonal styles [12][13] - Women's apparel and high-potential categories like handbags saw strong double-digit growth, outpacing total company growth [12][14] - Digital ecosystem sales grew double digits, reflecting balanced growth across regions [21] Market Data and Key Metrics Changes - Asia led growth with sales up mid-teens, particularly in China, which grew more than 30% [16][25] - North America revenue increased 13%, with retail comps also up 13% [23] - Europe revenue increased 15%, driven by strong performance across retail and wholesale channels [24][25] Company Strategy and Development Direction - The company introduced the "Next Great Chapter Drive Plan," aiming to capture a larger share of the $400 billion premium and luxury market [4][5] - Strategic pillars include elevating the lifestyle brand, driving core products, and expanding in key cities [5][15] - The company is focused on investing in brand-building activations and enhancing consumer engagement through technology [17][41] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the second half of the year due to potential consumer headwinds and macroeconomic volatility [7][21] - Despite this caution, the company raised its full-year guidance based on strong first-half performance [7][29] - The company expects to mitigate tariff impacts and maintain gross margin expansion in the long term [30][31] Other Important Information - The company opened 38 new owned and partner stores globally and plans to open a sixth restaurant in London by 2028 [16] - The company has repurchased $313 million in shares this fiscal year to date, returning approximately $420 million to shareholders [27] Q&A Session Summary Question: Updated outlook for consumer health and brand awareness - Management noted strong momentum and resilience in consumer behavior, with no significant changes observed [40] - Global brand awareness remains a focus, particularly in markets like Germany and China, where opportunities for growth exist [42][44] Question: Pricing strategy and tariff mitigation - The company continues to leverage pricing as a growth driver, with AUR growth expected to remain strong [48] - Management anticipates Q4 to be the most impacted by tariffs but expects to mitigate these pressures over time [49][51] Question: Engagement with North American value-oriented consumers - The company plans to provide a compelling price-value proposition while maintaining brand integrity [56][59] - Marketing efforts are focused on better segmentation to appeal to various consumer groups [61] Question: North America wholesale trajectory - Management expressed confidence in the underlying quality growth of the wholesale business, despite planned reductions in off-price sales [76][78]

Core Insights - The winter clothing market in Weifang is experiencing a surge in demand for warm apparel such as down jackets, snow boots, hats, and scarves as temperatures drop [1][10] Group 1: Down Jackets - Down jackets are prominently displayed in stores, becoming the primary choice for consumers to keep warm [3] - A clothing store reported selling over 20 down jackets daily, with sales exceeding 50 on weekends, particularly for children's down jackets [3] - Consumers are increasingly knowledgeable, inquiring about "down fill" and "loft" when selecting jackets, indicating a trend towards more informed purchasing decisions [3] - A graphene-lined down jacket priced at over 1,000 yuan is in high demand, reflecting a preference for advanced materials among younger consumers [3] Group 2: Snow Boots - Snow boots are also seeing increased consumer interest, with a shoe store anticipating a significant sales boost in November and December [7] - In addition to classic colors, new popular colors like dark green and milk tea are emerging in the snow boot market [7] - Upgrades in materials and functionality are evident, with many brands offering waterproof and stain-resistant options [7] Group 3: Scarves and Hats - Scarves and hats are essential winter accessories, with a noticeable increase in sales as consumers often purchase a scarf along with clothing items [9] - A variety of scarf styles and colors are available, catering to different consumer preferences [9] Group 4: Overall Market Trends - The "Double 11" shopping festival is driving consumer activity, with businesses actively stocking up to meet the demand for winter clothing [10] - The winter apparel market is not only providing warmth but also enhancing the quality of life for consumers [10]