又一上市公司因欺诈发行被起诉。 ST起步（603557.SH）财务造假余波未了，继行政处罚后还将被追究刑事责任。 根据ST起步（即"起步股份"）近日发布的公告，该公司及六位相关责任人因涉嫌欺诈发行证券罪、违 规披露、不披露重要信息罪，被丽水市人民检察院起诉。 近年来，监管部门持续加大对上市公司财务造假的综合惩防力度，并强调"立体化"追责。此次ST起步 被起诉，则与其此前连续多年财务造假、信披违规等一系列违法违规行为有关，2023年该公司及其主要 涉事责任人已受到行政处罚，合计被罚款7700万元。 除了深陷财务造假泥沼，曾被称为"童鞋第一股"的ST起步近些年业绩持续亏损，负债高企。自去年以 来，该公司通过卖房回笼资金、发力线上业务、控股股东现金"输血"等方式自救，但至今仍未扭转业绩 亏损局面。 涉欺诈发行被追究刑责 公告显示，ST起步于7月10日收到丽水市人民检察院出具的《起诉书》。该案由丽水市公安局侦查终 结，以被告单位起步股份、被告人周建永等6人涉嫌欺诈发行证券罪、违规披露、不披露重要信息罪， 向丽水市人民检察院移送起诉。 其中，被告人包括该公司前董事长章利民、前总经理周建永、前副总裁邹习军、前董事会秘书吴 ...

海澜之家 20250707 摘要 海澜之家二季度线下流水保持单位数增长，受益于高性价比定位和品类 扩张，同时线下渠道革新和线上扩品类带来积极影响。主业盈利随收入 增长呈正向成长，但去年同期斯博兹收购带来的一次性收益可能导致二 季度规模利润小幅波动，主业收入和扣非利润预计保持增长。 京东奥莱业务二季度拓展速度放缓，受零售淡季和单店模型打磨影响。 截至目前，已签约待开门店超 17 家，预计三季度起进入加速开店期， 下半年开店数量将增加，冬季产品单价和毛利率较高，新业务有望贡献 更多收入和利润。 海澜之家估值回调至 2025 年约 14 倍市盈率水平，过去两年分红率超 60%，当前股息率超 6%。作为行业龙头，在主业领跑和新业务加速发 展背景下，当前估值具备吸引力。 海澜之家自 2017 年起进行多品牌矩阵尝试，但受宏观环境影响，子品 牌收入贡献接近 20 亿，利润贡献有限。公司近年来将重心转向零售新 业态，包括思博兹和京东奥莱项目。 思博兹并表后，通过线上平台销售运动品牌尾货，并与阿迪达斯合作推 出 FGC 项目，截至 24 年底已开出 433 家店，计划 25 年继续扩张。 2024 年 5-12 月，思博兹实 ...

所谓的口水巾，不过是围在婴幼儿脖子上、用来吸附污物的消耗品，一般几块钱一条，而在Bonpoint那 里一组7条的礼盒竟然卖到2000块。 Bonpoint是来自法国的高端童装品牌，2006年进入大陆市场，定价直逼奢侈品，有些人干脆称它是"童 装界的爱马仕"。 一条口水巾，卖到200块？ 文 | 沥金 即便是还热衷正装的消费者，偏好要么向奢侈品升级，要么宁愿去lululemon里找找新鲜。 对雅戈尔来说，老赛道里的老品牌一时扶不起来，不如投入一个新的增长赛道，童装就是极好的切口。 虽然名气不如Baby Dior、Burberry Children和Gucci Kids这些奢侈品的童装副线品牌，但Bonpoint却又贵 卖得又好。 据公开报道，品牌年收入约1.5亿欧元（约合11.5亿元人民币），亚洲市场占了48%，按国内门店数量占 比来算，起码占了总收入三成。 值得关注的是，Bonpoint半年前刚刚被国内服装巨头雅戈尔收购。 一直在追逐风口的雅戈尔，对市场机会把握极其灵敏，吃到了几乎每一次红利。从服装、地产、投资， 再回到如今的时尚，它又嗅到了什么先机？ 为啥这些有些的爸妈们，不选奢侈品品牌，而要买Bonpoi ...

行 业 及 产 业 纺织服饰 2025 年 07 月 06 日 美越达成新贸易协议，ISPO 上海户外运动展启幕 看好 ——纺织服装行业周报 20250706 本期投资提示： 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 重要信息回顾： 相关研究 《 NIKE 发布最新业绩，带动产业链修复 ——纺织服装行业周报 20250629》 2025/06/29 《618 大促收官，消费复苏即将步入低基 数窗口——纺织服装行业周报 证券分析师 业 研 究 / 行 业 点 评 证 券 研 究 报 告 20250622》 2025/06/22 ⚫ 本周纺织服饰板块表现强于市场。6 月 30-7 月 4 日， SW 纺织服饰指数上涨 1.4% ...

Core Insights - The trend of adults wearing children's clothing is gaining popularity in both China and Japan, reflecting a shift towards more conscious consumerism [1][8] - In the 1990s, Japanese women embraced children's clothing for its better fit and comfort, a sentiment that is now echoed by the new middle class in China [3][4] - The appeal of children's clothing lies in its affordability and similar quality to adult versions, making it a smart choice for consumers seeking value [3][4] Consumer Behavior - Chinese consumers are increasingly opting for children's luxury brands like Dior and Stella McCartney, recognizing that these items offer the same quality as adult versions at a significantly lower price [4][6] - Positive feedback from consumers on platforms like Vipshop highlights the successful fit and comfort of children's clothing for adults, indicating a growing acceptance of this trend [6] - The decision to wear children's clothing is also driven by a desire for self-expression and comfort, challenging traditional notions of maturity in fashion [8]

2025-07-01 %% %% %% %% research.95579.com 城市奥莱&户外研究框架——国际视 角，本土机遇 长江证券研究所纺织服装研究小组 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师 于旭辉 分析师 魏杏梓 分析师 柯睿 SAC执业证书编号：S0490518020002 SAC执业证书编号：S0490524020003 SAC执业证书编号：S0490524110001 SFC执业证书编号：BUU942 %% %% %% %% research.95579.com 2 01 以国际视角复盘，看海外服装的机遇 02 以国内市场立足，寻服装"新"消费 目 录 03 风险提示 分析师及联系人 %% research.95579.com 3 01 以国际视角复盘，看海外服装的机遇 %% %% %% %% research.95579.com 4 01 复盘：消费3.0阶段，海外服装的机会源于哪里 ◼ 服装作为消费品中先行普及且品牌化的品类，经济增速放缓下传统服装同步转弱，未来核心在于找效率α或细分景气赛道β。 -10% 0% 10% 20% 30% 40% 2001 200 ...

摘要 2025 年 6 月零售终端销售额上半年同比下降 1.9%-2%，下半月转为增 长 2%左右，全年累计同比增长接近 6%，表明整体呈中个位数增长趋势， 但 6 月存在波动。 2025 年第一季度营收同比下降 1.9%，利润同比下降超过 38%，主要 原因是直营店增加导致费用高增、股权激励费用摊销以及利息和理财收 入减少，预计第二季度费用仍将维持高位。 公司调整了开店策略，预计 2025 年全年店铺数量将与 2024 年持平或 略有减少，与 2024 年净增 388 家店铺形成对比，主要原因是公司对店 铺平效和店效数据进行评估后，认为开店节奏不宜过快。 2024 年公司库存增加 4.9 亿元，同比增幅为 14%，预计加盟商库存也 同比增加，但增幅低于股份公司，初步评估约为 10%，受此影响， 2025 年第一季度批发业务表现疲软。 公司管理层对电商环境的预期高于实际，导致产供销计划较为乐观，但 实际销售低于预期，造成库存积压，公司通过弹性供应链策略和全域一 体化策略应对，但效果有限。 Q&A 2025 年第二季度公司零售终端的整体表现如何，与 618 促销活动及 5 月份的 数据相比有何特点？ 森马服饰 ...

Group 1: Automotive Industry - The average payment term for domestic automotive companies exceeds 170 days, with some companies extending it to over 240 days [1][3] - The long payment terms are seen as a way for automotive companies to transfer financing and cash flow pressures onto suppliers [1] - The revised "Regulations on Payment of Funds for Small and Medium-sized Enterprises" aims to address the payment difficulties faced by small suppliers, mandating large enterprises to pay within 60 days [3] Group 2: Real Estate Industry - The average payment term for real estate companies is reported to be 9 months, with some companies like Greenland Holdings exceeding 20 months [1] Group 3: Home Appliances Industry - The average payment term for white goods manufacturers is approximately 145 days, with Gree Electric Appliances notably lagging at over 170 days [1] Group 4: Food and Beverage Industry - The average payment term in the liquor industry is around 4 months, while *ST Rock faces a prolonged payment term of 4.5 years due to operational crises [1] Group 5: Textile and Apparel Industry - The textile and apparel industry has an average payment term of 71 days, with 107 listed companies reporting a total operating cost of 351.62 billion and accounts payable of 56.63 billion [5][7] - The payment term for the textile manufacturing sector is 55 days, while the apparel and home textile sector has a significantly longer payment term of 147 days [7] - The jewelry sector has a notably shorter payment term, averaging 8 days, due to the concentrated supply chain and strong bargaining power of suppliers [8][10] Group 6: Specific Company Case - ST Start - ST Start has an alarming payment term of 440 days, significantly higher than its peers in the apparel sector [12] - The company has faced severe operational challenges, leading to a cumulative net loss of 1.258 billion over three years and a debt ratio of 92.69% as of 2024 [14][16] - To alleviate cash flow issues, ST Start has extended its payment terms, with a drastic increase from around 200 days in 2020 to 452 days in 2023 [16]

昔日"股神"雅戈尔（600177.SH）加速抛售多年来的持仓。 截至6月23日的过去一年累计成交金额41.75亿元，达到2024年末未经审计净资产的10.13%。 上述持股被计入"其他综合收益金融资产"，即仅将分红收入可计入当期投资收益，股价波动和处置均不 影响当期损益， 大举出售股票，可被视为公司对回归主业战略的贯彻。 雅戈尔董事长李如成在2024年股东大会上表示："退出房地产，逐步减少财务性投资是大环境下的顺势 而为，对经营业绩影响很大，但对企业是顺应经济形势不得不做的事。" 公司出售的资产中涉及中信股份、中信银行等为其来长期稳定分红的核心标的。 对尚未完成业务转型的雅戈尔而言，抛售该类资产或对长期收益产生负面影响。 投资板块2024年为雅戈尔带来收益超22亿元，贡献接近八成。 同期时尚服装业务净利润仅4.3亿元，同比降幅44%。 公司近年来持续推进并购策略，在服装品牌、线下零售等领域频繁落子。 2024年，公司与法国高端手工皮鞋品牌CORTHAY合作，在北京SKP、武汉SKP、南京德基等高端够中 心开设3家独立店。 以15.3亿元收购"童装届的爱马仕"、法国高端儿童时尚品牌Bonpoint。 同时大笔资 ...

Core Insights - The "Bangbang Workshop" initiative in Jian'ge County, Sichuan, has successfully created job opportunities for local residents, particularly benefiting women like Ma Faying, who transitioned from being a full-time mother to a skilled worker earning over 3,000 yuan per month [1][2] - The project is a result of collaboration between Hangzhou and Jian'ge County, aimed at addressing employment challenges and has evolved into a comprehensive industrial chain that connects Zhejiang manufacturers with local labor [1] Group 1 - The "Bangbang Workshop" has led to the establishment of nearly 200 employment platforms in Guangyuan City, creating over 700 job opportunities and increasing average monthly income by nearly 3,000 yuan per person [2] - The initiative has not only alleviated labor shortages in Zhejiang's small commodity market but also enabled local residents to find employment close to home [1][2] - The project has expanded from a simple street vendor model to a structured supply chain involving order provision, training, production, and sales through e-commerce and physical stores [1] Group 2 - Ma Faying's personal story highlights the positive impact of the "Bangbang Workshop," as her family's income increased significantly, allowing her husband to return home and work in logistics [1][2] - The program's success demonstrates the effectiveness of innovative employment strategies in rural areas, contributing to economic stability and improved living conditions for families [1][2]