本报讯 （记者袁传玺） 营收增长的同时，万物新生的盈利能力进一步提升。三季度，万物新生non-GAAP经营层面延续亮眼表 现，non-GAAP经营利润达1.4亿元，同比增长34.9%，创下历史新高；non-GAAP净利润为1.1亿元，同 比增长22.3%。 截至2025年三季度末，集团现金及现金等价物、受限资金、短期投资及第三方支付平台账户余额总计 25.4亿元，保障集团的稳定运营。 万物新生首席财务官陈晨表示："随着用户对回收和以旧换新的接受度提升，我们期待在未来发挥履约 交付能力的规模效应，循序渐进地提升集团整体的利润率表现，履行创造长期价值的承诺。同时，结合 集团的业绩表现，落实此前宣布的三年期股东回报方案。" 随着服务质量和用户体验的不断提升，手机3C以外的多品类回收服务受到越来越多用户的欢迎。万物 新生以箱包、腕表、黄金、名酒、鞋服等多品类回收业务精进对用户的综合服务能力，促进闲置消费品 流通及循环利用。截至三季度末，共有1009家爱回收门店开通多品类回收服务，其中包括自营店878家 和加盟店131家。本季度，多品类回收交易额同比增长95%。 万物新生董事会主席、首席执行官陈雪峰表示："我们将以'场 ...

Investment Dynamics - Thunder Innovation has completed a Series C financing round led by CITIC Jinshi, with participation from CITIC Securities International Capital and CITIC Securities Investment. The funds will focus on R&D in near-eye display, AI algorithms, and multimodal interaction, aiming to transition AR glasses from niche products to mainstream smart devices [3] - Nestlé is intensifying its efforts to develop nutritional solutions targeting emerging growth areas, particularly focusing on women's health, longevity, and weight management through strategic collaborations with universities [6] - Timex Group has acquired a 51% stake in Daniel Wellington, marking the brand's entry into Timex's multi-brand matrix while maintaining its independence and design ethos [8] - Wancheng Group plans to launch a non-deal roadshow (NDR) for its Hong Kong IPO on November 11, aiming to raise approximately $300 million to $500 million, equivalent to about 2.1 billion to 3.6 billion RMB [11] - Meet Noodle is set to begin its pre-IPO roadshow this month, with expected fundraising between $100 million to $200 million, which will be used for store expansion and central kitchen development [14] - If Coconut Water has signed a memorandum of cooperation with the Shanghai Xihongqiao government to establish its first mainland China branch, enhancing its product matrix and consumer service experience [17] Financial Reports - Swire Properties reported that as of September 30, 2025, its three core shopping centers in Hong Kong maintained a 100% occupancy rate, with retail sales increasing by 3.6%, 3.0%, and 0.2% year-on-year [19] - Tapestry, the parent company of Coach, reported a 16% increase in sales for the first fiscal quarter, reaching $1.7 billion, with adjusted operating income rising by 24.2% to $354 million [21] Personnel Dynamics - PepsiCo plans to close two Frito-Lay facilities in Orlando, Florida, affecting a total of 500 jobs, as part of its strategy to curb declining snack sales in the U.S. [23] - Diageo has appointed Dave Lewis as CEO, effective January 1, 2024, who previously served as CEO of Tesco and has extensive experience at Unilever [26]

Group 1 - The "Double Eleven" shopping festival is gaining popularity in Hong Kong, with local consumers increasingly participating in online shopping due to better prices and convenience [1][3] - Major e-commerce platforms like Taobao and JD.com are expanding their offerings in Hong Kong, with Taobao increasing the number of "1 item free shipping" products to millions and JD.com offering significant discounts on popular items [1][3] - Local retailers are also adopting promotional strategies such as "full reduction discounts" and "limited-time offers" to attract customers during the "Double Eleven" period [3][4] Group 2 - The online retail sales value in Hong Kong has seen a year-on-year increase of 6.3% in the first three quarters of this year, indicating a shift in consumer behavior towards online shopping [3] - Experts suggest that e-commerce platforms should explore selling high-value products online, as current consumer preferences lean towards cheaper daily necessities [5] - Enhancing the shopping experience and providing quality after-sales service are identified as key future development directions for e-commerce in both mainland China and Hong Kong [5]

Investment Rating - The report maintains a positive outlook for Hermès, indicating an "Outperform" rating for the stock over the next 12-18 months [20]. Core Insights - Hermès reported Q3 FY25 revenue of €3.9 billion, reflecting a 10% year-on-year growth at constant exchange rates, with a cumulative revenue of €11.9 billion for the first nine months, up 9% at constant rates [8][12]. - The company continues to show resilience in a high base environment, with strong performance across various regions and product categories [5][12]. Regional Performance - The Asian market (excluding Japan) grew by 4% year-on-year, with significant improvements in Greater China due to brand loyalty and optimized store networks [2][9]. - Japan's market saw a remarkable 15% growth, primarily driven by local customer repurchases [2][9]. - The Americas experienced a 13% increase, supported by new store openings in the U.S. [2][9]. - Europe also performed well, with a 12% growth excluding France and 9% growth in France [2][9]. - The Middle East and other regions maintained a high growth trend of 15% [2][9]. Product Category Performance - Hermès's core leather goods and saddlery segment grew by 13% year-on-year, driven by popular product lines [3][10]. - The perfume and beauty segment declined by 5% due to a high base effect from the previous year [3][10]. - The watchmaking division maintained solid momentum, with plans for capacity expansion [3][10]. - Jewelry and homeware continued to show strong growth, increasing by 11% year-on-year [3][10]. Future Outlook - Management remains optimistic for Q4, noting positive trends in early October and strong sales during the Golden Week holiday [5][12]. - The company plans to open 3-4 new stores annually over the next two years while renovating around 15 existing stores [5][12]. - Operating margin is expected to remain around 40%, with capital expenditures increasing to support growth initiatives [5][12]. - The brand's strong customer loyalty and disciplined channel management are expected to support medium- to long-term growth [5][12].

Core Insights - The 83rd Group Army conducted a military medical rescue drill to enhance emergency medical support capabilities in combat scenarios [1][8] - The drill focused on the entire chain of trauma care from on-site first aid to early treatment, utilizing advanced technologies such as drones for medical supply delivery [3][5] Group 1: Drill Overview - The drill involved a joint training evaluation of medical units, with a focus on the use of drones for various operational tasks, improving the efficiency of rescue operations in field conditions [3] - Medical supply transport vehicles successfully delivered necessary equipment to designated areas, demonstrating effective logistical planning [1] Group 2: Emergency Response - The mobile medical team employed thermal imaging and other advanced tools to quickly locate and assess injured personnel during a simulated encounter with the enemy [5] - Immediate medical interventions included trauma control, fracture stabilization, and the use of exoskeleton devices for patient transport, showcasing the integration of technology in medical response [5][6] Group 3: Evaluation and Improvement - The assessment simulated typical combat scenarios and established standard injury conditions, allowing for a comprehensive evaluation of medical support capabilities across various stages of combat [8] - The 83rd Group Army has conducted multiple evaluations in recent years to refine medical command processes and improve the efficiency of casualty treatment pathways [8]

Core Viewpoint - The controversy surrounding Jun Ji-hyun's new drama "The Storm Circle" has led to major luxury brands like Louis Vuitton, La Mer, and Piaget severing ties with her due to perceived cultural insensitivity and negative portrayal of China [2][4][5] Brand Impact - Jun Ji-hyun has built significant commercial value in the Chinese market, having been a brand ambassador for top luxury brands, including Piaget and La Mer, which have now removed her from their promotional materials [4] - The swift actions taken by brands to distance themselves from Jun Ji-hyun reflect the importance of maintaining a positive brand image in the Chinese market, which contributes significantly to global revenues [4][5] Cultural Sensitivity - The backlash against "The Storm Circle" highlights the critical need for cultural sensitivity in global media productions, as the portrayal of China in the series has been deemed offensive by Chinese audiences [3][5] - The incident underscores the broader implications of cultural, commercial, and political interactions in a globalized environment, where local sensitivities must be acknowledged by all stakeholders in the industry [5]

Core Insights - The Hong Kong International Watch & Clock Fair, Asia's largest watch event, successfully gathered over 650 exhibitors from 15 countries and regions, featuring renowned brands like Breguet, Bulgari, and Chopard [1] - JD.com has actively participated in the fair for several years, utilizing live streaming and releasing consumption trend reports to engage with the industry and promote healthy development [1][3] Group 1: Event Highlights - JD.com invited the Executive President of the Guangdong Watch Industry Association to conduct an online live broadcast, showcasing watch craftsmanship and design [3] - An experience zone was set up by JD.com at the fair, allowing visitors to closely observe and experience popular international watch models, along with limited-time shopping discounts [3] Group 2: Consumption Trends - JD.com's 2025 Watch Consumption Trend Report identified three core segments: fashionable women's watches, functional watches, and trendy watches [5] - Sales data indicated a trend towards quality, accessorization, and diversification in women's watches, with "New Chinese Style" watch searches increasing by 629% year-on-year [5] - Men's consumers showed a preference for classic mechanical, minimalist designs, and gold watches, while functional watches for children and students gained attention for their protective features [5] Group 3: Business Strategy - JD.com announced its 2025 watch and eyewear category recruitment policy, introducing a "New Merchant Three-Step Method" strategy [7] - New watch category merchants meeting entry requirements can operate with zero initial cost and enjoy up to six months of zero commission [7] - JD.com will provide various resources, including advertising funds, traffic support, and marketing activities, to assist new watch merchants in optimizing operations [7] Group 4: Future Outlook - JD.com plans to leverage its supply chain, data technology, and omnichannel marketing capabilities to collaborate with more watch brands, aiming to enhance consumer access to diverse quality watches [9] - The industry is expected to evolve towards personalization, scenario-based offerings, and quality improvements [9]

Core Viewpoint - China Duty Free Group reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the duty-free retail sector amid changing market conditions [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 was 28.151 billion yuan, a decrease of 9.96% compared to the same period last year [3]. - The net profit attributable to shareholders was 2.600 billion yuan, down 20.81% year-on-year [1][3]. - Main business income reached 27.531 billion yuan, with offline revenue at 19.703 billion yuan and online revenue at 7.828 billion yuan [1]. Key Accounting Data - Total profit for the period was 3.663 billion yuan, reflecting a 19.21% decline from the previous year [3]. - The net cash flow from operating activities was 2.607 billion yuan, down 39.50% year-on-year [3]. - Total assets decreased by 1.64% to 75.009 billion yuan, while net assets increased slightly by 0.18% to 55.199 billion yuan [3]. Business Operations - The company operates primarily in the duty-free tourism retail sector, offering products such as tobacco, alcohol, cosmetics, watches, and jewelry, collaborating with around 1,600 global brands [1][3]. - In terms of regional performance, revenue from Hainan was 15.031 billion yuan, while Shanghai contributed 6.870 billion yuan [4]. - The company has strengthened its market position in Hainan, with a nearly 1% increase in market share in the duty-free segment [4]. Expansion and Strategic Initiatives - China Duty Free Group has entered the Vietnamese market, opening duty-free stores at Hanoi's Noi Bai International Airport and Phu Quoc International Airport [4]. - The company is promoting "Guochao" (national trend) brands abroad, signing strategic cooperation agreements with domestic brands to enhance their presence in overseas markets such as Vietnam, Cambodia, and Japan [4].

Core Points - JD.com is launching a "Qixi Festival Gift Season" on August 19, featuring collaborations with renowned brands such as YSL, PRADA, Lancôme, Jo Malone, Tissot, and Zhou Dasheng, offering a wide range of fashion items including beauty products, jewelry, watches, and luxury goods [1][5][14] - The campaign includes promotions such as a 12% discount, gift cards, and complimentary items like the "Little Prince" preserved flower with purchases [1][14] - A special offline matchmaking event titled "Heartfelt Wonderful Night" will be held on August 26 at JD Mall in Beijing, featuring Zhao Mei, the host of the popular matchmaking show "Wang Po Says Matchmaking," aimed at helping singles meet potential partners [3][14] Promotions and Offers - The "Qixi Festival Gift Season" includes special offers such as "buy a gift and receive a preserved flower," with popular products like La Prairie caviar essence, PRADA's limited edition gift box, and TOM FORD's lip fragrance [5][14] - Additional gifts include high-end beauty boxes, red string of fate, and Ecuadorian roses for event participants [4][14] Product Highlights - Recommended beauty gifts include YSL's limited edition lipstick set, Givenchy's heart-shaped makeup set, and luxury skincare products like Clarins' Double Serum and Lancôme's Advanced Génifique [7] - For watches, options include Tissot's Swiss quartz watch and Versace's Medusa watch, appealing to both fashion and sentiment [9] - Jewelry options feature DR's platinum ring, APM Monaco's star necklace, and潮宏基's cute dog pendant, catering to romantic gift-giving [11] Fashion Accessories - Fashion items such as Coach's shoulder bag, MCM's mini bucket bag, and Ferragamo's classic handbag are highlighted as stylish gifts that also serve practical purposes [13]

Group 1 - The popularity of "China travel" and "China shopping" continues to rise, with a significant increase in the number of tax refund stores and participants in the tax refund program [1][3][5] - The number of tax refund stores in China has exceeded 7,200, with a year-on-year increase of 186% in the number of people enjoying tax refunds, and sales and refund amounts growing by 94.6% and 93.2% respectively [1] - The implementation of the tax refund policy in Dalian has shown positive results, with expectations of over 10% sales growth for local businesses [3][4] Group 2 - Major brands like Huawei and DJI are preparing to apply for tax refund store registration, indicating a growing interest in the tax refund program among high-profile retailers [4] - Beijing has over 1,500 tax refund stores, with 40% of them featuring domestic brands, enhancing the local shopping experience [4][5] - Shanghai has established a comprehensive tax refund service network with over 1,400 stores, processing refunds for over 80,000 travelers from 174 countries [5] Group 3 - The introduction of "code refund" services allows travelers to complete tax refund processes via mobile, significantly improving efficiency by over 40% [7][8] - Self-service machines for tax refund applications have been implemented in Shanghai, easing the burden during peak shopping times [8] - New centralized refund points in major shopping areas provide travelers with more convenient options for processing refunds [9][10] Group 4 - The mutual recognition of departure ports for tax refunds allows travelers more flexibility in their travel arrangements, enhancing the overall shopping experience [11][12] - Future plans include expanding the tax refund program to include cruise ports and improving inter-provincial cooperation for tax refunds [12]