以大公鸡标志闻名、为法国奥运代表队提供运动服的法国运动服装公司Le Coq Sportif乐卡克 日前完成出售。巴黎商事法院（TAE）裁定，乐卡克由法裔瑞士企业家Dan Mamane丹·马曼 竞标成功。据悉，丹·马曼提出了约7000万欧元（约合5.9亿元人民币）的投资方案，高于其 他竞争对手的报价，完成企业接管。根据判决文书，丹·马曼将持有乐卡克超过50%的股 权。此次出售不仅确保了品牌的延续，也为其位于法国的约300名员工带来新的希望。 据南都此前报道，乐卡克作为法国历史最悠久的运动品牌之一，曾为2024年巴黎奥运会法国代表团提供 官方装备，但因持续多年的财务困境于2024年11月进入破产管理程序，拥有该品牌约75%股份的瑞士母 公司Airesis向巴黎商业法院申请司法重组。Airesis表示，此举旨在保护员工及相关岗位，并在法院监督 下进行为期六个月的观察期，通过在破产管理人的协助，以寻找维持运营和让品牌持续存在的方案。而 日本运动品牌迪桑特此前已收购宁波乐卡克服饰有限公司为全资子公司。此前报道："法国公鸡"进入破 产流程，中国业务易主，复制斐乐路径？ 乐卡克作为2024年巴黎奥运会和法国奥运代表团的官方 ...

作为电商代运营企业，近些年，宝尊电商在持续推进转型，不断买入国际鞋服品牌在中国区的运营权，意图通过品牌运营业务突破业绩增长困境，不过，截 至今年一季度，宝尊电商仍未扭亏。 宝尊电商作为双市场上市企业，同时拥有港股和美股上市地位。其在两个市场的股价高峰期均出现在2021年，此后便一路走低。其中，港股宝尊电商股价从 148港元/股一路跌至7港元/股附近，市值蒸发超九成。7月7日，宝尊电商港股报收7.49港元/股，总市值为13亿港元。 品牌管理业务加码 近期，有消息显示，宝尊电商收购了英国高端瑜伽服品牌Sweaty Betty的中国区业务。目前，在招聘网站上，Sweaty Betty品牌正在对社群运营、商品计划员 等岗位进行招聘，招聘方是GAP——宝尊电商此前收购了该品牌在中国区的业务。 宝尊电商2022年收购美国快时尚品牌GAP的中国区业务，由此开启"代运营+品牌管理"的双路径转型。这笔收购也在一定程度上导致宝尊电商在2022年出现 高达6.53亿元的巨额亏损，此后宝尊电商又在2023年收购了英国雨靴Hunter的中国区业务，在品牌管理的道路上收入了更多标的，不过转型两到三年的时 间，宝尊电商依然没能拯救持续亏损 ...

[Table_Title] 研究报告 Research Report 4 Jul 2025 中国服装、鞋类及配饰设计 China (A-share) Apparel, Footwear & Acc Design 大消费渠道脉搏：西南地区运动品牌专家沟通，线下零售表现承压，库存略有积压 Consumer Channel Pulse: Southwest Sportswear Experts Meeting, Offline Retail Sale Performance was Under Pressure, with Slightly Higher Inventory yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2025 年 7 月 3 日，海通国际举办消费引力专场活动，邀请西南地区运动经销商专家分享行业看法与趋势。 2Q25，西南地区运动品牌线下零售表现承压，主因消费疲软。根据专家线下店 ...

关税谈判，传出新进展！ 北京时间7月2日晚间消息，美国总统特朗普在社交媒体上宣布，已与越南达成贸易协议。 特朗普表示，在经历数周密集外交后，他已与越南达成贸易协议。特朗普称，根据协议，越南所有出口至美国 的商品将被征收20%的关税，而任何转运货物将被征收40%的关税。目前，美国尚未公布适用40%关税的具体 商品清单。 特朗普称，越南已同意将对美国产品征收的关税降至零。"换言之，他们将'向美国开放市场'，这意味着我们 可以零关税地向越南销售产品。"特朗普写道。 在美上市MSCI越南精选指数ETF盘中一度涨超2%，随后很快回吐多数涨幅。 北京时间7月2日晚间，美国总统特朗普宣布，他已与越南达成贸易协议。 据了解，越南是纺织品和运动服装的重要供应国，耐克、Gap、Lululemon等品牌在该国设厂。越南是美国的 主要贸易伙伴，根据美国普查局数据，去年越南是美国第六大进口商品来源国，对美出口额接近1370亿美元。 特朗普发帖宣布已与越南达成贸易协议后，美股市场上的家具和服装类股剧烈波动，ON Holding、Lululemon 股价均创盘中高点，涨幅一度分别达7.2%、2.9%。 以越南为主要鞋履和服装生产中心地的耐 ...

耐克逆势涨近4%，绩后累涨18%。消息面上，6月27日，该公司披露的第四财季财务数据显示，当季耐 克实现营收111亿美元，同比下滑12%，但仍较市场预测的107.2亿美元高出3.8%。 ...

人民网巴黎6月30日电 （记者尚凯元）第十三届"凡尔赛跑"29日在法国凡尔赛宫花园鸣枪开跑，吸引了来自全球的23000名跑者参与。这一融合运动与 文化的盛会，展现了全民健身与世界文化遗产的完美结合。本届中国品牌的加入，更是给赛事带来了文化交流新亮点。 参赛者与宇树机器人互动。主办方供图 第十三届"凡尔赛跑"吸引了众多民众参与。主办方供图 "凡尔赛跑"由法国雨果赛事公司创办于2012年，是法国颇具影响力的群众性路跑赛事，赛道穿越凡尔赛宫恢宏的法式花园，沿途经过小特里亚侬宫、凡 尔赛运河等多处历史景观。赛事设有"皇家跑""公主跑""骑士跑"等多个趣味项目，兼具竞技性与文化性，深受各年龄段跑者欢迎。除倡导全民运动理念 外，"凡尔赛跑"亦高度重视文化遗产保护与可持续发展。赛事迄今已成功筹资修复凡尔赛宫花园内8座受损雕像，并种植超过400棵树木，为传承历史与保护 自然贡献力量。 在体坛传媒集团的积极推动下，中国知名运动品牌特步正式成为2025年"凡尔赛跑"的官方服装供应商，这也是该赛事历史上首度携手中国运动品牌。同 时，来自中国的智能机器人企业宇树科技与新能源汽车企业比亚迪也在现场展示"中国智造"的创新成果，为这一历史 ...

机构：中金公司 研究员：林骥川/陈婕 FY25 业绩符合我们预期 公司公布FY25 业绩：收入同比增长11.7%至78.4 亿港币；归母净利润同比增长28.4%至1.8 亿港币。其 中，2HFY25 收入同比增长11.2%至38.6亿港币，归母净利润同比增长219.6%至1.2 亿港币。FY25 业绩 符合我们预期。此外，公司宣布FY25 派发末期股息每股4.3 港仙，对应全年派息比例为45.3%。 创新产品和多品牌客户带动下，FY25 运动产品增速。FY25 两大主业贴身内衣/运动产品收入分别同比 +3.0%/+26.9%至42.4/29.3 亿港元，其中运动服装产品增长得益于多品类开发和多个成长性品牌客户的 开拓，运动胸围产品实现高双位数增长，功能性服装如Polo、Jacket、Legging 等产品收入同比增长近 50%至超11 亿港元；2HFY25 贴身内衣/运动产品收入分别同比+4.4%/+22.0%至20.0/16.1 亿港元。FY25 消费电子配件收入同比+43.2%至4.1 亿港币，主要因新产品上市前备货；胸杯及其他配件产品收入同 比-15.0%至2.5 亿港元，主要因停止鞋履业务。此外，平稳 ...

Core Viewpoint - The article emphasizes the importance of sustainable business practices and how companies can integrate social value with commercial value from their inception, creating a positive cycle of "doing good" in business [4][18]. Group 1: Sustainable Business Practices - Patagonia, a pioneer in integrating environmental protection into business, has consistently prioritized sustainability, exemplified by its provocative 2011 advertisement urging consumers not to buy unnecessary products [6][8]. - The company donates 1% of its sales to environmental causes and has a long history of using recycled materials in its products, showcasing a commitment to sustainable practices [8][9]. - Patagonia's approach to community engagement includes making stores community-friendly spaces, which fosters trust and loyalty among consumers [9]. Group 2: Emerging Sustainable Companies - MuMo, a wooden furniture company founded in 2011, emphasizes a philosophy of simplicity and environmental responsibility, using FSC-certified wood and avoiding harmful finishes [10][11]. - The founder of MuMo believes in a sustainable lifestyle that extends to employee welfare, avoiding piecework systems to ensure worker health and well-being [11]. - Seven Year Organic Rice Wine, founded by Shao Ruyi, transitioned from organic vegetable farming to organic rice cultivation, ultimately creating a sustainable business model that supports local agriculture [13][14]. Group 3: Design and Sustainability - REDO, a design company, focuses on integrating sustainability into the design process, aiming to reduce waste significantly through innovative design solutions [20][21]. - The company collaborates with brands to repurpose materials, such as turning used glass bottles into sustainable products, thereby reducing carbon emissions [21]. - REDO's efforts highlight the importance of public education and talent development in promoting sustainable design practices [21]. Group 4: B Corp and Shared Value - The concept of "benefit" is central to the discussion, with B Corps redefining business success to include social and environmental responsibilities alongside financial performance [22][24]. - The article notes that there are currently 71 certified B Corps in mainland China, indicating a growing movement towards businesses that prioritize broader stakeholder interests [24]. - The relationship between ESG (Environmental, Social, Governance) and B Corp principles is highlighted, suggesting that both frameworks can enhance a company's sustainable development path [24].

Group 1: Core Viewpoints - The large consumption sector includes industries closely related to daily life, such as food and beverages, home appliances, clothing and textiles, pharmaceuticals, and tourism [1][3][5] Group 2: Industry Summaries - The food and beverage industry is a stable segment with consistent demand, including high-end liquor and dairy products, which are increasingly popular due to health consciousness [1] - The home appliance industry is driven by rising living standards, with both large appliances and small gadgets becoming essential for convenience, alongside technological advancements [3] - The clothing and textile industry is characterized by fast-changing fashion trends and a growing demand for sportswear, with e-commerce playing a significant role in market expansion [3] - The pharmaceutical and biotechnology sector is essential for health, with stable demand for medications and a growing need for medical devices and services due to an aging population [3] - The tourism and hotel industry benefits from increased disposable income, with diverse travel options and accommodation types catering to various consumer needs [5] Group 3: Investment Logic - The large consumption sector exhibits stable demand, less affected by economic cycles, providing investors with relatively stable returns [5] - Consumption upgrading is a significant trend, with consumers willing to pay more for high-quality and innovative products, benefiting brands that focus on quality [5] - Brand effect is crucial in the large consumption sector, as consumers prefer well-known brands for perceived quality and reliability [8] - Policy support from the government promotes consumption upgrades and expands domestic demand, creating opportunities for related industries [8]

Lululemon (LULU) came out with quarterly earnings of $2.60 per share, beating the Zacks Consensus Estimate of $2.59 per share. This compares to earnings of $2.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.39%. A quarter ago, it was expected that this athletic apparel maker would post earnings of $5.85 per share when it actually produced earnings of $6.14, delivering a surprise of 4.96%.Over the last four quarters, the c ...