, t 2017 days in core 1 " 2/16 y 27.74 . . . s 2 21 TTE 8.42 4 S s = 31 . . . . . . 20 1 842 1 6 4.79 . e 10 W . 201 P .. . TALEN D Paris C 4 1. T . 4. d by is ) 过去一年市值缩水约一半后，德国运动品牌彪马的主要股东之一皮诺（Pinault）家族开始接触该品牌的潜在买家。接触名单上包括安踏、李宁等知名中国体 育用品公司，也出现了美国公司以及中东地区的主权财富基金。在老对手与新势力夹击下，彪马陷入"非头部品牌"的生存困局，而可能的买家能否复制"始 祖鸟式"的转型奇迹，成为市场关注焦点。 亚太地区降幅最大 业绩不佳股价腰斩 据了解，皮诺家族通过其控股公司Artémis持有彪马29%的股份。8月25日，据外媒援引知情人士报道，皮诺家族已聘请顾问，并与潜在买家进行初步接触， 了解收购意向。接触名单上包括安踏、李宁等知名中国体育用品公司，也出现了美国公司以及中东地区的主权财富基金。 12. e 6-2 A . the state p - La 4 . 4 5 4 ...

8月26日，近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马（Puma）探索包括出售在内的战略 选项。据悉，皮诺家族正在与顾问合作，并与包括安踏和李宁在内的潜在买家接洽，他们还试探了美国 其他运动服装公司以及中东主权财富基金的意向。 责任编辑：李铁民 对此，新浪财经分别向安踏集团和李宁公司进行了求证。对此，安踏集团表示："我们不评论市场传 闻。" 李宁公司向新浪财经表示，"李宁公司坚持'单品牌、多品类、多渠道'的核心发展战略，目前仍然会专 注于李宁品牌的成长与发展。截至目前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估。 一切重大信息请以本公司官方公告为准。"（闫妍） ...

对此，安踏回应称：我们不对市场传闻发表评论。 格隆汇8月26日｜近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马探索包括出售在内的战略选 项。皮诺家族正在与顾问合作，并与包括安踏和李宁在内的潜在买家接洽，他们还试探了美国其他运动 服装公司以及中东主权财富基金的意向。 李宁回应称：李宁公司坚持"单品牌、多品类、多渠道"的核心发展战略，目前仍会专注于李宁品牌的成 长与发展。截至目前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估，一切重大信息请以 本公司官方公告为准。 ...

近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马（Puma）探索包括出售在内的战略选项。皮 诺家族正在与顾问合作，并与包括安踏和李宁在内的潜在买家接洽，他们还试探了美国其他运动服装公 司以及中东主权财富基金的意向。对此，安踏回应称：我们不对市场传闻发表评论。李宁回应称，李宁 公司坚持"单品牌、多品类、多渠道"的核心发展战略，目前仍会专注于李宁品牌的成长与发展。截至目 前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估。一切重大信息请以本公司官方公告为 准。（蓝鲸新闻） ...

智通财经8月22日讯（记者 徐赐豪）"对于李宁来说，核心还是要提升品牌和产品的核心竞争力，为消 费者带来更好的运动体验。"李宁集团联席CEO钱炜在今日业绩会说道。 李宁有限公司(下称"李宁"")披露截至2025年6月30日止六个月的中期业绩发布截至2025年6月30日止6个 月的中期业绩公告。财报显示，李宁上半年收入增长3.3%至148.2亿元，毛利上升2.5%达到74.1亿元， 毛利率下降0.4%至50%。 针对下半年的消费市场，李宁集团联席CEO钱炜在今日业绩会上指出，进入第三季度以来，市场情况比 预期的挑战更大，公司已经内部做好了面临更大挑战的准备，但相信消费者对体育运动的爱好和需求不 会有明显减弱。 "我们在新渠道的建设方面还有很多需要改善、提升和拓展的空间。未来，我们对既有渠道在进行低效 店铺关店、高效店铺扩面和不断调整的同时，也会针对不同的新渠道进行更多的尝试和拓展，来获取更 多与消费者接触的空间，以及为消费者能够带来更好的产品体验和购物体验。"钱炜在今日业绩会上说 道。 截止发稿前，李宁股价今日大涨超8%，创下近10个月来的新高。 正推进"关低效、扩优质"策略 羽毛球品类的收入占比达到7% 李宁 ...

Financial Performance - Revenue increased by 3.3% year-over-year to RMB 14,817 million[14] - Net profit was RMB 1,737 million, with a net profit margin of 11.7%[14] - Net operating cash inflow decreased by 11.7% year-over-year to RMB 2,411 million[14] - Gross profit margin decreased by 0.4 percentage points year-over-year to 50.0%[14] - The Board declared an interim dividend of RMB 33.59 cents per ordinary share, with a payout ratio of 50%[14] Channel Performance - Overall channels retail sell-through increased by low-single-digit year-over-year[14] - Offline channel new product sell-through accounted for 84%[14, 21] - Wholesale revenue increased by 5% year-over-year[29] - Direct retail business revenue decreased by 4% year-over-year[34] - Online traffic increased by low-teens[111] Inventory and Working Capital - Channel inventory increased by low-single-digit year-over-year[14] - Company inventory cost amount increased by mid-single-digit year-over-year[103] - The percentage of gross average working capital to revenue was 7.3%[14]

公司控股股东新泰投资与广州轻工集团的股份转让协议正在正常推进中。根据公司最新披露，协议约定 的第一笔诚意金已打入共管账户。 从资金流向来看，8月20日主力资金净流出220.33万元，近五日累计净流出1035.56万元。 风险提示：股市有风险，投资需谨慎。 截至2025年8月20日15时，泰慕士股价报23.50元，较前一交易日下跌0.12元。当日成交量为24366手，成 交金额达0.57亿元。 泰慕士主要从事针织面料与针织服装的研发、生产和销售业务。公司产品包括运动服装、休闲服装等各 类针织服装。公司所属行业为纺织服装制造业。 ...

Core Viewpoint - The burden of tariffs will directly determine the pressure on the U.S. economy, with the average profit margin of sampled companies being dragged down by 1.2% due to tariff costs, placing greater pressure on producers [1][18]. Tariff Impact on Inflation - The actual effective tariff rate in the U.S. has risen to 10.6%, with theoretical effective rates potentially reaching 16-17% [2][6]. - Concerns about inflation due to increasing tariffs have not materialized as expected, with the Consumer Price Index (CPI) remaining below investor expectations for the past four months [4][6]. Corporate Responses to Tariff Pressures - Companies are adopting two main strategies to mitigate tariff pressures: price adjustments on products and supply chain negotiations [11][12]. - Price increases are more common for optional and high-end products, while essential goods see more cautious price adjustments due to lower price elasticity [13][14]. Supply Chain Adjustments - Companies are negotiating with suppliers and adjusting supply chains to reduce reliance on imports from China, with many shifting production to other countries [15][16]. - The import share from China has significantly decreased, from 13.4% in 2024 to 7.1% by June 2025, while imports from Taiwan and Vietnam have increased [17]. Sector-Specific Insights - In the automotive sector, manufacturers like General Motors and Tesla are absorbing significant tariff costs, with GM's tariff cost as a percentage of revenue reaching 2.3% [19]. - Retailers, particularly those focused on essential goods, are more cautious in passing on tariff costs due to their already low profit margins [20]. Demand Trends - There is a noted downward pressure on demand, particularly for durable goods, with some consumers making preemptive purchases to avoid future price increases due to tariffs [21].

Core Insights - The Hong Kong stock market experienced a trading volume of HKD 278.22 billion on August 19, 2025, with net inflows from southbound funds amounting to HKD 18.573 billion. The market showed a pattern of opening high and closing low, influenced by market sentiment fluctuations and sector rotation effects [2][9]. - The textile and apparel sector saw a rise of 3.31%, driven by the government's commitment to hosting international sports events during the 14th Five-Year Plan, which is expected to positively impact the industry. The food and beverage sector also benefited from measures aimed at stabilizing the real estate market, leading to a 1.66% increase [5][9]. - The steel sector gained 2.26% due to the U.S. government's expansion of tariffs on steel and aluminum products, which may favor domestic special steel enterprises with import substitution capabilities [2][9]. Market Performance - The Hang Seng Index fell by 0.21% to 25,122.9, while the Hang Seng Technology Index and the Hang Seng China Enterprises Index decreased by 0.67% and 0.30%, respectively. In the A-share market, the Shanghai Composite Index and the CSI 300 also experienced slight declines [5][9]. - Among the sectors, textiles and apparel, steel, and food and beverage led the gains, while defense and military, electronics, and power equipment and new energy sectors faced declines [5][9]. Future Outlook - The report anticipates three core directions for the Hong Kong stock market to reach new highs: 1) AI technology and new consumption are expected to have significant growth potential, driving market increases; 2) Continued inflows from southbound funds will enhance pricing power; 3) The transition from loose monetary policy to loose credit, along with potential U.S. interest rate cuts, will support further market growth [9].

Core Insights - The article highlights the progress and achievements of the "Quality Strong Chain" initiative across various industries in China, emphasizing the importance of quality improvement in traditional and emerging sectors [2][4][6]. Group 1: Traditional Industries - Daqing Oilfield Lishen Pump Industry Co., Ltd. implemented highly automated equipment, resulting in over 3,000 processed products, a 40% cost reduction, and a 25% efficiency increase since its launch in May last year [1]. - Anta Sports Products Group and Karl May Sports Goods Co., Ltd. have transformed traditional manufacturing through smart factories, enhancing quality control and supply chain efficiency, with the Jinjiang shoe and clothing industry achieving an 11.4% increase in industrial added value [3][4]. - The Hebei Chaocheng Vanadium-Titanium New Materials Industry Chain has developed high-purity vanadium materials for various applications, addressing technological bottlenecks [4]. Group 2: Emerging Industries - The Shenyang Siasun Robot Automation Co., Ltd. has improved efficiency by over 20% through quality standards and testing systems for industrial robots, marking significant advancements in the robotics sector [5]. - The hydrogen energy industry in Shaanxi has established a quality infrastructure service system, promoting innovation and quality improvement in the sector [8]. - The Guangdong artificial intelligence project has developed over 30 standards and provided technical support to 129 companies, enhancing the quality and reliability of AI applications [9]. Group 3: Future Industries - The new generation of optical communication devices in Hubei has seen economic benefits of 6.57 million yuan through a quality management mechanism that involves chain leaders and suppliers [10]. - The advanced rail transit equipment industry in Zhuzhou has achieved a local supply rate of over 80% for core components, enhancing product quality and competitiveness [7].