丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 28 之 On FY2025Q3 经营跟踪：收 入表现超预期，持续上调全年指引 报告要点 [Table_Summary] FY2025Q3（2025/07/01-2025/09/30）On 实现营收 7.9 亿 CHF，表现优于市场预期（彭博一 致预期 7.7 亿 CHF），固定汇率下同比+34.5%。毛利率同比+5.1pct 至 65.7%，主要受益于品 牌强劲增长、运营效率改善和汇率正向影响，其中约 2pct 一次性贡献为低预期成本带来。调整 后 EBITDA 同比+49.8%至 1.8 亿 CHF，调整后 EBITDA 利润率为 22.6%。归母净利润同比 +290%至 1.2 亿 CHF，归母净利率同比+10.2pct 至 15.0%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% 1）分地区：美洲/EMEA/亚太地区营收分别同比增长 21 ...

Wall Street analysts expect Kohl's (KSS) to post quarterly loss of -$0.19 per share in its upcoming report, which indicates a year-over-year decline of 195%. Revenues are expected to be $3.49 billion, down 5.9% from the year-ago quarter.The consensus EPS estimate for the quarter has been revised 15% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings anno ...

11月11日，国产高端香氛代表品牌「闻献DOCUMENTS」无锡首店正式入驻无锡大东方。闻献此次延续「一城一主题」的空间叙事逻辑，将无锡的温润气 质与禅酷美学相融。门店以线性岛台构建核心场域，温润木色与暗调光影交织，珊瑚红香水瓶如藏品般陈列，呼应东方器物之美，重现「循香入境」的沉浸 式体验。 3.上海滩Shanghai Tang华南首店亮相深圳 11月初，上海滩Shanghai Tang于深圳深业上城开出华南首店。该店以「花开倾城」为主题，融合创新设计与品牌标志性的东方美学。店内陈列着品牌的男 女高级成衣、配饰及家居全系列产品，打造一方灵感与工艺交织的空间，带来沉浸式零售体验。 1.海南离岛免税新政实施首周揽金超5亿元 11月9日，海口海关公布数据显示，海南离岛免税新政实施首周（11月1日至7日）共监管购物金额5.06亿元，购物人数7.29万人次，同比分别增长34.86%和 3.37%，带动旅游消费市场持续升温。 2.闻献无锡首店入驻无锡大东方 4.全球首家众擎人形机器人潮品店在深业上城开业 11月11日，全球首家人形机器人主题潮品店——众擎机器人零售旗舰店在深业上城开业，门店由众擎机器人与京东之家联合打造， ...

Core Points - The 2025 Third China Sanya International Wedding Fashion Week will be held from November 24 to 28 at the Sanya Poly Rosewood Hotel, themed "Island Holiday, Happiness Bloom" to enhance Sanya's global wedding fashion IP and support Hainan's international tourism consumption center construction [1] - This year's event features an exhibition area exceeding 10,000 square meters, a 50% increase from the previous year, showcasing 60 top international and domestic wedding brands, including renowned names like GeoRGes HOBEIK from France and Peter Langner from Italy [1] - Over 10 countries' professional buyers have registered, with an expected attendance of 10,000 global buyers for professional procurement transactions, aiming to deepen the integration of Hainan's wedding industry with international markets [1] Industry Highlights - The wedding fashion week emphasizes the deep integration of island characteristics and fashion creativity, featuring three themed venues: beach, lawn, and indoor, with 22 high-end fashion shows scheduled over five days [2] - A highlight of the event will be the "Aerial Fashion Moment" created in collaboration with Rosewood on Wuzhizhou Island, where models will showcase wedding dresses on a floating platform, merging fashion with the ocean [2] - To enhance public participation, an international wedding exhibition will kick off on November 16 at the CBD Cultural and Art Center, with free tickets available at various locations including CDF Sanya International Duty-Free Shop [2]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown mixed performance, with Puma reporting a 10.4% year-on-year decline in revenue for Q3 2025, amounting to €1.956 billion, alongside a net loss of €62.3 million [3][17] - The report highlights the impact of the new gold tax policy on the industry, which is expected to lead to increased costs for non-investment gold products, potentially driving up retail prices [4][64][70] - The overall market sentiment remains cautious, with a focus on brand competition and compliance in the gold sector, as well as the performance of major brands like Brooks, which reported a 17% increase in sales for Q3 2025 [71] Summary by Sections Industry Performance - The textile and apparel sector saw a 0.8% increase in the SW textile and apparel index, while the SW light industry manufacturing index rose by 1.09% [19][20] - The SW textile manufacturing PE-TTM is at 23.54 times, and the SW apparel and home textile PE-TTM is at 28.94 times, indicating high valuation levels [26] Company Performance - Puma's revenue decline was observed across all regions, with the Americas down 15.2%, Asia-Pacific down 9.0%, and EMEA down 7.1% [17] - Direct-to-consumer (DTC) sales for Puma grew by 4.5%, with e-commerce up 5.6% and self-operated stores up 3.9% [4][17] Market Dynamics - Moncler Group reported a 1% decline in total revenue for the first nine months of 2025, with a stable performance in the Asian market, particularly in China [61] - The new gold tax policy has led to significant price variations in gold products, affecting both investment and non-investment categories [64][70] Consumer Trends - The retail sales of textiles and apparel showed a year-on-year growth of 3.1% from January to September 2025, with sports and entertainment goods growing at a faster rate of 19.6% [11] - Online retail channels continue to outperform traditional retail, with a 6.5% increase in online sales of physical goods [53]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6]. Core Insights - In FY2025Q3 (July 1, 2025 - September 30, 2025), the company achieved revenue of €6.63 billion, representing an 8% year-over-year increase at constant exchange rates. The revenue performance was in line with expectations, with the Adidas brand revenue increasing by 12% [2][4]. - The gross profit margin improved by 0.5 percentage points to 51.8%, driven by lower product and transportation costs, improved business mix, and strong sales [2][4]. - Operating profit margin increased by 1.8 percentage points to 11.1%, while the net profit margin rose by 0.1 percentage points to 7.0% [2][4]. Revenue Breakdown - By region, the Adidas brand saw revenue growth across all markets: Europe (+9%), North America (+1%), Emerging Markets (+11%), Japan/Korea (+6%), and Greater China (+6%). The Adidas brand revenue in these regions grew by 12%, 8%, 13%, 11%, and 10% respectively [5]. - By channel, all channels for the Adidas brand experienced double-digit growth: wholesale (+10%), DTC (+14%), self-operated stores (+13%), and e-commerce (+15%) [5]. - By product category, both footwear and apparel for the Adidas brand achieved double-digit growth, with footwear up by 11% and apparel by 16%. Accessories saw a modest increase of 1% [5]. Inventory and Guidance - As of FY2025Q3, the company's inventory increased by 21% year-over-year to $5.47 billion, attributed to a low base last year and pre-purchases for the World Cup, which is expected to support revenue growth [11]. - The company raised its full-year guidance, projecting a 9% year-over-year revenue increase for FY2025 at constant exchange rates, with the Adidas brand expected to achieve double-digit growth. Operating profit is forecasted to be €2 billion, up from a previous estimate of €1.7 to €1.8 billion [11].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][5][35] Core Insights - The report highlights that Adidas' revenue for Q3 2025 increased by 12% year-on-year, with management raising the full-year performance guidance due to strong brand momentum and better-than-expected business performance [3][7][35] - The company achieved a net profit of €4.85 billion in Q3, with a total revenue of €66.30 billion for the quarter, reflecting a 3% year-on-year increase [2][7] - All regions and channels experienced double-digit growth in the first three quarters, excluding the impact of Yeezy [3][4][10] Summary by Sections Financial Performance - Q3 2025 revenue reached €66.30 billion, a 3% increase year-on-year, while the main brand's revenue grew by 12% at constant currency [2][7] - Gross margin improved by 0.5 percentage points to 51.8%, and operating profit rose by 23% to €736 million [7][26] - Net financial expenses amounted to €86 million, influenced by currency fluctuations and hyperinflation [32][33] Regional Performance - Revenue growth varied by region, with Europe showing a 12% increase, North America at 8%, and Latin America leading with a 21% increase [10][11] - The Greater China region saw a 10% revenue increase, benefiting from localized strategies [10][11] - Emerging markets reported a 13% revenue growth, demonstrating resilience despite local challenges [10][11] Product Category Performance - Apparel led growth with a 16% increase, while footwear grew by 11% [21][23] - Accessories saw a modest growth of 1%, primarily due to supply chain adjustments in North America [21][23] - Performance categories grew by 17%, driven by strong sales in running and football products [21][22] Channel Performance - Direct-to-Consumer (DTC) channels grew by 14%, with e-commerce leading the growth at 15% [25][26] - Wholesale channels also performed well, with a 10% increase in revenue [25][26] Management Guidance - Management raised the full-year revenue growth forecast to approximately 9%, with operating profit expected to reach around €2 billion [30][35] - The guidance reflects confidence in the brand's ongoing momentum and the ability to offset increased costs from U.S. tariffs [30][35]

Core Viewpoint - HAZZYS is set to open its first flagship store in Shanghai's Xintiandi, showcasing its unique British classic style and lifestyle philosophy that blends elegance and freedom [1][3]. Group 1: Store Design and Concept - The flagship store's exterior design is inspired by the "London Eye" Ferris wheel, creating a blend of modern and historical elements at the street corner [5]. - The design incorporates the brand's iconic hound logo, adding a playful and warm touch to the installation, which becomes a focal point for passersby [7]. - The store aims to create an immersive retail experience that merges British aesthetics with Shanghai culture, allowing consumers to engage with the brand's unique elegance and contemporary relaxed spirit [11]. Group 2: Social Media and Public Engagement - The installation has quickly gained popularity on social media, with people capturing moments under the Ferris wheel and showcasing the new neighborhood vibe [9]. - The area has become a highly anticipated "surprise spot," generating significant buzz even before the store's official opening [9].

Core Viewpoint - The company, Lao Feng Xiang, is facing scrutiny from the Shanghai Stock Exchange regarding its acquisition plan to expand into the luxury goods sector, particularly due to the high premium associated with a company that has not yet commenced operations [1][2]. Group 1: Acquisition Details - Lao Feng Xiang plans to invest $24 million to acquire a 20% stake in Maybach Luxury Goods Asia Pacific Limited (MAP), which is associated with the well-known luxury car brand Maybach, but focuses solely on luxury goods [1]. - MAP was established in February 2025 and has not yet started operations, raising concerns about its valuation, which is assessed at $12.6 million, reflecting a significant premium over its book value of $1,300 [2]. Group 2: Financial Projections - The company provided forecasts indicating that MAP aims to open approximately 75 stores from 2025 to 2030, with a gross margin of 60% for new product lines and a procurement cost of 30% of the retail price for existing products [2]. Group 3: Risks and Challenges - Lao Feng Xiang acknowledged the risk of not obtaining the Maybach brand distribution authorization, which is a condition for the completion of the transaction [3]. - The company outlined eight risk factors, including challenges in brand recognition, market competition, and the uncertainty of developing its luxury goods business in a new market [3].

Core Viewpoint - The company, Lao Feng Xiang, is facing scrutiny from the Shanghai Stock Exchange regarding its acquisition plan to expand into the luxury goods sector, particularly due to the high premium associated with a company that has not yet commenced operations [1][2]. Group 1: Acquisition Details - Lao Feng Xiang plans to invest $24 million to acquire 20% of the voting shares in Maybach Luxury Goods Asia Pacific Limited (MAP), which is a luxury goods entity not directly involved with Maybach automobiles [1]. - MAP was established in February 2025 and has not yet started operations, raising concerns about its valuation, which is assessed at $126 million, reflecting a significant premium over its book value of $1,300 [2]. Group 2: Market Potential and Risks - The company anticipates developing the high-end luxury goods market in the Asia Pacific region through this partnership, leveraging its resources in mid-to-high-end and customized products [1]. - Lao Feng Xiang has outlined a growth plan for MAP from 2025 to 2030, aiming to open approximately 75 stores through agents, with a projected gross margin of 60% for new product lines [2]. - The company has acknowledged the risk of not obtaining the distribution authorization for the Maybach brand, which is a condition for the completion of the transaction [2]. Group 3: Regulatory Concerns and Risk Warnings - The Shanghai Stock Exchange has raised three questions regarding the high valuation of the transaction, given that MAP has no historical operating performance [2]. - Lao Feng Xiang has issued eight risk warnings, highlighting challenges in brand recognition, market competition, and the uncertainty surrounding the luxury goods business expansion [3].