机构：华源证券 研究员：符超然 FY25/26 第三季度零售下滑高单位数，整体符合预期。公司发布2025/26 财年第三季度运营表现公告， FY25/26Q3 总零售金额（含零售及批发）同比下降高单位数，整体符合预期。从门店网络优化看，截 至2025 年11 月30 日，直营门店毛销售面积同比-13.4%、环比-1.3%，公司关店节奏趋缓，预计FY26 关 店数较FY25 减少。 Nike 与经销商加强合作，多项举措或助滔搏减压增收。据Nike 官网，Nike FY26Q2营收同比+1%（剔除 汇兑变动），超市场预期，北美大区引领大盘增长，但大中华区受经济环境影响营收同比-16%（剔除 汇兑变动），其中，大中华区批发渠道同比-15%。Nike 已意识到大中华区存在的问题，并将与滔搏等 经销商密切合作，通过：1）清理老旧库存；2）更精准的消费者细分选品；3）更有力的品牌故事；4） 更高阶的视觉陈列等方式重塑品牌形象，恢复大中华区盈利增长。 核心国际品牌势能逐步修复，新品牌助公司多元化布局。公司与国际头部品牌耐克、阿迪深度合作，伴 随近年阿迪、耐克高层调整，后续有望重拾增长，驱动公司业绩上行。从阿迪角度看，独家合 ...

Group 1: Financial Performance - Hermès reported a 9% sales growth in Q2, reaching €3.9 billion, with all regions showing growth [15] - Adidas achieved a 7.3% increase in net sales to €12.1 billion, with a significant 70% rise in operating profit to €1.2 billion [2] - Prada's net revenue for H1 reached €2.74 billion, reflecting a 9.1% growth at constant exchange rates [3] - Canada Goose experienced a robust start to the fiscal year with a 22.4% increase in global revenue to CAD 107.8 million [10] - L'Oréal's sales for H1 were €22.47 billion, with a 1.6% growth, and an operating profit margin of 21.1% [9] - SMCP reported a 2.7% increase in sales to €601.1 million, with growth in all regions except Asia [11] Group 2: Management Changes - Kering appointed Luca de Meo as CEO, offering a €20 million signing bonus, which positively impacted the stock price [4] - PUMA appointed Andreas Hubert as COO, aiming to streamline operations by integrating various functions [8] - Arena announced Mark Pinger as the new Chief Brand Officer, effective October 1, 2025 [8] - Jil Sander's CEO Serge Brunschwig resigned after six months in the position [14] Group 3: Brand and Market Insights - The performance of Prada's main brand declined by 1.9%, while Miu Miu surged by 49.2%, indicating a divergence in brand performance [3] - Hermès' leather goods sales grew by 14.8%, while the watch segment faced challenges with a 5.5% decline [15][16] - L'Oréal's digital transformation efforts are beginning to show results, with a growth acceleration from Q1 to Q2 [9] - The luxury market is showing resilience, with brands like Canada Goose capitalizing on strong demand [10]

Core Points - Cartier, a luxury jewelry brand under Richemont, has confirmed a data breach involving unauthorized access to customer personal information, raising industry concerns [1] - The leaked data includes customer names and birth dates but does not involve sensitive financial information such as bank account or credit card details [1] - The breach affects customers globally, not just in the Chinese market, and comes amid a broader trend of luxury brands facing privacy issues [1][2] Group 1: Data Breach Details - Cartier's official communication revealed that the breach was due to a cyber attack, with affected customer information being accessed [1] - The parent company Richemont has not disclosed the number of affected users or provided an official statement regarding the incident [1] - Similar incidents have occurred with other luxury brands, including Dior and Adidas, highlighting a growing trend of data breaches in the luxury sector [2][3] Group 2: Financial Performance - Richemont reported a 4% year-on-year sales increase to €21.399 billion for the fiscal year ending March 31, 2025, with all regions except Asia-Pacific showing double-digit growth [1] - The jewelry division, which includes Cartier, experienced an 8% sales increase to €15.33 billion, with Cartier contributing over half of Richemont's sales revenue and more than 70% of its profits [1] Group 3: Legal and Regulatory Implications - Legal experts indicate that brands may face strict liability for data breaches under current laws, emphasizing the need for compliance with data protection regulations [4][5] - Brands are responsible for ensuring the security of customer data, even when third-party vendors are involved, and cannot use third-party negligence as a defense [5] Group 4: Recommendations for Brands - Brands should establish a comprehensive data security framework, focusing on third-party risk management and regular audits of suppliers [7] - Immediate notification to affected customers and offering services like free credit monitoring are recommended actions following a data breach [7]