研究报告 Research Report 8 Oct 2025 Burberry Group (BRBY LN) 首次覆盖：百年英伦奢侈品牌复兴，看新管理团队与 Daniel Lee 如何驱动品牌价值回归 Reviving a Century-Old British Luxury House: How the New Management Team and Daniel Lee Are Driving Burberry's Brand Value Rebound: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 £12.02 目标价 £14.50 市值 4.34bn / US$5.85bn 日交易额 (3 个月均值) US$18.32mn 发行股票数目 360.98mn 自由流通股 (%) 97% 1 年股价最高最低值 13.72-6.28 注：现价£12.02 为 2025 年 10 月 06 日收盘价 资料来源： Fact ...

新华财经北京9月29日电 29日，消费平台"什么值得买"发布9月消费关键词：礼赠、换季、家装。 9月，国庆与中秋双节临近，礼赠市场逐步升温。今年消费者礼赠选择呈现多元化趋势，从传统"舌尖好 味"到"健康好物"，共同撑起礼赠消费场景。其中，大闸蟹作为中秋家庭聚餐与送礼经典之选，已于近 期迎来消费旺季，"什么值得买"平台内蟹卡GMV（商品交易总额）同比提升37.13%。健康类礼品的崛 起，成为今年礼赠市场的一大亮点。智能手表、血糖仪等健康监测工具GMV同比分别增长34.96%、 39.07%。黄金作为送礼"硬通货"，9月相关消费依然保持强劲势头，平台内，周大生、老庙黄金、中国 黄金GMV分别增长55.03%、39.14%和18.42%，经典款式持续受青睐。今年热度持续攀升的老铺黄金， 凭借年轻化设计吸引了不少年轻群体，搜索量同比增长40.13%。 9月气温回落，加之假期临近，让消费者需求围绕"换季"与"出游"双向展开，驱动服饰、运动、护肤三 大品类协同增长。其中，女装品类GMV同比增速达96.58%，风衣、针织衫、卫衣等秋季单品销量领 先。此外，运动消费热度攀升，呈现室内塑形+户外锻炼双线并行的态势。数据显示，9 ...

乔治白今年以来股价涨1.83%，近5个交易日跌3.04%，近20日跌3.46%，近60日跌5.31%。 资料显示，浙江乔治白服饰股份有限公司位于浙江省平阳县昆阳镇平瑞公路588号，成立日期2001年7月 31日，上市日期2012年7月13日，公司主营业务涉及从事"乔治白"品牌的职业装、男装及休闲服饰的生 产和销售;主要产品包括男女式西服、西裤、马甲、裙子、衬衫、茄克、风衣等。主营业务收入构成 为：其他32.66%，衬衫25.73%，上衣23.28%，西裤17.33%，其他(补充)0.98%，设计费收入0.03%。 乔治白所属申万行业为：纺织服饰-服装家纺-非运动服装。所属概念板块包括：壳资源、微盘股、小 盘、低价、QFII持股等。 截至9月19日，乔治白股东户数1.61万，较上期减少2.37%；人均流通股25705股，较上期增加2.42%。 2025年1月-6月，乔治白实现营业收入5.24亿元，同比增长1.46%；归母净利润1455.92万元，同比减少 68.09%。 9月25日，乔治白盘中下跌2.19%，截至13:08，报4.46元/股，成交1420.97万元，换手率0.76%，总市值 22.51亿元。 分 ...

Company Overview - George White Co., Ltd. is located in Pingyang County, Zhejiang Province, and was established on July 31, 2001. The company was listed on July 13, 2012. Its main business involves the production and sales of the "George White" brand, which includes professional attire, men's clothing, and casual wear [1][2]. Financial Performance - As of January to June 2025, George White achieved operating revenue of 524 million yuan, representing a year-on-year growth of 1.46%. However, the net profit attributable to shareholders decreased by 68.09% to 14.56 million yuan [2]. - The company has cumulatively distributed 692 million yuan in dividends since its A-share listing, with 174 million yuan distributed over the past three years [3]. Stock Performance - On September 24, George White's stock price increased by 2.03%, reaching 4.53 yuan per share, with a trading volume of 17.79 million yuan and a turnover rate of 0.96%. The total market capitalization is 2.287 billion yuan [1]. - Year-to-date, the stock price has risen by 3.42%, but it has seen declines of 3.21% over the last five trading days, 2.16% over the last 20 days, and 3.21% over the last 60 days [1]. Shareholder Information - As of September 19, the number of shareholders for George White is 16,100, which is a decrease of 2.37% from the previous period. The average number of circulating shares per person has increased by 2.42% to 25,705 shares [2]. Business Segmentation - The revenue composition of George White's main business includes: other 32.66%, shirts 25.73%, tops 23.28%, trousers 17.33%, other (supplement) 0.98%, and design fee income 0.03% [1]. - The company is classified under the Shenwan industry as textile and apparel - clothing and home textiles - non-sports clothing, and is associated with concepts such as micro-cap stocks, shell resources, small-cap, low-price, and QFII holdings [1].

Group 1 - The stock price of George White increased by 2.00% on September 4, reaching 4.58 CNY per share, with a total market capitalization of 2.312 billion CNY [1] - Year-to-date, George White's stock price has risen by 4.57%, but it has seen a decline of 0.87% over the last five trading days, 6.15% over the last 20 days, and 1.08% over the last 60 days [2] - As of August 29, the number of shareholders for George White was 16,000, a decrease of 5.28% from the previous period, with an average of 25,903 circulating shares per person, an increase of 5.58% [2] Group 2 - For the first half of 2025, George White reported a revenue of 524 million CNY, representing a year-on-year growth of 1.46%, while the net profit attributable to the parent company was 14.5592 million CNY, a decrease of 68.09% year-on-year [2] - The company has distributed a total of 692 million CNY in dividends since its A-share listing, with 174 million CNY distributed over the past three years [3] Group 3 - George White is primarily engaged in the production and sales of professional attire, men's clothing, and casual wear, with its main products including suits, trousers, vests, skirts, shirts, jackets, and trench coats [2] - The company's revenue composition includes: other 32.66%, shirts 25.73%, tops 23.28%, trousers 17.33%, others (supplement) 0.98%, and design fee income 0.03% [2] - George White belongs to the textile and apparel industry, specifically in the non-sports apparel segment, and is categorized under micro-cap stocks, small-cap, low-price, shell resources, and QFII holdings [2]

Core Viewpoint - Dalian Dayang Group is leveraging digital transformation to transition from mass production to customized delivery, setting a benchmark for the textile and apparel industry in Liaoning [1][2]. Group 1: Digital Transformation and Smart Factory - Dayang Group initiated its digital and intelligent transformation in 2016, resulting in a new production environment characterized by smart equipment and efficient operations [2]. - The company has established a flexible custom factory model, achieving a production scale of 2 million customized garments per year across three smart factories, all recognized as "National Advanced Intelligent Factories" [2][3]. Group 2: Key Technologies and Innovations - The company developed an "Intelligent Hanging High-Speed Sorting and Storage System," which won the first prize for technological progress in the Chinese apparel industry, significantly reducing material costs by 10%-30% [3]. - The intelligent warehousing system can store 49,000 garments and achieve an inbound efficiency of 1,000 pieces per hour, meeting the demands of global custom orders [3]. Group 3: Industrial Internet Platform - The Ustyylit platform integrates 36 system modules, facilitating precise connections from order placement to garment delivery, thus enabling the "one person, one version" customization model [4]. - RFID technology is utilized to ensure accurate matching of production information with customer orders, leading to a nearly 30% reduction in rework rates [5]. Group 4: Global Delivery and Market Expansion - Dayang Group has established a marketing network with over 1,000 single-cut cooperation stores across 27 countries, including major markets like the US, Canada, and the UK [6][7]. - The company can deliver customized products within 7 days after order placement, thanks to its agile manufacturing capabilities, which have attracted high-profile clients [7]. Group 5: Strategic Vision and Future Plans - Dayang Group aims to become a world-class custom apparel platform and brand, guided by its "Five Yangs" development strategy [7][8]. - The ongoing support from the Liaoning government in developing the industrial internet is seen as a favorable environment for further digital transformation [8].

Company Overview - George White is a clothing company based in Pingyang County, Zhejiang Province, established on July 31, 2001, and listed on July 13, 2012. The company specializes in the production and sales of professional attire, men's clothing, and casual wear under the "George White" brand [1]. Financial Performance - For the first half of 2025, George White achieved operating revenue of 524 million yuan, representing a year-on-year growth of 1.46%. However, the net profit attributable to shareholders decreased by 68.09% to 14.56 million yuan [2]. - The company has distributed a total of 692 million yuan in dividends since its A-share listing, with 174 million yuan distributed over the past three years [3]. Stock Performance - As of August 27, George White's stock price decreased by 2.07% to 4.74 yuan per share, with a total market capitalization of 2.393 billion yuan. The stock has seen an 8.22% increase year-to-date, but has declined by 2.47% over the last five trading days and 1.86% over the last 20 days [1]. - The stock's trading volume on August 27 was 24.67 million yuan, with a turnover rate of 1.25%. The net outflow of main funds was 1.857 million yuan, with significant selling pressure observed [1]. Shareholder Information - As of August 20, the number of shareholders for George White was 16,900, an increase of 1.10% from the previous period. The average number of circulating shares per person decreased by 1.09% to 24,535 shares [2]. Business Segmentation - The main revenue composition of George White includes: other products (32.66%), shirts (25.73%), tops (23.28%), and trousers (17.33%). Additional income from design fees is minimal at 0.03% [1]. Industry Classification - George White is classified under the textile and apparel industry, specifically in the non-sports clothing segment. The company is associated with concepts such as micro-cap stocks, small-cap stocks, low-priced stocks, share buybacks, and shell resources [1].

Financial Data and Key Metrics Changes - The company reported a total revenue growth of 11% in the first quarter, exceeding the high single-digit outlook, driven by strong performance in direct-to-consumer channels [21][22] - Adjusted gross margin expanded by 160 basis points to 72.1%, attributed to average unit retail (AUR) growth, favorable mix shift towards full-price and international businesses, and lower cotton costs [23][24] - Adjusted operating margin increased by 230 basis points to 16.6%, with operating profit rising by 29%, both ahead of guidance [25] Business Line Data and Key Metrics Changes - Core product sales, which represent over 70% of the business, grew in the mid-teens, driven by seasonal sweater polos and lightweight outerwear [12][13] - High potential categories, including women's apparel, outerwear, and handbags, saw strong double-digit growth, outpacing total company growth [13][14] - Direct-to-consumer (DTC) retail comps increased by 13%, with double-digit growth in both digital and brick-and-mortar stores [15][16] Market Data and Key Metrics Changes - Asia led performance with a 19% increase in revenue, followed by Europe at 10% and North America at 8% [22][23] - China experienced over 30% growth, driven by strong consumer response to brand-building initiatives [30][31] - North America maintained healthy trends with high single-digit growth, supported by strong DTC channels [17][26] Company Strategy and Development Direction - The company focuses on three long-term strategic pillars: elevating the lifestyle brand, driving core products, and winning in key cities with a consumer ecosystem [8][15] - Continued investment in technology, AI, and analytics to enhance consumer service and operational efficiency [7][18] - The company aims to expand its presence in key city ecosystems globally, leveraging brand desirability and diverse growth drivers [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the fiscal year but remains cautious about the second half due to potential tariff-related pressures on consumer behavior [7][22] - The company anticipates low to mid-single-digit revenue growth for the full year, with a focus on the first half being stronger [33][34] - Management highlighted the importance of operational discipline and agility in navigating a dynamic macro environment [39] Other Important Information - The company ended the quarter with $2.3 billion in cash and short-term investments, and $1.6 billion in total debt [31] - Inventory increased by 18% year-over-year, reflecting strong global demand and strategic receipt pull-forwards to mitigate tariff impacts [32][90] - The company plans to exit 90 to 100 wholesale doors in fiscal 2026, with approximately half related to Hudson's Bay [26] Q&A Session Summary Question: What have been the largest drivers of upside and how sustainable are they? - Management noted the shift towards a more elevated full-price consumer base and the resilience of core consumers across regions as key drivers [44][45] Question: Can you walk us through your updated guidance assumptions? - The updated guidance reflects over-delivery in Q1 and a better outlook for Q2, with tariff impacts remaining broadly in line with previous guidance [54][56] Question: What is the outlook for the handbag business? - The handbag category is seen as a high potential growth area, with strong initial responses to recent product launches [60][62] Question: How much of the inventory increase was driven by tariffs? - The inventory increase was partially due to strategic pull-forwards related to tariffs, but overall inventory growth is expected to align with revenue growth [90][92] Question: Can you quantify the tariff impact on gross margin this year? - Tariffs are the biggest headwind for gross margin, but management is confident in offsetting this pressure through various growth strategies [97][99]

Core Insights - The current earnings season for European luxury goods stocks highlights a widening gap between winners and losers in the industry [1] - Burberry Group reported strong performance, with its stock price surging by 9%, while Richemont's sales exceeded expectations [1] - LVMH, Kering, and Salvatore Ferragamo face a bleak outlook, with potential further declines in stock prices if their sales fall short of already weak expectations [1] Industry Performance - The luxury goods sector is experiencing significant divergence, exemplified by the contrast between LVMH and Hermes [4] - Analysts predict a 7.8% decline in LVMH's core fashion and leather goods sales for Q2, while Hermes is expected to see a 12% increase in its leather goods revenue [4] - LVMH's stock has lost about half its market value over the past two years due to concerns over weak demand in the Chinese market, while Hermes has seen a 160% increase in stock price since the end of 2020 [4] Market Dynamics - Pricing power is crucial in the current economic environment, with some brands not performing as strongly as previously thought [6] - The industry is experiencing a stark contrast to the boom period from 2021 to 2023, where luxury brands thrived post-pandemic [6] - Investors are now focusing on brands that can consistently attract consumers, leading to sell-offs of less appealing stocks [6] Notable Winners - Burberry's stock has risen over 30% this year, attributed to its transformation plan and successful outdoor apparel offerings [8] - Despite some stocks declining significantly, the overall valuation of luxury goods remains high, with an average expected P/E ratio of 27, representing an 85% premium over the broader market [8] Future Outlook - The luxury goods industry is exposed to tariff impacts and a weakening dollar, leading to a challenging outlook [10] - Analysts maintain a cautious stance on the sector, suggesting a low allocation to luxury stocks [10]

Core Insights - Burberry's transformation efforts are showing initial results amid a general slowdown in luxury goods demand [1][4] - The company's same-store sales declined by only 1% in the quarter ending June, outperforming analysts' expectations of a 3.7% drop [1][4] - Burberry's stock price surged by 6.6% following the announcement, with a year-to-date increase of 27% [1] Group 1: Performance Highlights - Under CEO Joshua Schulman's leadership, Burberry's revival plan is on track, with strong growth in the Americas offsetting weaknesses in other regions [3][4] - The Americas market saw a 4% year-on-year sales increase, significantly exceeding the expected 0.8% growth [4] - Sales of lightweight jackets performed well, indicating the effectiveness of the brand's focus on its iconic outerwear products [4] Group 2: Strategic Initiatives - Burberry is re-establishing its "British heritage" and targeting entry-level luxury consumers, moving away from the previous management's ultra-high-end strategy [4] - The company is undergoing significant cost-cutting measures, including a planned reduction of about 20% of its workforce, primarily affecting UK office roles and global retail positions [4] - Four regional presidents have been appointed to the executive committee to enhance decision-making proximity to consumers [4]