July 13, 2025 10:00 PM GMT Tencent Holdings Ltd. | Asia Pacific 2Q25 Preview: Solid Revenue and Earnings Growth | What's Changed | | | | --- | --- | --- | | Tencent Holdings Ltd. (0700.HK) | From | To | | Price Target | HK$630.00 | HK$650.00 | We see 2Q revenue and non-IFRS OP rising 11% and 14%, respectively, with solid games and ads growth, while FBS growth sees slight recovery. We expect narrower OP leverage driven by AI investment, but margins should continue to expand. Reiterate Top Pick, best 2C AI ap ...

Focus areas of earnings call. These include: (1) AI updates across different segments and Yuanbao strategies; (3) domestic online gaming strategies, such as updates on rejuvenating existing games (e.g. HoK, PKE) and emerging franchises; (4) mini-games and new domestic games (e.g. Valorant Mobile, Honour of Kings World) in the pipeline; (5) overseas gaming strategies; (6) advertising outlook and trends across different industry categories; (7) updates on Mini Shop strategies and competitive landscape; (8) fi ...

21世纪经济报道记者高江虹实习生陈佳赫北京报道 本周，全球时尚与奢侈品行业呈现多元化发展态势，既有资本市场的激烈博弈，也有品牌战略的深度调 整。爱马仕加速瑞士制表工坊扩建，强化垂直整合战略；老佛爷百货集团CEO再易主；Gucci推迟2026 春夏女装秀，新任创意总监Demna需要更多时间"重新定义品牌本质"。 在资本运作方面，SMCP股权纠纷案迎来新进展，新加坡高等法院裁定Dynamic Treasure Group须归还 15.5%股权。曾为法国奥运代表团提供队服的法国百年运动品牌乐卡克（Le Coq Sportif）则迎来新东 家。 此外，Hoka品牌热度下滑，年轻消费者流失导致母公司Deckers股价暴跌20%，迪卡侬收购法国自 行车队AG2R，彰显其在运动领域的野心。 贝索斯收购《Vogue》母公司康泰纳仕的传闻虽遭Newhouse家族否认，仍引发行业热议，而爱马仕首个 Birkin包原型以860万欧元天价成交，再次印证奢侈品二手市场的强劲增长。 1，传贝索斯收购Vogue母公司 据报道，亚马逊创始人Jeff Bezos有意收购《Vogue》母公司康泰纳仕出版集团，作为新婚妻子Lauren Sanch ...

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Deals & Discounts - Hoka sneakers are being offered with discounts of up to 37% [1] Retail Event - Prime Day deals include Hoka sneakers [1]

Core Insights - Deckers Outdoor Corporation (NYSE: DECK) has reported strong financials but has seen mediocre stock performance since its Q3 earnings release at the end of January, which included guidance that was lower than Wall Street expectations [1] Financial Performance - The company posted its Q3 earnings at the end of January, indicating robust financial health [1] Market Reaction - Following the Q3 earnings report, the stock price has not performed well, attributed to the lower-than-expected guidance provided by the company [1]

Company Overview - Deckers Outdoor Corporation (NYSE: DECK) designs, markets, and distributes premium footwear and apparel brands including UGG, HOKA, Teva, and Sanuk, with HOKA and UGG being the main sales drivers [1] Growth Drivers - The company has experienced impressive growth, primarily driven by the explosive gain in popularity of the HOKA brand [1]

Group 1: Acquisition and Business Expansion - Baozun has completed the acquisition of the UK high-end yoga wear brand Sweaty Betty's business in China, marking its third international brand acquisition after Gap and Hunter [1] - Sweaty Betty, founded in 1998, is known for its stylish yoga pants and has a price range of 750 to 1180 RMB, slightly higher than some core products of lululemon [1] - The acquisition will be managed by the same team responsible for Gap and Hunter, indicating Baozun's strategy of leveraging local design and supply chain capabilities to restructure overseas brands' operations in China [1] Group 2: Financial Performance - Baozun's Q1 2025 revenue reached 284 million USD, reflecting a year-on-year increase of 3.27% [2] - Armani Group reported a 6% decline in annual revenue to 2.3 billion euros for 2024, with a significant drop in operating profit by nearly 69% to 67 million euros [4] - LVMH and Kering are dragging down the luxury sector, with a projected 3% decline in organic sales for Q2 2025, worsening from a 1% decline in Q1 [3] Group 3: Market Trends and New Products - The luxury goods market is facing increased pressure due to currency fluctuations and decreased purchasing power among tourists from China and the US [3] - Color Wow, a US haircare brand, has been acquired by L'Oréal, with its sales estimated to be slightly above 300 million USD [5][6] - HOKA ONE ONE launched the new Rocket X 3 racing shoes, featuring advanced materials for improved performance [10] Group 4: Brand Developments - The Chinese high-end fragrance brand Wenxian has launched its seventh season of products, focusing on traditional Chinese scents [7] - Emis has opened its third pop-up store in Hangzhou, following successful openings in Shenzhen and Chengdu, targeting a younger demographic [13] - Kappa's parent company, China Dongxiang, reported a revenue decline of 3.7% to 1.68 billion RMB but achieved profitability with a net profit of 207 million RMB [23]

整理 ｜ 李小霞 #Big News# 宝尊收购英国高端瑜伽服品牌 Sweaty Betty 中国区业务 继接手Gap大中华区与英国雨靴品牌Hunter之后，宝尊迎来第三个国际品牌并购。 近日，中国电商与品牌运营公司宝尊已完成对英国高端瑜伽服品牌 Sweaty Betty 在中国区业务的收 购，但未透露交易的细节。 Sweaty Betty 与 lululemon 一样，也是创立于1998年，曾被誉为"更时尚的瑜伽裤品牌"，在英美 市场具备一定认知度。其产品主打修身剪裁与英伦风格，定价区间为750至1180元人民币，甚至略高 于lululemon部分核心产品。 此次收购后，Sweaty Betty中国业务将由宝尊电商旗下负责Gap和Hunter的原班团队接手，相关岗 位也已启动招聘。这一操作延续了宝尊近年来在品牌管理转型上的典型打法，用本土设计、供应链与 全渠道零售能力，重构海外品牌在中国的运营系统。 目前，宝尊已构建起以基础服饰Gap、功能户外Hunter和高端运动Sweaty Betty为核心的三品牌矩 阵，覆盖从大众到中高端、从生活方式到专业功能的多维需求。根据财报显示，宝尊2025年第一季 度营业收入 ...

Hoka 4th Of July Sale: Score Major Discounts On Popular Styleshttps://t.co/ykuGkyCV2N https://t.co/rufPl3MHNP ...