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1、20232023202320237-100%0%100%200%300%400%500%600%08001,6002,4003,2004,0004,8005,6001 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6201920202021202220233|2023.-120%-60%0%60%120%180%240%300%06,00012,00018,00024,00030,00036,00042,0001 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 62

2、0192020202120222023202302004006008001,0001,2002023-01-122023-01-152023-01-182023-01-212023-01-242023-01-272023-01-302023-02-022023-02-052023-02-082023-02-112023-02-142023-02-172023-02-202023-02-232023-02-262023-03-012023-03-042023-03-072023-03-102023-03-132023-03-162023-03-192023-03-222023-03-252023

3、-03-282023-03-312023-04-032023-04-062023-04-092023-04-122023-04-152023-04-182023-04-212023-04-242023-04-272023-04-302023-05-032023-05-062023-05-092023-05-122023-05-152023-05-182023-05-212023-05-242023-05-272023-05-302023-06-022023-06-052023-06-082023-06-112023-06-142023-06-172023-06-202023-06-232023

4、-06-262023-06-29202374|2023.20232.741,480.560200400600800100012001400160005,00010,00015,00020,00025,00030,000201920232019*2019202375|2023.0408012016020005001,0001,5002,0002,500*100%0%100%200%20192019100.7%119.1%100%105%110%115%120%202331.6%53.5%50.9%79.0%75.3%94.5%103.2%98.7%87.2%70.1%73.9%68.0%66.8

5、%86.8%72.6%60.7%42.8%88.6%83.4%119.1%112.8%19.3%36.7%31.2%69.9%58.6%56.7%77.0%74.8%78.6%59.9%56.3%39.2%44.0%65.6%60.7%44.2%35.1%73.1%50.6%100.7%94.9%0%20%40%60%80%100%120%140%201920192019202376|2023.202315%20%25%30%35%40%45%50%55%60%65%2018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020

6、Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2202377|2023.40%42%44%46%48%50%52%54%56%58%2018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2202377.2%202378|2023.44.0%57.6%47.4%65.7%55.4%50.2%56.3%69

7、.0%66.0%55.9%64.0%58.6%-6.8%58.3%32.8%66.6%77.2%-20%-10%0%10%20%30%40%50%60%70%80%90%20082009201020112012201320142015201620172018201920202021202220231-32023202315.1%10.9%11.2%7.8%3.3%4.5%5.2%4.8%2.3%8.9%-2.1%-9.7%-5.0%3.9%3.2%5.1%3.0%0.5%-5.6%-0.1%9.2%9.1%15.9%10.5%1.7%46.4%26.6%20.2%14.3%-4.5%3.1%2

8、.0%-2.7%-2.2%6.5%-16.4%-22.7%-21.1%-4.0%-1.5%8.4%-1.7%-8.1%-8.4%-14.1%2.9%26.3%43.8%35.1%16.1%-30%-20%-10%0%10%20%30%40%50%202145678910111220221-2345678910111220231-23456-3.9%12.5%-0.2%8.2%-6%-4%-2%0%2%4%6%8%10%12%14%20202021202220232023202379|2023.5.8%202320232019202120237-30.0%-20.0%-10.0%0.0%10.0

9、%20.0%30.0%40.0%07,00014,00021,00028,00035,00042,00049,00001 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 062019202020212022202310|2023.121-2202320232023711|2023.20231-620231-6%20231-322,40

10、9 6.8-2.311,422 7.510.39,161 4.87.56,834 12.89.04,270 1.0-1.73,748 5.05.13,321 11.116.53,228 4.1-5.12,641 8.66.82,071 8.65.91,689 17.513.61,895 -3.9-1.41,433 1.01.8735 4.1-2.4685 3.84.6585 10.55.82023-50005001,0001,5002,0002,5003,0003,50020192023*20232019*-30%-20%-10%0%10%20%30%40%50%2023712|2023.20

11、232023202302,0004,0006,0008,00010,00020237*1-51-313|2023.4.2%8.9%8.0%9.0%11.5%8.7%6.2%6.7%8.0%8.8%7.1%8.1%4.5%6.1%5.7%23.5%10.9%10.0%8.7%9.1%4.2%23.5%8.5%20234.52023714|2023.8.6%13.1%5.8%8.2%-30%-20%-10%0%10%20%30%40%20197201982019920191020191120191220201-22020320204202052020620207202082020920201020

12、201120201220211-22021320214202152021620217202182021920211020211120211220221-22022320224202252022620227202282022920221020221120221220231-2202332023420235202364.52.420232023715|2023.48,16151,50161,13363,00771,62117.8%7.3%23.2%3.1%13.1%24.7%29.9%28.8%29.9%31.5%-5%0%5%10%15%20%25%30%35%010,00020,00030,0

13、0040,00050,00060,00070,00080,0002019202020212022202329.3%30.6%17.8%15.7%8.9%21.4%5.8%8.3%2.4%13.3%20.9%16.2%12.5%5.1%10.3%0%6%12%18%24%30%36%2019202020212022202320236180%5%10%15%20%25%30%35%40%45%50%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,0002019202020212022202361805010015020025030035040020

14、21202220236182023716|2023.20232023717|2023.-15%-10%-5%0%5%10%15%20%-15,000-10,000-5,00005,00010,00015,00020,000201420152016201720182019202020212022202320232019-202318|2023.28.2%23.4%13.3%11.7%8.8%6.2%5.9%2.4%30.2%24.6%13.0%9.6%8.7%5.8%5.9%2.2%29.8%23.4%13.1%10.8%8.8%5.9%5.9%2.4%30.5%24.0%13.0%10.1%8

15、.6%5.6%5.8%2.4%30.7%23.2%12.8%9.5%9.6%6.0%5.7%2.7%0%5%10%15%20%25%30%35%201920202021202220232023720232023719|2023.-40%-20%0%20%40%60%80%201820192020202120222023Q2201820192020202120222023Q2201820192020202120222023Q2201820192020202120222023Q2201820192020202120222023Q2201820192020202120222023Q220182019

16、2020202120222023Q2201820192020202120222023Q2201820192020202120222023Q2202220232019202020212022202327.1%26.6%26.0%19.8%17.7%16.2%13.0%28.1%27.4%18.7%18.1%16.9%15.2%13.9%28.7%26.8%25.0%19.7%19.4%17.7%13.1%29.8%28.3%19.7%19.7%18.8%16.7%17.1%33.6%29.3%25.3%21.0%20.2%17.2%15.4%2023720|2023.20232023136,96

17、7,0003,409,000-0.4%10.9%-0.3A42,292,000803,000-0.1%7.9%-1.1B46,915,000986,000-0.5%11.4%+0.3C47,759,0001,620,000-0.5%13.0%-0.24ABCGDP1061.51120237214/171.51,600+83.5%/16.5%1.3731.2%;68.8%22|2023.ABC2023ABC15,965,00035,500-1.4%11.4%-0.913,694,000517,7000.2%6.9%-1.97,387,000189,7000.8%3.3%+0.25,246,000

18、60,0001.6%6.1%-0.911,486,000250,0000.0%12.3%-0.18,865,600250,000-0.4%16.0%-0.18,729,00071,000-1.0%13.3%+1.06,174,0000-0.6%4.1%+0.06,045,000295,000-0.4%8.9%+1.45,616,000120,000-1.4%10.1%-0.37,091,000372,0000.0%12.3%+0.46,475,000160,000-0.4%18.0%-1.25,618,0000-0.7%9.1%-0.14,850,000160,0000.5%10.7%+0.3

19、4,407,000250,000-0.3%13.3%-0.14,335,00093,000-1.3%14.6%-3.24,161,0000-0.4%11.8%+1.34,160,000260,000-0.6%15.5%+1.02,492,00000.0%15.0%0.02,473,000100,000-2.0%6.4%-0.51,697,000225,000-0.8%14.1%+0.1202320237202223|2023.20232023202320237010203040506005010015020025030035040063.2%5ABC24|2023.202305001,0001

20、,5002,00020232023Top 1Top 220237Top 3ABC25|2023.2023ABC2023DT 51 NLiveNew BlockZXCOCO ParkII 2023726|2023.20230.710.660.640.640.630.550.550.540.500.490.470.450.440.420.420.400.330.330.320.280.230.00.10.20.30.40.50.60.70.8ABC0.49/0.02/202371202227|2023.20222021*1121202302040608010012028ABCThe Box2023

21、20232023728|2023.202320232023729|2023.0%2%4%6%8%10%12%14%16%02004006008001,0001,2001,4001,6002005200620072008200920102011201220132014201520162017201820192020202120222023*2024*2025*20232023-20252023730|2023.050100150200250300202320242025ABC20237.9%11.4%13.0%10.9%0%2%4%6%8%10%12%14%4Q091Q102Q103Q104Q1

22、01Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q232023*2024*2025*2026*ABC72023731|2023.20232023202320237*20225.3%4.1%9.1%10.7%13.3%3.3%6.1%14.1%16.0%

23、15.5%10.1%18.0%12.3%11.8%13.3%6.9%12.3%11.4%8.9%14.6%15.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%0%10%20%30%40%50%*2023 Q2ABC32|2023.20232023733|2023.-2.7%-5%-4%-3%-2%-1%0%1%2%3%3Q184Q181Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q232023*2024*2025*2026*0%20%40%60%80%100%201420152016201

24、7201820192020202120221Q232Q2320233003504004505005506006507007508008501Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 2023*2024*2025*2026*/ABCABC20232023734|2023.200810202366742914524237107987223041,32011,22873140456241749-32-271172-365-17141-/137.694.327.6100.1287.227.0546.11,137423254-%96%94%90%9

25、5%93%96%490%4/143.7108.875.763.259.2307.8274.6%12%22%11%-/1,187.3488.2696.3-12.19.810.59.15.110.414.0-11.310.1-2022152;3138;4;57260.922023735|2023.20231/2202370%3%6%9%12%15%18%21%24%27%30%02,0004,0006,0008,00010,00012,00014,00016,00018,00020,0002005200620072008200920102011201220132014201520162017201

26、820192020202120222023*2024*2025*2026*36|2023.2023The BoxPUYEE2/237|2023.20237Grid CoffeeEMomentW+STUDIO2023202320222023202220232023739|2023.202320230%20%40%60%80%100%01,2002,4003,6004,8006,00012345612345612345611/2202320231-5202372019202120233,546.553,618.654,054.820%10%20%30%40%50%60%01503004506007

27、5090022.6%41|2023.202312/2202342|2023.iBrandi2023757202355%8.6%10.7%3.2%4.481.25,00013.4%OATLY 4.25105,0005,0005,000202322016-20253,1293,2423,3633,5133,6853,8634,0194,1714,3184,4591.0%2.0%3.0%4.0%5.0%6.0%2,4002,9003,4003,9004,4004,90020162017201820192020202120222023*2024*2025*202320237202343|2023.1.

28、41.74.90.80.3/86221Mr.Judy202324.9%-13.9%-1.4%-23.4%-23.4%-9.6%-30%-20%-10%0%10%20%30%0100200300400500600700800900201720182019202120222023144.6202.2187181.1140158.6127.2118.1126.294.931.8104.1050100150200250300350201720182019202120222023億元32023744|2023.2023-17.5%36.0%48.1%84.1%92.3%-20%30%80%130%-20

29、0204060801001234542023332.2418.1497.9503.3500.27.8%86.0%51.1%62.0%52.7%2023745.6%17.9%202220231-55.5%31.0%42.6%14.0%6.8%36.6%3.045|202320235050100150200250300350400101 250250 150150 50 502023791%73%57%37%0%20%40%60%80%100%55%-46|2023.2023202152021102022920224201992022660246810050100150200250chuuNO O

30、NE ELSEBETTERSAY*Brandy Melville Basement FGBettersay20235202372020237chuuNo One ElseBasement FGBrandy Melville2,0005,1008,7002+6+25+BETTERSAYNO ONE ELSEBasement FGchuuBrandy Melville18-25100-2,000Y2K351,000-2,00047|2023.20232023585.9705.2848.8932910.6900.9239-2.3%-1.1%-12.6%-15.00%-10.00%-5.00%0.00

31、%5.00%10.00%15.00%20.00%25.00%-600-400-200020040060080010002017201820192020202120222023Q172023749|2023.030609012015005010015020025020192020202120222023Q12023 Top350%Top582023750|2023.2023Top102023Top10-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0%-40-200204060801001201402022202337.4%9.5%6.8%

32、5.7%4.9%4.5%4.4%2.6%1.8%1.8%20.6%20239202320237GAPH&MZaraGAPGAP20231ZARAInditex2019ZARA131ZARA11920201792023H&MH&MH&M201920217520223,500-20%-15%-10%-5%0%5%10%15%20221-21-31-41-51-61-71-81-91-101-111-1220231-21-31-41-520231-57.5%20222.98.2%20221.952|2023.2023102023753|2023.-0.3%0.0%0.3%0.6%0.9%1.2%1.

33、5%1.8%6008001,0001,2001,4001,6001,8002,000200320042005200620072008200920102011201220132014201520162017201820192020202120222011112015102021520232023123456789101112123456123456789101112123456706535447672346115522772224120492649323827501439182321445037103492629230102030405060708016014012010080604020020

34、222023202320222022187266366-29.6%-48.9%136.3141.2258.0-3.5%-47.1%/0.730.530.7037.3%3.5%2022202355|2023.iBrandi20237202305101520123456789101112123456202220232023iBrandi2023756|2023.OATLY4.2510202310%8%7%3C/5%5%3%3%2%2%1%22%13%11%3%3%3%55%2023iBrandi202372023202248%7202220231%18857|2023.2023202321340.

35、9132.02.7%0.5202358|2023.2023720232023202372019-202320232023+95.42%*6.89+110.99%49.8+142.96%2,185.222281574639923023212018+400.86%*19.33+673.49%167.93+106,223.66202375*3360|2023.全國7.9%-6.2%30.4%0.3%7.3%東部地區6.8%-6.3%31.5%-0.9%8.1%中部地區10.2%-6.7%27.6%8.0%1.3%西部地區15.6%-2.4%26.2%-1.1%9.0%東北地區-0.2%-19.8%2

36、8.2%-6.6%7.0%010,00020,00030,00040,00050,00060,00020192020202120222023202320221-226.6%59%20221,005385201859%79%191-528.515.6%amsdata2023761|2023.55804,8002450600BA2023421.3+2023-9-232023-7-282022-2-420230%10%20%30%40%50%60%70%80%90%100%20182019202020212022ABC201820222022-0.2%-9.3%0.2%3.0%3.5%3.7%6.2

37、%8.0%-12%-10%-8%-6%-4%-2%0%2%4%6%8%10%20237202336.454%1,864 81%62|2023.Silvia Zeng Yang MJacky ZSissi Lu Daniel YBruce PTinaGSherril SHeraZJacky ZRebecca LJiemin WJonathan WWaimanSVeronica XSissi Lu 20235723661164101201B2801-03A2308192202-0311049100004510623266071518048710065+886 2 8758 9898+86 10 5

38、922 1300+86 20 2338 8088+86 532 8579 5800+86 755 8826 6608+86 29 8932 9800+886 2 8758 9899+86 20 2338 8118+86 532 8579 5801+86 755 2263 8966+86 29 8932 .tw979312282881897129T28022223408+852 2846 5000610021310000200041300051+852 2845 9117+86 28 6680 5000+86 571 8196 5988+86 21 6393 3333+86 22 5901 .hk+86 286680 5096+86 571 8196 5966+86 21 6393 30805A188186168816H452201A213908-09+853 2871 8822400010210018110013430030+853 2871 8800+86 23 6370 8588+86 25 8966 0660+86 24 3195 8555+86 27 5959 .mo+86 23 6370 8598+86 25 8966 2023