IDM 2014 IDM OEM ODM IDM IDM IDM IDM LBrandsVictoria s SecretHanes BrandsBali Maidenform PVH Calvin Klein Warner svsxadidas Groupadidas ReebokUnder ArmourUnder Armour Hanes Brands ChampionLBrands 15 83
VSIP2016 VSIP IDM 2013 2,903.32014 3,803.0 2015 4,192.02013 2015 20.2% 2013112.72014208.3 2015335.2 2013 2015 72.4% IDM IDM 2014 IDM IDM IDM IDM 84
IDM 2011 CNAS2007 2014 reddot 2010Femmy Award 2006DHL 2011Under ArmourApparel Rookie 20122014 PVH PVH IDM 3D3D 85
2013AIR foam 70% 2011HM-388 HM-388 2009 100% 2012 Warner s Unbelievable3D MaidenformComfort Devotion2012 MaidenformComfort Devotion Under Armour Speedform2011 Under Armour Speedform 2013 Reebok CrossFit2013 Reebok 86
852621 38 32 LBrandsHanes BrandsPVHMarks & Spencer PLCWacoal Holding Corp. 201440.5% LBrandsVictoria s SecretHanes BrandsBali Maidenform PVHCalvin Klein Warner s VSXadidas Group adidas ReebokUnder ArmourUnder Armour Hanes BrandsChampion LBrands15LBrands LBrands LBrands Under Armour Under ArmourSpeedform 87
Under Armour IDM 2011 Under Armour Speedform............ adidas Running Bra Workout Bra adidas.............. Under Armour Speedform 3D 88
... Reebok CrossFit... Under Armour T T SAPFast ReactRFIDGSD WIP (Lean-Manufacturing) RFT QI 89
16 2007 IDM 16 15 90
IDM 91
92
VSIP 2016VSIP 2016 2016 2018 VSIP 2017 2014 8 37750 93
IDM 2014 IDM OEM ODM IDM IDM 94
95 ODM IDM RFID OEM
LBrandsVictoria s SecretHanes BrandsBali Maidenform PVHCalvin Klein Warner svsxadidas Groupadidas Reebok Under ArmourUnder Armour Hanes Brands Champion (1) (2)(3) 96
2013 2014 2015 (%) (%) (%)...... 2,029,924 69.9 2,857,426 75.1 2,941,077 70.2.......... 833,530 28.7 796,694 21.0 774,793 18.5.... 39,819 1.4 148,851 3.9 476,139 11.3................. 2,903,273 100.0 3,802,971 100.0 4,192,009 100.0 2015 40 80 6 3080 220 Victoria's Secret T LBrands 2014 WARNER S Unbelievable Unwire............ PVH 2013 97
Comfort Devotion (Demi)............ Maidenform 2012 2011 Victoria's Secret Incredible LBrands ADDD 2011 Armour Bra.......... Under Armour 2011 98
Running Bra.......... adidas 2013 2011 SpeedForm........... Under Armour 2013 99
CrossFit............. Reebok 2013 IDM 100
20132014 201596.4 110.1125.8 3.3%2.9% 3.0% 900 16 79 101
50 8 1999 2003 2004 3D 20112011 CNAS2007 2014 reddot 2010Femmy Award 102
2006DHL SCMP 2011Under ArmourApparel Rookie2012 2014PVHPVH 85 8512 (Brassiere)........ 2023 1 21 7,179,150 (Back wing 100% 2020 4 16 ZL 201020164100.5 for brassiere)......... 2030 7 7 8,221,188 2021 2 24 ZL 201120050955.X 2021 11 15 3173285......... 2019 10 27 1153345 (Brassieres)........ 2031 11 21 8,388,406 (Cushioned 2020 6 14 3162257 Brassiere)........... 2030 8 21 8,419,503 2020 8 7 1179461 103
......... 2032 11 3 8,956,199 (Footwear)........ 2021 8 29 ZL 201120318319.0 412 104
LBrands 105
1999................. 2000................. 2001................. 2002................. 2003................. 2004................. 2005................. 2006................. 2007................. 2008................. 2009................. 2010................. 2011................. 2012................. 2013................. 2014................. 3D T 106
10018 100 20132014 2015 74.4 76.079.3 2.6%2.0% 1.9% * 2013 2014 2015 % % %................. 1,839,750 63.4 2,689,681 70.7 2,955,768 70.5................. 185,020 6.4 224,897 5.9 384,770 9.2................. 426,243 14.7 427,044 11.2 353,169 8.4................. 159,959 5.5 173,611 4.6 170,013 4.1................. 50,671 1.7 113,001 3.0 128,384 3.1 (1)............... 128,252 4.4 89,358 2.4 72,402 1.7 (2)............. 94,293 3.2 50,784 1.3 70,566 1.7 (3)..... 19,085 0.7 34,595 0.9 56,937 1.3............... 2,903,273 100.0 3,802,971 100.0 4,192,009 100.0 (1) (2) (3) * LBrandsVictoria s SecretHanes BrandsBali Maidenform PVHCalvin Klein Warner s 107
VSXadidas GroupadidasReebokUnder Armour Under Armour Hanes BrandsChampion 20132014 2015 LBrands32.2% 35.0%30.0%68.4%71.3%68.6% 2015 68.6% 108
LBrands15LBrands LBrands Under Armour2013Under Armour Speedform2014 reddot 5% 612 30 120 109
230,000325,456.221998 26 60-9030-6090-100 110
RFID (Right at the first time) 111
393367 262,300 2013 2014 2015 (%) (%) (%) 40,700,000 88 51,600,000 90 58,700,000 90 106,000,000 90 117,000,000 89 128,000,000 91 670,000 89 1,590,000 87 3,700,000 90 (1) 112
3D 7.7 45,600,000 450 212 2016 96,000,000 400 24 2,000 2016 3,600,000 2017 2018 113
20148 377 50 2013AIR foam 70% 2011HM-388 HM-388 114
2009100% 100% 2012 3075 115
20132014 2015 45.4%46.9%46.4%15.7%15.4% 15.0% 5% 32 23 REACHSVHCRoHS GB18401-2010 2011 CNAS 116
Oeko-tex100 RFT FOB GPS 117
(i) (ii) SAP SAP 118
SAP 20132014 2015 82 67 64 SAPFast ReactRFIDGSD QIPLM SAPSAP Fast React RFID Fast React GSD QI PLM 119
2014 2014 3.5% IDM IDM 5.01(2) 120
6(2) 334(2) 342(1)(b) 2015 3 31 15% 35,101 22,665.578,795.11 13,870.46 161,826.31 16 1616 28425,499.45 325,456.22 100,043.23 48,646.6 VSIP Hai Phong Co., LtdVSIP, Thuy Nguyen District, Dinh Vu Cat Hai Economic Zone 152,889 171,300 2058 12 11 121
VSIP Hai Phong Co., Ltd VSIP Hai Phong Co.. Ltd (i) (ii) VSIP Hai Phong Co., Ltd VSIP Hai Duong Co., Ltd 221,61410% 2016 330 233 2015........ 35,101.00 8,795.11 13,870.46...... 1,826.31 122
........ 100,043.23........ 325,456.22................. 152,889.00 171,300.00........ 221,614.00 2016 10% 448,165.02 48,646.6 399,518.42285,604.73 113,913.69 76.5 1304.6 2013201420152,415.5 3,247.7 3,580.083.2%85.4% 85.4% 123
226,652.42 2009 5 27 2009 5 27 172,866.00 2015313 (i) (ii) 2015 3 13 (i)(ii) (iii) 124
201548(i) (ii) (iii) (iv) 2015 5 14 (i)(ii) (iii) 2015 6 (i) (ii)(iii) (iv) 125
1. 2. (i) (ii) (iii) 126
3. 4. 10% 2,607,093 2% 521,419 201910 127
[] 20161231 15 (i) (ii) (iii) (iv) 317,193.21 20161231 10444 (i) 317,193.21 (ii)285,604.73 128
2016 12 31 2016 12 31 2016 12 31 15 6.528.15 8% 430,000 537,500 2015 4 129
(i)410 (ii) 25 90 20,000 20,000 2,000 19.3 130
................... 17.7..................................................... 0.3....................................................... 0.8....................................................... 0.5..................................................... 19.3 14.22015 42295[5212 ] 1.2108 20152.5% 2016 131
(i) (ii) (iii) (iv) (v) (vi) 132
(i) (ii) (iii) 133
[95]16 38[4] 85 2621117 8 11 1 32 149 9 26 B. 2. 134
201533119,53920,000 2015 3 31 (%).................................... 59 0.3............................ 934 4.8.................................. 100 0.5....................................... 359 1.8............................................. 15,815 81......................................... 1,385 7.1......................................... 104 0.5.............................. 711 3.6....................................... 72 0.4............................................. 19,539 (1) 100.0 (1) 135
RMIA Shenzhen RM Shenzhen 20132014 2015 1.3 1.61.5 2016 1.7 RMIA Shenzhen RM Shenzhen 136
122429 RMIG HK.............................. Honour First HK......................... RMI Vietnam HK........................ 2006 2009 2010 2006 2009 2011 2007 2009 2011 2014 2015 Leung Waikeung, Richard 300,00012 137
(a) (b)(c) 3.08 3.09 8.04 138