Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Insights - The report highlights that Chaohongji plans to go public in Hong Kong, and Xuezhongfei has proposed a strategic initiative of "brand enhancement and innovative breakthroughs" [1][6]. - The jewelry business of Chaohongji achieved a revenue of 392.4 million yuan in the first half of 2025, with a year-on-year growth of 21.2%, while the handbag business saw a decline of 17.4% [17][18]. - The report notes a significant increase in same-store sales for Chaohongji's jewelry business, with self-operated stores growing by 26.5% and franchise stores by 32.0% in the first half of 2025 [18]. Summary by Sections Industry Performance - The textile and apparel sector saw a decline of 0.26% this week, while the light industry manufacturing sector fell by 0.58%. The SW textile and apparel sector outperformed the market by 0.19 percentage points [19]. - The SW textile manufacturing sub-sector increased by 0.76%, and the SW apparel and home textile sub-sector rose by 0.66% [19]. Company Performance - The report lists the top five companies in the textile and apparel sector by weekly performance: Taimushi (+61.05%), Hongdou (+26.14%), Baoxini (+22.51%), Xingye Technology (+19.90%), and Xinhua Jin (+10.39%) [28]. - Conversely, the bottom five performers included Mankalon (-10.80%), Laishen Tongling (-8.78%), Meibang Apparel (-7.48%), Mingpai Jewelry (-7.35%), and Dia Shares (-7.05%) [28]. Industry Data Tracking - The report provides insights into raw material prices, noting that the cotton price index was 15,283 yuan/ton, with a month-on-month increase of 0.2% [33]. - For the first eight months of 2025, China's textile and apparel exports amounted to 94.513 billion and 102.761 billion USD, reflecting a year-on-year growth of 1.6% and a decline of 1.7%, respectively [48]. - In August 2025, the domestic retail sales totaled 3.97 trillion yuan, with a year-on-year growth of 3.4% [55]. Industry News - Skechers has completed its privatization and delisting from the New York Stock Exchange, with a transaction price exceeding 9 billion USD [6][67]. - Xuezhongfei debuted its new ice and snow series at the China International Fashion Week, emphasizing its strategic goal to become the leading brand in China's ice and snow down jackets [68][70]. - VF Corporation announced the sale of its Dickies brand for 600 million USD to Bluestar Alliance, aligning with its strategy to focus on core outdoor brands [71][73].

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, particularly highlighting the potential in the sports sector due to recent policy support for sports events [3][10]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index declining by 0.3% from September 15 to September 19, 2025, while the SW apparel and home textiles index rose by 0.7% [3][4]. - Recent industry data indicates that from January to August 2025, the total retail sales of clothing, shoes, and textiles reached 940 billion yuan, reflecting a year-on-year growth of 2.9% [3][21]. - The report emphasizes the importance of domestic demand recovery as a key investment theme for 2025, with a focus on quality domestic brands that are expected to rebound from current challenges [3][11]. Summary by Sections Textile Sector - Vietnam's textile and footwear exports fell in August, with a decline of 4.8% and 3.9% respectively, attributed to preemptive order completions to avoid tariff increases [9]. - The report suggests focusing on high-quality manufacturers with diversified global production capacities [9]. - The cotton price index in China was reported at 15,200 yuan per ton, down 0.3% week-on-week, while international cotton prices showed slight increases [34]. Apparel Sector - The government has introduced policies to boost service consumption, particularly in sports events, which is expected to enhance the performance of the sports apparel segment [10][11]. - The report highlights the potential for new consumption growth points through the integration of sports events with tourism and local commerce [10][11]. - Retail innovation is accelerating, with brands like Anta and 361 Degrees expanding their store formats to capture new consumer trends [11]. Key Recommendations - The report recommends investing in outdoor sports brands such as Anta, Li Ning, and 361 Degrees, as well as discount retailers like Hailan Home [3][11]. - It also suggests monitoring companies involved in the non-woven fabric supply chain, particularly Nobon and Jeya, which are expected to benefit from market recovery [9].

Group 1 - Hengda Group Holdings announced that its shares will resume trading on September 19, 2025, at 9:00 AM [2]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][27]. Core Insights - In August 2025, domestic retail sales (社零) grew by 3.4% year-on-year, slightly below market expectations, with a total retail sales amounting to 3.97 trillion yuan [5][6]. - The retail sales growth for the textile and apparel sector in the first eight months of 2025 was 2.9%, with a notable increase in sports and entertainment products, which saw a growth of 20.6% [8][10]. - The online retail channel continues to outperform the overall retail market, with a year-on-year growth of 6.4% in physical goods online sales [6][10]. Summary by Sections Retail Performance - In August 2025, the year-on-year growth rates for dining and goods retail were 2.1% and 3.6%, respectively [5]. - The consumer confidence index in July 2025 was 89.0, reflecting a 1.1 point increase [5]. Channel Analysis - Online channels showed a year-on-year growth of 6.4% in physical goods, while offline channels like convenience stores and supermarkets demonstrated stable performance [6]. - For the first eight months of 2025, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.6%, 4.9%, 1.2%, 5.2%, and 1.7%, respectively [6]. Sector-Specific Insights - The jewelry sector saw a significant year-on-year growth of 16.8% in August 2025, with gold prices reaching an average of 775.92 yuan per gram, up 36.7% year-on-year [7][11]. - The textile and apparel sector's year-on-year growth was 3.1% in August 2025, with a marginal improvement compared to previous months [7][10]. Investment Recommendations - The report recommends focusing on brands like 361 Degrees, with a noted increase in revenue growth among major sports brands [8][10]. - For the textile manufacturing sector, it suggests tracking the recovery of Nike, which could positively impact overall sector valuations [10].

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting potential investment opportunities in specific segments such as non-woven fabrics and sportswear [2][9]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 0.7%, lagging behind the SW All A index by 1.5 percentage points [4][6]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July [30]. - Exports of textiles and apparel decreased by 0.3% year-on-year, amounting to 197.27 billion USD from January to August, with a notable 5.0% decline in August alone [30][31]. Summary by Sections Textile Sector - Focus on investment opportunities in the entire non-woven fabric supply chain, with a significant weekly increase of 26% for Yanjiang Co. The production of non-woven fabrics has been declining since its peak in 2020, but the pandemic has heightened hygiene awareness, maintaining a large market scale [9][12]. - Yanjiang Co. has a global production footprint in China, Egypt, the USA, and India, with major clients including Procter & Gamble and Kimberly-Clark, contributing significantly to its revenue [9][12]. - The report recommends Nobon Co. for its growth potential in personal care and new tobacco products, highlighting its strong market position and technological capabilities [10][12]. Apparel Sector - Jiangnan Buyi reported a stable growth in its latest annual report, with a 4.6% increase in revenue to 5.55 billion yuan and a 6.0% rise in net profit to 900 million yuan for FY25 [12][19]. - The sportswear segment shows resilience, with brands like Anta and Li Ning demonstrating strong performance despite market challenges, with Anta's revenue increasing by 14% year-on-year [13][19]. - The report emphasizes the importance of domestic demand recovery in 2025, suggesting that high-quality domestic brands are poised for a turnaround [10][12]. Market Trends - The report notes a K-shaped recovery in retail, with high-end and cost-effective brands performing better. Innovations in retail formats are accelerating, with plans for significant store expansions in the coming year [13][19]. - The textile manufacturing sector is expected to benefit from favorable trade conditions, particularly for manufacturers with strong supply chain capabilities [10][12].

Core Viewpoint - The company is exploring the use of stablecoin payment and settlement solutions for product sales outside mainland China, aiming to enhance payment efficiency and reduce costs for cross-border e-commerce clients [1] Group 1: Company Initiatives - The company has opened an account with an independent third-party service provider specializing in digital payment solutions involving fiat currencies and stablecoins [1] - The integration of virtual assets is expected to create significant business opportunities for the company [1] Group 2: Market Context - There is an increasing acceptance of cryptocurrencies in the global business community [1] - The company serves numerous cross-border e-commerce and overseas offline store clients who have ongoing needs for local payments and cross-border settlements [1] Group 3: Benefits of Stablecoin Adoption - Utilizing stablecoin payment methods is anticipated to enhance payment efficiency and lower costs, better meeting the needs of cross-border e-commerce clients [1] - The adoption of stablecoin payments is expected to help mitigate exchange rate risks faced by the company when transacting with clients outside mainland China [1]

Group 1 - The company is exploring the use of stablecoin payment and settlement solutions for product sales outside mainland China, including offline stores, e-commerce sales, supply chain services, and digital ecosystem businesses [1] - An account has been opened with an independent third-party service provider specializing in fiat and stablecoin omnichannel digital payment solutions to facilitate efficient and seamless value flow globally [1] - The integration of virtual assets is expected to create significant business opportunities, particularly for cross-border e-commerce and overseas offline store clients who have ongoing needs for local payments and cross-border settlements [1] Group 2 - The adoption of stablecoin payment methods is anticipated to enhance payment efficiency and reduce costs, better meeting the needs of cross-border e-commerce clients [1] - This payment method is also expected to help mitigate exchange rate risks faced by the company when transacting with clients outside mainland China [1]

Core Viewpoint - The company is exploring the use of stablecoin for payment and settlement solutions to enhance product sales outside mainland China, indicating a strategic shift towards digital payment methods [1] Group 1: Company Initiatives - The company has opened an account with an independent third-party service provider specializing in digital payment solutions involving both fiat currency and stablecoin [1] - The integration of virtual assets is seen as a significant business opportunity, reflecting the growing acceptance of cryptocurrencies in the global business community [1] Group 2: Market Demand - The company serves numerous cross-border e-commerce and overseas offline store clients, who have a continuous demand for local payment and cross-border settlement solutions [1] - The adoption of stablecoin payment methods is expected to enhance payment efficiency and reduce costs, better meeting the needs of cross-border e-commerce clients [1] - This payment method is anticipated to help mitigate exchange rate risks faced by the company when transacting with clients outside mainland China [1]

Core Viewpoint - 361 Degrees is exploring the use of stablecoin payment and settlement solutions for product sales outside mainland China, aiming to enhance payment efficiency and reduce costs for cross-border e-commerce clients [1] Group 1: Company Initiatives - The company has opened an account with an independent third-party service provider specializing in fiat and stablecoin digital payment solutions [1] - The integration of virtual assets is expected to create significant business opportunities for the company [1] Group 2: Market Context - There is an increasing acceptance of cryptocurrencies in the global business community [1] - The company serves numerous cross-border e-commerce and overseas offline store clients who have ongoing needs for local payments and cross-border settlements [1] Group 3: Expected Benefits - The adoption of stablecoin payment methods is anticipated to improve payment efficiency and lower costs, better meeting the needs of cross-border e-commerce clients [1] - This payment method is also expected to help reduce the exchange rate risks faced by the company when transacting with clients outside mainland China [1]

有關可能使用穩定幣支付及結算解決方案的業務最新資料 本公 佈由 361 度國 際有限 公司（「本 公司」，連同 其附 屬公 司統 稱「本 集團」）自 願作 出，以向本公司股東及潛在投資者提供本集團的最新業務發展情況。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1361） 自願公佈 本公司股東及潛在投資者於買賣本公司股份時務請謹慎行事。 本公司近期正探索使用穩定幣支付和結算的解決方案，用於本集團在中國大陸以 外地區的產品銷售，涵蓋境外線下門店、電子商務銷售、供應鏈服務和數位生態 業務。就此而言，本集團已在一名獨立第三方服務供應商處開設賬戶，該名供應 商深耕於法定貨幣和穩定幣全渠道數字支付解決方案，助力企業在環球上實現高 效及無縫的價值流動。 全球企業界對加密貨幣的接納程度日益提升。本集團認為，整合虛擬資產將創造 重大業務機遇。本集團服務 ...