证券研究报告 | 行业周报 gszqdatemark 2026 01 18 年 月 日 纺织服饰 周专题：部分服饰制造公司 2025 年营收公布 【本周专题】部分服饰制造公司 2025 年营收公布 近期部分服饰制造公司公布 2025 年 12 月及全年营收表现。1）2025 全 年丰泰企业 / 儒 鸿 / 裕 元 集 团 （ 制 造 业 务 ） 累 计 收 入 同 比 分 别 - 4.5%/+3.2%/+0.5%（单月来看，2025 年 12 月收入同比分别-0.6%/- 3.6%/-3.7%）。2）单季度来看，2025Q4 丰泰企业/儒鸿收入同比分别- 5.3%/-3.2%，四季度收入表现弱于全年整体。 此前我们发布业绩前瞻报告，预计 2025Q4 服饰制造出货整体表现平淡， 其中下游成衣制造因订单波动及产能爬坡、短期利润率表现或承受压力。 1）我们预计申洲国际 2025 年收入同比增长 10%左右/报表端归母净利润 同比持平；预计华利集团 2025Q4 收入同比表现平稳/归母净利润同比仍 有下降；预计 2025Q4 新澳股份收入及归母净利润均有望同比实现双位数 增长；预计 2025Q4 伟星股份归母净利润 ...

机构：天风证券 研究员：孙海洋 2025 年公司鞋服配供应链合作伙伴大会顺利召开差异化、互补性强的多品牌组合是安踏持续增长的核 心引擎。过去一年，运动鞋服行业面临多重挑战，安踏集团坚持'单聚焦、多品牌、全球化'战略，持续 强化多品牌协同管理、多品牌零售运营和全球化运营与资源整合三大核心能力，与合作伙伴勠力同心， 实现了全球拓展和稳健增长。 全球采购与资源整合能力是安踏集团的核心竞争力之一。在品牌全球化发展的关键阶段，服配供应链 以'十五五体育产业提质扩容'为契机，推动优势产业链的全球布局，构建韧性强、效率高的智慧供应链 生态。 近年来，安踏集团鞋供应链全面融合AI 技术，推动业务创新和绿色转型。 现已搭建起全球首个实现"数字化资产-AI 辅助设计-3D 渲染"全链路的VR技术平台，实现上下游产业链 高效协同；持续升级智能化产线，在提升响应速度的同时减少资源浪费，为打造敏捷、柔性的产业共同 体奠定基础。 下一步，公司鞋供应链将继续拓展"AI+业务"全链协同，以科技创新和人工智能引领产业高质量发展。 2025 年以来全球宏观环境形势复杂多变 消费者信心指数较二零二四年下半年有所回升，但仍低于长期平均水平，显示居民 ...

格隆汇1月16日丨安踏体育(02020.HK)宣布，董事会将于2026年3月25日（星期三）举行会议，藉以（其 中包括）批准集团截至2025年12月31日止年度的全年业绩，并考虑建议派付股息。 ...

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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 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。 承董事會命 安踏體育用品有限公司 主席 丁世忠 中國香港，二零二六年一月十六日 於本公告日期，本公司執行董事為丁世忠先生、丁世家先生、賴世賢先生、吳永華先生、 鄭捷先生及畢明偉先生；以及獨立非執行董事為姚建華先生、賴顯榮先生、王佳茜女士 及夏蓮女士。 董事會會議召開日期 安踏體育用品有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事 會（「董事會」）謹此宣佈，董事會將於二零二六年三月二十五日（星期三）舉 行會議，藉以（其中包括）批准本集團截至二零二五年十二月三十一日止年度的 全年業績，並考慮建議派付股息。 ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立之有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） ...

Summary of ANTA Sports Products Conference Call Company Overview - **Company**: ANTA Sports Products Limited - **Ticker**: 2020 HK - **Industry**: Retail (Sportswear) Key Points Potential Acquisition of Puma - ANTA has reportedly offered to purchase a 29% stake in Puma, which is currently facing challenges in its China operations, including a sales decline of over 20% from 2023 to 2025 [1][7] - The acquisition is seen as a strategic move to enhance ANTA's brand portfolio, which currently focuses more on running and outdoor segments, by integrating Puma's strengths in sports-leisure, football, and basketball [7] Financial Performance and Projections - ANTA maintains a target price of HKD 117.00, indicating a potential upside of 46% from the current trading price of HKD 80.30 [2][4] - Revenue projections for FY24 are set at CNY 70,826 million, with a normalized net profit of CNY 11,729 million [3][9] - The company is expected to achieve a normalized EPS growth of 13.2% in FY24, despite a slight decline in FY25 [3] Market Position and Competitive Landscape - ANTA is recognized for having solid fundamentals in the China sportswear sector, trading at a forward P/E of 17.0x compared to the industry average [2] - The company is well-positioned to improve Puma's operations in China, leveraging its multi-brand management experience [7] Risks and Challenges - Potential risks to achieving the target price include intensified competition from domestic and global players, slower-than-expected sales growth, and weaker macroeconomic conditions [12][20] - Puma's reliance on key retail operators for over 50% of its sales and its underperformance in online channels are significant challenges that could impact the acquisition's success [7] Financial Ratios and Metrics - ANTA's projected dividend yield is expected to increase from 3.0% in FY24 to 4.0% by FY27 [3] - The company is in a net cash position, indicating strong liquidity and financial health [10] ESG Initiatives - ANTA is actively addressing climate change risks and has launched initiatives to promote environmental protection and product innovation using eco-friendly materials [13] Conclusion - The potential acquisition of Puma represents a significant opportunity for ANTA to expand its market presence and enhance its brand portfolio, while the company continues to demonstrate strong financial performance and a solid market position in the competitive sportswear industry [1][2][7]

Core Viewpoint - The article discusses the strategic significance of the Swedish outdoor brand Haglöfs, referred to as "火柴棍" (matchstick), for Li Ning's multi-brand operation capabilities in the high-end outdoor market [3][5]. Group 1: Company Overview - Haglöfs has opened its first VASA concept store in Shanghai, marking its 21st store in mainland China, and is a flagship project under a joint venture between Li Ning's family-controlled company and Ryan Capital [4][5]. - Li Ning Group reported a revenue of 14.817 billion yuan for the first half of 2025, a year-on-year increase of 3.3%, with a market capitalization of approximately 44.2 billion yuan and a price-to-sales ratio of about 1.5 times [5]. - In comparison, Anta Group achieved a revenue of 38.544 billion yuan, a 14.3% year-on-year increase, with a market capitalization of around 200.6 billion yuan and a price-to-sales ratio of 2.6 times [5]. Group 2: Market Positioning - The outdoor market is characterized by clear segmentation, with high-end brands like Arc'teryx and Patagonia dominating consumer perception, while domestic brands like KAILAS are also making strides [9][10]. - Haglöfs needs to establish its positioning in a crowded market, where it faces challenges in brand recognition and competition from both international and domestic brands [10][23]. Group 3: Market Trends - The outdoor sports participation in China has surpassed 400 million, indicating a shift from niche to mass consumption, with significant growth in the ice and snow industry and climbing market [24][25][26]. - The online sales growth of sports and outdoor apparel has consistently outpaced the overall apparel market, highlighting a favorable trend for these segments [27]. Group 4: Strategic Challenges - Haglöfs faces challenges in brand recognition, as it is perceived as a second-tier brand internationally, which may hinder its market penetration in China [23]. - Li Ning's multi-brand strategy has shown mixed results, with the performance of acquired brands like Clarks and Bossini under scrutiny, raising questions about the operational capabilities of Li Ning in managing diverse brands [35][39]. Group 5: Future Outlook - The success of Haglöfs is crucial for Li Ning's high-end strategy, as it could enhance Li Ning's competitive position against Anta in the multi-brand landscape [45]. - However, the future of Haglöfs in the Chinese market remains uncertain due to challenges in brand recognition, intense competition, and the operational effectiveness of its parent company [45].

近5日，港股消费(159735)获净申购6982.19万元，位居跨境ETF净流入排名第28/208。近10日，港股消费 (159735)获净申购6982.19万元，位居跨境ETF净流入排名第35/208。近20日，港股消费(159735)获净申 购6574.55万元，位居跨境ETF净流入排名第47/208。 来源：新浪基金∞工作室 数据显示，1月14日，港股消费(159735)获净申购482.98万元，位居当日跨境ETF净流入排名27/208。最 新规模8.14亿元，前一日规模8.02亿元，当日资金净流入额占前一日规模的比例为0.60%。 最新定期报告显示，银华基金（159735）重仓股包括阿里巴巴-W、腾讯控股、泡泡玛特、安踏体育、 百胜中国、农夫山泉、万洲国际、海尔智家、小米集团-W、申洲国际，持仓占比如下： 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）09988阿里巴巴-W19.54%101.10万1.63亿 00700腾讯控股16.59%22.91万1.39亿09992泡泡玛特7.99%27.42万6679.05万02020安踏体育4.88%47.76万 4076.97万09987百胜中国4. ...

Market Overview - The Hang Seng Index (HSI) closed at 26,783.18, down by 216.63 points or 0.80% as of January 14, 16:00 Eastern Time [1] - The index reached a high of 26,918.58 and a low of 26,724.89 during the trading session, with a trading volume of 82.41 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.501, up by 0.39% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 632.594, down by 0.06% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 633.000, with an increase of HKD 5.500 or 0.88%, but its ADR price is HKD 632.594, showing a decrease of HKD 0.406 [3] - Alibaba Group (09988) latest price is HKD 169.000, up by HKD 9.100 or 5.69%, with an ADR price of HKD 165.595, down by HKD 3.405 [3] - HSBC Holdings (00005) latest price is HKD 127.000, up by HKD 0.600 or 0.47%, with an ADR price of HKD 127.501, up by HKD 0.501 [3] - Other notable movements include Meituan (03690) down by 3.24% and Ctrip Group (09961) down by 6.49% [3]

Investment Rating - The report provides a positive investment rating for the children's apparel industry, highlighting its growth potential in the e-commerce sector [8][10]. Core Insights - The children's apparel market has shown consistent growth over the past three years, with online sales increasing significantly, particularly on platforms like Douyin, which saw sales rise from 40.84 billion to 78.95 billion [8][9]. - E-commerce platforms are driving the growth of the children's apparel market, with Douyin's unique content-driven approach enhancing consumer engagement and sales [18][20]. - The report identifies key growth categories within children's apparel, including outerwear, homewear, and ethnic clothing, which have all shown promising sales figures and growth rates [11][14][19]. Summary by Sections E-commerce Trends - The online sales of children's apparel have maintained a growth trajectory, with Douyin contributing significantly to the overall market expansion [8]. - In 2024, the overall growth rate for children's apparel on Taobao is projected at 4.9%, with specific categories like outdoor apparel and ethnic clothing performing exceptionally well [11]. Sales Data - The report details sales figures for various categories, indicating that outerwear and homewear are among the top performers, with sales of 39.12 billion and 24.12 billion respectively in 2024 [11][16]. - Douyin's children's apparel sales are expected to reach 143.88 billion in 2024, with a growth rate of 31.9% for outerwear [20]. Brand Performance - The report ranks leading brands in the children's apparel sector, with Balabala leading in sales at 19.35 billion, followed by Disney and Dave&bella [22][23]. - Notable growth rates are observed for brands like Yaya and Nanny Goose, indicating strong market competition and consumer preference [24][26]. Market Segmentation - The children's apparel market is segmented into various categories, including underwear, homewear, and ethnic clothing, each showing distinct growth patterns and sales figures [6][7][19]. - The report emphasizes the importance of quality and comfort in children's clothing, which is a critical factor for parents when making purchasing decisions [6].

来源：钛媒体 安踏或又新添了一个百亿品牌。 有消息称，安踏集团旗下高端运动品牌迪桑特营收或已突破百亿，成为了继始祖鸟、FILA、安踏儿童 等品牌之后，又一个营收超百亿的品牌。 迪桑特近年来一直保持着高速的增长。根据安踏集团2025年半年报数据显示，以迪桑特、可隆为代表的 其他品牌收入同比大涨61.1%至74.1亿元，其品牌营收占比也从去年同期的13.6%提升至19.2%。 从始祖鸟到迪桑特，安踏已经验证了中高端运动服饰品类的市场价值，并摸索出了一整套从品牌、产 品、渠道到数据拆解、流水分析、成交率的综合方法论。 而随着始祖鸟陷入舆论风波，迪桑特或有望扛起安踏集团增长的大旗。 9年百亿的迪桑特 "当时收购迪桑特，我们清楚看到第一它的商品力很强，第二它是我们想要做的高端专业运动品牌。"迪 桑特（中国）有限公司董事长丁少翔在此前的采访中，曾这样描述迪桑特对于安踏集团的价值。 作为一个以滑雪装备起家的品牌，迪桑特于1935年在日本创立。2016年安踏正式接手迪桑特国内运营， 2019年首次在中国实现盈利，2023年在中国地区实现了年入50亿元的业绩，并计划在2026年左右成为一 个 "百亿品牌"。 如今看来，这个目标 ...