11月14日，森马服饰跌1.51%，成交额3.01亿元。两融数据显示，当日森马服饰获融资买入额3445.98万 元，融资偿还3011.21万元，融资净买入434.77万元。截至11月14日，森马服饰融资融券余额合计1.97亿 元。 融资方面，森马服饰当日融资买入3445.98万元。当前融资余额1.94亿元，占流通市值的1.23%，融资余 额超过近一年90%分位水平，处于高位。 分红方面，森马服饰A股上市后累计派现125.85亿元。近三年，累计派现26.94亿元。 机构持仓方面，截止2025年9月30日，森马服饰十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股8735.54万股，相比上期减少8436.40万股。 融券方面，森马服饰11月14日融券偿还1.05万股，融券卖出5.15万股，按当日收盘价计算，卖出金额 30.23万元；融券余量55.12万股，融券余额323.55万元，超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 资料显示，浙江森马服饰股份有限公司位于上海市闵行区莲花南路2689号，成立日期2002年2月5日，上 市日期2011年3月11日，公司主营业务涉及服饰设计与开发、外包 ...

四季度起终端零售有望持续改善 期待后期 盈利弹性 核心观点 盈利预测与投资建议 ⚫ 根据之前的三季报和目前的草根跟踪，我们调整盈利预测（上调了未来 3 年森马和巴 拉品牌的线上增速，下调了销售费用率和管理费用率），预计 2025-2027 年每股收 益分别为 0.36、0.44 和 0.53 元（原预测为为 0.32、0.42 和 0.52 元），参考可比公 司，给予 2026 年 16 倍 PE 估值，对应目标价 7.04 元，维持"买入"评级。 风险提示 国内可选消费复苏低于预期，天气异常波动对服饰消费可能影响，公司费用控制力 度和节奏低于预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 13,661 | 14,626 | 15,565 | 16,786 | 18,084 | | 同比增长 (%) | 2.5% | 7.1% | 6.4% | 7.8% | 7.7% | | 营业利润(百万元) | 1,505 | 1,548 | 1,32 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨森马服饰（002563.SZ） [Table_Title] 森马服饰 2025Q3 业绩点评：增长韧性优于同 业，销售费用拖累净利润 报告要点 [Table_Summary] 展望未来，公司夯实基础，全域化、控折扣、降库存均取得成效。预计短期内受益于生育补贴 政策情绪催化，巴拉终端零售有望受到提振，增益业绩表现，叠加后续新零售改革逐步取得成 效，公司逆势开店后续有望带来一定的收入和业绩弹性增量。预计公司 2025-2027 归母净利润 为 9.4、10.3、11.1 亿元，分别同比-17%、+9%、+8%，对应 PE 为 15、14、13X，维持"买 入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 森马服饰（002563.SZ） cjzqdt11111 [Table_Title 森马服 ...

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]

Core Insights - The article discusses the landscape of the personal snow equipment industry in China, highlighting the limited number of listed companies and their focus on outdoor sports and ice facility construction [1][5]. Company Overview - Major listed companies in the personal snow equipment sector include Sanfu Outdoor, Ternua, Anta, Inpace, Shuhua Sports, Xinlong Health, and Huali Technology, among others [1]. - The industry is divided into two main categories: companies focusing on outdoor sports equipment (e.g., Anta, Ternua) and those specializing in ice facility construction (e.g., Inpace) [1]. Financial Performance - Anta Sports leads in revenue with 42.2 billion yuan and a gross margin of 63.4%, attributed to its multi-brand strategy and strong profitability in snow-related business [3][4]. - Bi Yin Le Fen achieves the highest gross margin at 75.9% due to its high-end positioning, while Sanfu Outdoor maintains a gross margin of 58.6% from its specialized snow equipment [3][4]. - Other companies like Ternua and Semir have moderate gross margins, with Inpace and Shuhua Sports showing average margins [3]. Revenue and Profitability Metrics - In the first half of 2025, Anta Sports reported a revenue of 42.27 billion yuan, while other companies like 361 Degrees and Tebu International reported revenues of 6.26 billion yuan and 7.5 billion yuan, respectively [4]. - The earnings per share (EPS) varied significantly, with Anta at 2.77 yuan and Ternua at 0.38 yuan, while companies like Ternua and Inpace reported lower EPS figures [12]. Regional Market Focus - Companies are strategically located in regions rich in snow resources, with Anta, Sanfu Outdoor, and Ternua focusing on the Beijing-Tianjin-Hebei and Northeast areas, while others like Tebu and Inpace target East China and North China [5][7]. - Internationally, companies are expanding into Southeast Asia, Europe, and the Middle East to meet the growing demand for snow equipment [5][7]. Future Business Plans - Companies like Anta, 361 Degrees, and Tebu are increasing R&D investments in snow equipment and enhancing their international presence [15]. - Sanfu Outdoor plans to expand its snowfield store network and strengthen partnerships with ski clubs and event organizations [15]. - Inpace and Shuhua Sports are focusing on upgrading ice facilities and services, while Huali Technology is developing VR snow products [15].

Core Viewpoint - Semir Apparel's stock price has shown fluctuations, with a recent increase of 2.09%, while the company faces a year-to-date decline of 10.12% in stock value [1][2]. Financial Performance - For the period from January to September 2025, Semir Apparel reported a revenue of 9.844 billion yuan, reflecting a year-on-year growth of 4.74%. However, the net profit attributable to shareholders decreased by 28.90% to 537 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 12.585 billion yuan, with 2.694 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Semir Apparel reached 49,900, an increase of 20.28% from the previous period. The average circulating shares per person decreased by 16.86% to 44,299 shares [2]. - The seventh largest circulating shareholder, Hong Kong Central Clearing Limited, holds 87.3554 million shares, a decrease of 84.364 million shares compared to the previous period [3]. Market Activity - As of November 10, 2025, Semir Apparel's stock was trading at 5.86 yuan per share, with a total market capitalization of 15.787 billion yuan. The trading volume reached 210 million yuan, with a turnover rate of 1.65% [1]. - The net inflow of main funds was 11.3157 million yuan, with large orders accounting for 21.31% of purchases and 15.11% of sales [1].

Core Points - Semir Apparel announced that its major shareholder, Qiu Jianqiang, pledged 66.5 million shares for personal needs, which accounts for 18.5% of his holdings and 2.47% of the company's total share capital [1] - After this pledge, Qiu Jianqiang holds a total of 359 million shares, representing 13.34% of the company's total share capital [1] - Following the latest pledge, Qiu Jianqiang has cumulatively pledged 138 million shares, which is 38.47% of his total holdings [1]

一、股东股份解除质押及质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002563 证券简称：森马服饰 公告编号：2025-30 浙江森马服饰股份有限公司关于公司 股东股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 浙江森马服饰股份有限公司（以下简称"公司"）近日接到股东邱坚强先生的通知，获悉邱坚强先生所持 有本公司的部分股份办理了解除质押及质押，具体事项如下： 1、董监高每日持股变化明细 特此公告 浙江森马服饰股份有限公司董事会 二〇二五年十一月八日 1、股东股份解除质押基本情况 ■ 2、股东股份质押基本情况 ■ 二、股东股份累计质押情况 ■ 注：若出现合计数尾数与各分项数字之和尾数不一致的情况，均为四舍五入原因造成。 三、其他情况说明 上述股东资信状况良好，具备相应的资金偿还能力，质押股份风险可控，目前不存在平仓风险或被强制 过户风险。上述股份质押事项不会对上市公司生产经营、公司治理等产生重大影响，也不会导致公司实 际控制权发生变更，质押的股份不涉 ...

北京商报讯（记者 张君花）11月7日，森马服饰发布公告称，近日股东邱坚强部分股份办理解除质押及 质押。其解除质押6500万股，占其所持股份18.08%，占总股本2.41%；质押6650万股，占其所持股份 18.50%，占总股本2.47%，质押用途为个人需求。截至公告披露日，邱坚强累计质押1.38亿股，占其所 持股份38.47%，占总股本5.13%。上述股东资信良好，质押风险可控，不会对公司产生重大影响，也不 会导致控制权变更。 ...