Industry Overview - The furniture retail sector in China saw a significant year-on-year growth of 20.20% in the first four months, with total retail sales amounting to 583.40 billion yuan [17][51] - The furniture manufacturing industry reported a revenue of 197.35 billion yuan, reflecting a decline of 3.60% year-on-year [17] - The consumption upgrade policy, particularly the "old-for-new" program, has positively impacted sales, with over 5.76 million home renovation orders recorded [51] Market Performance - From May 6 to May 30, the light industry sector outperformed the CSI 300 index by 2.97 percentage points, with a growth of 4.82% compared to the index's 1.85% [46] - The textile and apparel sector also outperformed the CSI 300 index by 4.18 percentage points, achieving a growth of 6.03% [50] Strategic Recommendations - Companies such as Oppein Home, Sophia, and Petty have been rated as "Buy" due to their strong market positions and growth potential [2][56] - The report maintains a "Neutral" rating for the light industry and textile sectors, indicating a cautious but optimistic outlook [56] Trade and Regulatory Environment - Recent developments in US-China trade relations have led to a temporary easing of tariff risks, with the US extending certain tariff exemptions until August 2025 [54] - The global market for new tobacco products, including e-cigarettes, is experiencing growth, with sales increasing by 12.7% for heated tobacco and 9.5% for e-cigarettes [55] Emerging Opportunities - The recent launch of AI glasses, such as the Thunder X3 Pro and Liweike View AI glasses, presents potential investment opportunities in the tech sector [56] - The tightening of regulations on e-cigarettes in China may benefit compliant new tobacco companies, creating a favorable environment for growth [55]

行 业 及 产 业 纺织服饰 2025 年 05 月 25 日 亚玛芬一季报超预期，关税缓和下对美出口修复 看好 ——纺织服装行业周报 20250525 本期投资提示： 业 点 评 证 相关研究 《中美经贸会谈达成积极共识，催化板块 预 期 修 复 — — 纺 织 服 装 行 业 周 报 20250518》 2025/05/18 《中美经贸会谈是积极信号，越南纺织出 口 延 续 强 劲 — — 纺 织 服 装 行 业 周 报 20250511》 2025/05/11 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 业 研 究 / 行 券 研 求佳峰 (8621)23297818× qiujf@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 究 报 告 ⚫ 本周纺织服饰板块表现强于市场。5 月 19-23 日，SW ...

Core Points - The company announced the cancellation of 39,145,520 stock options due to the failure to meet the exercise conditions for the first exercise period of the 2024 stock option incentive plan [1][2] - The cancellation was approved at the company's annual general meeting held on May 8, 2025, and completed on May 23, 2025 [2] - The cancellation process complies with relevant laws and regulations, ensuring no adverse effects on the company's capital structure or the interests of shareholders, particularly minority shareholders [2] Summary by Sections - **Stock Option Cancellation**: The company canceled a total of 39,145,520 stock options, which includes 38,725,320 options from 143 incentive targets who did not meet the exercise conditions and 420,200 options from a departing employee [1] - **Approval and Completion**: The cancellation was approved during the shareholder meeting on May 8, 2025, and was finalized by the China Securities Depository and Clearing Corporation on May 23, 2025 [2] - **Regulatory Compliance**: The cancellation adheres to the company's stock option incentive plan and relevant regulatory guidelines, confirming that the reasons and quantities for cancellation are legal and valid [2]

证券代码：002563 证券简称：森马服饰 公告编号：2025-17 浙江森马服饰股份有限公司 关于部分股票期权注销完成的公告 经中国证券登记结算有限责任公司深圳分公司审核确认，公司已于 2025 年 5 月 23 日 完成上述共计 39,145,520 份股票期权的注销事宜。 公司本次注销股票期权事项符合公司 2024 年股票期权激励计划、《上市公司股权激励 管理办法》、《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》等法律法规 和规范性文件的相关规定，注销原因及数量合法、有效，且程序合规。本次注销股票期权 不会对公司股本结构造成影响，不存在损害公司及其他股东特别是中小股东利益的情况。 特此公告。 1 浙江森马服饰股份有限公司 董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、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")于 2025 年 3 月 28 日在公司召开第 六届董事会第十三次会议、第六届监事会第十二次会议，会议审议通过了《关于 2024 年 股票期权激励计划第一个行权期行权条件未成就及注销部分股票期权的议案》，因公司 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is expected to benefit from the sentiment boost due to childbirth subsidy policies, which may enhance the performance of its retail brand, Balabala. The ongoing new retail reforms are anticipated to yield positive results, and continued store openings could provide additional revenue and performance flexibility. The projected net profits for 2025-2027 are estimated at 1.18 billion, 1.31 billion, and 1.45 billion yuan, with corresponding P/E ratios of 14, 12, and 11 times. Assuming an 80% dividend payout ratio, the estimated dividend yield for 2025 is approximately 5.9% [2][5]. Financial Performance Summary - In Q1 2025, the company reported revenues of 3.08 billion yuan, a year-on-year decrease of 2%. The net profit attributable to the parent company was 210 million yuan, down 38% year-on-year, while the net profit after deducting non-recurring gains and losses fell by 43% [5]. - The gross profit margin for Q1 increased by 0.4 percentage points to 47%, attributed to reduced discounts and an increase in direct sales. However, the expense ratio rose significantly by 5.9 percentage points, with sales, management, and financial expense ratios increasing by 4.1, 0.7, and 1.2 percentage points, respectively. Consequently, the net profit margin decreased by 4.1 percentage points to 7.0% [5][10]. - Inventory levels increased by 29.4% year-on-year to 3.35 billion yuan, with a turnover rate declining by 0.15 times to 0.48 times. The net cash flow from operating activities dropped by 82% year-on-year to 150 million yuan, primarily due to increased payments for goods [10][11].

转自：前瞻产业研究院 细分产品市场 行业主要上市公司：安奈儿(002875)、森马服饰(002563)、朗姿股份(002612)、泰慕士(001234)等; 本文核心数据：全球童装行业市场规模 2024年全球童装行业市场规模约2800亿美元 儿童服装简称童装，指适合儿童穿着的服装。按照年龄段分包括婴儿服装、幼儿服装、小童服装、中童 服装、大童服装等。还包括中小学的校园服装等。Statista数据显示，2024年全球童装行业市场规模约 2800亿美元，近五年行业复合增速2.02%。 产业竞争 全球童装领先企业主要有Gymboree、OKAIDI、OSHKOSH等，企业具体布局情况如下： | 企业名称 | 所属国家 | 布局情况 | | --- | --- | --- | | Gymboree4 | 美国行 | Gymboree 是美国知名的童装品牌,成立于1976年,主要为 0-7 岁的 « | | | | 婴幼儿设计制造及零售服装。产品涵盖经典、自然、和谐、活泼的设计 | | | | 理念,色彩亮丽,款式多样,深受家长和儿童喜爱。 | | OKAIDI+ | 法国行 | OKAIDI·是法国的时尚董装品牌,专 ...

Core Viewpoint - Guki Down Material (001390.SZ) has initiated its subscription with an issue price of 12.08 CNY per share and a price-to-earnings ratio of 14.65 times, focusing on high-end down products for clothing and bedding applications [1] Business Overview - The company specializes in the research, production, and sales of high-specification down products, primarily goose and duck down, targeting the mid-to-high-end market [1] - Guki Down Material has established partnerships with notable clients such as Hailan Home, Semir Apparel, and Luolai Life [1] Production Capacity and Utilization - The company's production capacity for 2022 was 1,144 million units, with a production volume of 757.15 million units and a sales volume of 743.90 million units, resulting in a capacity utilization rate of 66.18% [2] - The capacity utilization rates for previous years were 76.70% in 2021, 87.09% in 2020, and 87.39% in 2019, indicating a downward trend in utilization [2] Financial Performance - The company reported revenues of approximately 4.59 billion CNY in 2019, 4.44 billion CNY in 2020, and 5.96 billion CNY in 2021, with net profits of 358.15 million CNY, 539.93 million CNY, and 768.12 million CNY respectively [2] - For the first half of 2022, the company achieved a revenue of 25.88 million CNY and a net profit of 2.77 million CNY [5] Cash Flow Analysis - The net cash flow from operating activities was negative in several periods, with figures of -25.86 million CNY, -47.75 million CNY, 29.91 million CNY, and -47.73 million CNY [6] - The company faces challenges with long accounts receivable cycles from downstream customers, which has led to significant working capital constraints [7]

行 业 及 产 业 纺织服饰 2025 年 05 月 18 日 相关研究 《中美经贸会谈是积极信号，越南纺织出 口 延 续 强 劲 — — 纺 织 服 装 行 业 周 报 20250511》 2025/05/11 《业绩收官表现分化，运动及户外产业链 景 气 占 优 — — 纺 织 服 装 行 业 周 报 20250505》 2025/05/06 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com 证 券 研 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 看好 ——纺织服装行业周报 20250518 本期投资提示： ⚫ 【本周板块观点】 请务必仔细阅读正文之后的各项信息披露与声明 究 / 行 业 点 评 究 报 告 中美经贸会谈达成积极共识，催化板块预期修复 ⚫ 本周纺织服饰板块表现强于市场。5 月 ...

近日，安徽古麒绒材股份有限公司（以下简称"古麒绒材"）在深交所披露主板上市招股意向书，将于2025年5月19日开启申 购，预计融资金额5.01亿元。 古麒绒材本次IPO相关中介机构分别为国信证券、立信所及锦天城，评估机构为银信资产评估有限公司。 古麒绒材2001年成立，主营业务为高规格羽绒产品的研发、生产和销售，主要产品为鹅绒和鸭绒。同行业可比公司包括华 英农业（002321.SZ）、兴业科技（002674.SZ）、华斯股份（002494.SZ）。 公司主要客户包括海澜之家（600398.SH）、森马服饰（002563.SZ）、鸭鸭股份等羽绒服装、羽绒寝具企业。 2022年度、2023年度、2024年度，公司营业收入分别为6.67亿元、8.30亿元、9.67亿元；归母净利润分别为0.97亿元、1.22 亿元、1.68亿元；扣非归母净利润分别为0.90亿元、1.21亿元、1.65亿元。 | 项目 | 2024-12-31/ | 2023-12-31/ | 2022-12-31/ | | --- | --- | --- | --- | | | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总 ...

Economic Overview - In April 2025, China's export growth was 8.1% year-on-year in USD terms, while imports decreased by 0.2%[16] - The trade surplus in April was stronger than the average in Q1 2025, providing support to the economy[17] - The CPI showed a month-on-month increase of 0.2%, driven by rising food and travel prices, while the PPI remained low at -2.7% year-on-year[13][15] Market Trends - The A-share market saw a slight increase in trading activity, with average daily turnover rising from CNY 1.10 trillion to CNY 1.35 trillion, and the proportion of stocks rising increased to 84%[22] - Foreign capital inflow into the A-share market was USD 2.1 million, with the proportion of trading by foreign investors dropping to 11.0%[23] Sector Performance - The automotive sector showed strong performance, with passenger car sales increasing by 7% year-on-year during the May Day holiday[27] - New home sales in 30 major cities increased by 13.7% year-on-year, indicating a recovery in the real estate market[28] Policy and Monetary Environment - The People's Bank of China indicated a shift towards a more accommodative monetary policy, with expectations for further interest rate cuts and adjustments to deposit rates[6][7] - The government is expected to accelerate the issuance and utilization of special bonds to support infrastructure investment[7] Risks and Challenges - Ongoing uncertainties in trade relations and domestic growth policies may impact economic stability[6][12] - The real estate market continues to face pressure, with potential risks to consumer spending and investment recovery[28]