Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Xtep International, among others [10]. Core Insights - The overall performance of the sportswear sector is stable, with a forecasted slowdown in revenue growth for Q2 2025 compared to Q1 2025 due to fluctuations in the consumer environment [1][4]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality, anticipating performance recovery and valuation increases in 2025 [4]. - The jewelry sector is experiencing significant disparities in performance among companies, influenced by high gold prices and varying consumer demand for gold jewelry [3][29]. Summary by Sections Sportswear Sector - The sportswear companies are expected to maintain a healthy inventory turnover ratio of around 5 as of the end of Q2 2025, despite a forecasted revenue growth slowdown [1][15]. - Anta Sports is projected to achieve over 10% revenue growth in H1 2025, while Li Ning's revenue is expected to remain flat with a 20% decline in net profit [1][18]. - Xtep International is anticipated to see a 5% revenue growth and a 10% increase in net profit for H1 2025 [1][19]. - 361 Degrees is expected to achieve a revenue growth of 10% to 15% and a similar increase in net profit for H1 2025 [1][19]. A-Share Brand Apparel - The A-share brand apparel sector is experiencing stable terminal retail performance, but individual company performance is diverging [2][20]. - Companies like Hailan Home are expected to see a revenue growth of 0% to 5% in Q2 2025, while Steady Medical is projected to grow by 15% to 25% [2][24]. - The report indicates that companies with healthy terminal performance and effective cost management may see year-on-year growth, while those struggling with revenue scale may face pressure [2][20]. Jewelry Sector - The jewelry sector is benefiting from rising gold prices, with retail sales of gold and silver jewelry expected to grow by 12.3% year-on-year in 2025 [3][29]. - Companies like Chow Tai Fook and Chao Hong Ji are highlighted for their strong product differentiation and market competitiveness, with Chow Tai Fook expected to see a 10% increase in operating profit year-on-year [7][29]. - However, companies like Lao Feng Xiang and Zhou Da Sheng are projected to experience revenue declines of 20% to 10% and 15% to 5%, respectively, due to fluctuating consumer demand [3][29]. Apparel Manufacturing - The apparel manufacturing sector is expected to see stable output in finished garments, while upstream textile manufacturing orders are affected by pessimistic expectations [3][6]. - Shenzhou International is projected to achieve a revenue growth of 10% to 15% in H1 2025, while Wei Xing Co. is expected to see a decline in both revenue and net profit by 10% to 15% [3][6]. - The report suggests that leading companies with integrated and international supply chains are likely to outperform the industry in the medium to long term [3][6].

Industry Overview - The domestic furniture industry showed significant growth in the first five months of 2025, with retail sales totaling 75.74 billion yuan, a year-on-year increase of 21.40% [2][19] - The furniture manufacturing sector experienced a revenue decline of 3.90%, totaling 248.87 billion yuan [19] - The "old-for-new" consumption policy has effectively stimulated consumer spending, leading to rapid sales growth in related products [19] Market Performance - From June 2 to June 30, the light industry manufacturing sector outperformed the CSI 300 index by 1.12 percentage points, with a return of 3.62% compared to the index's 2.50% [4][49] - The textile and apparel sector underperformed the CSI 300 index by 0.56 percentage points, achieving a return of 1.94% [4][53] Strategic Recommendations - The report recommends increasing holdings in several companies, including Oppein Home (增持), Sophia (增持), Semir Apparel (增持), Pathfinder (增持), and Guibao Pet (增持) [6][55] - The "old-for-new" policy is expected to continue driving growth in the home goods sector, with central government funding of 138 billion yuan allocated for the third and fourth quarters [6][57] Key Data Points - In May, furniture exports amounted to 5.637 billion USD, a year-on-year decrease of 9.40% [21][58] - The pet food industry saw a significant increase in sales during the "618" shopping festival, with total sales reaching 7.5 billion yuan, a year-on-year growth of 36.36% [6][57] - The retail sales of clothing, shoes, and textiles totaled 613.84 billion yuan in the first five months, reflecting a year-on-year increase of 3.30% [2][40]

Summary of Conference Call for Semir Apparel Company Overview - The conference call discusses Semir Apparel, focusing on its retail performance, financial results, and strategic adjustments for 2025. Key Points Industry Performance - Retail terminal sales in the first half of 2025 experienced a year-on-year decline of 1.9%-2%, but showed a recovery with a growth of approximately 2% in the latter half of June, indicating a trend of low single-digit growth for the year [2][3][12]. Financial Results - In Q1 2025, the company's revenue decreased by 1.9% year-on-year, while profit fell by over 38%. This decline was attributed to increased expenses from new direct stores, stock incentive costs, and reduced interest and investment income [2][5]. - The company anticipates that high expense levels will persist into Q2 2025, negatively impacting performance [5]. Store Expansion Strategy - The company has adjusted its store opening strategy, expecting the total number of stores in 2025 to remain flat or slightly decrease, contrasting with a net increase of 388 stores in 2024 [2][6][8]. - In 2024, the company opened 1,400 new stores and closed 1,000, leading to a net increase of 388 stores [6][8]. Inventory Management - Inventory increased by 490 million yuan in 2024, a 14% year-on-year rise. Franchisee inventory is also expected to increase, but at a lower rate of about 10% [8][9]. - The increase in inventory has negatively impacted the wholesale business, which performed poorly in Q1 2025 [9][10]. E-commerce and Market Expectations - The management's expectations for the e-commerce environment were overly optimistic, leading to inventory buildup due to lower-than-expected sales [13][14]. - The company has implemented a flexible supply chain strategy and an integrated approach to address these challenges, although results have been limited [14]. New Store Format Success - The new basic store project has been successful in enhancing store efficiency and shopping experience, with about two-thirds of Semir stores undergoing transformation [4][15][17]. - Despite internal improvements, external factors such as reduced foot traffic and economic cycles have hindered revenue growth [16]. Marketing and Strategic Focus - The company plans to maintain a high level of marketing investment, although the execution may be adjusted due to Q1 performance [19][20]. - The focus has shifted towards achieving a balance between revenue growth and profit margins, with an emphasis on long-term sustainability [21][22]. International Expansion - The company has surpassed 100 overseas stores, with subsidiaries in Singapore and Vietnam, and plans to continue expanding through franchise models [23][24]. Brand Performance - New brands like Puma and Asics showed significant growth of 70%-90% in May, positively impacting the overall performance despite slower growth in core brands [4][25]. Discount Management - The company maintains strict control over discounting for adult and children's clothing, ensuring consistent growth across online and offline channels [26]. Dividend Policy - The company has not made any motions regarding mid-term dividends, with expectations for major dividends to be determined at year-end [27].

Group 1 - The company has adjusted the total investment for the Shanghai Industrial Park expansion project from 1.006 billion to 1.5 billion yuan due to project plan adjustments and increased investment scale [1][2] - The total construction area of the project has expanded from 172,267.36 square meters to 220,873.29 square meters, reflecting an increase in underground parking, equipment rooms, and storage space [2] - The project is located in the Wu Jing Town, which focuses on "technology + fashion" industries, enhancing the company's ability to collaborate and share resources within an industrial cluster [3] Group 2 - The project is adjacent to the Shanghai Metro Line 15, improving transportation and commercial infrastructure, which is expected to enhance the area's value [3] - The construction will be funded through self-raised funds, ensuring that it does not significantly impact the company's normal operating capital [3] - Successful implementation of the project is anticipated to enhance the company's overall competitiveness and profitability [3]

Core Viewpoint - Zhejiang Semir Garment Co., Ltd. has announced the expected new daily related transactions for the year 2025, which are aimed at supporting the company's business development needs and are in compliance with relevant regulations and company bylaws [1][4]. Group 1: Daily Related Transactions Overview - The company plans to engage in daily related transactions with affiliated companies, including Shanghai Xiaohua Man Information Technology Co., Ltd., with a total expected amount not exceeding RMB 15 million [1][2]. - The board meeting held on June 11, 2025, approved the proposal with 7 votes in favor, 0 against, and 2 abstentions [1]. Group 2: Transaction Categories and Amounts - The expected transaction amounts include RMB 10 million for purchases from Shanghai Xiaohua Man Information Technology Co., Ltd. and RMB 5 million for purchases from Zhejiang Helimeng Home Textile Technology Co., Ltd., totaling RMB 15 million [1][2]. - The previous year's transaction amount was RMB 9.38 million, indicating an increase in the expected transaction amount for 2025 [1]. Group 3: Related Parties and Relationships - Zhejiang Helimeng Home Textile Technology Co., Ltd. is controlled by Semir Group Co., Ltd., which holds 12.47% of the company's shares, establishing a related party relationship [2][4]. - Shanghai Xiaohua Man Information Technology Co., Ltd. is also a related party, with Semir Group holding 72% of its shares [2][4]. Group 4: Purpose and Impact of Related Transactions - The related transactions are conducted on fair and open terms, based on market pricing, and are expected to positively impact the company's financial status and operational results [4]. - The transactions are part of the company's daily operations and are not expected to harm the interests of the company or its shareholders [4]. Group 5: Independent Directors' Opinions - The independent directors unanimously approved the proposal for the expected daily related transactions, stating that they align with the company's actual development needs and are priced fairly according to market principles [4].

Group 1 - The board meeting of Zhejiang Semir Garment Co., Ltd. was held on June 11, 2025, with all 9 directors present, confirming compliance with relevant laws and regulations [1] - The board unanimously approved the agenda with 9 votes in favor, 0 against, and 0 abstentions [1] - The meeting discussed the adjustment of the Shanghai Industrial Park expansion project, with details available on the official website [1] Group 2 - The second independent director meeting of 2025 resulted in 7 votes in favor, 0 against, and 0 abstentions, with 2 directors abstaining due to conflicts of interest [2] - The agenda from the independent director meeting was submitted for board review, focusing on the expected new daily related transactions for 2025 [2] - The board's decisions and discussions are documented and available for public access [2]

证券代码：002563 证券简称：森马服饰 公告编号：2025-20 浙江森马服饰股份有限公司 关于 2025 年度新增日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容真实、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 6 月 11 日在公司会议室召 开第六届董事会第十五次会议，会议审议通过了《关于 2025 年度新增日常关联交易预计 的议案》，具体如下： 一、日常关联交易基本情况 （二）预计日常关联交易类别和金额 单位：元 | | | | 关 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关 | | 关 | 联 | | | | | | | 联 | | 联 | 交 | | | | | | | 交 | | 交 | 易 | 本年度已预计金 | 本次调整预计金 | | 截至披露日已 | | | 易 | 关联人 | 易 | 定 | 额 | 额 | 调整后预计金额 | 发生金额 | 上年发生金额 | | 类 | | 内 | 价 | | | | | ...

证券代码：002563 证券简称：森马服饰 公告编号：2025-19 浙江森马服饰股份有限公司(以下简称"公司")于 2021 年 8 月 27 日在公司召开第五 届董事会第十六次会议，审议通过《关于上海产业园改扩建的议案》，通过公司全资子公 司上海森马服饰有限公司（以下简称"上海森马"）改扩建上海产业园仓储物流区域，项 目计划投资 10.06 亿元。 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 因森马服饰上海产业园改扩建项目（以下简称"本项目"）方案调整等因素，需增加 投资规模。公司于 2025 年 6 月 11 日在公司召开第六届董事会第十五次会议，审议通过《关 于上海产业园改扩建项目调整的议案》，将项目原计划总投资 10.06 亿元调整至 15.00 亿 元。 根据《深圳证券交易所股票上市规则》及《公司章程》的相关规定，此项投资不构成 关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组，此议案无需 提交股东大会审议表决。 二、调整后项目的基本情况 1、项目名称：森马服饰上海产业园改扩建项目； 5、资金来源：公司自筹资金； 浙江森马服饰股 ...

证券代码：002563 证券简称：森马服饰 公告编号：2025-18 浙江森马服饰股份有限公司 第六届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 内容详见巨潮资讯网（http://www.cninfo.com.cn）同期披露的《浙江森马服饰股份 有限公司关于上海产业园改扩建项目调整的公告》。 2、审议通过《关于 2025 年度新增日常关联交易预计的议案》。 表决结果：赞成 7 票；反对 0 票；弃权 0 票；回避 2 票。其中，关联人董事长邱坚强、 副董事长周平凡回避表决。 上述议案经公司 2025 年第二次独立董事专门会议一致同意并提交董事会审议。 一、董事会会议召开情况 浙江森马服饰股份有限公司(以下简称"公司")于 2025 年 6 月 11 日在公司召开第六 届董事会第十五次会议，本次会议以现场与视频通讯表决相结合的方式召开。会议通知已 于 2025 年 6 月 6 日以书面及电子邮件的方式向全体董事发出并送达。 本次会议应出席董事 9 人，实际出席董事 9 人，全体董事以现场或视频通讯方式出席 并表决，会议由董事长邱坚 ...

Group 1 - The company announced an investment of 1.006 billion yuan for the expansion of its Shanghai industrial park on August 27, 2021 [1] - On June 11, 2025, the company revised the total investment for the Shanghai industrial park expansion project to 1.5 billion yuan due to plan adjustments and increased investment scale [1] - The project will be implemented by Shanghai Semir Garment Co., Ltd., located at 2689 Lianhua South Road, Wujing Town, Minhang District, Shanghai, with a planned completion date of September 2026 [1] Group 2 - The total construction area of the project after adjustment is 220,900 square meters, including an above-ground area of 152,900 square meters and a two-level underground area of 68,000 square meters [1]