证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 作者 纺织服饰 周专题：adidas 披露业绩 2025Q4 业绩预告；VF FY2026Q3 经 营表现优异 【专题一：adidas 披露 2025 年度业绩预告】 adidas 披露 2025Q4 业绩预告，经营表现优异，公司启动股票回购。根 据公司披露，货币中性基础上 2025Q4 adidas 品牌营收同比增长 11%， 若考虑到同期的 Yeezy 产品销售收入后，2025Q4 公司营收增长 10%，毛 利率同比提升 1pcts 至 50.8%。2025 全年来看，货币中性基础上 adidas 品牌营收增长 13%，所有渠道以及地区均有双位数增长，若考虑到同期的 Yeezy 产品销售收入后，2025 年公司营收增长 10%，公司毛利率同比提 升 0.8pcts 至 51.6%，经营利润率同比提升 2.6pcts 至 8.3%。基于强劲的 基本面表现及管理层对未来的信心，公司宣布启动股票回购，计划从 2026 年 2 月初开始，回购价值高达 10 亿欧元的股票。 【专题二：VF 公司披露 FY2026Q3 季报】 F ...

股票研究 /[Table_Date] 2026.02.08 优质消费布局正当时 [Table_Industry] 纺织服装业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 投资要点： [Table_Report] 相关报告 纺织服装业《Coach 品牌势能全面爆发，中国市 场强势领跑，上调全年指引》2026.02.07 纺织服装业《FY26Q3 HOKA 重回高双增速，上 调全年业绩指引》2026.01.31 纺织服装业《25Q4 纺服基金持仓环比基本持平， 12 月服装类零售额同比增长 1.2%》2026.01.25 纺织服装业《美棉价格历史深度复盘——美国、 巴西 25/26 产量预期双降，美棉安全边际显现》 2026.01.20 纺织服装业《巴西棉结束近 5 年 ...

董秘： 公司已关注到证监会相关规则征求意见稿，将持续跟进规则落地及监管要求变化。如有相关安 排，公司将及时在监管部门规定的信息披露网站进行披露。谢谢！ 投资者： 您好！请问截至1月底公司股东人数是多少，谢谢！ 截至2026年2月3日收盘，华利集团(300979)报收于49.12元，上涨0.53%，换手率0.22%，成交量2.55万 手，成交额1.24亿元。 董秘最新回复 投资者： 公司说未来几年还是资金开支的高峰期，请问那些产能能消化掉吗？ 董秘： 公司与品牌方会召开产能规划会议，对中长期的产能需求进行讨论、规划，以便公司提前做好 产能准备。同时，公司也会通过加强自身的核心竞争力、拓展新客户等措施，保持订单和产能利用率的 稳健。谢谢！ 投资者： 大股东当前持股比例偏高，叠加前期违规减持引发市场担忧，减持行为持续压制股价，请问 公司及大股东是否有通过协议转让引入战略二股东的考量，以此完善治理架构、优化股权分散度，提振 投资者信心与股价表现？ 董秘： 影响二级市场股价的因素比较多，请您注意投资风险。公司始终重视股权结构优化与公司治理 水平提升，也充分理解投资者对股权分散度、股东行为规范的关切。若未来有引入战略股东 ...

2026年02月01日，华利集团披露接待调研公告，公司于01月30日接待睿远基金、银河证券、长江证券、 天风证券、兴业证券、中信证券等49家机构调研。 华利集团（300979）股价报49.27元，较前一交易日收盘价上涨1.10元，涨幅为2.28%，总市值574.63亿 元。从行业市盈率来看，华利集团所处的纺织服装行业滚动市盈率平均42.27倍，行业中值31.74倍，华 利集团16.38倍排名第16位。 在未来规划上，公司将继续在印尼、越南新建工厂，新工厂投产节奏将与订单情况匹配，预计未来几年 资本开支可能保持在11-17亿人民币区间平均或偏中上水平。公司持续推进产线自动化升级，与智能化 设备厂商密切合作提高生产效率。在股东回报方面，公司重视投资回报，2025年增加了中期分红，在满 足资本开支和日常运营资金外会尽可能多分红。 天眼查资料显示，中山华利实业集团股份有限公司成立于 2004年09月02日，是一家以从事皮革、毛 皮、羽毛及其制品和制鞋业为主的企业。截至2026年01月20日，华利集团股东户数14500户，较上次增 加1000户，户均持股市值396.30万元，户均持股数量8.05万股。 参与此次调研的睿 ...

证券代码：300979 证券简称：华利集团 观。 问：从长期来看，公司对毛利率的发展趋势有着怎样的预期？ 答：由于较多新工厂处于爬坡阶段以及产能调配安排，公司 2025 年 1-9 月毛利率同比有 所下滑。2025 年第三季度，公司持续推进上半年确定的主要工作，重点关注新工厂的运 营改善和各工厂的降本增效措施的落实，2024年投产的 4家运动鞋量产工厂，已经有 3家 工厂在该报告期达成阶段性考核目标（内部核算口径实现盈利），其中包括公司在印尼 开设的第一家工厂印尼世川。目前公司降本增效措施正有序推进，同时新工厂的运营也 在逐步成熟，公司管理层和各部门每个月都会对工厂的运营效率进行检讨，针对性地解 决问题。 问：在自动化建设方面，未来预计能够达到怎样的水平？ 中山华利实业集团股份有限公司投资者关系活动记录表 编号：2026-001 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 详见附件一 | | 及人员姓名 | | | 时间 | 2026年1月30日 | | 地 ...

证券日报网讯 1月28日，华利集团在互动平台回答投资者提问时表示，公司将继续专注运动鞋制造主 业，持续拓展新客户，提升国际化运营和管理能力，保持业绩和运营的稳健发展，同时也将积极与资本 市场沟通，传递公司的经营理念和投资价值，努力增进市场认同和价值实现。 （文章来源：证券日报） ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

证券代码：300979 证券简称：华利集团 公告编号：2026-004 中山华利实业集团股份有限公司 关于部分闲置募集资金现金管理到期赎回并继续进行 现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为提高资金使用效率、增加股东回报，在保证日常经营运作资金需求、有效 控制投资风险的情况下，中山华利实业集团股份有限公司（以下简称"公司""华 利集团"）于2025年10月28日召开了第二届董事会第十七次会议，审议通过了《关 于2026年度委托理财及现金管理额度预计的议案》，同意公司（含子公司）使用 自有资金、闲置募集资金进行委托理财及现金管理，预计交易金额合计不超过人 民币55亿元，其中使用闲置募集资金仅用于现金管理且交易金额不超过人民币15 亿元。上述交易额度在2026年度内有效，在上述期限内，额度可循环滚动使用， 但在期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金额）不 应超过交易额度。在额度有效期和额度范围内，授权公司管理层行使相关投资决 策权并签署相关文件，具体由公司总财务部负责组织实施和管理。公司保荐机构 发表了明确同意的意见 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Core Viewpoint - The textile manufacturing sector experienced a slight decline of 0.01% on January 21, with Yunzhongma leading the losses, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The textile manufacturing sector's performance was mixed, with notable gainers including Huamao Co., which rose by 7.56% to close at 6.40, and Fengzhu Textile, which increased by 4.36% to 7.66 [1]. - The overall trading volume in the textile manufacturing sector showed significant activity, with Huamao Co. recording a transaction volume of 508,500 shares and a turnover of 317 million yuan [1]. Group 2: Individual Stock Performance - The top performers in the textile sector included: - Huamao Co. (6.40, +7.56%, 508,500 shares, 317 million yuan) - Fengzhu Textile (7.66, +4.36%, 132,800 shares, 100 million yuan) - Jujie Zuo Xian (37.81, +2.86%, 84,100 shares, 312 million yuan) [1]. - Conversely, Yunzhongma saw a decline of 3.21%, closing at 57.53, with a trading volume of 29,300 shares and a turnover of 170 million yuan [2]. Group 3: Capital Flow Analysis - The textile manufacturing sector experienced a net outflow of 61.33 million yuan from institutional investors, while retail investors saw a net inflow of 33.63 million yuan [2]. - Notable capital movements included: - Huali Group with a net inflow of 32.60 million yuan from institutional investors, despite a net outflow from retail investors [3]. - Huamao Co. also had a significant net inflow of 23.01 million yuan from institutional investors [3].