Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The revenue performance of Taiwanese manufacturing companies in November showed divergence, with lululemon's Q3 performance exceeding expectations, particularly in the mainland China market, while the North American market remains under pressure. The CEO of lululemon will resign in January 2026, and it is expected that the proportion of new products for the spring season will reach 35% [2][5]. Summary by Sections Industry Overview - In November 2025, the revenue of Taiwanese manufacturers such as Yuanyuan, Fengtai, Yuchi, Zhiqiang, Laiyi, and Ruhong showed year-on-year changes of -2.4%, -11.8%, +6.6%, +3.1%, -5.8%, and +1.5% respectively. Cumulative revenue from January to November showed year-on-year changes of +0.9%, -4.9%, +21.2%, +14.7%, +6.2%, and +3.8% [5]. Company Performance - For lululemon's Q3 (ending November 2), revenue was $2.57 billion, a year-on-year increase of 7%, surpassing Bloomberg's consensus estimate of $2.48 billion. The net profit attributable to shareholders was $310 million, a year-on-year decrease of 12.8%, also exceeding expectations [5]. - In terms of regional performance, Q3 revenue in the Americas, mainland China, and other regions showed year-on-year changes of -2%, +47%, and +19% respectively [5]. Future Outlook - The report suggests that the performance of the export manufacturing sector is expected to recover in 2026 due to three main factors: the implementation of U.S. tariff policies, reduced burden of tariff costs shared with brands, and improved efficiency from optimized production line allocation [5]. - Recommended companies include Huayi Group, Jiuxing Holdings, Shenzhou International, and Chaoying International Holdings, with a focus on home textiles, luxury goods, and undervalued high-dividend companies [5].

Market Overview - The textile and apparel sector in A-shares has underperformed the broader market since December, with textile manufacturing showing better performance than branded apparel, declining by -3.3% and -4.4% respectively [1][13] - The Hong Kong textile and apparel index rose by 2.9% in November but has since turned negative in December [1] Brand Apparel Insights - Retail sales of clothing in October grew by 6.3% year-on-year, with a stable growth rate compared to the previous month, increasing by 1.6 percentage points [2] - E-commerce performance varied significantly between categories from October to November, with outdoor leisure leading, while home textiles and personal care faced declines. Year-on-year growth rates for various categories were: outdoor (+20%), sportswear (0%), leisurewear (+8%), home textiles (-9%), and personal care (-2%) [2] - Notable brands with strong growth included Descente (74%), Lululemon (69%), and Asics (8%) in sportswear; and brands like Atour Planet (43%) and Luolai Home Textile (26%) in home textiles [2] Textile Manufacturing Insights - In November, Vietnam's textile and footwear exports faced a high base effect from the previous year, resulting in a decline of -2.6% and -3.8% respectively. China's textile exports showed a slight recovery at +1.0%, while apparel and footwear exports fell by -10.9% and -17.2% respectively [3] - The macroeconomic environment remains challenging, with fluctuations in cotton prices and a slight increase in wool prices by +4.8% month-on-month and +32.0% year-on-year in November [3] - Taiwanese manufacturers reported improved revenue in November, driven by World Cup-related orders and a return to normalcy in brand ordering rhythms [3] Investment Recommendations - The report suggests focusing on the recovery of consumer spending and the rebound in textile manufacturing. It highlights the potential for high-end consumer recovery and the strong outlook for the light luxury outdoor segment [5][6] - Key brands recommended for investment include Anta Sports, Li Ning, and Xtep International, which are expected to benefit from the ongoing trends in high-end consumption and outdoor sports [6] - In textile manufacturing, companies like Shenzhou International and Huayi Group are highlighted as beneficiaries of tariff reductions and Nike's recovery, while New Australia and Weixing Holdings are noted for their potential gains from rising wool prices and improved order visibility [7]

Core Insights - The report is optimistic about the recovery of upstream orders and emphasizes the importance of brands that can adapt and innovate in response to consumer needs [2][19]. Brand Apparel - The domestic brand apparel industry has entered a phase of stock competition, with limited growth opportunities. The performance of leading brands is increasingly reliant on their ability to attract consumers rather than on channel expansion [2][19]. - Three key areas for growth are identified: new home textiles, functional apparel, and strongly differentiated brands. Notable recommendations include: - New Home Textiles: Driven by the sleep economy and self-care consumption, brands like Mercury Home Textiles and Luolai Life are expected to perform well [2]. - Functional Apparel: Brands such as Anta Sports, Li Ning, and Bosideng are positioned to benefit from the growing health and outdoor lifestyle trends [2]. - Strongly Differentiated Brands: Companies like Cotton Era, focusing on 100% cotton products, are experiencing rapid growth [2]. - High dividend stocks recommended include Hailan Home, Luolai Life, and Semir Apparel [2]. Textile Manufacturing - The report notes a decrease in uncertainty regarding tariff policies, stabilization in European and American retail, and low inventory levels among international brands, suggesting a potential recovery in upstream orders [2][19]. - Recommendations for textile manufacturing companies include Shenzhou International, Weixing Co., and Huali Group, with a focus on high dividend stocks like Yuyuan Group and Jingyuan International [2]. Market Performance Review - The textile and apparel sector has seen a slight underperformance compared to the broader market, with a year-to-date increase of 12.45% as of December 9, 2025, compared to a 16.84% increase in the CSI 300 index [7][10]. - The apparel and home textile segments have shown similar performance, while the accessories segment has outperformed, with a 17.1% increase [13][14]. Consumer Environment - The domestic consumption environment remains weak, with apparel retail performance lagging behind overall retail growth. For instance, the cumulative year-on-year growth for apparel retail was only 2.9% from January to October 2025 [27][23]. - The consumer confidence index has shown a slight recovery but remains at historical low levels, indicating ongoing challenges in consumer spending [25][27]. Company Performance - The report highlights that many key apparel companies have experienced revenue declines, while a few have maintained growth. For example, companies like Anta, Li Ning, and Bosideng have shown consistent revenue expansion [30][32]. - The profitability of the brand apparel sector has been under pressure, with net profits not keeping pace with revenue growth in many cases [28][32].

证券日报网12月11日讯华利集团（300979）在回答调研者提问时表示，今年以来，由于较多新工厂处于 爬坡阶段以及产能调配安排，公司整体毛利率较去年同期有所下滑。今年第三季度，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。 ...

（编辑 王雪儿） 证券日报网12月11日讯 华利集团在回答调研者提问时表示，印尼是制鞋业大国，很多运动鞋制造商在 印尼开设了工厂。公司实控人之前在印尼也开过制鞋工厂，公司也有在印尼工作过的工厂管理人员，所 以印尼对公司不是陌生的环境。2025年第三季度，公司在印尼的第一家工厂（印尼世川）已达成阶段性 考核目标（内部核算口径实现盈利）。印尼与越南相比，虽然在文化、员工经验等方面有差异，但是印 尼在劳动力供应、用工成本上有优势，公司针对印尼的特点调整管理细节，从目前印尼工厂的运营情况 和当前爬坡阶段的表现，管理团队对印尼工厂成熟后的盈利能力很有信心。 ...

（编辑 王雪儿） 证券日报网12月11日讯 华利集团在回答调研者提问时表示，随着越南经济的不断发展，劳动力成本提 升不可避免，但是目前以及未来相当长的一段时期，越南的投资环境仍对制鞋业具有吸引力。公司的对 外销售价格是成本加成的定价模式，公司会随着人工工资的调整来调整销售价格。同时，为了分散风险 并把握东南亚其他地区的成本优势，公司已在印尼建设新工厂，并且印尼工厂已于2024年上半年开始投 产。 ...

| 投资者关系 | □分析师会议 □媒体采访 □业绩说明会 特定对象调研 | | --- | --- | | 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 | 宏利基金-孟杰、周少博、吕佳文，中邮证券-陆禹舟，人保资产-李晴、张志遂、肖迪， | | 及人员姓名 | 招商证券-王梓旭 、唐文博 | | 时间 | 2025年12月11日 | | 地点 | 中山 | | 上市公司 | 董事会秘书方玲玲 | | 接待人员姓名 | | | | 参加公司组织的调研活动（线下）的来访人员按深交所规定签署了《承诺书》。 | | | 投资者与公司的交流情况： | | | 问：明年毛利率是否会明显改善？ | | | 答：今年以来，由于较多新工厂处于爬坡阶段以及产能调配安排，公司整体毛利率较去 | | | 年同期有所下滑。今年第三季度，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 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-072 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2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025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20 亿元。上述交易额度在2025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。公司监事会、 保荐机构均发表了明确同 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4][101]. Core Insights - The report highlights the opening of Li Ning's first outdoor store, indicating a strategic shift towards the light outdoor mass market, focusing on hiking, urban commuting, and suburban camping [6]. - The export chain is showing signs of recovery, particularly for companies like Henglin and Yongyi, with a notable increase in non-wood furniture exports to the U.S. from Vietnam [6]. - The report suggests that the upcoming Olympic cycle and improved management and inventory at Li Ning could lead to a positive turning point for the company [6]. Summary by Relevant Sections Market Performance - The light industry manufacturing index increased by 1.86%, ranking 6th among 28 industries, while the textile and apparel index decreased by 1.6%, ranking 24th [11]. - Sub-sectors within light industry manufacturing showed varied performance, with packaging printing up by 3.96% and home goods up by 0.5% [11]. Export Chain - The report emphasizes the recovery of U.S. orders post-tariff adjustments, predicting a boost in durable goods exports due to stable tariff policies and low downstream inventory levels [6]. - Companies like Henglin and Yongyi are recommended for their low valuations and potential for revenue recovery [6]. Brand Apparel - Li Ning's new outdoor store is seen as a significant step in brand image enhancement, with expectations for improved profitability in the second half of the year [6]. - Other recommended companies include Anta Sports, 361 Degrees, and Bosideng, focusing on functional footwear and apparel [6]. Manufacturing and Supply Chain - The report discusses the potential for investment opportunities in the outbound manufacturing sector, particularly in non-woven fabric and packaging industries [7]. - It highlights the need for attention on companies like Yanjing and Meiyingsen, which are positioned well for overseas expansion [7]. Textile Manufacturing - The report notes a shift in the caprolactam industry towards reducing over-competition, with a recommendation for Taihua New Materials [7]. - Companies like Crystal International and Huayi Group are highlighted for their potential growth due to improved customer structures and production capacity [7]. Home Furnishings - Recommendations include low-valuation leaders in the soft furniture sector such as Xilinmen and Kuka Home, as well as custom furniture companies like Sophia and Oppein [7]. Pet Products - The report suggests monitoring Yuanfei Pet for its growth potential in both OEM and OBM segments, particularly in Southeast Asia [7].

Investment Rating - The report maintains a "Buy" rating for key companies such as Shenzhou International and Huali Group, with specific price-to-earnings (PE) ratios projected for 2026 [9][38]. Core Insights - The textile and apparel industry is experiencing a weak recovery in the Chinese consumer market, while the U.S. and European markets show steady growth. The overall industry inventory is considered healthy, with expectations for upstream order growth driven by stable downstream replenishment [31][32]. - The report highlights the strong performance of direct-to-consumer (DTC) channels in the Asia-Pacific region, particularly in China, where DTC revenue growth is driven by e-commerce [18][23]. - Key investment themes include a focus on high-quality stocks in apparel manufacturing, brand apparel with stable growth or reversal logic, and strong alpha candidates in the gold and jewelry sector [21][22][33]. Summary by Sections Weekly Topic - PVH Group reported a 2% year-over-year revenue increase for FY2025Q3, reaching $2.294 billion, with a notable decline in gross margin due to increased tariffs and a challenging promotional environment [1][14]. Regional Performance - Asia-Pacific: FY2025Q3 revenue decreased by 1% year-over-year, but DTC business showed low single-digit growth, particularly in China [18][23]. - EMEA: Revenue grew by 4% year-over-year, but DTC and wholesale businesses faced declines due to a weak consumer environment [23]. - Americas: Revenue increased by 2%, driven by adjustments in the women's product line, although direct sales faced challenges [23]. Investment Themes - **Apparel Manufacturing**: Recommendations include Shenzhou International (PE of 12x) and Huali Group (PE of 18x), with expectations for improved core customer orders in 2026 [21][31]. - **Brand Apparel**: Focus on companies like Tmall and Anta Sports, with PE ratios of 15x and 16x respectively, and a recommendation for Bosideng (PE of 14x) [21][32]. - **Gold and Jewelry**: Companies like Chow Tai Fook and Chow Hong Ki are highlighted for their strong product differentiation and brand strength, with PE ratios of 17x and 21x respectively [22][33]. Recent Reports - The report emphasizes the importance of maintaining a long-term perspective in the apparel manufacturing sector, with expectations for revenue growth exceeding 10% CAGR from 2025 to 2026 for Shenzhou International [34][38].