纺织服饰 证券研究报告 | 行业周报 gszqdatemark 2026 01 04 年 月 日 库存管理能力优异，库存质量健康。从库存层面来看，截止 2025 年 10 月末公司库存金额为 44.99 亿欧元，同比增长 4.9%，同收入表现基本一 致，库存质量健康。 周专题：Inditex 发布 FY2025 前三季度经营情况公告，经营表 现优异 【本周专题】 近期 Zara 母公司 Inditex 发布 FY2025 前三季度经营情况公告，经营 表现优异。根据公司披露 FY2025 前三季度（2025 年 2 月~2025 年 10 月）公司营收同比增长 2.7%至 282 亿欧元（货币中性基础上同比增长 6.2%），无论是电商或是线下零售渠道均有优异的表现，单 Q3 营收增长 4.9%至 98 亿欧元（货币中性基础上同比增长 8.4%）。FY2025 前三季度 毛利率同比提升 0.27pcts 至 59.7%，单 Q3 毛利率同比提升 0.79pcts 至 62.2%。FY2025 前三季度净利润同比增长 3.9%至 46 亿欧元。 从长期角度来看，Inditex 集团作为全球领先的服饰集团，致力于提升 ...

Zara’s parent company has closed more than 100 stores year-to-date as part of an effort to improve its financial future, according to a recent earnings report. Inditex, a Spanish fashion giant that owns Zara, Pull&Bear, Massimo Dutti and Bershka, has closed 132 stores since Oct. 30, 2024. The company ended the third quarter of 2025 – the end of October – with 5,527 locations, according to the earnings report released Wednesday, Dec. 3. A year ago, the company operated 1,588 Zara stores; however, by 2025 ...

Few brands have been more associated with the fast-fashion boom of the last two decades than Zara, the flagship apparel chain owned by Spanish clothing giant Inditex SA. It may surprise some consumers to learn, then, that Zara has in fact reduced its global footprint over the last few years since the pandemic. The brand's decline in physical storefronts has been moderate but meaningful, from a third-quarter peak of around 2,139 stores in 2019 to just under 1,800 stores five years later, according to earning ...

过去一年，快时尚行业变化很多，涌现的机会也很多。 一方面，潮流趋势几经更迭。老钱风热度渐退，甜辣风、韩娱风卷土重来，emis、Ader Error、Rest&Recreation和Staur等品牌扎堆进驻三里屯，不少网友 调侃"三里屯要爆改圣水洞了（韩国首尔潮流地标）"。 另一方面，"老"品牌积极改变：优衣库意欲摆脱基础款定位，联名更频繁；H&M、ZARA们的门店越开越大，和LV、爱马仕做起了邻居，SHEIN把门店 开到时尚中心巴黎。 从这一系列变化中，可以梳理出快时尚行业这一年的几条主旋律：更"高"，往高端市场找增量已成为行业共识；更"快"，无论是潮流趋势还是品牌经营策 略的变化都在加速；更"强"，AI全面渗透，技术日渐成为行业发展强驱动力。 然而，高端化、智能化转型向来不易——尤其是在快时尚这种竞争激烈且高度分散的行业。这背后，少不了产品、渠道、营销策略的彻底重构。 止跌反弹：头部品牌业绩向好，中国市场仍有挑战 头部品牌业绩复苏，是行业最可喜变化之一。 其中，优衣库母公司迅销集团实现了营收、利润双增，2026财年（截至8月31日）综合收益同比增长9.6%至34005亿日元，净利润也同比增长16.4%至 4 ...

今年以来，ZARA打造了多个快闪店，凭借各种场景设计，为消费者提供超越购物的沉浸式玩乐与 探索体验，在社交媒体引发热议。在直播领域，"ZARA秀场式"直播关键场次观看量突破数百万，还实 现了设计师联名系列通过直播完成首发亮相。"这些在中国市场验证成功的直播模式，已成为英国、美 国等海外市场的运营灵感，实现了中国经验的全球输出。"Inditex爱特思集团大中华区总裁白晨铭对记 者表示。 中国市场的重要战略地位，也深植于外企的发展布局中。ZARA已明确一系列在华拓展举措，如 2026年将迎来上海淮海路旗舰店开业，新疆乌鲁木齐等部分门店将启动翻新改造，还将在国内主要城市 积极推进新址选址。在线下渠道持续升级的同时，品牌也在不断加码数字化布局，通过直播、社交媒体 平台等多元渠道，深化与中国消费者的互动连接。"我们将通过拓展优质时尚产品、提供周到服务及营 造沉浸式购物体验，持续响应中国顾客的期待与喜好。"白晨铭说。 从十年老店的焕新升级，到全渠道布局的持续完善，再到创新营销模式的深入探索，ZARA在华的 一系列动作，是众多外资企业深耕中国市场的缩影。 当前，中国消费市场持续释放蓬勃活力，超大规模市场优势与不断升级的消费 ...

Core Viewpoint - The reopening of Zara's flagship store on Nanjing East Road in Shanghai showcases a new store concept that emphasizes innovation, quality fashion products, and an immersive shopping experience tailored to Chinese consumers [2][3]. Group 1: Store Features - The newly renovated store spans 2,400 square meters and includes a full range of women's and men's clothing, featuring special collections such as Aaron Levine x Zara, Zara Athleticz, and The Item series [1][5]. - The store design incorporates interconnected spaces to reflect Zara's global flagship store concept, creating a warm and inviting atmosphere with distinct entrances for men's and women's sections, enhancing the "store within a store" shopping experience [3][5]. Group 2: Technological Integration - The flagship store integrates advanced technology, allowing customers to browse inventory and place online orders for in-store pickup through in-store devices, the Zara website, or the app [3]. - The store introduces the EDITED STUDIO project, offering personalized heat-pressing services for selected bags, enabling customers to add initials or choose from selected designs [3][5]. Group 3: Special Collections - The Aaron Levine x Zara capsule collection features loose-fitting designs and high-quality fabrics, including wool-cashmere blend coats and multifunctional winter apparel inspired by mountaineering [5]. - The "The Item" limited series highlights a signature piece each week, showcased both in-store and online, revitalizing Zara's women's collection [5]. - The men's section includes a dedicated Zara Athleticz space, offering a range of performance-oriented and casual sportswear, including a ski collection made from high-tech materials [5]. Group 4: Sustainability Initiatives - The flagship store is equipped with an industry-leading energy efficiency system, reflecting the brand's commitment to sustainability through measures like efficient temperature control and energy-saving LED lighting [5]. - The store connects to the Inergy energy management platform for centralized monitoring of HVAC and electrical equipment, optimizing operational management and reducing energy demand [5].

Group 1: Energy Efficiency and Carbon Reduction - The State Council held a meeting on December 5 to discuss enhancing energy efficiency and carbon reduction efforts, emphasizing the importance of these initiatives in achieving carbon peak and carbon neutrality goals [3] - The construction sector is advised to focus on opportunities related to new power systems, including wind and solar energy projects, distributed solar, pumped storage, new energy storage, virtual power plants, and hydrogen industry chain development [3] Group 2: New Urbanization and Real Estate - On December 3, the State Council conducted a collective study on promoting people-centered new urbanization, aiming to create a new pattern of urban-rural integration [4] - The transition of urbanization in China is moving from rapid growth to stable development, necessitating the implementation of urban renewal actions that integrate safety, real estate stability, and high-quality housing development [4] Group 3: REITs and Infrastructure Investment - The National Development and Reform Commission released a list of industry sectors eligible for REITs projects, covering 15 specific areas including transportation, energy, municipal infrastructure, and urban renewal facilities [5] - The expansion of the REITs issuance scope is expected to enhance the role of infrastructure REITs in revitalizing existing assets and promoting a positive investment cycle [5] Group 4: Retail and Consumer Trends - The U.S. retail sales during Black Friday increased by 4.1% year-on-year, indicating resilience in consumer spending despite various challenges [10] - INDITEX reported a 4.9% year-on-year revenue growth in Q3 2025, with net profit rising by 8.9%, reflecting strong performance and effective cost management [11]

Core Insights - Inditex, a leading global fashion retailer known for brands like Zara, has been upgraded to "Buy" by Citigroup, with a current stock price of $15.99 [1][5] - The company reported a strong third-quarter performance in fiscal year 2025, with a 4.9% year-over-year sales increase and margin expansion indicating improved profitability [2][5] - Inditex maintains a conservative dividend policy and has a market capitalization of approximately $99.6 billion, reflecting its significant presence in the fashion industry [4][5] Financial Performance - Inditex's third-quarter sales increased by 4.9% year-over-year, supported by margin expansion that has outpaced revenue growth [2][5] - The company has a robust cash position of €11.3 billion, indicating strong financial health [2] - The current stock price is $15.98, showing a slight increase of 0.13% from the previous trading session, with a 52-week high of $16.03 and a low of $11.56 [3] Market Activity - The stock has shown stable performance over the past year, with fluctuations between $15.94 and $16.00 on the current trading day [3] - Today's trading volume for IDEXY is 29,455 shares, indicating active investor interest [4]

Core Viewpoint - Fast fashion brands are effectively capturing the demand of the middle-class consumer group amidst global market fluctuations and cautious consumer sentiment, leading to robust performance growth [2][22]. Group 1: Financial Performance - Inditex Group, the parent company of Zara, reported a 2.7% year-on-year increase in sales to €28.2 billion (approximately ¥232.5 billion) for the first three quarters of the 2025 fiscal year, with a net profit growth of 3.9% to €4.6 billion (approximately ¥37.9 billion) [6][8]. - Gap Inc. achieved a 3% year-on-year increase in net sales to $3.942 billion in the third quarter, marking its seventh consecutive quarter of same-store sales growth [11]. - Abercrombie & Fitch reported a 7% year-on-year increase in net sales to $1.29 billion for the third quarter, achieving its twelfth consecutive quarter of growth [13]. - Guess reported a 7.2% year-on-year increase in sales to $791.4 million in the third quarter, successfully turning a profit after a previous loss [15]. - H&M's net sales for the third quarter increased by 2% year-on-year to 57.017 billion SEK (approximately ¥43.242 billion), with a significant 40% increase in operating profit [18][20]. - Uniqlo's parent company, Fast Retailing, reported a revenue of ¥3.4 trillion (approximately ¥158.3 billion) for the 2025 fiscal year, a 9.6% year-on-year increase, marking the fourth consecutive year of record revenue and profit [22]. Group 2: Market Strategies - Zara is focusing on high-end market growth by accelerating brand upgrades and introducing higher-priced products to attract middle-class consumers [8]. - H&M is implementing localization strategies in China, opening new stores and enhancing its online presence through platforms like Tmall and Douyin, which has positively impacted its influence among middle-class consumers [20]. - Fast fashion brands are adopting a dual strategy of high-end offerings and cost-effectiveness to address the cautious spending behavior of middle-class consumers, while also enhancing promotional strategies through collaborations and membership systems [23]. - The core competitiveness of fast fashion brands lies in their ability to offer a wide variety of styles quickly and at reasonable prices, with Zara focusing on a "small quantity, many styles" approach to maintain freshness in stores [22].

Core Insights - Inditex, the owner of Zara, reported a sales increase of 4.9% to €9.8 billion ($11.4 billion) in Q3 2025, with a constant currency growth of 8.4% [1] - The company experienced a gross profit growth of 6.2% to €6.1 billion, resulting in a margin improvement to 62.2% [1] - Early Q4 trading showed a positive trend with store and online sales up 10.6% on a constant currency basis [2] Financial Performance - EBITDA for Q3 increased by 8.9% to €3.2 billion, while EBIT rose by 11.2% to €2.4 billion [2] - Net income for Q3 grew by 9% year-on-year to €1.8 billion [2] - For the nine months ending October 31, 2025, sales increased by 2.7% to €28.2 billion, with a net income rise of 3.9% to €4.6 billion [3] Operational Highlights - The company expanded its store count to 5,527 across 39 markets [3] - Gross profit for the nine-month period was €16.8 billion, with a margin of 59.7% [3] - Operating expenses increased by 2.4%, remaining below sales growth [3] Future Outlook - Inditex expects a gross space growth of around 5% in 2025/26, with a projected negative currency impact of approximately 4% on 2025 sales [4] - Capital expenditure for 2025 is estimated at around €1.8 billion [4] - The logistics expansion plan of €900 million for 2024 and 2025 is on track, with new distribution centers and store openings [5] Dividend Information - The company paid a final dividend of €0.84 per share for fiscal year 2024 on November 3, 2025 [6]