优衣库母公司业绩连续第四年创新高，弱势日元提供显著支撑

Core Viewpoint - Fast Retailing, the parent company of Uniqlo, reported record-high revenues and profits for the fiscal year 2025, driven by strong international business growth and effective inventory management [1][3][5]. Financial Performance - For the fiscal year 2025, the company achieved revenues of 3.4 trillion yen (approximately 158.3 billion RMB), a year-on-year increase of 9.6% [1]. - Operating profit reached 564.27 billion yen (approximately 25.5 billion RMB), up 13% from the previous year, exceeding both the company's and analysts' expectations [1][3]. - The international business generated 1.91 trillion yen (approximately 88.9 billion RMB) in revenue, marking an 11.6% increase and accounting for 56% of total revenue [3][5]. Regional Performance - The Greater China region saw a decline in both sales and profits, with revenues of 650.23 billion yen, down 4% year-on-year, and profits of 89.9 billion yen, down 12.5% [3][6]. - North America and Europe reported revenues of 271.13 billion yen and 369.51 billion yen, respectively, with North America experiencing a significant revenue growth of 24.5% and operating profit increase of 35.1% [5]. - The Japanese market generated revenues exceeding 1 trillion yen for the first time, reaching 1.03 trillion yen, a 10.1% increase, with operating profit growing by 17.5% to 184.45 billion yen [5]. Inventory and Store Management - The company's inventory decreased to 510.96 billion yen, below market expectations, indicating healthy operational status and demand forecasting capabilities [5]. - Uniqlo opened its first city flagship store in Hunan Province, China, while also closing three stores in Beijing, Xi'an, and Jiaxing during the first week of October [5]. Future Outlook - Fast Retailing forecasts an operating profit of 610 billion yen (approximately 28.4 billion RMB) for the fiscal year 2026, surpassing analysts' average expectations of 588 billion yen, reflecting confidence in its global expansion strategy [7].