纺织服装行业周报：周大福公布FY25Q2经营数据，预计FY25H1营收同比下降18%-22%

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry, indicating a synchronized performance with the market [2]. Core Insights - Chow Tai Fook announced its FY25Q2 operational data, expecting a revenue decline of 18%-22% year-on-year for FY25H1 [2][11]. - The retail value for FY25Q2 decreased by 21.0% year-on-year, with the mainland China market down by 19.4% and the Hong Kong, Macau, and overseas markets down by 31.0% [2][11]. - The sales of priced gold products in mainland China increased, positively impacting the gross profit margin [12][14]. Summary by Sections Weekly Observation - Chow Tai Fook's FY25Q2 results show a retail value drop of 21.0%, with mainland China contributing 87.8% and Hong Kong, Macau, and overseas markets contributing 12.2% [2][11]. - The sales contribution from direct stores, franchise stores, and e-commerce platforms in mainland China is 23.7%, 70.9%, and 5.4%, respectively [12]. Market Performance - The textile and apparel sector outperformed the market, with a weekly increase of 4.38%, while the SW light industry manufacturing sector rose by 6.95% [15]. - The SW textile manufacturing PE ratio is 20.49, placing it in the 79.47% percentile over the past three years [19]. Industry Data Tracking - As of October 25, the price index for cotton in China is 15,509 RMB/ton, reflecting a 0.5% increase [25]. - The gold price as of October 25 is 621.5 RMB/gram, showing a 0.8% increase [25]. - In the first nine months of 2024, China's textile and apparel exports amounted to 1,043.04 billion USD and 1,181.07 billion USD, with year-on-year growth of 2.9% and a decline of 1.6%, respectively [28]. Company News - Chow Tai Fook plans to open a new concept store in Shanghai in 2025, following the recent opening of a new concept store in Hong Kong [3][13]. - The report highlights the performance of other companies in the sector, including Li Ning and Anta Sports, which are expanding their market presence [4][5].