纺织服饰行业周专题：Burberry短期业绩承压，近期优衣库事件引争议

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Li Ning, and Bosideng, with corresponding PE ratios for 2025 at 15, 11, and 12 respectively [6][8]. Core Insights - Burberry's FY2025H1 results show a significant revenue decline of 22% to £1.086 billion, with retail same-store sales down 20% and wholesale revenue down 29% [15][17]. - The Uniqlo controversy regarding Xinjiang cotton may benefit local leisurewear brands, although replicating the growth seen in 2021 is deemed challenging [25][30]. - Overall, the apparel sector is expected to see marginal improvement in demand entering Q4 2024, driven by festive demand and promotional events [30]. Summary by Sections Burberry Performance - Burberry's FY2025H1 revenue decreased by 22% to £1.086 billion, with a currency-neutral decline of 20%. Adjusted gross margin fell by 6.4 percentage points to 63.4%, and operating profit margin dropped significantly to -3.8% [15][17]. - The company is facing challenges across all regions, with Asia Pacific same-store sales down 25%, EMEIA down 13%, and Americas down 21% [17][18]. Uniqlo Controversy - Uniqlo's founder stated the brand does not use cotton from Xinjiang, echoing the 2021 "Xinjiang cotton incident" which shifted consumer preferences towards local brands [25][30]. - The report anticipates increased attention on quality local leisurewear brands, although the current market environment remains volatile [25][30]. Market Trends and Recommendations - The textile and apparel sector is projected to improve due to seasonal demand, with October retail sales for clothing and accessories up 8% year-on-year [30]. - Recommended stocks include Anta Sports, Li Ning, and Bosideng, with attractive valuations and growth potential [6][30][31].