Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1][4]. Core Insights - The retail sales growth of clothing improved significantly in January-February 2025, with a year-on-year increase of 3.3%, compared to a decline in late 2024 [2][13]. - E-commerce platforms such as Tmall, JD, and Douyin showed strong growth in outdoor, women's wear, and home textiles, with sales growth rates of +48%, +31%, and +15% respectively in January-February [2][16]. - Vietnam's textile and footwear exports saw a notable increase of +16.2% and +20.8% year-on-year in February, while China's textile and apparel exports declined by -25.4% and -28.7% respectively, likely due to uncertainties in export tax policies [2][3]. Summary by Sections Market Review - From February to date, the A-share and Hong Kong textile and apparel sectors outperformed the broader market, with notable stock price increases for companies like 361 Degrees (+18.67%) and Tabo (+16.02%) [1][12]. Brand Apparel Insights - The retail sales of clothing showed a significant recovery, with January-February 2025 sales improving compared to the previous months. Key brands such as KOLON, Biem.l.fdlkk, and Semir experienced sales growth exceeding 50% [2][3][17]. Textile Manufacturing Insights - On a macro level, Vietnam's textile exports accelerated, while China's exports faced declines. Companies like Rihong and Juyuan reported revenue growth of +20.73% and +8.90% respectively in February, with optimistic revenue forecasts for the year [2][3][4]. Earnings Forecast and Investment Recommendations - The report suggests focusing on brands with new growth potential, such as Purcotton and HLA, and highlights the value of sportswear leaders like Anta Sports and Li Ning. It also recommends textile manufacturers with strong market share growth potential, including Shenzhou International and Huayi Group [4][5].