Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - Overall consumer demand remains stable in Q1 2025, with a recommendation to pay attention to subsequent national consumption stimulus policies [4] - The beauty and personal care sector showed a mixed performance, with the personal care segment performing the best [9][10] - The textile and apparel sector maintained stable growth, with outdoor brands performing well [18][21] Summary by Relevant Sections Beauty and Personal Care Sector - In Q1 2025, the retail sales of cosmetics in China grew by 3.2% year-on-year, lower than the overall consumer goods retail sales growth of 4.6% [5][6] - The beauty sector's revenue and net profit reached 13.5 billion and 1.89 billion respectively, with year-on-year changes of +0.2% and -12.3% [9][10] - The cosmetics segment saw a revenue of 9.62 billion, down 3% year-on-year, and a net profit of 1.06 billion, down 20.7% [10] - The medical beauty segment's revenue was 2.43 billion, down 0.2%, with a net profit of 0.71 billion, down 0.5% [10] - The personal care segment achieved a revenue of 1.45 billion, up 29.4%, and a net profit of 0.13 billion, up 12.6% [10] Textile and Apparel Sector - The retail sales of clothing, shoes, hats, and textiles grew by 3.4% year-on-year in Q1 2025, below the overall consumer goods retail sales growth of 4.6% [13][18] - The textile and apparel sector's revenue and net profit saw year-on-year changes of +1.66% and -10.72% respectively [18] - The OEM segment's revenue grew by 13.02% year-on-year, while the brand segment's revenue decreased by 3.90% [19][21] - The home textile segment's revenue decreased by 3.98% year-on-year, with a net profit decline of 12.35% [21]
美护、纺织服装25Q1板块表现总结：25Q1消费需求整体平稳，建议关注后续国家消费刺激政策
Hua Yuan Zheng Quan·2025-05-09 13:16