HUAXI Securities·2025-05-24 07:20Investment Rating - The industry rating is "Recommended" [4] Core Insights - The report highlights that Tmall and Taobao platforms experienced negative growth in various categories in April 2025, with the highest growth seen in Jin Hong Group [7] - Deckers reported a 16.3% revenue increase to $4.986 billion for FY2025, with operating profit rising by 27.1% to $1.179 billion, and a gross margin increase of 2.3 percentage points to 57.9% [15] - VF Corporation's revenue decreased by 4% to $9.504 billion for FY2025, with a net loss of $190 million, although the loss narrowed compared to the previous year [16] Summary by Sections Company Performance - Tmall and Taobao platforms saw negative growth across categories in April 2025, with Jin Hong Group showing the highest growth [7] - Deckers' FY2025 revenue grew by 16.3% to $4.986 billion, with operating profit increasing by 27.1% to $1.179 billion, and a gross margin of 57.9% [15] - VF Corporation's revenue fell by 4% to $9.504 billion, with a net loss of $190 million, but the loss was less than the previous year [16] - Amphenol's Q1 2025 revenue was $1.473 billion, with a net profit increase of 2539.22% [17] Market Trends - The textile and apparel industry saw a decline in stock performance, with the SW textile and apparel sector down 1.31% [20] - The cotton price index in China increased by 0.29% as of May 23, 2025, while the medium import cotton price index rose by 1.06% [30] - The USDA forecasts a 2.7% decrease in global cotton production for the 2025/2026 season [40] Investment Recommendations - The report suggests short-term recommendations for companies with high U.S. revenue exposure and significant prior declines, while mid-term recommendations focus on companies with high overseas exposure [18][19] - Long-term recommendations include companies with growth potential, such as Zhejiang Natural and Kai Run Co., which have favorable market positions [19]