东兴轻纺：关税继续暂缓，三丽鸥业绩超预期

Investment Rating - The industry investment rating is "Positive" [2][52]. Core Views - The textile and apparel industry is seeing a recovery in export performance due to the recent suspension of tariffs, which is expected to stabilize orders for companies with overseas production capacity [4][13]. - Sanrio's performance has exceeded market expectations, with significant growth in its IP toy business globally, particularly in China and North America [5][14]. - The home furnishing sector is experiencing a gradual recovery in domestic sales due to relaxed real estate policies, while exports are also showing signs of improvement [6][15]. Summary by Sections Textile and Apparel - Key textile companies have reported mixed mid-year results, with Jian Sheng Group achieving total revenue of 1.171 billion yuan, a year-on-year increase of 0.19%, but a net profit decline of 14.46% [3][12]. - Huali Group reported a total revenue of 12.661 billion yuan, a year-on-year increase of 10.36%, but a net profit decline of 11.42% due to new factory ramp-up affecting gross margins [3][12]. Light Industry Manufacturing - Sanrio's FY26Q1 revenue reached 43.1 billion yen, a year-on-year increase of 49.1%, with operating profit up 88.0% and net profit up 37.8% [5][14]. - Sanrio has revised its FY2026 guidance upwards, projecting revenue of 168.8 billion yen, operating profit of 67.3 billion yen, and net profit of 47.5 billion yen [5][14]. Home Furnishing - Domestic sales are expected to improve as real estate policies are relaxed, with increased housing loan support [6][15]. - July home furnishing exports showed a recovery, reaching 4.88 billion USD, a year-on-year increase of 3.0% [6][15].