纺织服装2025年中报总结：25H1板块运营承压，关注头部运动品牌及制造链盈利修复

Investment Rating - The report maintains a strong buy rating for leading brands such as Li Ning and Anta Sports, focusing on their recovery in brand strength and multi-category operations [3][41]. Core Insights - The sportswear market is experiencing a slowdown in traditional brands, while niche segments like outdoor and sports fashion are growing rapidly, with brands like Descente and KOLON seeing growth rates exceeding 50% [3][14]. - The manufacturing sector is facing challenges with low efficiency in footwear production, while apparel manufacturers are performing better, and upstream raw material processing profits remain stable [3][66]. Summary by Sections Sports Footwear and Apparel - Revenue growth for traditional sports brands (Anta, Li Ning, Xtep, FILA) has slowed to single digits in 25H1 due to weak demand, particularly in offline markets, leading to a slight decline in profitability [1][14]. - Li Ning's revenue growth was 2.7%, Anta's was 11.6%, and Xtep's was 7.1%, indicating a trend of declining growth rates [15][21]. - The basketball category is under pressure, while running and cross-training categories continue to grow, with Li Ning's running category seeing a 15% increase [17][21]. - Online sales are growing faster than offline, with Li Ning's e-commerce growth in the high single digits and Anta's at 10% [21][24]. - Profitability is under pressure, with Li Ning's gross margin down 0.4 percentage points and Anta's down 0.7 percentage points [27][35]. Home Textiles - The big product strategy has driven revenue growth for brands like Water Mercury and Luolai, with Q2 revenue growth improving compared to Q1 [2][42]. - Gross margins have improved, but increased sales expenses have pressured net profit margins [48][49]. - Water Mercury's revenue growth was 1% in Q1 and 12% in Q2, while Luolai's was 1% and 7% respectively [42][48]. Men's Wear and Casual Wear - Revenue growth for men's wear brands has been relatively stable, with Q2 growth slightly better than Q1 [54][56]. - The net profit margin has been under pressure due to increased sales expenses, with brands like Hai Lan's Home and Semir facing significant declines in net profit [54][60]. Textile Manufacturing - Head manufacturers have seen strong revenue performance, with Huayi up 10%, Shenzhou up 15%, and Jingyuan up 11%, but profitability has been pressured due to mismatched production capacity [66][67]. - Upstream raw material processing remains stable, with expectations for overseas capacity to contribute positively [66][67]. Investment Recommendations - Focus on brands with strong recovery potential like Li Ning and Anta Sports, which are expanding their product lines and optimizing operations [3][41][66].