纺织服装行业2025年中报综述：关税拖累制造表现，品牌业绩延续承压

Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry [9] Core Insights - The textile and apparel industry is experiencing pressure from tariffs, leading to a decline in manufacturing performance and continued challenges for brand performance [4][17] - In H1 2025, the A-share textile and apparel sector reported revenues of 796.9 billion and net profits of 74.4 billion, reflecting a year-on-year decline of 0.3% and 6.7% respectively [4][5] - The report highlights that the retail environment remains weak, impacting revenue growth across various segments [4][19] Revenue and Profit Analysis - Revenue growth rates for H1 2025 compared to H1 2024 are as follows: Sports (+7.9%), Mass Market (+0.7%), Textile Manufacturing (+0.5%), Mid-High End (-1.4%), Home Textiles (-2.5%) [2][6] - In Q2 2025, revenue growth rates compared to Q2 2024 are: Mass Market (+3.5%), Home Textiles (+0.8%), Mid-High End (+0.6%), Textile Manufacturing (-0.04%) [2][6] - Profitability analysis shows that in H1 2025, net profit growth rates are: Textile Manufacturing (+4.5%), Sports (-7.1%), Mid-High End (-9.4%), Home Textiles (-15.6%), Mass Market (-16.0%) [2][7] - In Q2 2025, net profit growth rates are: Textile Manufacturing (-6.4%), Home Textiles (-17.3%), Mass Market (-26.7%), Mid-High End (-36.6%) [2][7] Segment Performance - The sports segment shows resilience with a revenue of 750.6 billion in H1 2025, despite a net profit decline of 7.1% [19][20] - The mid-high end segment faces significant challenges with a revenue of 129.4 billion and a net profit decline of 9.4% in H1 2025 [36][40] - The mass market segment reported a revenue of 428.1 billion in H1 2025, with a slight decline in net profit [4][5] - Home textiles continue to struggle, with a revenue of 74.4 billion and a net profit decline of 15.6% in H1 2025 [4][5] Operational Quality - The report indicates that operational quality is declining, with inventory and accounts receivable turnover rates decreasing in a weak retail environment [4][5] - The cash flow situation remains healthy, with operating cash flow for the sports segment at 122 billion, maintaining a ratio of cash flow to net profit at 1.1 [28][33]