棉花专题：纺织行业消费情况分析

Group 1: Report Summary - The textile industry maintained stable overall operations in H1 2025, with high export and domestic demand, good cotton consumption, but weak profit growth and high business pressure. The overall performance of listed companies showed some resilience [1][3]. - The industry showed a stable revenue but faced significant profit pressure, with differences among sub - industries. Exports demonstrated resilience due to Sino - US trade disputes. Listed companies generally performed well, but individual stocks varied, and the sportswear industry led the market [25]. Group 2: H1 2025 Textile Industry Overall Operation Production Situation - The textile industry's capacity utilization was in a reasonable range. The industrial added - value of above - scale textile enterprises increased by 3.1% year - on - year (1.5 percentage points slower than the previous year). Most parts of the industrial chain had stable production. Some sub - industries had high growth rates, and 9 out of 15 major textile products saw output growth [4]. Consumption Market - Textile and clothing domestic sales had a mild recovery. Per capita clothing consumption expenditure increased by 2.1% year - on - year (0.9 percentage points faster than Q1). The retail sales of clothing, footwear, and textiles above the quota increased by 3.1% year - on - year (1.8 percentage points faster than the previous year). Online clothing sales increased by 1.4% year - on - year (1.5 percentage points higher than Q1). Consumption trends included a shift towards quality, personalization, and culture [5]. Foreign Trade Situation - Despite challenges, textile exports maintained a slight increase. Total textile and clothing exports were $143.98 billion, a 0.8% year - on - year increase. Textile exports were $70.52 billion, up 1.8% year - on - year, while clothing exports were $73.46 billion, down 0.2% year - on - year. Exports to the US declined, but those to other trading partners increased [10]. Benefit Situation - Textile enterprises faced increased operating pressure. The operating income of 38,000 above - scale textile enterprises decreased by 3% year - on - year, and the total profit decreased by 9.4% year - on - year. The operating income profit margin dropped to 3%. However, there were differences among sub - industries [12]. Group 3: Listed Company Performance H1 2025 Financial Report - In terms of revenue, the textile manufacturing and clothing home textile sectors had year - on - year growth rates of +7.8% and - 6.4% respectively. In terms of profit, the textile manufacturing sector had a stable gross profit margin of 19.4% and a net profit margin of 8.5%. The clothing home textile sector had a gross profit margin of 46.1% and a net profit margin of 8.5%. In terms of inventory, the textile manufacturing sector's inventory - to - sales ratio was about 3.9 months, and that of the clothing home textile sector dropped to about 6.7 months [17]. Q2 2025 - In terms of revenue, the textile manufacturing sector's growth rate slowed to 6.6% year - on - year, and the clothing home textile sector's decline narrowed to 4.6% year - on - year. In terms of profit, the textile manufacturing sector's gross profit margin was 19.4%, and the net profit margin was 9.5%. The clothing home textile sector's gross profit margin was 45.4%, and the net profit margin was 5.8%. In terms of inventory, the textile manufacturing sector's inventory - to - sales ratio increased to 4.1 months, and that of the clothing home textile sector decreased to 6.7 months [21]. Sector Companies - In the clothing home textile sector, the sportswear track was booming, with leading companies like Anta Sports, 361 Degrees, and Li Ning having good revenue and profit growth. Non - sportswear companies generally faced challenges. In the textile manufacturing sector, contract manufacturing enterprises had stable order growth, and cotton - spinning enterprises performed well [22][24].