研究报告 Research Report 3 Mar 2026 全球服装、鞋类及配饰设计 Global Apparel, Footwear & Acc Design 全球运动鞋服份额获取或已达瓶颈，服饰大融合时代到来 Global Athletic Footwear & Apparel Share Gains May Be Plateauing, The Era of "Apparel Convergence" Is Arriving Related Reports 2026 大消费渠道专家会：伯希和维持高增长态势，始祖鸟和萨洛蒙持续 拓圈 2026 Big Consumption Channel Expert Meeting: Pelliot Maintains High Growth Momentum, Arc'teryx and Salomon Continue to Expand Consumer Reach (25 Feb 2026) 2026 大消费渠道专家会：puma 中国业绩稳健向上，26 年 ADIDAS 订货增 速最优 2026 Big Consumption Channel Expert ...

证券代码：300577 证券简称：开润股份 公告编号：2026-019 安徽开润股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 安徽开润股份有限公司（以下简称"公司""本公司"）及控股子公司提供担保 余额为 266,486.90 万元，占公司最近一期经审计净资产的比例为 124.42%，敬请 投资者充分关注担保风险。 一、担保情况概述 公司于 2025 年 12 月 5 日召开第四届董事会第三十四次会议，并于 2025 年 12 月 22 日召开 2025 年第三次临时股东会，审议通过了《关于对外担保额度预 计的议案》，预计公司及控股子公司为子公司提供担保的总额度为人民币 467,100 万元（含等值外币）。含公司为子公司提供担保的总额度为人民币 460,000 万元， 及控股子公司为子公司提供担保的总额度为人民币 7,100 万元。具体内容详见 2025 年 12 月 6 日于巨潮资讯网 www.cninfo.com.cn 披露的《关于对外担保额度 预计的公告》（2025-117）。 目前，预计公司及控股 ...

Macro Insights - The upcoming National People's Congress is expected to set the GDP growth target for 2026 at "4.5%-5%" and maintain a CPI target around 2%[6] - Key indicators to watch include whether the PMI can return to expansion territory and if the first quarter credit can achieve a "good start"[6] Market Performance - The overall market performance in January showed a 13.1% increase, while March saw a 31.4% rise, with a year-on-year increase of 82.3%[3] - The coal sector maintained a steady performance with a 11.3% increase in both January and March, and a 25.4% increase year-on-year[3] Investment Recommendations - Focus on sectors benefiting from price increases, such as chemicals, steel, and energy, as well as companies involved in AI and technology[9] - Recommended stocks include Yanzhou Coal Mining, Nanshan Aluminum, and Yanjing Beer, among others[9] Economic Indicators - The central bank's liquidity measures have led to a slight decline in deposit rates, maintaining a stable and loose monetary environment[14] - The carbon market saw a total transaction volume of 8.8 billion tons, with a cumulative transaction value of 587.2 billion yuan[23] Sector-Specific Trends - The environmental sector is expected to benefit from new policies in Zhejiang and Guangxi, promoting solid waste treatment and recycling[22] - The tourism market is projected to perform well throughout 2026, driven by ongoing policy support and consumer demand[26] Risks - Potential risks include unexpected changes in external environments, policy effectiveness, and geopolitical tensions[6] - The coal market faces risks from domestic production exceeding expectations and downstream demand not meeting projections[34]

[Table_Page] 行业专题研究|纺织服饰 2026 年 3 月 1 日 证券研究报告 [Table_Title] 纺织服饰行业全球观察之亚玛芬 FY2025Q4：精彩收官，营收高增，所有业务板块、地区和渠道均实现两位数增长 | 分析师： [Tabl | 糜韩杰 | | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | | SFC CE.no: BPH764 | | | 021-38003650 | | | mihanjie@gf.com.cn | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] | 纺织服装行业全球观察之 VF:FY2026Q3：北美地区销售回暖，亚太和 EMEA 地区销售承压 | 2026-02-27 | | --- | --- | | 纺织服装行业全球观察之 Moncler SpA:FY2025：直营渠道延续增长，亚洲市场表现亮眼 | 2026-02-26 | | 纺织服装行业全球观察之亚瑟士:FY2025：业绩持续高增长，FY2026 展望乐观 | 2026-02-25 | 识别风险 ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 27 日 证券研究报告 [Table_Title] 纺织服装行业全球观察之 VF FY2026Q3：北美地区销售回暖，亚太和 EMEA 地区销售承压 [Tabl e_Author] 分析师： 糜韩杰 分析师： 董建芳 SAC 执证号：S0260516020001 SFC CE.no: BPH764 SAC 执证号：S0260525060002 021-38003650 dongjianfang@gf.com.cn mihanjie@gf.com.cn 请注意，董建芳并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Tabl 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1 / 7 972918116公共联系人2026-02-27 22:31:17 [本报告联系人： Table_C ontacter] [纺织服装行业全球观察之 Table_Report] Moncler SpA:FY2025：直营渠道延续增长，亚洲市场表现亮眼 VF 公布 FY2026Q3 业绩（2025 年 9 月 28 日-2025 ...

Investment Rating - The industry rating is "Recommended" [6] Core Insights - Amer Sports reported Q4 and full-year results for 2025, exceeding market expectations with revenue and net profit growth of 27% and 489% respectively, with Greater China revenue increasing by 43.4% [3][15] - Jiangnan Buyi's FY2026H1 revenue, net profit, and operating cash flow were 3.376 billion, 676 million, and 996 million CNY, reflecting year-on-year growth of 7.0%, 11.9%, and 21.1% respectively [4][16] - The report highlights a strong expectation for upstream price increases in manufacturing, particularly for wool and cotton, with recommendations for specific companies benefiting from these trends [5][17] Summary by Sections Company Performance - Amer Sports' brand performance showed significant growth, with Arc'teryx, Salomon, and Wilson revenues increasing by 30%, 31%, and 13% respectively [3][15] - Jiangnan Buyi declared an interim dividend of 0.52 HKD per share, yielding a 5.18% dividend rate [4][16] Market Trends - The report notes a strong expectation for price increases in raw materials, including wool and cotton, with recommendations for companies like Baolong Oriental and New Australia [5][17] - The easing of tariffs is expected to positively impact the industry, with a potential reduction of 5%-10% in tariffs on Chinese goods exported to the U.S. [4][16] Online Sales Data - Sales data from Taobao and Tmall for January 2026 showed a year-on-year increase in sportswear sales by 15.81%, indicating a recovery in consumer demand [5][17] - The outdoor category saw significant growth, with sales for outdoor climbing and camping gear increasing by 25.63% [5][17] Raw Material Prices - As of February 27, 2026, the Chinese cotton price index rose to 16,731 CNY/ton, reflecting a 3.88% increase [8][32] - Wool prices have increased by 4.13% year-to-date, with the Australian wool market index at 1,716 AUD/kg [8][39] Export Data - In 2025, textile and apparel exports decreased by 2.26% year-on-year, with textile exports growing by 0.5% and apparel exports declining by 5% [51][52] - Vietnam's footwear exports showed a positive trend, with a year-on-year increase of 7.79% in January 2026 [60][61]

Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [28]. Core Insights - Moncler achieved a revenue of €3.132 billion in FY2025, a year-on-year increase of 3%, with Q4 revenue reaching €1.291 billion, up 7% year-on-year [4]. - The company's net profit for FY2025 was €627 million, a decrease of 2.02% compared to the previous year, primarily due to increased net financial expenses [4]. - The net profit margin for FY2025 was 20.01%, down 0.56 percentage points year-on-year, while the gross margin remained stable at 78.10% [4]. - The report highlights strong performance in the Asian market, with revenue of €1.532 billion, accounting for 48.92% of total revenue, and a 7% increase in Moncler's revenue in this region [4]. Summary by Category Financial Performance - FY2025 revenue: €3.132 billion, +3% YoY; Q4 revenue: €1.291 billion, +7% YoY [4] - FY2025 net profit: €627 million, -2.02% YoY; net profit margin: 20.01%, -0.56pct YoY [4] - FY2025 gross margin: 78.10%, stable YoY; operating profit margin: 29.16%, -1.02pct YoY [4] Brand Performance - Moncler revenue: €2.721 billion, +3% YoY; Q4 revenue: €1.168 billion, +6% YoY [4] - Stone Island revenue: €411 million, +4% YoY; Q4 revenue: €123 million, +16% YoY [4] Regional Performance - Asia: €1.532 billion revenue, 48.92% of total; Moncler: €1.416 billion, +7% YoY; Stone Island: €116 million, +16% YoY [4] - EMEA: €1.182 billion revenue, 37.75% of total; Moncler: €914 million, -3% YoY; Stone Island: €269 million, stable YoY [4] - Americas: €417 million revenue, 13.32% of total; Moncler: €391 million, +5% YoY; Stone Island: €26 million, -2% YoY [4] Channel Performance - Direct sales: €2.589 billion, 82.56% of total; Moncler: €2.360 billion, +4% YoY; Stone Island: €226 million, +11% YoY [4] - Wholesale: €546 million, 17.44% of total; Moncler: €361 million, -4% YoY; Stone Island: €185 million, -4% YoY [4] Store Count - Moncler: 344 stores (295 direct, 49 wholesale), +9/-7 YoY [4] - Stone Island: 106 stores (95 direct, 11 wholesale), +5/+2 YoY [4] Future Outlook - Moncler aims to strengthen its leadership in the luxury outdoor segment through customized marketing and a year-round product matrix [4]. - Stone Island focuses on product innovation and enhancing the omni-channel consumer experience [4]. - The company is advancing its "SIDE by SIDE" three-year plan to increase the use of low-carbon materials and enhance supply chain sustainability [4].

Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expectation that stock performance will exceed the market by more than 10% over the next 12 months [43]. Core Insights - Under Armour reported FY2026 Q3 results with revenue of $1.328 billion, a year-on-year decline of 4.7%. For FY2026 Q1-3, revenue was $3.795 billion, also down 4.7% year-on-year [4]. - The net profit attributable to the parent company for FY2026 Q3 was -$431 million, compared to a profit of $1 million in the same period last year. For FY2026 Q1-3, the net profit was -$452 million, worsening from -$134 million year-on-year [4]. - The gross margin for FY2026 Q3 was 44.4%, down 3.1 percentage points year-on-year, while for FY2026 Q1-3, it was 46.6%, down 1.8 percentage points year-on-year [4]. - Selling, General and Administrative (SG&A) expense ratio for FY2026 Q3 was 50.1%, up 4.5 percentage points year-on-year, while for FY2026 Q1-3, it was 46.8%, down 3.3 percentage points year-on-year [4]. Summary by Region - North America: FY2026 Q3 revenue was $757 million, a decline of 10% year-on-year [4]. - Europe, Middle East, and Africa (EMEA): FY2026 Q3 revenue was $577 million, an increase of 3% year-on-year [4]. - Asia-Pacific: FY2026 Q3 revenue declined by 5% year-on-year [4]. - Latin America: FY2026 Q3 revenue increased by 20% year-on-year [4]. Summary by Channel - Wholesale channel: FY2026 Q3 revenue was $660 million, down 6% year-on-year [4]. - Direct-to-consumer channel: FY2026 Q3 revenue was $647 million, down 4% year-on-year [4]. - Franchise channel: FY2026 Q3 revenue declined by 2% year-on-year [4]. Summary by Product - Apparel: FY2026 Q3 revenue was $934 million, down 3% year-on-year [4]. - Footwear: FY2026 Q3 revenue was $265 million, down 12% year-on-year [4]. - Accessories: FY2026 Q3 revenue was $108 million, down 3% year-on-year [4]. Inventory and Cash Situation - As of the end of the quarter, inventory increased to $1.075 billion, a decrease of 2% year-on-year [4]. Performance Outlook - The company expects FY2026 revenue to decline approximately 4% year-on-year, with previous guidance indicating a decline of 4% to 5%. North America is expected to decline by 8%, Asia-Pacific by 6%, and EMEA is projected to grow by 9% [4]. - The company anticipates a gross margin decline of approximately 190 basis points for FY2026, with previous guidance indicating a decline of 190 to 210 basis points [4]. - The expected operating loss for FY2026 is approximately $154 million, with previous guidance indicating a loss of $56 million to $71 million [4]. - The expected diluted loss per share for FY2026 is projected to be between $1.24 and $1.25, with previous guidance indicating a loss of $0.15 to $0.17 [4].

国浩律师（上海）事务所 关于 安徽开润股份有限公司 2026 年第一次临时股东会 之 国浩律师（上海）事务所 关于安徽开润股份有限公司 2026 年第一次临时股东会 之 法律意见书 致：安徽开润股份有限公司 作为具有从事中国法律业务资格的律师事务所，国浩律师（上海）事务所（以 下简称"本所"）接受安徽开润股份有限公司（以下简称"公司"）的委托，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）等法律法规及规范性文件的规定，指派本所律师出席 公司2026年第一次临时股东会（以下简称"本次股东会"），并就本次股东会的召 集、召开程序及表决程序、表决结果等事项出具本法律意见书。 国浩律师（上海）事务所 法律意见书 律师应当声明的事项 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+8 ...

证券代码：300577 证券简称：开润股份 公告编号：2026-018 安徽开润股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决提案的情况； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间 （1）现场会议时间：2026 年 2 月 25 日下午 14:30。 （二）会议出席情况 1、出席本次股东会的股东及股东代表（包括代理人）104 人，代表股份 167,467,057 股，占上市公司总股份的 70.0567%（计算相关比例时，本公告中所 述公司总股份均以股权登记日 2026 年 2 月 11 日收市后公司总股本剔除回购专用 账户中的股份数量后的股份总数 239,045,010 股为依据，下同）。其中：通过现场 方式投票的股东及股东代表（包括代理人）4 人，代表股份 135,109,958 股，占 上市公司总股份的 56.5207%；通过网络投票的股东及股东代表（包括代理人） 100 人，代表股份 32,357,099 ...