[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 25 日 证券研究报告 [Table_Title] 纺织服装行业全球观察之德克斯户外 FY2026Q3：HOKA 营收持续高增，公司上调业绩指引 | 分析师： [Tabl | 糜韩杰 | 分析师： | 董建芳 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | SAC 执证号：S0260525060002 | | | SFC CE.no: BPH764 | | | | | 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。 | | | [Table_Summary] 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 / 6 972918116公共联系人2026-02-25 17:02:49 [本报告联系人： Table_C ontacter] 德克斯户外公布 ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 25 日 证券研究报告 [Table_Title] 纺织服装行业全球观察之安德玛 FY2026Q3：泛欧洲和拉美地区销售回暖，营收指引略有上调 [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。 [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1/8 972918116公共联系人2026-02-25 16:56:24 [本报告联系人： Table_C ontacter] 安德玛公布 FY2026Q3 业绩（2025 年 10 月-2025 年 12 月）。（1）收入：FY2026Q3 实现营收 13.28 亿美 元，同比下降 4.7%；FY2026Q1-3 实现 ...

孟凡利还前往新兴县簕竹镇五联村，现场调研春耕备耕工作，实地查看紫云英种植有关情况，强调要不 误农时抓好春耕生产，积极推广紫云英等绿肥种植，有效提升耕地地力，助力粮食增产和农民增收。 （李凤祥 符信） 羊城晚报讯 新春佳节将至，2月14日至15日，省委副书记、省长孟凡利到广州、云浮，走访慰问比音勒 芬服饰股份有限公司、广州希音国际进出口有限公司、温氏食品集团股份有限公司等企业，代表省委、 省政府向广大企业家和员工送上新春祝福，对大家长期以来为广东经济社会发展所作的积极贡献表示诚 挚感谢。 孟凡利表示，企业是推动经济高质量发展的关键力量，希望广大企业奋发进取、抢抓机遇，不断提高自 主创新能力，锻造更为强大的国际竞争力，在广东开展更多投资和业务布局，推动更多合作项目落地， 企地携手共图发展大业。全省各级政府和部门要坚持好充分发挥市场在资源配置中的决定性作用并努力 更好发挥政府作用的理念，认真落实好全面联系服务企业机制，全力为企业发展做好服务保障工作。今 年是"十五五"开局之年，要锚定经济建设这一中心工作和高质量发展这一首要任务，坚持目标导向、问 题导向、结果导向，着力打造一流产业生态和市场化法治化国际化营商环境，推 ...

Group 1 - The core viewpoint of the news is that 比音勒芬 (Biyinlefen) has shown mixed financial performance, with a slight increase in revenue but a significant decrease in net profit [2][3] - As of February 9, Biyinlefen's stock price decreased by 0.13%, with a trading volume of 1.22 billion yuan and a net financing purchase of 629.33 million yuan [1] - The company's financing balance reached 3.85 billion yuan, which is high compared to the past year, indicating strong investor interest [1] Group 2 - For the period from January to September 2025, Biyinlefen achieved an operating income of 3.201 billion yuan, representing a year-on-year growth of 6.71% [2] - The net profit attributable to shareholders decreased by 18.70% to 620 million yuan during the same period [2] - Biyinlefen has distributed a total of 1.748 billion yuan in dividends since its A-share listing, with 1.039 billion yuan distributed in the last three years [3] Group 3 - As of September 30, the number of shareholders for Biyinlefen was 36,400, a decrease of 4.26% from the previous period [2] - The average number of circulating shares per person increased by 4.45% to 10,687 shares [2] - Notable institutional shareholders include 华夏消费龙头混合A and 香港中央结算有限公司, with the latter being a new entrant among the top ten shareholders [3]

内容概要：近年来，二次元服装市场迅速崛起，成为服装行业中的一股不可忽视的力量。这一市场主要 以改编自动漫、游戏、网络小说中人物的服装为主，因其普及性、新潮性和搞怪性而深受大众喜爱。数 据显示，2020年以来中国二次元服装市场规模呈现明显的上升趋势，2025年行业市场规模增长至220亿 元，同比上涨10.0%。这一增长主要得益于二次元行业的快速发展，带动二次元服装等周边衍生产业发 展。与此同时，二次元文化的全民化渗透的推动下，服装需求已从传统Cosplay服饰向日常化、场景化 延伸，Lolita、汉服、IP联名痛衣等品类快速崛起，叠加政策层面的精准扶持，为行业发展注入强劲动 力。预计未来随着二次元文化的持续渗透，二次元服装的市场规模将继续保持增长趋势。 相关上市企业：锦泓集团（603518）、比音勒芬（002832）、太平鸟（603877）、三七互娱 （002555）、哔哩哔哩-W（09626）、京东集团-SW（09618）、阿里巴巴-W（09988）、拼多多 （PDD）等。 相关企业：杭州意丰歌服饰有限公司、上海丝绸集团品牌发展有限公司、杭州美盛动漫有限公司、广州 汉尚华莲贸易有限公司、美盛文化创意股份有限公 ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 6 日 证券研究报告 [Table_Title] 纺织服饰行业全球观察之加拿大鹅 972918116公共联系人2026-02-06 23:08:14 [本报告联系人： Table_C ontacter] FY2026Q3：北美亚太齐头并进，直营渠道延续高增 [Tabl e_Author] 分析师： 糜韩杰 分析师： 钟泽宇 SAC 执证号：S0260516020001 SFC CE.no: BPH764 SAC 执证号：S0260526020002 021-38003650 020-66336949 mihanjie@gf.com.cn zhongzeyu@gf.com.cn [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] 纺织服饰行业:纺织服装与轻工行业数据月报 1.1-1.30 2026-02-02 纺织服饰行业:纺织服装与轻工行业数据周报 1.17-1.23 2026-01-25 纺织服饰行业全球观察之迅销:FY2026Q1 公司业绩再创新高，大中华区收入同增中单 2026-01-25 识别 ...

Core Viewpoint - The A-share market saw active performance in new retail concept stocks, with several companies reaching their daily price limit and others showing significant gains [1]. Group 1: Stock Performance - Hai Xin Food (002702) increased by 10.01%, with a total market value of 4.274 billion and a year-to-date increase of 8.01% [2]. - La Fang Jia Hua (603630) also rose by 10.01%, having a market capitalization of 4.804 billion and a year-to-date increase of 10.18% [2]. - Hangzhou Jie Bai (600814) saw a rise of 9.99%, with a market value of 7.204 billion and a year-to-date increase of 20.99% [2]. - Xin Hua Du (002264) increased by 9.97%, with a market capitalization of 9.055 billion and a year-to-date increase of 42.47% [2]. - Hong Mian Co. (000523) rose by 6.41%, with a market value of 7.617 billion and a year-to-date increase of 10.08% [2]. - San Jiang Shopping (601116) increased by 6.26%, with a market capitalization of 10.7 billion and a year-to-date increase of 41.68% [2]. - You Hao Group (600778) rose by 4.90%, with a market value of 2.601 billion and a year-to-date increase of 25.19% [2]. - Bi Yin Le Fen (002832) increased by 4.89%, with a market capitalization of 8.937 billion and a year-to-date increase of 4.68% [2]. - Hong Hui Guo Shu (603336) rose by 4.33%, with a market value of 5.862 billion and a year-to-date increase of 12.50% [2]. - Hai Lan Zhi Jia (600398) increased by 4.26%, with a market capitalization of 30.5 billion and a year-to-date increase of 5.12% [2]. - Shanghai Jiu Bai (600838) rose by 4.03%, with a market value of 5.071 billion and a year-to-date increase of 16.91% [2].

Group 1 - The new retail concept stocks in the A-share market are showing active performance, with several companies hitting the daily limit up [1] - Hai Xin Food, La Fang Jia Hua, Hangzhou Jie Bai, and Xin Hua Du all reached the daily limit up of 10% [1] - Hong Mian Co., San Jiang Shopping, and others saw significant increases, with Hong Mian Co. rising over 6% and San Jiang Shopping increasing by 6.26% [1] Group 2 - Hai Xin Food's market capitalization is 4.274 billion, with a year-to-date increase of 8.01% [2] - La Fang Jia Hua has a market capitalization of 4.804 billion and a year-to-date increase of 10.18% [2] - Hangzhou Jie Bai's market capitalization is 7.204 billion, with a year-to-date increase of 20.99% [2] - Xin Hua Du has a market capitalization of 9.055 billion and a year-to-date increase of 42.47% [2] - Hong Mian Co. has a market capitalization of 7.617 billion, with a year-to-date increase of 10.08% [2] - San Jiang Shopping's market capitalization is 10.7 billion, with a year-to-date increase of 41.68% [2] - Other companies like You Hao Group, Bi Yin Le Fen, and Hong Hui Guo Shu also showed positive performance with increases over 4% [1][2]

Group 1 - The core point of the article highlights the performance of Biyinlefen, which saw a 6.36% increase in stock price, reaching 15.88 yuan per share, with a trading volume of 168 million yuan and a turnover rate of 2.81%, resulting in a total market capitalization of 9.063 billion yuan [1] - Biyinlefen Clothing Co., Ltd. is located in Panyu District, Guangzhou, Guangdong Province, and was established on January 2, 2003. The company was listed on December 23, 2016, and its main business involves the research, design, brand promotion, marketing network construction, and supply chain management of its own brand of golf apparel [1] - The revenue composition of Biyinlefen includes: tops 52.93%, bottoms 21.64%, outerwear 14.68%, other categories 10.11%, and others 0.64% [1] Group 2 - From the perspective of major fund holdings, data shows that the Chuangjin Hexin Fund has one fund heavily invested in Biyinlefen. The Chuangjin Hexin Xinqi Mixed A Fund (009005) reduced its holdings by 83,300 shares in the fourth quarter, holding 635,700 shares, which accounts for 2.01% of the fund's net value, making it the second-largest holding [2] - The Chuangjin Hexin Xinqi Mixed A Fund (009005) was established on March 4, 2020, with a current scale of 281 million yuan. Year-to-date returns are 2.03%, ranking 6199 out of 8873 in its category; the one-year return is 9.58%, ranking 6460 out of 8119; and since inception, the return is 59.15% [2]

Core Insights - The Guangdong clothing industry is transitioning from a focus on cost-effectiveness to cultural recognition and aesthetic value, showcasing its global appeal [2][3] - The "Guangdong Goods Going Global" promotional event aims to connect clothing enterprises directly with the consumer market and platform resources, highlighting the strength and diversity of Guangzhou's fashion industry [2][3] Industry Overview - The Guangdong textile and clothing industry has a scale exceeding 1 trillion yuan, with over 20,000 production enterprises and nearly 90,000 wholesale and retail entities, maintaining a leading position in national market transactions [3][5] - Guangdong has established seven world-class industrial clusters, including women's clothing from Humen and denim from Zengcheng, contributing to its reputation as a key consumer goods industry in China [5] Technological and Creative Advancements - The industry is accelerating its digital and brand transformation, with new technologies like AI design and flexible production being rapidly implemented [3][4] - The integration of original design and intelligent upgrades is crucial for enhancing product variety and quality, supported by a robust ecosystem for brand development and market dissemination [4] Market Dynamics - The promotional event featured live streaming and direct sales, resulting in some companies achieving sales growth of up to 100% within the same live broadcast duration [3] - Guangdong's clothing industry is characterized by strong R&D capabilities and rapid market responsiveness, with leading companies like YOUNGOR and G2000 contributing to a competitive fast fashion landscape [5] Cultural Significance - The region's clothing industry is deeply rooted in its cultural heritage, with traditional crafts like Cantonese embroidery and unique styles contributing to its identity [5] - The government is actively supporting the fashion industry through policies that enhance brand visibility and market reach, fostering a global presence for "Lingnan Clothing" [5]