【天风轻纺】On（华利核心客户）：FY26指引偏弱，亚太增长领跑 指引：FY26年营收同增23%+至34亿瑞郎，毛利率63%+，调后EBITDA率18.5-19.0%；2023-26年CAGR维持30%， 迈入三年战略最后一年； ■FY25Q4：营收7.4亿瑞郎+31%，毛利率63.9%+1.8pp，调后EBITDA利润率17.6%+1.2pp； 毛利率创四季度新高，系结构性运营效率提升、强劲的全 批发+31%，DTC+30%，25年自有零售点扩至近70个； 鞋子+29%，服装+46%，配饰+131%； 亚太地区年净销售额超5亿瑞士法郎，跨市场和渠道需求旺盛；服装配饰品类全年高增，加强从头到尾品牌的演 变； ■截至25年12月末，公司库存4.2亿瑞郎+0.1%，低于收入增长，年末净营运资本5.7亿瑞郎+14.3%，库存结构稳 健，现金流及营运资本状况健康。 【天风轻纺】On（华利核心客户）：FY26指引偏弱，亚太增长领跑 指引：FY26年营收同增23%+至34亿瑞郎，毛利率63%+，调后EBITDA率18.5-19.0%；2023-26年CAGR维持30%， 迈入三年战略最后一年； ■FY25Q4：营收7.4 ...

来源：常闻，山西证券研究所 2026 年 3 月 3 日 行业研究/行业周报 纺织服装行业近一年市场表现 纺织服装 行业周报（20260222-20260228） 同步大市-A(维持) Amer Sports 公布 FY2025 财报，预计 FY2026 营收同比增长 16%-18% 相关报告： 【山证纺织服装】安德玛预计 FY2026 营收同降 4%，2025 年国内黄金消费量 同 降 3.6%- 【 山 证 纺 服 】 行 业 周 报 2026.2.9 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：Amer Sports 公布 FY2025 财报，预计 FY2026 营收同比增长 16%-18% 2 月 24 日，Amer Sports 公布 2025 年年报。2025 年，公司实现营收 65.66 亿美元，同 比增长 26.7%；实现归母净利润 4.27 亿美元，同比增长 488.7%。 分区域看，美洲市场、EMEA、大中华区、亚太区域分别实现营收 ...

Core Insights - Nutanix (NTNX) reported second-quarter fiscal 2026 non-GAAP earnings of 56 cents per share, exceeding the Zacks Consensus Estimate by 27.27% and reflecting a year-over-year increase of 19.1% [1] - Revenues for Nutanix rose 10.4% year over year to $722.8 million, surpassing the Zacks Consensus Estimate by 1.27% and exceeding the guided range of $705-$715 million [1] Customer Growth - The company added over 1000 new customers during the fiscal second quarter, marking its strongest quarterly new logo additions in eight years [4] - Increased customer engagement was noted as NTNX is considered an alternative amid industry mergers and acquisitions, supported by stronger partnerships with OEMs like Cisco, Dell, and Lenovo [2] Revenue Breakdown - Product revenues, accounting for 53.6% of total revenues, increased 9.4% year over year to $387.4 million [3] - Support, maintenance, and other services revenues, making up 46.4% of total revenues, rose 11.6% to $335.5 million [3] - Subscription revenues, which represent 95.5% of total revenues, climbed 10.6% to $690.5 million [3] - Annual recurring revenues increased 16% year over year to $2.36 billion [3] Operating Performance - Non-GAAP gross margin expanded by 30 basis points year over year to 88.6% [5] - Non-GAAP operating expenses rose 8.2% year over year to $451.2 million [5] - Non-GAAP operating income was $189 million, an increase of $27.7 million from the previous year [5] - Non-GAAP operating margin was 26.2%, exceeding the guided range of 20.5-21.5% and up 160 basis points compared to the year-ago quarter [6] Financial Position - As of January 31, 2025, cash and cash equivalents plus short-term investments totaled $1.87 billion, down from $2.06 billion at the end of the first quarter of fiscal 2026 [7] - Cash generated from operating activities during the second quarter was $197.3 million, with free cash flow at $191.4 million [7] Future Outlook - For the third quarter of fiscal 2026, revenues are projected to be between $680 million and $690 million, with a non-GAAP operating margin expected in the range of 16-17% [10] - For fiscal 2026, revenues are estimated to be between $2.80 billion and $2.84 billion, with free cash flow anticipated in the range of $745 million to $775 million [10]

2月27日，清溢光电（688138.SH）发布2025年度业绩快报。报告显示，公司全年实现营业总收入 123,967.01万元，同比增长11.46%；实现归属于母公司所有者的净利润18,715.48万元，同比增长 8.80%；实现归属于母公司所有者的扣除非经常性损益的净利润16,754.13万元，同比增长9.71%，各项 核心利润指标均实现稳健增长。 本次定增募集资金的到位，直接推动了公司总资产、归属于母公司的所有者权益和每股净资产的大幅增 长，分别为42.27%、87.16%和58.63%。这为公司进一步拓展业务、加大研发投入、优化资本结构提供 了坚实的资金保障。 作为国内掩膜版领域的领军企业，清溢光电主要从事掩膜版的研发、设计、生产和销售业务，产品广泛 应用于平板显示、半导体芯片、触控、电路板等行业。 2025年度，公司实现营收利润双增长，主要得益于下游平板显示及半导体市场的稳步发展，以及公司在 高精度掩膜版领域的技术优势和市场地位的持续巩固。随着国内面板产能的持续扩张和芯片国产化进程 的加速，掩膜版作为关键材料的需求保持旺盛态势。 值得关注的是，报告期末公司总资产达到390,209.02万元，较期初大幅 ...

峰岹科技公告，2025年度实现营业总收入7.74亿元，同比增长28.91%；净利润2.27亿元，同比增长 1.92%；扣除非经常性损益的净利润2.01亿元，同比增长7.04%。 ...

新京报贝壳财经讯 2月27日，莱赛激光公告，2025年营业收入1.94亿元，同比增长25.53%。净利润 499.21万元，同比增长158.61%。报告期内，公司营业收入恢复性增长；公司结合市场情况对部分产品 调整了销售价格，公司毛利率较上年度有所上升；公司加强费用管控，管理费用较上年度同比下降。 编辑 王进雨 ...

南微医学公告称，2025年公司实现营业总收入319,093.19万元，同比增长15.81%；归属于母公司所有者 的净利润57,011.40万元，同比增长3.05%；扣非净利润55,712.35万元，同比增长2.40%。报告期末，总 资产543,404.00万元，较期初增长13.69%；归母所有者权益410,853.20万元，较期初增长7.38%。收入增 长得益于海外业务与新产品驱动，利润增速下降受集采、渠道去库存、投资费用增加及汇率波动影响。 ...

责任编辑：小浪快报 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 2026年2月27日，ST炼石（sz000697）触及涨停，涨停价9.57元，涨幅5.05%，总市值133.61亿元，流通 市值62.50亿元，截止发稿，总成交额1.31亿元。 根据喜娜AI异动分析，ST炼石涨停原因可能如下，重整成功+引入战投+营收增长： 1、公司已基本完 成司法重整程序，法院裁定终结重整程序，正式摆脱债务危机，消除破产风险。同时通过资本公积金转 增股本方式解决25.58亿元债务，资产负债率显著下降。引入四川发展航空等7家机构作为战略投资者， 获得12.38亿元资金支持和资源导入，这些举措极大改善了公司的财务状况和发展前景。 2、公司积极推 进治理结构优化，全面修 ...

Financial Data and Key Metrics Changes - The company reported record Q4 total revenue of $92.9 million, representing a 23% increase year-over-year, exceeding guidance for the quarter [4][15] - Full-year total revenue increased to $276.3 million, surpassing the high end of guidance [15] - Gross margin for Q4 was nearly 80%, with adjusted EBITDA margin at 40%, marking the highest quarterly margins to date [4][15] - Full-year GAAP net income grew nearly 60% to $16.5 million, with a gross margin of 74%, an increase of nearly 200 basis points compared to the prior year [16] Business Line Data and Key Metrics Changes - MACI generated record Q4 revenue of $84.1 million, reflecting a 23% increase year-over-year and 51% sequential growth from Q3 [15] - Full-year MACI revenue increased by 21% to $239.5 million [15] - Burn care Q4 revenue was $8.8 million, exceeding guidance, with full-year burn care revenue at $36.8 million [15] Market Data and Key Metrics Changes - MACI's performance showed strong growth with over 20,000 patients treated since launch, achieving a compound annual revenue growth of 24% over the past nine years [6][7] - The company noted that MACI's pricing and reimbursement profile remained strong, with prior authorization approval rates over 95% for commercial patients in 2025 [8] Company Strategy and Development Direction - The company aims to capitalize on a larger MACI sales force to increase reach and penetration within the existing surgeon base [8][9] - Strategic initiatives include enhancing commercial analytics and standardizing best practices across the sales team to drive deeper penetration [9] - The company plans to leverage MACI Arthro to drive growth in smaller cartilage defects, which represent a significant segment of MACI's addressable market [10] - The initiation of the phase III MACI Ankle MASCOT clinical study represents a substantial growth opportunity with an estimated addressable market of over $1 billion [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong momentum, expecting total company revenue of approximately $316-$326 million [17][18] - For MACI, revenue guidance is set at approximately $280-$286 million for the full year, reflecting continued growth trends [18] - The company anticipates a similar quarterly mix of MACI revenue as last year, with expectations for continued strong performance in Q1 [19] Other Important Information - The company ended the year with approximately $200 million in cash and investments, with no debt [4][16] - Management highlighted the importance of the BARDA award for NexoBrid, which could provide additional revenue opportunities [65][86] Q&A Session Summary Question: Can you discuss the balance of price versus volume for MACI? - Management indicated that both price and volume are key growth drivers, with recent performance being volume-driven, although pricing remains an important factor [24][26] Question: How does new doctor growth compare to existing customer dynamics? - Management noted that about two-thirds of trained surgeons are existing MACI users, with the remaining one-third being new adopters, and emphasized the positive growth rates among trained surgeons [27][28] Question: Can you clarify the guidance for MACI growth in 2026? - Management explained that the guidance reflects a prudent approach, with expectations for continued growth in MACI, while not baking in any significant inflection in trends [34][36] Question: What are the expectations for the sales force expansion? - Management expressed excitement about the sales force expansion, which is expected to enhance reach and performance, with productivity returning to previous levels quickly [46][47] Question: What is the outlook for NexoBrid and its adoption? - Management confirmed ongoing progress with NexoBrid, noting that they are seeing reactivation of dormant accounts and optimistic about future adoption [64][65]

凯立新材公告称，2025年度，公司实现营收203,375.09万元，同比增长20.59%；归母净利润11,028.68万 元，同比增长19.08%；扣非归母净利润11,795.42万元，同比增长39.39%。主要因产品竞争力提升、新 领域开拓致催化剂销量增加及业务结构变化。报告期末，总资产219,550.77万元、归母权益105,546.33万 元，较期初分别增长7.03%、4.14%。上述数据为初步核算，未经审计。 ...