Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and Huayi Group [11][25][34]. Core Insights - Adidas is expected to see a 10% revenue growth in Q4 2025, with a 13% increase for the full year, driven by strong performance across all channels and regions [1][15]. - VF Corporation reported a revenue of $2.88 billion for FY2026Q3, with a 2% year-over-year growth on a currency-neutral basis, and an improved operating profit margin [2][16]. - The North Face and Timberland brands showed strong growth, while Vans experienced a revenue decline of 10% [3][18]. - The overall performance of the sportswear sector is expected to outperform the broader apparel market, with strong inventory management capabilities among key companies [4][19]. Summary by Sections Adidas Performance - In Q4 2025, Adidas brand revenue is projected to grow by 11% on a currency-neutral basis, with a gross margin increase to 50.8% [1][15]. - For the full year 2025, revenue growth is expected at 13%, with a gross margin of 51.6% and an operating profit margin of 8.3% [1][15]. VF Corporation Financials - VF Corporation's FY2026Q3 revenue reached $2.88 billion, with a currency-neutral growth of 2% [2][16]. - The gross margin improved to 57%, and the operating profit margin increased to 12.1% [2][16]. Brand Performance - The North Face saw a 5% revenue growth in Q3, with strong performance across all product categories [3][18]. - Timberland also reported a 5% revenue increase, while Vans faced a 10% decline [3][18]. Market Outlook - The sportswear sector is expected to maintain resilience and long-term growth potential, with a focus on brands like Li Ning and Anta Sports [4][19]. - Li Ning's profit is projected to decline by 9% in 2025 but grow by 5.8% in 2026, while Anta Sports is expected to see a 15% profit decline in 2025, followed by a 6.4% increase in 2026 [4][19]. Inventory and Supply Chain - The industry inventory is reported to be healthy, with expectations for downstream replenishment to drive upstream order growth [21].

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 纺织服饰 周专题：adidas 披露业绩 2025Q4 业绩预告；VF FY2026Q3 经 营表现优异 【专题一：adidas 披露 2025 年度业绩预告】 adidas 披露 2025Q4 业绩预告，经营表现优异，公司启动股票回购。根 据公司披露，货币中性基础上 2025Q4 adidas 品牌营收同比增长 11%， 若考虑到同期的 Yeezy 产品销售收入后，2025Q4 公司营收增长 10%，毛 利率同比提升 1pcts 至 50.8%。2025 全年来看，货币中性基础上 adidas 品牌营收增长 13%，所有渠道以及地区均有双位数增长，若考虑到同期的 Yeezy 产品销售收入后，2025 年公司营收增长 10%，公司毛利率同比提 升 0.8pcts 至 51.6%，经营利润率同比提升 2.6pcts 至 8.3%。基于强劲的 基本面表现及管理层对未来的信心，公司宣布启动股票回购，计划从 2026 年 2 月初开始，回购价值高达 10 亿欧元的股票。 【专题二：VF 公司披露 FY2026Q3 季报】 FY20 ...