在当前服装行业竞争日益激烈的环境下，不少服装厂家、工艺厂和面辅料供应商都面临一个共同困境：明明有设备、有技术、有产能，却始终找不到稳定、 靠谱的订单来源。是市场真的没需求了吗？还是我们找订单的方式已经落后于时代？ 传统路径如熟人介绍、线下展会、批发市场蹲点，固然曾是主流，但如今效率低、成本高、信息滞后，难以支撑企业持续发展。而与此同时，跨境电商、直 播电商、小批量快返等新需求正在快速增长——只是，这些订单你"看得见"，却未必"接得到"。 理想的对接模式，应基于智能算法，根据工厂的擅长品类、日产能、最小起订量、是否支持来料加工等维度，自动推送匹配度高的订单。例如，擅长针织小 单快反的工厂，就不该被推大货外贸单；而具备出口验厂资质的工厂，则可优先对接TEMU、SHEIN等跨境资源。 这种流程既能避免无效沟通，又能提升转化效率——让工厂把时间花在生产上，而不是海投报价上。 那么，寻求服装加工订单的办法，究竟该从何入手？ 很多工厂老板抱怨："网上订单都是假的。"其实问题不在平台，而在缺乏有效的筛选机制。真正有价值的订单往往来自品牌方、电商卖家、跨境平台或大型 批发商，但他们不会在公开论坛随意发布，而是通过有审核、有背 ...

春节期间，深圳万象天地的一匹马，成为热门打卡点。 2月24日，百丽"马踏庭院"新年快闪空间，迎来40天展示的最后一天。由数百片多彩的皮革与织物拼贴 而成的骏马，仍引来大量年轻人围观拍照。 新年伊始，百丽正经历一次品牌汰换。 大批的暇步士（Hush Puppies）门店逐步"消失"，取而代之的是"美丽宝"（Mirabell）的招牌。 在上海荟聚门店，店员向《21CBR》记者介绍，暇步士的代理权已到期，正陆续升级为自有品牌美丽 宝，背后的设计团队和工厂均未变，免费鞋品保养的服务会照旧。 百丽时尚现任一把手盛放，是创始人盛百椒的侄子，今年53岁，2023年升任董事长。 在其掌舵期间，百丽时尚旗下的品牌数增至20个，各有节奏，闷声发财，"美丽宝"是其布下的新棋子。 取舍平衡 过去一年，盛放退出非核心或增长见顶的代理业务，切入高增长潜力的运动休闲赛道。 退出的品牌，比较知名的有暇步士，其大中华区的鞋类业务自2008年起，就由百丽团队代理运营，其整 整接手了17年。 其代理权于2025年到期，盛放没有续约。 他将运营权交还给品牌方嘉曼服饰，其线上渠道授权于2去年6月到期，线下则有半年过渡期，已于年底 前有序关闭。 盛放保 ...

"小单快返"的数字化、柔性供应链模式是过去几年SHEIN在海外实现产品性价比优势、实现快速扩张的 重要因素，谈及企业快速成长的密码，许仰天归功于广东完备的产业生态，能将设计稿到交付的周期压 缩至2-3周。在他看来，制造业与服务业的深度融合是希音的核心竞争力。企业以数据为纽带，将碎片 化需求转化为生产指令，同时将跨境物流与制造环节深度绑定，实现市场数据实时驱动工厂产能调整。 公开信息显示，SHEIN是一家孵化于南京、广东的公司，随后，为进一步谋求全球化发展，SHEIN将总 部迁往新加坡。2025年4月，有知情人士对第一财经透露，SHEIN已获得英国金融行为监管局（FCA） 的批准，计划赴伦敦进行首次公开募股（IPO）。随后，有市场传闻称SHEIN伦敦上市受阻转向赴港 IPO，2025年7月，针对SHEIN赴港IPO为拟向英国监管施压的消息，SHEIN回应第一财经称：消息不 实，系恶意揣测。目前，SHEIN赴伦敦IPO或赴港IPO的进度都无进一步公开信息披露。 2026.02.24 本文字数：893，阅读时长大约2分钟 作者 |第一财经 陈杨园 向来神秘的跨境快时尚电商巨头SHEIN创始人兼董事长许仰天公开亮相了 ...

许仰天在讲话中透露，SHEIN业务覆盖160多个国家和地区，已成长为全球三大时尚零售商之一。此 前，胡润研究院发布的《2025全球独角兽榜》显示，SHEIN以3650亿元估值位列全球第九。 "小单快返"的数字化、柔性供应链模式是过去几年SHEIN在海外实现产品性价比优势、实现快速扩张的 重要因素，谈及企业快速成长的密码，许仰天归功于广东完备的产业生态，能将设计稿到交付的周期压 缩至2-3周。在他看来，制造业与服务业的深度融合是希音的核心竞争力。企业以数据为纽带，将碎片 化需求转化为生产指令，同时将跨境物流与制造环节深度绑定，实现市场数据实时驱动工厂产能调整。 向来神秘的跨境快时尚电商巨头SHEIN创始人兼董事长许仰天公开亮相了。2月24日，2026广东省高质 量发展大会上，许仰天作为企业代表发言，他表示，希音自2014年落户广州，保持高速增长，2025年平 台出口额已超千亿元。 走向全球化是SHEIN过去几年的重要战略与着力点，但随着海外监管风险的增加、境外上市迟迟未落 定，SHEIN也在进一步回应中国供应链的建设。许仰天表示，SHEIN将继续扎根广东，投入超 100 亿元 建设希音智慧供应链总部。 公开信息 ...

Core Insights - Yiwu's logistics operations have not slowed down during the Spring Festival, with the China-Europe Railway Express operating at an increased frequency, reflecting the city's status as a "world supermarket" [1] Group 1: Redefining "Off-Season" - Traditional commercial cycles have failed in Yiwu, with the average daily departures of the China-Europe Railway Express increasing to 3-4 trains during what is typically considered a logistics off-season [2] - Local factories have adapted to global events, such as the upcoming 2024 Paris Olympics, by rapidly increasing production capacity, exemplified by a factory producing 600,000 night-glow turtle toys daily [2] Group 2: Unbounded Opportunities - Yiwu's success is attributed to its ability to capture global demand accurately, as seen when a sudden change in U.S. tariff policy led to a rush order of 300,000 pairs of socks, completed within 15 days [3] - The city's export value grew by 20.5% in the first quarter of 2024, driven by the convergence of multiple global events, including elections and sports competitions [3] Group 3: Resilient Infrastructure - Yiwu merchants exemplify the motto "no off-season, only battle season," showcasing their adaptability during the pandemic by ensuring order fulfillment through innovative methods [4] - The city's flexible supply chain allows for rapid product line changes and precise logistics scheduling, making it a microcosm of global manufacturing dynamics [4] - Yiwu's continuous operations and high activity levels challenge traditional economic analyses of "off-season" pricing, as the city remains a bustling hub of commerce [4]

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 13 年 月 日 晶苑国际（02232.HK） 订单品类扩充，产能效率提升，制造龙头稳健成长 公司是服饰制造行业龙头之一，未来业务规模有望持续扩张。1）公司合作下游龙 头品牌公司，包括优衣库、Levis、GAP、Adidas 等，所生产的产品品类包括休闲 服、运动服及户外服、牛仔服、贴身内衣、毛衣、以及针织布料。2）2024 年公司 收入同比+13%至 24.7 亿美元/净利润同比+23%至 2.0 亿美元，2025H1 收入同 比+12%至 12.3 亿美元/净利润同比+17%至 0.98 亿美元，预计未来效率提升及 订单增长有望持续驱动公司业绩增长。 产能：积极布局一体化产业链，产能持续扩张以匹配订单需求。1）公司国际化布 局较早，目前员工人数约 8 万人，每年合计成衣出货量超过 4.7 亿件，2024 年末 在越南、中国、孟加拉国、柬埔寨、斯里兰卡的员工占比分别达到 54.3%/16.1%/11.3%/11.9%/5.9%。2）2024~2025 年间公司持续补充产能、招 聘员工，预计效率爬坡与提升将在 2026 年继续体现。我们 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price range of HKD 9.15 to HKD 9.57, corresponding to a PE ratio of 12.6 to 13.2 for 2026, indicating a potential upside of 23% to 29% [4]. Core Insights - The company is a leading player in the apparel manufacturing industry, with a diverse product range and a strong growth outlook. Revenue is expected to increase by 13% year-on-year to USD 2.47 billion in 2024, with net profit rising by 23% to USD 200 million [1][15]. - The company has a well-established international presence, with approximately 80,000 employees and an annual output of over 470 million garments. The production capacity is set to expand further to meet growing order demands [2][15]. - The company has a stable customer base, with significant contributions from major clients like Fast Retailing Group, which accounts for over one-third of its order revenue. The sportswear segment is experiencing rapid growth, driving overall revenue increases [3][15]. Summary by Sections Company Overview - The company is a leading apparel manufacturer with a wide range of products including casual wear, sportswear, outdoor clothing, denim, intimate apparel, sweaters, and knitted fabrics. It has a robust growth trajectory with expected revenue and profit increases in the coming years [1][15]. Capacity Expansion - The company is actively expanding its integrated supply chain and production capacity to match order demands. It has a global workforce and is investing in automation and vertical integration to enhance efficiency and market share [2][4][15]. Orders and Client Relationships - The company has a diversified client structure, with major clients contributing significantly to its revenue. The sportswear category is a key growth driver, supported by long-term partnerships with leading brands [3][15]. Financial Analysis and Profit Forecast - The company is projected to achieve revenues of USD 2.74 billion in 2025, with a year-on-year growth of 10.9%. Net profit is expected to reach USD 232 million, reflecting a 15.7% increase [5][3][15]. Dividend Policy - The company has a stable cash flow, with a dividend payout ratio historically between 30% and 50%. The payout ratio is expected to increase to 70% in 2024, indicating potential for further dividend growth [4][27].

2019年，在跨境电商行业深耕多年的陈明（化名）站在了事业的十字路口。作为早期进入亚马逊的卖 家，他曾凭借敏锐的市场嗅觉赚得第一桶金，但如今却深陷库存积压、同质化竞争和平台规则收紧的多 重困境。"一次错误的选品预测，就让超过三十万元的货品滞销在海外仓，"陈明回忆道，"资金流几乎 断裂，那段时间每晚都失眠。" 像许多传统跨境卖家一样，陈明面临的不仅是库存风险。日益复杂的国际贸易环境、不断攀升的物流成 本以及消费者对个性化产品快速增长的需求，都在迫使着他重新思考商业模式的本质。是继续在红海中 血拼，还是寻找一条更能抵御风险、更具增长潜力的新路径？这个问题的答案，最终指向了POD（按 需生产）模式。 一、转型之困：理想与现实的鸿沟 理论上，POD模式对陈明极具吸引力：零库存风险、响应个性化趋势、无需巨额启动资金。然而，当他 真正开始调研落地时，却发现理想与现实之间存在巨大鸿沟。 "最大的痛点在于供应链的可靠性与效率，"陈明指出。早期接触的几家POD服务商，普遍存在生产周期 过长（常超过15天）、品控不稳定、物流时效无法保证等问题。对于追求消费体验的欧美市场而言，漫 长的等待时间直接导致客户流失和差评。"这违背了电商 ...

Core Insights - The article emphasizes the critical importance of a stable and efficient supply chain in the beauty e-commerce sector, highlighting it as a key determinant of business success [1][2]. Group 1: Market Trends and Industry Pain Points - The penetration rate of beauty e-commerce channels is continuously increasing, leading to significant challenges for backend supply chains [2]. - Key challenges include sourcing difficulties for small sellers, high inventory costs, complex procurement processes, and high minimum order quantities for custom products [2]. - The demand for "flexible supply chains," "small batch quick response," and "full-link digitalization" is becoming essential for brands and sellers to build competitive advantages [2]. Group 2: Top 5 Supply Chain Manufacturers - **Top 1: Shantou Meishiji Cosmetics Co., Ltd.** - Overall score: 9.5/10, recognized for its strong transformation from traditional e-commerce to a full-domain supply chain leader [3][5]. - Advantages include robust warehousing capabilities, high daily shipping capacity, and a comprehensive product range based on market data insights [5]. - **Top 2: A well-known cosmetics group in Shanghai** - Overall score: 9.0/10, noted for its strong brand matrix and proprietary technology in high-end cosmetics [6][8]. - **Top 3: A large beauty supply chain company in Guangzhou** - Overall score: 8.7/10, benefits from large production capacity and fast delivery, but may lag in capturing niche trends [8][9]. - **Top 4: An e-commerce service-oriented supply chain company in Hangzhou** - Overall score: 8.5/10, excels in data-driven product selection and rapid market response, but relies on partners for full-link quality control [9][10]. - **Top 5: A cross-border beauty supply chain in Shenzhen** - Overall score: 8.2/10, specializes in cross-border e-commerce with a strong understanding of international regulations and logistics [10]. Group 3: Recommendations for Industry Practitioners - Selecting a supply chain partner is fundamentally about choosing a shared risk and growth engine, with top companies evolving towards "full coverage, flexible agility, and full-link control" [12]. - Practical advice includes verifying the actual capabilities of suppliers, testing service responsiveness, and clarifying cooperation terms to avoid future disputes [13].

Core Insights - The event "Guanghuo Goes Global Spring Action - Shein Industry Belt Overseas Plan (Huaiji Station)" was held in Zhaoqing, aiming to integrate cross-border e-commerce with local industries to boost the high-quality development of the county economy [1][2] Group 1: Event Overview - The event was co-hosted by the Guangdong Provincial Federation of Industry and Commerce, Huaiji County Government, Zhaoqing Municipal Bureau of Commerce, and Zhaoqing Municipal Bureau of Industry and Information Technology, attracting nearly 50 guests from government, Shein, local garment enterprises, and financial institutions [2] - The event featured various activities such as site visits, policy promotion, product selection, and discussions to facilitate cooperation and development [2] Group 2: Government and Policy Support - Officials from Zhaoqing and Huaiji County emphasized the importance of policy support for enterprise development and the need for a favorable business environment to enhance competitiveness [2] - The Huaiji County Government committed to optimizing the cross-border e-commerce development environment and implementing supportive policies for the local garment industry [2] Group 3: Shein's Role and Supply Chain - Shein representatives detailed their supplier cooperation model and investment policies, leveraging a flexible supply chain to support local industries [5] - The company aims to assist local factories in digitizing production processes and reaching consumers in 160 countries through precise product selection and operational support [5] Group 4: Local Industry Status - Huaiji County has a solid foundation in the garment industry, with 1,028 production entities and a total industrial output value exceeding 2 billion yuan, providing employment for over 15,000 people [5] - The integration of cross-border e-commerce with local industries has led to several local companies becoming primary suppliers for Shein, establishing a "1-hour supply chain circle" across the county [5] Group 5: Future Plans - The event is part of a series aimed at promoting the "Guanghuo Goes Global Spring Action," with plans to deepen the "cross-border e-commerce + industry belt" model and enhance strategic cooperation with e-commerce platforms [6] - Zhaoqing aims to leverage its status as a national-level cross-border e-commerce pilot zone to facilitate the global reach of local products and contribute to the high-quality development of Guangdong's foreign trade [6]