板块业绩预计持续分化，强者Q3淡季不淡，业绩保持双位数以上的相对高增长 国货稳抓线上渠道优势，淘系+抖音Q3国货持续霸榜。据蝉妈妈数据/魔镜数据，韩束Q3GMV位居抖音 护肤销售榜TOP1，合计取得超20亿GMV，极方、安敏优、聚光白等子品牌也在快速放量。若羽臣旗下 美容保健品斐萃表现持续超预期，助力Q3营收端高速增长，抖音渠道斐萃单月最高GMV突破2亿元， 势能不断向上，品类持续破圈。上海家化三大品牌淘系+抖音双渠道Q3合计GMV增速超50%，六神大单 品驱蚊蛋、佰草集新品护肤油、玉泽代言人樊振东等助力Q3营收高增。毛戈平淘系、抖音两大渠道表 现亮眼，预计Q3表现符合预期。 业绩边际改善趋势明显，Q3同比扭亏为盈，水羊股份、贝泰妮等公司迎接新征程 24Q3因宏观原因叠加自身战略调整，部分公司利润端陷入亏损，25年以来，宏观趋势改善、战略变革 初见成效，水羊股份、贝泰妮等公司季度间环比改善明显，预计25Q3扭亏为盈。同时，水羊股份高端 品牌矩阵初成，伊菲丹线上线下（300959）gmv高增，PA+RV构建第二成长曲线，未来业绩与股价前景 广阔。贝泰妮双十一多品牌合作李佳琦，预计Q4业绩持续边际改善。 申万宏源 ...

你看那烟酒店，每天都是几个人在那儿打麻将，心里想，这烟酒店一天也没几个顾客，怎么还能维持得下去呀？ 你别看，这烟酒店能生存，那可都是资源和人脉，平时可能就卖几包烟、几瓶，真正撑起这个店的，是那些不常露面却出手大方的老熟人。 我就认识一个烟酒店老板刘姐，她的店就开在一个居民楼下面，店也不大，30多平，平常看她就是卖饮料、调味副食这些，就说今年国庆吧，那 位在开发区当经理的老陈推门进来，二话不说定了二十箱茅台，说是要给重要客户送礼。 刘姐说除了这种节假日，还有就是固定的餐厅老板，街口那几家饭店的老板，每周一准时准点搬啤酒，一搬就是十几箱，都是多年的老交情了。 一般做烟酒店的，都会有一些资源和人脉，这些藏在日常生意背后的大单子，才是烟酒行这行能稳稳当当开下去的底气。 所以说啊，你看那些烟酒店虽然平时没几个人，但是那几十平的店，也维持着一家人的生计，那肯定是有赚钱的门道的。 *本文由鸿旺酒礼曾姐原创编辑，转载请备注来源！ 烟酒店怎么赚钱 这行靠的是资源变现的真本事，您别看烟酒店里那些酒摆得整整齐齐，那可都是明码标价的广告位——茅台啊五粮液这些品牌方都是要给占位费 的。 更值钱的是烟草证，现在要新办得多难呀。去年斜对门 ...

Industry Overview - The apparel industry is facing significant challenges, including limited market growth and intense competition among numerous brands, both international and domestic [4] - The overall retail sales of clothing, shoes, and textiles grew by only 1.3% year-on-year in the first half of the year, which is 11.6 percentage points lower than the growth rate for the entire year of 2023 [2][4] - Online retail sales increased by 9.8% year-on-year, but the growth rate for clothing items was only 7.0%, indicating underperformance compared to the overall online retail growth [2] Financial Performance - In the first half of the year, 52 listed footwear and apparel companies achieved total revenue of 134.92 billion, a year-on-year increase of 3.17%, while net profit attributable to shareholders was 19.19 billion, up 22.85% [6] - Only 13 companies achieved both revenue and profit growth, while 39 companies failed to outperform the market [6] - The average net profit margin for the industry was 5.99%, with a gross profit margin of 51.42%, indicating high efficiency in converting costs to gross profit but limited overall profitability [11] Company Performance - Anta Sports led the industry with revenue of 33.735 billion, a growth rate of 13.80%, followed by Li Ning and Hailan Home [27] - Among the listed companies, only a few achieved high profit margins, with only 10 companies having a net profit margin exceeding 15% [11] - The performance of companies varied significantly, with some like Dafni International showing a profit margin exceeding 30%, while others like La Chapelle faced losses exceeding 20% [11] Inventory and Store Management - The inventory pressure remains high, with total inventory for 52 footwear and apparel companies reaching 53.655 billion, averaging 1.032 billion per company, which exceeds the revenue of 24 companies [13] - The number of physical stores in the industry has seen minimal growth, with at least 3,004 stores closing in the first half of the year, averaging 16 closures per day [19] - Companies like Semir and Hailan Home have shown positive store growth, while others like Taiping Bird and Aokang International have seen significant store reductions [19] Online Sales and Market Trends - Online channels are becoming increasingly important, with some companies reporting over 30% of their sales coming from online platforms [24] - The apparel industry is experiencing a shift towards online sales, with platforms like Douyin contributing significantly to growth [24] - The sportswear segment is performing well, driven by major sporting events and a growing number of people participating in sports, with total revenue for sportswear companies reaching 64.231 billion, accounting for 47.60% of total revenue [25] Challenges in Specific Segments - The women's apparel market is highly competitive, with many brands struggling due to high inventory levels and a significant return rate of 80% in e-commerce [30][34] - The men's apparel segment is also facing challenges, with many companies reporting declines in revenue and profit [35] - The children's apparel market is underperforming due to a decrease in the birth rate and increased competition from adult brands entering the children's segment [40]