2025年A股上市公司的半年报已陆续披露完毕，纵观传统服饰行业（不包含运动服饰），整体表现依然 承压。《每日经济新闻》记者梳理发现，多家企业营收和归母净利润延续了2024年半年报的下滑态势， 行业仍处于深度调整期。 从细分市场来看，童装板块表现相对稳健，龙头企业森马服饰实现营收增长；女装和男装市场则相对平 淡，时尚女装下滑明显，地素时尚和太平鸟归母净利润均下滑，传统商务男装品牌面临较大压力，雅戈 尔、报喜鸟、七匹狼、九牧王营收均下滑。 今年上半年，多家公司加码线下直营店，在多个城市核心地区开出旗舰门店，加盟门店则加速收缩。业 内人士分析称，面向消费者的DTC（直接面向消费者）直营扩张与加盟收缩是服装行业从"渠道规模竞 争"转向"用户价值竞争"的必然选择。 值得一提的是，今年上半年，多家服装企业表现出浓厚的"投资赚钱"偏好。报告期内，朗姿股份靠减持 若羽臣盈利1.66亿元，九牧王因投资归母净利润同比增长248.54%，报喜鸟交易性金融资产暴涨 2072.73%。 卖衣服赚钱更难了 总体来看，据中国服装协会信息，2025年以来，面对国内外市场需求偏弱、美国加征关税引发全球供应 链加速调整等困难挑战叠加的外部形势， ...

Investment Rating - The investment rating for Anta Sports (02020.HK) is "Buy" (maintained) [1] Core Views - Anta Sports is advancing channel upgrades for its brand, with outdoor brands leading growth [1] - The company aims for high single-digit growth in overall retail sales for the year, despite short-term impacts from store renovations and online competition [8] Financial Forecasts - Total revenue projections (in million RMB) are as follows: - 2023A: 62,356 - 2024A: 70,826 (up 16.23% YoY) - 2025E: 78,173 (up 10.37% YoY) - 2026E: 86,079 (up 10.11% YoY) - 2027E: 94,239 (up 9.48% YoY) [1] - Net profit attributable to shareholders (in million RMB) is projected as: - 2023A: 10,236 - 2024A: 15,596 (up 52.36% YoY) - 2025E: 13,232 (down 15.16% YoY) - 2026E: 14,763 (up 11.57% YoY) - 2027E: 16,431 (up 11.30% YoY) [1] - Earnings per share (EPS) forecast (in RMB) is: - 2023A: 3.65 - 2024A: 5.56 - 2025E: 4.71 - 2026E: 5.26 - 2027E: 5.85 [1] - Price-to-earnings (P/E) ratios are projected as: - 2024A: 14.71 - 2025E: 17.34 - 2026E: 15.54 - 2027E: 13.96 [1] Retail Performance - In Q2 2025, retail sales for Anta brand grew low single digits, while FILA and other brands saw mid single-digit and 50-55% growth respectively [8] - The company is implementing a "lighthouse store plan" to enhance store image in lower-tier cities, which may temporarily affect sales [8] - FILA's performance met expectations with mid single-digit growth in Q2 2025, and other brands maintained rapid growth, particularly benefiting from seasonal trends [8]