纺织服饰 证券研究报告 | 行业周报 gszqdatemark 2026 01 04 年 月 日 库存管理能力优异，库存质量健康。从库存层面来看，截止 2025 年 10 月末公司库存金额为 44.99 亿欧元，同比增长 4.9%，同收入表现基本一 致，库存质量健康。 周专题：Inditex 发布 FY2025 前三季度经营情况公告，经营表 现优异 【本周专题】 近期 Zara 母公司 Inditex 发布 FY2025 前三季度经营情况公告，经营 表现优异。根据公司披露 FY2025 前三季度（2025 年 2 月~2025 年 10 月）公司营收同比增长 2.7%至 282 亿欧元（货币中性基础上同比增长 6.2%），无论是电商或是线下零售渠道均有优异的表现，单 Q3 营收增长 4.9%至 98 亿欧元（货币中性基础上同比增长 8.4%）。FY2025 前三季度 毛利率同比提升 0.27pcts 至 59.7%，单 Q3 毛利率同比提升 0.79pcts 至 62.2%。FY2025 前三季度净利润同比增长 3.9%至 46 亿欧元。 从长期角度来看，Inditex 集团作为全球领先的服饰集团，致力于提升 ...

Investment Rating - The industry rating is "Buy" [5] Core Insights - In Q3 2025, the overall revenue growth of overseas sports footwear and apparel companies slightly declined compared to Q2 2025, with a mixed performance in gross margins and an increase in most companies' SG&A expenses [5][12] - Brands focusing on niche segments like running and outdoor activities, such as ANTA, ASICS, and Deckers Outdoor, maintained high revenue growth rates, with ANTA growing by 34.5%, ASICS by 20.4%, and Deckers by 8.3% [12][13] - Most overseas sports footwear and apparel companies continued to show positive revenue growth, with notable performances from Skechers [12] - Revenue growth rates varied by region, with North America, Europe, and Greater China showing different trends; Europe had the best performance in Q3 2025 [5][20] - The apparel category showed stronger resilience in sales compared to footwear in Q3 2025 [5][25] Summary by Sections Section 1: Revenue Growth and Margin Performance - In Q3 2025, the revenue growth of overseas sports footwear companies decreased slightly compared to Q2 2025, with most companies experiencing an increase in SG&A expenses [5][12] - The revenue growth rates for major brands in Q3 2025 included Adidas at 8%, Lululemon at 7.1%, and ASICS at 20.4% [13][18] Section 2: Inventory Levels - Most overseas sports footwear companies saw an increase in inventory turnover ratios in Q3 2025, but overall inventory levels remained manageable [5][12] Section 3: Revenue Guidance for Fiscal Year 2025 - Compared to 2024, many companies have lowered their revenue growth guidance for the current fiscal year, although brands like Adidas, ANTA, and Lululemon have raised their full-year guidance for 2025 [5][18] Section 4: Investment Recommendations - Despite the slight decline in revenue growth and rising inventory turnover ratios, the long-term outlook for the sports footwear industry remains positive, driven by upcoming major sporting events and a recovery in order placements [5][18]

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Anta Sports, Li Ning, and Shenzhou International, with corresponding PE ratios for FY2026 of 14, 18, and 11 respectively [4][9][21]. Core Insights - Lululemon's FY2025 Q3 revenue increased by 7% year-on-year to $2.6 billion, with a notable 33% growth in international business, particularly in mainland China, which saw a 46% increase [1][12]. - The report emphasizes the resilience of the sports footwear and apparel sector amidst a volatile consumption environment, predicting long-term growth potential [3][19]. - The report highlights the expectation of improved orders in the apparel manufacturing sector for 2026, driven by healthy inventory levels and anticipated replenishment from downstream [19][20]. Summary by Sections Lululemon's Performance - Lululemon's Q3 revenue reached $2.6 billion, with a 7% year-on-year growth, while gross profit increased by 2% to $1.4 billion, although gross margin decreased by 2.9 percentage points to 55.6% due to higher tariffs and promotional discounts [1][12]. - The company expects FY2025 revenue growth of 4%, with a potential increase of 5% to 6% when adjusted for a comparable 52-week basis [1][12]. Regional Performance - In the Americas, Q3 revenue declined by 2%, with the U.S. down 3% and Canada down 1%, while the international segment grew by 33%, driven by a 46% increase in mainland China [2][16]. - The outlook for FY2025 suggests a stable performance in the Americas, with expected revenue changes between a decline of 1% to flat [2][16]. Investment Recommendations - The report recommends high-quality stocks in the sports footwear and apparel sector, including Anta Sports and Li Ning, while also suggesting attention to companies like Nike's Greater China retailer, Tmall, which has a PE of 14 for FY2026 [3][19]. - In the apparel manufacturing sector, Shenzhou International and Huayi Group are highlighted as attractive investments due to their competitive valuations and positive customer trends [19][20]. Market Trends - The textile and apparel sector is expected to outperform the broader market, with a focus on companies that demonstrate strong inventory management and growth potential [3][19]. - The report notes that the textile and apparel sector has underperformed compared to the broader market indices, indicating potential for recovery [23].

中经记者 刘旺 北京报道 "在大中华区，我们的首要任务是通过运动和创新进一步强化品牌差异化，基于更深入的本土洞察，融 合线上线下渠道，打造一个更能体现品牌差异化以及更协同的市场体系。"耐克方面如此回应《中国经 营报》记者的采访。 不久前，耐克刚刚发布了2026财年第二季度（2025年9—11月）财报，报告期内，公司总营收为124.27 亿美元，同比增长约1%；净利润7.92亿美元，同比下降32%。 在这当中，大中华区营收为14.23亿美元，同比下降约17%。具体来看，直营Nike Direct 下滑18%，其中 数字化业务Nike Digital 下降36%，Nike自有门店下降5%。息税前利润（EBIT）更是腰斩，下降了 49%。 而在此前的财报电话会议上，耐克高层坦言，中国仍然是体育领域最具潜力的市场之一，但耐克需要重 新调整策略。 多种挑战 在财报电话会议上，耐克高层提出了过去一段时间，在大中华区市场面临的多个挑战。其中就包括客流 下降、当季售罄率走低以及渠道库存老化等持续挑战。 "我们的品牌在消费端，尤其是在数字渠道，频繁进行折扣销售，这削弱了我们在整个市场中的品牌影 响力。导致折扣率扩大、退货率上升 ...

逆风既来自于外部市场环境变化、行业竞争加剧，也来源于耐克自身的战略调整阵痛。财报反映的， 是耐克"过去决策的代价"，以及"当下重塑的成本"。 当我们审视这份财报时，寻找的并非简单的数字表现，而是想回答一个更本质的问题： 面对市场 的，能否转化成可持续的发展动能，引领公司未来的积极走向？ 答案或许藏在两个画面里： 11月中旬的全运会篮球决赛上，崔永熙现身替补席观赛 ，脚上一双太阳红Nike Mind 001格外吸睛， 这双科技新品很快在社交媒体引发热议。行走过程中，感受鞋底的泡棉节点做万向运动，有助于隔绝 外界干扰，让运动员进入专注状态，同时提高恢复效率。 图源：小红书 " 在竞争已成贴身肉搏的运动鞋服市场，一个巨头的真正护城河究竟是什么？ " 当下，耐克正面临逆风考验。12月19日，耐克披露的2026财年第二季度（截至2025年11月底）财报 显示，本季度营收124亿美元，同比保持1%的增长，超分析师预期。但净利润及中国市场等关键指标 仍显承压。耐克CEO也坦承当前公司处于转型的中期，未来还需一段时间调整。 1971年的一个清晨，比尔・鲍尔曼（耐克联合创始人）盯着餐桌上的华夫饼烤盘走神——之前队员 总抱怨跑鞋 ...

行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 32 之 Nike FY2026Q2 经营跟踪： 收入指引偏弱，库存去化符合预期 报告要点 [Table_Summary] FY2026Q2（2025/9/1-2025/11/31）Nike 实现营收 124.3 亿美元，收入表现略超预期（彭博一 致预期 122.4 亿美元），固定汇率下同比持平（原指引低单下滑），美元计价下同比+1%。毛利 率同比-3pct 至 40.6%，主要受北美关税提升及大中华区老旧库存问题影响。SG&A 费用率同 比+0.1pct 及有效税率同比+2.8pct，拖累净利润同比-32%至 7.9 亿元，净利率同比-3pct 至 6.4%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]32 ...

靴子落地，小脏鞋Golden Goose迎来新控股股东——红杉中国。这个诞生于2000年的意大利品牌凭借其 标志性的"Super-Star"小脏鞋，一度成为运动鞋奢侈化的现象级代表。 如今，在全球奢侈品市场面临普遍挑战的背景下，这起估值约25亿欧元的交易不仅刷新了红杉中国在欧 洲的投资纪录，更揭示了中国资本在全球消费品牌并购浪潮中的新战略。 交易逻辑：红杉中国的消费品牌布局与Golden Goose的扩张需求 对于红杉中国而言，Golden Goose代表的是其全球化布局中的重要一环。此前，该公司已在欧洲市场有 所动作：2025年1月，红杉中国以约11亿欧元的估值收购了英国音响品牌Marshall的多数股权，创造了 当时在欧洲最大的一笔投资。 此次收购Golden Goose控股权，进一步显示了其在欧洲消费品牌领域的深耕决心。 从品牌自身来看，Golden Goose的成长轨迹令人印象深刻。品牌创始人是一对意大利设计师夫妇，2000 年在威尼斯附近创办了Golden Goose Deluxe Brand（GGDB），最初主打中性风牛仔靴。 2007年，他们在洛杉矶旅行时受滑板鞋磨损启发，推出了标志性的"Sup ...

公司重点深化跑步和户外细分赛道的品牌布局，接连开启与跑步品牌Norda、soar、Ciele和户外品牌 Norr na的合作，满足消费者差异化需求，同时公司建立跑步生态品牌ektos，并在上海开设门店，期内 ektos亮相上海马拉松，吸引跑者人群关注。中长期来看滔搏将凭借自身在营销、零售等多层面的优 势，帮助新品牌拓展市场，共享赛道机遇。 展望2026财年 面对客流波动+渠道关店，FY2026Q3线下销售或仍有压力 FY2026Q3公司销售下降高单位数，其中该行预计零售流水表现优于批发发货表现，而在零售业务中该 行预计线下销售或仍有下降，原因在于：1)线下渠道关店，FY2026H1公司门店数量净关332家至4688 家，截至2025年11月末线下直营门店毛销售面积同比下降13.4%，环比8月末下降1.3%;2)消费环境波动 以及市场竞争，该行判断线下门店或仍然存在客流以及折扣压力。对于零售业务未来趋势，该行认为在 经过FY2025以及FY2026H1的门店调整后，该行预计FY2026H2净关店数量较FY2026H1有望减少，同时 在经过低效门店的出清后，门店平均质量也在同步提升。 该行预计FY2026Q3电商 ...

针对户外以及跑步赛道，公司推进新品牌/业态布局 公司重点深化跑步和户外细分赛道的品牌布局，接连开启与跑步品牌Norda、soar、Ciele和户外品牌 Norrøna的合作，满足消费者差异化需求，同时公司建立跑步生态品牌ektos，并在上海开设门店，期内 ektos亮相上海马拉松，吸引跑者人群关注。中长期来看滔搏将凭借自身在营销、零售等多层面的优 势，帮助新品牌拓展市场，共享赛道机遇。 展望2026财年 智通财经APP获悉，国盛证券发布研报称，滔搏(06110)作为运动鞋服下游渠道龙头公司，终端门店结构 优化，数字化转型带动零售效率提升，高效的会员运营持续巩固用户粘性，该行预计公司FY2026- FY2028归母净利润分别为12.29/13.79/15.33亿元，现价对应FY2026PE为14倍，维持"买入"评级。公司发 布季度经营公告，FY2026Q3((2025年9-11月)公司全渠道销售额(零售流水及批发发货金额，含税)同比下 降高单位数，直营门店毛销售面积环比/同比-1.3%/-13.4%。 国盛证券主要观点如下： 面对客流波动+渠道关店，FY2026Q3线下销售或仍有压力 FY2026Q3公司销售下 ...

Investment Rating - The report maintains a "Strong Buy" rating for Li Ning [4] Core Views - Since Q4 2025, the company has accelerated its layout in new products and channels, with positive market feedback on new running shoes featuring the latest super-bounce capsule technology [1][8] - The company has opened its first outdoor specialty store and a flagship store in Beijing, indicating a strategic expansion into new market segments [3] - With channel inventory returning to a healthy level, the company is expected to see a turnaround in operations in 2026, supported by aggressive marketing and major events [1][10] Inventory and Product Structure - As of Q3 2025, the channel inventory has decreased to a controllable level of 4-5 months, with 82% of inventory being new products under 6 months [2] - The product structure is healthy, with 77% of the company's inventory also consisting of new products under 6 months [2] Store Expansion - The total number of Li Ning stores reached 6,132 by the end of Q3 2025, with a net increase of 33 stores from the previous quarter [3] - The company has also increased its focus on outdoor and premium product lines, with new store openings catering to diverse consumer needs [3] Financial Performance and Projections - Total revenue for 2023 is projected at 27,696 million yuan, with a growth rate of 6%, while 2025 revenue is expected to remain flat at 28,744 million yuan [9][24] - Net profit for 2025 is estimated at 2,395 million yuan, reflecting a decline of 21% year-on-year, but is expected to recover in subsequent years [9][24] - The report anticipates a gradual recovery in revenue growth starting in 2026, driven by new product launches and enhanced marketing efforts [10] Shareholder Activity - The controlling shareholder has been actively increasing their stake in the company, which is seen as a positive signal for corporate governance and long-term investment value [10][11]