证券之星消息，8月22日服装家纺板块较上一交易日下跌0.32%，七 匹 狼领跌。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。服装家纺板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002875 | 安奈儿 | 18.44 | 5.07% | 14.93万 | 2.68亿 | | 001209 | 并示服役 | 19.66 | 3.26% | 8.63万 | = 1.69亿 | | 600107 | ST尔雅 | 5.43 | 3.04% | 25.73万 | 1.40亿 | | 601718 | 际华集团 | 66'E | 2.84% | 254.25万 | 10.01亿 | | 300952 | 恒辉安防 | 29.94 | 2.46% | 8.02万 | 2.38亿 | | 300901 | 中胤时尚 | 17.67 | 2.08% | 4.25万 | 7462.63万 | | 603608 | 天创时尚 | 8. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's H1 2025 performance met expectations, supported by professional sports resources for long-term development [5] - The company reported a revenue of 14.82 billion RMB in H1 2025, a year-on-year increase of 3.3%, with a gross profit of 7.42 billion RMB, up 2.5% year-on-year [7] - The net profit attributable to shareholders was 1.74 billion RMB, down 11.0% year-on-year, with a net profit margin of 11.7%, a decrease of 1.9 percentage points [7] - The company has a strong dividend policy, with an interim dividend of 0.3359 RMB per share, representing a payout ratio of 50% [7] - E-commerce contributed the largest incremental revenue, with a year-on-year growth of 7.4%, accounting for 29.0% of total revenue [7] - The company signed player Yang Hansheng, who was selected in the first round of the NBA draft, which is expected to enhance brand sales and improve the popularity of basketball in China [7] - The company focuses on a "single brand, multiple categories, multiple channels" strategy, with ongoing investment in R&D to enhance product competitiveness [7] Financial Summary - Revenue projections for 2025-2027 are 29.03 billion RMB, 30.77 billion RMB, and 32.85 billion RMB, respectively, with growth rates of 1.2%, 6.0%, and 6.8% [6][8] - The net profit attributable to shareholders is projected to be 2.65 billion RMB in 2025, 2.85 billion RMB in 2026, and 3.10 billion RMB in 2027 [6][8] - The company's return on equity (ROE) is expected to decline from 11.54% in 2024 to 8.95% in 2027 [6][8] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 26.13% [3]

Core Viewpoint - Li Ning (02331.HK) announced an interim dividend of RMB 0.3359 per share to be distributed on September 16, 2025, with a strong buy rating from multiple investment banks [1] Group 1: Company Performance - Li Ning's market capitalization is HKD 47.483 billion, ranking 4th in the apparel and home textiles industry [2] - The company reported a revenue of HKD 28.676 billion, placing it 2nd in the industry [2] - Li Ning's net profit margin stands at 10.51%, significantly higher than the industry average of -12.58% [2] - The company's gross profit margin is 49.37%, compared to the industry average of 36.03% [2] - Li Ning's return on equity (ROE) is 11.81%, while the industry average is -5.0% [2] - The company's debt ratio is 26.9%, which is lower than the industry average of 50.99% [2] Group 2: Analyst Ratings - In the past 90 days, 17 investment banks have issued buy ratings for Li Ning, with an average target price of HKD 19.01 [1] - Guotai Junan Securities recently provided a buy rating for Li Ning [1] - Various investment banks have set target prices ranging from HKD 16.28 to HKD 20.82, indicating a positive outlook for the stock [1]

探路者公告，股东王静持有公司4372.21万股，占5.17%，计划自披露之日起15个交易日后的3个月内， 通过集中竞价（含盘后定价）方式减持不超过422.47万股，占公司总股本不超过0.5%，减持价格区间将 根据减持时的市场价格确定。 ...

证券之星消息，8月21日服装家纺板块较上一交易日上涨0.52%，*ST摩登领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。服装家纺板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002656 | *ST摩登 | 2.44 | 5.17% | 14.44万 | 3477.99万 | | | 600107 | ST尔雅 | 5.27 | 4.98% | 1.28万 | | 674.51万 | | 603608 | 天创时尚 | 8.00 | 4.44% | C 23.20万 | | 1.84亿 | | 603365 | 水星家纺 | 19.25 | 4.22% | 4.58万 | 8603.96万 | | | 002029 | 七匹狼 | 8.08 | 3.99% | 41.34万 | | 3.36 Z | | 603839 | 安正时尚 | 7.98 | 3.10% | 18.93万 | | 1.50亿 ...

Core Viewpoint - Morgan Stanley's report indicates that Xtep International (01368.HK) is expected to benefit from the potential of Saucony, with projected sales and net profit compound annual growth rates of 7% and 13% respectively from 2025 to 2027 [1] Group 1: Financial Projections - Xtep's sales and net profit are projected to grow at compound annual growth rates of 7% and 13% from 2025 to 2027 [1] - The profit forecast for Xtep has been raised by 1% to 3% for the period from 2025 to 2027 [1] - The target price for Xtep has been increased from HKD 5.6 to HKD 7.4, with the rating upgraded from "Neutral" to "Overweight" [1] Group 2: Analyst Ratings - Nearly 28 investment banks have issued buy ratings for Xtep in the last 90 days, with an average target price of HKD 7.18 [1] - CMB International Capital Corporation Limited rated Xtep as "BUY" with a target price of HKD 7.20 [2] - The latest report from Dongfang Caifu Securities also gives Xtep an "Overweight" rating [1] Group 3: Company Metrics - Xtep International has a market capitalization of HKD 177.52 billion, ranking 6th in the apparel and home textiles industry [2] - Key performance indicators for Xtep include a Return on Equity (ROE) of 15.66%, a net profit margin of 13.36%, and a gross profit margin of 44.95% [3] - Xtep's debt ratio stands at 42.49%, which is lower than the industry average of 51.01% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company reported strong mid-year results that met expectations, with a revenue of USD 1.229 billion, representing a year-on-year increase of 12.4%, and a net profit of USD 98.32 million, up 16.8% year-on-year [5] - The company continues to maintain a high dividend payout, announcing an interim dividend of 16.3 Hong Kong cents per share, with a payout ratio of 60% [5] - The company is recognized as a leading apparel manufacturer, expanding its quality customer base, particularly in the sports sector, which is expected to enhance its market share [5] Financial Performance Summary - Revenue and Profit Forecasts: - Revenue for 2023 is projected at 15,651 million, with a year-on-year growth rate of -11% - Expected revenue growth rates for 2024 and 2025 are 13% [3] - Net profit for 2023 is forecasted at 1,158 million, with a year-on-year growth rate of -4% [3] - Earnings Per Share (EPS) is expected to increase from 0.41 in 2023 to 0.59 in 2025 [3] - The company’s gross margin improved by 0.2 percentage points to 19.7% in the first half of 2025 [5] - The company’s net asset return rate is projected to remain stable at around 14% from 2025 to 2027 [3] Revenue Breakdown - By product, revenue from casual wear, sports and outdoor wear, denim, intimate apparel, and sweaters was USD 340 million, USD 313 million, USD 262 million, USD 210 million, and USD 105 million respectively, with year-on-year growth rates of 11.4%, 12.4%, 10.3%, 9.5%, and 29.2% [5] - By region, revenue from the Asia-Pacific, North America, Europe, and other regions was USD 478 million, USD 463 million, USD 253 million, and USD 36 million respectively, with year-on-year growth rates of 14.5%, 11.7%, 9.7%, and 14.9% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved revenue and profit growth in H1 2025, demonstrating operational resilience despite external disruptions [8] - The company has three core advantages that help mitigate the impact of tariffs: FOB revenue structure, pricing advantage with brand clients, and overall industry resilience [8] - The company is expected to continue benefiting from its strong partnerships with quality brand clients and expanding into the sports and outdoor apparel sector, leading to significant growth potential [8] Financial Performance Summary - In H1 2025, the company reported revenue of $1.229 billion, a year-on-year increase of 12.42%, and a gross profit of $243 million, up 13.66% year-on-year [8] - The net profit attributable to shareholders for H1 2025 was $98 million, reflecting a year-on-year growth of 16.97% [8] - The gross margin and net margin for H1 2025 were 19.73% and 7.99%, respectively, showing slight improvements compared to the previous year [8] - The company expects to pay an interim dividend of 16.3 HKD cents per share, with a payout ratio of 60% [8] Revenue and Profit Forecast - Revenue projections for the company are as follows: $2.780 billion in 2025, $3.106 billion in 2026, and $3.449 billion in 2027, with year-on-year growth rates of 12.58%, 11.71%, and 11.06% respectively [7] - Net profit forecasts are $242 million in 2025, $287 million in 2026, and $337 million in 2027, with year-on-year growth rates of 20.83%, 18.41%, and 17.32% respectively [7] - The company’s earnings per share are projected to be $0.08 in 2025, $0.10 in 2026, and $0.12 in 2027 [7] Operational Efficiency - The company has improved production efficiency, leading to increased gross margins for casual and intimate apparel, with respective margins of 20.50% and 20.80% in H1 2025 [8] - The company’s sales and management expense ratios improved slightly to 1.31% and 7.64% in H1 2025, respectively [8] Market Position - The company has a strong market presence in the Asia-Pacific region, with revenue growth of 14.50% in H1 2025, and stable growth in North America at 11.67% [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company's total revenue for H1 2025 reached 6.84 billion RMB, representing a year-on-year increase of 7.1%, with the main brand revenue growing by 4.5% and professional sports revenue increasing by 32.5% [4][6] - The net profit attributable to shareholders was 910 million RMB, up 21.5% year-on-year, with a net profit margin of 13.4%, an increase of 1.6 percentage points compared to the same period last year [4][6] - The company has a strong cash position, with net cash increasing by 94.3% to 1.913 billion RMB, indicating stable overall operations [6][9] Financial Performance - The main brand's revenue reached 6.05 billion RMB, accounting for 88.5% of total revenue, while professional sports revenue was 785 million RMB, making up 11.5% [6] - The overall gross margin was 45%, slightly down by 0.1 percentage points year-on-year, while the net profit margin improved by 1.6 percentage points [6][9] - The company’s operating profit margin for the professional sports segment significantly improved by 6.1 percentage points to 10% [6] Market Position and Strategy - As of H1 2025, the company operated 6,360 adult stores and 1,564 youth stores, with a focus on upgrading store images and expanding into shopping centers and outlet channels [9] - The company is strategically focusing on the running sector, increasing R&D investments, and building a leading running ecosystem to strengthen its market position as China's top running brand [9] Earnings Forecast - The company is projected to achieve revenues of 14.48 billion RMB, 15.61 billion RMB, and 16.85 billion RMB for 2025, 2026, and 2027 respectively, with net profits of 1.39 billion RMB, 1.54 billion RMB, and 1.70 billion RMB [8][10]

Market Overview - The apparel and home textile sector increased by 0.64% on August 20, with Zhongwang Fabric leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Zhongwang Fabric (605003) closed at 24.05, rising by 7.46% with a trading volume of 38,500 shares and a transaction value of 90.25 million yuan [1] - ST Erya (600107) saw a 5.02% increase, closing at 5.02 with a trading volume of 58,300 shares [1] - Other notable performers included Shengtai Group (605138) up 1.77% and Hason Co. (603958) up 1.73% [1] Capital Flow - The apparel and home textile sector experienced a net outflow of 466 million yuan from institutional investors, while retail investors saw a net inflow of 528 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Hai Lan Home (600398) had a net inflow of 19.68 million yuan from institutional investors, but saw outflows from retail investors [3] - Zhongwang Fabric (605003) also experienced a net inflow of 16.73 million yuan from institutional investors, with retail investors showing a net outflow [3] - Other stocks like Hason Co. (603958) and Meibang Fashion (002269) showed varied capital flows, indicating differing investor sentiments across the sector [3]