Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][5]. Core Views - The company achieved a revenue of 2.2 billion yuan in H1 2025, representing a 4% year-on-year growth, and a net profit attributable to shareholders of 185 million yuan, up 17% year-on-year [1]. - The domestic home textile business generated 1.8 billion yuan in revenue, growing by 6% year-on-year, while the U.S. furniture business saw a decline in revenue to 400 million yuan, down 8% year-on-year, primarily due to high loan rates and reduced demand [1]. - The company plans to distribute a mid-term dividend of 2 yuan per 10 shares (tax included) [1]. Summary by Sections Retail Innovation - The company is optimizing its store structure by increasing direct store openings, closing underperforming franchise stores, and upgrading inefficient stores. It is also expanding into shopping centers and outlets, creating model stores to gain management experience [2]. Product Innovation and Service Leadership - The company focuses on user-centered design, launching popular products like the zero-pressure deep sleep pillow and the seamless sleep mattress cover. It has partnered with a Japanese company to enhance service standards across all store scenarios [3]. Smart Industrial Park and Supply Chain Upgrade - The company is investing in the "Rola Smart Industrial Park," which is set to complete its first phase by the end of 2024. This includes the introduction of advanced automated equipment, significantly improving production capacity and efficiency [4]. Financial Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 490 million, 550 million, and 610 million yuan respectively. The price-to-earnings ratios are projected to be 14x, 13x, and 12x [5].

证券之星消息，9月10日服装家纺板块较上一交易日上涨0.63%，恒辉安防领涨。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 300952 | 恒辉安防 | 31.18 | 5.95% | 18.37万 | | 5.64亿 | | 002269 | 美邦服饰 | 69'2 | 5.91% | 551.82万 | | 14.79亿 | | 600107 | ST尔雅 | 6.74 | 4.98% | - 10.64万 | | 7058.35万 | | 003041 | 直要美家 | 24.14 | 4.23% | 5.79万 | | 1.37亿 | | 603511 | 爰草股份 | 17.04 | 3.84% | 9.09万 | | 1.53亿 | | 002762 | *ST金比 | 7.90 | 3.27% | 10.01万 | | 7911.25 ...

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, particularly highlighting the growth potential in the non-woven fabric sector and the performance of sportswear brands like Lululemon in China [2][3]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 1.4% from August 29 to September 5, 2025, surpassing the SW All A index by 2.8 percentage points [3][5]. - The report emphasizes the recovery in the non-woven fabric industry, with significant growth in revenue and profit for key players like Nobon and Jieya, indicating a positive trend in the sector [12][15]. - Lululemon's second-quarter performance in China showed a 25% increase in revenue, reinforcing the strong alpha in the sports market [15][16]. Summary by Sections Textile Sector - The non-woven fabric production peaked in 2020 but has seen a recovery post-pandemic, with a narrowing supply-demand gap. By the first half of 2025, revenue and profit for the non-woven fabric industry are expected to grow by 3.1% and 8.4% year-on-year, respectively [12][13]. - Nobon reported a 33% increase in revenue and a 48% increase in net profit for the first half of 2025, exceeding market expectations [12][13]. - The report suggests focusing on companies like Nobon for their growth potential in the non-woven fabric sector, particularly in personal care and new tobacco products [12][13]. Apparel Sector - Lululemon's global revenue grew by 7% to $2.5 billion in the second quarter of 2025, with international business revenue increasing by 22% and a notable 25% growth in mainland China [15][16]. - The report highlights the strong performance of high-end and cost-effective brands in the sportswear sector, with companies like Anta and Li Ning showing resilience despite market challenges [16][17]. - The report recommends investment in sportswear brands such as Anta, Li Ning, and 361 Degrees, as well as discount retailers like Hailan Home [16][17]. Market Trends - The retail sales of clothing, shoes, and textiles in China reached 837.1 billion yuan from January to July 2025, reflecting a year-on-year growth of 2.9% [29][32]. - The textile and apparel export value for the first seven months of 2025 was $170.74 billion, with a slight increase of 0.6% year-on-year, although clothing exports saw a decline of 0.3% [32][36]. - Cotton prices have shown a slight decline, with the domestic cotton price index at 15,297 yuan per ton as of September 5, 2025, down 0.3% [36][37].

截至2025年9月5日收盘，ST尔雅（600107）报收于6.65元，较上周的5.99元上涨11.02%。本周，ST尔雅 9月5日盘中最高价报7.07元，股价触及近一年最高点。9月1日盘中最低价报5.84元。ST尔雅当前最新总 市值23.94亿元，在服装家纺板块市值排名48/59，在两市A股市值排名4859/5152。 本周关注点 公司公告汇总 关于股票交易异常波动的公告湖北美尔雅股份有限公司股票于2025年8月29日、9月1日、9月2日连续三 个交易日收盘价格涨幅偏离值累计超过12%，属于异常波动。公司股票自2025年8月14日起三次触及异 常波动，累计涨幅62.77%，严重偏离上证A指。经自查及函证，公司、控股股东及实际控制人不存在应 披露未披露的重大事项。2025年上半年公司营业收入1.29亿元，净利润为-2,185.87万元，若年度营收低 于3亿元且继续亏损，可能触发财务类退市风险警示。2024年度财务报告被出具保留意见，内部控制审 计报告被出具否定意见，若2025年内部控制审计报告仍为否定或无法表示意见，可能触发规范类退市风 险警示。公司及董事长郑继平处于证监会立案调查期间，结果尚不确定。 以上内容 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603839 | 安正时尚 | 11.47 | 9.97% | 10.89万 | | 1.25亿 | | 300577 | 开润股份 | 23.80 | 6.77% | 6.62万 | | 1.56亿 | | 603001 | 奧康国际 | 9.39 | 6.70% | 12.11万 | | 1.12亿 | | 300901 | 中胤时尚 | 17.17 | 4.25% | 4.77万 | | 7919.93万 | | 603665 | 康隆达 | 29.15 | 4.11% | 3.30万 | | 9451.94万 | | 002486 | 嘉麟杰 | 2.84 | 4.03% | 43.55万 | | 1.23亿 | | 300952 | 恒辉安防 | 27.27 | 4.00% | 3.93万 | | 1.05亿 | | 002780 | 三夫户外 | 14.13 | 3.90% | 16.18万 | | 2.28亿 | | ...

Macro and Strategy Research - The liquidity environment is expected to improve, providing a mid-term layout window for the A-share market, with a focus on strengthening domestic circulation as a key policy direction [2][3] - The capital market is experiencing a liquidity-driven trend, with increased trading volume and a rise in margin financing balances, indicating a positive influx of funds into the market [3] Industry Research Metal Industry - The steel industry reported a revenue of CNY 945.23 billion in H1 2025, a year-on-year decrease of 9.16%, while net profit increased by 157.66% to CNY 13.14 billion, indicating significant improvement in overall performance [8] - The non-ferrous metal industry achieved a revenue of CNY 1,819.66 billion in H1 2025, a year-on-year growth of 6.49%, with net profit rising by 36.55% to CNY 95.36 billion, reflecting strong performance [10] Light Industry and Textile - The light industry manufacturing sector reported a revenue of CNY 297.01 billion in H1 2025, with a slight year-on-year increase of 0.01%, but net profit decreased by 23.14% to CNY 13.95 billion, indicating pressure on profitability [15] - The textile and apparel sector saw a revenue decline of 5.16% and a net profit decrease of 8.40% in H1 2025, highlighting challenges in the market [16] Pharmaceutical and Biotech - The pharmaceutical and biotech sector experienced a revenue decline in H1 2025, with innovative drugs and CXO segments showing strong performance, while medical devices faced pressure [18][19] - The chemical pharmaceutical segment reported a revenue of CNY 136.94 billion in Q2 2025, a year-on-year decrease of 1.4%, but net profit increased by 9.0%, indicating a recovery in profitability [19]

Group 1 - The apparel and home textile sector increased by 1.12% on September 4, with Taihu Snow leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] - Key stocks in the apparel and home textile sector showed significant price increases, with Taihu Snow rising by 12.38% to a closing price of 31.40 [1] Group 2 - The apparel and home textile sector experienced a net inflow of 107 million yuan from institutional investors, while retail investors saw a net inflow of 92.91 million yuan [2] - Major stocks like Meibang Apparel and Tanchuang Fashion had notable net inflows from institutional investors, with Meibang Apparel receiving 96.34 million yuan [3] - Conversely, retail investors showed a net outflow in several stocks, indicating a mixed sentiment in the market [3]

Group 1 - The core viewpoint of the article highlights that Anzheng Fashion (sh603839) experienced a trading halt with a price of 9.48 yuan, reflecting a 10.02% increase, and a total market capitalization of 4.058 billion yuan, driven by governance optimization, performance turnaround, and speculative buying [1] Group 2 - The company is undergoing a phase of business adjustment and governance optimization, which includes the cancellation of the supervisory board and the integration of committee functions, along with the establishment of multiple management systems to enhance decision-making efficiency and transparency [1] - The main brand JZ Jiuzi reported a revenue increase of 23.93%, contributing to an overall revenue growth of 12.38%, with a net profit of 22.08 million yuan in the first half of 2025, marking a successful turnaround with a year-on-year growth of 282.36% in net profit attributable to shareholders [1] - The apparel and home textile industry has a solid consumer base, and recent recovery in consumption has positively impacted several companies within the sector, including Anzheng Fashion, which has attracted investor attention due to its business improvements [1] - On September 3, 2025, Anzheng Fashion was included in the "Dragon and Tiger List," with a trading volume of 51.1622 million yuan, total purchases of 64.378 million yuan, and total sales of 56.6371 million yuan, indicating significant participation from speculative funds that contributed to the stock price increase [1]

安正时尚9月3日晚间公告，公司股票连续两个交易日（2025年9月2日、9月3日）收盘价格涨幅偏离值累 计超过20%，属于股票交易异常波动情形。经公司自查，公司目前生产经营情况正常，内外部经营环境 未发生重大变化，不存在应披露而未披露的重大信息。截至本公告披露日，公司、控股股东及实际控制 人不存在影响公司股票交易价格异常波动的重大事项，不存在涉及公司应披露而未披露的重大信息，包 括但不限于重大资产重组、股份发行、重大交易类事项、业务重组、股份回购、股权激励、破产重整、 重大业务合作、引进战略投资者等重大事项。经公司自查，截至本公告披露日，除公司已披露的信息 外，未发现对公司股票交易价格可能产生较大影响的媒体报道或市场传闻，亦未涉及市场热点概念的事 项。 ...

证券研究报告 纺织服饰 | 服装家纺 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 03 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 02 日 | 09 | 2025 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 13.99 | | | | | 一 年 内 最 低 | 最 | 高 | / | | 16.00/8.59 | | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 2,204.65 | | | | | 流通市值（百万元） | | | | | 1,827.83 | | | | | 总股本（百万股） | | | | | 157.59 | | | | | 资产负债率（%） | | | | | 43.59 | | | | | 每股净资产（元/股） ...