Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Bosideng [5][11][24]. Core Insights - Adidas is expected to achieve a revenue of €6.153 billion in Q1 2025, representing a 13% year-on-year growth, with a 17% growth for the Adidas brand excluding Yeezy [1][16]. - The textile and apparel sector is anticipated to experience a recovery in demand in 2025, supported by government policies and increased participation in sports activities [3][22]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands for potential investment opportunities [3][22]. Summary by Sections Adidas Performance - Adidas forecasts a 13% year-on-year revenue growth for Q1 2025, with a gross margin increase of 0.9 percentage points to 52.1% [1][16]. - The company expects double-digit growth across all consumer markets [1][16]. Market Trends - The retail sales of clothing, shoes, and textiles in China grew by 3.4% year-on-year in the first quarter of 2025, with the sportswear segment expected to outperform overall textile consumption [3][22]. - The report suggests a volatile recovery in demand for the textile sector throughout 2025 [3][22]. Recommendations - The report recommends focusing on companies with strong fundamentals, such as Shenzhou International and Huayi Group, with respective 2025 PE ratios of 11x and 15x [4][23]. - Key companies highlighted for investment include Anta Sports, with a projected 2025 PE of 18x, and Bosideng, expected to deliver strong performance in 2025 [24][25]. Company Performance - Anta Sports reported significant growth in Q1 2025, with terminal sales increasing by high single digits, and other brands showing a 65%-70% year-on-year increase [24]. - For the home textile sector, Luolai Life expects a 20% growth in 2025, with a net profit of CNY 520 million [24][41].

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 纺织服饰 周专题：adidas 发布 2025Q1 业绩预告，经营表现超预期 【本周专题】 adidas 披露 2025Q1 业绩预告，营收同比增长 13%。根据公司披露 2025Q1 公司预计实现营收 61.53 亿欧元，货币中性基础上同比增长 13%，剔除 Yeezy 业务影响后公司预计 adidas 品牌营收同比增长 17%， 整体表现优异，超公司预期，分地区看公司预计各消费市场均有双位数 的增长表现。从利润率层面来看，公司 2025Q1 毛利率同比提升 0.9pcts 至 52.1%，其中 adidas 品牌毛利率提升 1.6pcts，经营利润率同比提升 3.7pcts 至 9.9%，经营利润大幅增长至 6.1 亿欧元。 此前公司发布 2024 年报时，曾预计 2025 年公司营收增长高单位数。 公司此前预计 2025 年营收同比增长高单位数，其中 adidas 品牌营收同 比增长双位数，分地区看预计 2025 年 adidas 品牌在北美/大中华区/新兴 市场/拉丁美洲营收同比增长双位数，欧洲/日韩营收增长高单位 ...

江苏牛赛网供应链管理有限公司是南通市跨境电商商会会长单位，已在日本千叶建立海外仓，在美 国洛杉矶和德国汉堡也有两个共建仓，为100多家零售企业和4000多家分销商搭建跨境出口平台。"美国 滥施关税对我们有影响，但不是特别严重，因为我们已在全球市场开展布局。"自身稳健经营的同时， 今年4月份以来，牛赛网已组织商会企业进行3次交流探讨，共商应对之策。"只要大家坚定信念，勇于 变革，一定能在危机中找到新的商机。"牛赛网创始人许燕城说。 政企同心，共迎挑战。4月24日，聚焦家纺企业对美贸易问题，南通国际家纺产业园区召开政企双 月恳谈会，明确政府将与企业共克时艰，推动各项支持措施直达快享，为家纺企业出海提供资源支撑和 咨询服务。作为家纺外贸出口集聚区，三星镇党委政府也将加强与中纺联流通分会、中国市场学会等行 业商协会对接交流，筹划一系列内外贸对接活动，推动家纺产业在国内国际双循环中行稳致远。 在南通元久纺织科技有限公司，工人们近期忙着包装出口到英国、日本等国的家纺四件套。"我们 早先有所预判，去年下半年就加快布点日本、英国、法国、加拿大等国市场，美国市场的份额已从90% 降至50%。"公司董事长万俊分析，"美国加征关税 ...

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Core Viewpoint - 罗莱生活 (002293) reported a solid performance in Q1 2025, with revenue and net profit showing positive growth compared to the previous year, indicating improved profitability and operational efficiency [1] Financial Performance - The total revenue for Q1 2025 reached 1.094 billion yuan, a year-on-year increase of 0.57% [1] - The net profit attributable to shareholders was 113 million yuan, reflecting a significant year-on-year growth of 26.31% [1] - The gross margin improved to 45.97%, up by 5.55% year-on-year, while the net margin increased to 10.35%, up by 25.85% [1] - Total expenses (selling, administrative, and financial) amounted to 334 million yuan, accounting for 30.49% of revenue, a slight decrease of 0.74% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) for Q1 2025 was 0.14 yuan, representing a year-on-year increase of 26.87% [1] - Operating cash flow per share was 0.21 yuan, showing a substantial increase of 83.37% year-on-year [1] Asset and Liability Management - The company reported a decrease in cash and cash equivalents to 1.251 billion yuan, down 44.66% year-on-year [1] - Accounts receivable decreased to 287 million yuan, a decline of 10.06% year-on-year [1] - Interest-bearing debt was reduced to 441 million yuan, down 53.83% year-on-year [1] Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was 8.03%, indicating average capital returns [3] - Analysts project the company's performance for 2025 to reach 513 million yuan, with an average EPS forecast of 0.62 yuan [3] Fund Holdings - The largest fund holding in 罗莱生活 is 易方达裕鑫债券A, with 4.8536 million shares, indicating increased investment [4] - Other funds have also shown interest, with several new entries into the top ten holdings [4]

Core Viewpoint - The company's performance for 2024 and Q1 2025 exceeded expectations, driven by a recovery in domestic home textile business and a reduction in losses from the U.S. furniture business [1] Group 1: Financial Performance - For 2024, the company reported revenue of 4.559 billion yuan, a year-on-year decrease of 14.2%, and a net profit attributable to shareholders of 433 million yuan, down 24.4% [1] - In Q1 2025, revenue reached 1.094 billion yuan, a slight increase of 0.6% year-on-year, while net profit attributable to shareholders was 113 million yuan, up 26.3% [1] - The company plans to distribute a final cash dividend of 0.4 yuan per share, resulting in an annual cumulative dividend payout ratio of approximately 115%, corresponding to a dividend yield of about 7.2% based on the current stock price [1] Group 2: Domestic Home Textile Business - In 2024, domestic home textile revenue decreased by 12.4% to 3.737 billion yuan, with franchise revenue down 19.0% to 1.448 billion yuan due to proactive adjustments in franchise stores and inventory optimization [2] - The number of franchise stores decreased by 168 to 2,227, while direct sales revenue fell by 1.5% to 401 million yuan, with 76 new direct stores opened, totaling 411 [2] - Online revenue declined by 14.1% to 1.382 billion yuan, but Q1 2025 is expected to show positive growth in domestic home textile revenue, particularly in direct and online channels [2] - The gross profit margins for franchise, direct, and online channels improved by 1.4 percentage points, 0.3 percentage points, and 1.1 percentage points respectively, partly benefiting from rising raw material prices [2] - The net profit for the domestic home textile business in 2024 is projected to decrease by 13% to 462 million yuan, with expectations of growth in Q1 2025 [2] Group 3: U.S. Furniture Business - The U.S. furniture business reported a revenue decline of 21.5% to 822 million yuan in 2024, primarily impacted by the U.S. real estate cycle [3] - The business incurred a loss of 28.71 million yuan in 2024, with losses narrowing from 21.83 million yuan in the first half to 6.88 million yuan in the second half [3] - Q1 2025 is anticipated to show improvements in both revenue decline and loss reduction for the U.S. furniture business [3] Group 4: Inventory and Cash Flow - As of Q1 2025, inventory decreased by 24.3% to 981 million yuan, attributed to enhanced retail management and increased inventory clearance efforts [3] - The net cash flow from operating activities in Q1 2025 increased by 83.3% year-on-year to 176 million yuan, indicating strong cash flow [3] Group 5: Future Outlook - The company is expected to maintain its efforts in opening direct model stores in 2025, with a gradual return to growth in franchise revenue as inventory adjustments near completion [4] - The U.S. furniture business is projected to continue reducing losses as inventory clearance progresses [4] Group 6: Profit Forecast and Valuation - The profit forecast for 2025 has been raised by 9.6% to 513 million yuan, with a new forecast for 2026 set at 554 million yuan [5] - The current stock price corresponds to a P/E ratio of 13.6x for 2025 and 12.6x for 2026 [5] - The target price has been increased by 33.8% to 9.88 yuan, reflecting a potential upside of 18.1% based on 2025/26 P/E ratios of 16.0x/14.8x [5]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to show exceptional growth performance in 2025, with a projected revenue increase of 5.6% to 48.12 billion yuan and a net profit growth of 20% to 5.2 billion yuan [8] - The company faced a revenue decline of 14.2% in 2024, primarily due to losses in its U.S. furniture business, but domestic home textile operations are anticipated to improve [7][8] Revenue and Profitability - In 2024, the company's revenue decreased by 14.2% to 45.6 billion yuan, with a net profit decline of 24.4% to 4.3 billion yuan [1] - The gross margin improved by 0.7 percentage points to 48% due to effective cost control [1] - The company declared a total dividend of 0.6 yuan per share for the year, resulting in a dividend payout ratio of 115.48% [1] Channel Performance - Direct sales channel revenue decreased by 1.48% to 400 million yuan, but gross margin increased by 0.3 percentage points to 67.55% [2] - Franchise channel revenue fell by 19.03% to 14.5 billion yuan, with a gross margin increase of 1.42 percentage points to 48.84% [3] - E-commerce revenue declined by 14.12% to 13.8 billion yuan, while gross margin improved by 1.11 percentage points to 53.32% [3] U.S. Business Performance - The U.S. business revenue dropped by 21.54% to 8.2 billion yuan, resulting in a loss of approximately 28.71 million yuan [7] - The gross margin for the U.S. business decreased by 5.76 percentage points to 28.07% [7] Inventory and Cash Flow - As of the end of 2024, the company's inventory decreased by 19.2% to 1.09 billion yuan, with inventory turnover days reduced by 7 days to 185 days [7] - Operating cash flow for 2024 was 8.5 billion yuan, down 9.5% year-on-year [7] Future Outlook - The company is set to gradually launch production at the completed first phase of the smart industrial park in 2025, which is expected to enhance operational efficiency and profitability [8] - The company anticipates a healthy operating performance in the franchise business in 2025 due to improved inventory levels and retail efficiency [3][8]

出于对公司发展前景的信心及投资价值的认可，多家上市公司控股股东发起增持"接力赛"。 4月22日晚间，雪天盐业、派能科技、太平鸟齐发控股股东增持公告，其中雪天盐业控股股东湖南盐业集团有 限公司（简称"湖南盐业集团"）刚刚完成上一轮增持，又火速发起下一轮增持计划。 回溯2024年6月，湖南盐业集团发布增持计划，拟斥资1亿元至2亿元增持雪天盐业股份。截至目前，湖南盐业 集团已通过集中竞价交易方式累计增持1895.74万股，占总股本的1.16%，合计增持金额为1亿元，已超前述增 持计划下限，增持实施完毕。 前轮增持计划刚刚完成，湖南盐业集团又马不停蹄地开始筹划新一轮增持。根据公告，该公司本轮对雪天盐业 的累计增持金额不低于1.5亿元，不超过3亿元，后续将根据股票价格波动情况及二级市场整体趋势择机逐步实 施。 截至目前，湖南盐业集团及其一致行动人直接持有雪天盐业35.88%股份，此外还通过"23轻盐EB"担保及信托 专户持有上市公司25.29%股份，合计实际控制的有表决权股份比例为61.17%。 派能科技控股股东中兴新通讯有限公司（以下简称"中兴新"）增持行动颇为迅速。4月22日，中兴新以自有资 金2675.97万元增 ...

Core Viewpoint - The article discusses the success of a multi-functional pillow sold through live streaming, highlighting the effectiveness of "edgy" marketing strategies that leverage human psychology to drive sales, despite the risks of platform bans [5][10][22]. Group 1: Product and Sales Performance - A multi-functional pillow achieved sales of 1 million units within 4 days, setting a record for short-term sales in the pillow category [7][10]. - The company behind the product, Nantong Bizan Textile Co., Ltd., was established only a year prior and has quickly adapted to the live-streaming sales model [12][13]. Group 2: Marketing Strategies - The marketing approach involved hiring young female hosts who used suggestive language and actions to attract viewers, demonstrating a deep understanding of algorithms and consumer behavior [10][13]. - The success of this strategy has led to a proliferation of similar "edgy" marketing tactics across various product categories, indicating a trend in the industry [22][24]. Group 3: Industry Implications - The article suggests that the rise of "edgy" content in live streaming reflects a broader shift in consumer engagement strategies, where traditional methods are becoming less effective [13][26]. - Despite regulatory efforts to curb such practices, the inherent appeal of "edgy" content continues to drive traffic and sales, creating challenges for platforms in managing content [26][27].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 HAZZYS、要品牌开店符合预期，2025 年预计趋势持续。分品牌：2024 年 HAZZYS/报喜 鸟要品牌/宝鸟/恺米切&乐飞叶&TB 品牌销售收入分别为 17.8/15.9/10.1/5.0 亿元，同比分 别+1%/-8%/-3%/+13%。 1）HAZZYS：2024 年收入+1%至 17.8 亿元（其中 H1/H2 分别同比持平/+2%），占比 35%。 ①产品，聚焦通勤、休闲、运动三大场景，升级面料创新产品，通过大单品策略提升配饰品 类的运情效率。②渠道数量稳步扩张，2024 年净加主 21 家至 478 家（其中直情+17 家至 344 家/主盟+4 家至 134 家），们根断销 2025 年有望保持快速新开店加幅 10%~15%、同 时关闭低效门店，目前品牌仍以直情为要、布局高线城市。 2）报喜鸟要品牌：2024 年收入-8%至 15.9 亿元（其中 H1/H2 分别同比-4%/-12%），占比 32%。①产品强调面料功能性与舒适性，重视研发创新，运动西服等产品受到好评。②渠道 结构优化，2024 年净 ...