投资建议 1）纺服板块：海澜之家顺应消费降级趋势商业转型拓展创新市区奥莱业态，未来开店空间较大且具备较强盈利能力， 同时主业成人装筑底恢复，分红水平维持在高位，李宁 25 年处于经营调整过程，拐点可期且 COC 合作有望带来催化， 金价上行行业维持较高景气度，推荐品牌力较强的老铺黄金。2）美护板块：推荐舆情影响逐步减弱，数据韧性较强 的巨子生物；以及重组胶原蛋白龙头，下半年新品放量可期的锦波生物。 行情回顾及公告新闻 行情回顾：上周（2025 年 9月 5日-2025 年 9月 12日）沪深 300、深证成指、上证综指涨跌幅分别为 1.38%、2.65%、 1.52%，纺织制造板块上升 0.67%。板块对比来看，纺织服装最近一周涨跌幅在 29 个一级行业板块中位列第 20。个 股方面延江股份、黑牡丹涨幅居前，安正时尚、江南布衣跌幅居前。美容护理最近一周涨跌幅在 29 个一级行业板块 中位列第 23。个股方面，宝尊电商、逸仙电商涨幅居前，嘉亨家化、拉芳家化跌幅居前。 行业新闻动态：1）市场监管总局发布 42 项劳动防护用品强制国家标准；2）国货香氛观夏未来一半新店将开在海外； 3）美国服装零售巨头 Gap 集团 ...

行 业 及 产 业 纺织服饰 2025 年 09 月 14 日 延江股份单周涨幅 26%，海澜之家公告拟赴港上市 看好 ——纺织服装行业周报 20250914 本期投资提示： 证 券 《Lululemon 中国区高增，制造端重视无 纺布产业链——纺织服装行业周报 20250907》 2025/09/07 《诺邦中报超预期尽显成长性，同时建议 布局运动板块——纺织服装行业周报 20250831》 2025/08/31 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 研 究 报 告 相关研究 ⚫ 本周纺织服饰板块表现弱于市场。9 月 5 日～9 月 12 日，SW 纺织服饰指数上涨 0.7 ...

Group 1: Business Reform and Strategy - The company is focused on consumer-centric reforms, aiming to enhance product quality and consumer experience while avoiding internal competition [2] - The company plans to maintain a responsible approach towards shareholders by focusing on core business, cautious investments, and continuous improvement of operating cash flow [2] - The company aims to explore higher ceiling industries for investment incubation to enhance growth potential and provide security and satisfaction to shareholders [2] Group 2: Cross-Border and Offline Business Development - The company has expanded cross-border sales channels, including Amazon and independent sites, focusing on youth-oriented product categories [3] - Offline stores are primarily themed "Super Antarctic" and "Antarctic+" with a goal to rank in the top five in shopping malls [3] - The company plans to introduce a retro-themed store targeting young consumers within 3-4 months and will trial the Bella Villa brand in November [3] Group 3: Product Strategy and Supply Chain - The company continues to pursue a "big brand alternative" strategy, focusing on seasonal products like coats and down jackets [4] - The supply chain strategy emphasizes collaboration with a few large clients, with major clients accounting for nearly 70% of sales in home textiles and children's clothing [4][5] - The company aims to enhance supply chain efficiency through partnerships with small, innovative factories willing to adapt to new processes [5] Group 4: AI and Management Efficiency - AI is primarily applied in management to improve efficiency and marketing integration, rather than in product design [6] - The company leverages centralized management and data sharing to enhance operational efficiency [6] Group 5: Marketing and Brand Outreach - The company plans to utilize KOLs and KOCs to reach young consumers through offline stores with trendy themes [7] - Online marketing focuses on connecting consumers with high-cost performance products [7] - The Baijiahao brand is seeing growth in Tmall and Taobao, with revenue growth outpacing that of Douyin [8] Group 6: Future Development Directions - The company aims to maintain a no-debt policy and avoid unfamiliar business areas [9][10] - Future growth will focus on innovation in business categories, sales channels, and related industries to unlock new growth ceilings [10]

Market Overview - The apparel and home textile sector experienced a decline of 0.51% on September 12, with Aimer Group leading the losses [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Major gainers included: - Meibang Fashion (002269) with a closing price of 2.94, up 10.11% and a trading volume of 5.2735 million shares, totaling 1.494 billion yuan [1] - Ribo Fashion (603196) closed at 22.31, up 7.67% with a trading volume of 116,400 shares, totaling 260 million yuan [1] - Major losers included: - Aicai Group (603511) with a closing price of 16.69, down 8.15% and a trading volume of 125,800 shares, totaling 210 million yuan [2] - Henghui Security (300952) closed at 30.77, down 2.32% with a trading volume of 61,000 shares, totaling 189 million yuan [2] Capital Flow - The apparel and home textile sector saw a net inflow of 131 million yuan from institutional investors, while retail investors experienced a net outflow of 156 million yuan [2] - Retail investors contributed a net inflow of approximately 25.1 million yuan [2] Individual Stock Capital Flow - Meibang Fashion (002269) had a net inflow of 331 million yuan from institutional investors, while it faced a net outflow of 214 million yuan from retail investors [3] - Ribo Fashion (603196) saw a net inflow of 35.56 million yuan from institutional investors, with a net outflow of 14.77 million yuan from retail investors [3] - Cooltech Intelligent (300840) had a net inflow of 19.29 million yuan from institutional investors, while retail investors experienced a net outflow of 9.52 million yuan [3]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has experienced rapid growth in its brand licensing and cloud brocade business, with a notable increase in revenue from the Teenie Weenie brand IP licensing and the Yuanxian brand [1][2] - The company's net profit for the first half of 2025 decreased by 23% year-on-year, primarily due to the impact of non-recurring factors such as interest payments on convertible bonds and reduced government subsidies [1] - The company is focusing on deepening the value extraction of its IP assets and expanding its product boundaries, particularly in emerging derivative categories [2] Financial Performance - In Q2 2025, the company's revenue was 900 million, a decrease of 5% year-on-year, while the net profit attributable to the parent company was 25 million, down 22% [1] - For the first half of 2025, the company's revenue was 2 billion, a decrease of 4% year-on-year, and the net profit was 110 million, down 23% [1] - The company expects revenues for 2025 to be 4.58 billion, with net profits projected at 307.80 million, reflecting a slight increase from the previous year [4][11] Brand and Market Strategy - The Yuanxian brand integrates intangible cultural heritage into its marketing strategy, enhancing customer engagement through unique store designs and online content [3] - The company is leveraging successful experiences in the home textile category to drive growth in the homewear segment, creating a dual-engine growth model [2] Financial Projections - The company has adjusted its profit forecasts, expecting revenues of 4.6 billion, 4.9 billion, and 5.2 billion for 2025, 2026, and 2027 respectively, with net profits of 307.80 million, 367.53 million, and 442.03 million [4][11] - The projected EPS for 2025 is 0.89, with a PE ratio of 11.75 [4][11] Valuation Metrics - The company's current market capitalization is approximately 3.6 billion, with a price-to-earnings ratio of 12.16 for 2023 [7][12] - The projected price-to-book ratio is expected to decrease from 1.07 in 2023 to 0.86 by 2027 [5][12]

公司发布 2025 中报 25H1，公司实现营收 24 亿，同比增长 33%；归母净利润 1.87 亿，同比减 少 25%；扣非后归母净利润 1.81 亿，同比增长 14%。 分业务模式，25H1 公司代工制造业务实现收入 21 亿，同比增长 37%。其 中，公司箱包制造业务实现收入 14 亿元，同比增长 13%，保持稳健增长； 服装制造业务实现收入 7 亿，同比增长 148%，公司打造面料加成衣第二增 长曲线的战略持续有效实施。. 品牌经营业务实现收入 3 亿，同比增长 9%。 25H1，公司代工制造业务毛利率同比增长 1pct，主要系公司产品结构不断 优化、生产效率持续提升，尤其随着管理的不断强化和整合，服装业务毛 利率得以显著提升。品牌经营业务毛利率减少 1pct，主要系产品结构及渠 道结构变化影响，未来随着新产品陆续及销售渠道的持续优化，品牌经营 毛利率有望逐步提升。 公司拟派发中期股息，每 10 股派发现金红利 1.57 元（含税）。 公司报告 | 半年报点评 开润股份（300577） 证券研究报告 代工+品牌加速双轮驱动 全球化产能布局 公司生产基地全球化布局于印尼、中国、印度等人力成本或关税政策 ...

证券之星消息，9月11日服装家纺板块较上一交易日上涨0.3%，爱慕股份领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。服装家纺板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002269 美邦服饰 | | = 1.17亿 | 10.81% | -7360.62万 | -6.81% | -4319.23万 | -4.00% | | 603511 | 爱草股份 | 2999.37万 | 6.08% | 494.56万 | 1.00% | -3493.93万 | -7.09% | | 600398 海澜之家 | | 1312.41万 | 5.77% | -1522.65万 | -6.69% | 210.24万 | 0.92% | | 002563 森马服饰 | | 1149.80万 | 4.78% | -916.49万 | -3.81% | ...

Macro and Strategy - The fixed income investment strategy for Q4 indicates a turning point year, with expectations for a cooling economy and potential interest rate cuts [8][11] - The report highlights the ongoing industrialization of solid-state batteries, supported by government policies and advancements in materials and applications [17][18] Textile and Apparel - The textile and apparel sector shows resilience in mid-term performance, with the sports segment leading apparel consumption [3][11] - In September, the retail sales of clothing increased by 1.8% year-on-year, with e-commerce growth rebounding significantly [12][13] - The textile manufacturing segment reported a revenue increase of 7.8% in H1 2025, while the apparel and home textile segment faced a decline of 6.4% [15] Electric Power Equipment and New Energy - The solid-state battery industry is progressing, with significant policy support and material advancements leading to increased production and application [17][18] - Domestic energy storage system tenders surged to 47.2 GWh in August 2025, reflecting a 2158% year-on-year increase, indicating strong demand for new energy systems [18] - The electric power equipment sector is expected to benefit from increased capital expenditures, particularly in AI and cloud infrastructure [18][19] Pharmaceutical and Biotechnology - The pharmaceutical sector is experiencing strong performance, with a notable increase in interest in ANGPTL3-targeted therapies, particularly from multinational corporations [21][22] - The overall biopharmaceutical sector outperformed the market, with a TTM P/E ratio of 40.75x, indicating robust investor interest [20] Non-Banking Financial Sector - The securities industry reported a revenue increase of 11.37% year-on-year in H1 2025, driven by strong performance in brokerage and investment segments [22][23] - Financial investment assets have become the primary growth area for securities firms, accounting for nearly 50% of total assets [24] Social Services Industry - The education and human resources sector showed overall growth, with a revenue increase of 11% and a profit increase of 28% in H1 2025 [26][27] - The K12 education segment continues to recover, with significant demand for skills training and a shift towards quality education [28][30] Internet Industry - The AI agent market is rapidly evolving, with significant growth expected in AI infrastructure and applications, particularly in B2B and B2C sectors [31][34] - Major cloud providers are enhancing their AI capabilities, with Microsoft, Google, and Amazon leading the market [34][35] Agriculture, Forestry, Animal Husbandry, and Fishery - The report recommends focusing on the meat and dairy sectors, highlighting the positive outlook for low-cost pig farming and the overall livestock cycle [36]

"端木，他带我去了美特斯邦威，挑了很多衣服和鞋。照镜子的时候，我都不知道镜子里的那个女孩是 谁。"2009年，大热的偶像剧《一起来看流星雨》里，女主楚雨荨的这句话 ，带火了赞助商美特斯邦 威。 当时，才华横溢的周杰伦代言美特斯邦威也刚刚满六年，"不走寻常路"的广告语风靡大街小巷，成为80 后、90后的集体记忆。 二十年后，美特斯邦威再次出圈，是因为60岁的美邦服饰创始人周成建，在直播间跳起了抖音最新流行 团舞。社交账号视频显示，他戴着墨镜，身穿时尚的白色夹克、藏蓝色运动裤，脚踩运动鞋，在直播间 热舞。 团舞的热闹场面，反衬了这家老牌服饰公司找到新路的迫切。2016年至2024年期间，美邦服饰净利润累 计亏损超过33亿元。去年10月29日，周成建在官微公开宣布，将于11月1日开启直播首秀，称开直播不 是为了做网红，也不认为流量网红就适合做直播带货、可以做好直播间。 而无论是周成建，还是美邦服饰，能否借助互联网与潮流文化，趟出一条新路，还需要时间的检验。 花甲创始人的热舞与掉队的业绩 60岁的创始人周成建，在直播间跳起了当下最潮流的团舞，吸引了超过20万人同时在线观看。 周成建本已从台前退隐多年。2016年他辞去 ...

公司报告 | 半年报点评 罗莱生活（002293） 证券研究报告 大力推进零售革新 公司发布 2025 中报 25H1，公司实现营收 22 亿，同比增长 4%；归母净利润 1.85 亿，同比增长 17%；扣非后归母净利润 1.54 亿，同比增长 10%。 分地区，25H1 国内家纺业务实现营收 18 亿元，同比增长 6%；归母净利 润 2.12 亿元，同比增长 18%。 美国家具业务实现营收 4 亿元，同比下降 8%，归母净利润 -0.29 亿,同比 下降 32%，主要系美国贷款利率高企，需求端不足，新屋及成屋销售量大 幅持续走低所致。 公司拟派发中期股息，每 10 股派发现金红利 2 元（含税）。 优化渠道布局 结合市场变化趋势，公司持续优化店铺结构，加大直营开店力度，关闭经 营能力较差的加盟店铺，升级改造低效店铺，同时大力推进购物中心、奥 特莱斯的渠道开拓，通过打造直营购物中心样板店，积累购物中心渠道的 管理经验，同时为加盟市场拓展购物中心模式起到标杆作用，同时积极优 化线上渠道，提升线上收入占比和毛利率，不断探索发现新机会。 保持产品创新、服务领先 公司坚持以用户为中心，为消费者提供最优质的产品和设计， ...