截至2026年1月23日收盘，际华集团（601718）报收于3.49元，较上周的3.38元上涨3.25%。本周，际华 集团1月22日盘中最高价报3.58元。1月21日盘中最低价报3.28元。际华集团当前最新总市值152.2亿元， 在服装家纺板块市值排名3/59，在两市A股市值排名1429/5182。 本周关注点 业绩披露要点 际华集团发布业绩预告，预计2025年全年扣非后净利润亏损4.25亿元至5.25亿元，归属净利润亏损2.5亿 元至3.5亿元。 际华集团预计2025年年度归属于母公司所有者的净利润为-3.50亿元至-2.50亿元，扣除非经常性损益后 的净利润为-5.25亿元至-4.25亿元。业绩亏损主因重点客户订单减少，导致收入下降、产能利用率不足 及固定费用较高。公司已于2025年8月8日因涉嫌信息披露违法违规被中国证监会立案调查，目前调查仍 在进行中。本次业绩预告未经审计，最终数据以年报为准。 际华集团第六届董事会第十六次会议于2026年1月19日以通讯方式召开，应出席董事8人，实际出席8 人。会议审议通过《与关联方共同投资设立合资公司暨关联交易》议案，表决结果为6票同意、0票弃 权、0票反对、2票回 ...

安踏公司公告 2025Q4 运营数据:25Q4 主品牌/FILA/ 其他品牌同比低单位数负增长/中单位数正增长/35-40%正 增长。2025 全年安踏/FILA/其他品牌零售金额同比录得低 单位数/中单位数/45-50%的正增长。 特步公司公告 2025Q4 运营数据：Q4 主品牌零售流水同 比持平，折扣为七到七五折，25Q4 索康尼零售销售实现超 过 30%同比增长。2025 全年主品牌/索康尼品牌零售金额同 比录得低单位数/超过 30%的正增长，特步主品牌存货约四 个半月。 投资建议：我们分析，（1）制造类：此前市场对 25Q4 和 26 年展望乐观，但 25 年 12 月初以来有所调整，受海外 需求放缓影响。制造优选成长，推荐百隆东方、健盛集 团、开润股份；（2）品牌类：近期高端消费已现复苏迹 象，26 年不排除有通胀高企可能性，利好消费板块。品牌 优选利润弹性，推荐锦泓集团、歌力思、罗莱生活、稳健 医疗。（3）推荐宝洁金佰利产业链:推荐洁雅股份（受益 于品牌自有产能转移），受益标的：延江股份。 ► 线上数据跟踪：淘宝天猫平台 25 年 12 月女装增速有 所提升，恺米切增速最高 882 [Table ...

Investment Rating - The industry rating is "Recommended" [6] Core Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] Summary by Sections 1. Weekly Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] 2. Market Review - The Shanghai Composite Index rose by 0.84%, while the SW textile and apparel sector increased by 3.83%, outperforming the Shanghai Composite Index by 2.99% [14] - The top five stocks in the textile and apparel sector by weekly increase were Tianchuang Fashion, Yanjing Co., Mengjie Co., Tanshan Outdoor, and Sanfu Outdoor [14] 3. Industry Data Tracking 3.1. Raw Material Data - The Australian wool market index rose by 6.49% in the week ending January 15, 2026, and has increased by 38.49% since the beginning of 2025 [4][32] - The cotton price index in China decreased slightly, with a year-to-date increase of 1.83% as of January 23, 2026 [26] 3.2. Export Data - In 2025, textile and apparel exports totaled $267.79 billion, a year-on-year decrease of 2.26% [45] - In December 2025, the export value of oilcloth, tents, and sunshades decreased by 8.89% year-on-year [50] 3.3. End Consumer Data - In December 2025, the online retail sales of the apparel industry decreased by 11.93% year-on-year, with a total of 45.55 billion yuan [3.3.4] - The total retail sales of social consumer goods in 2025 grew by 0.9% year-on-year, while online retail sales increased by 8.6% [3.3.5]

从资金流向上来看，当日服装家纺板块主力资金净流出4884.35万元，游资资金净流出1.11亿元，散户资 金净流入1.6亿元。服装家纺板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002780 | 三夫户外 | 1.37 Z | 23.30% | -4462.84万 | -7.57% | -9271.02万 | -15.73% | | 300005 | 探路者 | 9403.32万 | 7.09% | -8347.06万 | -6.30% | -1056.26万 | -0.80% | | 003041 | 直旁美家 | 7854.17万 | 19.81% | -2027.25万 | -5.11% | -5826.92万 | -14.70% | | 002029 | 七匹狼 | 1875.04万 | 6.45% | -385.66万 | -1.33% | -1489.38万 | -5.12% | ...

特步国际(01368.HK)2025年第四季度及全年中国内地业务营运状况，截至2025年12月31日止3个月，特 步主品牌零售销售(包括线上线下渠道)同比持平，零售折扣水平为七至七五折;索康尼零售销售(包括线 上线下渠道)实现超过30%同比增长。 特步国际港股市值144.79亿港元，在服装家纺行业中排名第7。主要指标见下表： 投行对该股的评级以买入为主，近90天内共有3家投行给出买入评级，近90天的目标均价为8.23港元。 华兴证券最新一份研报给予特步国际买入评级，目标价8.15港元。 机构评级详情见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

证券之星消息，1月22日服装家纺板块较上一交易日上涨1.36%，天创时尚领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 603608 | 天创时尚 | 12.05 | 10.05% | 69.04万 | | 8.05亿 | | 603665 | 康隆达 | 36.31 | 10.00% | 9.48万 | | 3.39亿 | | 603001 | 奧康国际 | 10.16 | 9.84% | 33.90万 | | 3.39亿 | | 300005 | 探路者 | 14.12 | 5.22% | 82.33万 | | 11.54亿 | | 002569 | *ST步涂 | 14.96 | 4.98% | 2.44万 | | 3609.20万 | | 601718 | 际华集团 | 3.46 | 3.59% | 123.60万 | | 4.29亿 | ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is recognized as an excellent international brand operator, with a promising future as it rebounds from a low point. It operates notable brands including Clarks, Bossini, and Testoni, and has established a joint venture to manage the outdoor brand Haglöfs in Greater China. For the first half of 2025, the company reported a revenue of HK$48.1 billion (down 5.7% year-on-year) and a net profit of HK$1.8 billion (up 60.9% year-on-year) [1][4] - Clarks, a 200-year-old global footwear brand, holds a market share of 14.6% in the UK (ranked first) and 1.8% in the US (ranked eighth). The brand's revenue for the first half of 2025 was HK$41.5 billion (down 5.3% year-on-year), accounting for 85.7% of total revenue, with a gross margin of 48.7% (up 0.1 percentage points) [2] - The company is actively expanding its online sales network, with a 9.7% year-on-year increase in online revenue to HK$6.3 billion for the first half of 2025, representing 15.2% of total revenue [3] - The newly appointed co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a 60.9% year-on-year increase in net profit for the first half of 2025 [4] - The company is also focusing on the outdoor segment by enhancing its presence with the high-end outdoor brand Haglöfs, planning to open over 20 stores in Greater China by 2025 [5] - Profit forecasts indicate a positive outlook, with expected net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for 2025, 2026, and 2027 respectively, reflecting significant growth [6] Financial Summary - For the first half of 2025, the company reported a revenue of HK$48.1 billion and a net profit of HK$1.8 billion, with projections for 2025-2027 indicating a recovery and growth trajectory [1][6] - The estimated revenue for 2025 is HK$10,466 million, with a projected net profit of HK$208.2 million, marking a significant turnaround from a loss in 2024 [11]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is recognized as an excellent international brand operator with a promising future, having a diverse portfolio that includes Clarks, Bossini, and Testoni, among others. In the first half of 2025, the company reported a revenue of HK$48.1 billion, a year-on-year decrease of 5.7%, while the net profit attributable to shareholders increased by 60.9% to HK$1.8 billion [1][4] - Clarks, a well-known global footwear brand, holds a market share of 14.6% in the UK and 1.8% in the US. The brand's revenue for the first half of 2025 was HK$41.5 billion, down 5.3% year-on-year, with a gross margin of 48.7% [2] - The new co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a significant increase in net profit in the first half of 2025 [4] Revenue and Profit Forecast - The company is expected to achieve net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for the years 2025, 2026, and 2027, respectively, indicating a recovery and growth trajectory [6] - The projected revenue for 2025 is HK$10.47 billion, with a slight increase expected in subsequent years [11] Online and Offline Expansion - Clarks is actively expanding its online sales network, with a projected online revenue increase of 9.7% to HK$630 million in the first half of 2025, accounting for 15.2% of total revenue [3] - The company plans to open new concept stores globally, including three independent Cloudstepper™ stores in Malaysia and the US by 2025, and a larger Canvas retail concept store in London's Tottenham Court Road [2][3] Strategic Initiatives - The company is enhancing its outdoor brand presence by establishing a joint venture to operate the Haglöfs brand in Greater China, with plans to open over 20 stores by 2025 [5] - The company is also leveraging social media platforms for targeted marketing to boost brand recognition [5]

洪兴股份公告，控股股东周德茂、柯国民、郭静璇及一致行动人汕头润盈、汕头周密合计持有5261.06 万股，占剔除回购专用账户后总股本40.91%，拟于2026年2月12日至2026年5月11日通过集中竞价减持 不超127.7万股，占0.99%。其中周德茂30万股，柯国民16万股，郭静璇14万股，汕头润盈36.2万股，汕 头周密31.5万股，减持价不低于发行价。 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning Company [6] Core Views - The signing of the Chinese Olympic Committee in the first half of 2025 marks the beginning of a new product and marketing cycle for Li Ning, with potential for brand strength recovery and performance improvement [1][14] - Despite short-term pressures from fluctuating consumer environments, the company is positioned for a potential upward trend in stock price if revenue or profit improves in the medium to long term [1][4] Company Overview - Li Ning's revenue and net profit for the first half of 2025 are projected at 14.8 billion and 1.7 billion yuan, respectively, reflecting a year-on-year change of +3.3% and -11% [1][15] - The company has faced challenges since 2022, with a decline in brand revenue in the third and fourth quarters of 2025 [1][15] - The current channel structure is primarily wholesale, with revenue contributions of 46% from wholesale, 23% from direct sales, and 29% from e-commerce as of the first half of 2025 [15] Industry Trends - The demand for sports footwear and apparel among residents is resilient, with a projected market size of 260.2 billion yuan by 2024 and a CAGR of 9% from 2025 to 2029 [2] - The diversification and specialization of sports participation are becoming more pronounced, with increased demand for professional products driven by rising participation in running and social sports [2] Competitive Strength - The Olympic cycle is expected to enhance Li Ning's brand power and strengthen sponsorship in niche categories [2][3] - The company is focusing on professional running shoes and outdoor products, which are anticipated to contribute to revenue growth [3][4] Product Insights - In the first half of 2025, the revenue breakdown by category is as follows: running (34%), basketball (17%), training (16%), and sports lifestyle (29%), with running and training categories showing a growth of 15% each [3][15] - Li Ning is emphasizing the development of running shoes and enhancing the technological attributes of its training series [3] Channel Insights - As of the first half of 2025, Li Ning operates 4,821 franchise stores and 1,278 direct stores, with plans to open new store types focusing on Olympic and outdoor series products [3] - E-commerce revenue grew by 7% year-on-year to 4.3 billion yuan, accounting for 29% of total revenue, indicating a stable growth strategy in this channel [3] Profit Forecast and Investment Recommendations - The projected net profits for Li Ning from 2025 to 2027 are 2.742 billion, 2.901 billion, and 3.302 billion yuan, with growth rates of -9%, +5.8%, and +13.8%, respectively [4][5] - The current market capitalization corresponds to a PE ratio of 17 times for 2026, suggesting potential for valuation improvement as the company's Olympic marketing strategy and product optimization continue [4]