Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.46 CNY [3][7]. Core Insights - The company reported better-than-expected earnings in Q1, with significant growth from emerging brands [1]. - Revenue and net profit for 2024 are projected to be 10.778 billion CNY and 1.552 billion CNY, respectively, reflecting year-on-year growth of 21% and 30% [6]. - The company is expected to continue expanding its brand portfolio and market share in various segments, including men's skincare and medical post-operative recovery [6]. Financial Projections - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 4.56 CNY, 5.36 CNY, and 6.06 CNY, respectively [2][7]. - The company's revenue is projected to grow from 8.905 billion CNY in 2023 to 15.577 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [2][10]. - The gross margin is expected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced profitability [2][10]. Brand Performance - The main brand and the Cai Tang brand showed stable performance, while emerging brands like OR and Yuan Se Bo Ta experienced rapid growth, with revenue increases of 71.1% and 138.4%, respectively [6]. - Online sales channels grew by 23.7% in 2024, while offline channels saw a decline of 13.6% [6]. Market Position - The company demonstrated resilience in a challenging consumer environment, maintaining strong performance across its brand matrix [6]. - The report highlights the company's ability to adapt and thrive despite market pressures, positioning it as a leader in the industry [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.46 CNY [3][7]. Core Insights - The company reported better-than-expected earnings in Q1, with significant growth from emerging brands [1]. - Revenue and net profit for 2024 are projected to be 10.778 billion CNY and 1.552 billion CNY, respectively, reflecting year-on-year growth of 21% and 30% [6]. - The company is expected to continue expanding its brand portfolio and market share in various segments, including men's skincare and medical post-operative recovery [6]. Financial Forecasts - The adjusted earnings per share (EPS) estimates for 2025-2027 are 4.56 CNY, 5.36 CNY, and 6.06 CNY, respectively [2][7]. - The company's revenue is forecasted to grow from 8.905 billion CNY in 2023 to 15.577 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [2][10]. - The gross margin is expected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced profitability [2][10]. Brand Performance - The main brand and the Cai Tang brand showed stable performance, while emerging brands like OR and Yuan Se Bo Ta experienced rapid growth, with revenue increases of 71.1% and 138.4%, respectively [6]. - Online sales channels grew by 23.7% in 2024, while offline channels saw a decline of 13.6% [6]. Market Position - The company has demonstrated resilience in a challenging consumer environment, maintaining strong performance across its brand matrix [6]. - The report highlights the company's ability to adapt and thrive despite market pressures, positioning it well for future growth [6].

Group 1: Industry Overview - The textile and apparel industry is a cornerstone of China's traditional foreign trade, with companies focusing on enhancing core competitiveness and diversifying market strategies [1][2] - The 137th China Import and Export Fair (Canton Fair) is currently taking place in Guangzhou, showcasing the industry's efforts to advance international capacity cooperation and optimize resource allocation globally [1] - From January to March this year, China's textile and apparel exports totaled $66.286 billion, with exports to the U.S. reaching $10.738 billion, marking an 8.2% year-on-year increase [2] Group 2: Company Strategies - Fujian Shangfei Garment Co., Ltd. has established a global production network with factories in Vietnam and Ethiopia, reporting a year-on-year order increase of 70% to 80% in Q1 [2] - Xiamen Jianyu Industrial Co., Ltd. is exploring new markets and optimizing supply chain layouts in response to uncertainties from U.S. tariff policies, emphasizing the importance of diversified development for risk mitigation [2] - Yantai Zhonglian Industrial Co., Ltd. is leveraging AI design technology to enhance efficiency, increasing design output from five proposals per week to over 300 per day, and improving customer conversion rates by 40% [3] Group 3: Future Outlook - The China Textile and Apparel Association highlights China's competitive advantage in the global textile supply chain, positioning the country at the core of the Asian supply chain [3] - The industry is encouraged to continuously optimize international layouts and promote high-quality, sustainable development to transition from a major trading nation to a strong trading nation [3]

核心观点 阿迪达斯 25Q1 业绩向好，营收、利润双增长，各业务板块与区域市场表现出色，同时积极应对关税挑战，对未来增 长充满信心。在业绩数据方面，25Q1营收达61.53亿欧元，同比增长12.73%。其中，大中华区表现亮眼，营收10.29 亿欧元，同比增长 14.72%。自 23Q1 换帅后已连续 8 个季度正增长，且环比加速，彰显强劲品牌势能。鞋类业务增长 突出，营收同比增长 17%，占比 61%；服装/配件营收分别增长 8%/10%，业务结构健康。从渠道来看，批发/零售渠道 分别增长18%/13%，电商渠道虽下降3%，但主要是受24年3月YEEZE产品销售的影响。毛利率提升0.9pct至52.1%， 经营利润率提升 3.7pct 至 9.9%，运营费用控制成效显著。库存因业务增长需求上升 14.6%至 50.72 亿欧元，预计 25Q2 还会小幅增长。产品方面公司聚焦生活化跑步系列，EvoSL 等产品销量可观，未来将深化本地化研发。在专业 体育领域，借助赛事提升品牌知名度，持续加大创新力度。面对关税不确定性，公司积极应对，通过提前清关、调 配产品等方式规避风险。尽管美国业务占比约 20%，但公司坚信能凭 ...

在快时尚当道的今天，一块布料从设计到成衣上市需要多久？在广东，这个答案正被数字技术重新定义。当传统纺织业遇上人工智能，会碰撞出怎样的火 花？从一个"找布神器"出发，揭开传统产业变革的层层面纱。 布料市场里的"找布神器" 总台记者 罗平章：这里是广州布匹交易市场的核心区域，也是国内展销交易量最大的纺织服装面辅料商场之一。近3000家供应商，近百万种最新面料产 品，吸引了众多的国内外采购商、设计师和买手采购。但传统的面料采购既费时又费力，现在听说他们上了新科技。 市场里，00后档口老板小黄正操作着AI找布机解决客户的需求。当客户递上一块巴掌大的样布，找布机的镜头能迅速捕捉纹理特征，系统随即从百万种库 存中锁定匹配布料。而在三年前，这样的找布流程需要走访数十家店铺，反复翻查色卡，最快也要一天的时间。 布料交易商 黄博章：它会自动拍摄，拍2倍图和5倍图，正面拍完之后拍背面，然后点击搜索。 在AI找布机上，布料的克重、色号、染缸编号、厂家生产线批次等关键数据都清晰可见。小黄告诉记者，两年前，他开了这家布店，第二年便用上了AI找 布机。有了这个"神器"，客户寻布时间从原来平均2天时间到如今只要2分钟。 布料交易商 黄博章 ...

Core Insights - The 137th Canton Fair showcases the resilience of China's foreign trade, highlighting innovative designs and products that cater to both the aging population and global aesthetic trends [1][4][12] Group 1: Silver Economy and Aging Population - The fair features products designed with aging consumers in mind, such as anti-slip carpets and bio-based shoe insoles, indicating a shift towards addressing the needs of the elderly [4][6] - Companies are embedding elder-friendly features into their products, with examples like a bio-based insole made from corn extract that improves comfort and durability [4][6] - The fair has established a dedicated section for the silver economy, with a special event planned to showcase new products aimed at this demographic [6] Group 2: Design Evolution and Global Trends - Chinese manufacturers are transitioning from being mere OEMs to becoming trendsetters in design, as evidenced by foreign buyers seeking collaborative design discussions [9][12] - Innovative materials and techniques are being employed, such as a chiffon top that combines plant fibers with denim, showcasing a blend of aesthetics and functionality [11] - The fair has seen an increase in high-quality exhibitors, with over 2,200 companies recognized for their innovation and specialization, reflecting a commitment to design and R&D [11] Group 3: Market Diversification and Cross-Border E-commerce - Companies are adopting a market diversification strategy, with significant growth in orders from Belt and Road countries, indicating a shift in focus to emerging markets [12][18] - Cross-border e-commerce is becoming a critical area for growth, with companies like Bonnie Bio achieving significant sales through platforms like Amazon [17] - The industry is adapting to local market preferences, with customized products for different regions, demonstrating a flexible approach to international trade [12][18]

中国银河证券宏观经济研究 文/中国银河证券首席宏观分析师 张迪 、 中国银河证券宏观经济分析师助理 铁 伟奥 国 家 统 计 局 最 新 数 据 显 示 ， 2 0 2 5 年 4 月 份 ， 我 国 制 造 业 采 购 经 理 指 数 （PMI）为4 9 . 0%（前值50 . 5%），美国滥施关税影响初现。不过4月政 治局会议已经给出三大重要信号：一是保持国内储备政策的弹性；二是强 化底线思维，着力稳就业、稳企业、稳市场、稳预期；三是加紧加快既定 政策的落实落地，加大加力重点领域的政策实施力度。 以下文章来源于中国银河宏观 ，作者中国银河宏观 中国银河宏观 . 国家统计局4月30日发布数据显示，2025年4月份，制造业采购经理指数（PMI）为49.0%（前值50.5%）。建筑业商务活动指数为51.9%，比上月下降1.5个百 分点；服务业商务活动指数为50.1%，比上月下降0.2个百分点。关税的影响已全面传导至制造业企业。 供需同时收缩，出口影响较为严峻。 4月生产指数49.8%（前值52.6%）。新订单指数49.2%，新出口订单44.7%，分别下降2.6和4.3pct。4月需求下降较大， 尤其是新出口订单 ...

持续的护盘，持续的尾盘拉升，就是在等待一个时机，在等待市场的热点出现，今天盘中就出现了这样的意图，机器人的强势回归，在五月就会带动以科技 股为主导的全面进攻，只要有这个热点了，市场情绪就会被带动起来。 沃尔玛在要求紧急供货了，关税由他们自己承担，再转嫁给美国客户，这就是影响节后股市走向的一个重大利好，另外，在假日里还看国家出台政策的支持 力度任何，就可以预判节后开盘结果了。 各位股民朋友们！开开心心过节，满怀信心的等来5月6号的高开。这是我一个老股民节前带给你们的祝福语。希望得到你得点赞！五一节快乐！ 大家好！今天最后一个交易日以不错的表现，给股民发了一个小小的红包，让股民能开心的度假过节，假期旅游的门票到5月6号就可以到股市报销了，因为 今天有3200只个股上涨了，这可能就包含你手里的个股。 四月结束了，面对关税影响，感谢国家稳市政策，汇金的承担，终于走过了最危险的四月，平稳迎来外部局势的逐渐明朗。 面临五一小长假的到来，很多股民都担心资金的撤离，股市的下跌，在这几天选择持币，谁不知，主力借机入场，吸收了大量筹码，从今天的盘面看来，五 一假期一过，就会开始反弹了。 今天的量能放大，增加一千多亿元，来到了11 ...

5月中旬到6月下旬举办5期专题活动 "2025山东省外贸优品购物季"即将开启 为增强外贸企业出口拓内销工作的连续性、时效性，5月至12月，我省还将常态化开展重点展会外 贸优品秀和外贸优品"六进"活动。重点展会外贸优品秀将围绕纺织服装、农产品、机械五金等产业，在 山东国际大健康产业博览会、中国国际消费电子博览会、黄河流域跨境电商博览会等35场重点展会活动 中，设置"外贸优品专区"，上下联动组织外贸企业展览展销。外贸优品"六进"活动，主要是进景区、进 商圈、进步行街，进机关、进高校、进社区，年底前计划举办300余场活动。（记者 孙源泽） 其中，第1期是"纺织服装、日用消费品、玩具类外贸优品购物节"，计划5月15日至19日在山东国际 会展中心举办，组织400余家省内外贸企业现场展销。第2期是"食品、农产品类外贸优品购物节"，计划 5月23日至27日举办，借势端午节消费热潮，依托第19届全国食品博览会，组织200家以上企业现场展 销。第3期是"建材家居、家电厨卫类外贸优品购物节"，计划6月5日至9日举办，组织200家以上省内建 筑装饰材料、家具等品类外贸企业参加。第4期是"工艺品、礼品、装饰品类外贸优品购物节"，计划 ...

Group 1 - The core initiative is the "2025 Shandong Province Foreign Trade Quality Products Shopping Season," aimed at supporting foreign trade enterprises to expand domestic sales channels and stabilize operations [1][3] - The shopping season will consist of five phases, starting with a focus on textiles, daily consumer goods, and toys from May 15 to 19, featuring over 400 foreign trade enterprises [3] - Shandong will regularly host key exhibitions and activities from May to December, including "Foreign Trade Quality Products Show" and "Six In" activities, to enhance the continuity and timeliness of foreign trade enterprises' efforts [3][6] Group 2 - The initiative promotes the "same line, same standard, same quality" policy, ensuring that products for domestic and international markets meet the same quality standards [4] - Shandong will facilitate the certification process for export-to-domestic products, reducing the certification time from 90 days to 30 days [4] - The shopping season will include activities in tourist areas and cultural venues to integrate foreign trade products into the tourism consumption chain [5] Group 3 - The province will launch an online "Shandong Foreign Trade Quality Products Pavilion" on major e-commerce platforms, offering incentives such as waived deposits and fees for participating enterprises [5] - Financial support measures will be developed to assist foreign trade enterprises in expanding domestic sales, addressing issues like standards and funding shortages [6] - In the first quarter, Shandong's retail sales of consumer goods grew by 5.6% year-on-year, and the total import and export value increased by 5.9%, both outpacing national averages [6]