纺织服饰 2025 年 05 月 05 日 比音勒芬 (002832) ——主品牌持续领跑行业，积极投入培育第二成长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 16.48 | | 一年内最高/最低（元） | 32.38/16.10 | | 市净率 | 1.7 | | 股息率%（分红/股价） | 6.07 | | 流通 A 股市值（百万元） | 6,418 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 -60% -40% -20% 0% 20% 40% 比音勒芬 沪深300指数 (收益率) 相关研究 上 市 公 司 《比音勒芬（002832）点评：业绩表现显 著优于行业，新品牌投入培育第二成长曲 线》 2024/10/31 《比音勒芬（002832）点评：24Q2 扣非 ...

纺织服饰 上 市 公 司 《海澜之家（600398）点评：线下动销受 零售环境影响，等待大众消费拐点》 2024/10/31 《海澜之家（600398）点评：国民品牌零 售韧性优于行业，中期高分红 11 亿元》 2024/08/20 2025 年 05 月 05 日 海澜之家 (600398) ——性价比服装零售多业态成型，京东奥莱具高爆发潜力 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 8.30 | | 一年内最高/最低（元） | 10.04/5.15 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 9.52 | | 流通 A 股市值（百万元） | 39,863 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 3.74 | | 资产负债率% | | 44.92 | | 总股本/流通 ...

Core Viewpoint - In 2024, HLA's revenue and net profit declined due to a slower-than-expected recovery in the consumer market, with a significant drop in net profit by 26.88% year-on-year. However, the first quarter of 2025 showed unexpected growth, with a net profit of 935 million yuan, up 5.46% year-on-year [1][2]. Financial Performance - In 2024, HLA achieved a revenue of 20.957 billion yuan, a decrease of 2.65% year-on-year, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [2]. - The main revenue contributors, pants and T-shirts, saw significant declines in revenue and gross margin, with pants revenue at 3.766 billion yuan (down 12.14%) and T-shirts at 2.918 billion yuan (down 8.20%) [2]. - Inventory levels increased notably, with pants and T-shirts inventory rising by 22.30% and 19.03%, respectively, and shoe inventory surging by 143.28%. Total inventory at the end of 2024 reached 11.987 billion yuan, up 28.38% [2]. Store Operations - In 2024, HLA experienced a significant number of store closures, with 431 franchise stores closed compared to 78 new openings, while direct stores saw 341 new openings and 125 closures. By the end of 2024, there were 1,468 direct stores and 4,365 franchise stores [2]. - Direct stores contributed significantly to gross profit, with a gross margin of 62.85%, compared to 40.95% for franchise and other stores [2]. Sales Channels - HLA's offline revenue declined from 17.496 billion yuan in 2023 to 15.743 billion yuan in 2024, with offline sales accounting for 78.08% of total revenue, down from 84.30% [3]. - Conversely, online sales grew significantly, reaching 4.419 billion yuan in 2024, an increase of over 30%, and accounting for 21.92% of total revenue [3]. - In the first quarter of 2025, online sales reached 1.014 billion yuan, up approximately 20%, contributing to a total revenue of 6.187 billion yuan, a slight increase of 0.16% year-on-year [3].

Group 1 - Uniqlo will no longer support in-store returns for online orders starting May 1, 2025, with returns only allowed to specified online addresses [1] - Douyin has penalized a duck shop owner for staging a video that misrepresented a situation, resulting in a 30-day ban and a 60-day restriction on monetization for the account [3] - Tencent Holdings has become the top heavy stock for public funds in the first quarter of 2025, with significant investments in Hong Kong stocks [5] Group 2 - Dong Mingzhu will no longer serve as the president of Gree Electric Appliances, having been elected as the chairman of the board, while Zhang Wei has been appointed as the new president [7] - Lexus has established its first overseas electric vehicle and battery research and manufacturing base in Shanghai Jinshan, with a total investment of 14.6 billion yuan [9] - Major e-commerce platforms, including Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com, will fully cancel the "refund only" option, allowing merchants to handle refund requests independently [11]

京东、美团，股价双双下跌！ 优衣库突然宣布：将取消！ 新华社快讯：国际货币基金组织22日发布最新一期《世界经济展望报告》，预计2025年美国经济增速将 放缓至1.8%，较1月预测值低0.9个百分点，在发达经济体中下调幅度最大。报告认为，政策不确定性加 剧、贸易紧张局势以及需求势头减弱为预期目标下调主要原因。 来源：新华社 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 ...

Core Viewpoint - Uniqlo has modified its return policy, effective May 1, 2025, eliminating the option for customers to return online orders at physical stores, requiring returns to be sent to a designated address instead [1] Group 1: Policy Changes - Starting May 1, 2025, customers will no longer be able to return online orders at Uniqlo stores, and must instead return items via paid shipping [1] - The "掌上优衣库" WeChat mini-program customer service confirmed the changes in return policy, indicating that different e-commerce platforms have varying return options [2] - The return policy changes primarily affect consumers on Douyin e-commerce and the WeChat mini-program, with some customers expressing concerns about fairness and additional costs associated with returns [4] Group 2: Financial Performance - Fast Retailing, Uniqlo's parent company, reported a revenue of 1,790.1 billion yen (approximately 91.3 billion RMB) for the fiscal year ending February 2024, representing a 12% year-on-year increase, with a net profit of 233.5 billion yen (approximately 11.9 billion RMB), up 19.2% [6] - Uniqlo's revenue accounted for 86.9% of Fast Retailing's total revenue, but the Greater China region experienced a decline in both revenue and profit, with decreases of 3% and 9% respectively [6] - In the second fiscal quarter of 2025, the number of Uniqlo stores in mainland China decreased by 8, marking the first quarterly store closures for the company [6]

近日，有关优衣库退货规则变更在网上引发议论。有消费者称"优衣库的衣服不好退货了"。据了解，原来优衣库线上下单门店退货的方式将在5月1日被取 消，只能在线上付费寄回指定地址。 北京路优衣库门店 4月22日，记者走访广州优衣库门店发现，在退换工作台的地方，门店内均有摆放统一的规则退换变更通知。记者了解到，新规则下就是线上买的只能线 上渠道退货，线下买的要到线下门店退货。举个例子，线上下单门店提货退换，5月1日前仍然可以按照旧规则"可选择不同门店"，5月1日后，消费者的线 上下单还是可以到门店提货退货，但必须前往提货时的门店，其他门店不能互通。 广州北京路门店的相关工作人员向记者称，这份通知大约是本月中旬左右贴出，公司新规定，自5月起所有线上下单的衣服无法拿到优衣库线下门店退 货，只能寄回指定地址办理退货。"其实我们对每位前来退换货品的消费者都有做出明确提醒。"该工作人员表示，截至目前，暂无消费者就新规则做出投 诉。当记者问到，新规则下是否需要额外支付运费时，该店员称"大部分是需要消费者自己承担"。 优衣库门店退换货区域 门店处的退货规则变更通知 记者留意到，有部分电商平台是有包含运险费的，但有些则无。而优衣库官方 ...

Group 1 - Uniqlo China announced a change in its online return policy effective May 1, 2025, where online purchases will no longer be returnable in physical stores, requiring returns to be sent back to the original purchase channel [1][3] - The new policy has sparked widespread consumer discussion, with some supporting the change for aligning online and offline return processes, while others express concerns over potential logistical issues with online returns [3][4] - Complaints have been reported regarding the new return process, including issues with return timelines and the burden of shipping costs for customers [3][4] Group 2 - Fast Retailing, Uniqlo's parent company, reported a total revenue of 1,790.1 billion yen (approximately 91.3 billion RMB) for the mid-term of the 2024-2025 fiscal year, a 12% year-on-year increase, while net profit rose by 19.2% to 233.5 billion yen (approximately 11.9 billion RMB) [7] - However, Uniqlo's revenue in the Greater China region decreased by approximately 3% to 361.7 billion yen, with profits down about 9%, marking a slowdown in this key market [7] - The company has announced the closure of 50 unprofitable stores in China and experienced a net decrease of 8 stores in the second fiscal quarter of 2025, indicating a shift from its previous expansion strategy [7]

至于新规原因，店员表示并不清楚，之前确实会有顾客带大行李箱来门店退换。 就新规变动原因，记者也联系了优衣库相关负责人。截至发稿前，暂未收到优衣库方面的回复。 近日，有消费者在网上留言称优衣库的衣服不好退货了，原来 线上下单门店退货的方式将在5月1日被取消，只能在线上付费寄回指定地址。 据南都·湾财社记者4月21日与优衣库深圳一门店确认，相关工作人员表示公司确实出了新规定， 自5月起所有线上下单的衣服无法拿到优衣库线下门店退 货，只能寄回指定地址办理退货，至于是否需要额外支付运费则需要关注下单时产品是否包含有运费险。 黄金快速拉升！风险提示来了 来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 京东：21日起，所有超时20分钟以上的外卖订单，全部免单！ ...

4月21日，南都记者从广州知识产权法院获悉，该院发布2024年知识产权司法保护状况白皮书及十大典 型案例，其中包括一起商标行政案件。恒某服饰店未经耐克公司授权，在销售的服装、鞋子、店铺装潢 中突出使用侵权标识。广州开发区知识产权局根据涉案违法经营额32.4万作出1倍罚款后，恒某服饰店 不服并提起行政复议、诉讼请求均被驳回。 一审法院经审理认为，被诉处罚决定有关恒某服饰店违法事实的认定合法，行政处罚结果合法、适当， 被诉处罚决定及被诉复议决定作出程序合法，判决驳回恒某服饰店的全部诉讼请求。一审宣判后，恒某 服饰店提起上诉。 广州知识产权法院二审经审理认为，涉案注册商标具有较高知名度，涉案店铺在广州市黄埔区的繁华路 段开设，且经营时间不短，涉案店铺从招牌、内部装潢，到销售的侵权商品均使用涉案侵权标识，误导 消费者，造成了不良影响，再考虑恒某服饰店经营者叶某生活困难等实际因素，广州开发区知识产权局 根据涉案店铺违法经营额为324428.24元而作出1倍的罚款，并无不当。据此，二审判决驳回上诉，维持 原判。 广州知识产权法院指出，商标行政案件主要聚焦于行政行为的合法性及合理性，本案在商标行政执法和 司法审查领域具有典 ...