纺织服饰 李宁（02331.HK） 买入-A(维持) | 市场数据：2025 | | --- | | 年 | | 月 8 | | 日 22 | | 收盘价（港元）： | 19.700 | | --- | --- | | 年内最高/最低（港元）： | 21.000/12.560 | | 流通/总股本（亿股）： | 25.85/25.85 | | 流通市值（亿港元）： | 509.21 | | 总市值（亿港元）： | 509.21 | 资料来源：最闻，山西证券研究所 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2025H1 营收稳健增长，全渠道库存处于健康可控水平 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司披露 2025 年上半年业绩，2025H1，公司实现营收 148.17 亿元， 同比增长 3.3%，实现归母净利润 17.37 亿元，同比下降 11.0%。董事会建议派发 2025 年中期股息 33.59 分/股，中期派息率 50%。 ...

[Table_Title] 研究报告 Research Report 24 Aug 2025 晶苑国际 Crystal International (2232 HK) 营收利润双增，在头部品牌客户中的渗透率持续提升 Solid Revenue and Profit Growth, Deeper Penetration into Core Customers 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 8 月 20 日，晶苑国际召开 2025 年中期业绩电话会。 营收利润双增，充裕现金流保障分红与扩张并行。晶苑国际 1H25 实现收入 12.29 亿美元，同比+12.4%，保持稳健 增长。分品类看，休闲服/运动及户外服/牛仔服/贴身内衣/毛衣实现增速分别为+11.4%/+12.4%/+10.3%/ ...

投票页面截图 7月16日，沈阳市教育局发布《关于征集沈阳市中小学生统一校服款式的公告》。这意味着沈阳市像深圳一样，全市中小 学生统一校服。 为何要统一校服款式？沈阳市教育局负责人表示，主要有四方面考虑，包括斩断伸向校服的利益黑手、降低家庭经济负 担、融入城市文化特色、提升区域教育公平感。 对此，沈阳市教育局设置了征集款式、投票评选、确定款式、打版征询等4个阶段。就投票环节，采取"线上投票+线下投 票"相结合的方式。 在8月16日至22日期间，开展网上投票。在全市中小学校开学后，面向全体学生及家长开展线下投票。综合线下和线上投 票以及征求意见情况，再研究确定校服统一款式。 近日，沈阳市中小学校服网络投票引发广泛关注。有网友聚焦于小学女生穿裙装（7号款式）还是裤装（6号款式），也 有网友称投票活动中疑似有供应商刷票。 8月23日零时许，沈阳市教育局发布公告称，网络投票阶段已结束，将进行技术分析检测，如发现异常票数，将进行核 减。 沈阳市教育局负责人在接受《沈阳日报》记者采访时表示，针对女生夏季裙装不利于活动的问题，当地增加了裤装选 项。此外，校服款式的确定和提供设计款式的厂家、生产校服的厂家是没有关联的。 ○ 6 ...

联亚集团2025年中期业绩大幅下滑，多重挑战考验经营韧性 联亚集团发布的2025年中期业绩显示，截至6月30日，集团总收入为16.76亿港元，较2024年同期的19.26 亿港元下降13%。更为严峻的是，公司权益股东应占溢利仅录得167.5万港元，相比去年同期的6250万 港元暴跌97.32%，每股盈利仅为0.006港元。这一业绩表现远低于市场预期，反映出集团在当前复杂经 营环境下面临的多重压力。 从收入结构来看，品牌业务收入为8.80亿港元，较去年同期下降8%，而制衣业务收入更是从去年同期 的9.74亿港元大幅下降至7.96亿港元。地区分布方面，中国、英国、加拿大及意大利仍是主要市场，分 别占总收入的29%、20%、15%及11%。值得注意的是，集团现金及银行结余从2024年底的4.67亿港元 减少至3.48亿港元，同时新增短期银行贷款7700万港元，显示资金压力有所增加。 财务状况显露资金压力隐忧 从财务状况来看，联亚集团的资金状况出现一些值得关注的变化。现金及银行结余从2024年底的4.67亿 港元下降至3.48亿港元，降幅达25.5%。同时，集团新增短期银行贷款7700万港元，这在2024年底时为 零 ...

Group 1 - The digital currency concept sector in A-shares experienced a significant surge, with the sector's intraday increase exceeding 5%, leading to multiple stocks hitting the daily limit up, including Cuiwei Co. and Yuyin Co. [1] - The agriculture, forestry, animal husbandry, and fishery sector led the market with an intraday increase approaching 2%, with stocks like Guotou Zhonglu and Pingtan Development hitting the daily limit up, and Muyuan Foods seeing an intraday rise of nearly 9% [3] - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, a year-on-year increase of 34.46%, with its slaughtering and meat business revenue reaching 19.345 billion yuan, up 93.83% year-on-year [3] - The net profit of Muyuan Foods for the first half of 2025 was 10.790 billion yuan, a staggering increase of 952.92% year-on-year, with cash flow from operating activities at 17.351 billion yuan, up 12.13% year-on-year [3] - The company sold 46.91 million pigs in the first half of 2025, including 38.394 million market pigs and 8.291 million piglets [3] Group 2 - The beauty care, commercial retail, petroleum and chemical, and basic chemical sectors also showed strong performance in the market [4] - The electric equipment, machinery, automotive, and defense sectors performed relatively weakly in the morning session [5] Group 3 - The Hong Kong stock market experienced narrow fluctuations, with the Hang Seng Index hovering above 25,000 points [6] - Among the Hang Seng Index constituents, stocks like China Unicom, Alibaba Health, and China Hongqiao saw significant intraday gains [7] - The stock of Xie Rui Lin in the gold and jewelry sector experienced a dramatic fluctuation, with an intraday increase exceeding 50%, having tripled in value over three trading days [8] - Xie Rui Lin's board confirmed that they were unaware of any reasons for the unusual trading price and volume fluctuations, and the company's business operations remained normal [8] - Crystal International reported a more than 10% intraday increase, with balanced growth across its divisions, benefiting from increased penetration among major brand clients [9] - The company expanded its workforce by approximately 10,000 employees last year and achieved a revenue growth of 12.4% to 1.229 billion USD for the first half of 2025 [10] - Crystal International's gross profit rose by 13.7% to 243 million USD, with a slight increase in gross margin from 19.5% to 19.7% [10]

招商证券指出，公司在主要品牌客户中的渗透率提升，通过生产效率的优化，化解关税不利影响。下半 年将合作欧洲新客户，优先把握欧亚市场的增长机遇。华西证券认为，在关税背景下，公司对美销售占 比约30%，越南产能占比约60%，能够覆盖美国出口，未来公司将发展重点放在亚洲及欧洲地区，通过 拓展欧洲大客户及设立新基地有望带动欧洲市场渗透率快速提升，同时公司有望迎来下游客户景气度共 振的红利期。 智通财经APP获悉，晶苑国际(02232)涨超8%，截至发稿，涨8.88%，报6.62港元，成交额2449.1万港 元。 消息面上，晶苑国际发布2025年中期业绩，收益12.29亿美元，同比增长12.4%；公司拥有人应占溢利 9826.5万美元，同比增长17%；每股基本盈利3.44美仙，拟派中期股息每股16.3港仙。休闲服及贴身内 衣的毛利率上升主要是由于生产效率有效提升。毛衣的毛利率下降主要是由于毛利率较低的常规款销量 增加。此外，公司在中报披露，下半年将与一家领先的欧洲品牌客户建立全新合作伙伴关系。 ...

Group 1 - The article discusses the recent setbacks faced by Trump, highlighting a shift in the trade war dynamics and the collapse of his "America First" narrative [3][22] - OPEC+ announced an increase in oil production by 548,000 barrels per day starting in September, undermining Trump's energy strategy [4][5] - Trump's approval ratings have plummeted, with only 37% of Americans supporting his economic policies, marking a new low in his presidency [8][9] Group 2 - The article notes that 62% of Americans oppose Trump's tariff policies, and 55% believe his overall economic strategy has failed [9][10] - Small businesses are struggling with rising production costs, leading to layoffs and halted expansion plans [9][10] - The U.S. job growth in July was reported as the worst since the pandemic, prompting Trump to fire the head of the Labor Department's statistics office [10][11] Group 3 - Trump's recent comments indicate a sudden softening of his stance towards China, suggesting a potential shift in strategy as he faces internal pressures [16][17] - The global response to Trump's new tariffs has been muted, with many countries observing China's next moves closely [20][21] - The article emphasizes that the internal contradictions of Trump's policies are leading to his decline, as he struggles to maintain domestic support [22][24]

二级分类（国别╳商品）：对新兴经济体出口中生产资料改善，消费品则有所回落。 上半年我国对新兴 经济体出口累计同比上升1.5pct至9.6%。其中，中间品拉动整体增速2.4个百分点，资本品拉动1.0个百分 点，而消费品则拖累整体增速3.7个百分点。其中，锂电池、矿物与金属、化学品、电气设备和机械设备 等出口表现较好。 文 | 赵伟、屠强 联系人 | 屠强、浦聚颖 摘要 抽丝剥茧：谁在拉动出口？对新兴经济体出口生产资料、对非美发达经济体出口消费品 一级分类（国别+商品）：国别中对新兴经济体出口表现较好，商品中生产资料出口表现较好。 2上半年 我国出口整体稳中有增；国别结构上，对新兴经济体出口（东盟印度、非洲、中东）为核心增长引擎， 非美发达经济体出口（欧盟与英国）也提供适度支撑。具体商品中，电子设备与零部件、机械制造、部 分消费品（玩具、手机、珠宝首饰等）出口表现较好。 二级分类（国别╳商品）：对非美发达经济体改善主要集中于消费品。 上半年我国对非美发达经济体出 口同比较去年底大幅上升5.5pct至6.7%。其中，消费品是主要拉动因素，贡献了2.7个百分点；中间品和 资本品也分别拉动整体增速1.9和0.7个百分点 ...

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [5][8]. Core Views - The apparel retail sales growth in July showed a slight decline, with outdoor gear and maternal and infant products being highlighted as key areas for new stock analysis [1][2]. - The textile manufacturing sector is experiencing a rebound, with Vietnam's textile exports accelerating to a growth rate of 16.7% in July, while China's textile exports showed a modest improvement [2][4]. - The report emphasizes the importance of focusing on companies with strong performance in their mid-year reports, particularly those with solid fundamentals and undervalued positions [3][4]. Summary by Sections Market Review - Since August, the textile and apparel sector has performed in line with the broader market, with textile manufacturing outperforming branded apparel, showing increases of 4.2% and 3.4% respectively [1][13]. - Key companies leading the market include Xtep International (+9.4%), Bosideng (+8.5%), and Li Ning (+8.1%) [1][21]. Brand Apparel Insights - In July, apparel retail sales grew by 1.8% year-on-year, with a slight month-on-month decline [1][22]. - E-commerce sales saw a significant rebound, particularly in the sports and outdoor segments, with growth rates of 11% and 26% respectively [1][2]. Textile Manufacturing Insights - Vietnam's textile exports showed a month-on-month acceleration, while China's textile exports remained flat with a year-on-year decline of 0.6% [2][4]. - The report notes that the pricing of cotton has shown slight fluctuations, with a decrease of 0.7% in August [2][4]. New Stock Analysis - The report highlights three new stocks in the outdoor gear and maternal and infant products sectors, all of which are leaders in their respective markets and possess competitive advantages [3][4]. Company Performance Predictions - The report provides earnings forecasts and investment ratings for key companies, all rated as "Outperform," including Anta Sports, Xtep International, and Li Ning, with projected EPS growth for 2025 and 2026 [8][21].

Market Overview - The textile and apparel sector has shown a performance in line with the broader market since August, with textile manufacturing outperforming branded apparel, recording increases of 4.2% and 3.4% respectively [13][19] - Key companies leading the upward trend include Xtep International (+9.4%), Bosideng (+8.5%), and Li Ning (+8.1%) [13][19] Brand Apparel Insights - In July, the retail sales of clothing grew by 1.8% year-on-year, reflecting a slight deceleration compared to the previous month [21] - E-commerce sales saw a significant rebound, particularly in outdoor apparel, with growth rates of 26% for outdoor clothing and 11% for sportswear [21][28] - Notable brands with double-digit growth include Descente (+63%), Puma (+41%), and Lululemon (+39%) [21] Textile Manufacturing Insights - Vietnam's textile exports accelerated in July, with a month-on-month growth of 16.7%, while China's textile exports showed a modest increase of 0.5% [2] - The PMI for Vietnam, Indonesia, and India rose by 3.5, 2.3, and 0.7 respectively, indicating improved manufacturing conditions [2] - The cotton prices have shown slight fluctuations, with domestic prices decreasing by 0.7% and international prices increasing by 1.8% since August [2] Company Performance and Forecasts - Non-sport apparel brands have generally faced challenges due to macroeconomic conditions, leading to a decline in revenue and increased inventory impairment [4] - Sports apparel brands have maintained robust fundamentals, with management teams optimistic about meeting annual performance targets despite a slowdown in growth [4] - Companies like Shenzhou International and Huayi Group are expected to show significant earnings resilience post the current low point in Q2 and Q3 [4][7] Investment Recommendations - Focus on companies with strong fundamentals and low valuations, particularly those with high performance in mid-year reports [3][7] - Recommended stocks include Anta Sports, Xtep International, and Li Ning for branded apparel, and Shenzhou International and Huayi Group for textile manufacturing [7][8]