证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 纺织服饰 周专题：Amer Sports 2025Q2 业绩表现超预期，经调整后净利润增长 46% 【本周专题】 Amer Sports 2025Q2 业绩表现超预期，经调整后净利润增长 46%。 Amer Sports 2025Q2 公司营收同比增长 23%至 12 亿美元（H1 增长 23%至 27 亿美元），分地区看 2025Q2 美洲/大中华区/EMEA/亚太营收 同比+6%/+42%/+18%/+45%至 4/4.1/2.8/1.5 亿美元（H1 同比分别 +9%/+42%/+15%/+47%），2025Q2 公司 OPM 同比提升 4.3pcts 至 3.5%，经调整后 OPM 同比提升 2.6pcts 至 5.5%，2025Q2 净利润为 0.18 亿美元，2024 年同期为亏损 400 万美元；2025Q2 经调整后净利润 为 0.36 亿美元，同比增长 46%。 ➢ 展望 2025 年：公司预计报表营收增长 20%~21%（2025Q3 增长 20%），其中 Technical Apparel 分部营收增 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and Bosideng, among others [5][10][36]. Core Insights - The textile and apparel industry is experiencing fluctuations in revenue, with notable differences in performance between companies in China and Southeast Asia. For instance, Vietnam's textile exports have shown significant growth compared to China's [1][18]. - The report emphasizes the importance of product differentiation and brand strength in the jewelry sector, predicting that companies with these attributes will outperform the industry in 2025 [3][34]. - The report highlights the impact of changing tariff policies in Southeast Asia, which may affect profit distribution within the manufacturing sector in the short term, while long-term competition is expected to improve for integrated and internationalized companies [4][35]. Summary by Sections Textile and Apparel - In July 2025, revenue performance varied among apparel manufacturers, with Feng Tai Enterprises reporting a -8.8% year-on-year decline, while Yu Yuan Group saw a +0.5% increase [1][13]. - China's apparel and accessory exports from January to July 2025 totaled $88.62 billion, down 0.3% year-on-year, while textile exports increased by 1.6% to $82.12 billion [18]. - Vietnam's textile exports during the same period reached $22.59 billion, up 13.7%, and footwear exports were $14.09 billion, up 9.9% [18]. Footwear and Sportswear - The report indicates a stable recovery in the consumer environment for clothing and home textiles, with a focus on the robust performance of the sportswear segment [2][33]. - Companies like Anta Sports and Xtep International are highlighted for their strong growth potential, with respective 2025 PE ratios of 17 and 11 [36]. Jewelry Sector - Companies like Chow Tai Fook and Chao Hong Ji are recommended for their improving product strength and channel efficiency, with Chow Tai Fook expected to see a 10% increase in operating profit for FY2025 [3][34]. Manufacturing Sector - The report suggests that companies with lower exposure to the U.S. market and stable profitability, such as Shenzhou International, are well-positioned, with a 2025 PE ratio of 12 [4][35]. - The report also notes the importance of new customer collaborations and international capacity expansion for companies like Huali Group and Weixing Co., both with a 2025 PE ratio of 17 [32][35].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, among others [10][25][26]. Core Insights - Puma's Q2 2025 performance was under pressure, with revenue declining by 2% year-on-year to €1.942 billion, and the company lowered its revenue guidance for 2025 to a low double-digit decline [1][16]. - The overall consumer environment in July showed a volatile recovery, with stable clothing consumption, particularly in the sportswear segment, which is expected to outperform the broader apparel market [3][23]. - The report highlights the strong performance of Direct-to-Consumer (DTC) channels, with DTC revenue growing by 9.2% year-on-year, while wholesale business saw a decline of 6.3% [2][20]. Summary by Sections Puma's Q2 2025 Performance - Puma's revenue on a currency-neutral basis decreased by 2% to €1.942 billion, with a gross margin decline of 0.7 percentage points to 46.1% [1][16]. - The company reported an operating loss of €98 million, with inventory increasing by 9.7% year-on-year to €2.151 billion [1][16]. Regional and Business Model Performance - Sales performance across major regions was weak, with EMEA, Americas, and Asia-Pacific revenues declining by 3.1%, 0.5%, and 2.9% respectively [2][18]. - DTC business showed resilience with a 9.2% increase in revenue, while wholesale business faced a 6.3% decline [2][20]. Market Outlook - The report anticipates a steady trend for comprehensive sports brands, with growth expected to be faster than the overall apparel market [3][23]. - Companies with strong product differentiation and brand power are expected to outperform the industry in 2025 [24][25]. Key Recommendations - The report recommends several companies for investment, including Anta Sports, Xtep International, and Li Ning, highlighting their strong operational capabilities and growth potential [10][25][26]. - It also suggests focusing on companies like Bosideng and Huamao Medical for their attractive valuations and growth prospects [25][26].

Group 1 - Compliance and integrity in tax payment are becoming new competitive advantages for enterprises in high-quality development [1] - The Wuxi tax authority has implemented innovative service measures to support enterprise growth and ensure stable operations through timely policies and risk warnings [1] Group 2 - Tax credit has become a crucial tool for enterprises to solve financing challenges, exemplified by Jiangsu Chenglong Clothing Technology Co., which secured a loan of 9 million yuan due to its A-level tax credit [2] - Since the implementation of the "tax-bank interaction" mechanism, Wuxi has helped trustworthy enterprises obtain credit loans totaling 344.807 billion yuan, creating a positive cycle of "promoting credit through tax, exchanging credit for loans, and supporting enterprises with loans" [2] Group 3 - The Wuxi tax authority has introduced a "tax compliance check-up" service to help large enterprises build a robust risk management framework through data analysis and tailored reports [3] - HaiTai Semiconductor (Wuxi) Co., a leader in the semiconductor backend service sector, has integrated compliance into its core operations, establishing a comprehensive internal control system [3] - The collaboration between Wuxi tax service teams and HaiTai's financial audit team has led to significant improvements in risk management and operational efficiency, supporting future expansion plans [3] Group 4 - Wuxi tax authority has shifted from "post-event punishment" to "prevention" by creating a proactive service mechanism that includes policy promotion and risk early warning [4] - Tax officials regularly visit companies to provide guidance on tax policies, helping them avoid potential issues, as seen in a recent case where a company corrected a tax payment oversight [4] - The Wuxi tax authority aims to continue enhancing its services to empower enterprises and contribute to the high-quality development of the local economy [4]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Xtep International, among others [10]. Core Insights - The overall performance of the sportswear sector is stable, with a forecasted slowdown in revenue growth for Q2 2025 compared to Q1 2025 due to fluctuations in the consumer environment [1][4]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality, anticipating performance recovery and valuation increases in 2025 [4]. - The jewelry sector is experiencing significant disparities in performance among companies, influenced by high gold prices and varying consumer demand for gold jewelry [3][29]. Summary by Sections Sportswear Sector - The sportswear companies are expected to maintain a healthy inventory turnover ratio of around 5 as of the end of Q2 2025, despite a forecasted revenue growth slowdown [1][15]. - Anta Sports is projected to achieve over 10% revenue growth in H1 2025, while Li Ning's revenue is expected to remain flat with a 20% decline in net profit [1][18]. - Xtep International is anticipated to see a 5% revenue growth and a 10% increase in net profit for H1 2025 [1][19]. - 361 Degrees is expected to achieve a revenue growth of 10% to 15% and a similar increase in net profit for H1 2025 [1][19]. A-Share Brand Apparel - The A-share brand apparel sector is experiencing stable terminal retail performance, but individual company performance is diverging [2][20]. - Companies like Hailan Home are expected to see a revenue growth of 0% to 5% in Q2 2025, while Steady Medical is projected to grow by 15% to 25% [2][24]. - The report indicates that companies with healthy terminal performance and effective cost management may see year-on-year growth, while those struggling with revenue scale may face pressure [2][20]. Jewelry Sector - The jewelry sector is benefiting from rising gold prices, with retail sales of gold and silver jewelry expected to grow by 12.3% year-on-year in 2025 [3][29]. - Companies like Chow Tai Fook and Chao Hong Ji are highlighted for their strong product differentiation and market competitiveness, with Chow Tai Fook expected to see a 10% increase in operating profit year-on-year [7][29]. - However, companies like Lao Feng Xiang and Zhou Da Sheng are projected to experience revenue declines of 20% to 10% and 15% to 5%, respectively, due to fluctuating consumer demand [3][29]. Apparel Manufacturing - The apparel manufacturing sector is expected to see stable output in finished garments, while upstream textile manufacturing orders are affected by pessimistic expectations [3][6]. - Shenzhou International is projected to achieve a revenue growth of 10% to 15% in H1 2025, while Wei Xing Co. is expected to see a decline in both revenue and net profit by 10% to 15% [3][6]. - The report suggests that leading companies with integrated and international supply chains are likely to outperform the industry in the medium to long term [3][6].

Group 1 - The "Guangdong Activity Week" at the 2025 Osaka World Expo was inaugurated on June 27, showcasing various activities including intangible cultural heritage performances, ecological environment displays, and technology culture exhibitions from June 27 to 29 [1] - Yangjiang was highlighted as the only city participating under its name, presenting the "China Green Energy Capital" exhibit alongside models from Guangzhou Metro, UBTECH Robotics, and Fantawild Technology [3] - The event emphasized Yangjiang's energy advantages, showcasing its diverse energy sources including wind, solar, water, thermal, nuclear, and storage capabilities, enhancing its reputation as "Green Energy Capital" [4] Group 2 - The Guangdong Provincial Council for the Promotion of International Trade hosted an investment environment promotion meeting in Kobe, where Yangjiang promoted itself alongside five other cities [4] - Yangjiang's city officials presented the city's image, quality resources, industrial characteristics, and business environment, while local enterprises showcased products from food processing, outdoor camping, home goods, and apparel manufacturing [6] - Yangjiang's "Eighteen Sons Nail Clipper Gift Box" was selected as the only foreign affairs gift for the "Guangdong Activity Week," significantly enhancing the international visibility of local enterprises [6]

Core Viewpoint - Sichuan Okeyi Clothing Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on various manufacturing and retail activities in the textile and clothing industry [1] Company Overview - Company Name: Sichuan Okeyi Clothing Co., Ltd. [1] - Legal Representative: Min Jinzhi [1] - Registered Capital: 10 million RMB [1] - Company Type: Other limited liability company [1] - Business Duration: Until June 24, 2025, with no fixed term thereafter [1] - Registration Authority: Nanchong Shunqing District Market Supervision Administration [1] Shareholding Structure - Shareholder 1: Sichuan Ouwen Clothing Co., Ltd. - 72% [1] - Shareholder 2: Nanchong Linkai High-tech Real Estate Co., Ltd. - 28% [1] Business Scope - Manufacturing: Clothing, home textiles, labor protection products, special labor protective products, medical protective products (Class I medical devices) [1] - Wholesale and Retail: Clothing and accessories, textiles, labor protection products, medical protective products [1] - Other Activities: Internet sales (excluding licensed goods), sales of building materials, agricultural products, and tree planting operations [1] - Permitted Projects: Production and operation of forest tree seeds (subject to approval) [1]

Investment Rating - The report recommends a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Steady Medical, and Bosideng, among others [12][36][37]. Core Insights - Amer Sports reported a strong performance in Q1 2025, with revenue growth of 23% year-on-year to $1.473 billion, driven by significant growth in the Asia-Pacific region [1][17]. - The Technical Apparel segment, led by the Arc'teryx brand, saw a revenue increase of 28% to $664 million in Q1 2025, with a notable profit margin improvement [2][21]. - The Outdoor Performance segment, centered around the Salomon brand, achieved a 25% revenue growth to $502 million, benefiting from new store openings and strong direct-to-consumer (DTC) sales [3][26]. - The Ball & Racquet segment, featuring Wilson, experienced a 12% revenue increase to $306 million, with a long-term growth forecast of low to mid-single digits [4][29]. - The report highlights the resilience of the sportswear sector, projecting a revenue growth of 15% to 17% for Amer Sports in 2025, with specific segments expected to outperform [1][17]. Summary by Sections Amer Sports Performance - Q1 2025 revenue increased by 23% to $1.473 billion, with regional growth of +12% in the Americas, +43% in Greater China, +12% in EMEA, and +49% in Asia-Pacific [1][17]. - Adjusted gross margin improved by 3.3 percentage points to 58%, and adjusted operating profit margin rose by 4.9 percentage points to 15.8% [1][17]. - Net profit for Q1 2025 was $135 million, a significant increase from $5 million in Q1 2024 [1][17]. Technical Apparel - Revenue for the Technical Apparel segment grew by 28% to $664 million in Q1 2025, with an adjusted operating profit margin of 23.8% [2][21]. - Direct-to-consumer sales increased by 31%, while wholesale revenue grew by 22% [2][21]. - The Asia-Pacific region led growth, followed by Greater China [2][21]. Outdoor Performance - The Outdoor Performance segment's revenue rose by 25% to $502 million, with an adjusted operating profit margin of 14.7% [3][26]. - DTC sales surged by 68%, driven by new store openings in Greater China and Asia-Pacific [3][26]. - The Americas region's performance was stable, primarily due to the divestiture of the Enve business [3][26]. Ball & Racquet - Revenue for the Ball & Racquet segment increased by 12% to $306 million, with an adjusted operating profit margin of 6.6% [4][29]. - The growth was supported by strong sales in racquets, golf products, and apparel [4][29]. - Long-term revenue growth is expected to be low to mid-single digits [4][29]. Industry Outlook - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation improvement in 2025 [5][34]. - The sportswear sector is expected to benefit from government policy support and increased participation in sports activities [5][34].

Investment Rating - The industry maintains a "Buy" rating for key companies such as Anta Sports, Shenzhou International, and others, with specific PE ratios projected for 2025 [4][36][37] Core Views - The apparel manufacturing sector shows stable revenue trends, with companies like Yuyuan Group and Ruo Hong reporting year-on-year revenue growth of 10.5% and 18.2% respectively for April 2025 [1][12] - Vietnam's textile and footwear exports have seen significant growth, with April 2025 figures showing a 20% increase in textile and a 27% increase in footwear exports year-on-year [19][27] - The report emphasizes the importance of monitoring international trade policies and their impact on the industry, particularly in light of recent tariff changes [3][36] Summary by Sections Weekly Topic - Apparel manufacturing companies reported stable revenue trends for April 2025, with Yuyuan Group and Ruo Hong showing healthy growth [1][12] - Vietnam's textile and footwear exports are performing well, while China's related product exports are relatively weak [19][27] Weekly Insights - Focus on robust brands with solid fundamentals, anticipating performance recovery and valuation improvement in 2025 [2][35] - The sportswear segment is expected to benefit from national policy support and increased participation in sports activities [2][35] Industry Overview - The apparel manufacturing sector is experiencing short-term stock price impacts due to tariff events, but long-term leaders with integrated and international supply chains are expected to gain market share [3][36] - Key companies to watch include Shenzhou International, Huayi Group, and Weixing Co., with projected PE ratios for 2025 of 12, 15, and 18 respectively [34][36] Recent Reports - The textile manufacturing sector is expected to recover in 2024, with a focus on quality brands in 2025 [8][36] - The jewelry sector is also showing signs of recovery, with retail sales of gold and silver jewelry increasing by 6.9% in early 2025 [3][36]

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and others, indicating a positive outlook for investment opportunities [10][29]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes a focus on robust fundamentals and high-quality brands in the apparel and home textiles sector, anticipating performance recovery and valuation improvement in 2025 [4][26]. - The sportswear segment is expected to benefit from national policy support and increased participation in sports, with a projected revenue growth of 8.7% for key companies in 2024 [4][26]. Summary by Sections Regional and Business Model Analysis - In Q1 2025, EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to an 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% revenue decline to €430 million, largely attributed to a 17.7% drop in Greater China sales [2][20]. Business Performance - Wholesale revenue decreased by 3.6% to €1.53 billion, while Direct-to-Consumer (DTC) revenue increased by 12% to €550 million, with e-commerce growing by 17.3% [3][22]. - DTC revenue now accounts for 26.3% of total revenue, up 2.8 percentage points year-on-year [3][22]. Key Recommendations - The report recommends focusing on companies with strong fundamentals, such as Anta Sports and Tabo, which have shown significant revenue growth in Q1 2025 [28]. - Other recommended companies include Hailan Home, which is expanding its business successfully, and Bosideng, which is expected to achieve good performance in FY2025 [28][29]. - In the home textiles sector, Luolai Life is highlighted for its strong performance, with a projected net profit growth of 20% in 2025 [28][29].