证券研究报告 | 行业周报 gszqdatemark 2025 10 08 年 月 日 纺织服饰 周专题： Nike FY2026Q1 营收同比下降 1%，各地区持续推进库存去化 【本周专题】 分析师 杨莹 Nike FY2026Q1 营收同比下降 1%，净利润下降 31%。近期 Nike 发布截至 2025 年 8 月末的 FY2026Q1 季报，货币中性基础上公司营收同比下降 1%至 117 亿美元（直营下降 4%，批发下增长 7%），毛利率同比下降 3.2pcts 至 42.2%， SG&A 费用率同比下降 0.6pcts 至 34.3%，净利润同比下降 31%至 7.27 亿美元。 展望 FY2026Q2，公司预计营收同比下降低单位数，全财年来看公司预计批发业务 营收有望实现适度增长，与此同时全财年直营业务或仍有下降。 持续推动库存去化，公司预计到 FY2026H1 末库存恢复健康。截至 2025 年 8 月 末，公司库存同比下降 2%至 81.14 亿美元，公司正采取多项去库手段以实现库存 正常化，公司预计 FY2026H1 末库存水平将恢复正常。 全球各主要业务地区均持续推进库存去化，从品类角度看 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "大象转身"，可以比想象更快。 连接下一代，耐克持续注入增长新动能 过去几个季度，运动鞋服领域面临多重挑战：全球消费需求趋缓、供应链波动、库存高企以及日渐强劲的竞争压力。耐克也曾连续出现利润承压，一度让市 场对其未来走向产生怀疑。 然而，10月1日，耐克集团2026财年第一季度财报进一步释放了积极信号。这家运动巨头再次向市场展现出品牌的强大韧性。 穿越周期，耐克复苏韧性尽显，长期增长可期 据财报数据显示，本季度耐克集团实现营收117亿美元，超分析师预期。分业务来看，集团自营业务营收为45亿美元，经销商业务营收68亿美元，同比增长 7%。分地区来看，大中华区营收15.12亿美元，环比降幅大幅收窄。截至本财季末，耐克的库存资产共计81.1亿美元，同比减少2%，其中大中华区库存资产 同比减少11%，库存管理持续优化，为业绩复苏创造良好基础。 资本市场对此反应积极，财报发布后，耐克股价盘后涨超4%。 耐克的触底反弹并非偶然。自新任CEO贺雁峰去年上任后，迅速推出"Win Now"计划，带领耐克重新聚焦专业运动，在产品创新、库存优化、渠道修复及品 ...

2)企业竞争要素：目前本土运动品牌的扩张逐步转向产品以及品牌驱动层面。在专业产品层面国内运动 品牌公司均具备完善的研发设施，同时每年保持持续的研发投入，2024年安踏体育/李宁/特步国际/361 度的研发费用率基本在2-3%之间，在持续的研发投入下，近年来在专业产品领域本土运动品牌研发成 果显著，如安踏的氮科技、特步的XTEPACE科技等，同时品牌通过赞助专业赛事以及专业运动员的方 式为品牌形象背书。在渠道运营层面，由于本土运动鞋服公司门店数量体量大，因此提升零售管理能力 也已经是关系公司盈利能力提升的关键。 美国/日本：经济波动下运动需求韧性强，龙头品牌重视产品以及品牌价值打造 1)行业分析：美国、日本体育产业腾飞并非偶然，而是特定历史时期多种因素共同作用的结果。在经济 复苏的强劲浪潮下，民众消费能力提升，同时政府的国家政策起到了关键的催化作用，叠加奥运会等重 要赛事的举办，激发社会体育热情，推动体育行业发展。后续尽管经济环境会有波动，但受益于居民运 动健康热情的提升，运动参与以及运动鞋服需求韧性足，2022年美国健身俱乐部会员数量上涨3.7%至 6890万人，同时2023年6岁及以上美国人的户外活动参与人 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sportswear sector, including Anta Sports, Li Ning, and Xtep International, indicating a positive outlook for their long-term growth potential [4][8]. Core Insights - The sportswear industry is experiencing resilience in demand despite economic fluctuations, driven by increased health awareness and government policies promoting sports participation [1][13]. - In the U.S. and Japan, the growth of the sports industry is attributed to historical factors, including economic recovery, government support, and major sporting events like the Olympics [1][20]. - In China, the running and outdoor segments are key growth drivers, with a projected compound annual growth rate (CAGR) of 16% for high-performance outdoor apparel from 2024 to 2029 [3][30]. Summary by Sections Industry Analysis - The U.S. fitness club membership increased by 3.7% to 68.9 million in 2022, and outdoor activity participation among Americans aged 6 and above grew by 4.1% in 2023 [1][19]. - Japan's sports consumption has been steadily increasing, supported by economic recovery and the Tokyo Olympics, with a focus on low-barrier sports like running and fitness [20][25]. Competitive Factors - Product strength and brand value are critical for leading international sports brands like Nike and Adidas, which focus on product development and brand building [2][32]. - Domestic brands in China, such as Anta and Li Ning, are enhancing their product innovation and brand image through sponsorships and professional athlete endorsements [3][37]. Investment Recommendations - The report highlights Anta Sports as a key player with strong operational capabilities and a projected price-to-earnings (PE) ratio of 18 times for 2025 [4][8]. - Li Ning is recommended for its long-term earnings potential, with a PE ratio of 17 times for 2025, while Xtep International is noted for its stable performance and growth prospects in the running segment, with a PE ratio of 11 times for 2025 [4][8].

作为衡量一家零售企业增长是否健康的重要指标，lululemon的同店销售增长情况也不理想。贡献了7成以上营收的美洲市场，同店销售已经连续好几个季 度出现同比下滑，而在被视作增长引擎的中国内地市场，它一季度的同店销售增速从去年同期的26%猛然掉到了今年的7%。 还有新对手的追击。 Randal Konik是国际投行Jefferie的分析师，他可能也是lululemon 的头号「黑子」。从2022年开始，Konik对lululemon的股票评级就低于大盘，时不时强调 这家公司未来可能面临的风险。而如今，他显然一语成谶。 进入2025年以来，lululemon已经接连发布了两份让人大跌眼镜的季报。今年上半年，它的营收只同比增长6.9%到48.96亿美元，同期库存却增加了19.5%。 与此同时，它的净利润还同比下滑了4%到6.85亿美元，是公司自2021年以来首次净利润下滑。 由于业绩太过拉胯，lululemon的股价今年以来已经腰斩，还成了今年标普500中表现最差的个股。 一切都来得太突然了——要知道2022年时，营收不到阿迪达斯1/3的lululemon，市值一度超过了后者。而现在，巴克莱、美银、汇丰和罗氏柴尔德 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and others, while recommending "Add" for Chow Tai Fook and Chao Hong Ji [5][11]. Core Insights - Inditex, the parent company of Zara, reported a stable performance for FY2025H1, with revenue growth of 1.6% year-on-year to €18.4 billion, and a net profit increase of 0.8% to €2.8 billion [1][16]. - The report highlights the resilience of the sportswear segment, which is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][22]. - Long-term growth strategies for Inditex include enhancing brand positioning, customer service, and sustainable practices, with a projected 5% increase in total sales area from 2025 to 2026 [2][21]. Summary by Sections Textile and Apparel - Inditex's FY2025H1 revenue reached €18.4 billion, with a 5.1% increase on a currency-neutral basis, and a gross margin of 58.3% [1][16]. - The company reported a healthy inventory level of €3.466 billion, up 3.1% year-on-year, indicating strong inventory management [1][18]. Sportswear Segment - The sportswear sector is expected to show robust growth, with key companies like Anta Sports and Li Ning recommended for their strong performance and growth potential [25][38]. - The report notes that the sportswear segment's revenue for H1 2025 increased by 9.1% to ¥65.9 billion, with a net profit growth of 8.2% to ¥10.54 billion [34]. Jewelry Sector - The jewelry market is facing challenges, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively [37]. - Companies with strong product differentiation and brand power, such as Chow Tai Fook and Chao Hong Ji, are expected to outperform the industry [23][38]. Manufacturing Sector - The textile manufacturing sector is experiencing a shift due to new tariff policies, with companies like Shenzhou International recommended for their stable performance and valuation [24][38]. - The report indicates that the manufacturing segment's revenue grew by 2.7% in H1 2025, while net profit declined by 9.8% [10][36].

以下文章来源于源Sight ，作者源Sight 源Sight . 源Sight，关注互联网前沿生态和新兴商业。 来源丨 源Sight （ID： gh_95838c8306c1 ） 作者丨 安然 图源丨Midjourney 退市十年，沦为"边缘人物"的匹克再次回到大众视野，带来的却算不上什么好消息。 日前，社媒平台上不少自称是匹克员工的人发帖爆料称，公司出现大面积降薪，而员工事先并未获得 书面通知。 据悉，匹克董事长许景南9月17日在内部会议中表示，本次调薪针对的是直营亏损部门和部分高薪岗 位。其中，月薪5000-10000元的岗位薪资下调10%；10000-20000元岗位下调20%；20000元以 上岗位下调30%；亏损部门的部分岗位调整幅度在50%。 许景南强调，调薪后薪酬低于3000元以下的，公司会补贴至3000元。"这个是不影响他们的生活工 作，给他们再一次的机会，鼓励他们去努力发扬公司精神。"他同时指出，调整的只是固定工资，绩 效并未调整。 业绩不佳或是降薪主要原因。许景南称，今年以来，匹克内销直营板块持续亏损，1-7月累计亏损已 超1.3亿元。但据泉州慈善消息，就在降薪事件曝光的前一周，匹克还向家 ...

Group 1 - The core issue revolves around the reported salary cuts at Peak, with claims of reductions up to 50% for certain employees, although the company denies that it is a company-wide salary cut [5][6] - Salary reductions are reportedly tiered: 10% for employees earning between 5,000-10,000 yuan, 20% for those earning 10,000-20,000 yuan, and 30% for those earning over 20,000 yuan, while office staff in direct branches face a 50% cut [5] - The chairman of Peak, Xu Jingnan, stated that the salary cuts primarily affect loss-making departments and high-salary positions, with an overall reduction of less than 10% [5] Group 2 - Peak, founded in 1989, initially focused on basketball shoes and went public in 2009, but was privatized in 2016 [5] - The company recently donated 100 million yuan to charity, which contrasts with the salary cuts, raising questions about its financial strategy [5] - The sports footwear market remains highly competitive, and Peak has struggled to maintain visibility and market share in recent years [6]

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18 times, 18 times, and 11 times [11][36]. Core Insights - The retail sales of gold and jewelry have seen rapid growth, with a year-on-year increase of 16.8% in August 2025, driven by high gold prices, while apparel retail sales grew at a steady rate of 3.1% [1][16]. - The consumer environment is characterized by a volatile recovery, with the overall retail sales of consumer goods increasing by 3.4% year-on-year in August 2025 [1][16]. - The sports footwear and apparel segment is expected to outperform the overall textile and apparel market, with a healthy inventory turnover ratio of 4-5 [3][21]. Summary by Sections Retail Performance - In August 2025, the retail sales of gold and jewelry increased significantly, while apparel sales showed a stable growth trend, indicating a recovery in consumer spending [1][16]. - E-commerce sales for apparel grew by 6.4% in the first eight months of 2025, accounting for 25% of total retail sales [2][18]. Company Recommendations - Recommended companies in the sports footwear sector include Anta Sports, with a strong operational capability and a focus on differentiated store expansion, and Li Ning, which shows long-term growth potential [24][36]. - In the jewelry sector, companies like Chow Tai Fook and Chow Sang Sang are highlighted for their product differentiation and brand strength, with respective PE ratios of 21 times and 27 times [22][36]. Manufacturing Insights - The textile manufacturing sector is experiencing changes due to new tariff policies, with leading companies expected to gain market share due to their integrated and international supply chains [5][23]. - Companies such as Shenzhou International and Huayi Group are recommended for their stable earnings and competitive valuations, with PE ratios of 13 times and 18 times, respectively [5][23]. Market Trends - The textile and apparel sector has outperformed the broader market, with the textile manufacturing index increasing by 1.23% compared to a decline in the CSI 300 index [27][29]. - The report notes a mixed performance among key companies, with some experiencing significant gains while others faced declines [27][29].

资料来源：安踏体育2024年环境、社会及管 治报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"安踏集团"篇。 出品 | 搜狐财经 研究员 | 张子豪 9月16日，安踏集团通过官方微信公众号"廉洁安踏"发布最新反腐败公告，披露了自2025年以来的反腐 专项治理成果及系统性措施。 资料来源：廉洁安踏公 众号 截至2025年8月，安踏集团因严重舞弊行为辞退员工74人，其中包含总裁级1人、总监级14人、经理级4 人，覆盖采购、营销、供应链等高风险岗位。同时，46名内外部人员（内部21人、外部25人）因涉嫌违 法犯罪被移交司法机关处理，包括3名已离职员工（因在职期间职务犯罪被追溯追责）。 查处违反诚信廉洁条款的供应商及合作伙伴45家，涉及违法犯罪金额约3000万元。安踏强调，对行贿、 共同职务侵占等行为"永不合作"，并已公布首批1 ...