2025 年年中，享有 " 越野跑奥运会 " 之名的 UTMB 环勃朗峰越野跑世界系列赛总决赛在法国霞 慕尼小镇落下帷幕，多位身着 萨洛蒙 的精英运动员取得佳绩。去年年底，米兰 - 科尔蒂纳丹佩佐 冬奥会组委会发布 2026 年冬奥会与冬残奥会的官方制服，萨洛蒙作为高级合作伙伴，为多达 27000 名官方工作人员及志愿者提供了全套制服。 这些事件或多或少让市场意识到 萨洛蒙 的高速增长故事还在继续，但没有人能够确切把握住增速， 直到最近。 2 月 24 日， 萨洛蒙 母公司亚玛芬体育发布 2025 年第四季度及全年财报，公司营收 增长 27% 至 65.66 亿美元， 萨洛蒙 年销售额超过 20 亿美元。 " 第四季度为亚玛芬体育具有突破性意义的一年画上了圆满句号。得益于旗舰品牌始祖鸟以及持续快 速增长的品牌萨洛蒙共同推动，集团业绩实现强劲增长，其中萨洛蒙年销售额首次突破 20 亿美元。 " 在这次财报电话会上，亚玛芬体育全球 CEO 郑捷表示。 鞋履快速增长， 萨洛蒙 成亚玛芬体育第二增长引擎 在过去数个季度中， 萨洛蒙 已经奠定了亚玛芬体育的第二增长引擎。在过去的 2025 年，在固定汇 率基准下，亚玛芬 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 纺织服饰 周专题：Amer Sports 2025Q4 业绩表现超预期，经调整后归母 净利润增长 94% 【本周专题】 Amer Sports 2025Q4 业绩表现超预期，经调整后归母净利润增长 94%。Amer Sports 2025Q4 公司营收同比增长 28%至 21.0 亿美元（全 年增长 27%至 65.7 亿美元），分地区看 2025Q4 美洲/大中华区/EMEA/亚 太营收同比+18%/+42%/+21%/+53%至 6.9/5.4/6.0/2.7 亿美元（全年 同比分别+14%/+43%/+19%/+51%），2025Q4 归母净利润同比增长 752%至 1.32 亿美元，经调整后归母净利润同比增长 94%至 1.76 亿美元， 2025 全年归母净利润同比增长 489%至 4.27 亿美元，经调整后归母净利 润同比增长 131%至 5.45 亿美元。 ➢ 展望 2026 年：公司预计报表营收增长 16%~18%，其中 Technical Apparel 分部营收增长 18%~20%，Outdoor Pe ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 纺织服饰 周专题：Amer Sports 2025Q4 业绩表现超预期，经调整后归母 净利润增长 94% 【本周专题】 Amer Sports 2025Q4 业绩表现超预期，经调整后归母净利润增长 94%。Amer Sports 2025Q4 公司营收同比增长 28%至 21.0 亿美元（全 年增长 27%至 65.7 亿美元），分地区看 2025Q4 美洲/大中华区/EMEA/亚 太营收同比+18%/+42%/+21%/+53%至 6.9/5.4/6.0/2.7 亿美元（全年 同比分别+14%/+43%/+19%/+51%），2025Q4 归母净利润同比增长 752%至 1.32 亿美元，经调整后归母净利润同比增长 94%至 1.76 亿美元， 2025 全年归母净利润同比增长 489%至 4.27 亿美元，经调整后归母净利 润同比增长 131%至 5.45 亿美元。 ➢ 展望 2026 年：公司预计报表营收增长 16%~18%，其中 Technical Apparel 分部营收增长 18%~20%，Outdoor Pe ...

Core Viewpoint - The stock price of Huali Group is influenced by its independent fundamentals and market sentiment, rather than being directly affected by Under Armour's performance [1] Recent Stock Performance - Huali Group is a leading global sneaker manufacturer with clients including Nike, Deckers (including UGG and Hoka), On, and Puma, with Under Armour being just one of its clients. As of the 2025 semi-annual report, the revenue contribution from the top five clients has decreased to 71.88%, indicating enhanced client diversification [2] - In the first half of 2025, the company's revenue grew by 10.36% year-on-year, while net profit declined by 11.06%, primarily due to new factory capacity ramp-up, fluctuations in orders from some existing clients, and uncertainties in international trade policies. The impact of Under Armour's orders on Huali Group's overall business is limited, making its revenue fluctuations relatively controllable [2] Recent Events - Under Armour reported a 5% year-on-year decline in revenue for the third quarter of fiscal year 2026 (ending December 31, 2025), with a 10% drop in North America but a 3% growth in international markets. The recent stock price fluctuations (e.g., a 10.70% drop on February 10, 2026) mainly reflect its own growth challenges and a weak North American market. Under Armour is undergoing a transformation by streamlining its product line and focusing on the Chinese market, but short-term performance remains under pressure [3] Company Fundamentals - In November 2025, the controlling shareholder, Junyao Group, received a warning letter for disproportionate share reduction, having cashed out 1.86 billion yuan, raising concerns about governance structure. The stock price fell from an average reduction price of 55.66 yuan to 49.49 yuan on February 11, 2026, a decline of approximately 9.8% [4] - The company's fundamentals are under short-term pressure, with a 20.73% year-on-year decline in net profit attributable to the parent company in the third quarter of 2025, and a 4.8 percentage point drop in gross margin, although there was a 1.1 percentage point improvement quarter-on-quarter, indicating initial success in ramping up new factory capacity [4] Financial Situation - Since February 2026, there has been a net outflow of major funds, while retail investor funds have seen a net inflow, reflecting short-term sentiment being affected by events [5] Industry and Risk Analysis - In the sports footwear and apparel supply chain, brand performance fluctuations may indirectly impact suppliers' order expectations. However, Huali Group's core risks are more concentrated on its own capacity ramp-up efficiency, tariff policies, and actions of major shareholders. Currently, there is no significant correlation between the stock price performance of Huali Group and Under Armour, as both are primarily driven by internal factors [6]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and Huayi Group [11][25][34]. Core Insights - Adidas is expected to see a 10% revenue growth in Q4 2025, with a 13% increase for the full year, driven by strong performance across all channels and regions [1][15]. - VF Corporation reported a revenue of $2.88 billion for FY2026Q3, with a 2% year-over-year growth on a currency-neutral basis, and an improved operating profit margin [2][16]. - The North Face and Timberland brands showed strong growth, while Vans experienced a revenue decline of 10% [3][18]. - The overall performance of the sportswear sector is expected to outperform the broader apparel market, with strong inventory management capabilities among key companies [4][19]. Summary by Sections Adidas Performance - In Q4 2025, Adidas brand revenue is projected to grow by 11% on a currency-neutral basis, with a gross margin increase to 50.8% [1][15]. - For the full year 2025, revenue growth is expected at 13%, with a gross margin of 51.6% and an operating profit margin of 8.3% [1][15]. VF Corporation Financials - VF Corporation's FY2026Q3 revenue reached $2.88 billion, with a currency-neutral growth of 2% [2][16]. - The gross margin improved to 57%, and the operating profit margin increased to 12.1% [2][16]. Brand Performance - The North Face saw a 5% revenue growth in Q3, with strong performance across all product categories [3][18]. - Timberland also reported a 5% revenue increase, while Vans faced a 10% decline [3][18]. Market Outlook - The sportswear sector is expected to maintain resilience and long-term growth potential, with a focus on brands like Li Ning and Anta Sports [4][19]. - Li Ning's profit is projected to decline by 9% in 2025 but grow by 5.8% in 2026, while Anta Sports is expected to see a 15% profit decline in 2025, followed by a 6.4% increase in 2026 [4][19]. Inventory and Supply Chain - The industry inventory is reported to be healthy, with expectations for downstream replenishment to drive upstream order growth [21].

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 纺织服饰 周专题：adidas 披露业绩 2025Q4 业绩预告；VF FY2026Q3 经 营表现优异 【专题一：adidas 披露 2025 年度业绩预告】 adidas 披露 2025Q4 业绩预告，经营表现优异，公司启动股票回购。根 据公司披露，货币中性基础上 2025Q4 adidas 品牌营收同比增长 11%， 若考虑到同期的 Yeezy 产品销售收入后，2025Q4 公司营收增长 10%，毛 利率同比提升 1pcts 至 50.8%。2025 全年来看，货币中性基础上 adidas 品牌营收增长 13%，所有渠道以及地区均有双位数增长，若考虑到同期的 Yeezy 产品销售收入后，2025 年公司营收增长 10%，公司毛利率同比提 升 0.8pcts 至 51.6%，经营利润率同比提升 2.6pcts 至 8.3%。基于强劲的 基本面表现及管理层对未来的信心，公司宣布启动股票回购，计划从 2026 年 2 月初开始，回购价值高达 10 亿欧元的股票。 【专题二：VF 公司披露 FY2026Q3 季报】 FY20 ...

耐克在户外赛道高举高打的阶段，或许正加速到来。 2月2日，耐克正式宣布重塑旗下All Conditions Gear（以下简称"ACG"）品牌，宣告这一诞生于1989年 的户外产品线将以"专业户外性能品牌"的全新身份重回赛场。 在经历了数年的"都市机能"与"复古潮流"摇摆后，耐克终于下定决心，要将ACG带回它最原始的战场： 硬核户外。 对于长期观察运动鞋服市场的行业人士而言，ACG的这次变阵并不意外。 此次，耐克宣布将原有的Nike Trail（越野跑）系列全面并入ACG。此前，耐克户外产品散见于跑步与 ACG两条线中，长期存在的职能重叠导致了消费认知的模糊。 收拢拳头后，ACG将构建起从Ultrafly越野跑鞋到Lava Loft羽绒夹克的专业矩阵，产品力直指越野跑、 徒步与户外探索三大核心领域。 为了支撑高端化与专业化的叙事，耐克在渠道端祭出重磅动作：全球首家独立门店"ACG大本营"即将在 北京三里屯太古里启幕。 独立门店的落地，标志着ACG正式摆脱主品牌专卖店的附属地位。耐克试图以此为支点，建立起一个 闭环的专业社群与服务体系。 全球首店落地北京，也侧面印证了大中华区在耐克全球战略中的关键地位。 随着山 ...

关键词| 生物基大会 |运动鞋服论坛 Bio-based 202 6 #第11届生物基大会暨展览 将于5月20-22日 在中国·上海举办 # 第11届生物基大会暨展览 （Bio-based 2026）以" 9大上下游主题论坛 + 9大同期活动 + 1000 个新品展示 + 1 场创新评选颁奖 "为核心载体，邀请 行业领袖与终端品牌分享 产业趋势、前沿科技创新、生物基材料与应用、下游需求与趋势、项目路演、成果展示等 关键话题，以助推产业绿色低碳 转型。 作为Bio-based 2026的重磅应用论坛 - 第五届运动鞋服用生物基材料论坛 将由 生物基纤维材料全国重点实验室 、 浙江省全省生物基高分子材料 重点实验室、 DT新材料 联合主办 。 越来越多的消费者开始重视运动鞋服和穿戴等生产制造过程中的环境影响，追求可持续、环保的时尚选择。变革正在发生：一些低碳创新材料的诞 生，如生物基弹性体、 纤维素纤维、生物基涤纶、氨纶、锦纶、皮革等商业化生物基材料，正在凸显亮点和价值，逐步取代石油基高分子材料，成 为各大时尚品牌的宠儿。 论坛将邀请 头部生物基纤维和纺织解决方案企业 、 产业化专家和团队 、 全球纱线和纺织龙头 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel industry, including Li Ning, Anta Sports, Shenzhou International, and others [9][21][29]. Core Insights - The textile and apparel industry is experiencing a low overall fund holding ratio, with a total market value of approximately 9.76 billion yuan at the end of Q4 2025, slightly down from 10.31 billion yuan at the end of Q3 2025. However, the proportion of heavy holdings increased from 0.13% to 0.25% [1][12]. - The report highlights the resilience of the sports footwear and apparel sector, predicting it will outperform the broader apparel market in the long term. Companies like Li Ning and Anta Sports are expected to manage inventory effectively and benefit from upcoming marketing initiatives [2][17]. - The report emphasizes the healthy inventory levels in the industry, anticipating that stable replenishment from downstream will lead to increased orders for upstream manufacturers [3][18]. - The report suggests focusing on quality stocks with stable growth or potential for performance reversal, particularly in the brand apparel segment, where companies like HLA and Luolai Living are highlighted for their growth prospects [4][19]. Summary by Sections Fund Position Analysis - The textile and apparel sector's fund holding ratio remains low, with significant increases in holdings across sub-sectors such as home textiles, textile manufacturing, and accessories [1][12][15]. Market Performance - The textile and apparel sector underperformed compared to the CSI 300 index, with declines noted in both textile manufacturing and brand apparel segments [24][25]. Key Company Recommendations - Li Ning is recommended due to its expected brand strength during the Olympic cycle, with projected profits of 2.74 billion yuan in 2025 and a growth forecast for 2026 [2][17]. - Anta Sports is highlighted for its strong operational capabilities, with expected profits of 13.2 billion yuan in 2025 and growth in 2026 [2][17]. - Shenzhou International is recommended for its cost-effectiveness and positive customer trends, with a projected PE ratio of 11 times for 2026 [3][18]. - HLA is expected to see stable profit growth, with a projected PE ratio of 12 times for 2026 [4][19].

国信证券发布研报称，维持安踏体育(02020)"优于大市"评级。该行维持盈利预测，预计公司2025-2027 年归母净利润分别为132.1/139.3/155.8亿元，可比口径的利润增长分别为+10.7%/5.5%/11.9%(2024年剔除 Amer上市和配售权益摊薄所得的可比口径利润为119.3亿元)。维持107-112港元目标价，对应2026年20- 21XPE。 国信证券主要观点如下： 此次安踏对PUMA的收购，是公司全球化战略的进一步深化，PUMA在全球运动鞋服市场份额领先，在 多个专业运动项目以及欧洲等重点市场具有领先地位和先进经验与安踏集团品牌矩阵有协同性和互补 性；PUMA虽然短期增长乏力、盈利承压，但现管理层正推动品牌复苏，致力于2027年恢复增长，安踏 加入后更有望焕发品牌新增长活力。 1月26日，公司公告与Pinault家族的投资公司Groupe Artémis达成购股协议，以每股35欧元的价格收购 PUMASE共计43,014,760股普通股(占其全部已发行股本约29.06%)，总对价15.05亿欧元(约合人民币 122.78亿元)。 风险提示 标的概况 关税政策不确定性;品牌形象受损 ...