证券研究报告 | 公司点评报告 2025 年 08 月 25 日 李宁（02331.HK） 25H1 利润下滑，坚定推进科技升级及奥运营销投入 消费品/轻工纺服 25H1 公司收入增长 3%，利润下滑 11%；其中跑步品类保持良好增长，公司会 持续优化渠道结构，坚定对奥运等营销资源的投入，管理层保持 2025 年收入持 平，净利润率高单位数指引；预计 2025-2027 年净利润规模分别为 23.8 亿元、 25.3 亿元、27.2 亿元，同比增速为-21%、7%、7%，当前股价对应 25PE20X， 维持强烈推荐评级。 2）分渠道：25H1 电商收入增长 7%至 43 亿（占比 29%），电商直营流水 实现高单位数增长。线下直营收入下滑 3%至 34 亿元（占比 23%），加盟 收入增长 4%至 69 亿元（占比 47%）。 基础数据 | 总股本（百万股） | 2585 | | --- | --- | | 香港股（百万股） | 2585 | | 总市值（十亿港元） | 50.9 | | 香港股市值（十亿港元） | 50.9 | | 每股净资产（港元） | 10.5 | | ROE（TTM） | 11.1 | ...

2025年，随着全民健身战略的深入实施，以"苏超"为代表的多元化赛事持续激发体育消费活力。《关于 金融支持体育产业高质量发展的指导意见》《关于做好高质量户外运动目的地建设工作的通知》《2025 年群众体育工作要点》等多项政策"春风"，有力推进了体育强国、健康中国建设。 在政策支持与市场热情的双重推动下，运动鞋服行业"乘势前行"，步入高质量发展新阶段。 业绩稳健增长 今年上半年，国内外运动鞋服企业普遍交出了一份稳健的业绩答卷，增长态势显著。 特步国际控股有限公司(以下简称"特步")上半年持续经营业务收入为68.38亿元，同比增加7.1%；净利润 达9.14亿元，同比增长21.5%。特步方面对记者表示，对下半年的行业前景保持乐观，将通过优化供应 链体系进一步巩固自身的竞争优势，以快速回应消费趋势的变化，把握新兴市场机遇，持续提升价值创 造能力。 "各公司对2025年展望积极稳健，伴随消费环境与政策预期逐步明朗，各公司有望在销售端逐步实现企 稳复苏。目前运动板块公司估值普遍回落到历史较低位置，从1年维度和更长期维度看，运动仍是兼具 高景气和清晰格局的优质消费赛道。"有消费行业分析师如此表示。 强化细分赛道竞争力 当 ...

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 ...

智通财经8月22日讯（记者 徐赐豪）"对于李宁来说，核心还是要提升品牌和产品的核心竞争力，为消 费者带来更好的运动体验。"李宁集团联席CEO钱炜在今日业绩会说道。 李宁有限公司(下称"李宁"")披露截至2025年6月30日止六个月的中期业绩发布截至2025年6月30日止6个 月的中期业绩公告。财报显示，李宁上半年收入增长3.3%至148.2亿元，毛利上升2.5%达到74.1亿元， 毛利率下降0.4%至50%。 针对下半年的消费市场，李宁集团联席CEO钱炜在今日业绩会上指出，进入第三季度以来，市场情况比 预期的挑战更大，公司已经内部做好了面临更大挑战的准备，但相信消费者对体育运动的爱好和需求不 会有明显减弱。 "我们在新渠道的建设方面还有很多需要改善、提升和拓展的空间。未来，我们对既有渠道在进行低效 店铺关店、高效店铺扩面和不断调整的同时，也会针对不同的新渠道进行更多的尝试和拓展，来获取更 多与消费者接触的空间，以及为消费者能够带来更好的产品体验和购物体验。"钱炜在今日业绩会上说 道。 截止发稿前，李宁股价今日大涨超8%，创下近10个月来的新高。 正推进"关低效、扩优质"策略 羽毛球品类的收入占比达到7% 李宁 ...

范雨露 制图 ■"十四五"以来，我国户外运动场地设施不断扩容、服务保障持续完善、市场潜力有效释放 ■ 以运动鞋服为代表的户外装备产业乘风而上，今年上半年，安踏体育、361度集团、特步国际等运动 鞋服企业取得了亮眼业绩 ■ 运动鞋服领域并购动作频频，主要是企业为了弥补自身在某个领域的品牌空白，加强对客户的覆盖， 如特步国际收购索康尼，安踏集团收购亚玛芬体育、国产瑜伽服品牌MAIA ACTIVE（玛伊娅）、德国 户外品牌Jack Wolfskin（狼爪）等 ◎记者 曾庆怡 "每一次登顶都可以感受到大自然磅礴的生命力！"经常参加登山运动的白领小卷近期在社交媒体平台上 写道。 近年来，越来越多像小卷这样的人找到了热爱的运动。 "从飞盘、垂钓到滑雪、潜水、陆地冲浪，新兴运动项目持续火热，户外运动产业稳步发展，用户版图 不断扩张，户外赛事持续增加，户外运动消费逐渐成为人民追求健康和生活品质的重要领域。"国家体 育总局体育经济司司长杨雪鸫在近日举行的国新办发布会上表示，"十四五"以来，我国户外运动场地设 施不断扩容、服务保障持续完善、市场潜力有效释放。 "户外穿搭"提升运动鞋服企业业绩 "我喜欢骑行、登山、网球等运动，对于 ...

[Table_Summary] FY2025Q2（2025/4/1-2025/6/30）Amer Sports 实现营收 12.4 亿美元，同比+23%，收入表现 超预期（彭博一致预期 11.8 亿美元）。毛利率同比+2.7pct 至 58.5%，得益于较优的渠道、地 区、产品及品牌组合以及折扣改善。毛利率提升及费用率下滑带动归母净利率同比+1.8pct 至 1.5%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 19 之 Amer Sports FY2025Q2 经营 跟踪：收入表现超预期，上调全年指引 请阅读最后评级说明和重要声明 报告要点 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]19 之 Amer Sports FY2025Q2 经 营跟踪：收入表现超预期，上调全年指引 [Table ...

SDICSI 2025 年 8 月 20 日 特步国际 (1368.HK) 电商持续驱动，索康尼继续高增长 风险提示：宏观经济下行；行业竞争加剧；新品牌发展不及预期。 财务及估值摘要 | (年结 31/3；RMB 百万) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,743 | 13,577 | 14,520 | 15,830 | 16,991 | | 增长率（%） | 10.5% | 6.5% | 6.9% | 9.0% | 7.3% | | 归母净利润 | 1,030 | 1,238 | 1,402 | 1,563 | 1,718 | | 增长率（%） | 11.8% | 20.2% | 13.2% | 11.5% | 9.9% | | 毛利率（%） | 41.8% | 43.2% | 43.2% | 43.6% | 43.9% | | 归母净利率（%） | 8.1% | 9.1% | 9.7% | 9.9% | 10.1% | | 每股盈利（元） | 0.41 | 0 ...

Group 1: Company Research - Longbai Group (002601.SZ) reported steady growth in titanium dioxide production and sales in H1 2025, with improved profitability in iron-based products and new energy materials. The forecast for net profit attributable to shareholders for 2025-2027 is 2.957 billion, 3.367 billion, and 3.753 billion yuan respectively, maintaining a "buy" rating [2] - Sinopec Oilfield Service (600871.SH/1033.HK) achieved total operating revenue of 37.05 billion yuan in H1 2025, a year-on-year increase of 0.6%, and a net profit of 490 million yuan, up 9.0%. The projected net profit for 2025-2027 is 909 million, 1.099 billion, and 1.315 billion yuan, maintaining an "increase" rating for both A and H shares [3] - Hualing Steel (000932.SZ) reported a net profit attributable to shareholders of 4.012 billion yuan for 2025, marking a significant recovery in the steel industry. The profit forecasts for 2025-2027 have been raised to 4.012 billion, 4.373 billion, and 4.760 billion yuan, maintaining an "increase" rating [4] - Shenghong Co., Ltd. (300693.SZ) reported a revenue of 1.362 billion yuan in H1 2025, a decrease of 4.79%, with a net profit of 158 million yuan, down 12.91%. The forecast for net profit for 2025-2027 is 490 million, 613 million, and 745 million yuan, maintaining a "buy" rating [5] - Huada Technology (002185.SZ) achieved revenue of 7.780 billion yuan in H1 2025, a year-on-year increase of 15.81%, with a net profit of 226 million yuan, up 1.68%. The projected net profit for 2025-2027 is 994 million, 1.380 billion, and 1.601 billion yuan, maintaining an "increase" rating [6] - Xtep International (1368.HK) reported a revenue increase of 7.1% and a net profit increase of 21.5% in H1 2025. The forecast for net profit for 2025-2027 is 0.49, 0.55, and 0.60 yuan per share, maintaining a "buy" rating [7] - Gilead Sciences-B (1672.HK) reported a revenue of 0.01 billion yuan in H1 2025, with a net loss of 88 million yuan. The forecast for net profit for 2025-2027 is -421 million, -414 million, and -344 million yuan, maintaining a "buy" rating [9] - Aimeike (300896.SZ) faced pressure in H1 2025 due to intensified competition in the medical beauty industry, with a revised net profit forecast of 1.624 billion, 1.818 billion, and 2.026 billion yuan for 2025-2027, maintaining a "buy" rating [10] Group 2: Industry Insights - The titanium dioxide supply is currently relaxed, leading to intensified price competition in the industry [2] - The oil and gas sector is experiencing fluctuations in prices, impacting the overall performance of companies like Sinopec Oilfield Service [3] - The steel industry is witnessing a profit recovery, attributed to the reduction of internal competition [4] - The energy storage business is under short-term pressure, while the AIDC business shows significant growth potential [5] - The semiconductor industry is expected to benefit from a recovery in demand, positively impacting companies like Huada Technology [6] - The sportswear market is seeing growth driven by the main brand and collaboration with other brands like Saucony [7] - The pharmaceutical industry is focusing on differentiated product pipelines, particularly in metabolic disease treatments [9] - The medical beauty industry is facing challenges due to increased competition and a sluggish consumer environment [10]

Group 1 - Huayou Cobalt achieved a revenue of 37.197 billion yuan in the first half of 2025, a year-on-year increase of 23.8%, with a net profit attributable to shareholders of 2.71 billion yuan, up 62.3% [5] - In Q2 2025, Huayou Cobalt's revenue reached 19.35 billion yuan, a year-on-year increase of 28.3% and a quarter-on-quarter increase of 8.5% [5] - The company reported a net profit of 1.46 billion yuan in Q2 2025, reflecting a year-on-year growth of 27% and a quarter-on-quarter growth of 16.5% [5] Group 2 - Sinopec Oilfield Service Company reported a total revenue of 37.05 billion yuan in H1 2025, a slight increase of 0.6% year-on-year, with a net profit of 490 million yuan, up 9.0% [6] - In Q2 2025, the company achieved a revenue of 19.2 billion yuan, a year-on-year increase of 4.99% and a quarter-on-quarter increase of 7.56% [6] - The net profit for Q2 2025 was 274 million yuan, showing a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [6] Group 3 - Keda Li reported steady growth in its main business, with a focus on becoming a platform company for robot components, particularly in precision processing and large-scale manufacturing [6] - The company is concentrating on its humanoid robot subsidiary, Kemon, which focuses on reducers and joint modules [6] Group 4 - Huatian Technology achieved a revenue of 7.78 billion yuan in H1 2025, a year-on-year increase of 15.81%, with a net profit of 226 million yuan, up 1.68% [7] - The semiconductor industry's recovery is expected to drive demand for the company's products, with anticipated accelerated performance in H2 2025 as capacity is gradually released [7] Group 5 - Xtep International reported a revenue increase of 7.1% and a net profit increase of 21.5% in H1 2025 [8] - The main brand and Saucony showed collaborative growth, with the main brand's revenue up 4.5% and professional sports revenue up 32.5% [8] - The company maintains its full-year guidance, expecting steady growth in the main brand's revenue and a 30-40% increase in Saucony's revenue [8] Group 6 - Aimeike reported a revenue of 1.3 billion yuan in H1 2025, a year-on-year decrease of 21.6%, with a net profit of 790 million yuan, down 29.6% [8] - The company experienced a decline in revenue and net profit in both Q1 and Q2 2025, with significant year-on-year decreases [8] Group 7 - Gilead Sciences-B reported a revenue of 0.01 billion yuan in H1 2025, with a net profit of -88 million yuan [8] - The company is fully transitioning to innovative drug research and development, with key clinical progress expected for its core metabolic disease treatment products by the end of this year to early next year [8]

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].