纺织服装 行业周报（20250713-20250719） 同步大市-A(维持) 九兴控股 2025Q2 营收同增 2.9%，Ciele 品牌与滔搏达成合作 2025 年 7 月 22 日 行业研究/行业周报 纺织服装行业近一年市场表现 相关报告： 【山证纺织服装】6 月国内社零同比增 长 4.8%，主要可选消费品类增速放缓- 【 山 证 纺 服 】 6 月 社 零 数 据 点 评 2025.7.16 【山证纺织服装】纺织制造台企公布 6 月营收数据，2024 年超市 Top100 企业 销售额微增-【山证纺服】行业周报 2025.7.15 分析师： 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 本周观察：九兴控股 2025Q2 季度经营情况 2025Q2，公司未经审核营收为 4.44 亿美元，同比增长 2.9%；2025H1，公司未经审核营 收为 7.75 亿美元，同比增长 0.7%。 来源：最闻，山西证券研究所 其中，2025Q2，鞋履制造业务营收为 4.33 亿美元，同比 ...

Core Insights - The Chinese sports retail market is experiencing significant growth, with a market size of 4,926 billion yuan in 2023, projected to reach 5,989 billion yuan by 2025 [4] - Tmall and Xiaohongshu are becoming key online platforms for new brands entering the Chinese market, as seen with the brand norda™ [2][3] - The trend of consumers favoring specialized and functional sports brands is driving the entry of international brands into China [5] Company Developments - Tabo has recently partnered with two niche sports brands, Norrøna and soar, to expand its portfolio in the Chinese market [1][2] - The company is also focusing on diversifying its brand partnerships to reduce reliance on major brands like Nike and Adidas, which have been volatile in performance [2] - Tabo's strategy includes opening physical stores for Norrøna in major cities like Beijing and Shanghai, while also exploring collective store formats for norda™ and soar [3] Market Trends - There is a growing consumer preference for sportswear, with nearly 30% of consumers favoring sports apparel in daily scenarios and over 60% prioritizing comfort when purchasing [4] - The influx of international niche brands is reshaping the competitive landscape, as these brands emphasize functionality and cater to specific sports [5] - Retail operators are increasingly seeking to attract these new brands to their shopping centers, recognizing their potential to drive foot traffic and enhance brand positioning [5] Retail Strategy - Tabo is adopting a cautious approach to store expansion, focusing on the development stage and positioning of different brands [5] - The company is shifting its retail strategy from merely increasing store numbers to creating a balanced and efficient omnichannel network [6] - The evolving consumer demand for unique and differentiated products presents opportunities for companies in the sports retail sector [6]