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2025年第33周:服装行业周度市场观察
艾瑞咨询· 2025-08-25 00:06
服装丨市场观察 本周看点: -奢侈品牌,谁在大手笔升级中国门店? -运动户外品牌如何分走奢侈品牌的"蛋糕"? -安踏李宁特步,集体撞上"中年墙 "。 行业环境 1.亚瑟士和LV,抢着卖高价香水 关键词 : 香水生意,时尚品牌,生活方式,美妆领域,奢侈品 概要 : 香水生意正成为时尚品牌拓展生活方式的重要领域,运动品牌鬼塚虎和轻奢品牌珑骧 近期纷纷进军香水市场。全球香水市场规模预计从2025年的530亿美元增长至2032年的775.3亿 美元,高端细分市场增长最快。奢侈品集团如香奈儿、开云集团在主营业务下滑时,美妆业务 表现强劲,促使更多品牌布局香水领域。鬼塚虎与知名香水设计师合作推出系列香水,强调品 牌调性而非急于变现;珑骧则选择与专业香水企业合作。高端小众香水成为行业趋势,如PUIG 集团旗下品牌表现突出,但整体增速放缓。时尚品牌跨界香水旨在提升品牌价值,未来能否成 为业绩助力取决于市场发展。 2.奢侈品牌,谁在大手笔升级中国门店? 关键词 : 奢侈品市场,增长放缓,门店数量,中国市场,品牌活力 概要 : 2025年上半年,中国奢侈品市场增长放缓,奢侈品牌新开门店数量同比下降38%,焕新 门店数量下降30% ...
炒股比主业更赚钱?知名男装品牌半年闭店128家!
Shen Zhen Shang Bao· 2025-08-22 08:01
8月22日早盘,男装品牌七匹狼(002029)一度跌超6%,截至今日收盘报7.67元/股,跌5.07%,总市值54.08亿元。 据公开资料,七匹狼主要产品包括衬衫、西服、裤装、夹克衫、针织衫以及内衣、内裤、袜子及其它针纺产品等。近年来,除了主标"七匹狼"产品以外, 该公司还经营国际轻奢品牌"Karl Lagerfeld"。 消息面上,8月21日晚间,七匹狼披露2025年半年报。数据显示,该公司报告期内实现营收13.75亿元,同比下滑5.93%;归属于上市公司股东的净利润1.6 亿元,同比减少13.93%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 1,374,552,379.13 | 1,461,132,386.47 | -5.93% | | 归属于上市公司股东的净利润(元) | 160,466,825.44 | 186.426.831.50 | -13.93% | | 归属于上市公司股东的扣除非经常性损 益的净利润(元) | 29.106.349.61 | 75.299.887.39 | -61.35% | | ...
晶苑国际(02232.HK):业绩超预期表现 客户优势持续凸显
Ge Long Hui· 2025-08-21 19:42
产能持续扩张承接订单增长。2024 年公司员工数量同增1 万人,2025H1公司生产基地新聘约4000 名员 工以提升产能。预计公司2025 及2026 年维持稳健的产能扩张节奏。此外,公司已进行欧洲地区产能布 局考察,后续有望进行布局以强化产能多元布局优势。 公司发布2025年中报。2025H1 营业收入同比增长 12.4%至 12.3 亿美元,归母净利润同比增长16.8%至1 亿美元。 机构:东北证券 点评: 研究员:刘家薇/苏浩洋 波动环境下展现增长韧性。2025H1 公司营业收入同比增长12.4%至12.3亿美元。分品类来看,休闲/运 动户外/牛仔/内衣/毛衣收入分别同增11.4%/12.4%/10.3%/9.5%/29.2%至3.4/3.1/2.6/2.1/1 亿美元,占比分 别为27.6%/25.5%/21.3%/17.1%/8.5%;分地区来看,亚太/北美洲/欧洲/其它地区收入分别同比增长 14.5%/11.7%/9.7%/14.9%至4.8/4.6/2.5/0.4 亿美元。 事件: 在对等关税等因素扰动下,核心客户份额持续提升,运动客户订单增速领先,驱动公司营收实现稳健增 长。 投资建议:晶苑 ...
晶苑国际(02232):业绩超预期表现,客户优势持续凸显
NORTHEAST SECURITIES· 2025-08-21 08:42
[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 业绩超预期表现,客户优势持续凸显 ---晶苑国际 2025 中报点评 事件: [Table_Summary] 公司发布 2025 年中报。2025H1 营业收入同比增长 12.4%至 12.3 亿美 元,归母净利润同比增长 16.8%至 1 亿美元。 点评: 产能持续扩张承接订单增长。2024 年公司员工数量同增 1 万人,2025H1 公司生产基地新聘约 4000 名员工以提升产能。预计公司 2025 及 2026 年 维持稳健的产能扩张节奏。此外,公司已进行欧洲地区产能布局考察, 后续有望进行布局以强化产能多元布局优势。 盈利能力稳步提升。2025H1 公司毛利率同比提升 0.2pct 至 19.7%,休闲 / 运 动 户 外 / 牛 仔 / 内 衣 / 毛 衣 毛 利 率 分 别 同 比 +0.7pct/-0.2pct/- 0.1pct/+1.3pct/-2.2pct 至 20.5%/20.7%/16.4%/20.8%/20.4%。休闲服及内衣 毛利率提升预计主要系生产效率提升贡献。费用端,销售及分销开支比 例稳定为 ...
晶苑国际(02232):业绩超市场预期,下半年新拓欧洲大客户
HUAXI Securities· 2025-08-20 14:48
Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company exceeded market expectations in H1 2025 with revenue, net profit, and operating cash flow of $1.229 billion, $98 million, and $155 million respectively, representing year-on-year growth of 12.4%, 16.8%, and 255.4% [2] - The company plans to expand its customer base in Europe in the second half of 2025, which is expected to drive future growth [3] - The company declared a dividend of 16.3 HK cents per share for H1 2025, up from 13.8 HK cents in H1 2024, with a payout ratio of 60% and an annualized dividend yield of 5.4% [2] Financial Performance - In H1 2025, the company achieved a gross margin of 19.7%, a slight increase of 0.2 percentage points year-on-year, primarily driven by improved production efficiency in leisure and underwear segments [4] - The net profit margin for H1 2025 was 8.0%, up 0.3 percentage points year-on-year, with stable administrative and R&D expenses [4] - The company’s inventory increased by 18.51% year-on-year to $352 million, leading to an increase in inventory turnover days by 4 days to 59 days [5] Growth Strategy - The company aims to leverage growth opportunities in Europe and Asia, with a focus on expanding its customer base and establishing new production facilities [3][6] - The company’s revenue forecast for 2025 is set at $2.813 billion, with net profit expected to be $235 million, corresponding to an EPS of $0.08 [7] - The company is expected to benefit from the recovery of denim and underwear customer segments, as well as the growing demand in the women's sports market [6][7] Valuation Metrics - The projected PE ratios for 2025, 2026, and 2027 are 9, 8, and 7 respectively, indicating a favorable valuation outlook [7] - The company’s revenue is expected to grow at a CAGR of approximately 13.91% from 2025 to 2026 [9]
南极电商股价微涨0.85% 股东总人数披露超9.7万户
Jin Rong Jie· 2025-08-15 20:15
Group 1 - The latest stock price of Nanji E-commerce is 3.56 yuan, an increase of 0.03 yuan from the previous trading day, with a trading range of 3.51-3.57 yuan and a total transaction volume of 1.38 billion yuan, resulting in a turnover rate of 1.97% [1] - The company's current total market capitalization is 8.739 billion yuan, and the dynamic price-to-earnings ratio is negative [1] - As of August 8, the total number of shareholders is 97,537 [1] Group 2 - The company operates in brand licensing, e-commerce services, and supply chain management, representing a light asset operation model [1] - Nanji E-commerce conducts licensing business through its brand matrix, primarily covering consumer categories such as homewear and underwear [1] Group 3 - On the observation of capital flow, there was a net inflow of 3.6955 million yuan from main funds on that day, but over the past five trading days, there has been an overall net outflow of 57.0244 million yuan [1]
内衣周刊|内衣行业大咖深度调研全国市场,探寻破局之路
Sou Hu Cai Jing· 2025-08-06 09:17
Core Insights - The investigation team has initiated a market research trip to Shandong Province, focusing on Jinan and Linyi, to explore the current state of the lingerie market and identify potential solutions for industry challenges [1][4][11] Group 1: Market Conditions - In Jinan, local lingerie agents and retailers discussed the increasing consumer demand for high-quality lingerie, emphasizing the importance of fabric comfort and functional features such as breathability and shaping effects [1] - The lingerie market is facing severe product homogenization, making it difficult to meet the diverse needs of consumers [1] - Economic conditions have led consumers to be more cautious in their purchasing decisions, with a preference for products that offer high cost-performance ratios [1] Group 2: Retail Challenges - In Linyi, retailers reported a significant decline in foot traffic, which is currently their biggest challenge [4] - Although online sales have seen some growth, physical stores remain crucial sales channels, highlighting the need to enhance the attractiveness of brick-and-mortar locations [4] - Intense competition has resulted in lower prices for similar products, leading to shrinking profit margins for retailers [4] Group 3: Industry Responses - Company leaders, including Chairman Zhou Xuze of Huamei Fashion Group, emphasized the importance of product development and quality improvement, planning to optimize product structures based on market feedback [9] - Chairman Lei Yangyong of Huayang Lingerie highlighted the significance of differentiated competition, advocating for unique brand positioning and product features to attract target customer groups [9] - Industry media representatives, such as Editor-in-Chief Xia Shangwen, provided insights into market trends and consumer psychology changes, offering new strategies for businesses [9] Group 4: Future Outlook - The research is not only a deep analysis of the current challenges in the lingerie market but also an active exploration by industry leaders to find solutions [11] - The investigation team plans to visit more cities to continue gathering market information, contributing to the recovery and development of the lingerie industry [11] - There is optimism that through these efforts, the lingerie industry can find opportunities for growth and development amidst current difficulties [11]
内衣自产产能利用率低 浪莎股份出租1.27万平方米厂房
2024年度,浪莎股份内衣生产量为400.42万套,上一年度为454.34万套。其中,公司内衣设计产能259万 套,年自产量为47.32万套,产能利用率仅为18.27%,较上一年度数据大幅下滑(2023年自产量为71.78万 套,产能利用率为27.71%。);OEM(代工)产量353.1万套,上一年度为382.56万套。 此外,浪莎股份短裤、文胸2024年度的产能利用率也分别只有14.54%、7.70%。 2024年度,浪莎股份营收3.8亿元,同比下降2.08%。对此,浪莎股份表示,2024年虽然服务消费强势回 升带动了商品消费需求增长,但是普通消费类产品受宏观环境影响,特别是纺织内衣产品市场竞争激 烈,致使本期公司营业收入有所下降。今年一季度,公司营收6460.18万元,同比下降9.65%。 业绩波动的同时,浪莎股份管理层的变化更令外界关注。6月下旬,两位被视为接班人的家族二代成员 ——翁晓锋(创始人翁关荣之子)和翁晓菲(创始人翁荣金之女)同时退出核心管理层。据媒体报道,上市 公司称此次管理层变动是出于公司内控管理调整,公司正尝试"去家族化",从"家族治理"向"职业经理 人"模式转型。 企查查显示,煦合企业 ...
筹划购买药品技术等资产组事项,南新制药三日涨近70%丨透视一周牛熊股
Market Overview - During the past week (July 28 to August 1), all three major A-share indices experienced declines, with the Shanghai Composite Index closing at 3559.95 points, down 0.94% for the week [2] - The Shenzhen Component Index closed at 10991.32 points, down 1.58%, while the ChiNext Index closed at 2322.63 points, down 0.74% [2] - Over 31% of stocks rose during the week, with 128 stocks increasing by over 15%, while 14 stocks fell by more than 15% [2] Top Gainers - Nanjing New Pharmaceutical (688189.SH) led the weekly gainers with a 78.01% increase, followed by Dongxin Technology (688110.SH) with a 53.68% rise [4] - Other notable gainers included Southern Road Machinery (603280.SH), Sixuan New Materials (301489.SZ), Dongjie Intelligent (300486.SZ), and Lide Man (300289.SZ), all with weekly gains exceeding 46% [4] Nanjing New Pharmaceutical - Nanjing New Pharmaceutical specializes in antiviral drugs and is currently planning to acquire a domestic pharmaceutical technology asset group, which has led to a significant stock price increase of nearly 70% over three days [5][7] - The company has faced continuous financial pressure, reporting net losses of -78.83 million yuan in 2022, -10.87 million yuan in 2023, and projected losses of -357 million yuan in 2024 [6] - The stock price surged by 17.01% and 20% on July 28 and 29, respectively, and reached a 20% limit up on July 31, closing at 17.14 yuan [7] Top Losers - Aimer Group (603511.SH) was the biggest loser, with a weekly decline of 23.19%, attributed to unmet performance targets leading to the repurchase and cancellation of restricted stock [9] - The company, which focuses on the design, production, and sales of lingerie and homewear, reported a revenue drop from 33.00 billion yuan in 2022 to 31.63 billion yuan in 2024, with a corresponding decline in net profit [10][12] - Aimer's stock experienced significant volatility, hitting a limit down on July 29 and closing at 15.97 yuan with a trading volume of 4.1 billion yuan [10]
从“荒漠建厂”到“东方美学”产业援疆,洁丽雅走出发展新路
Hang Zhou Ri Bao· 2025-07-30 10:05
Core Insights - The essence of business is defined as "value creation" by the new generation of Zhejiang merchants [1] - Jieliya Group has established itself as a leader in the home textile industry, with a brand value of 40.295 billion yuan, maintaining its position as the top company in the sector for 12 consecutive years [1] - The brand strategy has shifted to "Quality Xinjiang Cotton · China Jieliya," linking Xinjiang cotton with brand identity and achieving a transition from functional value to spiritual recognition [1][2] Group 1: Brand Development and Strategy - Jieliya Group's initial branding was closely tied to its product category, with the slogan "Towels must be Jieliya" [2] - The company expanded its product range from towels to a full home lifestyle category in response to market demands and e-commerce growth [2] - The investment in Xinjiang is seen as a long-term commitment to high-quality development and regional cooperation, leveraging the "Belt and Road" initiative [2][3] Group 2: Infrastructure and Economic Impact - The establishment of the Xinjiang production base has led to significant local development, transforming Aral into a modern city with improved infrastructure and living standards [3] - Jieliya's Xinjiang production base has a total investment of 2.7 billion yuan, with a production capacity of 20,000 tons of towels and 40,000 tons of dyeing and finishing [3] Group 3: Cultural Integration and Marketing - The brand emphasizes cultural confidence, integrating "Eastern aesthetics" into its product and marketing strategies [4][5] - Jieliya Group employs a dual strategy of product innovation and content marketing to connect with younger consumers, exemplified by the "National Color Elegant Rhythm" series [5] - The company aims to create a brand that embodies Chinese cultural charm and lifestyle, with Xinjiang cotton as a core material [5][6]