12月26日，为期三天的2025中国(上海)国际男士生活方式博览会举行，本届博览会以"勇立潮头，更懂 生活"为主题，聚焦"他经济"，集中展示智能穿戴、功能性服饰及绿色工艺等创新成果。 ...

目前各项筹备工作有序推进。此次活动将为全球观众呈现一场"冰雪+时尚+科技+文旅+消费"多元赋能 的时尚盛宴，助力哈尔滨打造国际创意设计和时尚科技首发高地。(完) 国际化阵容是本届时装周的另一亮点。目前活动已邀请30个国家的优秀设计师参与，带来原创首发作 品，累计吸引70多个国家和地区的1300多位设计师参与。 中新网黑龙江新闻12月24日电(记者 刘锡菊)23日，记者在哈尔滨市人民政府新闻办召开的新闻发布会上 获悉，2026第十二届哈尔滨国际时装周将于2026年1月9日启幕。本届时装周以"冰雪筑霓裳 时尚链世 界"为主题，聚焦"时尚设计、品牌赋能、产业聚合、文旅联动"等主线，将科技元素与冰雪时尚深度融 合，打造兼具专业高度与产业价值的国际时尚盛会。 本届时装周亮点纷呈。活动采用"42211"全景体系，涵盖"专业时装周、冰雪时尚游、全民消费节"三大 板块，其中"两场沙龙"成为科技与产业融合的核心载体。哈尔滨冬夏近50℃的天然温差，既是户外服装 科技研发测试的天然实验室，更是时尚产业创新的重要策源地。2026年1月10日即将举办的"50℃温差· 时尚产业沙龙"，将聚焦产业发展趋势、新材料新科技等多个维度进行深度交 ...

瑞财经 王敏 12月19日，尚睿科技股份有限公司（以下简称"尚睿科技"）发布北交所IPO辅导工作完成报 告，辅导机构为广发证券。 尚睿科技于2024年2月开展辅导工作，至本报告签署之日，报送七期辅导工作进展。 尚睿科技成立于2011年1月，法定代表人为程天乐，注册资本5290万元。公司是一家主要从事消费类自 主品牌产品研发、设计和销售的跨境电商企业，主要产品类型涵盖功能性服饰、家居生活、数码科技和 创客硬件四大品类。 | 项目 | 2024年1月-6月 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | | 营业收入(万元) | 52.663.43 | 141.564.37 | 119.961.38 | | 净利润(万元) | 3.647.05 | 10.114.18 | 7,769.51 | | 归属于申请挂牌公司股东的净利润(万 兀) | 3.638.14 | 9.875.90 | 7,703.62 | | 扣除非经常性损益后的净利润(万元) | 3, 520. 93 | 10. 442. 58 | 7.856.06 | | 归属于申请挂牌公司股东的扣除非经常 ...

Investment Rating - The report maintains a "Recommended" rating for the textile and apparel industry [1] Core Insights - The central economic work conference emphasizes the importance of domestic demand, which is expected to boost consumer confidence in the textile and apparel sector. The retail sales of clothing showed a cumulative year-on-year growth of 3.5% from January to October 2025, with a notable increase of 6.3% in October alone, indicating a potential shift from "moderate recovery" to "accelerated warming" in 2026 [3] - Despite challenges such as tariff fluctuations and overseas inventory cycles, textile exports maintained a positive growth of 1.2% year-on-year from January to November 2025. However, apparel exports faced a decline of 3.7% during the same period, highlighting the pressure on finished garment exports [3] - The report highlights the significance of innovation and technological advancement in the industry, with leading companies focusing on product innovation and digital transformation to enhance competitiveness and meet evolving consumer demands for high-quality and sustainable products [3] - Investment suggestions include focusing on high-demand outdoor sports brands and textile manufacturers with overseas production capabilities. Recommended companies include Anta Sports, Li Ning, and Shenzhou International, among others [3]

Group 1: Market Overview - In the first half of 2025, retail sales of clothing, shoes, hats, and textiles reached 742.6 billion yuan, showing a year-on-year growth of 3.1% [1] - The resilience and vitality of China's clothing consumption market continue to be released, driven by policies promoting consumption [1] Group 2: Material Trends - Natural materials, particularly linen and ramie, are leading a new wave of consumer trends, permeating the fashion industry from high-end custom to mass-produced garments [1] - In Shenzhen's Nanyou clothing market, linen apparel has become a mainstream category since its rise in the second half of 2024, with vibrant colors boosting sales significantly [3] Group 3: Functional Apparel Growth - The demand for functional apparel is experiencing explosive growth, with consumers seeking comfort and visual relaxation, leading to a significant increase in raw material prices [4] - The market for high-performance outdoor apparel is projected to grow from approximately 102.7 billion yuan in 2024 to 121.3 billion yuan in 2025, reflecting a year-on-year increase of 16.6% [10] Group 4: Innovation in Fabric and Design - Fabric innovation is rapidly reshaping consumer experiences, with a rising demand for functional apparel driven by the popularity of sports trends [5] - Designers are utilizing special eco-friendly fabrics that combine leather-like gloss with wind and water resistance for upcoming collections [7] - A textile company has developed functional silk fabric that addresses traditional silk's shortcomings, expanding its applications and becoming a new profit growth point [8] Group 5: Fast Fashion Adaptation - The fast fashion industry is under pressure to meet increasing consumer demands for rapid product updates, leading to the adoption of a "small batch quick response" model [15] - This model allows manufacturers to compress the production cycle from over three months to under a week, achieving zero inventory goals by aligning production with market demand [15]

Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry [5] Core Insights - The high-end outdoor sports market remains vibrant both domestically and internationally, with a notable shift in China's consumer market towards a more competitive landscape where strong brands outperform [4][25] - The report highlights the competitive advantages and moats of leading brands, recommending investments in Anta Sports (02020, Buy), Li Ning (02331, Buy), and Xtep International (01368, Buy), while suggesting to pay attention to Biyinlefen (002832, Buy) and Baoxini (002154, Buy) [4][25] Summary by Sections Financial Performance - Amer Sports reported a revenue of $5.183 billion for 2024, an 18% year-on-year increase, exceeding the guidance of 16-17% [7][8] - The adjusted operating profit margin for 2024 was 11.1%, up 1.3 percentage points year-on-year, also above the guidance of 10.5-11% [7][8] - In Q4 2024, revenue reached $1.636 billion, a 23% increase year-on-year, with a gross margin of 56.1%, up 3.7 percentage points [9][19] Segment Performance - Functional apparel drove overall revenue growth in Q4 2024, with revenue of $745 million, a 33% increase year-on-year [12][14] - Outdoor apparel revenue was $594 million, up 13% year-on-year, primarily driven by Salomon brand [12][14] - Revenue from ball sports and racquet sports reached $296 million, a 22% increase year-on-year [13][14] Regional Insights - The Greater China region remains a key growth engine, with Q4 revenue increasing by 54% year-on-year, followed by the Asia-Pacific region at 52% [16][19] - The Americas and EMEA regions saw revenue growth of 15% and 8% respectively [16][19] Future Guidance - For 2025, Amer Sports projects a revenue growth rate of 13-15%, with specific guidance for functional apparel at 20%, outdoor apparel in the low double digits, and ball sports in the low to mid double digits [21][22] - The company anticipates an operating profit margin of 11.5%-12% for 2025, leaning towards the lower end of the range due to macro uncertainties [21][22] Store Expansion Plans - Amer Sports plans to open 200 stores for the Arc'teryx brand in North America, 75-100 in Europe, 75-100 in the Asia-Pacific region (excluding China), and 150-200 in China by 2025 [24][22]