2026年03月01日 亚玛芬 25 年业绩超预期，比音增持计划彰显信心 《比音勒芬 (002832) 点评：控股股东一 致行动人拟大举增持，彰显发展信心》 2026/02/28 《亚玛芬体育 (AS) 点评: 收入利润均超 预期，26 年收入展望延续高增》 2026/02/27 《冬奥会火热进行，关注运动板块赛事催 化 -- 纺织服装行业周报 20260223》 2026/02/23 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com -纺织服装行业周报 20260301 相关研究 申万宏源研究微信服务号 本期投资提示: 版分分析 请务必仔细阅读正文之后的各项信息披露与声明 纺织服员饰 看好 本周纺织服饰板块表现弱于市场。2 ...

纺织服饰 2026 年 02 月 27 日 亚玛芬体育 (AS) ——收入利润均超预期，26 年收入展望延续高增 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 | 市场数据： | 2026 年 2 月 26 日 | | --- | --- | | 收盘价（美元） | 38.69 | | 纳斯达克指数 | 22878.38 | | 52 周最高/最低（美元） | 42.76/20.21 | | 总市值（亿美元） | 215.76 | | 流通股（亿股） | 5.58 | | 汇率（人民币/美元） | 6.85 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 A0230523070002 liupei@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 投资要点： 财务数据及盈利预测 | 货币单位：美元 | FY2024 | FY2025 | FY2026E | FY202 ...

Group 1: Amer Sports Performance - Amer Sports reported a 27% year-on-year revenue growth for FY2025, reaching $6.566 billion, with an adjusted net profit of $545 million, up from $236 million in 2024 [7][8] - The fourth quarter of 2025 saw a revenue increase of 28% year-on-year to $2.101 billion, with an adjusted net profit of $176 million, compared to $90 million in Q4 2024 [8] - The management guidance for 2026 indicates a revenue growth of 16-18% at constant exchange rates, with an operating profit margin of 13.1-13.3% [8] Group 2: Silver Economy and Sports Industry - The aging population in China is creating significant opportunities in the silver economy, particularly in the sports industry and products catering to older adults [9][10] - The sports apparel market is projected to reach ¥437.7 billion by 2025, with outdoor trail running shoes expected to grow over 150% [9] - The demand for professional running shoes priced above ¥200 is anticipated to maintain double-digit growth, driven by increased health awareness among the elderly [9] Group 3: Lithium Industry Insights - The lithium market is experiencing tightening supply and low inventory levels, with global lithium demand expected to reach approximately 200,000 tons LCE in 2026 [12][14] - Domestic lithium supply is not yet at large-scale production levels, and there are potential disruptions in supply due to regulatory changes and production delays [13] - The anticipated demand from both power and energy storage batteries is expected to drive lithium prices upward, with projections suggesting prices may exceed ¥200,000 per ton in the near term [14] Group 4: Chemical Industry Policy Impact - Recent tax incentives for marine oil and gas exploration are aimed at reducing import costs for essential equipment, thereby enhancing domestic oil and gas supply capabilities [15][16] - The policy is expected to improve the internal rate of return for marine exploration projects and support the development of deep-sea oil fields [16] Group 5: Matrix Holdings Performance - Matrix Holdings is positioned as a leading high-end interior design company, with a significant recovery in profitability expected as the real estate market stabilizes [19][20] - The company anticipates a substantial increase in net profit for 2025, projected to be between ¥58 million and ¥80 million, reflecting a year-on-year growth of 72%-137% [19] - The introduction of an "AI + Design" platform is expected to enhance operational efficiency and profitability in the design process [20] Group 6: Anfu Technology's Strategic Shift - Anfu Technology has transitioned from retail to becoming a leader in the small battery sector through its acquisition of Nanfu Battery, which has shown consistent revenue growth [21][22] - The company plans to acquire the remaining shares of Nanfu Battery to enhance profitability further [22] - Anfu is also investing in high-tech sectors, including AI and semiconductor manufacturing, to diversify its business model [21][22]

其中，中国市场成为亚玛芬业绩增长的重要动力。大中华区全年收入同比增长43.4%至18.6亿美元，在 2024年四季度增速也达到了41.8%。作为对比，亚玛芬北美地区全年收入同比增长14.3%至21.3亿美元， EMEA（欧洲、中东和非洲地区）全年收入同比增长19.3%至18.1亿美元。 21世纪经济报道记者贺泓源、徐鸿儒 运动户外市场的两极分化似乎正在加剧。 2月24日，始祖鸟母公司亚玛芬体育披露了截至2025年12月31日的2025财年及第四季度业绩。财报显 示，在2025财年，亚玛芬营收同比增长27%至65.66亿美元；调整后净利润进一步增长至5.45亿美元2024 年为2.36亿美元。 在2025年第四季度，亚玛芬营收同比增长28%至21.01亿美元；调整后净利润为1.76亿美元 ，2024年同 期为0.9亿美元。 亚玛芬与李宁们的业绩差异，或许指向多种原因。 一方面，以始祖鸟为代表的高端消费市场，可能就是比中端市场更坚挺一些。毕竟，高端市场的总体规 模也更小。比如，2024年，李宁整体营收达到286.8亿元人民币，远超亚玛芬在华127.77亿元人民币的销 售额。 同时，户外运动市场，可能确实具有相当大 ...

安踏主导下，亚玛芬业绩高速增长，近日，亚玛芬交出一份亮眼的成绩单。2025年财报，亚玛芬营收增 长27%；净利润增长超400%，多业务均实现增长。但一路狂奔的亚玛芬也并非没有隐忧。始祖鸟营销 翻车造成的舆论危机似乎在敲响警钟，短期的流量收割与长期品牌价值的坚持如何平衡，成为亚玛芬狂 奔路上的考验。 增长 2025年，亚玛芬营收达65.66亿美元，同比增长27%；在固定汇率基准下同比增长26%。分业务板块来 看，户外功能性服饰2025年全年同比增长30%至28.56亿美元；山地户外服饰及装备全年同比增长31%至 24.04亿美元；球类及球拍装备全年同比增长13%至13.07亿美元。从各地区的发展来看，亚玛芬的表现 可圈可点。2025年，大中华区收入18.62亿美元，同比增长43.4%；亚太地区收入7.73亿美元，同比增长 50.7%；美洲地区收入21.26亿美元，同比增长14.3%；欧洲、中东和非洲地区（EMEA）收入18.06亿美 元，同比增长19.3%。 净利润方面，2025年，亚玛芬归属于公司股东的净利润同比增长489%至4.27亿美元，稀释后每股收益 0.76美元；调整后净利润同比增长131%至5.45 ...

证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% |  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

|  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

Core Viewpoint - Anta Sports has reached an agreement to acquire 29% of Puma's shares for €1.5 billion, aiming to leverage Puma's brand and technology to enhance its overseas expansion strategy [2][4]. Group 1: Acquisition Details - The acquisition involves purchasing 43 million shares of Puma at €35 per share, representing a 60% premium over the closing price on January 26 [4]. - The deal is subject to approval from Anta's shareholders and regulatory bodies, with plans to complete the acquisition by the end of 2026 [5]. Group 2: Anta's Financial Performance - For the fiscal year 2024, Anta's sales are projected to grow by 14% year-on-year, reaching RMB 70.8 billion, with a net profit increase of 52% to RMB 15.5 billion [7]. - Anta's growth strategy includes a multi-brand approach, expanding its brand portfolio through acquisitions and investments, such as the purchase of FILA's China business in 2009 and investments in Amer Sports [7]. Group 3: Puma's Current Situation - Puma reported a loss of €308.9 million for the first nine months of 2025, compared to a profit of €257.1 million in the same period the previous year, with sales in Asia declining by 9% [9]. - The company is undergoing structural reforms to reset its business strategy, including inventory clearance and sales network restructuring, but has not yet shown signs of improvement [9]. Group 4: Strategic Implications - The partnership with Puma is expected to enhance Anta's market competitiveness by sharing resources such as supply chains and logistics, which could benefit both brands [9]. - Anta's collaboration with Puma aims to strengthen its international market presence and gain operational experience in global markets, complementing its existing Southeast Asian operations [10].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：野马财经 拿下彪马，如何驭马是关键。 即将进入农历马年，安踏体育（2020.HK）"牵"马进厩！ 1月27日，安踏体育宣布，与彪马大股东Artémis订立购股协议，拟收购彪马公司（PUMA SE）29.06% 股权，对价为每股普通股35欧元，合共15.06亿欧元（不含税）（约合人民币122.78亿元）。收购彪马利 于安踏体育继续鏖战全球市场，其强调，成为彪马最大股东后，集团有望进一步提升在全球体育用品市 场的地位及品牌知名度，从而增强整体国际竞争力。 中国企业资本联盟副理事长、中国区首席经济学家柏文喜认为，彪马定位专业运动与潮流市场的结合， 恰好填补安踏体育现有布局的空白。安踏体育主品牌主打大众专业运动，斐乐定位高端时尚，始祖鸟专 注专业户外，而彪马在足球、跑步、赛车等领域的深厚积淀，以及其在年轻消费群体中的潮流影响力， 将与现有品牌形成互补。 盘古智库高级研究员江瀚认为，收购彪马显著强化安踏体育"多品牌+全球化"布局，彪马作为全球第三 大运动品牌，在欧美及新兴市场拥有成熟渠道与年轻化品牌形象，可弥补安踏在国际高端市场的短板。 安 ...

Core Viewpoint - The article discusses the strategic significance of the Swedish outdoor brand Haglöfs, referred to as "火柴棍" (matchstick), for Li Ning's multi-brand operation capabilities in the high-end outdoor market [3][5]. Group 1: Company Overview - Haglöfs has opened its first VASA concept store in Shanghai, marking its 21st store in mainland China, and is a flagship project under a joint venture between Li Ning's family-controlled company and Ryan Capital [4][5]. - Li Ning Group reported a revenue of 14.817 billion yuan for the first half of 2025, a year-on-year increase of 3.3%, with a market capitalization of approximately 44.2 billion yuan and a price-to-sales ratio of about 1.5 times [5]. - In comparison, Anta Group achieved a revenue of 38.544 billion yuan, a 14.3% year-on-year increase, with a market capitalization of around 200.6 billion yuan and a price-to-sales ratio of 2.6 times [5]. Group 2: Market Positioning - The outdoor market is characterized by clear segmentation, with high-end brands like Arc'teryx and Patagonia dominating consumer perception, while domestic brands like KAILAS are also making strides [9][10]. - Haglöfs needs to establish its positioning in a crowded market, where it faces challenges in brand recognition and competition from both international and domestic brands [10][23]. Group 3: Market Trends - The outdoor sports participation in China has surpassed 400 million, indicating a shift from niche to mass consumption, with significant growth in the ice and snow industry and climbing market [24][25][26]. - The online sales growth of sports and outdoor apparel has consistently outpaced the overall apparel market, highlighting a favorable trend for these segments [27]. Group 4: Strategic Challenges - Haglöfs faces challenges in brand recognition, as it is perceived as a second-tier brand internationally, which may hinder its market penetration in China [23]. - Li Ning's multi-brand strategy has shown mixed results, with the performance of acquired brands like Clarks and Bossini under scrutiny, raising questions about the operational capabilities of Li Ning in managing diverse brands [35][39]. Group 5: Future Outlook - The success of Haglöfs is crucial for Li Ning's high-end strategy, as it could enhance Li Ning's competitive position against Anta in the multi-brand landscape [45]. - However, the future of Haglöfs in the Chinese market remains uncertain due to challenges in brand recognition, intense competition, and the operational effectiveness of its parent company [45].