证券研究报告 | 2025年10月10日 纺织服装 10 月投资策略 优于大市 9 月越南纺服出口同比转正，羊毛价格上涨显著 行情回顾：9 月以来 A 股纺服板块走势弱于大盘，其中纺织制造表现优于品 牌服饰，截至 10/9 日，分别+0.1%/-1.6%；港股纺服指数弱于大盘，9 月以 来板块整体下跌。重点关注公司中 9 月以来涨幅领先的包括：新澳股份 (16.9%)/丰泰企业(14.9%)/阿迪达斯(11.6%)/儒鸿(10.8%)/申洲国际 (8.6%)/报喜鸟(7.6%)。 品牌服饰观点：1）社零：8 月服装社零同比增长 3.1%，增速环比提升，较 上月提速 1.3 百分点。9 月今年因较去年缺少中秋假期，同时气温仍然较热， 我们预计 9 月服装销售较 7-8 月有一定压力；去年十一假期受促销费政策带 动基数较高，今年受气温、以及出行客流增加分流影响，预计服饰销售存在 压力。2）电商：8 月电商户外品类增长保持领先，运动服饰/户外服饰/休闲 服饰/家纺/个护分别同比-1%/+22%/ -1%/-7%/-1%。运动服饰中，增速领先 的品牌包括迪桑特(51%)、露露乐蒙(35%)；户外品牌中，凯乐石(113 ...

行情回顾：9 月以来 A 股纺服板块走势弱于大盘，其中纺织制造表现优于品 牌服饰，截至 10/9 日，分别+0.1%/-1.6%；港股纺服指数弱于大盘，9 月以 来板块整体下跌。重点关注公司中 9 月以来涨幅领先的包括：新澳股份 (16.9%)/丰泰企业(14.9%)/阿迪达斯(11.6%)/儒鸿(10.8%)/申洲国际 (8.6%)/报喜鸟(7.6%)。 品牌服饰观点：1）社零：8 月服装社零同比增长 3.1%，增速环比提升，较 上月提速 1.3 百分点。9 月今年因较去年缺少中秋假期，同时气温仍然较热， 我们预计 9 月服装销售较 7-8 月有一定压力；去年十一假期受促销费政策带 动基数较高，今年受气温、以及出行客流增加分流影响，预计服饰销售存在 压力。2）电商：8 月电商户外品类增长保持领先，运动服饰/户外服饰/休闲 服饰/家纺/个护分别同比-1%/+22%/ -1%/-7%/-1%。运动服饰中，增速领先 的品牌包括迪桑特(51%)、露露乐蒙(35%)；户外品牌中，凯乐石(113%)、蕉 下(79%)、可隆(69%)较其他品牌增长强劲；休闲服饰中，江南布衣(65%)保 持快速增长，主要靠京东、天猫平台带 ...

各种形状的烤馕引得游客驻足。中国经济网记者 何欣摄 哈密瓜、葡萄等时令水果码成色彩鲜亮的"小山"。中国经济网记者 何欣摄 民族特色服饰摊位。中国经济网记者 何欣摄 夜幕下的新疆国际大巴扎灯火璀璨，是展现当地民俗风情与消费活力的生动窗口。刚出炉的烤馕冒着热气，摊主正为顾客分装；哈密瓜、葡萄等时令水 果码成色彩鲜亮的"小山"，吸引游客驻足选购；以新疆棉花为原料的玩偶、家纺等手工艺品陈列整齐，尽显本土物产特色。熙熙攘攘的人群中，各族群众与 游客穿梭其间，询价声、叫卖声与音乐声交织。 作为新疆文旅融合与特色产业发展的缩影，夜晚的大巴扎既延续着传统市集的烟火气，更彰显着当地蓬勃的民生图景。 摊主正为顾客分装烤馕。中国经济网记者 何欣摄 摊主正在制作烤馕。中国经济网记者 何欣摄 新疆国际大巴扎步行街。中国经济网记者 何欣摄 新疆国际大巴扎步行街。中国经济网记者 何欣摄 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff. ...

「喜人奇妙夜 2」正式定档 9 月 26 日，精彩即将拉开帷幕！ 还记得上次喜人们与舒达智能床碰撞出的奇妙火花吗？当喜剧的欢乐能量邂逅静谧的好眠氛围，二者交 融所产生的奇妙化学反应，至今仍让人回味无穷。 这一次，舒达决定将这份欢乐再度升级、无限放大——先享钜惠，再遇喜人！2025 年 9 月 15 日至 10 月 8 日，舒达「焕新奇妙季」将盛大开启。 此次活动，焕新优惠与奇妙体验双重福利强力加持。超值优惠活动全面覆盖床垫、床架、家纺、智能床 等全品类产品，让您在舒适的床上收获满满的惊喜与满足！同时，八位深受观众喜爱的喜人演员也将陆 续亮相八大城市的活动现场，与舒达再度携手合作。从舞台上的欢声笑语到床垫上的舒适好梦，舒达将 体验会全新升级为更加热闹非凡的"奇妙季"。八城的具体名单将陆续揭晓，请您持续关注，切勿错过与 喜人近距离互动的绝佳机会！ 与"喜人"共度"奇妙夜"，舒达「焕新奇妙季」再升级 没错！舒达「焕新奇妙季」，喜人又又又又来啦！这群用幽默与创意承包你无数笑声的"喜人"天团，将 分别空降八大城市的舒达线下活动现场，与大家近距离互动！ 想象一下，当您卸下一天的疲惫，全身心沉浸在舒达床垫与智能床所营造的云 ...

Core Viewpoint - The "Gui" brand Hechi silk cocoon and silk production and sales docking and industry investment promotion event was held in Beijing, highlighting the importance of Hechi's silk industry and its potential for investment and development [3][10]. Group 1: Event Overview - The event was attended by key officials including Hechi's Deputy Mayor and representatives from various industry associations and companies, emphasizing the collaborative effort to promote the silk industry [3][6]. - The event featured two main segments: the production and sales docking meeting and the "Southern Silk Nest" brand fashion release [10]. Group 2: Industry Significance - Hechi is recognized as a critical node in the Western Land-Sea New Corridor and has a strong reputation in the silk industry, being the top city in China for mulberry cultivation and cocoon production for 20 consecutive years [6][9]. - The region aims to enhance its silk industry by establishing a credible data space and a digital innovation center for the silk industry, facilitating the entire supply chain from mulberry planting to silk trading [6][7]. Group 3: Investment Opportunities - Hechi is positioned as an attractive investment destination due to its strategic location and favorable policies, inviting investors to focus on the region for project development [7]. - The local government is committed to optimizing the business environment, ensuring a supportive atmosphere for entrepreneurs [7]. Group 4: Product Development - The Guangxi region, where Hechi is located, is a leader in the silk industry, with efforts to enhance product quality and diversify offerings, including high-value silk products [9]. - The event included discussions on brand building and strategies for enhancing the Hechi silk brand, showcasing the potential for growth in the silk market [10].

Core Viewpoint - Mousse Health Sleep Co., Ltd. is facing serious allegations from its distributors regarding profit exploitation, mandatory store renovations, and potential financial misconduct, which the company has denied, claiming compliance with accounting standards [1][17]. Group 1: Distributor Complaints - Several distributors from Jiangsu and Chongqing have reported that Mousse coerces them into regular store renovations to extract profits and imposes various fines categorized as "off-balance income" [1][4]. - Distributors allege that Mousse compresses the sales cycle for new products, forcing them to purchase unsold inventory, which inflates the company's sales figures [11][6]. - A distributor reported losses exceeding 10 million yuan due to Mousse's practices, including mandatory procurement of store decorations exclusively from the company [6][11]. Group 2: Company Response - Mousse has publicly stated that the allegations from distributors are unfounded and that the company operates legally and in accordance with accounting principles, with all financial reports receiving "standard unqualified opinions" from auditing firms [1][17]. - The company emphasizes its commitment to treating distributors as strategic partners and aims for mutual growth [17]. Group 3: Historical Context - This is not the first instance of distributor complaints; in 2023, a collaboration with influencer Xinba led to significant dissatisfaction among distributors when a mattress priced at 20,000 yuan was sold for under 5,000 yuan during a live stream [17][18]. - In 2021, a former distributor publicly accused Mousse of IPO data fraud and tax evasion, which the company also denied, asserting compliance with tax laws [18]. Group 4: Financial Performance - Mousse's revenue heavily relies on its distribution model, with 74.13% of its revenue in 2024 coming from distributors, amounting to approximately 4.15 billion yuan [19][21]. - The company's total revenue for 2024 was approximately 5.60 billion yuan, showing a slight increase of 0.43% compared to the previous year [21].

Market Overview - The textile and apparel sector has shown resilience in mid-term performance, with the sports segment leading apparel consumption [1][12] - In August, the A-share textile and apparel sector slightly underperformed the broader market, but has shown stable performance since September, with brand apparel outperforming textile manufacturing [1][12] Brand Apparel Insights - Retail sales of clothing in July grew by 1.8% year-on-year, with a slight deceleration compared to the previous month [1] - E-commerce growth in July rebounded significantly, with outdoor sports leading the way; growth rates for various segments included sports apparel at +11%, outdoor apparel at +26%, and home textiles at +10% [1] - Notable brand performances included Decathlon with +63%, Puma with +41%, and Lululemon with +39% in sports apparel; outdoor brands like Kailas and Arc'teryx also showed strong growth [1] Textile Manufacturing Insights - In August, Vietnam's textile exports fell by 4.5% year-on-year, while China's textile exports improved slightly with a growth rate of 1.4% [2] - The export performance of apparel and footwear from China was poor, with declines of 10.1% and 17.1% respectively [2] - The price of cotton showed slight fluctuations in August, with a small decline noted in September [2] Sector Performance Summary - For the first half of 2025, textile manufacturing revenue grew by 7.8% year-on-year, while the apparel and home textile sector faced a decline of 6.4% [3] - The gross margin for the textile manufacturing sector remained stable at 19.4%, while the apparel and home textile sector's gross margin increased slightly to 46.1% [3] - Key players in the apparel sector, such as Anta and Xtep, maintained steady growth in revenue and profit, while non-sports apparel faced significant challenges [3] Investment Recommendations - Focus on undervalued leaders with strong fundamentals in brand apparel, particularly in the sports segment, with recommendations for Anta Sports, Xtep International, and Li Ning [6] - In textile manufacturing, recommend companies with significant rebound potential and strong fundamentals, such as Shenzhou International and Huayi Group [6]

Core Insights - Nantong's home textile industry has an annual output value of 220 billion, accounting for 55% of the national market share [1] - The industry faces challenges from market changes, design infringement, and data constraints [1] - Traditional design processes were slow and prone to piracy, leading to annual losses of 100 million [1] - The introduction of privacy computing and blockchain technology is creating a trusted data space [1] - The industry is now able to facilitate the circulation of 300,000 square meters of data [1] - AI technology is being utilized for originality protection, enhancing design efficiency to eight times the previous rate [1] - Quality inspection rates have improved by 80%, indicating a significant transformation in the textile sector [1]

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]

Core Viewpoint - The company, China Light Textile City, demonstrated a solid financial performance in the first half of 2025, achieving a revenue of 515 million yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 167 million yuan, reinforcing its position as the world's largest textile distribution center [1][2]. Financial Performance - In the first half of 2025, the company reported a revenue of 515 million yuan, up 8.9% year-on-year, and a net profit of 167 million yuan [1]. - The rental business showed steady growth, with revenue reaching 484 million yuan, a year-on-year increase of 16.46% [3]. Business Model and Market Position - The company has established itself as an indispensable part of China's textile industry, benefiting from a complete industrial chain from upstream to downstream [3]. - The traditional business model is solid, but the company recognizes the need for digital transformation to open new growth avenues [5][6]. Digital Transformation - The management is committed to digital transformation, leveraging AI technology to enhance trading models and create new growth opportunities [6][7]. - The company plans to develop three intelligent platforms to integrate various data types, enhancing market and product capabilities [6][7]. New Business Initiatives - The company is expanding its self-operated trade business, focusing on professional trade services to address market pain points and capture unmet demand in foreign markets [9][10]. - The establishment of a trade company aims to provide centralized procurement and supply chain management services, enhancing market reach [9]. Strategic Shift - The company is transitioning from a market manager to an industry operator, expanding its revenue sources beyond rental income to include platform service fees and trade commissions [11]. - The online trading platform will integrate logistics, payment, and financial services, enhancing service capabilities for textile merchants [11]. Future Outlook - The company is expected to evolve into a more digitalized entity, with a focus on data as a valuable asset driving its future growth [12][13]. - The transformation is seen as an evolution rather than a disruption, positioning the company as a core node in the global textile industry's digital ecosystem [14].