行 业 及 产 业 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 看好 ——纺织服装行业周报 20260301 相关研究 《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 本期投资提示： 究 / 行 业 点 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅 ...

Core Performance Highlights - In the first half of 2025, the company achieved operating revenue of 2.103 billion yuan, representing a year-on-year growth of 8.63% [1][2] - The net profit reached 414 million yuan, showcasing the company's strong brand competitiveness with a gross margin of 75.92% [2] - The operating cash flow net amount was 336 million yuan, with available funds reaching 2.6 billion yuan, indicating robust financial health [1] Strategic Initiatives and Market Positioning - The company has significantly increased its online sales revenue by 71.82%, contributing to 10.18% of total revenue, driven by partnerships with platforms like Tmall and JD [5][7] - The brand's young consumer strategy is evident, with 70% of new offline VIP members being born in the 1980s and 1990s, and over 30% of Tmall flagship store followers being under 30 [5][7] - The company has expanded its physical presence with 1,328 stores, including 672 direct-operated and 656 franchised stores, enhancing its market penetration [5][7] Innovation and R&D Investment - The company has increased its R&D investment to 3.92% of revenue, focusing on fabric, process, and design innovations to strengthen product competitiveness [8] - The core apparel category has seen a year-on-year growth of 12%, reflecting the effectiveness of the company's innovation strategy [8] Long-term Growth Strategy - The company aims for a tenfold growth over the next decade, targeting total revenue of 30 billion yuan by 2033, with its core brand contributing 15 billion yuan [9] - The strategic focus on high-end, youthful, and international markets is expected to solidify the company's position as a long-term growth benchmark in the high-end apparel sector [9]

Investment Rating - The report emphasizes the importance of stabilizing the stock and real estate markets to boost consumer spending, indicating a positive outlook for the consumption sector as asset prices stabilize [3][4]. Core Insights - The relationship between asset prices and consumer spending is complex, with asset price increases leading to higher income levels and economic activity, which in turn boosts consumption [3][5]. - The report highlights that real estate assets dominate household wealth in China, making housing price stability crucial for consumer confidence and spending [3][10]. - The impact of asset price fluctuations on discretionary consumption is more pronounced than on essential consumption, with discretionary spending responding more immediately to asset price changes [24][30]. - The report identifies key investment themes in the consumption sector, including smart consumption driven by technological advancements, the preferences of Generation Z, and the aging population's consumption needs [3][32]. Summary by Sections 1. Impact of Asset Prices on Consumption - The report outlines five main effects through which asset prices influence consumption: wealth effect, expectation effect, borrowing effect, savings effect, and cultural effect [5][6]. - It notes that the wealth and expectation effects are dominant, with a growing influence from borrowing and savings effects [6][10]. 2. Differences in Impact Between Housing and Stock Prices - Housing assets significantly outweigh financial assets in Chinese households, leading to a greater impact of housing price changes on consumer behavior compared to stock prices [10][12]. - The report discusses the synchronized movements of housing and stock prices, noting that while they often rise and fall together, their effects on consumption differ [19][20]. 3. Consumption Categories and Asset Price Influence - The report categorizes consumption into essential and discretionary, stating that asset price changes have a more immediate effect on discretionary spending [24][30]. - It emphasizes the need for updated classifications of consumption categories to reflect changing consumer behaviors and preferences [30]. 4. Investment Strategies Based on Asset Price Trends - The report suggests differentiated investment strategies for high-end and mass-market products, indicating that high-end products tend to perform well in strong liquidity environments [32][34]. - It highlights the importance of aligning investment strategies with the current economic cycle and consumer trends [32][34]. 5. Sector-Specific Insights - The report provides insights into specific sectors such as high-end liquor, where the relationship between asset prices and consumption is particularly strong [39][40]. - It also discusses the performance of high-end traditional Chinese medicine products, noting their resilience despite economic fluctuations [55][58].