与流行文化巨星泰勒·斯威夫特（Taylor Swift）订婚后，橄榄球运动员特拉维斯·凯尔西（Travis Kelce）好事不断。 全球都在期待这对超级夫妇的首次合体亮相。 1989年10月出生的凯尔西喜欢标签、印花、大胆的颜色，他常常将比赛日变成T台时刻，大秀个人品味。现在，这位时尚达人开始打造自己的商业帝国。 2019年，他创立个人生活方式品牌Tru Kolors，以90年代复古运动装备为灵感，推出一系列运动休闲产品。2022年，Tru Kolors与凯尔西所在球队（堪萨斯城 酋长队）合作，成为首个由NFL球员与NFL球队官方合作推出商品的品牌。 "霉霉"与凯尔西的恋情始于2023年9月，也是从那时起，这位橄榄球明星开始显现吸金能力。2023年10月，凯尔西与队友帕特里克·马霍姆斯一起投资了F1 Alpine车队。 当地时间8月27日，美国服饰品牌American Eagle宣布与凯尔西的个人品牌Tru Kolors推出限量联名系列。据悉，这个名为AE x Tru Kolors by Travis Kelce的系 列筹备期一年多，融合了时尚、运动和文化元素。 作为创意总监，凯尔西全程参与了创作过程，从设计 ...

(文/霍东阳 编辑/张广凯） 继今年7月传出加拿大高端功能性服饰品牌加拿大鹅的控股方贝恩资本（Bain Capital）考虑出售其持有的部分或全部股份后（贝恩股权有60.5%），该交易 迎来关键性进展。 有外媒报道称，贝恩资本目前已收到多份收购要约，对加拿大鹅的估值约为13.5亿美元，相当于其过去12个月平均EBITDA（息税折旧摊销前利润）的8倍。 有知情人士透露，国际知名私募股权投资公司安宏资本（Advent International）和深耕中国市场的博裕资本（Boyu Capital）已提出口头要约。 安宏资本专注于消费升级、医疗健康及商业服务等领域，博裕资本则背靠淡马锡、李嘉诚基金会等顶级有限合伙人（LP），今年早些时候还被曝出正在将 中国头部奢侈品商场SKP纳入麾下。 此外，多家中国机构也表示出收购意向，包括中国羽绒服品牌波司登，以及由私募股权投资公司方源资本（FountainVest Capital）与安踏集团组成的财团。 后者曾在2019年联合收购芬兰体育用品集团Amer Sports。 有消息人士称，贝恩资本在收到更多收购要约前，暂不会做出决定。一旦选定买家，预计尽职调查将在不到两个月的时间 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of $1.23 billion in H1 2025, representing a year-on-year growth of 12.4%, and a net profit of $100 million, up 17.0% year-on-year. The interim dividend was set at 16.3 HK cents per share, totaling $60 million, with a payout ratio of 60% [4][6]. - The company is expected to maintain strong order growth in the short to medium term due to its diversified product categories and supply chain advantages, which enhance core customer penetration and increase market share among new sports clients. Profitability is anticipated to improve through order structure optimization, integration, and automation, leading to a potential increase in valuation as growth materializes [2][4]. Summary by Sections Revenue Performance - The company reported a revenue of $1.23 billion in H1 2025, with significant growth across various product categories: leisure (+11%), outdoor sports (+12%), denim (+10%), underwear (+10%), and sweaters (+29%). The revenue growth was driven by the company's ability to meet diverse downstream demands and enhance core customer penetration [7][4]. Profitability - The gross margin improved by 0.2 percentage points to 19.7% in H1 2025, with notable increases in leisure and underwear segments. The net profit margin also saw a slight increase of 0.3 percentage points to 8%, supported by effective cost management and a reduction in the effective tax rate [7][4]. Future Outlook - The company is projected to achieve net profits of $230 million, $260 million, and $300 million for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 16%, 14%, and 13%. The expected price-to-earnings ratios for these years are 11, 9, and 8 times, with a projected dividend yield of 5.5% in 2025 under a 60% payout assumption [2][9].

机构：天风证券 研究员：孙海洋 公司发布2025 中报 25H1，公司实现营收12 亿美金，同比增长12%；净利润1 亿美金，同比增长17%；毛利率20%，持平略 增；净利率8%，同比增长0.3pp。 分产品，25H1 休闲服实现营收3.4 亿美金，同比增长11%，占比28%，毛利率21%，同比增长0.7pp； 运动户外服实现营收3.1 亿美金，同比增长12%，占比26%，毛利率21%同比略降； 牛仔服实现营收2.6 亿美金，同比增长10%，占比21%，毛利率16%同比略降； 去年，公司大幅扩招员工，新增约1 万名雇员，全面释放了运营效能。鉴于营商环境的改善，公司在上 半年后期也积极加快扩充员工队伍，于生产基地战略性地增聘了约4000 名员工，以全面提升整体产 能。 这些前瞻性的产能投资，配合加速推进的自动化措施以及优化的数据驱动流程，进一步增强了企业的运 营灵活性。公司通过策略性产能扩充与生产效率优化，实现了收益增长，从而有效化解了高额美国关税 带来的不利影响。 维持盈利预测，维持"买入"评级 毛衣实现营收1 亿美金，同比增长29%，占比9%，毛利率20%，同比下降2.2pp； 休闲服及贴身内衣毛利率上升主 ...

Investment Rating - The report assigns a rating of "Outperform" for Crystal International, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - Crystal International reported solid revenue and profit growth, achieving revenue of USD 1.229 billion in 1H25, a year-on-year increase of 12.4%. The gross profit reached USD 243 million, up 19.7% YoY, with a gross margin of 19.8% [2][8]. - The company is experiencing strong order inflow and high production line utilization, primarily driven by deeper penetration into core brand customers, including a 20% YoY increase in orders from its largest customer, Uniqlo [3][9]. - Management anticipates a revenue growth of approximately 10% for the full year 2025, with profit growth expected to outpace revenue growth [5][12]. Revenue and Profit Performance - In 1H25, revenue by product category showed growth rates of +11.4% for casual wear, +12.4% for sports and outdoor wear, +10.3% for denim, +9.5% for lingerie, and +29.2% for sweaters, with sweaters showing the most significant growth [2][8]. - By region, revenue growth was +14.5% in Asia Pacific, +11.7% in North America, +9.7% in Europe, and +14.9% in other regions, contributing 39%, 38%, 21%, and 3% of total revenue, respectively [2][8]. Cash Flow and Dividends - Operating cash flow for 1H25 was USD 155 million, with a net cash position of USD 517 million at the end of the period, supporting high dividends and expansion [2][8]. - An interim dividend of HKD 0.163 per share was announced for 2025, higher than HKD 0.138 in 2024, maintaining a payout ratio of 60% [2][8]. Capacity and Production Strategy - The company is diversifying its capacity layout, with ongoing expansions in Vietnam, Cambodia, and Bangladesh, and is evaluating a new plant in Egypt to reduce transportation cycles and tariff risks [5][11]. - The implementation of a "satellite factory" model in Vietnam aims to ease labor competition and improve employee retention, with positive feedback received so far [5][11]. Long-term Growth Strategy - Crystal International's long-term strategy focuses on solid fundamentals, including product quality, delivery speed, and customer service, while enhancing competitiveness through multi-category synergy and vertical integration [5][12]. - The company aims to achieve around 60% of export fabric supply to be self-produced within five years, indicating a clear path for long-term growth [5][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 6.9 HKD, expecting a relative return of over 20% within the next six months [5][13]. Core Insights - The company reported a revenue of 1.2 billion USD for the first half of 2025, reflecting a year-on-year growth of 12%, and a net profit of 100 million USD, which is a 17% increase compared to the previous year [1]. - The gross margin remained stable at 20%, while the net profit margin increased by 0.3 percentage points to 8% [1]. - The company is strategically focusing on expanding its production capacity and optimizing efficiency to mitigate the impact of high tariffs imposed by the U.S. [3][4]. Revenue Breakdown - The revenue from leisure apparel reached 340 million USD, up 11% year-on-year, accounting for 28% of total revenue with a gross margin of 21% [1]. - The sports and outdoor apparel segment generated 310 million USD, a 12% increase, representing 26% of total revenue with a gross margin of 21% [1]. - Denim apparel achieved 260 million USD in revenue, growing 10% year-on-year, making up 21% of total revenue with a gross margin of 16% [1]. - The intimate apparel segment reported 210 million USD, also a 10% increase, contributing 17% to total revenue with a gross margin of 21% [1]. - Sweater sales surged by 29% to 100 million USD, accounting for 9% of total revenue, although the gross margin decreased by 2.2 percentage points [1]. Strategic Initiatives - The company plans to leverage growth opportunities in Europe and Asia, particularly by modernizing its production facilities in Vietnam, which accounts for over 60% of its total output [2]. - The company is also evaluating the feasibility of establishing new production bases near Europe to enhance its market responsiveness [2]. - A significant workforce expansion occurred, adding approximately 10,000 employees last year, with an additional 4,000 hired in the latter half of the year to boost overall capacity [3]. Financial Projections - The report maintains its earnings forecast, projecting revenues of 2.7 billion USD, 3.0 billion USD, and 3.3 billion USD for the years 2025 to 2027, respectively [4]. - Expected net profits for the same period are 230 million USD, 270 million USD, and 310 million USD, with corresponding EPS of 0.08 USD, 0.09 USD, and 0.11 USD [4].

Core Viewpoint - The company has achieved revenue and profit growth in the first half of 2025 despite external environmental disturbances, demonstrating operational resilience [1][2] Financial Performance - In H1 2025, the company reported revenue of $1.229 billion, a year-on-year increase of 12.42%, with a gross profit of $243 million, up 13.66%, and a net profit attributable to shareholders of $98 million, reflecting a 16.97% increase [1] - The gross margin and net profit margin for H1 2025 were 19.73% and 7.99%, respectively, showing slight improvements of 0.22 percentage points and 0.31 percentage points year-on-year [1] - The selling and administrative expense ratios were 1.31% and 7.64%, respectively, both showing minor improvements compared to H1 2024 [1] - The company plans to distribute an interim dividend of 16.3 Hong Kong cents per share, with a payout ratio of 60%, indicating a strong willingness to return capital to shareholders [1] Product Performance - By product category, knitwear revenue reached $105 million, a significant year-on-year increase of 29.21%, while casual wear, sportswear, outdoor wear, and denim wear saw revenue growth of 11.37%, 12.44%, and 10.31%, respectively [1] - The gross margins for casual wear and intimate apparel improved by 0.7 percentage points and 1.3 percentage points to 20.50% and 20.80%, respectively, driven by enhanced production efficiency [1] - The decline in knitwear gross margin was attributed to an increase in sales of lower-margin regular styles [1] Regional Performance - In H1 2025, revenue growth in the Asia-Pacific and other regions was notably high at 14.50% and 14.94%, while North America experienced a stable growth of 11.67% [1] Strategic Advantages - The company faces tariff challenges due to its significant revenue exposure to the U.S. market, but it has three core advantages to mitigate these impacts: 1. FOB revenue structure where all production costs are borne by customers [2] 2. Pricing advantage with brand clients, as the retail prices of products significantly exceed the FOB prices, reducing tariff impact [2] 3. Overall industry resilience, with steady growth in brand clients despite external factors [2] Future Outlook - The company is expected to continue benefiting from its deep-rooted partnerships with premium brand clients and its recent entry into the sports and outdoor apparel sector, which is anticipated to contribute to performance growth [2] - Forecasted net profits for 2025-2027 are $242 million, $287 million, and $337 million, representing year-on-year growth rates of 20.83%, 18.41%, and 17.32%, respectively [2]

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 ...

投资建议：公司为头部服饰代工制造商之一，持续拓展优质客户，在运动等新客户中份额有望持续提 升。维持25-26 年盈利预测，预计25-27 年归母净利润分别为16.8、19.5、22.3 亿元，同比分别+16%、 +16%、+14%。维持"买入"评级。 毛衣业务增长靓丽。分产品看，休闲服、运动及户外服、牛仔服、贴身内衣、毛衣分别实现营业收入 3.40、3.13、2.62、2.10、1.05 亿美元，同比分别+11.4%、+12.4%、+10.3%、+9.5%、+29.2%。分地区 看，亚太地区、北美洲、欧洲、其他国家及地区分别实现营业收入4.78、4.63、2.53、0.36 亿美元，同 比分别+14.5%、+11.7%、+9.7%、+14.9%，收入占比分别为39%、38%、21%、3%。 风险提示：下游需求不及预期，公司产能受限、汇率波动等。 盈利能力如期提升。25H1 公司毛利率同比+0.2pct 至19.7%，其中休闲服20.5%（+0.8pct）、运动服及户 外服20.7%（-0.2pct）、牛仔服16.4%（-0.2pct）、贴身内衣20.8%（+1.3pct）、毛衣20.4%（-2.2pct）。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [11]. Core Insights - The company demonstrated resilience in growth despite a volatile environment, with a 12.4% year-on-year increase in revenue to $1.23 billion in H1 2025 and a 16.8% increase in net profit to $100 million [2][3]. - The company is expanding its production capacity to meet growing orders, hiring an additional 4,000 employees in H1 2025 and planning further capacity expansion in Europe [3]. - Profitability is steadily improving, with a gross margin increase of 0.2 percentage points to 19.7% in H1 2025, driven by enhanced production efficiency [4]. Revenue Breakdown - Revenue growth by product category in H1 2025: Leisure (11.4%), Outdoor (12.4%), Denim (10.3%), Underwear (9.5%), and Sweaters (29.2%) [3]. - Revenue growth by region: Asia-Pacific (14.5%), North America (11.7%), Europe (9.7%), and other regions (14.9%) [3]. Financial Projections - Expected net profit growth for 2025-2027: 13.5% in 2025, 18.8% in 2026, and 17.4% in 2027, reaching $227.55 million, $270.37 million, and $317.30 million respectively [5]. - Projected revenue for 2025 is $2.77 billion, with a year-on-year growth of 12.33% [5]. Dividend Policy - The company plans to distribute a dividend of 16.3 Hong Kong cents per share, with a payout ratio of 60%, reflecting a commitment to shareholder returns [4].