（一）基本情况 证券代码：603839 证券简称：安正时尚 公告编号：2025- 048 安正时尚集团股份有限公司 关于控股子公司上海礼尚信息科技有限公司为其全 资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 担保对象及基本情况 被担保人名称 礼乐（香港）电子商务有限公司 本次担保金额 不超过 800.00 万美元 担保对 象 实际为其提供的担保余额 0 是否在前期预计额度内 ?是 否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ ? 累计担保情况 对外担保逾期的累计金额（万元） 0 截至本公告日上市公司及其控股 子公司对外担保总额（万元） 对外担保总额占上市公司最近一 期经审计净资产的比例（%） □对外担保总额（含本次）超过上市公司最 近一期经审计净资产 50% □对外担保总额（含本次）超过上市公司最 近一期经审计净资产 100% 特别风险提示（如有请勾选） □对合并报表外单位担保总额（含本次）达 到或超过最近一期经审计净资产 30% ...

丨证券研究报告丨 公司研究丨点评报告丨太平鸟（603877.SH） [Table_Title] 太平鸟 2025H1 业绩点评：渠道&折扣调整下业 绩短期承压，期待后续高质量增长 报告要点 [Table_Summary] 短期，预计伴随公司渠道调整推进、零售逐步改善以及加盟毛利修复，控费力增强下后续利润 增速有望回升。长期，伴随公司架构调整，经营质量以及利润弹性将显著提升。公司亦由之前 的零售高增驱动的利润弹性，切换至重内功驱动的利润弹性，更为持续且稳健。预计 2025/2026/2027 年公司归母净利润为 2.0/2.5/2.8 亿元，PE 为 35/28/25X，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 太平鸟（603877.SH） cjzqdt11111 [Table_Title 太平鸟 2025H1 2] 业绩点评：渠道&折扣调整下业 绩短期承压，期待后续高质量增长 [ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Viewpoints - The company is expected to benefit from the sentiment boost of childbirth subsidy policies, which may enhance terminal retail performance and improve earnings. The ongoing new retail reforms and the company's strategy of opening stores against the trend are anticipated to provide additional revenue and earnings flexibility [2][10]. - The company's projected net profits for 2025-2027 are estimated at 940 million, 1.01 billion, and 1.13 billion yuan, corresponding to price-to-earnings ratios of 16, 15, and 13 times [2][10]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 6.15 billion yuan, a year-on-year increase of 3.3%. However, the net profit attributable to the parent company was 330 million yuan, a decrease of 41.2% year-on-year. The net profit after deducting non-recurring gains and losses was 300 million yuan, down 45.2% year-on-year. In Q2 alone, revenue was 3.07 billion yuan, up 9.0% year-on-year, while net profit was 110 million yuan, down 46.3% year-on-year [5][10]. - The company declared a mid-year dividend of 404 million yuan, with a payout of 0.15 yuan per share, resulting in a dividend payout ratio of 124% [5][10]. Sales and Profitability - The company's sales expenses and asset impairment losses have negatively impacted profits, although the inventory structure remains healthy. The gross profit margins for the main business segments of leisure and children's clothing were 4.65 percentage points and -1.34 percentage points year-on-year, respectively. Overall gross margins showed slight improvement [10]. - The sales expense ratio increased by 5.2 percentage points in Q2, primarily due to increased offline store openings and online advertising expenses. The financial expense ratio rose mainly due to decreased interest income from time deposits [10]. Future Outlook - The company is focusing on solidifying its foundation through comprehensive strategies, discount control, and inventory reduction, which have shown effectiveness. The anticipated benefits from childbirth subsidy policies and the gradual success of new retail reforms are expected to enhance performance [2][10]. - The company plans to continue its strategy of opening stores, which is expected to contribute positively to revenue and earnings growth in the future [2][10].

纺织服饰 李宁（02331.HK） 买入-A(维持) | 市场数据：2025 | | --- | | 年 | | 月 8 | | 日 22 | | 收盘价（港元）： | 19.700 | | --- | --- | | 年内最高/最低（港元）： | 21.000/12.560 | | 流通/总股本（亿股）： | 25.85/25.85 | | 流通市值（亿港元）： | 509.21 | | 总市值（亿港元）： | 509.21 | 资料来源：最闻，山西证券研究所 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2025H1 营收稳健增长，全渠道库存处于健康可控水平 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司披露 2025 年上半年业绩，2025H1，公司实现营收 148.17 亿元， 同比增长 3.3%，实现归母净利润 17.37 亿元，同比下降 11.0%。董事会建议派发 2025 年中期股息 33.59 分/股，中期派息率 50%。 ...

公告称，该等业绩主要归因于：收益大幅下跌约70%，主要由于来自美国及欧洲主要客户的订单量显著 减少(主要由于客户的采购策略变动)，加上宏观经济阻力扩阔；本集团毛利率下跌，乃由于尽管我们策 略性转移至东南亚，但供应链及分包商定价持续承受通胀压力；及利润率较高的童装销售量减少；及鹤 山设施的闲置成本影响，诚如本公司日期为2024年5月24日的自愿公告所述，鹤山设施于2024年5月完成 现有生产订单后并无处理本集团的任何进一步生产订单。 消息面上，近日，恒富控股发盈警，本集团预期截至2025年6月30日止6个月取得大幅扩大的净亏损约 3000万港元，而截至2024年6月30日止6个月的亏损则约为1200万港元。 恒富控股(00643)午前跌超33%，截至发稿，跌33.33%，报0.54港元，成交额2082.51万港元。 ...

服装丨市场观察 本周看点： -奢侈品牌，谁在大手笔升级中国门店？ -运动户外品牌如何分走奢侈品牌的"蛋糕"？ -安踏李宁特步，集体撞上"中年墙 "。 行业环境 1.亚瑟士和LV，抢着卖高价香水 关键词 ： 香水生意,时尚品牌,生活方式,美妆领域,奢侈品 概要 ： 香水生意正成为时尚品牌拓展生活方式的重要领域，运动品牌鬼塚虎和轻奢品牌珑骧 近期纷纷进军香水市场。全球香水市场规模预计从2025年的530亿美元增长至2032年的775.3亿 美元，高端细分市场增长最快。奢侈品集团如香奈儿、开云集团在主营业务下滑时，美妆业务 表现强劲，促使更多品牌布局香水领域。鬼塚虎与知名香水设计师合作推出系列香水，强调品 牌调性而非急于变现；珑骧则选择与专业香水企业合作。高端小众香水成为行业趋势，如PUIG 集团旗下品牌表现突出，但整体增速放缓。时尚品牌跨界香水旨在提升品牌价值，未来能否成 为业绩助力取决于市场发展。 2.奢侈品牌，谁在大手笔升级中国门店？ 关键词 ： 奢侈品市场,增长放缓,门店数量,中国市场,品牌活力 概要 ： 2025年上半年，中国奢侈品市场增长放缓，奢侈品牌新开门店数量同比下降38%，焕新 门店数量下降30% ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has seen a positive turnaround in Q2 revenue, particularly in direct sales and children's clothing, and is looking forward to improvements in winter clothing sales [2][8] - The company has been adjusting its operations for three years, closing unprofitable stores and focusing on enhancing brand image and store efficiency [3][8] - The company aims to implement a "2-5-10" strategy focusing on product innovation, channel restructuring, technology empowerment, and digital transformation to drive brand upgrades [8] Financial Performance Summary - For H1 2025, the company's revenue, net profit attributable to the parent, net profit excluding non-recurring items, and operating cash flow were 2.898 billion, 78 million, 14 million, and -262 million yuan, respectively, showing year-on-year declines of 7.86%, 54.61%, 78.91%, and 1425.54% [2] - In Q2 2025, the company's revenue was 1.23 billion yuan, with a year-on-year decrease of 8.17%, while net profit was a loss of 46 million yuan [2] - The company's gross margin for H1 2025 was 59.8%, an increase of 3.7 percentage points year-on-year, while the net profit margin decreased by 2.8 percentage points to 2.7% [5] Revenue Breakdown - In H1 2025, revenue from women's wear, men's wear, and children's wear was 1.06 billion, 1.18 billion, and 380 million yuan, respectively, with year-on-year declines of 10.45%, 7.42%, and 3.73% [3] - The company closed 194 stores in H1 2025, with a net closure of 137 stores in Q2 [4] Inventory and Cash Flow - The company's inventory as of H1 2025 was 1.515 billion yuan, a year-on-year increase of 9.84%, with inventory to revenue ratio at 52.28%, up 8.43 percentage points [6] - The cash flow from operating activities was negative due to increased settlements with suppliers, leading to a decrease in accounts payable [2][7] Earnings Forecast and Valuation - The earnings forecast for 2025 has been revised down, with projected revenues of 6.912 billion yuan and net profit of 247 million yuan [10] - The projected EPS for 2025 is 0.52 yuan, with corresponding PE ratios for 2025, 2026, and 2027 being 28, 17, and 13 times, respectively [8][10]

恒富控股(00643)发布公告，本集团预期截至2025年6月30日止6个月取得大幅扩大的净亏损约3000万港 元，而截至2024年6月30日止6个月的亏损则约为1200万港元。 公告称，该等业绩主要归因于：收益大幅下跌约70%，主要由于来自美国及欧洲主要客户的订单量显著 减少(主要由于客户的采购策略变动)，加上宏观经济阻力扩阔;本集团毛利率下跌，乃由于尽管我们策略 性转移至东南亚，但供应链及分包商定价持续承受通胀压力;及利润率较高的童装销售量减少;及鹤山设 施的闲置成本影响，诚如本公司日期为2024年5月24日的自愿公告所述，鹤山设施于2024年5月完成现有 生产订单后并无处理本集团的任何进一步生产订单。 ...

Core Viewpoint - The article highlights the successful participation of Guangdong textile and apparel companies at the 15th Kashgar Central Asia South Asia Commodity Fair, showcasing their products and expanding their market reach into Central Asia and South Asia [3][48]. Group 1: Event Overview - The 15th Kashgar Central Asia South Asia Commodity Fair took place from August 15-19, featuring a significant presence of Guangdong products [2][3]. - The Guangdong textile and apparel sector was prominently displayed, with 14 companies showcasing over 100 products, ranging from children's wear to trendy adult clothing [8][9]. Group 2: Company Highlights - The "First Boy" brand, with nearly 30 years of experience, showcased popular summer styles and is focused on expanding its market presence [13][14]. - Guangdong Yimin Clothing City organized 11 companies for the fair, covering all categories of clothing, and reported an annual transaction volume exceeding 8 billion yuan [21][22]. - The "Max" children's clothing brand, with 18 years of experience, received positive feedback and established initial connections with potential clients during the fair [23][25]. Group 3: Market Expansion - Guangdong companies are optimistic about the Central Asia and South Asia markets, with many brands expressing a desire to establish partnerships and expand their international presence [29][30]. - Data indicates that Guangdong's exports to the five Central Asian countries increased by 23.1% in the first half of the year, highlighting the growing attractiveness of the Central Asian market for Guangdong enterprises [47][48].

Macro Analysis - The financial data for July shows stable social financing but weak credit performance, with new RMB loans decreasing by 50 billion, a year-on-year decline of 310 billion, and a month-on-month drop of 0.2 percentage points to 6.9% [2][3] - The central bank is expected to maintain liquidity support, and the bond market may perform positively despite low yields, as it is sensitive to changes in market liquidity due to rising stock and commodity prices [2] Banking Sector - The seasonal decline in credit expansion is evident, with corporate loan issuance showing a significant drop, while retail credit growth remains weak [3] - New social financing in July reached 1.16 trillion, with a growth rate of 9%, and M2 growth exceeded expectations, indicating a narrowing gap between M2 and M1 [3] Company Research - For Aolide (688378.SH), material business revenue is steadily growing, while equipment orders have temporarily declined, with expected net profits of 127 million, 244 million, and 354 million for 2025-2027 [4] - De'er Laser (300776.SZ) maintains steady growth in performance, with net profit projections of 615 million, 675 million, and 717 million for 2025-2027, despite some impairment losses [7] - Nexperia (1316.HK) reported better-than-expected performance in the first half of 2025, with net profit estimates raised to 140 million, 190 million, and 230 million USD for 2025-2027 [8] - Multi-point Intelligence (2586.HK) focuses on AI and retail, with net profit forecasts adjusted to 130 million, 280 million, and 420 million for 2025-2027, reflecting a positive outlook [9] - Tencent Music (TME.N) exceeded market expectations with non-subscription revenue growth, leading to revised net profit estimates of 9.84 billion, 11.51 billion, and 12.98 billion for 2025-2027 [10] - Lenovo Group (0992.HK) achieved record revenue of 18.83 billion USD in FY26Q1, with net profit projections of 1.7 billion, 2.074 billion, and 2.332 billion for FY26-28, driven by AI demand [11] - 361 Degrees (1361.HK) reported a steady increase in revenue and net profit for the first half of 2025, with EPS estimates of 0.64, 0.72, and 0.81 for 2025-2027 [12] - Aier Eye Hospital (300015.SZ) is projected to have net profits of 4.128 billion, 4.725 billion, and 5.463 billion for 2025-2027, maintaining its leadership in the ophthalmology sector [13]