Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Views - The textile and apparel industry has shown a marginal improvement in retail sales growth, with a year-to-date increase of 3.1% as of September 2025, driven by strong performance in sports and entertainment products [9] - The report highlights the performance of specific companies, such as 361 Degrees and Bosideng, which are recommended for investment due to their competitive positioning and growth potential [9] Summary by Sections Company Performance - Tabo announced its FY2026H1 results, reporting a revenue decline of 5.8% to 12.299 billion yuan, with a net profit decrease of 9.7% to 789 million yuan [16] - The main brand's revenue fell by 4.8% to 10.812 billion yuan, accounting for 88% of total revenue, while other brands saw a 12.2% decline [3][16] - Retail business revenue decreased by 3.0% to 10.601 billion yuan, making up 86% of total revenue, while wholesale revenue dropped by 20.3% to 1.623 billion yuan [3][16] Market Dynamics - The SW textile and apparel sector rose by 0.37% during the week, lagging behind the broader market, which increased by 3.24% [18] - The PE-TTM for SW textile manufacturing is 22.38 times, while for SW apparel and home textiles, it is 30.72 times, indicating high valuation levels [22] Industry Data Tracking - In the first nine months of 2025, China's textile and apparel exports amounted to 106.477 billion and 115.209 billion USD, reflecting a growth of 2.1% and a decline of 2.5%, respectively [42] - Domestic retail sales reached 4.20 trillion yuan in September 2025, with a year-on-year growth of 3.0% [48] - The report notes that online retail channels continue to outperform traditional retail, with a 6.5% increase in online sales of physical goods [48] Industry News - Douyin e-commerce reported that over 41,000 merchants achieved a 500% year-on-year increase in sales through live streaming during the "Double 11" promotion [56] - Bosideng appointed designer Kim Jones as the creative director for its new AREAL high-end urban line, aiming to elevate its brand in the business fashion sector [57] - Yonghui Supermarket opened seven new stores across major cities, reflecting its commitment to quality retail strategies and achieving over 100% sales growth during the recent holiday period [59][60]

Core Insights - Yonghui Supermarket has completed the transformation of its Huai Fang Wanda Plaza store, adopting a "learning from Pang Donglai" strategy to enhance its offerings and customer experience [1][2] - The store's product structure integrates over 80% of Pang Donglai's selection logic, with more than 40% of new products in the food and daily necessities categories [1] - During the recent double holiday period, Yonghui's nationwide transformed stores saw sales increase by over 100% year-on-year, with customer transactions rising by over 80% [1] Product Strategy - The store focuses on high-quality, cost-effective products, enhancing the shopping experience by optimizing product structure and service flow [1] - Popular items include customized fresh milk, quality orange juice, and red heart pomelo, which have received positive customer feedback [1] - The prepared food section features popular items like boneless pig trotters and beef jerky, alongside traditional offerings such as Peking duck and Korean fried chicken [1] Store Environment and Service - Systematic optimizations have been made to the store's environment, including widening main aisles to 3 meters and standardizing shelf heights to 1.6 meters for improved visibility and flow [2] - Yonghui is accelerating its transformation efforts in Beijing, with new stores set to open in the coming weeks, expanding its service coverage [2]

Core Insights - Yonghui Supermarket reported over 100% year-on-year growth in overall sales during the double festival period, with customer traffic increasing by over 80% [1] - Sales of hairy crabs and crab cards surged by over 10 times, while sales of freshly made mooncakes increased by over 12 times compared to last year [1] - The sales of 16 popular items grew by over 10 times, with an order penetration rate exceeding 15% [1] Sales Performance - The food and supplies sector saw sales of gift and travel-related items increase by over 80%, with customer traffic rising by over 60% [1] - The supplies category experienced a sales increase of over 40%, with customer traffic also up by over 60% [1] - Gift boxes and snacks performed particularly well, with nut and snack gift boxes growing by over 500% [1] Product Categories - The 3R (ready-to-cook, ready-to-heat, ready-to-eat) category targeted young families and fast-paced consumers, achieving nearly 400% sales growth and over 200% increase in customer traffic [1] - Sales of prepared foods such as marinated dishes, fried chicken, and roasted duck grew by over 300% [1] Regional Performance - The double festival consumption showed a pattern of "core regions steady growth, potential regions with highlights" [2] - Fujian, Sichuan, and Chongqing ranked as the top three regions, with sales growth exceeding 70% due to mature operations and supply chain support [2] - Other regions like Henan, Guangdong, Zhejiang, Beijing, and Shaanxi also showed significant growth, with some areas exceeding 190% year-on-year sales increase [2]

支付 I 分 ， PART P t # 活动时间：2024年11月20日-11月30日 X DATE 超级弯花粉 DE 虎头山老乡亲 徐香弥猴桃 新鲜采摘 皮薄多汁 果香浓郁 ￥ 115枚 立即抢购 > 告 领券活动 1、每位用户三个自然月内仅可参与一次"善融一元购"领券活动。（即参与 9月&10月&11月善融一元购活动的用户无法再参与本期一元购 ）； 2、在领取优惠券后，在购买此页面内指定商品时可享受券后1元购，支付方 式仅限使用建行龙支付; 3、优惠券有效期1天，用户在使用一元购无门槛优惠券后即视为已参与活 动，优惠券过期未使用可重新领取; 4、活动期间，每天6点开抢，数量有限，领完即止。 点击查看详情 > 优惠券 无门槛使用 元程深次 IN NEW A 01 02 自然成熟 高山种植 清新爽口 ¥ 14枚 立即抢购 > 下 05 柚子 红心蜜柚 1.5斤 肉质细腻 颗粒饱满 香甜多汁 ¥ 11.5F 立即抢购 > 信 03 茶西河谷 铁棍山药刀削面 度假當 2 24 1 1 Mer 11/2 2 前面 业有限公司 正宗地道 | | 入口爽滑 | | 口感筋道 ¥ 1 / 100g*4袋 立即抢购 > 信 ...