证券研究报告 | 2025年09月16日 纺织服装海外跟踪系列六十四 露露乐蒙二季度收入低于指引，中国市场持续引领增长 行业研究·行业快评 纺织服饰 投资评级：优于大市（维持） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 刘佳琪 010-88005446 liujiaqi@guosen.com.cn 执证编码：S0980523070003 事项： 公司公告：2025年9月4日，Lululemon披露截至2025年8月3日的2025财年第二季度业绩，营收同比增长6.5% （不变汇率+6.0%）至25.25亿美元，毛利率下滑110bps至58.5%；经营利润下滑3.0%至5.24亿美元，摊薄EPS 为3.10美元。 国信纺服观点： 1）核心观点：二季度收入低于指引，利润好于指引，中国市场持续引领增长且环比提速，管理层下调全 年收入及利润指引。 FY2025 第二季度业绩及分地区情况：2025 财年第二季度，营收同比增长 6.5%（不变汇率+6.0%）至 25.25 亿美元，低于指引（7.0-8.0%）；毛 ...

Core Viewpoint - The trend of "traveling with pets" is gaining popularity among consumers, leading to the development of pet-friendly tourism projects that stimulate cultural and tourism consumption [1][5]. Group 1: Pet-Friendly Tourism Initiatives - In Qinhuangdao, a "pet-friendly" sailing tourism initiative has attracted over 1,500 pet owners, generating more than 20 million yuan in direct consumption [3]. - Shanghai has launched a "customized pet travel line" with over 70% occupancy, connecting various landmarks and offering specialized services for pets [5]. - The search volume for pet-friendly accommodations and activities has increased over three times year-on-year, with related hotel bookings doubling and ticket sales for pet-friendly attractions rising by over 150% [5]. Group 2: Emerging Pet-Friendly Commercial Spaces - New "pet-friendly" shopping districts and theme parks are emerging across various cities, enhancing consumer engagement [6][8]. - In Shanghai, pet-friendly shopping areas have seen a 10% to 15% increase in foot traffic and sales [8]. - A new theme park offering comprehensive services for pets has attracted over 100,000 visitors [8]. Group 3: Growth of Pet-Related Services - The pet economy index in the A-share market has risen by over 35% this year, reflecting increased consumer willingness to spend on pet-related services [10]. - Pet store owners are transitioning to "pet event planners," creating new consumption experiences for pet owners [11]. - A pet-themed social space in Nanchang has seen a significant increase in monthly revenue, reaching 150,000 yuan, with various service packages experiencing a year-on-year doubling in consumption [15].