01、CEO下台，股价大涨 官宣CEO离任消息后，lululemon迎来了久违的股价大涨。 12月11日，lululemon在官网发布公告称，现任CEO Calvin McDonald（卡尔文·麦克唐纳）将辞去CEO及 公司董事会成员职务。12月12日，公司股价跳空高开，盘中一度涨超14%，最终报收204.97美元/股，涨 幅9.6%。 02、基本盘不稳，中国市场成"亮点" 资本用脚投票的原因，莫过于希望通过换人，重新提振lululemon的品牌活力，找回核心人群。 卡尔文·麦克唐纳是lululemon除创始人之外，在任时间最久的一位CEO。其任期开始于2018年8月，当时 的背景是，上任CEO因行为不当离职，该职位已空缺近半年。 7年多的任期，卡尔文·麦克唐纳做出了不少成绩。其本人和lululemon都总结成三点：让lululemon年营收 从33亿美元增至110亿美元（预计2025财年数额）；业务版图从原先的18个拓展至30多个地区；产品线 从瑜伽扩充至跑步、网球、高尔夫等品类。 但这些成绩的另一个侧面是，lululemon被质疑正在失去品牌调性和核心人群。年初至今，公司股价几 乎腰斩，也在一定程度上反映 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1]. Core Views - The textile and apparel industry has shown a steady performance with a year-on-year revenue growth of 2.9% for Q2 2025, driven by the collaboration between Ciele Athletics and Tabo [2][5]. - The overall retail sales in June 2025 increased by 4.8% year-on-year, indicating a stable demand in the market, although growth rates for major consumer categories have slowed down [2][44]. - The report highlights the resilience of the luxury goods sector, with Richemont's sales growing by 3% year-on-year, driven by strong performance in the jewelry segment [63]. Summary by Sections Company Performance - In Q2 2025, the company reported an unaudited revenue of $444 million, a 2.9% increase year-on-year, with the footwear manufacturing segment contributing $433 million, also up by 2.5% [15]. - The total revenue for the first half of 2025 reached $775 million, reflecting a 0.7% year-on-year growth [15]. Market Dynamics - The SW textile and apparel sector saw a slight increase of 0.24% in the week from July 14 to July 18, 2025, while the SW light industry manufacturing sector rose by 0.08% [16]. - The textile manufacturing sub-sector increased by 2.43%, while the apparel and home textile sub-sector rose by 0.29% [16]. Industry Data Tracking - In the first half of 2025, China's textile and apparel exports amounted to $705.19 billion and $734.59 billion, showing a year-on-year growth of 1.8% and a slight decline of 0.2%, respectively [37]. - The retail sales of gold and silver jewelry grew by 6.1% year-on-year in June 2025, indicating robust demand in the jewelry market [44]. Consumer Behavior - The report notes that online retail channels performed slightly better than the overall retail market, with a 6.0% year-on-year growth in online sales of physical goods in the first half of 2025 [43]. - The demand for sports and entertainment products remains strong, with a year-on-year growth of 22.2% in the first half of 2025 [44].