[Table_Page] 行业专题研究|纺织服饰 2026 年 3 月 1 日 证券研究报告 [Table_Title] 纺织服饰行业全球观察之彪马 FY2025：战略重置阵痛期，营收下降，净利润亏损 | 分析师： [Tabl | 糜韩杰 | | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | | SFC CE.no: BPH764 | | | 021-38003650 | | | mihanjie@gf.com.cn | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1 / 7 972918116公共联系人2026-03-01 20:41:30 备注：表中估值指标按照最新收盘价计算 972918116公共联系人2026-03-01 20:41:30 [本报告联系人： Table_C ontacter] ⚫ 彪马公布 2025 业绩(2025 年 1-12 月)：（1）营收：FY2025 实现营收 72.96 亿欧元，经汇率调整后同比减少 8.1%。 主要由于公司在经销业务中主动实施战略重置措施，包括减少对大 ...

【导读】GUESS将关闭国内所有线上、线下店铺 日前，知名国际时尚品牌GUESS发布消息称，其在中国所有线上、线下店铺将在3月底前正式关闭，引发网友热议。 将以全新模式深耕中国市场 2月27日，多位消费者收到GUESS官方发送的短信，消息显示，因经营模式调整，GUESS全国所有线上、线下店铺将在3月底前正式关闭。GUESS未来将 以全新模式深耕中国市场。 随后，GUESS官方旗舰店正式发布关店公告称，因品牌经营模式与渠道战略调整，GUESS官方旗舰店将于2026年3月31日前正式关闭。 为保障客户的权益，该店铺相关事宜安排如下： 订单履约方面，关店前已付款订单，将正常发货、完成售后；未支付订单将在店铺关闭前统一关闭。 售后保障方面，店铺关闭后，在法定质保期与三包有效期内的商品，仍可正常办理售后、退换货及质量问题处理，品牌将持续提供服务。 开票服务方面，已购买店铺产品，客户仍可继续开具发票，截止日期为4月15日。 GUESS官方旗舰店也表示，未来将以全新模式深耕中国市场，后续官方渠道将另行公告。 网友热议 消息传出后引发热议，部分网友表示"有点可惜"，也有网友认为该品牌"定位不清晰""款式不够新颖"。 > 2分 ...

（来源：指尖新闻沈阳晚报） 2月27日 不少消费者收到 美国知名时尚品牌GUESS 官方通知短信 消息显示 因经营模式调整，GUESS全国所有线上、线下店铺将在3月底前正式关闭，同时品牌方提及未来将以全新模式深耕中国市场，具体新布局尚未公布。 GUESS也要倒闭了?刚刚收 到的手机短信 #GUESS tion 哼哼哈嘿 2小时前 01 信息 · 短信 今天 12:09 【机时商贸】尊敬的 GUESS顾客,因经营模 式调整,全国所有线上 线下店铺将在3月底前 关闭。 GUESS未来将以全新模 式深耕中国市场,敬请 期待。 2小时前 信息 · 短信 今天 12:25 短信内容明确告知消费者闭店的核心安排，这一消息也在社交媒体引发热议，多位网友纷纷晒出收到的短信截图，不少人感慨 "突然收到通知，有点意外"，还有网友表示还未来得及入手心仪单品，对品牌闭店感到惋惜。 因经营模式调整,全国所有线上线 下店铺将在3月底前关闭。 GUESS未来将以全新模式深耕中国 市场,敬请期待。 12:14 ▲ III 5GA I Guess #D*奈克 | 沂 线上和线下店了 【机时商贸】尊敬的GUESS顾客, 因经营模式调整,全国所有 ...

为核实消息真实性，记者咨询了GUESS线上官方旗舰店客服，客服确认了3月底前关闭全国所有线上线 下店铺的消息，回应简洁明确，未透露更多关于闭店后的后续服务及全新经营模式的细节。 2月27日，不少消费者收到美国知名时尚品牌GUESS的官方通知短信，消息显示因经营模式调整， GUESS全国所有线上、线下店铺将在3月底前正式关闭，同时品牌方提及未来将以全新模式深耕中国市 场，具体新布局尚未公布。 短信内容明确告知消费者闭店的核心安排，这一消息也在社交媒体引发热议，多位网友纷纷晒出收到的 短信截图，不少人感慨"突然收到通知，有点意外"，还有网友表示还未来得及入手心仪单品，对品牌闭 店感到惋惜。 目前，GUESS方面尚未公布闭店后的售后保障、库存清仓等相关安排，也未详细说明未来将以何种全 新模式继续布局中国市场。 来源丨青岛日报 公开资料显示，GUESS由Marciano四兄弟于1981年创立，总部位于美国洛杉矶，最初以牛仔服饰起家， 逐步发展为全球知名时尚集团，产品线涵盖时装、鞋履、钟表、配饰、手袋、香水等多个品类，品牌于 1996年8月8日在美国纽约上市。 ...

安踏宣布百亿入股彪马仅一个月，后者便交出了一份令市场承压的全年财报。 2月26日，彪马发布的2025年业绩报告显示，公司持续经营业务由盈转亏，净亏损高达约6.44亿欧元。 受此影响，彪马管理层不仅提议2025财年不派发股息，更给出了2026年将继续亏损的谨慎指引。 库存与组织调整进一步加剧短期压力。截至2025年底，彪马库存达20.60亿欧元，同比增长2.3%，经汇 率调整后增幅达10.7%，库存去化任务依然艰巨。值得一提的是，彪马在财报中表示，上一年启动的成 本效率措施将继续实施，包括持续的组织架构调整、进一步简化产品组合，以及自2025年初以来裁减约 1400个公司职位。 安踏刚花百亿入股，能否重回全球前三？ 就在彪马深陷转型泥潭之际，中国资本的入局为其未来增添了最大变量。今年1月底，安踏体育宣布豪 掷约15亿欧元（约合123亿元人民币）拟收购彪马29.06%的股份，交易完成后将成为其单一最大股东。 安踏董事局主席丁世忠称此举为"全球化战略的重要里程碑"。 然而，市场对此笔交易的看法却充满分歧。摩根大通在研报中指出，安踏体育收购Puma股权，考虑 Puma的品牌历史、在足球及跑步等专业运动领域的优势，以及 ...

Group 1 - The event "2026 Year of the Horse潮范海派定制迎新季" was launched in Shanghai, focusing on new Chinese-style and high-end customization, aiming to support Shanghai's development as an international consumption center [1][3] - The high-end customization market, represented by new Chinese-style products, is experiencing new growth opportunities due to increasing consumer demand for personalization, cultural significance, and quality [3][5] - The event integrates design resources, brand power, and consumer scenarios to explore a new model of high-end customization and cultural consumption in Shanghai, signaling positive trends for the upcoming consumer market [3][5] Group 2 - The event aims to activate traditional culture's innovative expression in a contemporary context through new Chinese-style clothing, promoting a shift from simple purchasing to a complex cultural experience [5][6] - With the optimization of China's visa-free policies, inbound consumption has become a significant growth point for Shanghai's market, with over 9.36 million inbound tourists expected in 2025, a nearly 40% increase from 2024 [5][6] - The establishment of the "尚街新中式产业集聚平台" by Oriental International Group aims to transition new Chinese-style enterprises from a fragmented state to a clustered and scaled development, enhancing the long-term display and dissemination of new Chinese culture [6][7]

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 4,123.09, up 1.41%, indicating broad growth potential [4] - The Shenzhen Component Index increased by 2.17%, while the ChiNext Index rose by 2.98%, reflecting a strong market sentiment [4] Company Insights - Under Armour reported a 4% decline in revenue for FY2026, with Q3 revenue dropping 5% to $1.3 billion and a net loss of $431 million [8] - In North America, Under Armour's revenue fell by 10% to $757 million, while international markets saw a 3% increase, with EMEA growing by 6% and Latin America by 20% [8] - The company's gross margin decreased by 3.10 percentage points to 44.4%, primarily due to higher tariffs and pricing pressures [8] - For FY2026, Under Armour anticipates an 8% revenue decline in North America and a 6% decline in the Asia-Pacific region, with an expected operating loss of $154 million [8] Industry Dynamics - In 2025, China's gold consumption is projected to decline by 3.57% to 950.096 tons, with jewelry consumption dropping by 31.61% [8] - The demand for gold is diversifying, with a notable increase in gold bars and coins consumption, which is expected to surpass jewelry consumption for the first time [8] - The textile and apparel sector saw a 1.32% increase, outperforming the broader market, with specific segments like textile manufacturing and apparel showing significant gains [9] Investment Recommendations - The report suggests focusing on brands like Bosideng, which is expected to meet its sales targets due to product innovation and extended sales periods [9] - Companies like Geely and Jiangnan Buyi are highlighted for their stable performance and high dividend yields, with Jiangnan Buyi maintaining an average payout ratio of 84% from 2021 to 2025 [9] - In the home textile sector, companies like Luolai Life and Mercury Home Textile are recommended due to their strong product performance and market positioning [9] - The report emphasizes the potential of companies involved in gold investment, such as Caibai Co., which is expected to see significant profit growth due to rising gold prices [10]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown a weak recovery, with a focus on consumer performance at the retail end, innovation in major home textile products, and the IP economy [10] - The report highlights significant sales growth in certain brands and sectors, indicating potential investment opportunities [10] Summary by Sections Recent Observations - Under Armour reported a 5% year-over-year revenue decline in FY2026Q3, with revenues of $1.3 billion and a net loss of $431 million [19] - North American revenue fell by 10% to $757 million, while international revenue grew by 3% to $577 million, with EMEA up 6% and Latin America up 20% [4][19] Market Performance - The SW textile and apparel sector rose by 1.32%, outperforming the Shanghai Composite Index by 2.66 percentage points [21] - The SW textile manufacturing sub-sector increased by 2.18%, while the apparel and home textile sub-sector rose by 2.25% [22] Company Performance - Notable companies in the textile and apparel sector include Cai Bai Co., which saw a 30.39% increase in stock price, and Bangjie Co., which rose by 25% [32] - Conversely, China Gold experienced a significant decline of 22.21% in stock price [32] Industry Data Tracking - In December 2025, China's retail sales reached 4.51 trillion yuan, a year-over-year increase of 0.9% [55] - The textile and apparel retail sector saw a modest growth of 0.6% year-over-year in 2025 [56] Investment Recommendations - The report recommends focusing on brands like Bosideng, which is committed to product innovation and channel quality improvement, and companies like Ge Li Si and Jiangnan Buyi, which have shown stable operational performance [10] - In the home textile sector, attention is drawn to companies like Luolai Life and Mercury Home Textile, which are driving growth through major product innovations [10] Material Prices - As of February 6, 2026, the price index for cotton in China was 16,025 yuan per ton, reflecting a 1.0% decrease [36] - The gold price was reported at 1,093.85 yuan per gram, down 6.02% [36] Export Data - In 2025, China's textile and apparel exports amounted to $1,425.85 billion and $1,511.82 billion, showing a year-over-year growth of 0.5% and a decline of 5.0%, respectively [47] Retail Sector Insights - The report emphasizes the importance of direct-to-consumer (DTC) channels, with brands like Zegna showing positive growth in this area [69]

记者 杜晨薇 茅冠隽 唐烨 1月31日，首届浦东中国年味节启幕，非遗表演"打铁花"成了当晚的压轴亮点。这是上海市民首次 在市中心地段观赏"打铁花"，观赏地更是坐落于能尽览外滩风光的浦东滨江核心区域。不少浦西的网友 心生感慨，从前人们总站在外滩眺望浦东"三件套"，这次，随着社交媒体上"打铁花"的现场美图刷屏， 浦西的万国建筑博览群，反倒成了温柔夜色里的绝美背景板。 这正是文化的吸引力，让传统非遗与现代都市深度交融、温情对话。更值得关注的，是文化辐射 力。就像四溅的铁花带来的震撼视觉冲击，即使只有短短数十分钟，却引得许多人看完后，顺势走进一 旁的浦东美术馆，沉浸式欣赏"图案的奇迹"和"非常毕加索"两大新展；又忍不住移步国际会议中心外 的"年味长街"，吃一碗热腾腾的苗家酸汤粉。 近年来上海各区持续推进文旅商体展深度融合，在马年新春将至时，各类活动热闹上演——去豫园 灯会上找LABUBU，再去虹桥花谷带两盆爆款年宵花；春节期间的演出市场也不停，看完任贤齐的演 唱会，别忘逛逛太古里的新春游园会。融合带来的消费新场景、新业态、新服务，正给人们带来不一样 年味新体验。 氛围感 精心布局让"年味"流淌 最近的上海，到处是一片 ...

Core Insights - The article highlights the transformation of Sanlitun Taikoo Li into a fashion and retail landmark in Beijing, showcasing its evolution from a traditional shopping area to a hub for high-end brands and innovative retail experiences [1][12]. Group 1: Development and Upgrades - Sanlitun Taikoo Li has undergone significant upgrades since 2022, with the introduction of luxury brands like LV and Dior, enhancing its status from a trendy gathering place to a flagship store cluster [4][6]. - The area has seen a total of 171 high-quality brand flagship stores established, along with 227 exclusive events, reinforcing its position as a premier platform for limited edition products and cultural collaborations [5][6]. Group 2: Consumer Trends and Market Dynamics - The global luxury market is projected to reach €358 billion by 2025, with China’s share increasing from approximately 8% in 2015 to about 12% in 2025, making it a key driver of global growth [4]. - Chinese high-net-worth individuals prioritize uniqueness and exclusivity in luxury consumption, contrasting with Western consumers who focus more on product quality and service experience [4]. Group 3: Spatial and Ecological Innovation - Sanlitun Taikoo Li has redefined its commercial ecosystem by integrating innovative retail experiences and community culture, transitioning from a single commercial landmark to a collaborative commercial ecosystem [7][8]. - The introduction of multi-functional stores, such as the Sacai flagship that combines retail with social activities, exemplifies the shift towards experiential shopping environments [8][9]. Group 4: Cultural Integration and Local Adaptation - The project emphasizes the importance of local cultural integration, adapting international brands to fit local consumer preferences and cultural elements, thereby enhancing its competitive edge [10][11]. - The operational strategy focuses on collaboration with brands to create unique experiences that resonate with local consumers, moving away from traditional owner-led approaches [10][11].