服装家纺行业三季报总结：家纺领跑行业回暖，龙头分化 提质增长 20251123 摘要 水星家纺和罗莱生活在 2025 年第三季度分别实现 20%和 10%的营收 增长，主要受益于明星单品的成功推出和前期营销投入，而富安娜虽处 于调整期，仍显示出经营韧性。 罗莱生活和水星家纺前三季度毛利率分别同比上升 2%和 2.8%，得益于 加强营销和控制管理费用，同时存货周转天数分别减少 36 天和 11 天， 运营效率提升。 运动服饰行业在 2025 年第三季度受暖秋和消费疲软影响，终端销售放 缓，大众运动赛道竞争加剧，但跑步和户外品类保持高景气，线上渠道 表现优于线下。 安踏主品牌和斐乐品牌流水同比低单位数增长，其他品牌增长强劲，李 宁全渠道流水下滑但电商增长，特步主品牌和 361 度主品牌线下流水均 实现增长。 亚玛芬体育营收同比增长 30%，归母净利润显著提升，大中华区营收增 长 47%，显示出强劲的增长势头，而安踏、李宁、特步等品牌也在积极 控制库存和优化渠道。 2025 年第三季度，由于暖秋天气及消费疲软影响，运动品牌终端销售节奏有 所放缓，大众运动赛道竞争加剧，各品牌表现分化。从品类来看，跑步及户外 仍保持高 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a revenue of 1.054 billion yuan in Q3 2025, representing a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 91 million yuan, up 43.2% year-on-year [1] - The online sales channel is the main growth driver, with online revenue growing approximately 20% year-on-year, accounting for over 55% of total revenue [2] - The gross margin significantly improved to 44.7% in Q3 2025, an increase of 4.2 percentage points year-on-year, driven by product structure upgrades and a decrease in raw material costs [3] Financial Summary - For the first three quarters of 2025, the company reported a total revenue of 2.976 billion yuan, a year-on-year increase of 10.9%, and a net profit of 232 million yuan, up 10.7% year-on-year [1] - The company plans to distribute a mid-term dividend of 0.2 yuan per share, with a dividend payout ratio of 22.3% [1] - The company forecasts revenues of 4.593 billion yuan, 4.926 billion yuan, and 5.274 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 394 million yuan, 429 million yuan, and 462 million yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company's performance in Q3 has shown significant improvement in profitability, driven by the successful implementation of its major product strategy and strong growth in online channels [5][6] - The company has launched several key products, including ergonomic pillows and ice cream quilts, which have contributed to overall sales growth [6] - The gross margin has steadily increased, with Q3 gross margin at 44.74%, up 4.24 percentage points year-on-year, benefiting from product mix adjustments and lower raw material costs [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 2.976 billion and net profit of 232 million, representing year-on-year growth of 10.91% and 10.74% respectively [6] - Q3 alone saw revenue of 1.054 billion and net profit of 91 million, with net profit growth of 43.18% outpacing revenue growth of 20.19% [6] - The company expects to maintain a strong performance in Q4, with further optimization of marketing investments and benefits from upcoming promotional events [6] Earnings Forecast and Valuation - The company is projected to achieve net profits of 400 million, 442 million, and 489 million for the years 2025, 2026, and 2027 respectively [2][6] - The estimated P/E ratios for the upcoming years are 12.1, 10.9, and 9.9, indicating a favorable valuation trend [2][6] - The company maintains a strong cash position with 714 million in cash and a positive operating cash flow of 8 million for the first three quarters [6]