[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 ...

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 ...

[Table_Title] 研究报告 Research Report 25 Feb 2026 中国香港服装、鞋类及配饰设计 China (A-share) Hong Kong Apparel, Footwear & Acc Design 2026 大消费渠道专家会：伯希和维持高增长态势，始祖鸟和萨洛蒙持续拓圈 2026 Big Consumption Channel Expert Meeting: Pelliot Maintains High Growth Momentum, Arc'teryx and Salomon Continue to Expand Consumer Reach 寇媛媛 Yuanyuan Kou 林泽宇 Caleb Lin yy.kou@htisec.com caleb.zy.lin@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海 ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 25 日 证券研究报告 [Table_Title] 纺织服装行业全球观察之安德玛 FY2026Q3：泛欧洲和拉美地区销售回暖，营收指引略有上调 [Tabl e_Author] 分析师： 糜韩杰 分析师： 董建芳 SAC 执证号：S0260516020001 SFC CE.no: BPH764 SAC 执证号：S0260525060002 021-38003650 dongjianfang@gf.com.cn mihanjie@gf.com.cn 请注意，董建芳并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [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 1/8 972918116公共联系人2026-02-25 16:56:24 [本报告联系人： Table_C ontacter] 安德玛公布 FY2026Q3 业绩（2025 年 10 月-2025 年 12 月）。（1）收入：FY2026Q3 实现营收 13.28 亿美 元，同比下降 4.7%；FY2026Q1-3 实现 ...

But Xu said that Shein also wants to deepen its participation in “cross-border e-commerce and industrial belt” pilot programs over the next three years to help more small- and medium-sized companies benefit from the “digital transformation of traditional manufacturing” that has contributed to the company’s global dominance, building a “world-class fashion industry cluster” that will hone Guangdong’s multidisciplinary talent and enable the province to “go global steadily and sustainably.”Doing so has allowed ...

今年首月柬埔寨与RCEP成员国贸易额实现大幅增长 编辑：万可义 另据柬新社20日报道，柬埔寨服装、鞋类和旅行用品(GFT)行业今年1月份实现出口收入近14亿美元， 较去年同期稳步增长。 报道引述柬埔寨商业部报告称，今年首月，柬埔寨GFT行业出口总额为13.98亿美元，同比增长7.2%。 其中，服装出口额10.14亿美元，同比增长6.7%；鞋类出口额1.96亿美元，同比增长16.8%；旅行用品类 产品出口额1.88亿美元，同比增长1.1%。 报告显示，作为柬埔寨最大的外汇收入来源，GFT行业占该国出口总额的46.5%。柬GFT产品主要销售 市场包括美国、欧盟、加拿大和日本等国家和地区。(完) 来源：中国新闻网 中新社金边2月21日电 最新统计数据显示，今年第一个月柬埔寨与《区域全面经济伙伴关系协定》 (RCEP)成员国之间贸易总额超过37亿美元。其中，柬对RCEP成员国出口额为9.27亿美元，同比增长 19.34%；自RCEP成员国进口额28.3亿美元，同比增长13.32%。 当地时间20日，《金边邮报》援引柬埔寨海关总署消息说，柬埔寨的四大RCEP贸易伙伴包括中国、越 南、日本和韩国。 柬埔寨王家研究院一名经 ...

与此同时，受韩国美妆与食品热潮带动，韩国线上海外直接销售额也持续增长，全年达到3.02万亿 韩元，同比增长16.4%。从地区看，美国、欧盟、日本、中国等主要市场均实现增长；从品类看，化妆 品、食品饮料、音像制品表现亮眼，而通信设备、农水产品及服装类销售则相对低迷。 根据国家数据处当日发布的《2025年12月及全年网络购物动向》，2025年韩国线上购物交易额达 272.04万亿韩元，同比增长4.9%。其中，移动端交易额为211.14万亿韩元，增幅（6.5%）高于整体水 平。按商品类别看，餐饮服务（12.2%）、食品饮料（9.5%）交易增长明显；而受消费信心下降及此前 电商平台结算风波影响，电子券服务（-27.5%）、箱包（-11.1%）、鞋类（-4.5%）交易额明显下滑。 （原标题：2025年韩自华直购激增） 据韩国《首尔新闻》2月2日报道, 2025年韩国海外在线直接购买额首次突破8.5万亿韩元，创历史新 高。其中，美国直购放缓之际，中国直购迅速扩大，交易额达到5.57万亿韩元，占整体比重的65.5%， 较2024年上升5.5个百分点，所谓"C电商冲击"在统计数据中得到充分体现。 ...

Core Viewpoint - Hason Co., Ltd. (603958) has experienced a recent stock price correction due to multiple factors, including regulatory warnings from information disclosure violations, underperformance of acquisition targets, and profit-taking by market participants [1] Information Disclosure Violations - On January 27, 2026, Hason disclosed information regarding its "3D printing" and "consumer electronics" businesses on an interactive platform but failed to adequately highlight associated risks. For instance, the 3D printing business generated only 2.67 million yuan in revenue for 2025, accounting for less than 0.2% of total revenue, and products like titanium powder have not yet generated sales revenue. The incomplete disclosure and insufficient risk warnings led the Shanghai Stock Exchange to issue a regulatory warning letter to the company and its secretary in early February [2] Company Status - The acquisitions of Suzhou Langke and Jiangsu Langxun in 2024 did not meet their first-year performance targets. Suzhou Langke achieved a net profit of 46.97 million yuan, with a completion rate of 91.38%, while Jiangsu Langxun's net profit was only 41,190 yuan, with a completion rate of just 4.97%. Additionally, Suzhou Langke's gross margin dropped to 23.20% in 2025, a year-on-year decline of 5.19 percentage points, indicating pressure on profit quality. This has intensified market skepticism regarding the effectiveness of cross-industry mergers in improving performance [3] Funding Situation - From January 26 to February 6, 2026, Hason's stock price increased by 59.68%, with consecutive trading halts on January 28 and 29. Following this significant short-term increase, some investors opted to take profits, resulting in a stock price correction of 11.17% from February 9 to 13. Trading volume also decreased, with a transaction amount of 152 million yuan on February 13, down 59% from 371 million yuan on February 9, reflecting a cooling of market participation [4] Current Operating Status - Despite revenue growth driven by cross-industry mergers (with a year-on-year increase of 86.36% in revenue for the first three quarters of 2025), the footwear business continues to incur losses. The company expects a net loss attributable to shareholders of between 24 million and 36 million yuan for 2025, marking the sixth consecutive year of losses. The number of stores has decreased from 1,305 at the beginning of 2021 to 821 by the third quarter of 2025, with inventory reaching 425 million yuan, indicating ongoing impairment pressure [5] Restructuring Progress - In December 2025, the company terminated its acquisition of 100% equity in Chenling Optics due to valuation disagreements, retaining only the plan to acquire 45% of Suzhou Langke. This adjustment has been interpreted by the market as an increase in resistance to cross-industry transformation, diminishing investor expectations for business synergy [6]

Core Viewpoint - Playboy, Inc. has signed a final agreement to sell 50% of its business in China to United Trademark Group (UTG) for a total cash amount of $122 million, aiming to address brand dilution issues and enhance operational management in the region [1][2]. Group 1: Transaction Details - The transaction consists of three parts: $45 million paid over two years for the acquisition of the 50% stake, $67 million as a minimum guaranteed dividend over eight years, and an additional $10 million for brand support over the next three years [1]. - After the transaction, UTG will take over product development, channel expansion, and brand operations in China, while Playboy retains a 50% stake and benefits from guaranteed dividends and additional revenue sharing [1]. Group 2: Background on UTG - UTG, headquartered in Shanghai, manages over 10 international brands, including Jeep and several Italian brands, and has been the exclusive agent for Playboy in mainland China [2]. - This acquisition marks a shift for UTG from being a brand agent to a co-owner of the Playboy brand in China [2]. Group 3: Brand Management Challenges - Playboy's aggressive brand licensing strategy in China has led to brand value dilution, with the company relying heavily on licensing for revenue, which constitutes nearly half of its total income [2][3]. - As of 2023, the brand's revenue share from China has significantly decreased to 9.51%, down from approximately 27% in 2021, indicating a decline in market presence [4].

经济观察网近7天(2026年2月6日至12日)，文斯控股(VNCE.OQ)的热点集中于2025财年第三季度财报的 后续解读及公司战略更新。根据经济观察网2026年2月11日的报道，公司虽在2025年12月披露了三季报 (总净销售额8510万美元，同比增长6.2%)，但近期市场关注点转向其短期业绩指引：公司预计2025财年 第四季度总净销售额增长3%至7%，并面临400万至500万美元的增量关税成本，同时强调代发货策略及 AI技术应用等中期规划。 财报分析 公司2025财年第三季度财报(2025年12月披露)显示，净收入270万美元(每股收益0.21美元)，但净利润率 承压。管理层在电话会议中强调，代发货策略在鞋类品类首月表现超预期，并计划2026年扩展至更多产 品；同时，通过优化电商平台与AI技术提升客户体验，以抵消关税成本影响。市场关注第四季度能否 实现指引中的利润修复。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 股价呈现震荡下行态势，区间内(2月6日至12日)收盘价从2.58美元跌至2.51美元，区间涨跌幅-1.18%， 振幅7.09%。单日表现分化明显：2月10日最高触及2.69美元(单 ...