2025H1 公司营业收入稳健增长，零售流水表现与营收基本匹配。营收端，2025H1，公司实现营收 148.17 亿元，同比增长3.3%；公司全渠道零售流水同比增长低单位数。 业绩端，2025H1，公司实现归母净利润17.37 亿元，同比下降11.0%。2025H1，公司营收增长、但业绩 下滑，主因投资性房地产减值损失、汇兑损失、所得税率上升；2025H1，公司EBITDA 为35.13 亿元， 同比增长2.0%。 机构：山西证券 研究员：王冯/孙萌 事件描述 8 月21 日，公司披露2025 年上半年业绩，2025H1，公司实现营收148.17 亿元，同比增长3.3%，实现归 母净利润17.37 亿元，同比下降11.0%。董事会建议派发2025年中期股息33.59 分/股，中期派息率50%。 事件点评 2025 年上半年，公司营收及经营利润取得稳健增长，跑步品类表现突出。在渠道方面，电商渠道客流 显著提升，线下渠道强化经营效率提升，店铺数量扩张有限。截至2025H1 末，公司全渠道库存保持健 康可控水平。预计公司2025-2027 年EPS 为1.02/1.14/1.21 元，8 月22 日收盘价对应公司2 ...

纺织服饰 李宁（02331.HK） 买入-A(维持) | 市场数据：2025 | | --- | | 年 | | 月 8 | | 日 22 | | 收盘价（港元）： | 19.700 | | --- | --- | | 年内最高/最低（港元）： | 21.000/12.560 | | 流通/总股本（亿股）： | 25.85/25.85 | | 流通市值（亿港元）： | 509.21 | | 总市值（亿港元）： | 509.21 | 资料来源：最闻，山西证券研究所 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2025H1 营收稳健增长，全渠道库存处于健康可控水平 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司披露 2025 年上半年业绩，2025H1，公司实现营收 148.17 亿元， 同比增长 3.3%，实现归母净利润 17.37 亿元，同比下降 11.0%。董事会建议派发 2025 年中期股息 33.59 分/股，中期派息率 50%。 ...

其中，亚太和大中华区成为增长最为显著的区域。营收增长最快的亚太地区（不含中国），同比增长47%达3.11亿美元；其次是大中华区（中国 内地、香港、澳门、中国台湾），同比增长42%至8.56亿美元，约占总收入31.61%。 在这份亮眼业绩背后，鞋履业务的爆发与女性市场的突破成为关键支撑，尤其在始祖鸟与萨洛蒙两大品牌的战略布局中，这一趋势更为显著。 这背后是，始祖鸟增长动能减弱，面临品类扩张挑战，正在向装备商转型，萨洛蒙则持续强化鞋类优势，亚玛芬正在通过萨洛蒙等高增长品牌平 衡始祖鸟增速放缓。 整体来看，鞋履业务更在成为亚玛芬增长新引擎。亚玛芬全球首席执行官郑捷在电话会上表示，第二季度，鞋履依旧是始祖鸟增长最快的品类， 增速高于品牌整体。以萨洛蒙鞋类业务为代表的山地户外服饰及装备第二季度营收同比则增长35%至4.14亿美元，在固定汇率基准下同比增长 32%，成为三大板块中增速最快板块，首次超过户外功能性服饰板块，被视为扛起"下一个始祖鸟"的大旗。 亚玛芬首席执行官郑捷（James Zheng）表示，"第二季度，亚玛芬的强劲势头得以延续，其独特的高端技术品牌组合在全球体育和户外市场持续 开拓空白领域并抢占份额。"需 ...

美利坚大学经济学教授罗伯特·布勒克尔说，从一杯咖啡开始，消费者将支付更多与关税相关的费用。 很多企业尝试通过压低利润率等手段暂时消化一些关税成本，但这种情况不可持续。 美国总统特朗普4月宣布所谓"对等关税"以来，美国商界通过提前囤货和产业链上下游企业共同分担的 方式暂时应对关税冲击。尽管目前仍有多个关税谈判悬而未决，但随着美国8月7日起对其贸易对象实施 新一轮关税措施，企业预计关税成本将加速向产业链下游和终端消费者传导，这将在美国消费市场引发 进一步连锁反应。 宝洁公司日前表示，将着手把约25%的个人护理和家庭用品平均售价上调2.5%，以抵消关税在今年带来 的10亿美元新增成本。 尽管沃尔玛公司高管表示将尽可能把食品和消费品价格保持在低位，但沃尔玛一名员工在社交平台红迪 网站上发布的价签变化信息显示，Gourmia品牌空气炸锅售价从7月2日的58.97美元上调至8月4日的 93.44美元。 运动品牌阿迪达斯首席执行官比约恩·古尔登日前对分析师表示，新的关税政策意味着美国从越南、印 度尼西亚进口的鞋类产品关税税率进一步提高。 古尔登预计，关税因素将导致公司成本在今年下半年增加2亿美元，涨价不可避免，然而最担心的 ...

Core Insights - Daphne International (00210) reported a mid-term performance for the six months ending June 30, 2025, with a revenue of 198 million RMB, representing a year-on-year increase of 17.48% [1] - The profit attributable to shareholders was 64.685 million RMB, reflecting a year-on-year growth of 15.4% [1] - Basic earnings per share stood at 0.033 RMB [1] Revenue Breakdown - The group's revenue primarily consists of licensing fees and product sales from mainland China [1] - Licensing fee revenue increased by 24% year-on-year, rising from approximately 68.6 million RMB to about 85.2 million RMB, driven by a higher number of licensed footwear and other product categories to online franchisees compared to the same period in 2024 [1]

格隆汇8月20日丨达芙妮国际(00210.HK)公布中期业绩，2025年上半年，营业收入增加17%至约人民币 1.983亿元，经营盈利增加24%至约人民币7050万元，公司股东应占盈利增加15%至约人民币6470万元， 每股基本盈利为人民币0.033元。 集团持续取得理想的业绩，并坚定地朝着既定的发展目标迈进，其稳健的进展彰显了集团的韧性和高效 执行力，令集团即使在充满挑战的营运环境中也能保持健康增长。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][18]. Core Views - The company achieved a revenue growth of 11% year-on-year in the first half of 2025, reaching 5.7 billion yuan, with a net profit growth of 8.6% to 860 million yuan. The gross profit margin increased by 0.1 percentage points to 41.5% [1][4]. - The company is focusing on children's products and e-commerce channels, which are driving growth despite a challenging consumption environment. The operating cash flow significantly improved, with a net inflow of 520 million yuan, up 227.2% year-on-year [1][4][18]. - The company plans to distribute an interim dividend of 20.4 Hong Kong cents per share, corresponding to a payout ratio of 45% [1][4]. Revenue and Profit Analysis - The adult footwear and apparel segments saw revenue growth of 12.8% and 1.6% respectively, while children's footwear grew by 27.8% and apparel declined by 7.6%. The increase in footwear revenue was attributed to strong sales growth and moderate price adjustments [2][4]. - The average wholesale price for adult and children's apparel decreased by 4.5% and 6.3% respectively, enhancing cost performance in response to market demand [2][4]. Channel Performance - E-commerce sales for the company grew by 45% year-on-year, reaching 1.82 billion yuan, accounting for 31.8% of total revenue. Online exclusive products now represent 85% of sales, providing a differentiated experience [3][4]. - The company is expanding its offline store model, with the number of super stores increasing to 49, and plans to exceed 100 by year-end. The fifth-generation children's stores have reached 222 locations, a growth of 5.7 percentage points from the end of 2024 [3][4]. Financial Forecasts - The company expects net profits for 2025-2027 to be 1.25 billion, 1.35 billion, and 1.48 billion yuan respectively, reflecting a year-on-year growth of 8.5%, 8.7%, and 9.4% [4][19]. - Revenue projections for 2023-2027 are 8.423 billion, 10.074 billion, 11.186 billion, 12.335 billion, and 13.486 billion yuan, with growth rates of 21.0%, 19.6%, 11.0%, 10.3%, and 9.3% respectively [5][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5][7] Core Views - The company is expected to continue expanding its high-potential customer base, with revenue growth anticipated as production capacity is gradually released. However, some customer orders may still face pressure due to uncertainties in the trade environment and fluctuations in overseas demand [5][6] - The company plans to distribute a significant mid-term dividend, proposing a cash dividend of RMB 10 per 10 shares, totaling RMB 1.167 billion, which represents 70% of the net profit attributable to the parent company for the first half of 2025 [5][6] Financial Performance Summary - For H1 2025, the company reported operating revenue of RMB 12.66 billion, a year-on-year increase of 10.36%, while the net profit attributable to the parent company was RMB 1.66 billion, a year-on-year decrease of 11.42% [5] - In Q2 2025, the company achieved operating revenue of RMB 7.31 billion, a year-on-year increase of 9.0%, with a net profit of RMB 902 million, down 17.3% year-on-year [5] - The company’s sales volume for H1 2025 was 115 million pairs, up 6.1% year-on-year, with an average price of approximately RMB 110.09 per pair, reflecting a 3.6% increase year-on-year [5] Earnings Forecast and Valuation - The company's revenue is projected to grow from RMB 20.114 billion in 2023 to RMB 34.497 billion by 2027, with year-on-year growth rates of -2%, 19%, 11%, 14%, and 13% respectively [3][5] - The net profit attributable to the parent company is expected to fluctuate, with forecasts of RMB 3.2 billion in 2023, RMB 3.84 billion in 2024, and RMB 4.962 billion in 2027 [3][5] - The price-to-earnings (P/E) ratio is projected to decrease from 19.0 in 2023 to 12.3 in 2027, indicating an improving valuation over time [3][5]

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9] Core Insights - The U.S. apparel industry is expected to transition from weak replenishment to passive accumulation of inventory due to weak retail performance and expectations [2][6] - The overall inventory levels in the U.S. apparel sector are now considered healthy, shifting from a stable state to an upward trend [4][19] - The demand side remains pressured, with U.S. apparel retail growth stagnating around 0% since May 2022, indicating a weak overall consumption environment [5][37] Summary by Sections Inventory Cycle - The U.S. inventory cycle serves as an effective indicator for assessing manufacturing sentiment [4][16] - Historical transitions from inventory depletion to accumulation phases have typically led to stock price increases for manufacturing companies [4][16] - Current inventory levels in the U.S. apparel sector are healthy, with most brands, except Nike, returning to a healthy inventory state [4][22] Demand Dynamics - The U.S. apparel retail growth has been stagnant, with consumer confidence significantly weakened since 2025 [5][37] - The North American market remains the most pressured, with most brands experiencing a decline in revenue compared to other regions [41][42] Future Outlook - The report anticipates weak order elasticity in the near term, with upstream manufacturing unlikely to see significant recovery [6][34] - The recent tariff policies have provided clarity, enhancing investment certainty in the manufacturing sector [7] Sector Perspective - The report emphasizes the importance of focusing on leading manufacturers in the Southeast Asia region, where tariff impacts have been clarified, and investment certainty has improved [7][22] - The leading manufacturers are expected to gain market share due to their competitive advantages in low-tariff regions [7][22]

Summary of Key Points Core Viewpoint - Zhejiang Aokang Footwear Co., Ltd. expects a significant net loss of approximately 87 million yuan for the first half of 2025, primarily due to macroeconomic downturns, weak consumer demand, and intensified industry competition [1]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately -87 million yuan for the first half of 2025 [1]. - The previous year's net profit attributable to shareholders was -19.83 million yuan, with a net profit of -57.57 million yuan after deducting non-recurring gains and losses [1]. - The expected revenue for the current period is 1.081 billion yuan, representing a decline of about 21% compared to the same period last year [1]. Group 2: Financial Status - The company reported a loss per share of -0.0494 yuan in the previous year [1]. - The current performance forecast has not been audited by a registered accounting firm [1].