风险提示：消费恢复低于预期；存货风险增加；市场竞争加剧风险 库存与折扣维持健康水平，经营情况稳定。四季度零售折扣率稳定在7-7.5 折，公司在双十一、双十二 及春节前促销中灵活调整，通过合理策略提升终端销售，折扣力度符合预期。至四季度末，主品牌库销 比约为4.5 个月，保持在合理水位，整体运营情况稳健。 渠道优化持续深化，DTC 转型稳步推进。 主品牌渠道升级持续推进，九代店及以上新型门店占比超七 成，12 月在上海开设首家金标领跑店，融合产品、服务与社群以优化用户体验，26 年计划新增20-30 家。同时，奥莱渠道也在加速布局，25-26 年规划开设70-100 家精选奥莱店，目前已开30 家左右，平均 面积600-800 平米，月店效普遍超百万元，26 年将加大奥莱渠道专供款投入。DTC 转型有序推进，25 年收回约200 家门店，26 年计划再回收300-400 家（累计约500 家），以加快对市场和消费需求变化的 反应速度。目前收回门店占整体6300 多家店的规模相对有限，对收入及财务报表的影响相对轻微。 产品迭代创新成果丰硕，专业优势持续巩固。25 年主品牌依然是功能性产品表现强劲，跑步品类全年 双 ...

(01368) 型公司 纺织服饰 2026 年 01 月 25 日 主品牌表现稳健,索康尼延续强劲趋势 报告原因:有业绩公布需要点评 婴人(维持) | 市场数据: | 2026 年 01 月 23 日 | | --- | --- | | 收盘价（港币） | 5.08 | | 恒生中国企业指数 | 9160.81 | | 52 周最高/最低（港币） | 6.83/4.46 | | H 股市值（亿港币） | 142.55 | | 流通 H 股 (百万股) | 2,806.07 | | 汇率（港币/人民币） | 0.8968 | 一年内股价与基准指数对比走势: 76% 26% 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 A0230523070002 liupei@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | 货币单位:人民币 | FY2023 | FY2024 | FY2025E | FY202 ...

Summary of Guangli Technology Conference Call Company Overview - **Company**: Guangli Technology - **Industry**: Semiconductor and Precision Manufacturing Key Points Financial Performance - In the first half of 2025, Guangli Technology achieved a revenue of 287.9 million yuan, a year-on-year increase of 20.63% [3] - The net profit attributable to shareholders was 25.17 million yuan, up 138.99% year-on-year, marking a return to profitability [3] - The net profit after deducting non-recurring items was 10.7 million yuan, reflecting a growth of 115.43% year-on-year [3] Product Development - The company launched several new products, including the wafer half-cutting equipment model 8231 and the packaging cutting and sorting machine model 7260, both entering the validation phase [2][4] - Other products in development include the semiconductor laser Low K slotting machine model 9130 and the invisible laser cutting machine model 9320, with the former expected to begin client validation in Q4 2025 [4] - The company is also developing a series of new products for the IoT sector, including a laser carbon monoxide sensor and a miniaturized directional drilling machine [4] Supply Chain and Production Strategy - To mitigate risks from the Israeli subsidiary, Guangli Technology has strengthened supply chain support from its Zhengzhou factory and is gradually shifting some production there [5][6] - Domestic components have been integrated into mass production equipment, enhancing overall supply capacity and market competitiveness [7] Market Trends and Demand - In Q3 2025, the semiconductor business saw a significant increase in customer order volume and speed, with monthly shipments reaching 30-40 units [8][9] - The company is responding to increased production demands by adjusting production strategies, including overtime work to meet client needs [10][11] Competitive Landscape - Guangli Technology faces competition from established players like Manwei in the laser equipment market but benefits from a late-entry advantage, as clients are actively seeking demonstrations of their equipment [14] - The company aims to replace leading global brands in the laser and grinding machine sectors, indicating strong client demand for their products [15] Future Outlook - The company expects to maintain a strong order momentum into Q4 2025, with production capacity already booked into November [13] - There is cautious optimism regarding long-term trends, with ongoing observations to adapt to potential market fluctuations [13] - The core components business is anticipated to grow significantly, with a focus on expanding order volumes gradually [22][21] International Expansion - Guangli Technology is actively pursuing international market opportunities, including strategic partnerships in Australia to bolster its IoT business [28][30] Investor Relations - The company encourages investors to continue monitoring its development, promising to deliver better performance as a return on investment [35] Additional Insights - The company has established a joint marketing team to promote precision component applications across six major scenarios, which is expected to become a new growth point [7] - The domestic market's demand for core components has surged, indicating substantial future growth potential [19] - The company is strategically positioning itself to adapt to changing market conditions while focusing on expanding its product offerings and production capabilities [31][32]