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特步开设海外首家跑步俱乐部,FILA成为中网独家运动鞋服赞助商
Shanxi Securities· 2025-09-29 09:57
Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Views - The textile and apparel industry has shown mixed performance, with notable developments such as Miniso's proposal to spin off TOP TOY for independent listing in Hong Kong, which is expected to enhance operational and financial transparency [2][3][19]. - TOP TOY, a leading brand in the trendy toy sector, has demonstrated significant growth, with revenue increasing from RMB 679 million in 2022 to RMB 1.909 billion in 2024, reflecting a compound annual growth rate (CAGR) of 67.7% [4][20]. - The report highlights the performance of various companies within the industry, with a focus on the growth of sports and entertainment products, which saw a year-on-year increase of 20.6% in the first eight months of 2025 [11]. Summary by Sections Market Performance - The SW textile and apparel sector declined by 2.59% in the week of September 22-26, 2025, underperforming the Shanghai Composite Index, which rose by 1.07% [8][21]. - The textile manufacturing sub-sector fell by 1.75%, while the apparel and home textile sub-sector dropped by 2.89% [21]. Company Developments - TOP TOY's gross margin improved from 19.9% in 2022 to 32.7% in 2024, with self-developed products contributing approximately 50% of revenue by 2025 [5][20]. - The number of TOP TOY stores increased from 117 in 2022 to 293 by mid-2025, indicating strong expansion [5][20]. Industry Data Tracking - In the first eight months of 2025, China's textile and apparel exports amounted to USD 94.513 billion and USD 102.761 billion, respectively, showing a slight increase and a decrease of 1.7% year-on-year [48]. - The retail sales of sports and entertainment products grew by 16.9% in August 2025, indicating robust consumer demand [55]. Industry News - Goyard, a luxury leather brand, reported a 64% increase in revenue to EUR 810 million for the fiscal year ending December 30, 2024, showcasing strong performance in both domestic and international markets [6][65][66]. - Xtep International opened its first overseas running club in Singapore, integrating high-performance running gear with community space, aimed at enhancing the running community [10][67]. - FILA renewed its partnership with the China Open, becoming the exclusive sports shoe and apparel sponsor, and announced initiatives to support youth tennis development [10][69].
年内降息预期再提利好出口链;FILA加码中网看好垂类赛道发展
SINOLINK SECURITIES· 2025-09-28 09:14
核心观点 年内降息预期进一步提升,建议积极关注出口链。9 月 26 日美联储副主席鲍曼表示美联储需要降息来应对劳动力市 场疲弱的兆头,认为关税相关的价格上涨可能是一次性效应,在关税影响减弱后,通胀有望回归 2%。今年年内市场 预期大概率还有两次降息,10 月第二次降息的可能性为 87.7%。12 月连续第三次降息的可能性则维持在 65%左右, 后续市场对降息预期较大。我们认为美联储降息有望提振海外需求、利好制造端,目前鞋服制造龙头凭借产能稀缺 性保有议价权,关税共担压力有限。龙头盈利能力与抗风险能力突出,产能调配灵活,能快速响应订单变化,并受 益于行业集中度提升。建议关注成衣制造龙头。 FILA 续约中网加码网球赛道,多品牌战略凸显抗风险能力。9 月 26 日 FILA 在北京举办网球战略合作发布会,宣布 正式续约中国网球公开赛并升级为中网独家官方运动鞋服赞助商,同时签约了中国男子网球单打排名榜首的布云朝 克特作为 FILA 中国首位网球代言人。我们持续看好 FILA 垂类赛道的发展,品牌在高尔夫和网球等精英运动领域的 持续投入,有望进一步提升品牌专业心智和市场占有率。安踏通过 FILA、迪桑特、可隆等多品牌 ...