[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 26 日 证券研究报告 | 分析师： [Tabl | 糜韩杰 | 分析师： | 钟泽宇 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | SAC 执证号：S0260526020002 | | | SFC CE.no: BPH764 | | | | | 021-38003650 | | 020-66336949 | | | mihanjie@gf.com.cn | | zhongzeyu@gf.com.cn | | | 请注意，钟泽宇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。 | | | [本报告联系人： Table_C ontacter] [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] 纺织服装行业全球观察之亚瑟士:FY2025：业绩持续高增长，FY2026 展望乐观 2026-02-25 纺织服装行业全球观察之德克斯户外:FY2026Q3：HOKA 营收持续高增，公司上调业绩指引 ...

此外，集团董事会已批准每股1.40欧元的股息分配建议，并通过合并可持续发展声明，该声明遵循2025 年合并财务报表所附董事会管理报告中所载的第125/2024号法令。 盟可睐集团董事长兼首席执行官REMO RUFFINI表示，2025年的稳健业绩得益于清晰的战略方向、卓 越的执行能力及灵活的市场应变力，彰显了品牌实力与商业模式优势，也离不开全球团队的投入。随着 集团发展，组织结构持续强化，Leo Rongone将于今年四月出任集团首席执行官，为未来发展注入新动 力。2026年，集团将继续强化品牌实力，加大组织建设投入，致力于创造持久价值。 据盟可睐集团（Moncler Group）2025财年业绩显示，集团2025年综合收入达31.321亿欧元，按恒定汇率 计算同比增长3%，按当前汇率增长1%。 期内，盟可睐品牌2025年收入27.209亿欧元，按恒定汇率同比增长3%，按当前汇率增长1%；第四季度 两大销售渠道环比增长强劲，推动品牌按恒定汇率同比增长6%，所有地区表现均有改善，其中DTC渠 道在高基数压力下仍实现7%的恒定汇率同比增长，亚洲和美洲地区表现突出，批发渠道则扭亏为盈， 按恒定汇率同比增长2%。St ...

Core Viewpoint - Moncler Group's revenue for the first three quarters of 2025 remained stable year-on-year at €1.8413 billion, with a slight decline of 1% when calculated at current exchange rates [1] Group Performance - The overall revenue of the Moncler brand was €1.5532 billion, showing no change year-on-year at constant exchange rates, while a 1% decline was noted at current exchange rates [1] - Direct-to-Consumer (DTC) channels showed slight improvement, remaining stable year-on-year at constant exchange rates, with strong performance in the Americas and China, while Europe, the Middle East, Africa, and Japan struggled due to a downturn in tourism [1] - The wholesale channel also saw a slight improvement, but due to the brand's ongoing efforts to enhance channel quality, this led to a 4% decline year-on-year at constant exchange rates [1] Brand Performance - Stone Island brand revenue reached €288.1 million, reflecting a 1% decline year-on-year at constant exchange rates, with a similar decline noted at current exchange rates [1] - The DTC channel for Stone Island accelerated with double-digit growth, achieving an 11% increase year-on-year at constant exchange rates, although adjustments in delivery schedules between the third and fourth quarters compared to the previous year led to a decline of 8% in the wholesale channel [1]

Group 1 - The core financial performance of Moncler Group for the first half of 2025 includes a consolidated revenue of €1.2257 billion, reflecting a 1% increase at constant exchange rates and flat growth at current exchange rates [1] - The group's EBIT for the first half of 2025 was €224.8 million, with an EBIT margin of 18.3%, compared to €258.7 million and a margin of 21.0% in the same period of 2024, primarily due to adjustments in marketing expenses [1] - The net profit for the group was €153.5 million, resulting in a profit margin of 12.5% [1] Group 2 - Moncler brand revenue for the first half of 2025 was €1.039 billion, showing a 1% increase at constant exchange rates and flat growth at current exchange rates; the second quarter saw a 2% decline at constant exchange rates, mainly due to a slowdown in DTC channel growth [1] - Stone Island brand revenue was €186.7 million, with a 1% decline at constant and current exchange rates; however, the second quarter saw a 6% increase at constant exchange rates, driven by growth in DTC and wholesale channels [1] Group 3 - The CEO of Moncler Group, Remo Ruffini, emphasized the importance of creative design and community engagement to strengthen brand power while maintaining resilience and stable operations in response to external challenges [2]