轻工纺服行业：烟草行业稳中有进，烟用物资产业稳健发展

轻工纺服行业：25H1板块运营承压，关注头部运动品牌及制造链盈利修复－纺织服装2025年中报总结

Home textile retail refers to the sale of various textiles and soft furnishings used in households, such as bedding, curtains, towels, and rugs. These products are typically sold in retail stores or online platforms specializing in home decor. Home textile retail focuses on providing a wide range of designs, materials, and quality options to cater to customers preferences for comfort, aesthetics, and functionality in their living spaces.

The global handicrafts market includes all the products that are manufactured by artisans by hand, using hand tools or small machinery, and which reflect the traditional ethos and indigenous ethnicity of a particular region. The raw materials used for manufacturing these products are mostly recyclable, industrially processed, or natural

Golf apparel encompasses the clothing and accessories worn by golfers during play. It is crafted to be both comfortable and practical, with a focus on fashion. The apparel is often made from fabrics such as cotton, which are ideal for warm or moderate climates.

弱零售下收入略承压，负经营杠杆拖累业绩。2025H1 品牌服装零售板块实现营收 428.1 亿元，同比-0.9%，其中 Q1/Q2 分别同比-2.9%/+1.5%，意味着零售景气和仍然较弱。利润端，2025Q2 毛利率同比+0.2pct 至 52.6%，主因品牌渠道结构优化及电商控折扣，费用率同比提升拖累归母净利率同比-2.4pct 至 5.4%。运营质量方面，弱零售环境下，2025Q2 存货/应收账款周转率同比-0.03/-0.04 次至 0.35/2.68 次，销售收到的现金占收入的比例略下滑，运营质量有所降低。

8 月 A 股纺服板块走势略弱于大盘，9 月以来表现稳健，其中品牌服饰表现优于纺织制造，9 月以来分别+0.8%/+0.0%；港股纺服指数 8 月上 涨 5.5%好于大盘，9 月以来小幅回落。重点关注公司中 9 月以来涨幅领先的包括：天虹国际(6.0%)/开润股份(4.9%)/华利集团(4.7%)/波司登(4.5%)。

FY2025Q2（2025/5/5-2025/8/3）公司实现营收 25.3 亿美元，同比+7%，收入表现略低市场预期（彭博一致预期 25.4 亿美元）。毛利率同比-1.1pct 至 58.5%，主因折扣提升和关税加征导致 产品利润率下滑 0.7pct。SG&A 费用率同比+0.9pct 拖累公司净利率同比-1.9pct 至 14.7%。

2025H1 纺服板块整体跑赢沪深 300。截至 6 月末 CI 纺织服装/纺织制造/品牌服装/沪深 300 较年初分别+5.35%/+3.95%/+6.70%/+3.06%，品牌端表现相对更佳。2025H1 纺服板块表现全行业居中，市场整体表现排名第 16 位（含沪深 300），2025H1 CS 纺织服装和沪深 300 涨幅分别为 2.81%和 0.03%。

The apparel market refers to the sector of the retail industry that focuses on the production, distribution, and sale of clothing and related accessories for men, women, and children. The apparel market is characterized by a diverse range of brands, styles, and price points to cater to different consumer preferences and segments. It encompasses both branded and non-branded products, with offerings that vary from high-end luxury fashion to affordable and mass-market clothing.