轻工纺服行业：内需弱复苏，泛娱乐玩具景气向上－2025年中期策略

E-textiles, also known as smart textiles or interactive textiles, are integrated with electronic components such as sensors for different applications in heat management, health monitoring, illumination, communication, sensing, and other related uses. Smart textiles are available in the wearable form of gloves, coats, T-shirts, and sportswear, which are further connected with smartphones, trackers, and entertainment devices.

Containers that are used to store soiled or used diapers are considered diaper pails. A baby diaper pail is designed in a way to lock the foul smell from soiled diapers and prevent the bad odor from spreading across the room or house.

Commercial carpets are softcover flooring used in non-residential buildings such as corporate offices, hotels, schools, universities, and public offices. Commercial carpets come in rolls and modules. The carpet rolls are called broadlooms, and modular carpets are carpet tiles. Broadlooms and carpet tiles are discussed as market segments in this report.

纺织服饰行业：消费稳中求变，制造静观其变－纺织服装2024年报＆25一季报总结

Intimate apparel products are worn under the outer apparel and are generally segmented into upper innerwear, lower innerwear, sleepwear and loungewear, thermal wear, and others. Although these products may comprise more than a single layer, they are usually in direct contact with the skin. They help in shaping the body, providing concealment or support for some body parts, keeping the outer apparel from being soiled or damaged by bodily excretions, and lessening the friction of the outer apparel against the skin.

纺织服饰行业：2024年品牌销售承压，纺织制造订单改善

纺织服装行业：2025第一季度产品竞争回顾与分析－运动品牌行业专题-国信证券

服饰品牌：2024 年利润承压，2025Q1 降幅收窄，期待后续修复。品牌服饰（仅 A 股）重 点公司 2024 年收入同比-2.2%/归母净利润同比-24.1%（其中 Q2~Q4 利润下滑幅度相对较 大），2025Q1 收入同比-2.6%/归母净利润同比-9.7%。1）盈利能力：利润下滑幅度大于收 入，主要系零售承压背景下负向经营杠杆显现，费用率同比提升。2）营运表现：存货同比增 加（主要系 2024 秋冬货品增加），库龄相对健康，折扣压力可控，毛利率稳中有升（品牌服 饰重点公司2024年毛利率为同比+0.4pct 至56.8%/2025Q1毛利率同比+1.1pct 至57.4%）。 3）现金流与分红：2024 年大部分品牌商现金流匹配业绩表现，分红比例保持较高水平。