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

招商证券
Sep 09

品牌端:收入稳中有升,费用拖累盈利能力。(1)运动鞋服:25H1 需求疲软,盈利能力承压。25H1 传统运动品牌(安踏、李宁、特步、fila)营收增速放缓至个位数增长,在终端市场(尤其线下)需求疲软情况下,折扣均同比加深&线上占比提升,盈利能力均有小幅下滑(25H1 李宁毛利率下降0.4pct,安踏集团毛利率下降0.7pct(其中安踏主品牌-1.7pct,FILA -2.2pct),特步毛利率下降...

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