Market Overview - The textile and apparel sector in A-shares has outperformed the broader market since February, with the textile manufacturing segment rising by 3.6% compared to a 2.0% increase in brand apparel [11] - The Hong Kong textile and apparel index has increased by 4.4% since February, also outperforming the market [11] - Notable companies with significant stock price increases include Under Armour (14.9%), Amer Sports (9.7%), and Jiangnan Buyi (9.6%) [11] Brand Apparel Insights - In December, the year-on-year growth of clothing retail sales was 0.6%, with a slowdown in growth compared to previous months [5] - January saw a 32.5% decline in operating income for sports retailer BaoSheng International, indicating pressure on overall clothing retail [5] - E-commerce sales rebounded in January, driven by promotional activities and pre-Spring Festival purchasing [5] - Outdoor apparel categories showed strong growth, with year-on-year increases of 17% for outdoor clothing and 5% for sports apparel [5] - Leading brands in growth include Lululemon (47%), Descente (29%), and Adidas (16%) in the sports apparel segment [5] Textile Manufacturing Insights - Vietnam's textile exports increased by 8.3% year-on-year in January, while footwear exports rose by 7.8% [5] - The macroeconomic environment shows mixed signals, with PMI in Indonesia and India rising, while Vietnam's PMI decreased slightly but remains above 50 [5] - Wool prices have increased by 15.3% since the beginning of the year, with a year-on-year increase of 54.9% as of February 5 [5] - Taiwanese companies are experiencing short-term revenue pressure but show optimistic growth prospects, particularly with the upcoming 2026 World Cup driving demand for football-related products [5] Company Performance Forecasts - Several companies in the textile and apparel sector, including Bailong Dongfang and Tianhong International, are expected to see net profit growth of over 40% [2] - Key drivers for profit growth include increased order volumes, improved capacity utilization, and lower raw material costs [2] - Le Xin Outdoor, a leading global fishing gear manufacturer, is projected to maintain a 23.1% market share in 2024 [2] Investment Recommendations - The report suggests focusing on brands that are likely to benefit from the Spring Festival sales surge and the performance elasticity of upstream suppliers [5] - High-end consumer recovery is anticipated, particularly in the light luxury sports and outdoor segments [5] - Companies such as Anta Sports, Li Ning, and Xtep International are recommended for their strong positioning in the market [5] - The report highlights the importance of the upcoming 2026 World Cup in driving orders for sports apparel and footwear [5]

Market Overview - The textile and apparel sector in A-shares has outperformed the broader market since February, with the textile manufacturing index rising by 3.6% and the brand apparel index by 2.0% [11] - The Hong Kong textile and apparel index has increased by 4.4% since February, also outperforming the market [11] - Notable companies with significant stock price increases include Under Armour (14.9%), Amer Sports (9.7%), and Jiangnan Buyi (9.6%) [11] Brand Apparel Insights - In December, the year-on-year growth of clothing retail sales was 0.6%, with a slowdown in growth compared to previous months [5] - January saw a 32.5% decline in operating income for sports retailer BaoSheng International, attributed to the timing of the Spring Festival [5] - E-commerce sales in January rebounded, driven by promotional activities and pre-holiday purchases, with outdoor apparel leading growth at 17% year-on-year [5] - Key brands showing strong growth in the sports apparel category include Lululemon (47%), Descente (29%), and Adidas (16%) [5] Textile Manufacturing Insights - Vietnam's textile exports increased by 8.3% year-on-year in January, while footwear exports rose by 7.8% [5] - The macroeconomic environment shows mixed signals, with PMI in Indonesia and India rising, while Vietnam's PMI slightly decreased but remains above 50 [5] - Wool prices have increased by 15.3% year-to-date, with a year-on-year increase of 54.9% as of February 5 [5] - Companies like RuHong and GuangYue are experiencing revenue growth due to order continuity and optimized production structures [5] Annual Performance Forecasts - Several companies in the textile and apparel sector, including Bailong Dongfang and Tianhong International, have issued profit forecasts indicating over 40% growth in net profit [2] - Factors contributing to this growth include full order books, improved capacity utilization, and declining raw material costs [2] Investment Recommendations - The report suggests focusing on brands that are likely to benefit from the Spring Festival sales surge and the performance elasticity of upstream suppliers [5] - High-end consumer recovery is anticipated, particularly in the light luxury sports and outdoor segments [5] - Key recommendations include Anta Sports, Li Ning, and Xtep International, which are well-positioned to capture market growth [5] Key Company Earnings Forecasts - Anta Sports is rated "Outperform" with an expected EPS of 4.72 for 2025 and 4.98 for 2026 [6] - Li Ning is also rated "Outperform" with an expected EPS of 1.01 for 2025 and 1.08 for 2026 [6] - Other companies such as Xtep International and 361 Degrees are similarly rated "Outperform" with positive earnings forecasts [6]

为提高资金使用效率、增加股东回报，在保证日常经营运作资金需求、有效 控制投资风险的情况下，中山华利实业集团股份有限公司（以下简称"公司""华 利集团"）于2025年10月28日召开了第二届董事会第十七次会议，审议通过了《关 于2026年度委托理财及现金管理额度预计的议案》，同意公司（含子公司）使用 自有资金、闲置募集资金进行委托理财及现金管理，预计交易金额合计不超过人 民币55亿元，其中使用闲置募集资金仅用于现金管理且交易金额不超过人民币15 亿元。上述交易额度在2026年度内有效，在上述期限内，额度可循环滚动使用， 但在期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金额）不 应超过交易额度。在额度有效期和额度范围内，授权公司管理层行使相关投资决 策权并签署相关文件，具体由公司总财务部负责组织实施和管理。公司保荐机构 发表了明确同意的意见。具体内容详见公司分别于2025年10月30日、2026年1月 12日、2026年1月26日在深圳证券交易所网站（www.szse.cn）、巨潮资讯网 （www.cninfo.com.cn）等监管部门规定的创业板上市公司信息披露网站披露的 《关于2026年度委托理 ...

Core Viewpoint - The company, Huayi Group, experienced a decline of 2.31% in stock price, with a trading volume of 115 million yuan and a market capitalization of 57.696 billion yuan [1] Group 1: Company Overview - Huayi Group specializes in the development, design, production, and sales of athletic footwear, being a leading global manufacturer in this sector [2][7] - The company primarily serves well-known global sports brands, including Nike, Converse, Vans, Puma, UGG, Columbia, Under Armour, and HOKA ONE ONE, with a significant focus on children's footwear [2][7] Group 2: Financial Performance - For the fiscal year 2025 (January to September), Huayi Group reported a revenue of 18.68 billion yuan, reflecting a year-on-year growth of 6.67%, while the net profit attributable to shareholders decreased by 14.34% to 2.435 billion yuan [7] - The company has a high overseas revenue proportion of 99.80%, benefiting from the depreciation of the Chinese yuan [3] Group 3: Shareholder and Dividend Information - Since its A-share listing, Huayi Group has distributed a total of 9.103 billion yuan in dividends, with 6.652 billion yuan paid out over the past three years [8] - As of January 30, the number of shareholders increased by 11.03% to 16,100, while the average circulating shares per person decreased by 9.94% to 72,483 shares [7][8] Group 4: Market Activity - The company has seen a net outflow of 11.6368 million yuan from major investors today, ranking 30th out of 32 in its industry, indicating a trend of reduced holdings by major funds over the past three days [4][5] - The average trading cost of the stock is 56.08 yuan, with the current price near a support level of 48.17 yuan, suggesting potential volatility if this support is breached [6]

Core Viewpoint - The stock price of Huali Group is influenced by its independent fundamentals and market sentiment, rather than being directly affected by Under Armour's performance [1] Recent Stock Performance - Huali Group is a leading global sneaker manufacturer with clients including Nike, Deckers (including UGG and Hoka), On, and Puma, with Under Armour being just one of its clients. As of the 2025 semi-annual report, the revenue contribution from the top five clients has decreased to 71.88%, indicating enhanced client diversification [2] - In the first half of 2025, the company's revenue grew by 10.36% year-on-year, while net profit declined by 11.06%, primarily due to new factory capacity ramp-up, fluctuations in orders from some existing clients, and uncertainties in international trade policies. The impact of Under Armour's orders on Huali Group's overall business is limited, making its revenue fluctuations relatively controllable [2] Recent Events - Under Armour reported a 5% year-on-year decline in revenue for the third quarter of fiscal year 2026 (ending December 31, 2025), with a 10% drop in North America but a 3% growth in international markets. The recent stock price fluctuations (e.g., a 10.70% drop on February 10, 2026) mainly reflect its own growth challenges and a weak North American market. Under Armour is undergoing a transformation by streamlining its product line and focusing on the Chinese market, but short-term performance remains under pressure [3] Company Fundamentals - In November 2025, the controlling shareholder, Junyao Group, received a warning letter for disproportionate share reduction, having cashed out 1.86 billion yuan, raising concerns about governance structure. The stock price fell from an average reduction price of 55.66 yuan to 49.49 yuan on February 11, 2026, a decline of approximately 9.8% [4] - The company's fundamentals are under short-term pressure, with a 20.73% year-on-year decline in net profit attributable to the parent company in the third quarter of 2025, and a 4.8 percentage point drop in gross margin, although there was a 1.1 percentage point improvement quarter-on-quarter, indicating initial success in ramping up new factory capacity [4] Financial Situation - Since February 2026, there has been a net outflow of major funds, while retail investor funds have seen a net inflow, reflecting short-term sentiment being affected by events [5] Industry and Risk Analysis - In the sports footwear and apparel supply chain, brand performance fluctuations may indirectly impact suppliers' order expectations. However, Huali Group's core risks are more concentrated on its own capacity ramp-up efficiency, tariff policies, and actions of major shareholders. Currently, there is no significant correlation between the stock price performance of Huali Group and Under Armour, as both are primarily driven by internal factors [6]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and Huayi Group [11][25][34]. Core Insights - Adidas is expected to see a 10% revenue growth in Q4 2025, with a 13% increase for the full year, driven by strong performance across all channels and regions [1][15]. - VF Corporation reported a revenue of $2.88 billion for FY2026Q3, with a 2% year-over-year growth on a currency-neutral basis, and an improved operating profit margin [2][16]. - The North Face and Timberland brands showed strong growth, while Vans experienced a revenue decline of 10% [3][18]. - The overall performance of the sportswear sector is expected to outperform the broader apparel market, with strong inventory management capabilities among key companies [4][19]. Summary by Sections Adidas Performance - In Q4 2025, Adidas brand revenue is projected to grow by 11% on a currency-neutral basis, with a gross margin increase to 50.8% [1][15]. - For the full year 2025, revenue growth is expected at 13%, with a gross margin of 51.6% and an operating profit margin of 8.3% [1][15]. VF Corporation Financials - VF Corporation's FY2026Q3 revenue reached $2.88 billion, with a currency-neutral growth of 2% [2][16]. - The gross margin improved to 57%, and the operating profit margin increased to 12.1% [2][16]. Brand Performance - The North Face saw a 5% revenue growth in Q3, with strong performance across all product categories [3][18]. - Timberland also reported a 5% revenue increase, while Vans faced a 10% decline [3][18]. Market Outlook - The sportswear sector is expected to maintain resilience and long-term growth potential, with a focus on brands like Li Ning and Anta Sports [4][19]. - Li Ning's profit is projected to decline by 9% in 2025 but grow by 5.8% in 2026, while Anta Sports is expected to see a 15% profit decline in 2025, followed by a 6.4% increase in 2026 [4][19]. Inventory and Supply Chain - The industry inventory is reported to be healthy, with expectations for downstream replenishment to drive upstream order growth [21].

Investment Rating - The report assigns an "Overweight" rating for the textile and apparel industry [5]. Core Insights - The report highlights that the recent recovery in both domestic and international consumer markets makes it an opportune time to invest in quality consumption, focusing on three domestic demand lines and two external demand lines [2][5]. - The core consumer price index (CPI) has shown a stable increase of 1.2% year-on-year as of December 2025, indicating a resilient recovery in demand [5]. - The report emphasizes the importance of high dividend yields and favorable valuations in identifying investment opportunities within the industry [5]. Summary by Sections Investment Highlights - The S&P 500 Equal Weight Index has increased by 4.8% since January 2026, outperforming the S&P 500 Weighted Index, which rose by 1.3% [5]. - The report suggests focusing on three domestic demand lines: 1. Companies with strong fundamentals and dividend yields (A-shares above 5%, Hong Kong stocks above 7%), recommending Mercury Home Textiles, Luolai Lifestyle, and Jiangnan Buyi. 2. Companies with valuations at near three-year lows (below 20% percentile) and dividend yields above 7%, recommending Bosideng and TBO [5]. 3. Companies with positive fundamental expectations, recommending Li Ning and Samsonite [5]. - For external demand, the report notes a potential for inventory replenishment driven by improved consumer sentiment in the U.S., with the Michigan Consumer Sentiment Index reaching 56.4, a five-month high [5]. Market Review - The textile and apparel sector in the A-share market rose by 1.32%, outperforming the CSI 300 Index by 2.66 percentage points [7]. - The current PE valuation for the textile and apparel sector is 21.66 times, below the historical average of 24.54 times [7][12]. Industry Data Tracking - In December 2025, the retail sales of clothing in China increased by 1.2% year-on-year, while textile and apparel exports decreased by 7.4% [19]. - The report indicates that the cumulative textile and apparel exports for 2025 amounted to approximately $293.77 billion, reflecting a 2.61% year-on-year decline [19]. Recommended Stocks and Valuations - The report provides a detailed table of recommended stocks with their respective earnings forecasts and valuations, all rated as "Overweight" [15][17]. - Notable recommendations include: - Mercury Home Textiles with a PE of 15 and expected net profit of 3.8 billion yuan in 2025 [15]. - Li Ning with a PE of 20 and expected net profit of 25 billion yuan in 2025 [15].

Core Viewpoint - The company is currently experiencing a peak period of capital expenditure and is actively planning to manage its production capacity to meet future demand while addressing shareholder concerns regarding stock ownership and governance structure [2][3]. Group 1: Company Performance - As of February 3, 2026, the company’s stock closed at 49.12 yuan, reflecting a 0.53% increase with a turnover rate of 0.22% and a trading volume of 25,500 shares, amounting to a total transaction value of 124 million yuan [1]. Group 2: Shareholder Engagement - The company is in discussions with brand partners to plan for medium to long-term production capacity needs, aiming to enhance core competitiveness and expand its customer base to maintain order and capacity utilization [2]. - The company acknowledges the high shareholding ratio of major shareholders and the market concerns regarding previous illegal share reductions, indicating a willingness to consider introducing strategic second shareholders to improve governance and investor confidence [2]. - As of January 30, 2026, the number of shareholders was approximately 16,100 [2]. Group 3: Market Activity - On February 3, 2026, there was a net inflow of 6.035 million yuan from major funds, while retail investors showed a net outflow of 14.1731 million yuan, indicating a mixed sentiment in market participation [3][4].

Group 1 - The core viewpoint of the news is that 华利集团 (Huali Group) is actively engaging with investors and showcasing its growth potential in the athletic footwear market, despite a cautious outlook from some brands due to complex international political and economic conditions [1][2] - 华利集团's stock price increased by 2.28% to 49.27 yuan, with a total market capitalization of 57.463 billion yuan, while its price-to-earnings ratio stands at 16.38, significantly lower than the industry average of 42.27 [1] - The company has a strong competitive position in the athletic footwear industry, with a comprehensive shoe manufacturing technology and process, and is focusing on diversifying its customer base to enhance performance resilience [2] Group 2 - Management indicated that three out of four new athletic shoe factories set to be operational in 2024 have met their initial performance targets, and cost-reduction measures are being effectively implemented [2] - Future capital expenditures are expected to remain in the range of 1.1 to 1.7 billion yuan, aligning with order conditions, while the company continues to upgrade production lines with automation and smart equipment [2] - As of January 20, 2026, 华利集团 had 14,500 shareholders, with an average holding value of 3.963 million yuan and an average shareholding of 80,500 shares [2]

Group 1: Market Demand and Competition - The demand for athletic shoes remains resilient as they are considered essential consumer goods, with significant growth potential in developing countries compared to developed markets like the US and Europe [2] - The overall consumption scale of footwear is expected to maintain long-term resilience despite short-term fluctuations due to macroeconomic factors [2] - The industry landscape is relatively stable, with limited large-scale new entrants due to the long development cycles and complexities in mass production management [2] Group 2: Order Outlook and Economic Impact - The company anticipates a conservative order forecast for 2026 due to uncertainties in the international political and economic landscape [3] - The company is actively pursuing a diversified customer strategy to enhance performance resilience amid economic uncertainties [3] Group 3: Profitability and Cost Management - The gross margin is expected to decline in 2025 due to several new factories being in ramp-up stages, with ongoing efforts to improve operational efficiency and cost reduction [3] - The company has achieved profitability in three out of four new factories launched in 2024, indicating progress in operational improvements [3] Group 4: Automation and Production Efficiency - Full automation in athletic shoe production is challenging due to the variety of styles, sizes, and materials, but the company is continuously upgrading production lines and collaborating with equipment manufacturers to enhance automation levels [4] - The company aims to reduce reliance on manual labor and improve production efficiency through customized equipment and process improvements [4] Group 5: Pricing Strategy and Revenue Impact - Changes in average selling prices are influenced by customer and product mix, with fluctuations in brand representation directly affecting average prices [5] - The company's diversified brand strategy and ongoing optimization of customer and product structures will impact average selling price trends [5] Group 6: Capital Expenditure and Dividends - The company plans to invest approximately RMB 1.1 billion to 1.7 billion annually in capital expenditures from 2022 to 2024 for new factory construction and automation upgrades [7][8] - The dividend payout ratio has been substantial, with cash dividends accounting for about 89% of net profit in 2021 and projected to be around 70% in 2024 [9]