> 数据图表谁知道012026-8-101高端复苏：户外+运动时尚板块业绩整体超预期，女装也迎来板块性景气修复 运动时尚贡献业绩惊喜：比音勒芬26Q2收入及归母利润增速环比Q1显著加速，单季度增速达到32%/26%，其一方面推动主品牌户外品类丰富+年轻化，一方面推动肯迪文、SNOWPEAK为代表的第二成长曲线的积极投入，有效完成集团品牌矩阵搭建，叠加核心管理层仍在积极增持中，预计未来2-3年持续延续领跑态势；报喜鸟凭借旗下Hazzys品牌的优质表现（与比音类似，同样来自高端+运动时尚赛道的高度景气），26Q2收入+9%同时归母利润+103%，显著超越市场预期。 高端女装板块性景气复苏：除了此前表现一直较为突出的港股高端女装江南布衣外，歌力思及地素时尚Q2延续Q1趋势，都表现出收入持续稳健正增长及盈利能力修复，前者与海外及EH亏损业务梳理完毕有关，后者则来自连续5年的门店梳理工作基本完成，线上业务也实现积极增长；整体高端女装赛道景气度呈现环比改善 高端户外延续高景气：除港股安踏体育旗下迪桑特、KOLON品牌表现出色外，A股三夫户外26Q2也延续Q1态势，继续呈现收入加速、盈利能力向上态势，其中主品牌X-BIONIC在26Q1和Q2收入分别同比增长54%/56%，展现高端户外品牌活力表：品牌服饰A股运动时尚、高端女装、户外重点公司分季度情况单季度收入（亿元）股票代码上市公司25Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q2单季度收入YOY单季度归母净利（亿元）单季度归母净利YOY002154.SZ002832.SZ比音勒芬 12.86报喜鸟603587.SH 地素时尚歌力思三夫户外603808.SH002780.SZ13.034.796.901.948.1710.9811.1215.2210.791.4% 22.3% 3.2% 10.8% 18.4% 32.0% 3.3110.8710.8916.9014.4011.89-3.7% -3.5% 3.1%4.5% 10.5% 9.4%5.886.811.844.796.472.075.918.383.715.087.442.645.977.002.63-10.9% -0.7% -1.1% -2.4% 6.2%-7.8% -2.6% -8.1% -5.1% 7.8%1.5%2.7%14.5% 15.7% 20.7% 23.4% 36.0% 42.9% 0.131.700.830.410.830.270.880.440.042.050.390.660.280.04-0.691.060.240.510.323.862.371.010.410.311.040.541.090.590.23-8.5% -29.3% -27.4% -471.8% 16.5% 25.9%-31.9% -71.4% -45.7% 32.7% 39.0% 102.9%-25.0% -22.1% 16.6% -0.4% 21.8% 24.5%40.2% 50.3% 扭亏 扭亏 0.1% 34.9%2806% -46.4% 1034% 扭亏 141.9% 443.7%表：品牌服饰A股运动时尚、高端女装、户外重点公司分季度情况股票代码上市公司单季度毛利率单季度毛利率同比变化单季度归母净利率单季度归母净利率同比变化25Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q2002832.SZ002154.SZ比音勒芬 75.4% 76.7% 75.1% 73.5% 75.3% 76.7% -0.6% -4.6% 1.3% -5.3% -0.2% 0.0% 25.8% 10.1% 18.7% -6.2% 25.4% 9.7% -2.8% -7.4% -7.9% -8.0% -0.4% -0.5%报喜鸟67.9% 66.0% 62.3% 62.3% 65.6% 64.1% 0.1%0.0% -0.6% -1.1% -2.4% -1.9% 13.1% 2.5%6.3% 16.5% 4.6% -5.4% -5.9% -3.2% 1.3%3.6%3.4%2.1%603587.SH 地素时尚 76.3% 76.2% 74.0% 73.3% 77.5% 76.4% 0.8%1.0%0.4% -1.6% 1.1%0.3% 17.3% 14.9% 13.8% 4.1% 19.8% 18.3% -3.2% -4.1% 2.1%0.1%2.5%3.4%603808.SH002780.SZ歌力思三夫户外 59.6% 57.7% 49.9% 64.9% 61.8% 61.2% 3.0% -1.5% -3.3% 7.5%65.7% 67.8% 62.7% 70.5% 70.8% 71.0% -1.6% -3.6% -3.4% 5.1%5.1%2.3%3.2%3.6%5.9%6.5%6.5%2.3%4.4%2.1%6.1%5.5%8.5%2.0%2.3%9.7% 43.6% -0.4% 2.0%8.7% 11.6% 8.6%6.3% -2.6% 1.9% 18.7% 5.1%6.3%数据来源：Wind、公司公告、浙商证券研究所7浙商证券综合其他
