> 数据图表谁能回答012026-8-101家纺大单品策略稳步推进，稳增长高股息龙头表现分化 家纺受益大单品策略26H1持续稳健• 亚朵大力发展零售业务，推动睡眠科技大单品完成消费者教育，26年Q1、Q2在高基数下零售业务收入增速仍达到54%、63%• 传统家纺龙头25-26陆续跟进大单品策略，罗莱生活Q2收入及利润增速领跑板块，水星家纺Q2收入增长降速但毛利率提升显著，单季度扣非利润+38%，表观归母下降主要来自政府补贴错期；富安娜在大单品策略下收入和利润增速也来到稳健增长。 其他稳增长高股息龙头方面：• 森马服饰Q2收入环比Q1略有降速，但由于利润低基数+效率提升，单季度归母净利增速达到52%，利润率回升明显• 海澜之家Q2收入保持了7%的增长态势，但由于团购业务的波动，利润同比出现下滑，海外和Adidas FCC为代表的新业务仍然有出色增长40.0035.0030.0025.0020.0015.0010.005.000.00亚朵零售业务收入（亿元）收入YOY283.2%36.71170.3%21.98126.2%300%250%200%15.75150%0.6411.5%0.711.9232.4%2.549.7267.0%10.7154.2% 63.2%100%50%0%55.0%50.0%45.0%40.0%35.0%30.0%亚朵零售业务毛利率52.6% 52.6%51.4%50.7%47.2%40.1%2019 2020 2021 2022 2023 2024 2025 26Q1 26Q22022202320242025 26Q1 26Q2表：品牌服饰A股家纺、高股息重点公司分季度情况股票代码上市公司单季度收入（亿元）单季度收入YOY单季度归母净利（亿元）单季度归母净利YOY25Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q2002293.SZ002327.SZ罗莱生活 10.94富安娜603365.SH 水星家纺5.369.2610.8712.0414.5311.5811.440.6%6.8%9.9%7.0%5.9%5.2%5.559.955.359.5810.5415.536.139.795.679.97-17.8% -15.3% -7.6% -14.8% 14.3% 2.1%1.2% 11.7% 20.2% 2.8%5.7%0.1%1.130.560.90002563.SZ森马服饰 30.7930.7036.9552.4634.4932.73-1.9% 9.0%7.3%0.4% 12.0% 6.6%2.140.720.500.511.111.550.540.912.121.801.771.753.561.480.651.053.111.020.520.4526.3% 4.9% 50.1% 4.9% 30.5% 40.5%-54.1% -47.7% -28.7% -29.0% 15.1% 3.1%-3.8% -2.6% 43.2% 11.2% 17.1% -12.3%1.68-38.1% -46.3% 扭亏 扭亏 45.2% 51.7%600398.SH 海澜之家 61.8753.7940.3360.2666.6157.590.2%3.6%3.7%5.8%7.7%7.1%9.356.452.823.049.495.395% -13.9%4%扭亏 1.5% -16.5%表：品牌服饰A股家纺、高股息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25Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q2002293.SZ002327.SZ罗莱生活 46.0% 49.7% 48.1% 56.6% 49.6% 50.4% 2.4% -0.5% 3.8%富安娜54.5% 52.8% 53.4% 52.7% 52.3% 51.4% 0.3% -3.1% -2.1% -4.9% -2.2% -1.3% 10.5% 9.0% 10.0% 18.4% 10.5% 9.1% -8.3% -5.6% -3.0% -3.7% 0.1%603365.SH 水星家纺 43.9% 43.9% 44.7% 46.4% 46.3% 46.3% 2.5%森马服饰 47.0% 46.4% 42.5% 45.1% 47.7% 47.9% 0.4%002563.SZ1.5%0.9%4.2%0.1%5.1%3.0%2.4%0.7%2.4%1.5%9.7%7.0%5.2%3.6%8.6% 11.2% 10.7% 4.5% -0.5% -0.8% 1.4%0.9%1.0% -0.6%5.7%6.8%9.0%5.1% -4.1% -3.7% -0.2% -0.5% 2.1%1.5%600398.SH 海澜之家 46.6% 46.0% 41.8% 44.1% 45.3% 46.8% -0.1% 2.6% -1.0% -0.2% -1.3% 0.7% 15.1% 12.0% 7.0%5.0% 14.3% 9.4%0.8% -2.4% 0.0%0.6% -0.9% -2.6%数据来源：Wind、公司公告、浙商证券研究所83.6%3.6%0.7% 10.3% 6.7% 12.8% 12.4% 12.7% 8.9%2.1% -0.1% 3.4% -0.2% 2.4%2.2%0.1%浙商证券综合其他
