> 数据图表请问一下022026-8-102辅料及鞋服成品表现分化，板块性景气回升可能需要等待26H2 辅料：伟星股份受益收入明显放量，Q2毛利率在人民币升值、原材料涨价等负面影响下降有限，毛利绝对值大幅度提升，带动规模效应下净利率持平，利润率拐点已现 鞋服成品端需求仍有压力，盈利能力表现有所分化，服装产业链普遍好于鞋类：由于欧美品牌商的谨慎下单，以及原材料涨价、关税等因素的影响，25H2及26Q1多数鞋服成品龙头呈现收入增速走弱、净利率波动的情况，但其中，Uniqlo产业链中不乏通过自身提效实现稳健收入增长且盈利能力稳定或者稳中有升的龙头，包括晶苑国际、开润股份、健盛集团，成为成品鞋服制造中业绩表现最优秀的一批公司表：纺织制造A股辅料、鞋服重点公司分季度情况单季度收入（亿元）单季度收入YOY单季度归母净利（亿元）单季度归母净利YOY25Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q2股票代码上市公司002003.SZ002098.SZ300979.SZ300577.SZ9.79伟星股份浔兴股份华利集团 53.53开润股份 12.345.9713.5912.9511.6810.4016.1922.3% -9.2% 0.9%6.7%6.2% 19.2% 1.007.427.007.365.718.1624.6% 3.0%4.9% -3.4% -4.3% 10.0% 0.5273.0860.1963.0143.1566.1112.3% 9.0% -0.3% -3.0% -19.4% -9.5%11.9412.9111.7312.5712.9235.6% 29.5% 8.2% -3.5% 1.9%2.690.739.091.010.822.140.427.650.911.670.610.397.710.530.960.930.303.840.990.913.200.925.681.120.837.620.850.608.2%4.0%25Q225Q126Q228.8% -20.4% 3.0% 扭亏 -7.2% 19.0%25Q325Q426Q141.5% -15.6% -13.4% 29.1% -42.0% 26.5%-3.2% -16.7% -20.7% -22.7% -49.6% -37.4%20.1% -42.8% 25.6% -11.6% 15.7% 10.8%-26.9% -2.2% 71.2% 56.0% 51.9% 2.1%603558.SH 健盛集团5.606.117.157.035.766.352.1% -1.5% -5.2% 8.1%2.8%表：纺织制造A股辅料、鞋服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25Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q225Q125Q225Q325Q426Q126Q2002003.SZ002098.SZ300979.SZ300577.SZ伟星股份 38.8% 45.8% 45.2% 36.8% 38.4% 45.3% 0.9%浔兴股份 33.0% 34.3% 32.9% 32.8% 31.8% 34.5% -0.1% -1.1% 0.0%华利集团 22.9% 21.1% 22.2% 21.7% 17.9% 17.6% -5.5% -7.1% -4.8% -2.4% -5.0% -3.4% 14.2% 12.4% 12.7% 12.2% 8.9%开润股份 24.7% 24.6% 23.8% 22.6% 24.2% 23.3% 0.5%0.9% -1.7% -0.4% -0.5% 10.2% 19.8% 16.5% 5.2%0.5% -0.5% -1.3% 6.9%0.9% -1.2% 0.2%1.9%0.9%1.8%9.8%6.0%8.5%7.0%8.7%4.6%7.9%8.9% 19.8% 0.5% -2.8% 0.3% -1.8% -1.3% 0.0%5.3%5.3% 11.3% 1.0% -2.2% -1.3% 1.3% -3.4% 1.5%8.6% -2.3% -3.8% -3.3% -3.1% -5.3% -3.8%8.7% -0.9% -10.7% 1.0% -0.4% 0.9%0.2%603558.SH 健盛集团 26.8% 29.4% 31.8% 31.9% 29.2% 31.6% -2.5% 0.9%3.3%3.0%2.4%2.2% 10.7% 13.4% 23.3% 13.7% 15.9% 13.1% -4.3% -0.1% 10.4% 4.2%5.1% -0.2%表：港股鞋服龙头上下半年情况代码2313.HK2232.HK0551.HK1836.HK上市公司申洲国际YOY晶苑国际YOY裕元集团YOY九兴控股YOY报表本位币人民币美元美元美元2024H1129.7612.2%10.948.4%40.15-3.4%7.707.5%2024H2156.8717.0%13.7617.8%41.6711.6%7.75-0.2%收入（亿元）2024全年286.6314.8%24.7013.4%81.823.7%15.453.5%2025H1149.6615.3%12.2912.4%40.601.1%7.750.7%2025H2160.272.2%14.122.6%39.71-4.7%7.952.6%2025全年309.948.1%26.416.9%80.31-1.8%15.701.6%2026H1141.79-5.3%12.965.4%39.72-2.2%7.871.5%数据来源：Wind、公司公告、浙商证券研究所2024H12024H22024全年2025H1归母净利（亿元）29.3137.8%0.8414.1%1.84120.6%0.9265.0%33.1036.2%1.1629.7%2.088.8%0.79-7.3%62.4136.9%2.0022.6%3.9242.8%1.7121.2%31.778.4%0.9817.0%1.71-7.2%0.792025H226.48-20.0%1.268.5%2.100.9%0.592025全年58.25-6.7%2.2512.0%3.81-2.9%1.38-14.5%-25.0%-19.3%2026H119.05-40.0%1.0910.6%0.72-57.9%0.64-18.6%13浙商证券综合其他
