格隆汇1月16日丨安踏体育(02020.HK)宣布，董事会将于2026年3月25日（星期三）举行会议，藉以（其 中包括）批准集团截至2025年12月31日止年度的全年业绩，并考虑建议派付股息。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 安踏體育用品有限公司 主席 丁世忠 中國香港，二零二六年一月十六日 於本公告日期，本公司執行董事為丁世忠先生、丁世家先生、賴世賢先生、吳永華先生、 鄭捷先生及畢明偉先生；以及獨立非執行董事為姚建華先生、賴顯榮先生、王佳茜女士 及夏蓮女士。 董事會會議召開日期 安踏體育用品有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事 會（「董事會」）謹此宣佈，董事會將於二零二六年三月二十五日（星期三）舉 行會議，藉以（其中包括）批准本集團截至二零二五年十二月三十一日止年度的 全年業績，並考慮建議派付股息。 ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立之有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） ...

Summary of ANTA Sports Products Conference Call Company Overview - **Company**: ANTA Sports Products Limited - **Ticker**: 2020 HK - **Industry**: Retail (Sportswear) Key Points Potential Acquisition of Puma - ANTA has reportedly offered to purchase a 29% stake in Puma, which is currently facing challenges in its China operations, including a sales decline of over 20% from 2023 to 2025 [1][7] - The acquisition is seen as a strategic move to enhance ANTA's brand portfolio, which currently focuses more on running and outdoor segments, by integrating Puma's strengths in sports-leisure, football, and basketball [7] Financial Performance and Projections - ANTA maintains a target price of HKD 117.00, indicating a potential upside of 46% from the current trading price of HKD 80.30 [2][4] - Revenue projections for FY24 are set at CNY 70,826 million, with a normalized net profit of CNY 11,729 million [3][9] - The company is expected to achieve a normalized EPS growth of 13.2% in FY24, despite a slight decline in FY25 [3] Market Position and Competitive Landscape - ANTA is recognized for having solid fundamentals in the China sportswear sector, trading at a forward P/E of 17.0x compared to the industry average [2] - The company is well-positioned to improve Puma's operations in China, leveraging its multi-brand management experience [7] Risks and Challenges - Potential risks to achieving the target price include intensified competition from domestic and global players, slower-than-expected sales growth, and weaker macroeconomic conditions [12][20] - Puma's reliance on key retail operators for over 50% of its sales and its underperformance in online channels are significant challenges that could impact the acquisition's success [7] Financial Ratios and Metrics - ANTA's projected dividend yield is expected to increase from 3.0% in FY24 to 4.0% by FY27 [3] - The company is in a net cash position, indicating strong liquidity and financial health [10] ESG Initiatives - ANTA is actively addressing climate change risks and has launched initiatives to promote environmental protection and product innovation using eco-friendly materials [13] Conclusion - The potential acquisition of Puma represents a significant opportunity for ANTA to expand its market presence and enhance its brand portfolio, while the company continues to demonstrate strong financial performance and a solid market position in the competitive sportswear industry [1][2][7]

Core Viewpoint - The article discusses the strategic significance of the Swedish outdoor brand Haglöfs, referred to as "火柴棍" (matchstick), for Li Ning's multi-brand operation capabilities in the high-end outdoor market [3][5]. Group 1: Company Overview - Haglöfs has opened its first VASA concept store in Shanghai, marking its 21st store in mainland China, and is a flagship project under a joint venture between Li Ning's family-controlled company and Ryan Capital [4][5]. - Li Ning Group reported a revenue of 14.817 billion yuan for the first half of 2025, a year-on-year increase of 3.3%, with a market capitalization of approximately 44.2 billion yuan and a price-to-sales ratio of about 1.5 times [5]. - In comparison, Anta Group achieved a revenue of 38.544 billion yuan, a 14.3% year-on-year increase, with a market capitalization of around 200.6 billion yuan and a price-to-sales ratio of 2.6 times [5]. Group 2: Market Positioning - The outdoor market is characterized by clear segmentation, with high-end brands like Arc'teryx and Patagonia dominating consumer perception, while domestic brands like KAILAS are also making strides [9][10]. - Haglöfs needs to establish its positioning in a crowded market, where it faces challenges in brand recognition and competition from both international and domestic brands [10][23]. Group 3: Market Trends - The outdoor sports participation in China has surpassed 400 million, indicating a shift from niche to mass consumption, with significant growth in the ice and snow industry and climbing market [24][25][26]. - The online sales growth of sports and outdoor apparel has consistently outpaced the overall apparel market, highlighting a favorable trend for these segments [27]. Group 4: Strategic Challenges - Haglöfs faces challenges in brand recognition, as it is perceived as a second-tier brand internationally, which may hinder its market penetration in China [23]. - Li Ning's multi-brand strategy has shown mixed results, with the performance of acquired brands like Clarks and Bossini under scrutiny, raising questions about the operational capabilities of Li Ning in managing diverse brands [35][39]. Group 5: Future Outlook - The success of Haglöfs is crucial for Li Ning's high-end strategy, as it could enhance Li Ning's competitive position against Anta in the multi-brand landscape [45]. - However, the future of Haglöfs in the Chinese market remains uncertain due to challenges in brand recognition, intense competition, and the operational effectiveness of its parent company [45].

近5日，港股消费(159735)获净申购6982.19万元，位居跨境ETF净流入排名第28/208。近10日，港股消费 (159735)获净申购6982.19万元，位居跨境ETF净流入排名第35/208。近20日，港股消费(159735)获净申 购6574.55万元，位居跨境ETF净流入排名第47/208。 来源：新浪基金∞工作室 数据显示，1月14日，港股消费(159735)获净申购482.98万元，位居当日跨境ETF净流入排名27/208。最 新规模8.14亿元，前一日规模8.02亿元，当日资金净流入额占前一日规模的比例为0.60%。 最新定期报告显示，银华基金（159735）重仓股包括阿里巴巴-W、腾讯控股、泡泡玛特、安踏体育、 百胜中国、农夫山泉、万洲国际、海尔智家、小米集团-W、申洲国际，持仓占比如下： 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）09988阿里巴巴-W19.54%101.10万1.63亿 00700腾讯控股16.59%22.91万1.39亿09992泡泡玛特7.99%27.42万6679.05万02020安踏体育4.88%47.76万 4076.97万09987百胜中国4. ...

智通财经APP获悉，周三，美股三大指数集体收跌。恒生指数ADR下跌，按比例计算，收报26783.18点，较香港收市跌216.63点或0.8%。 | .HSIADR 恒生指数ADR | | --- | | 26783.18 ↓ -216.63 -0.80% - 收盘价 01/14 16:00 美东 | | ■ 可 可 可 ■ | | 最高价 26918.58 开盘价 26889.75 成交量 8240.94万 | | 最低价 26724.89 昨收价 26999.81 平均价 26821.74 | | 52周最高 27275.90上 涨 -- · 韓 ·· | | 52周最低 19335.70 下 跌 -- 振 幅 0.72% | | A | | 800000 恒牛指数 26999.81 +151.34 +0.56% | 大型蓝筹股多数下跌，汇丰控股收报127.501港元，较香港收市涨0.39%；腾讯控股收报632.594港元，较香港收市跌0.06%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较滑 | | --- | -- ...

Investment Rating - The report provides a positive investment rating for the children's apparel industry, highlighting its growth potential in the e-commerce sector [8][10]. Core Insights - The children's apparel market has shown consistent growth over the past three years, with online sales increasing significantly, particularly on platforms like Douyin, which saw sales rise from 40.84 billion to 78.95 billion [8][9]. - E-commerce platforms are driving the growth of the children's apparel market, with Douyin's unique content-driven approach enhancing consumer engagement and sales [18][20]. - The report identifies key growth categories within children's apparel, including outerwear, homewear, and ethnic clothing, which have all shown promising sales figures and growth rates [11][14][19]. Summary by Sections E-commerce Trends - The online sales of children's apparel have maintained a growth trajectory, with Douyin contributing significantly to the overall market expansion [8]. - In 2024, the overall growth rate for children's apparel on Taobao is projected at 4.9%, with specific categories like outdoor apparel and ethnic clothing performing exceptionally well [11]. Sales Data - The report details sales figures for various categories, indicating that outerwear and homewear are among the top performers, with sales of 39.12 billion and 24.12 billion respectively in 2024 [11][16]. - Douyin's children's apparel sales are expected to reach 143.88 billion in 2024, with a growth rate of 31.9% for outerwear [20]. Brand Performance - The report ranks leading brands in the children's apparel sector, with Balabala leading in sales at 19.35 billion, followed by Disney and Dave&bella [22][23]. - Notable growth rates are observed for brands like Yaya and Nanny Goose, indicating strong market competition and consumer preference [24][26]. Market Segmentation - The children's apparel market is segmented into various categories, including underwear, homewear, and ethnic clothing, each showing distinct growth patterns and sales figures [6][7][19]. - The report emphasizes the importance of quality and comfort in children's clothing, which is a critical factor for parents when making purchasing decisions [6].

来源：钛媒体 安踏或又新添了一个百亿品牌。 有消息称，安踏集团旗下高端运动品牌迪桑特营收或已突破百亿，成为了继始祖鸟、FILA、安踏儿童 等品牌之后，又一个营收超百亿的品牌。 迪桑特近年来一直保持着高速的增长。根据安踏集团2025年半年报数据显示，以迪桑特、可隆为代表的 其他品牌收入同比大涨61.1%至74.1亿元，其品牌营收占比也从去年同期的13.6%提升至19.2%。 从始祖鸟到迪桑特，安踏已经验证了中高端运动服饰品类的市场价值，并摸索出了一整套从品牌、产 品、渠道到数据拆解、流水分析、成交率的综合方法论。 而随着始祖鸟陷入舆论风波，迪桑特或有望扛起安踏集团增长的大旗。 9年百亿的迪桑特 "当时收购迪桑特，我们清楚看到第一它的商品力很强，第二它是我们想要做的高端专业运动品牌。"迪 桑特（中国）有限公司董事长丁少翔在此前的采访中，曾这样描述迪桑特对于安踏集团的价值。 作为一个以滑雪装备起家的品牌，迪桑特于1935年在日本创立。2016年安踏正式接手迪桑特国内运营， 2019年首次在中国实现盈利，2023年在中国地区实现了年入50亿元的业绩，并计划在2026年左右成为一 个 "百亿品牌"。 如今看来，这个目标 ...

Market Review - In December, the A-share textile and apparel sector underperformed the broader market, with textile manufacturing outperforming branded apparel. Since January, the sector has shown stronger performance, with textile manufacturing up by 5.1% and branded apparel up by 4.5% [1][15] - Key companies that have led in stock price increases since January include Under Armour (12.5%), New Australia (11.9%), and Geely (11.0%) [1] Brand Apparel Insights - Retail sales of clothing in November grew by 3.5% year-on-year, but the growth rate slowed down, decreasing by 2.8 percentage points compared to the previous month [2] - E-commerce growth in December declined, indicating weak overall apparel consumption demand, primarily due to early release of consumer demand during the "Double 11" shopping festival, rising temperatures, and the delayed Spring Festival peak season [2] - Outdoor apparel categories showed strong growth, with sportswear and outdoor apparel growing by 6% and 10% respectively, while home textiles and personal care categories saw declines [2] - Notable brands with strong growth in the sportswear category include Lululemon (10%) and Descente (6%) [2] Textile Manufacturing Insights - In December, Vietnam's textile exports increased by 8.4% year-on-year, while footwear exports rose by 4.3%, marking a positive turnaround in growth rates [3] - The prices of cotton showed slight increases and decreases, with domestic cotton prices rising by 4.2% and international prices falling by 1.0% in December [3] - Wool prices continued to rise, with a month-on-month increase of 4.4% and a year-on-year increase of 39.9% [3] - Companies in Taiwan showed significant revenue differentiation in December, with overall strong performance driven by World Cup demand, leading to increased order visibility and production capacity expansion [3] Investment Recommendations - Focus on brands with favorable market conditions and recovering upstream orders. The report is optimistic about the recovery of high-end consumption and the growth of the light luxury sports and outdoor segments [5][8] - Recommended brands include Anta Sports, Li Ning, and Xtep International, which are expected to benefit from the ongoing trends in high-end and outdoor apparel [5][8] - In textile manufacturing, companies like Shenzhou International and Weixing Co. are highlighted for their potential benefits from tariff reductions and Nike's recovery [9]

Core Viewpoint - The report from CITIC Securities indicates a gradual recovery in high-end consumption in China since Q3 2025, driven by the wealth effect from rising stock markets, with positive signs from international luxury brands and high-end retail properties [1] Group 1: Recovery Indicators - International luxury brands have shown signs of recovery since Q2 2025, with revenue growth returning in the Asia-Pacific region by Q3 2025 [2] - High-end retail properties in China began to recover at the end of 2024 and early 2025, with improved occupancy rates and sales, particularly in top luxury malls [2] - The global luxury market also entered a recovery phase starting Q3 2025 [2] Group 2: Investment Opportunities in High-End Consumption - The recovery of high-end consumption is influenced by factors such as the proportion of VIC (Very Important Customer) groups, the sequence of consumption based on wealth increase, the elasticity of supply, and consumption trends [3] - Categories with strong initial demand, driven by social status and identity needs, are expected to recover first, while categories with a high proportion of VIC customers and good supply conditions will show more sustained growth [3] - The fastest-growing segments in the luxury market from 2019 to 2025 include luxury cruises, private jets, high-end dining, personal luxury goods, luxury hotels, and high-end home goods [3] Group 3: Recommended Investment Targets - The report recommends focusing on luxury jewelry and leather goods, high-end domestic beauty products, and high-end outdoor sports [4] - Specific companies to watch include gold and jewelry brands like Lao Pu Gold and Chow Tai Fook, beauty brands like Mao Ge Ping, and sportswear brands like Anta Sports [4] - Other areas of interest include high-end commercial real estate, high-end residential real estate, gaming, private aviation, high-end tourism and dining, and premium liquor [4]