该行认为，安踏品牌的韧性仍被低估；预计仍有望实现其下调后的2025年销售指引，其中FILA已在去 年11月中旬前锁定全年目标，而户外品牌(Descente/Kolon)也持续保持稳健增长。 展望2026年，该行预计安踏得益于严格的成本控制，其成熟品牌的经营利润率将大致保持稳定，并相信 安踏核心品牌若重新调整线上营销策略，通过更新内容与优化商品上架运营能力，有望为品牌注入新活 力。 招商证券国际发布研报称，安踏体育(02020)去年第四季销售表现符合预期，新的安踏核心品牌线上策 略重振增长动能。预计安踏核心品牌、FILA及其他品牌，于今年分别实现低单位数、中单位数及50% 增长。该行予其目标价95港元，维持"买入"评级。 ...

智通财经APP获悉，招商证券国际发布研报称，安踏体育(02020) 去年第四季销售表现符合预期，新的 安踏核心品牌线上策略重振增长动能。预计安踏核心品牌、FILA及其他品牌，于今年分别实现低单位 数、中单位数及50%增长。该行予其目标价95港元，维持"买入"评级。 展望2026年，该行预计安踏得益于严格的成本控制，其成熟品牌的经营利润率将大致保持稳定，并相信 安踏核心品牌若重新调整线上营销策略，通过更新内容与优化商品上架运营能力，有望为品牌注入新活 力。 该行认为，安踏品牌的韧性仍被低估；预计仍有望实现其下调后的2025年销售指引，其中FILA已在去 年11月中旬前锁定全年目标，而户外品牌(Descente/Kolon)也持续保持稳健增长。 ...

中经记者阎娜 孙吉正成都报道 2025年，中国鞋服行业在消费市场调整与产业变革的双重作用下，呈现出明显的分化趋势。运动户外赛 道凭借功能性优势与场景拓展持续领跑，国产品牌通过技术创新与全球化布局重塑市场格局，而部分传 统品牌则在库存高压、渠道固化中艰难转型。 行业数据凸显结构性压力与机遇并存。国家统计局核心数据显示，前三季度规模以上服装企业营收同比 下滑4.63%，利润总 额降幅扩大至16.19%，27.21%的亏损面折射出行业整体承压的严峻现实。不过，运 动鞋服赛道以5989亿元市场规模逆势领跑，艾媒咨询预测2030年这一数字将突破8963亿元。 在鞋服行业品牌战略咨询专家、上海良栖品牌管理有限公司创始人程伟雄看来，2025年的鞋服行业既是 存量竞争的"淘汰赛"，也是创新动能的"培育期"，行业格局正被重新定义。 赛道冷热不均 "分化"是2025年鞋服行业最明显的特征。市场已从增量扩张全面转入存量竞争，头部企业效应日益凸 显，中小品牌生存空间持续收窄。同时，运动鞋服赛道的稳健增长与国产运动品牌崛起，正在改写市场 竞争规则。 传统品牌在2025年的增长乏力与转型压力尤为显著。富贵鸟完成破产注销，红蜻蜓陷入业绩亏 ...

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

机构：天风证券 研究员：孙海洋 2025 年公司鞋服配供应链合作伙伴大会顺利召开差异化、互补性强的多品牌组合是安踏持续增长的核 心引擎。过去一年，运动鞋服行业面临多重挑战，安踏集团坚持'单聚焦、多品牌、全球化'战略，持续 强化多品牌协同管理、多品牌零售运营和全球化运营与资源整合三大核心能力，与合作伙伴勠力同心， 实现了全球拓展和稳健增长。 全球采购与资源整合能力是安踏集团的核心竞争力之一。在品牌全球化发展的关键阶段，服配供应链 以'十五五体育产业提质扩容'为契机，推动优势产业链的全球布局，构建韧性强、效率高的智慧供应链 生态。 近年来，安踏集团鞋供应链全面融合AI 技术，推动业务创新和绿色转型。 现已搭建起全球首个实现"数字化资产-AI 辅助设计-3D 渲染"全链路的VR技术平台，实现上下游产业链 高效协同；持续升级智能化产线，在提升响应速度的同时减少资源浪费，为打造敏捷、柔性的产业共同 体奠定基础。 下一步，公司鞋供应链将继续拓展"AI+业务"全链协同，以科技创新和人工智能引领产业高质量发展。 2025 年以来全球宏观环境形势复杂多变 消费者信心指数较二零二四年下半年有所回升，但仍低于长期平均水平，显示居民 ...

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. ...