Core Insights - Anta Sports (02020.HK) reported a low single-digit positive growth in retail sales value for its Anta brand products in Q3 2025 compared to the same period in 2024 [1] - FILA brand products also experienced low single-digit positive growth in retail sales value in Q3 2025 compared to Q3 2024 [1] - All other brand products saw a significant retail sales value increase of 45-50% in Q3 2025 compared to Q3 2024 [1]

Core Insights - Anta Sports (02020) announced that in Q3 2025, the retail value of Anta brand products achieved low single-digit positive growth compared to the same period in 2024 [1] - In Q3 2025, the retail value of FILA brand products also recorded low single-digit positive growth compared to the same period in 2024 [1] - In Q3 2025, the retail value of all other brand products experienced a significant positive growth of 45-50% compared to the same period in 2024 [1]

所有其他品牌二零二五年第三季度零售表現 二零二五年第三季度，所有其他品牌產品*之零售金額（按零售價值計算）與二 零二四年同期相比錄得 45-50%的正增長。 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份 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。 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） 二零二五年第三季度之最新營運表現 本公告乃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」）自願發出，以提供本集團業務之最新營運表現。 本公告之披露只與本集團安踏、FILA 及所有其他品牌（包括 DESCENTE 及 KOLON SPORT）之業務有關，並未包括 Amer Sports（按本公司最新刊發的中 期報告所定義）之業務。 安踏品牌二零二五年第三季度零售表現 二零二五年第三季度，安踏品牌產品之零售金額（按零售價值計算）與二零二 四年 ...

Core Insights - The highest short-selling ratios were observed for China Resources Beer (80291) and JD Health (86618), both at 100%, followed by JD Group (89618) at 93.32% [1][2] - The top three companies by short-selling amount were Xiaomi Group (01810) at 2.156 billion, Alibaba (09988) at 2.038 billion, and Tencent Holdings (00700) at 1.552 billion [1][3] - JD Group (89618) had the highest deviation value at 43.55%, indicating significant short-selling activity compared to its historical average [1][2] Short-Selling Ratios - China Resources Beer (80291) and JD Health (86618) both recorded a short-selling ratio of 100% [2] - JD Group (89618) had a short-selling ratio of 93.32% [2] - Other notable companies included Anta Sports (82020) at 87.40% and BYD Company (81211) at 81.07% [2] Short-Selling Amounts - Xiaomi Group (01810) led with a short-selling amount of 2.156 billion, followed by Alibaba (09988) at 2.038 billion and Tencent Holdings (00700) at 1.552 billion [3] - Other significant amounts included Meituan (03690) at 1.461 billion and SMIC (00981) at 1.335 billion [3] Deviation Values - JD Group (89618) had the highest deviation value at 43.55%, indicating a significant difference from its average short-selling ratio [2][3] - Other companies with notable deviation values included SenseTime (80020) at 31.62% and China Resources Beer (80291) at 31.60% [2][3]

Core Viewpoint - Adidas has become the "old fourth" in the Chinese market, ranking behind Nike, Anta, and Li Ning in market share after years of struggle [1][5]. Group 1: Market Position and Challenges - Adidas's market share in China has significantly declined from 15% in 2021 to 8.7% in 2024, while Nike's market share decreased from 18.1% to 16.2% [5]. - The Yeezy controversy, stemming from Kanye West's remarks, led to Adidas terminating its partnership, which accounted for 8% of its total revenue and 40% of its profits as of October 2022 [3][5]. - Domestic brands have gained traction, with Anta's market share increasing from 9.8% in 2021 to 10.5%, and Li Ning's from 9.3% to 9.4% [7]. Group 2: Strategic Changes and Initiatives - Adidas is in an expansion phase in China, with 95% of its products sold in the market being "made in China" and a focus on local design [8]. - The company's CEO, Bjørn Gulden, has increased the influence of the Chinese team and has made multiple visits to China to strengthen relationships [9][11]. - In Q2 2023, Adidas's revenue in the Greater China region grew by 11% to €798 million (approximately ¥6.65 billion), contrasting with Nike's 10% revenue decline in the same region [14][15]. Group 3: Competitive Landscape - Nike is also empowering its Chinese team, with its Greater China CEO holding additional global responsibilities [18]. - Domestic competitors like Anta are thriving, while some brands like Peak are facing challenges, including significant salary cuts due to losses [19]. - The competitive environment remains tough, with Adidas's path to recovery being fraught with difficulties [20].

Group 1 - The core incident involving the brand Arc'teryx and the firework event in collaboration with artist Cai Guoqiang has led to significant public relations issues, resulting in investigations and a substantial loss in market value for its parent company Anta [2] - The departure of Ivan She, the General Manager of Arc'teryx Greater China, marks a significant moment following the controversy surrounding the firework event [2] - The public backlash against various brands, including Aikang Group and Baiguoyuan, highlights a trend of consumer dissatisfaction and the challenges faced by established brands in adapting to changing consumer sentiments [3][9] Group 2 - The rise of social media has transformed the communication landscape, leading to a breakdown of traditional communication models and a shift in consumer expectations [5][6] - The concept of "old marketing" characterized by authoritative messaging is being challenged by younger consumers who prefer authenticity and equality in brand communication [8][10] - The complexity of modern public sentiment requires brands to adopt more nuanced and targeted communication strategies, moving away from one-size-fits-all approaches [14][18] Group 3 - The failure of brands to accurately gauge public sentiment and adapt their messaging has resulted in backlash and loss of consumer trust [15][17] - A call for restructuring within organizations to better manage public relations and consumer engagement is emphasized, suggesting a need for integrated communication strategies [19] - The ongoing transformation in brand communication reflects a broader societal shift towards decentralization and a demand for genuine engagement from brands [20]

Group 1 - The core viewpoint of the article highlights the collaboration between Quanzhou Textile and Garment Association and Meituan Flash Purchase, aiming to enhance the integration of physical economy and digital consumption in the apparel and sports retail sectors [1][3] - Instant retail has emerged as a significant trend for sports and apparel brands, with major companies like Xtep, Anta, and others entering into partnerships with Meituan Flash Purchase to expand their sales channels [3][4] - The signing of the agreement is expected to trigger a wave of brands, including Seven Wolves, Lilang, and Skechers, to adopt instant retail strategies, indicating a collective shift in the industry towards this new retail model [3][4] Group 2 - The article notes that since June, the sales of sports shoes and apparel on Meituan Flash Purchase have increased by over 200% year-on-year, while swimming and cycling products have seen over 100% growth, reflecting the rapid expansion of instant retail in the sector [3][4] - Industry insiders believe that the overall growth rate of sports categories surpasses that of traditional apparel, making instant retail a suitable match for this high-growth segment [4] - The trend of major brands collaborating with Meituan Flash Purchase before the "Double 11" shopping festival signifies the industry's proactive approach to innovation and transformation [4]

Core Insights - A strategic cooperation agreement has been signed among Zhiyuan Robotics, Anta Sports Products Group, and Xiaolu Intelligent Technology, focusing on the integration of AI, robotics, and digital operations [1] Group 1 - The collaboration aims to leverage Zhiyuan's full range of robotic products in various applications, including commercial retail, industrial manufacturing, and commercial cleaning within Anta Group [1] - The partnership seeks to explore new application paradigms for intelligent robotics in the sports technology sector [1]

Group 1: Alibaba (Code: 00988) - Technical analysis indicates a support level at 144.6 and a resistance level at 185.6, with strong rebound momentum from the support level, suggesting a short-term upward trend [1] - Recommended call warrants are 21370, 20017, and 15432, while bull warrants are 57383, 57470, and 57384 [1] Group 2: Meituan (Code: 03690) - Support level is at 88 and resistance level at 107.1, with a high probability of breaking through the resistance level, indicating an upward trend [1] - Recommended call warrants are 19971, 20069, and 20116, with bull warrants being 58005, 53778, and 53780 [1] Group 3: Xiaomi (Code: 01810) - Technical indicators show a support level at 39.8 and a resistance level at 56.4, with the price at the lower end of an upward channel, indicating a high safety margin and short-term upward trend [1] - Recommended call warrants are 16253, 13630, and 13979, while bull warrants are 67393, 67394, and 67402 [1] Group 4: AIA (Code: 01299) - Support level is at 68.6 and resistance level at 77.2, characterized by low volatility as a blue-chip stock, with a stable short-term upward trend [1] - Recommended call warrants are 18410, 17948, and 18411, with bull warrants being 61825, 53008, and 61274 [1] Group 5: Hong Kong Exchanges and Clearing (Code: 00388) - Technical analysis shows a support level at 399 and a resistance level at 460, with strong performance driven by active market trading, indicating a short-term upward trend [1] - Recommended call warrants are 27741, 15562, and 23503, while bull warrants are 62570, 56665, and 68548 [1] Group 6: BYD (Code: 01211) - Support level is at 95.8 and resistance level at 113.8, with the stock benefiting from the popularity of the new energy sector, indicating a short-term upward trend [1] - Recommended call warrants are 20458, 20495, and 20219, while bull warrants are 56780, 64027, and 63130 [1] Group 7: HSBC (Code: 00005) - Support level is at 94.3 and resistance level at 110.5, with a stable trend influenced by the valuation recovery in the banking sector, indicating a short-term upward trend [1] - Recommended call warrants are 19105, 18901, and 19104, while bull warrants are 65343, 66095, and 68629 [1] Group 8: China Construction Bank (Code: 00939) - Technical indicators show a support level at 7.38 and a resistance level at 8.26, characterized as a low valuation high dividend stock with strong safety attributes, indicating a short-term upward trend [1] - Recommended call warrants are 17265, 19572, and 20261, while bull warrants are 62134, 62178, and 57112 [1] Group 9: Industrial and Commercial Bank of China (Code: 01398) - Support level is at 5.55 and resistance level at 6.35, characterized by low volatility as a large-cap bank stock, indicating a clear short-term upward trend [1] - Recommended call warrants are 20585, 20618, and 16703, while bull warrants are 65682, 57199, and 58321 [1] Group 10: China Mobile (Code: 00941) - Technical analysis indicates a support level at 78.7 and a resistance level at 91.7, with strong earnings supporting the stock price as a leader in the telecommunications industry, indicating a short-term upward trend [1] - Recommended call warrants are 21277, 21344, and 28920, while bull warrants are 57975, 56130, and 63412 [1] Group 11: SMIC (Code: 00981) - Support level is at 58.5 and resistance level at 89.6, benefiting from favorable policies in the semiconductor sector, indicating high elasticity and a short-term upward trend [1] - Recommended call warrants are 13923, 20790, and 20292, while bull warrants are 61294, 61093, and 60800 [1] Group 12: Kuaishou (Code: 01024) - Support level is at 63.1 and resistance level at 88, with strong rebound momentum driven by stable demand in the short video sector, indicating a short-term upward trend [1] - Recommended call warrants are 17442, 17594, and 15122, while bull warrants are 59046, 59410, and 61399 [1] Group 13: JD.com (Code: 09618) - Technical indicators show a support level at 115.9 and a resistance level at 141.3, benefiting from the recovery in the e-commerce sector and positive earnings expectations, indicating a short-term upward trend [1] - Recommended call warrants are 19677, 19641, and 19529, while bull warrants are 56434, 55794, and 56562 [1] Group 14: Anta (Code: 02020) - Support level is at 81 and resistance level at 95.6, characterized as a leader in sports apparel, benefiting from consumer recovery, indicating a short-term upward trend [1] - Recommended call warrants are 13440, 13921, and 15902, while bull warrants are 54515, 54416, and 65820 [1] Group 15: Tencent (Code: 00700) - Technical indicators show a support level at 581 and a resistance level at 680, indicating a short-term upward trend with ample room for growth [1] - Recommended call warrants are 18949, 18902, and 13713, while bull warrants are 55125, 67093, and 55772 [1]

Core Insights - The roundtable discussion "Fashion Going Global" at the 2026 Spring/Summer Shanghai Fashion Week focused on the challenges and strategies for Chinese fashion brands expanding into global markets [1][3] - Chinese brands are increasingly viewing Southeast Asia as a primary destination for international expansion, leveraging geographical proximity and cultural ties [3][6] - The recent signing of the upgraded China-ASEAN Free Trade Area 3.0 is expected to further enhance economic integration and cooperation between China and Southeast Asian countries [6][7] Group 1: Market Expansion Strategies - Chinese fashion brands are establishing a presence in Southeast Asia, with notable examples including Urban Revivo's largest overseas store in Bangkok and AnTa's collaboration with JD Sports in Paris [3][6] - The importance of localizing brand names and marketing strategies to resonate with local cultures was emphasized, highlighting the pitfalls of direct translations and cultural misinterpretations [9][10] - The use of AI and technology tools is crucial for understanding consumer behavior and enhancing marketing effectiveness in foreign markets [10][11] Group 2: Economic and Cultural Context - Southeast Asia's population of nearly 700 million, predominantly young, presents a significant labor and consumer market advantage for Chinese brands [7] - The region's economic stability and growth, with an average GDP growth rate above 5%, make it an attractive market for Chinese enterprises [7] - The cultural exchange and integration of Chinese brands into local markets can enhance brand value and consumer connection, particularly for niche designer brands [15]