Core Viewpoint - Company maintains a "recommended" rating for Anta Sports (02020) following the announcement of its plan to acquire 29.06% stake in PUMASE, which will make Anta the largest single shareholder of PUMA after the transaction is completed [1][7]. Group 1: Acquisition Details - Anta Sports announced an agreement with Groupe Artémis to acquire a 29.06% stake in PUMASE for a cash consideration of €1.5 billion, with the transaction expected to enhance Anta's brand portfolio in the mid-to-high-end professional sports sector [2][8]. - The acquisition is part of Anta's strategy to deepen its global presence, following previous acquisitions of Amer Sports and Jack Wolfskin, and aims to create a new growth engine for the company's future high-quality development through global resource integration and synergy [2][8]. Group 2: PUMA's Current Status - PUMA, a leading global sports brand based in Germany, is currently undergoing a strategic reset, having transitioned from a high-growth phase to a stable development stage [3][10]. - The company recorded revenues of €5.974 billion in the first three quarters of 2025, reflecting an 8.5% year-on-year decline, and reported a net loss of €308 million [3][10]. - PUMA's footwear segment remains its most resilient revenue driver, projected to account for 53% of total revenue in 2024, covering various categories including soccer, running, and basketball shoes [3][10]. Group 3: Strategic Implications - The acquisition is expected to fill the ecological gap between Anta's main brand (mass professional) and its other brands like Amer Sports and FILA, allowing Anta to comprehensively cover global consumer demand from mass to mid-to-high-end markets [6][10]. - Anta's proven retail operational capabilities and efficient supply chain integration from previous acquisitions are anticipated to empower PUMA's business recovery in the Greater China region, unlocking growth potential [6][10].

Industry Overview - The Ministry of Commerce will launch a national-level overseas comprehensive service platform to streamline services related to foreign affairs, legal, financial, and logistics, aiming to reduce cross-border compliance costs and improve decision-making efficiency for enterprises [3] - China's foreign trade continues to grow, with the total import and export value expected to reach 45.47 trillion yuan by 2025, a year-on-year increase of 3.8%. The number of provinces with foreign trade exceeding one trillion yuan has expanded to nine [4] - The current trend in China's energy storage sector is shifting from scale expansion to value cultivation, with renewed interest in overseas factory construction [5] Company Dynamics - AliExpress has seen a significant increase in website traffic in developed markets, with a year-on-year growth of 18.7% in the U.S. for 2025, making it one of the fastest-growing platforms [7] - Anta Sports announced the acquisition of a 29.06% stake in PUMA for 1.506 billion euros, positioning itself as the largest shareholder and aiming to enhance its global brand and channel presence [8] - Kimi reported that its overseas revenue has surpassed domestic revenue, with a fourfold increase in global paid users following the launch of its K2.5 model [10] - Caocao Travel has expanded its ride-hailing services to approximately 16,000 cities across 42 countries, providing a comprehensive international travel service network [11] - BYD is collaborating with Kim Long Motor to build a $130 million battery factory in Vietnam, highlighting a shift towards local manufacturing and technical support [12] - Qatar Investment Authority (QIA) led a $150 million cornerstone investment in Dongpeng Beverage's Hong Kong IPO, marking its first significant investment in a Chinese consumer company [13] - Titanium Technology announced a strategic partnership with Silicon Valley's DeepLumen to develop an AI-driven marketing infrastructure [14]

Group 1 - Company plans to acquire 29.06% stake in PUMASE for €1.5 billion, becoming the largest single shareholder of PUMA [1] - The acquisition aims to enhance the brand portfolio in the mid-to-high-end professional sports sector and create a new growth engine for future high-quality development [1] - The deal follows previous acquisitions of Amer Sports and Jack Wolfskin, marking a significant step in the company's global expansion strategy [1] Group 2 - PUMA is undergoing a strategic reset, with a focus on optimizing distribution channels, reducing operating costs, and managing inventory, leading to a revenue decline of 8.5% year-on-year in the first three quarters of 2025 [2] - Footwear remains PUMA's primary revenue driver, expected to account for 53% of revenue in 2024, covering various professional sports categories [2] - The company is shifting towards direct-to-consumer (DTC) channels while maintaining a wholesale distribution model [2] Group 3 - The acquisition of PUMA complements the existing brand portfolio of the company, filling gaps between its main brand and other acquired brands like Amer Sports and FILA [3] - PUMA's strong channel foundation and brand assets in EMEA and the Americas provide regional synergies with the company's main brand, Anta [3] - The company's proven retail operations and supply chain integration capabilities are expected to support PUMA's business recovery in Greater China [3]

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry [3] Core Insights - Anta plans to acquire a 29.06% stake in PUMA SE for €1.5 billion, becoming the largest single shareholder, which is a strategic move to enhance its global presence and brand matrix [1][7] - PUMA is currently undergoing a "Reset" strategy, facing performance pressures with a 8.5% year-on-year revenue decline in the first three quarters of 2025, recording €5.974 billion in revenue and a net loss of €30.8 million [2][8] - The acquisition is expected to strengthen Anta's brand portfolio in the mid-to-high-end sports sector and enhance its competitive position against global brands like Nike and Adidas [8] Summary by Sections 1. Weekly Insights - Anta's acquisition of PUMA SE is a significant step in expanding its global footprint and brand portfolio [7] - The acquisition is expected to create new growth opportunities through global resource integration and synergy [1][7] 2. Industry Key Data Review (a) Stock Market Review - The Shanghai Composite Index fell by 0.44%, while the textile and apparel industry declined by 0.68% [10] (b) Retail Performance - In December 2025, the total retail sales of consumer goods reached ¥45,136 billion, with a year-on-year growth of 0.9% [15] (c) Textile Exports - In December 2025, textile yarn, fabrics, and their products exported amounted to $12.58 billion, a year-on-year increase of 1% [19] 3. Investment Recommendations - Focus on high-growth outdoor segments, recommending companies like Anta Sports, Li Ning, and 361 Degrees [9] - For textile manufacturing, companies such as Huayi Group and Shenzhou International are highlighted [9]

Group 1: Luxury Goods Market Trends - The luxury goods industry is shifting towards high-quality growth, with major players like LVMH and Richemont adjusting strategies to focus on core businesses and supply chain control [2] - LVMH is divesting non-core brands and enhancing supply chain and experiential layouts, while Richemont is strengthening its jewelry business and divesting loss-making e-commerce [2] - Kering is selling its beauty business to concentrate on eyewear and jewelry manufacturing, indicating a trend of precise investment and asset optimization in the industry [2] Group 2: Retail Industry Transformation - The retail supermarket sector is facing a transformation challenge, with some companies attempting to emulate successful models like "胖东来" but experiencing limited success [3] - The retail industry has evolved through four stages, culminating in a "fashion" phase post-2023, where consumer rational needs and emotional values must be met [3] - Creating fashionable retail spaces requires attention to store design, product selection, and customer experience to enhance customer dwell time and increase sales [3] Group 3: Footwear Trends - The footwear trend for 2025 is characterized by diversification and personalization, with consumers prioritizing comfort and self-expression over limited edition collaborations [4] - 3D printing technology is becoming a focal point in the industry, with brands like Nike and Adidas innovating their product lines [4] - Domestic footwear brands are improving in design and quality, challenging previous biases, while the popularity of thin-soled shoes faces criticism for lack of innovation [4] Group 4: Luxury Brands and High-End Retail - High-end retail spaces in first-tier cities are experiencing a wave of luxury brand withdrawals, driven by low foot traffic and the rise of online channels [5] - Major luxury brands are shifting focus to online sales and core business areas, leading to a transformation in high-end retail strategies [5] - Shopping centers are adapting by introducing new concepts and experiences to attract customers, moving from traditional retail to experiential consumption [5] Group 5: Emerging Brands and Market Dynamics - Bubble Mart reported a revenue of 13.876 billion yuan in the first half of 2025, a 204.4% increase year-on-year, driven by cross-brand collaborations [7] - The "排骨羽绒服" has transformed from an unpopular item to a trending fashion piece, achieving significant sales growth through social media and influencer marketing [8] - The Swedish outdoor brand Haglöfs is entering the Chinese market with plans to open 25 stores by the end of 2025, targeting high-net-worth individuals [9] Group 6: Strategic Adjustments in Established Brands - The brand Wolf Claw is undergoing a strategic shift towards the mid-to-high-end market after being acquired by Anta, closing its online flagship store [10][11] - Anta's strategy includes leveraging Wolf Claw to fill gaps in the high-end outdoor market, reflecting a broader trend of brand repositioning in response to market dynamics [10][11] - Li Ning is expanding its coffee business while also entering the high-end outdoor market, indicating a multi-faceted growth strategy [18]

Group 1 - Anta Sports has invested €1.506 billion (approximately RMB 12.3 billion) to acquire a 29.06% stake in PUMA SE, becoming its largest shareholder, which will accelerate its globalization efforts [5] - The partnership aims to leverage PUMA's strong brand presence in football, motorsport, and fashion to fill Anta's gaps in professional sports and fashion crossover [5] - PUMA's established channels in Europe, North America, the Middle East, and Latin America will provide a platform for Anta's brands to enter international markets more efficiently [5] Group 2 - Kimi's overseas revenue has surpassed domestic revenue, with a fourfold increase in global paid users following the launch of its new model K2.5 [6] - Kimi's K2.5 model has gained significant traction, ranking third on Openrouter, indicating strong market demand [6] - TikTok Shop in Southeast Asia has launched a "Spring Festival Incentive Program" to encourage merchants to prepare inventory and marketing materials ahead of the holiday season [5][6] Group 3 - Xiaomi's Redmi Note 15 series was launched in Qatar, with prices starting at 759 Qatari Riyals, reinforcing its strategic retail partnership with Intertec Group [7] - NineSight's RoboVan has commenced regular operations in the UAE, marking a significant step in its logistics automation efforts [7] - The Chinese beverage company Dongpeng has attracted $150 million in cornerstone investment from Qatar Investment Authority for its Hong Kong IPO, marking a significant milestone for Chinese consumer brands [10] Group 4 - The trend of Chinese companies establishing battery storage factories overseas is resurging, with Kemet and Chuangneng New Energy planning a $200 million factory in Egypt [9] - Longi Green Energy and NeoVolta are collaborating to build a battery storage system production base in Georgia, USA, indicating a growing interest in international battery manufacturing [9] Group 5 - The Chinese Ministry of Commerce plans to launch a national-level overseas comprehensive service platform to support companies in their international expansion efforts [13] - The platform will provide resources across various sectors, including legal, financial, and logistics, to facilitate smoother overseas operations for businesses [13]

纺织服员饰 2026 年 02 月 01 日 安踏收购 PUMA 加码全球化，女装板块迎业绩修复 -纺织服装行业周报 20260201 相关研究 《安踏体育 (02020) 点评：收购 PUMA 29%的股权，推进多品牌全球化战略》 2026/01/28 《本周发布 25 年报前瞻,澳毛周期、无纺 布制造可期——纺织服装行业周报 20260125》 2026/01/25 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 版分分析 看好 请务必仔细阅读正文之后的各项信息披露与声明 本周纺织服饰板块表现强于市场。1 月 26 日 ~ 1 月 30 日, SW 纺织服饰指数下跌 0.7%，跑 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports, highlighting its strategic acquisition of PUMA and the potential for growth in the multi-brand global strategy [19]. Core Insights - Anta Sports has acquired a 29.06% stake in PUMA for €1.5 billion (approximately ¥12.28 billion), with a valuation of about 15 times PE, which is a significant step in advancing its multi-brand globalization strategy [15][25]. - The textile and apparel sector has shown resilience, with the SW textile and apparel index outperforming the SW All A index by 0.9 percentage points during the week of January 26 to January 30, despite a 0.7% decline [4][5]. - The report anticipates a gradual recovery in domestic demand throughout 2026, with a focus on high-performance outdoor apparel and discount retail sectors as potential growth areas [12]. Summary by Sections Industry Performance - The textile and apparel sector outperformed the market, with the SW textile and apparel index down 0.7%, while the SW All A index fell by 1.6% [5]. - In December, China's total retail sales of consumer goods reached ¥501.202 billion, a year-on-year increase of 3.7% [30]. Key Developments - Anta's acquisition of PUMA is expected to enhance its global presence and market share, particularly in China, where PUMA's revenue currently accounts for only 7% of its global sales [16]. - The report highlights the positive outlook for the women's apparel sector, with companies like Ge Li Si and Xin He expected to turn profitable in 2025 [14]. Market Trends - The report notes a significant increase in the price of Australian wool, with the dollar-denominated index reaching 1177 cents per kilogram, a year-on-year increase of 58.6% [45]. - The apparel sector is expected to benefit from favorable conditions during the upcoming Spring Festival, with improved sales anticipated in February [13]. Company-Specific Insights - Anta's acquisition is fully funded by its own resources, ensuring that its dividend policy remains unaffected [15]. - The report projects Anta's net profit for 2025 to be ¥132 billion, with a steady growth trajectory anticipated through 2027 [19].

Group 1: Events and Collaborations - The "Dubai Business Forum - China" will take place in Shenzhen on May 14, 2026, focusing on economic growth opportunities and strategic investments between China and Dubai [2] - Anta Sports has acquired a 29.06% stake in Puma SE for €1.506 billion (approximately RMB 12.3 billion), becoming Puma's largest shareholder, aiming to enhance global collaboration [3] - Kimi's overseas revenue has surpassed domestic revenue, with a fourfold increase in global paid users following the launch of the K2.5 model [4] - Fengwu Technology and Zhongqing Robotics have formed a strategic partnership to promote their solutions in overseas markets [4] - Xiaomi launched the Redmi Note 15 series in Qatar, reinforcing its retail partnership with Intertec Group [4] Group 2: Market Developments and Investments - Ninebot's RoboVan has commenced regular operations in the UAE, with a new smart warehouse opening in Abu Dhabi [5] - AliExpress has become one of the fastest-growing platforms in the U.S. with an 18.7% increase in website visits in 2025 [6] - BYD is collaborating with Vietnam's Kim Long Motor to build a $130 million electric vehicle battery factory [6] - Winona, a brand under Betaini Group, has officially entered the Middle Eastern market with its first offline store in Qatar [6] - Chinese companies are experiencing a resurgence in building battery storage factories overseas, with significant investments in Egypt and the U.S. [7] Group 3: Financing and Growth - Qatar Investment Authority led a $150 million investment in Dongpeng Beverage, marking its first significant investment in the Chinese consumer sector [8] - Jumpshot Star has completed over RMB 5 billion in Series B+ financing to accelerate its AI terminal strategy [8] - Inge Smart has secured several million yuan in financing to expand its global market presence [8] - Future Robotics has completed several hundred million yuan in Series B financing, with products sold in dozens of countries [8] - Yinghansi Power has raised over RMB 100 million in multiple financing rounds to enhance its global market expansion [8] Group 4: Policy and Market Trends - The Ministry of Commerce in China plans to launch a national-level overseas comprehensive service platform to support businesses going abroad [9] - The Latin American e-commerce market is projected to reach $215.3 billion by 2026, growing at 1.5 times the global rate [10] - Russia is planning to impose new taxes on goods imported through cross-border e-commerce platforms to address tax discrepancies [11]

Industry Overview - Tennis is a sport typically played between two players or two pairs, aiming to hit a ball over a net using rackets, with the goal of making it difficult for opponents to return the ball [1] - The tennis events are categorized into ATP (men's professional tennis) and WTA (women's tennis), with ATP being the Association of Tennis Professionals and WTA being the Women's Tennis Association [1] Prize Money and Rankings - Grand Slam events, the highest level of tournaments, have a total prize pool exceeding $20 million, awarding 1000 ranking points [2] - ATP Masters events, the second highest level, offer around $3 million per event and 500 ranking points [2] - WTA events also have a similar structure, with Grand Slams offering approximately $3 million and various levels of tournaments providing different prize amounts and ranking points [3] Industry Chain Structure - The tennis industry chain consists of three main segments: upstream (equipment supply and venue construction), midstream (tennis services), and downstream (consumer spending) [5][7] - Upstream focuses on equipment suppliers, including brands like YONEX and DUNLOP, while midstream includes tennis clubs and training services [7] - Downstream encompasses ticket sales, equipment purchases, venue rentals, and media dissemination [5] Market Growth - The Chinese tennis market is experiencing rapid growth, with a market size of 37 billion yuan in 2024, reflecting a 14.4% increase from the previous year [18] - The market is expected to continue expanding, with projections indicating it could exceed 65 billion yuan by 2030, driven by increased participation and interest in the sport [27] Competitive Landscape - The tennis industry is concentrated in economically developed regions, particularly Guangdong and Beijing, which host a significant number of enterprises across the industry chain [18][22] - Guangdong is identified as a core area for production, while other provinces like Jiangsu and Zhejiang also have notable industry presence [22] Policy and Development Trends - Recent policies have shifted from focusing solely on competitive performance to supporting the entire industry chain, promoting infrastructure, event ecosystems, and talent development [11][13] - The industry is moving towards a more diversified participation model, aiming to attract various demographics through community programs and partnerships [23] - The government is actively encouraging the development of tennis through various initiatives, enhancing the sport's accessibility and integration into broader economic activities [13][16]