Summary of Key Points from the Conference Call Industry Overview - The Milan Winter Olympics has officially commenced, marking a significant event for the sports industry, particularly in winter sports, with a record participation from the Chinese sports delegation [1][1] - The event is expected to catalyze interest in ice and snow sports, enhancing the visibility of sports brands involved [4][1] Company Highlights - **Li Ning**: - Official partner of the Chinese Olympic Committee, providing outfits and award uniforms for the Chinese sports delegation [1][1] - Positioned for potential recovery through Olympic marketing and product innovation [4][1] - **Anta Sports**: - Serves as the official sportswear supplier for the International Olympic Committee, providing uniforms for the Greek and Singaporean delegations, as well as competition gear for 10 Chinese national teams [1][1] - Recognized for its comprehensive outdoor and winter sports strategy [4][1] - **FILA**: - Sponsoring the Hong Kong and Netherlands delegations, and providing equipment support for the Chinese freestyle skiing aerials team [2][1] - **Descente**: - Providing equipment support for the Chinese national snowboard U-shaped venue team and alpine skiing team [2][1] - **Salomon**: - Partnering with the Olympic Committee to supply equipment for staff and athletes [3][1] - **Peak**: - As a global top-level partner of the International Olympic Committee, sponsoring delegations from Belgium, Serbia, and six other countries with uniforms and staff clothing [3][1] - **Bosi Deng**: - Noted for its strong brand and product capabilities, along with high dividend attributes [4][1] - **X-BIONIC**: - Sponsored the Swiss national alpine skiing team, contributing to the first gold medal win at the Winter Olympics [3][1] - **Berkley**: - Emerging as a new marketing force in the Winter Olympics, providing official equipment support to delegations from Bolivia, Ecuador, Kyrgyzstan, and Uruguay [3][1] Market Insights - The Winter Olympics is expected to boost interest in winter sports and sports events, creating potential investment opportunities in the sports sector [4][1] - Companies like Li Ning and Anta are highlighted for their strategic positioning to benefit from the increased visibility and engagement during the Olympics [4][1] - The focus on nurturing a second growth curve for brands like Xtep International and the emphasis on high-quality price ratio for brands like 361 Degrees are noted as strategic directions [4][1]

Group 1 - The Winter Olympics in Milan showcases numerous Chinese brands, highlighting China's sports development and cultural confidence [1] - Chinese snow sports equipment is gaining international recognition, with over 70% of carbon fiber ski poles used in competitions coming from Fujian-based company BIER [1] - Chinese companies like Anta, Li Ning, and Peak are prominently featured in the opening ceremony, generating significant social media engagement [1] Group 2 - The manufacturing upgrade is evident, with TCL providing ultra-high-definition screens that perform well in low temperatures, enhancing the viewing experience [2] - Alibaba Cloud, as a global Olympic partner, utilizes powerful computing and AI algorithms to create immersive viewing experiences for audiences [2] - Chinese companies are offering comprehensive, efficient solutions for the Olympics, contributing to innovation and smart development in various sectors [4] Group 3 - BYD's modern showroom in Milan attracts attention, reflecting the growing presence of Chinese electric vehicles in Europe, a key market for the automotive industry [4] - By 2025, China's electric vehicle exports are projected to reach 2.615 million units, indicating a doubling year-on-year and supporting the global automotive industry's green transition [4] - The Winter Olympics serves as a platform for Chinese brands to demonstrate their economic vitality and innovation to the world [4]

Industry Environment - The rise of Lao Pu Gold has attracted attention from luxury goods giants, with single-store sales exceeding Cartier and Van Cleef & Arpels, and a gross margin of 40% achieved through high-end mall locations and traditional craftsmanship [2][3] - Star Creation Group targets high myopia consumers with a new sports eyewear brand, NSVE, addressing the needs of individuals with over 450 degrees of myopia in sports scenarios, while transitioning stores to focus on professional services [4] - Luxury brands face challenges from the second-hand luxury market and emerging local brands, with sales declines for brands like Michael Kors and Coach, although some have seen recovery through product innovation and marketing adjustments [5] - Domestic sports brands are gaining market share, with Anta leading with revenue of 70.826 billion yuan and a net profit of 15.6 billion yuan, while Nike and other international brands experience slower growth [6][7] - High-end brands struggle as mid-range consumers flock to affordable options, with supermarkets like Sam's Club and Costco seeing high sales of budget down jackets, while premium brands face declining sales due to high prices and quality concerns [8][10] Key Trends - StockX's report indicates a significant increase in sales for nearly 200 brands, with Nike and Jordan leading, while emerging brands like MIZUNO show notable growth [9] - The popularity of affordable down jackets among middle-class consumers reflects a shift towards value-driven purchasing, with brands like Bosideng facing challenges as they move towards higher-end products [10][12] - The outdoor backpack market is evolving, with brands like Salomon and KAILAS capitalizing on the growing trend of trail running, indicating a shift in consumer preferences towards functional and stylish outdoor gear [11] Brand Dynamics - Pop Mart's Labubu IP saw a rapid rise and subsequent market crash, highlighting the volatility of collectible markets and the need for new growth points [13][14] - Li Ning's participation in Milan Fashion Week showcases a blend of high-quality design and sports technology, aiming to resonate with urban consumers [15] - High-end outdoor brands are focusing on immersive experiences to connect with consumers, as seen in the launch of KAILAS's new line that emphasizes natural aesthetics and sustainable materials [16] - Seven Wolves is showcasing a blend of Eastern wisdom and technology at international exhibitions, emphasizing the shift from scale to value in the Chinese apparel industry [17][18] - China Duty Free Group's acquisition of DFS's Hong Kong and Macau stores aims to enhance its global footprint, despite recent fluctuations in performance [19] - Deckers Brands is streamlining its portfolio by closing underperforming brands to focus on more profitable ones like Hoka and UGG [20] - Aokang's AI fashion show represents a new marketing paradigm in the footwear industry, emphasizing digital transformation and consumer engagement [21][22] - Dongfang Tang is launching a pop-up store featuring traditional craftsmanship, aiming to modernize heritage techniques and expand into urban and international markets [23]

Core Viewpoint - The article emphasizes the significance of the Winter Olympics in promoting ice and snow sports in China, showcasing the dedication and spirit of Chinese athletes, and highlighting the advancements in sports technology and equipment that reflect the country's growing strength in the sports industry [1] Group 1: Impact of the Winter Olympics - The successful hosting of the 2022 Beijing Winter Olympics has brought ice and snow sports into the lives of ordinary people and demonstrated China's commitment to the Olympic spirit [1] - The upcoming Milan Winter Olympics presents an opportunity for Chinese athletes to showcase their competitive skills and the resilient spirit of Chinese sports [1] Group 2: Technological Advancements in Sports - There has been a significant transformation in the equipment used by Chinese athletes since their first appearance at the Winter Olympics, with designs becoming more functional and technology playing a crucial role in enhancing performance [1] - The evolution of sports equipment not only signifies growth in the sports industry but also reflects the overall strength of the nation [1] Group 3: Promotion of Sports Culture - The Winter Olympics serves as a platform for national participation in sports, encouraging more people to engage in ice and snow activities and fostering a culture of fitness and well-being [1] - The article expresses hope that the enthusiasm generated by the Winter Olympics will inspire individuals to experience joy and personal growth through sports [1]

Group 1 - The core message emphasizes the significance of the Olympic spirit and the dedication of Chinese athletes in showcasing their skills on the world stage, particularly during the Milan Winter Olympics [2][3] - The successful hosting of the 2022 Beijing Winter Olympics has elevated the profile of winter sports in China, making it more accessible to the public and demonstrating China's commitment to the Olympic ideals [2] - The evolution of athletes' equipment reflects advancements in technology and design, highlighting the growth of the sports industry and the nation's overall strength [3] Group 2 - The Winter Olympics serve as a platform not only for athletes but also as an opportunity for public engagement in sports, encouraging more people to participate in winter sports activities [3] - The article expresses hope that the Milan Winter Olympics will inspire a greater passion for sports among the public, contributing to the ongoing development of sports in China [3] - The commitment to supporting athletes and the sports industry is framed as a collective effort that embodies the spirit of perseverance and excellence [3]

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Look Favorably" investment rating [2]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 1.3% from February 2 to February 6, 2026, surpassing the SW All A index by 2.9 percentage points [3][4]. - The report highlights the impact of the Milan Winter Olympics on the sportswear market, suggesting that the event will catalyze interest in winter sports and boost sales for brands involved in the Olympics [10][11]. Summary by Sections Industry Performance - The SW apparel and home textiles index increased by 2.2%, outperforming the SW All A index by 3.8 percentage points, while the SW textile manufacturing index also rose by 2.2%, exceeding the SW All A index by 3.7 percentage points [3][4]. Recent Industry Data - Retail sales in China for the year reached 50.12 trillion yuan, a year-on-year increase of 3.7% [28]. - In December, textile and apparel exports amounted to $25.99 billion, reflecting a year-on-year decline of 7.4% [34]. - Cotton prices showed a slight decrease, with the national cotton price B index at 15,908 yuan per ton, down 0.2% [39]. Textile Insights - The report expresses confidence in the long-term cycle of Australian wool prices, which stabilized at 1,177 cents per kilogram, with a year-on-year increase of 54.9% [10][41]. - Supply constraints are evident, with a projected 10.3% decrease in the Australian sheep population for the 2025/26 season [10]. Apparel Insights - The opening of the Milan Winter Olympics is expected to enhance marketing opportunities for sports brands, with notable partnerships such as Li Ning and Anta providing official gear for their respective national teams [11][12]. - The report recommends focusing on brands like Li Ning, Anta, and 361 Degrees, which are expected to benefit from increased consumer interest in winter sports [11]. Market Trends - The report anticipates a gradual recovery in domestic demand throughout 2026, with a focus on high-performance outdoor apparel and discount retail [14]. - The competitive landscape is evolving, with brands seeking innovation in channels and products to adapt to changing consumer preferences [14][15].

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The luxury jewelry market is seeing a rise in interest from high-net-worth individuals towards traditional gold jewelry, which has significantly higher sales per store compared to established luxury brands like Cartier and Van Cleef & Arpels, achieving a gross margin of 40% [1] - The second-hand luxury market and emerging local brands are putting pressure on affordable luxury brands, which are experiencing declining sales, although some brands like Coach and Ralph Lauren are showing signs of recovery through product innovation and marketing adjustments [4] - The domestic sportswear market is undergoing a transformation with local brands capturing 60% of the global market share, led by Anta and Li Ning, which are focusing on technological advancements and channel optimization to build competitive barriers [4] - The demand for affordable down jackets is surging among middle-class consumers, leading to a decline in sales for high-end brands, which are struggling with high pricing and quality concerns [5][7] - The outdoor gear market is evolving with the popularity of trail running, leading to increased interest in trail backpacks, which are expected to see significant market growth by 2030 [8] Industry Environment - The luxury jewelry market is being disrupted by traditional gold jewelry brands that are attracting high-net-worth consumers, leading to a shift in customer traffic away from established luxury brands [1] - The affordable luxury segment is facing challenges due to tightening consumer spending, with brands like Michael Kors and Coach reporting significant revenue declines in Asia, although some are beginning to recover [4] - The domestic sportswear market is witnessing a major shift with local brands like Anta and Li Ning leading in revenue and brand value, while international brands are experiencing slower growth [4] - The affordable down jacket market is thriving as consumers prioritize value, leading to a stark contrast in sales performance between high-end and budget brands [5][7] - The trail running trend is driving demand for specialized outdoor gear, particularly trail backpacks, which are becoming essential for outdoor enthusiasts [8] Top Brand News - Pop Mart's Labubu toy line experienced a significant market crash after initial success, highlighting the volatility of collectible markets [10] - Li Ning showcased its Honor Gold Label series at Milan Fashion Week, emphasizing a blend of high-quality design and sports technology [11] - Deckers Brands announced the closure of two niche brands to focus on more profitable core brands like Hoka and UGG [14] - Aokang held an AI fashion show to innovate marketing strategies in the footwear industry, showcasing a digital transformation approach [16]

北京时间2月7日凌晨三点，2026米兰科尔蒂纳冬奥会开幕式在圣西罗体育场举行。 19天内将有116个项目开展比赛；预计来自90多个国家奥委会的2800名运动员将在2026年米兰科尔蒂纳 比赛中亮相。 从品牌营销的角度来看，奥运舞台是不可多得的金矿。面对全球观众展示产品的科技感与设计，以奥运 舞台作为大型T台，品牌都在花心思交出自己的答卷。 最受关注的是中国代表团，中国代表团由286人组成，其中运动员126人，将参加7个大项15个分项91个 小项的比赛，创下中国代表团境外冬奥会参赛项目、运动员规模之最。 2月7日上午，"中国队蓝羽绒服好看"登上微博热搜，走进开幕式现场时中国队身着李宁品牌出场服。智 通财经了解到，该服装以"冰穹蓝"、"雪山白"为主色调，采用科技感光泽轻薄面料，整体设计融汇现代 冰雪意象，传递"破冰前行"的竞技精神。 国冬奥旗手/图片来源：张楚桐微博 从服装细节来看，双胜纹应用于拉链、袖口、充绒绗线及女款出场服腰带等细节部位。在"双胜纹"基础 上衍生出的"双胜雪花纹"，则运用于后幅"CHINA"字母纹饰，以复合工艺将反光材料融入印花，细腻的 材料勾勒出双胜雪花纹样交叠，在反光材料的映衬下渐次绽开。 ...

Core Viewpoint - The "China House" at the Milan-Cortina Winter Olympics showcases China's advancements in sports technology, aesthetic design, and environmental practices through the partnership with Li Ning, a key brand in Chinese sports [1][3]. Group 1: China House Overview - Established since the 2010 Vancouver Winter Olympics, "China House" serves as a comprehensive support platform for the Chinese sports delegation, promoting Chinese sports spirit and traditional culture while enhancing international sports exchanges [3]. - Located at the Clerici Palace in Milan, "China House" features elements of Chinese culture and celebrations, including a sports culture exhibition, intangible cultural heritage experiences, and interactive areas for traditional winter sports [3]. Group 2: Li Ning's Exhibition - The Li Ning special exhibition within "China House" conveys the spirit of breakthrough and innovation in Chinese sports, showcasing the outdoor and indoor award outfits as well as the entrance gear for the Chinese sports delegation at the Winter Olympics [5]. - The exhibition highlights the evolution of professional equipment for Chinese winter sports, demonstrating Li Ning's support for the sports delegation since 1992 [5]. Group 3: Thematic Exhibition Areas - The "Sports Technology" area emphasizes the technological innovations of Chinese professional sports brands [7]. - The "Guarding Chinese Culture" area showcases Li Ning's achievements in integrating Chinese culture with design [7]. - The "Green Sports" area presents the environmental practices of Chinese professional sports brands [7]. - The "Fashion Sports" area features an AI interactive dressing installation that attracts numerous visitors [8]. Group 4: Event Highlights - The launch night of the exhibition included an immersive light and shadow show themed "China Glory, Li Ning Together," illustrating the 40-year journey of the brand alongside Chinese sports [10]. - Li Ning's founder expressed pride in collaborating with the Chinese Olympic Committee to present the brand's representative sports technology, deep-rooted aesthetics, and sustainable practices on this significant platform [10].

Group 1 - The 2026 Milan-Cortina Winter Olympics opening ceremony will take place at San Siro Stadium in Milan, Italy, with a Chinese sports delegation consisting of 286 members, including 126 athletes [1] - This Winter Olympics marks the largest participation of Chinese athletes and events outside of China, with a participation rate of 78.4% [1] - Speed skater Ning Zhongyan and short track speed skater Zhang Chutong will serve as flag bearers for the Chinese delegation during the opening ceremony [1] Group 2 - The "China House" at the Milan Winter Olympics serves as a comprehensive service facility for the Chinese sports delegation, promoting Chinese sports spirit and traditional culture while facilitating international sports exchanges [1][2] - Li Ning, as an official partner of the Chinese Olympic Committee, has set up a special exhibition at the "China House," showcasing traditional Chinese culture and winter sports experiences [2] - The "China House" promotes green sports concepts, with Li Ning focusing on sustainable development and showcasing innovations in biodegradable materials and environmentally friendly sports products [2]