Core Insights - Adidas and Nike are reassessing their market strategies, particularly after Nike's CEO change, with expectations for performance improvements [2] - Tmall is positioning itself to create growth opportunities by signing exclusive partnerships with niche brands in the running and outdoor segments [2][3] - The running and outdoor markets are identified as significant growth areas within the sports goods sector, with a notable preference for running among young consumers [2][3][8] Market Trends - Running has become a popular lifestyle choice in China, evolving from a fitness activity to a representation of elite status, while outdoor activities are also gaining mainstream appeal [8] - The outdoor segment, including activities like skiing and cycling, is increasingly favored by young consumers, with skiing being the most popular outdoor activity according to Tmall's research [3][8] Strategic Partnerships - Tmall has signed exclusive agreements with the UK running brand Soar and the Norwegian outdoor brand Norrøna to manage their operations in China [2][3] - Norrøna is recognized for its high-end outdoor products and has a strong brand heritage, which Tmall aims to leverage in the Chinese market [8][9] Retail Strategy - Tmall plans to establish single-brand stores for Norrøna, creating immersive brand experiences for consumers, marking the brand's first store in the Asia-Pacific region [10] - The company is also focusing on online flagship stores and enhancing private domain operations to reach consumers effectively [10] Operational Insights - Tmall's approach to retail is evolving from a channel-centric model to a more integrated platform that combines online and offline experiences [11] - The company emphasizes the importance of understanding and conveying the essence of high-end brands to consumers, adapting to their preferences and behaviors [11][15] Consumer Engagement - Tmall's strategy includes engaging with professional sports communities through events and activities to better connect with niche consumer segments [15] - The company recognizes the need for differentiated value in high-end brands, which requires a unique operational capability to effectively communicate this to consumers [14][15]

Core Insights - The Chinese sports retail market is experiencing significant growth, with a market size of 4,926 billion yuan in 2023, projected to reach 5,989 billion yuan by 2025 [4] - Tmall and Xiaohongshu are becoming key online platforms for new brands entering the Chinese market, as seen with the brand norda™ [2][3] - The trend of consumers favoring specialized and functional sports brands is driving the entry of international brands into China [5] Company Developments - Tabo has recently partnered with two niche sports brands, Norrøna and soar, to expand its portfolio in the Chinese market [1][2] - The company is also focusing on diversifying its brand partnerships to reduce reliance on major brands like Nike and Adidas, which have been volatile in performance [2] - Tabo's strategy includes opening physical stores for Norrøna in major cities like Beijing and Shanghai, while also exploring collective store formats for norda™ and soar [3] Market Trends - There is a growing consumer preference for sportswear, with nearly 30% of consumers favoring sports apparel in daily scenarios and over 60% prioritizing comfort when purchasing [4] - The influx of international niche brands is reshaping the competitive landscape, as these brands emphasize functionality and cater to specific sports [5] - Retail operators are increasingly seeking to attract these new brands to their shopping centers, recognizing their potential to drive foot traffic and enhance brand positioning [5] Retail Strategy - Tabo is adopting a cautious approach to store expansion, focusing on the development stage and positioning of different brands [5] - The company is shifting its retail strategy from merely increasing store numbers to creating a balanced and efficient omnichannel network [6] - The evolving consumer demand for unique and differentiated products presents opportunities for companies in the sports retail sector [6]

记者从两个品牌的官网获悉，Norrna旗下主流的冲锋衣，其价格略高于始祖鸟同类产品；而soar标志性的石墨烯竞速背心定价通常在千元以上。 滔搏为何持续加码高端细分市场？当一件冲锋衣的价格超越始祖鸟、一件跑步背心售价抵得上三双常规跑鞋时，如何让市场为这些垂类品牌买单？ 图片来源：soar官网截图 近日，滔搏国际副总裁丁超接受了《每日经济新闻》记者的面对面采访。 运动零售运营商滔搏（HK06110）近期在品牌矩阵拓展上持续发力，一周内先后宣布将挪威高端户外品牌Norrna与英国专业跑步品牌soar的中国区独家运营 权收入囊中，这一系列战略性合作在业内引发广泛关注。 在消费者面对的户外、跑步品牌越来越多的今天，滔搏为何选择加码这类门槛更高的垂类赛道？ 在长达两个小时的交流中，丁超多次提到"Retail is detail（零售即细节）"。"从产品陈列到门店的一句讲解，每一个细节都是品牌价值的放大器。"在滔搏的 零售哲学里，高端零售战场上，细节不是锦上添花，而是立身之本。每一个微小环节，都在暗中标定了品牌的价值筹码。 高端≠难转化，质感品牌需要"长坡厚雪" 随着健康生活方式兴起，跑步以其低参与门槛与强社交属性，正加速 ...

Investment Rating - The industry maintains a "Buy" rating for key companies such as Anta Sports, Shenzhou International, and others, with specific PE ratios projected for 2025 [4][36][37] Core Views - The apparel manufacturing sector shows stable revenue trends, with companies like Yuyuan Group and Ruo Hong reporting year-on-year revenue growth of 10.5% and 18.2% respectively for April 2025 [1][12] - Vietnam's textile and footwear exports have seen significant growth, with April 2025 figures showing a 20% increase in textile and a 27% increase in footwear exports year-on-year [19][27] - The report emphasizes the importance of monitoring international trade policies and their impact on the industry, particularly in light of recent tariff changes [3][36] Summary by Sections Weekly Topic - Apparel manufacturing companies reported stable revenue trends for April 2025, with Yuyuan Group and Ruo Hong showing healthy growth [1][12] - Vietnam's textile and footwear exports are performing well, while China's related product exports are relatively weak [19][27] Weekly Insights - Focus on robust brands with solid fundamentals, anticipating performance recovery and valuation improvement in 2025 [2][35] - The sportswear segment is expected to benefit from national policy support and increased participation in sports activities [2][35] Industry Overview - The apparel manufacturing sector is experiencing short-term stock price impacts due to tariff events, but long-term leaders with integrated and international supply chains are expected to gain market share [3][36] - Key companies to watch include Shenzhou International, Huayi Group, and Weixing Co., with projected PE ratios for 2025 of 12, 15, and 18 respectively [34][36] Recent Reports - The textile manufacturing sector is expected to recover in 2024, with a focus on quality brands in 2025 [8][36] - The jewelry sector is also showing signs of recovery, with retail sales of gold and silver jewelry increasing by 6.9% in early 2025 [3][36]

Core Insights - Overseas high-end sports brands are increasingly entering the Chinese outdoor sports market, with brands like Soar, Norrøna, and Norda gaining attention [1][4][16] - The sports retail operator, Tmall, is playing a crucial role in these brands' entry into China, marking a shift in its strategy to reduce reliance on Nike and Adidas [3][10][19] Group 1: Market Dynamics - Tmall has shifted from being primarily a distributor for Nike and Adidas to becoming a brand management operator, seeking to establish its own identity in the market [3][10] - The Chinese sports market is undergoing a significant reshuffle, with Tmall's partnerships with new brands indicating a response to changing consumer preferences and competitive pressures [3][15] Group 2: Financial Performance - Tmall's revenue from Nike and Adidas accounted for 90% in 2017, but by 2022, the company's revenue dropped to 27.07 billion yuan, a decline of 15.07% year-on-year [9][11] - As of August 2024, Tmall's revenue was 13.055 billion yuan, down 7.9% year-on-year, with a reduction of 331 stores, leaving a total of 5,813 [10][11] Group 3: Consumer Trends - The Z generation, comprising nearly 300 million people in China, is reshaping consumption patterns, favoring shopping experiences that combine social interaction and comprehensive service [15] - The market share of leading sports brands like Nike and Adidas has decreased, with their combined market share dropping by 11% over four years [15][16] Group 4: Strategic Partnerships - Tmall has secured exclusive operating rights for several high-end brands, including Norrøna and Soar, as part of its strategy to diversify its brand portfolio [4][16] - The company is also exploring online business expansion to cater to various consumer segments, moving from a traditional distributor to a brand operator [18][19]

Core Insights - The sports industry in China is experiencing a shift towards professionalization and segmentation, with local brands gaining market share at the expense of traditional giants [1][2] - Anta Group's acquisition of Amer Sports and the subsequent success of Arc'teryx in China serves as a model for other brands aiming to replicate this success [1][3] - The high-end sports goods market in China is projected to grow significantly, with a compound annual growth rate of 18%-20% from 2025 to 2027, reaching over 200 billion yuan [3] Company Developments - HOKA has opened its first global brand experience center in Shanghai, featuring a comprehensive running research facility aimed at community engagement [4][6] - Norrøna, known as the "ancestor of Arc'teryx," has been introduced to the Chinese market, reflecting a broader trend of consumer demand for specialized and unique sports products [3][5] - Anta continues to expand its flagship stores, emphasizing the importance of enhancing store operational efficiency and creating a balanced omnichannel network [5][6] Market Trends - The Chinese consumer market is evolving, with a growing middle class seeking quality and specialized products rather than just brand logos [8][9] - The rise of niche and professional brands is attributed to the increasing demand for quality lifestyles among consumers, which is reshaping the outdoor, sports, and high-end apparel sectors [9][10] - Brands are focusing on community engagement and experiential retail, moving away from traditional sales models to create lifestyle-oriented shopping experiences [7][9]

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and Bosideng, with a recommendation to focus on high-quality brands and companies with strong fundamentals [5][10][28]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes the resilience of the sportswear sector, projecting a revenue growth of 4.4% and a net profit decline of only 0.6% for key apparel companies in 2024, with a stronger recovery anticipated in 2025 [4][26]. - The DTC (Direct-to-Consumer) business showed robust growth, with a 12% increase in revenue to €550 million, while wholesale revenue declined by 3.6% [3][20]. Summary by Sections Puma's Q1 2025 Performance - Revenue increased by 0.1% to €2.076 billion, with a slight decline in gross margin by 0.6 percentage points to 47% [1][15]. - Operating profit fell by 63.7% to €6 million, and net profit dropped by 99.5% to €500,000, attributed to economic volatility [1][15]. - Inventory rose by 16.3% to €2.08 billion, mainly due to increased in-transit stock [1][15]. Regional and Business Model Analysis - EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to a 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% decline to €430 million, with a notable 17.7% drop in Greater China [2][20]. - The company is adapting to US tariff issues by optimizing product sourcing and reallocating production [2][20]. DTC and Wholesale Business Performance - DTC revenue increased by 12% to €550 million, with e-commerce growing by 17.3% and self-operated retail stores by 8.9% [3][20]. - Wholesale revenue decreased by 3.6% to €1.53 billion, driven by weak demand in the US and China [3][20]. Industry Outlook - The report suggests focusing on brands with solid fundamentals and anticipating a recovery in 2025, with the sportswear sector expected to benefit from government policies and increased consumer participation in sports [4][26]. - Recommendations include companies like Anta Sports, Tabo, and Bosideng, which are projected to have strong earnings growth and attractive valuations [28][29].

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and others, indicating a positive outlook for investment opportunities [10][29]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes a focus on robust fundamentals and high-quality brands in the apparel and home textiles sector, anticipating performance recovery and valuation improvement in 2025 [4][26]. - The sportswear segment is expected to benefit from national policy support and increased participation in sports, with a projected revenue growth of 8.7% for key companies in 2024 [4][26]. Summary by Sections Regional and Business Model Analysis - In Q1 2025, EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to an 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% revenue decline to €430 million, largely attributed to a 17.7% drop in Greater China sales [2][20]. Business Performance - Wholesale revenue decreased by 3.6% to €1.53 billion, while Direct-to-Consumer (DTC) revenue increased by 12% to €550 million, with e-commerce growing by 17.3% [3][22]. - DTC revenue now accounts for 26.3% of total revenue, up 2.8 percentage points year-on-year [3][22]. Key Recommendations - The report recommends focusing on companies with strong fundamentals, such as Anta Sports and Tabo, which have shown significant revenue growth in Q1 2025 [28]. - Other recommended companies include Hailan Home, which is expanding its business successfully, and Bosideng, which is expected to achieve good performance in FY2025 [28][29]. - In the home textiles sector, Luolai Life is highlighted for its strong performance, with a projected net profit growth of 20% in 2025 [28][29].

Core Viewpoint - Norrøna, a renowned Norwegian outdoor brand, is entering the Chinese market through a partnership with the retail operator Tmall, aiming to capitalize on the rapid growth of the high-end outdoor segment in China [1][2]. Group 1: Norrøna's Market Entry - Norrøna has chosen Tmall as its exclusive partner in China, rather than local giants like Anta or Li Ning, indicating a strategic shift in its market approach [1]. - The brand is known for its high-quality outdoor gear, with its waterproof jackets priced between $349 and $1,199 (approximately RMB 2,520 to RMB 8,663) [2]. - Norrøna's product line includes various outdoor activities such as skiing, hiking, and mountain biking, showcasing its extensive market presence [2]. Group 2: Tmall's Strategic Shift - Tmall is seeking to diversify its revenue streams, as Nike and Adidas accounted for 87% of its revenue in the first half of the 2024/2025 fiscal year [1][7]. - The partnership with Norrøna is part of Tmall's strategy to enhance its brand portfolio in the professional outdoor segment, responding to the growing demand for specialized outdoor equipment [5][11]. - Tmall plans to implement a new retail logic of "full-domain operation + precise reach" to effectively penetrate the market and engage with professional sports communities [6]. Group 3: Market Trends and Consumer Demand - The high-end outdoor market in China is experiencing significant growth, driven by increasing consumer demand for specialized, functional, and personalized outdoor gear [11]. - Tmall aims to continue expanding its offerings in outdoor and running segments, reflecting a broader trend in the retail industry towards specialization and refined operational capabilities [11]. - The competitive landscape is intensifying, with established brands like Arc'teryx and The North Face, as well as emerging brands, posing challenges for Tmall's market entry strategy [5][11].

Core Viewpoint - The partnership between the sports retail operator, Tabo, and the professional outdoor brand, Norrøna, marks a significant step for Tabo in the high-end outdoor market in China, but the success of this collaboration remains uncertain due to Norrøna's previous exit from the market due to poor sales performance [1][9]. Group 1: Partnership Details - Tabo has become the exclusive operational partner for Norrøna in China, responsible for brand promotion, market marketing, channel sales, and consumer operations [3][5]. - The strategy includes a comprehensive approach combining online and offline channels, with plans to open Norrøna specialty stores and an online flagship store, while also enhancing private domain construction to reach consumers effectively [3][5]. - Norrøna, founded in 1929, has a rich product line covering various outdoor activities and is positioned as a high-end brand, with its jackets priced around 5,000 yuan [3][4]. Group 2: Market Context and Challenges - Tabo has been increasing its focus on the outdoor market, having secured exclusive operational rights for other high-end brands like norda and previously collaborated with HOKA ONE ONE and KAILAS [6][8]. - The Chinese outdoor market is experiencing strong growth, particularly in the high-end segment, which presents significant opportunities for brands that can meet the increasing consumer demand for specialized and functional outdoor gear [6][9]. - Tabo's reliance on Nike and Adidas has been a concern, with these two brands accounting for 87% of its revenue in the first half of the 2025 fiscal year, highlighting the need for diversification [6][7]. Group 3: Historical Performance of Norrøna - Norrøna previously entered the Chinese market in 2016 but exited in 2018 due to underperformance, attributed to the market's lack of maturity at that time [8][9]. - The current outdoor market's growth and consumer interest in professional outdoor equipment may provide a more favorable environment for Norrøna's re-entry [9].