Core Viewpoint - Morgan Stanley has lowered the target price for Nike from $100 to $86 and for Amer Sports from $53 to $50 [1] Company Summary - Nike's target price has been revised down by 14% from $100 to $86 [1] - Amer Sports' target price has been adjusted down by approximately 6% from $53 to $50 [1] Industry Summary - The adjustments in target prices reflect a cautious outlook on the performance of companies within the sports apparel and equipment sector [1]

HOKA，和UGG、勃肯鞋和洞洞鞋一起，被网友们列为"四大丑鞋"。 社交媒体上说它什么的都有，"泡沫板""奶奶鞋""笨笨的"，却能让玩鞋20多年、拥有上千双收藏的资深玩家一年320天都穿在脚上，也能让广大网友从"太 丑不买"，到买后"真香"。 这个被称为"年轻人的足力健"的品牌，是怎样和昂跑、萨洛蒙一起成为"中产新三宝"的？HOKA 到底踩中了什么？一千一双的HOKA鞋是智商税吗？从耐 克、阿迪达斯到HOKA、昂跑、萨洛蒙，中国年轻人的审美和消费心理发生了怎样的转向？ #01 丑，但还是要买单 自媒体博主狗哥玩鞋已经超过20年。他收藏的鞋子超过一千双，有两个总计接近300平米的仓库用来收纳。鞋子太多，以至于每次踏入仓库，他都会有新 发现。"诶！原来我还有这双鞋呢！" 如果狗哥愿意，他可以一天穿两双不同的鞋，也可以做到365天，天天不重样。但HOKA在他脚上的时间，一年内能超过320天。 2018年，日本潮流主理人西山彻、保加利亚设计师Kiko Kostadinov、美国说唱歌手Kenya West，以及彼时还引领着国内型男潮流的明星余文乐，集体穿上 了HOKA鞋。狗哥心动了。那一年，HOKA还不好买，他亲自跑 ...

Watch: One year into his tenure, here’s how Nike’s new CEO is trying to reinvigorate the company to fix flagging innovation and dropping sales https://t.co/qwWTUFyy21 ...

WSJ's Inti Pacheco sat down with Nike CEO Elliott Hill to discuss his turnaround strategy for the company https://t.co/i409JxiBIn ...

I'm Sarah Eisen and I'm here inside Nike Sports Research Lab got a rare peak here at Nike headquarters in Beaverton, Oregon. Nike Secretive Lab spans more than 80,000 square feet where researchers study athletes apparel and footwear and design new innovations. >> Nicely done.>> Nike says prototypes can be built in less than an hour. >> Everything in here, this entire space is designed to let us capture data on you no matter where you go. So, we have over 400 motion capture cameras. We have over 90 96 force ...

Core Insights - Tmall's "Double 11" event in 2025 achieved its best growth in four years, with nearly 600 brands surpassing 100 million in sales and 34,091 brands doubling their sales compared to last year [1][3] - The event highlighted the success of new and original brands, with 406 new brands ranking first in trending categories and 26 new brands exceeding 100 million in sales [3][4] Brand Performance - Major brands such as Apple, Haier, Midea, Xiaomi, and Nike each surpassed 1 billion in sales during the event [1] - A total of 14,246 new products achieved over 1 million in sales, with a significant portion of these being new launches [3] Consumer Engagement - Tmall's 88VIP membership reached a new high, with daily order numbers increasing by 31% year-on-year and 1.45 million new members added to brand flagship stores [3][4] - The event saw the largest consumer investment in Tmall's history, with AI-driven strategies significantly boosting user engagement and order volume [4] Platform Innovations - This year's "Double 11" marked the first participation of Taobao's upgraded consumption platform and the full application of AI technologies [4] - Tmall's integration with Taobao led to record-breaking sales for travel services and a substantial increase in retail orders through Taobao Flash Sale [4]

Core Insights - The article discusses the competitive landscape between adidas AG and its U.S. competitor Nike, Inc., emphasizing the importance of economic moats and long-term performance potential in investment analysis [1]. Company Analysis - The focus is on high-quality companies that can outperform the market due to their competitive advantages and defensibility [1]. - The analysis includes a broad range of companies, from large-cap to small-cap, primarily in the European and North American markets [1]. Academic Background - The author has a Master's Degree in Sociology with a focus on organizational and economic sociology, and a Bachelor's Degree in Sociology and History, which informs the analytical approach [1].

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [7] Core Insights - The report highlights that if Nike's sales and inventory situation reaches a turning point by the end of this year, upstream manufacturing companies are expected to see a rebound in orders due to new product development and replenishment of old products. This is anticipated to lead to a recovery in net profit margins for many companies next year [2][5] - The report recommends several textile manufacturing companies related to the Nike supply chain, including Huayi Group, Shenzhou International, Crystal International, Yue Yuen Industrial, and Weixing Co., as well as retail company Tmall [2][5] Summary by Sections Inventory Cycle and Manufacturing - The U.S. apparel inventory cycle serves as a good indicator of the upstream textile manufacturing sector's health. The report reviews the performance of Chinese apparel manufacturing companies during historical inventory phases, indicating that stock prices and valuations are likely to recover as the industry transitions from active destocking to active restocking [4][24] - In the short term, the report notes that the impact of tariffs is diminishing, allowing the manufacturing sector to return to fundamental logic, emphasizing the importance of the inventory cycle switch and Nike's recovery [4][32] - Long-term trends indicate a shift towards globalization and core supplier systems in the apparel industry, with brand companies increasingly relying on core suppliers, which enhances the competitive landscape for leading manufacturers [4][32] Individual Companies - The report emphasizes the potential recovery opportunities for leading manufacturers in the Nike supply chain. If Nike's sales and inventory situation improves as expected, upstream manufacturing companies will likely see a rebound in orders, leading to a recovery in net profit margins for many companies next year [2][5] - The report specifically recommends textile manufacturing companies such as Huayi Group, Shenzhou International, Crystal International, Yue Yuen Industrial, and Weixing Co., along with retail company Tmall, as key investment opportunities [2][5]

Core Insights - Tmall's "Double 11" event in 2025 achieved its best growth in four years, with nearly 600 brands surpassing 100 million yuan in sales [1][2] - The event saw significant participation from new brands, with 406 new brands ranking first in trending categories and 26 new brands exceeding 100 million yuan in sales [1] - Tmall's strategy focused on supporting quality brands and original merchants, leading to substantial consumer investment and enhanced sales performance [2] Group 1: Sales Performance - Tmall's "Double 11" event recorded a total of 34,091 brands with sales doubling compared to the previous year, and 18,048 brands saw sales growth exceeding three times [1] - Notable brands such as Apple, Haier, and Xiaomi each achieved over 1 billion yuan in sales during the event [1] - The event marked a historic high for Tmall, with the best overall growth in four years after excluding refunds [1][2] Group 2: New Product Launches - A total of 14,246 new products achieved sales exceeding 1 million yuan, with 30% of products surpassing 100 million yuan in sales [2] - High-profile new products like iPhone 17 Pro Max and Lululemon's Wunder Puff jacket made their debut during the event, achieving over 100 million yuan in sales [2] Group 3: Technological Integration and Consumer Engagement - This year's "Double 11" was the first to fully integrate AI applications, with the AI "Smart Benefit Engine" driving a significant increase in daily orders [2] - Tmall's consumer investment was the largest in its history, resulting in an 86% increase in daily active users for brands [2] - The event also saw a 30% year-on-year growth in transactions for Fliggy, Tmall's travel platform, indicating a broader impact on the consumer ecosystem [2]

Core Insights - The Global Wellness Economy is projected to grow from $6.3 trillion to $9 trillion by 2028, indicating a significant trend towards health and wellness as a status symbol [1][10] - The running movement has evolved from solitary jogging in the 1970s to a social, digital, and data-driven activity, attracting diverse participants and leading to commercialization [2][3] Industry Trends - Technology is a key driver in the running boom, with brands like Garmin and Whoop gaining popularity for their advanced features such as AI coaching and recovery scores [2] - The use of activity-tracking apps has surged, with Strava reporting 135 million users in 2024, up from 120 million the previous year, and expanding through acquisitions to create a comprehensive training ecosystem [3] Social Dynamics - The modern running culture is increasingly social, with a 59% rise in running club participation and a notable number of Gen Z users meeting potential partners through fitness activities [6] - Creative initiatives like the "Friday Night Lights Run Club" are redefining social running experiences, blending fitness with entertainment [7] Market Competition - Traditional sportswear brands like Nike are losing market share due to a lack of innovation, with their global sports footwear market share declining from 28.8% in 2021 to 26.3% in 2024 [9] - Despite challenges, Nike's Q1 2026 earnings per share reached $0.49, exceeding forecasts by 81.48%, highlighting potential for recovery through strategic partnerships and athlete endorsements [9]