Zhong Jin Zai Xian·2025-08-28 09:44Core Insights - The Chinese sports market is entering a deep competitive phase, with major domestic brands like 361 Degrees, Xtep, Li Ning, and Anta reporting mid-term performance [1] - 361 Degrees has shown exceptional performance with a revenue increase of 11%, surpassing Xtep's 7.1% and Anta's 5.4%, indicating a unique strategic path leading to robust growth [1] - Xtep's net profit grew by 21.5% due to successful multi-brand operations, while Anta continues to lead in revenue scale with its extensive multi-brand strategy [1] - Li Ning is experiencing a slowdown in revenue growth but is focusing on profitability and channel optimization for future strategic positioning [1] Strategic Directions - Xtep is focusing on deepening its presence in the running segment by establishing 70 running clubs and accumulating 2.4 million members, although its specialized segment's revenue of 785 million yuan has yet to significantly impact overall performance [2] - Li Ning is optimizing inefficient stores and concentrating on core segments like running and cross-training, trading short-term profits for long-term brand upgrades, despite a decline in ROE [2] - 361 Degrees is innovating internally and expanding externally, maintaining R&D investment at 3%-4% and launching over 230 new shoe SKUs, while also entering the children's sports market with over 2,494 stores [2] Globalization Efforts - Chinese sports brands are transitioning from "Made in China" to "Created in China" and "Value Export," with Anta leveraging its multi-brand strategy to enhance global presence through acquisitions like Jack Wolfskin [3] - 361 Degrees is strengthening its international influence by partnering with top global sports events and achieving a 94% growth in cross-border e-commerce, alongside significant increases in overseas orders [3] - Xtep's subsidiary Saucony's 32.5% growth reflects the effectiveness of establishing professional barriers in niche markets, while Li Ning is preparing for the upcoming Olympic cycle after strategic adjustments [3] - The ongoing competition among domestic sports brands emphasizes the importance of strategic endurance, technological innovation, and a global perspective for future growth [3]