港股国产运动品牌“四巨头”上半年业绩分化

Group 1 - The core viewpoint is that the Hong Kong stock market is recovering, leading to a positive trend in the stock prices of domestic sports brands, with Anta, Li Ning, Xtep, and 361 Degrees all showing growth in the first half of 2025, particularly 361 Degrees with over 50% increase [2] - Anta maintains its leading position with a revenue of 38.5 billion yuan, which is 1.4 times the combined revenue of the other three companies, and a net profit of 7 billion yuan, more than double that of the other three [2] - Xtep's revenue increased by 7.1% to 6.837 billion yuan, with a significant net profit growth of 21.47%, attributed to the divestment of loss-making businesses and improved profits from the Saucony brand [2] Group 2 - The four major brands exhibit different strategic focuses in response to the rationalization of the consumer market and the rising demand for quality-price ratios, with Anta pursuing a multi-brand acquisition strategy, Li Ning emphasizing stable operations, 361 Degrees focusing on store upgrades and penetration into lower-tier cities, and Xtep concentrating on building a running ecosystem [3] - Despite facing pressures from the consumer environment and intensified industry competition, the four brands remain confident in the Chinese sports consumption market, with retail sales of sports goods on four major e-commerce platforms reaching 218.1 billion yuan in the first half of 2025, a year-on-year increase of 17.5%, significantly higher than the growth rate of general online retail [4]