港股国产运动品牌 “四巨头”上半年业绩分化

Group 1: Market Performance - The Hong Kong stock market has shown recovery, leading to positive stock price movements for domestic sports brands, with Anta, Li Ning, Xtep, and 361 Degrees all experiencing increases in the first half of 2025, particularly 361 Degrees with over 50% growth [1] - 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 [1] - 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 [1] Group 2: Financial Performance - Anta's net profit decreased by 9% year-on-year, primarily due to the dilution of equity from the listing of Amer Sports, but if this factor is excluded, the actual growth is 14.5% [1] - Li Ning reported the lowest growth among the four companies, with a revenue increase of 3.28% and a net profit decline of 10.99%, impacted by adjustments in direct sales channels and rising tax rates [1] - 361 Degrees showed stable performance with revenue and net profit growth of 10% and 8%, respectively [1] Group 3: Strategic Focus - Anta continues its multi-brand acquisition strategy, recently completing the acquisition of JACK WOLFSKIN to strengthen its outdoor sports segment [2] - Li Ning emphasizes "steady operation" to solidify its product and channel foundation [2] - Xtep focuses on upgrading stores and penetrating lower-tier cities, while strategically concentrating on the running sector to build a running ecosystem [2] Group 4: Market Outlook - Despite pressures from the consumer environment and intensified industry competition, all four brands remain confident in the Chinese sports consumption market [2] - In the first half of 2025, the retail sales of sports goods on four major e-commerce platforms reached 218.1 billion yuan, a year-on-year increase of 17.5%, significantly outpacing the growth rate of general online retail [2]