中泰证券：25Q3海外运动品牌表现向好 上游制造有望回暖

Group 1 - The overall performance of overseas sports brands is improving, with Nike's reforms showing initial results. Brands like Asics and ON continue to grow rapidly, while Adidas has exceeded expectations. Companies previously experiencing revenue declines, such as Nike and VF, are recovering, whereas Puma and UA are still in strategic adjustment phases [2] - In terms of channels, Adidas, VF, UA, and ON show balanced performance, while Nike, Deckers, and Puma exhibit significant differentiation. Nike and Deckers' distribution channels are experiencing positive growth, while direct sales channels are declining. Puma's direct sales are up year-on-year, but its distribution channels have declined significantly due to adjustments in the distribution system [2] - Regionally, Nike shows the most significant differentiation, with North America and Europe seeing growth of +4% and +1% respectively, while Greater China is under pressure with a decline of -10% [2] Group 2 - The impact of U.S. tariffs has created varying degrees of pressure on brands, leading them to share costs with supply chains and raise product prices. Nike, Puma, and UA have seen the most significant year-on-year declines in gross margins, influenced by promotional inventory clearance. However, Adidas, Asics, and Deckers have shown improvements in gross margins [3] - Inventory management is a key focus, with VF and UA rapidly reducing inventory levels, while Puma faces significant pressure. Nike's inventory clearance varies by region, with North America performing well, but Greater China still facing inventory challenges. Adidas's inventory has increased due to World Cup preparations, but a significant decrease is expected in Q4 [3] - In the footwear manufacturing sector, revenue has been under pressure, but profitability has improved quarter-on-quarter. Only Yuchi has achieved positive revenue growth, while others have seen declines. Profitability has improved for most companies, with Yuchi and Fengtai showing positive growth [4] Group 3 - Companies to watch include Huali Group, which is gradually improving its profit margins, and leading apparel manufacturers like Jingyuan International and Shenzhou International [5]