韦科鞋业2026年展望：体育大年催化，制造零售业务有望改善

Industry Policy and Environment - 2026 is expected to be a significant year for sports, with major sporting events likely to positively impact sales for sports footwear brands, benefiting leading companies in the sector [1] - The inventory destocking process for global sports footwear leaders is nearing completion, which is anticipated to reduce the impact on domestic brands [1] Business Progress - The company's manufacturing operations are closely tied to global brands like Nike and Adidas. In 2026, the performance of the sports footwear OEM industry is expected to improve due to clearer U.S. tariff policies and a recovery in order placement from brand clients [2] - The demand from downstream markets is expected to rise due to the sports event year, and if Nike concludes its destocking phase and sees a sales rebound in the 2026 fiscal year, related OEM companies will benefit [2] - The company aims to enhance revenue and profitability in its manufacturing business by increasing the proportion of high-end shoe models, optimizing its product mix, and leveraging economies of scale [2] Retail Business Progress - The company's retail operations are primarily managed through Baosheng International. In 2026, the demand in China's sports footwear retail sector is expected to recover, driven by sporting events and domestic demand expansion policies [3] - Baosheng International is actively promoting omnichannel and refined operations to optimize inventory structure, aiming for a performance turnaround [3] Performance Strategy - The company anticipates that group revenue growth in 2026 will reach the high end of its long-term target range (low double-digit to mid-teens percentage), with adjusted operating profit margins expected to expand by over 30-70 basis points annually [4]