纺织服装行业：三季度运动品牌动销承压，运营健康

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - Domestic sports brands have shown good growth in high-end functional and affordable mass-market segments, with online channels maintaining strong growth [1][2] - The operational capabilities of sports companies have been validated, with overall healthy inventory and discount management, indicating stable brand operations despite external fluctuations [1] - The running shoe category has performed well, driven by increased health awareness among consumers, while outdoor brands have also seen good growth due to rising interest in camping and trail running [2] Summary by Sections Channel Performance - Anta's online growth is slower than offline due to strategic adjustments, while FILA's online performance exceeds offline. Li Ning's online sales show high single-digit growth, outperforming the wholesale channel [1] - Tebu and 361° brands have better online growth compared to offline [1] Brand Performance - Anta's main brand shows low single-digit positive growth, while FILA's growth continues to slow. Other brands like Descente and Kelong have seen a combined growth of 45-50% [7] - Li Ning's overall sales have declined in the mid-single digits, but this is slightly better than the company's previous expectations [7] - Tebu's main brand retail sales have low single-digit growth, while Saucony's retail sales have grown over 20% [7] - 361° has seen approximately 10% growth in its main brand and children's clothing [7] Future Outlook - The industry faces macroeconomic challenges in Q4, with Anta lowering its annual revenue guidance. However, its multi-brand strategy and efficient management provide a strong competitive edge [2] - Li Ning aims to enhance brand momentum through Olympic marketing and NBA events, while Tebu continues its channel transformation [2] - 361° is increasing its outdoor product development in response to the domestic outdoor apparel trend [2]