2025年1月27日，中国体育用品行业迎来一项具有里程碑意义的交易。安踏集团与由Pinault家族控制的投资机构Groupe Artémis达成协议，计划以 15亿欧元（约合人民币123.885亿元）现金收购国际知名运动品牌彪马（PUMA SE）29.06%的股权，成为其最大单一股东。这项交易不仅刷新了 中国企业收购国际体育品牌的金额纪录，也标志着中国体育产业正从资本输出、制造输出逐步向品牌、管理与生态输出迈进。 此次收购过程低调而迅速。安踏通过境外设立的主体，在公开市场及部分私人交易中持续吸纳彪马股份，最终持股比例超过原最大股东法国开云 集团（Kering SA）减持后的份额。近年来，开云集团逐步剥离彪马股权，以更专注于其核心奢侈品业务，这为安踏的进入提供了历史性窗口。交 易预计在2026年底前完成，尚待相关监管机构的批准并满足常规交割条件。 作的可能性。 （经济观察网 李强/文） 尽管短期财务表现承压，彪马的品牌价值与市场影响力依然稳固。2024年7月，其与曼城足球俱乐部续签了总价值超过10亿英镑的球衣赞助协议， 年度赞助额升至1亿英镑。根据GYBrand《2025全球最具价值运动品牌报告》，彪马位列全球 ...

1月27日，中国体育用品行业迎来一则重磅消息：安踏集团宣布与Pinault家族的投资公司Groupe Artémis 达成购股协议，拟以15亿欧元（约合人民币123.885亿元）的现金对价，收购知名运动品牌彪马 （PUMA SE）29.06%的股权，一跃成为其最大单一股东。 分析认为，这笔交易不仅刷新了中国体育用品企业收购国际知名体育品牌的金额纪录，更被视为全球体 育产业格局演变的一个关键转折点，意味着中国企业开始从资本出海、制造出海，迈向品牌出海、管理 出海与生态出海的新阶段。 尽管业绩下滑，彪马仍具品牌影响力。2024年7月，其与曼城俱乐部续签球衣赞助合同，总价超10亿英 镑，年赞助额升至1亿英镑。据GYBrand《2025全球最具价值运动品牌报告》，彪马位列全球第五。而 安踏对彪马的品牌价值和潜力也持续看好，并相信其股价并未充分反映其长期价值。"通过成为彪马的 最大股东，安踏集团将能够进一步提升其在全球体育用品市场的地位和品牌知名度，增强整体国际竞争 力。"丁世忠说。 品牌矩阵壮大 对于安踏集团而言，此次收购不仅是对其全球化战略的重要布局，更是对其多品牌矩阵的有力补充。 安踏集团自成立以来，一直致力于通 ...

（文/霍东阳 编辑/张广凯） 从去年8月起多次传出的安踏收购彪马股权的消息终于落槌。 1月27日早间，安踏集团（2020.HK）宣布与Pinault家族的投资公司Groupe Artémis 达成购股协议，以15亿欧元（约合人民币122.78亿元）收购彪马29.06% 的股权，成为彪马最大股东。 2025年前三季度累计亏损达3.09亿欧元，净利润连续三个季度为负。特别是2025年第三季度，经汇率调整后，其销售额下降10.4%至19.557亿欧元，净亏 损6230万欧元。 这笔交易仍需获得相关监管部门批准并满足惯例交割条件，预计将在2026年底前完成。全部资金来源于安踏集团内部自有现金储备。 安踏在公告中强调，目前没有发起要约收购的计划，未来将"审慎评估"双方深化合作的可能性。交易完成后，安踏将寻求向彪马监事会委派代表，但会保 持彪马品牌身份与基因的完整性。 安踏此次收购彪马股权的价格定为每股35欧元，较彪马1月26日收盘价21.63欧元溢价61.8%。这一溢价水平在近年运动品牌并购案中属于较高水平。安踏 集团董事局主席丁世忠表示："彪马过去几个月的股价并未充分反映其品牌所蕴含的长期价值。" 从战略角度看，这笔 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 记者 赵心怡 【导读】安踏集团斥资15亿欧元（约合123亿元人民币）收购彪马29.06%股权 市场传言终于"靴子落地"，安踏集团宣布将收购彪马29.06%股权。 1月27日，中国体育用品巨头安踏集团宣布，以15亿欧元现金收购德国运动品牌彪马（PUMA）29.06% 的股权，交易对手为法国皮诺家族（Pinault）旗下投资公司Groupe Artémis。 若交易于2026年底前完成，安踏将成为彪马最大股东。但安踏明确表示，暂不发起全面要约收购。 对于此次收购，安踏集团董事局主席丁世忠表示："收购彪马的股权成为其最大股东，是安踏集团深入 推进'单聚焦、多品牌、全球化'发展战略的重要里程碑。彪马是具有标志性意义的全球知名品牌，有着 深厚的品牌资产。我们期待与彪马公司相互学习并分享经验，携手合作充分释放其品牌势能。" 丁世忠还提到："这将有助于进一步推动安踏集团的全球化进程，促进包括中国在内的全球体育产业繁 荣，同时为全球消费者和利益相关者创造长期价值。" 资料显示，彪马成立于1948年，是德国运动品牌的标志性代表，以深厚的 ...

2026.01. 27 本文字数：1209，阅读时长大约2分钟 安踏集团董事局主席丁世忠表示："收购彪马的股权成为最大股东，是安踏集团推进'单聚焦、多品牌、全球 化'发展战略的重要里程碑。彪马是具有标志性意义的全球知名品牌，有深厚的品牌资产。我们期待与彪马 公司相互学习并分享经验，合作充分释放品牌势能。这将有助于进一步推动安踏集团的全球化进程，促进包 括中国市场在内的全球体育产业繁荣，创造长期价值。" 交易完成后，安踏集团方面拟寻求向监事会委派合适的代表，后者将与其他监事会成员及员工代表密切协 作，安踏集团未来将审慎评估双方是否有进一步深化合作关系的可能性，安踏集团目前没有对彪马发起要约 收购的计划。 值得注意的是，通过此次收购，安踏集团会成为彪马公司的最大股东，"安踏集团+亚玛芬+彪马"的全球营 收将直逼阿迪达斯。 安踏一路以来的并购动作频繁，2009年，安踏收购FILA斐乐品牌大中华区的商标及经营权，开启多品牌发 展之路；2016年，安踏与日本运动品牌DESCENTE 迪桑特成立合资公司，控股大中华区；2017年，安踏 与韩国运动品牌Kolon Sport 可隆体育成立合资公司，控股大中华区；2019年， ...

Core Viewpoint - Anta Group has reached an agreement to acquire a 29.06% stake in Puma SE from Groupe Artémis for €1.5 billion, marking a significant step in its strategy to enhance its global presence and brand portfolio [1][5]. Group 1: Acquisition Details - The acquisition is expected to be completed by the end of 2026, pending regulatory approvals and customary closing conditions [5]. - The funding for the acquisition will come entirely from Anta Group's internal cash reserves [5]. - Following the announcement, Anta's stock price rose over 3% in Hong Kong [5]. Group 2: Strategic Importance - Anta's Chairman, Ding Shizhong, emphasized that becoming the largest shareholder of Puma is a milestone in the company's strategy of "single focus, multi-brand, globalization" [5]. - Anta aims to leverage Puma's brand strength and assets to enhance its global strategy and create long-term value for stakeholders [5][12]. Group 3: Puma's Current Performance - Puma's sales decreased by 10.4% to €1.9557 billion in Q3 2025, with wholesale business down 15.4% to €1.3857 billion, while direct-to-consumer (DTC) sales grew by 4.5% to €570 million [10]. - The DTC share increased from 25.1% in Q3 2024 to 29.1% in Q3 2025, driven by e-commerce growth [10]. - The Americas region saw a 15.2% decline in sales to €678.1 million, primarily due to North America [11]. Group 4: Future Outlook and Integration - Anta expressed confidence in Puma's long-term value and potential, highlighting the complementary nature of their product offerings and market presence [12]. - Anta plans to respect Puma's management culture and governance structure while seeking to appoint suitable representatives to the supervisory board post-acquisition [5][12]. - The company has no immediate plans for a full takeover of Puma but is open to exploring deeper collaboration in the future [5][12]. Group 5: Global Strategy - Anta's acquisition aligns with its "three-step" strategy for globalization, which includes establishing international brands in China, managing global brands, and expanding the Anta brand internationally [15]. - The successful integration of FILA and Amer Sports demonstrates Anta's capability to manage global brands effectively [16]. - Anta's governance model emphasizes decentralized responsibility, allowing brand CEOs to manage their operations while aligning with the overall group strategy [17].

记者丨贺泓源 编辑丨陶力 1月27日，安踏集团宣布，与Pinault家族的投资公司Groupe Artémis 达成购股协议， 收购全球标志性运动品牌彪马（PUMA）所属公司PUMA SE 29.06%的股权。现金对价为15亿欧元。 该次交易预计有望于2026年底前完成，但仍需要得到相关监管部门批准及满足惯例交割条件。此次股权收购资金全部来源于安踏集团的内部自 有现金储备。 受上述消息影响，27日上午，安踏港股开盘一度大涨超3%。 安踏集团董事局主席丁世忠表示：" 收购彪马的股权成为最大股东， 是安踏集团深入推进'单聚焦、多品牌、全球化'发展战略的重要里程碑。 彪马是具有标志性意义的全球知名品牌，有着深厚的品牌资产。我们期待与彪马公司相互学习并分享经验，携手合作充分释放其品牌势能。这 将有助于进一步推动安踏集团的全球化进程，促进包括中国在内的全球体育产业繁荣，同时为全球消费者和利益相关者创造长期价值。" 此外，安踏集团强调，其充分尊重彪马的管理文化，以及彪马作为德国上市公司的独立治理架构。交易完成后，安踏体育拟寻求向监事会委派 合适的代表，后者将与其他监事会成员及员工代表密切协作，同时致力于保持彪马深厚的品牌 ...

Group 1 - Nike announced the departure of its Greater China Chairman, Dong Wei, effective March 31, after over ten years in the role, surprising many in the industry [1][4] - Cathy Sparks, the current head of the Asia-Pacific and Latin America region, will succeed Dong Wei, marking a significant leadership change for Nike in China [1][4] - Lululemon's CEO, Calvin McDonald, will also leave the company on January 31, with no successor announced yet, highlighting ongoing leadership transitions in major sports brands [1][13] Group 2 - The top three global sports apparel companies by market capitalization are Nike ($96.3 billion), Adidas ($30.4 billion), and Lululemon ($21.4 billion), all of which have experienced significant management changes recently [2] - Adidas has successfully turned around its performance after leadership changes, projecting profitability in 2024, with Q3 2025 revenue reaching €6.6 billion ($7.1 billion), a 10% year-over-year increase in Greater China [2][12] - The management changes across these companies are seen as a strategic response to market challenges, with new leaders expected to navigate through performance downturns and explore new growth avenues [2][10] Group 3 - Dong Wei's tenure at Nike saw significant growth in the Greater China region, with revenues increasing from approximately $4.6 billion to $8.29 billion between FY2015 and FY2021, achieving 22 consecutive quarters of double-digit growth [4][5] - Nike's Greater China revenue has faced a decline, with Q4 2024 revenue at $1.9 billion, reflecting a 20% year-over-year decrease, indicating ongoing challenges in the market [8][9] - The shift towards a Direct to Customer (DTC) model has led to inventory issues for Nike, prompting a strategic pivot back to wholesale channels under new leadership [9][10] Group 4 - Lululemon has faced declining profits, with net income dropping by 2.13%, 5.6%, and 12.8% in the first three quarters of FY2025, amid strategic disagreements within the company [13][14] - The competitive landscape in the sports apparel industry is intensifying, with companies like Nike and Adidas adjusting their strategies to focus on wholesale and local market engagement [10][11] - The ongoing leadership changes across the industry are expected to reshape the competitive dynamics, moving away from previous growth strategies towards a focus on efficiency and innovation [16]

Core Viewpoint - Anta Group (2020.HK) reported strong retail performance for Q4 and the full year of 2025, achieving over 70 billion in total revenue despite macroeconomic challenges and insufficient consumer momentum [1] Group Performance - The company recorded high single-digit growth in Q4 revenue and low double-digit growth for the full year, indicating a solid performance [1] - The multi-brand strategy of Anta has demonstrated strong resilience and advantages, contributing to a robust fundamental base [1] Brand Highlights - The FILA brand achieved mid-single-digit positive growth for both the full year and Q4, showcasing strong growth resilience and industry leadership in a challenging market environment [1] - Other brands in the portfolio, such as DESCENTE and KOLON SPORT, performed exceptionally well, with full-year retail revenue growth of 45-50% and Q4 growth of 35-40% [1] Future Outlook - Short-term macroeconomic and climate factors are not expected to alter the long-term positive fundamentals of the sports consumption market [1] - Market perspectives suggest that as long as Anta continues to adhere to its multi-brand collaborative growth strategy, deepen the differentiated positioning of each brand, enhance product support through technological innovation, and improve operational efficiency and health, it can continue to outperform the industry and further expand its leading advantage [1]

Group 1 - MAIA ACTIVE will adjust its reporting structure starting in 2026, with brand operations reporting directly to Ding Shaoxiang, the son of Anta Group's chairman [2] - Ding Shaoxiang will oversee MAIA ACTIVE but will not participate in daily operations as CEO; the current president remains Zhao Guangxun [2] - MAIA ACTIVE was established in 2016, focusing on yoga apparel designed for Asian women, and Anta Group acquired 75.1% of its shares in October 2023 [2] Group 2 - Following the acquisition, co-founder and design head Ou Yirou left the company, and co-founder and former CEO Wang Jiayin is set to depart in early 2024 [2] - Zhao Guangxun was appointed as president of MAIA ACTIVE in May 2024, reporting directly to Anta's CEO Xu Yang, and has a background in managing New Balance's China operations [2] - Under Zhao's leadership, MAIA ACTIVE has expanded its offline store presence, focusing on high-end shopping malls to strengthen its premium and diverse brand perception [2] Group 3 - MAIA ACTIVE's revenue is projected to grow approximately 30% year-on-year in 2024, with continued high double-digit growth in Q1 2025 [3] - Zhao Guangxun has publicly stated a goal of achieving a 50%-60% compound annual growth rate over the next five years [3]