Core Viewpoint - This year marks a significant year for Anta with aggressive acquisition activities, including the purchase of JACK WOLFSKIN and investment in MUSINSA China, raising questions about its strategic focus on sports [1][2]. Group 1: Acquisition Strategy - Anta's CEO, Ding Shizhong, emphasized that acquisitions are the answer to three strategic questions posed by the market: the necessity of Anta, how to deepen its multi-brand differentiation strategy, and how to create shareholder value through optimal capital allocation [2][4]. - The company has pursued multiple acquisitions this year, including JACK WOLFSKIN and MUSINSA China, with rumors of potential acquisitions of Reebok, Puma, and Canada Goose, indicating a more aggressive approach compared to past strategies [4][7]. - Anta's acquisition of JACK WOLFSKIN for $290 million aims to strengthen its outdoor segment and leverage the brand's existing 451 stores primarily in Europe and Asia [10]. Group 2: Global Expansion Challenges - Anta faces significant challenges in its global expansion efforts, particularly in Southeast Asia, where it aims to achieve $1.5 billion in revenue by 2028, but has yet to make substantial progress [5][11]. - The company currently operates 249 overseas stores, which is only 2% of its total 13,000 stores, indicating a slow pace of international growth [12][19]. - Anta's overseas revenue contribution remains low, with estimates suggesting that its overseas stores generate only about $1 million in revenue each [13]. Group 3: Competitive Pressure - Anta's main brand is under pressure from Li Ning, which has secured a partnership with the Chinese sports delegation for the 2025-2028 period, raising concerns about Anta's competitive position [6][23]. - Despite Anta's overall revenue exceeding 100 billion RMB, the company lacks a standout brand, with its main brand generating 16.95 billion RMB and FILA at 14.18 billion RMB, showing no significant gap compared to Li Ning's 14.8 billion RMB [20][22]. - FILA, once a cash cow for Anta, has faced challenges, including negative growth in 2022 and being the only brand within Anta's portfolio to report a decline in the third quarter of 2024 [26][27].

Summary of Shangmei Co., Ltd. Conference Call Company Overview - Shangmei Co., Ltd. focuses on a multi-brand strategy across six major categories, including brands like Han Shu, New Page, and An Mi You, aiming to become a leader in the cosmetics industry empowered by research and development [1][3][6]. Financial Performance - In the first half of 2025, Shangmei achieved revenue of 4.108 billion RMB, a year-on-year increase of 17.3%, and a net profit of 1.056 billion RMB, up 34.7% year-on-year, with a net profit margin of 13.53% and a gross margin of 75.5% [1][11]. - Han Shu brand generated 3.3 billion RMB in revenue, growing 14% year-on-year, while New Page saw a remarkable 157% increase in revenue, exceeding 300 million RMB [1][17]. Strategic Goals - The company aims to reach a revenue target of 30 billion RMB by 2030, maintaining a gross margin of 36%-40% [2][6][33]. - The strategic plan includes a phased approach with Han Shu targeting 20 billion RMB in revenue, while other brands will cater to specific market segments [6][25]. Market Strategy - Shangmei emphasizes long-termism, multi-brand strategy, and continuous R&D investment to adapt to changing consumer behaviors and market competition [3][5]. - The company is focusing on enhancing product value and practicality, particularly in the mid-to-high-end maternal and infant market with New Page [5][6]. Brand Development - The core business (HE) includes Han Shu, while growth businesses (HR) cover functional skincare and personal care brands like An Mi You and Yi Ye Zi [4][5]. - New brands are being rapidly developed and are expected to achieve profitability quickly, with successful launches already reported [19][30]. Channel Management - The company has optimized its channel structure, with Douyin (TikTok) being a primary sales channel, accounting for 68% of total sales, and self-broadcasting increasing from 55% to 86% [16][22]. - Shangmei is exploring innovative offline retail strategies and enhancing user experience through partnerships with various retail environments [20][21]. Competitive Advantages - Shangmei maintains its competitive edge through innovative marketing strategies, strong R&D capabilities, and a flexible management structure that allows for rapid response to market changes [7][26][28]. - The company has established a robust supply chain and a collaborative internal culture that fosters agility and creativity [27][28]. Future Outlook - The company anticipates a growth rate of 25% for 2026 in both sales and profits, driven by platforms like Douyin and contributions from emerging brands [35]. - Shangmei is committed to international expansion, with plans to establish a presence in Southeast Asia and focus on local talent development [36]. Additional Insights - Shangmei's approach to talent management includes a decentralized decision-making process, allowing young teams to operate with autonomy once they achieve profitability [30][31]. - The company has set clear criteria for future acquisitions, focusing on achieving specific sales and profit milestones before pursuing larger-scale purchases [32]. This summary encapsulates the key points from the conference call, highlighting Shangmei's strategic direction, financial performance, and market positioning within the cosmetics industry.

Core Viewpoint - The company reported a steady revenue growth in H1 2025, driven by its main brand Han Shu and the rapid growth of the sub-brand Yi Ye [1][2]. Revenue Performance - In H1 2025, the company achieved a revenue of 4.108 billion yuan, representing a year-on-year increase of 17.29% [1]. - Revenue breakdown by brand: - Han Shu: 3.344 billion yuan, up 14.27%, accounting for 81.40% of total revenue [1]. - Yi Ye: 397 million yuan, up 146.46%, accounting for 9.67% of total revenue [1]. - Hong Se Xiao Xiang: 159 million yuan, down 8.67%, accounting for 3.87% of total revenue [2]. - Yi Ye Zi: 89 million yuan, down 29.02%, accounting for 2.16% of total revenue [2]. Category Performance - Revenue by category: - Skincare: 3.424 billion yuan, up 10.15%, accounting for 83.35% of total revenue, mainly driven by Han Shu [2]. - Maternal and infant care: 557 million yuan, up 65.05%, accounting for 13.55% of total revenue, mainly driven by Yi Ye [2]. - Other categories: 127 million yuan, up 124.30%, accounting for 3.10% of total revenue [2]. Channel Performance - Revenue by channel: - Online channels: 3.809 billion yuan, up 20.09%, accounting for 92.71% of total revenue, with online self-operated sales at 3.421 billion yuan, up 24.62% [2]. - Offline channels: 269 million yuan, down 10.64%, accounting for 6.54% of total revenue [2]. - Other channels: 31 million yuan, up 1.33%, accounting for 0.74% of total revenue [2]. Profitability - The company maintained a stable gross margin of 75.52%, down 0.99 percentage points, and a net profit margin of 12.76%, up 1.30 percentage points [3]. - The increase in net profit margin is attributed to other income and gains reaching 179 million yuan, up 358% [3]. Investment Outlook - The company focuses on a multi-brand strategy, with Han Shu's brand strength expected to continue growing through category expansion and channel development [3]. - Revenue projections for 2025-2027 are 8.511 billion yuan, 10.412 billion yuan, and 12.541 billion yuan, with net profits of 1.054 billion yuan, 1.340 billion yuan, and 1.671 billion yuan respectively [3].

Core Insights - Anta Sports reported a mid-year revenue of 38.544 billion yuan for 2025, a year-on-year increase of 14.3%, with a net profit attributable to shareholders of 7.031 billion yuan, up 14.5% [1] - The company plans to distribute a dividend of 1.37 Hong Kong cents per share, with a payout ratio of 50.2% [1] Brand Performance - The main brand showed steady growth, FILA regained momentum, and outdoor brands continued strong growth [1] - Revenue from the main brand reached 16.95 billion yuan, up 5.4% year-on-year; FILA's revenue was 14.18 billion yuan, up 8.6%; other brands generated 7.41 billion yuan, up 61.1% [1] - Operating profit margins for Anta, FILA, and other brands were 23.3%, 27.7%, and 33.2%, respectively, with changes of +1.5pp, -0.9pp, and +3.3pp year-on-year [1] Channel Analysis - Online sales maintained high growth, with e-commerce revenue for the main brand at 6.131 billion yuan, a 10.1% increase year-on-year [2] - Offline sales showed mixed results, with direct sales up 5.3% to 9.413 billion yuan and wholesale down 10.6% to 1.406 billion yuan [2] - The number of stores for various brands as of June 2025 included 7,187 for Anta Adult, 2,722 for Anta Kids, 2,054 for FILA, and others [2] Operational Efficiency - The company's gross margin slightly decreased by 0.7pp to 63.4%, influenced by product mix and cost strategies [3] - Employee costs, advertising, and R&D expenses were 15.7%, 6.6%, and 2.6% of revenue, respectively, with advertising costs effectively controlled [3] - Operating profit margin increased by 0.6pp to 26.3%, with a stable profit margin of 18.2% after excluding one-time items [3] Future Outlook - Anta is positioned as a leading player in the domestic sportswear market, successfully leveraging opportunities in the outdoor sports sector [4] - The main brand and FILA are expected to maintain steady growth, while outdoor brands like DESCENTE and KOLON are projected to continue strong growth [4] - Forecasted net profits for 2025-2027 are 13.9 billion, 15.5 billion, and 17.3 billion yuan, respectively [4]

Core Insights - Anta Sports achieved a revenue of 38.544 billion yuan in H1 2025, representing a year-on-year growth of 14.3% [1] - The net profit attributable to shareholders, excluding the dilution from Amer Sports' listing, was 7.031 billion yuan, also up 14.5% year-on-year, with a net profit margin of 18.2% [1] - The company plans to distribute an interim dividend of 1.37 HKD per share, with a stable payout ratio of 50.2% [1] Brand Performance - Anta's main brand revenue grew by 5.4% to 16.95 billion yuan in H1 2025, with a gross margin decrease of 1.7 percentage points to 54.9% due to increased investment in professional products and a higher proportion of lower-margin e-commerce sales [2] - FILA's revenue increased by 8.6% to 14.18 billion yuan, with a gross margin decline of 2.2 percentage points to 68.0% [2] - Other brands saw a significant revenue increase of 61.1% to 7.41 billion yuan, with a gross margin and operating profit margin rising to 73.9% and 33.2%, respectively, driven by high-end outdoor brands like DESCENTE and Kolon Sport [2] Channel Performance - Online sales grew by 17.6%, with online revenue accounting for 34.8% of total revenue, an increase of 2.0 percentage points year-on-year [2] - As of mid-2025, Anta's main brand operated 7,187 stores, with various new store formats being introduced [3] - FILA's store count remained stable, while DESCENTE and KOLON SPORT continued to expand rapidly [3] Strategic Initiatives - The multi-brand strategy remains central to the company's operations, with the acquisition of JACK WOLFSKIN and the establishment of a joint venture with MUSINSA to enhance market presence in China [3] - The company is expected to see net profits of 13.814 billion yuan, 15.738 billion yuan, and 17.747 billion yuan from 2025 to 2027, with year-on-year growth rates of -11.43%, 13.93%, and 12.77%, respectively [3] Outlook - The company is expected to maintain stable contributions from its main brand and FILA, while outdoor segments are anticipated to drive growth [4] - The scalability of operations and overseas expansion prospects are viewed positively, leading to a "buy" rating [4]

机构：中信建投证券 研究员：叶乐/黄杨璐 核心观点 新收购规划：狼爪和Maia 仍在早期阶段、短期对于业绩暂无正面贡献，25 年8 月与MUSINSA 成立合 资公司探索时尚体育领域。公司于25H1 完成对于狼爪的收购，今年将制定具体的3-5 年的复兴计划； Maia 目前处于产品测试阶段，将推出新品类。此外，2025 年8 月27 日，公司宣布和韩国时尚平台 Musinsa 成立合资公司（安踏持股40%），探索体育+时尚结合的全新领域。 元/-8.9%，若不包括Amer 上市及配售事项权益摊薄所致的非现金会计利得约16 亿元， 归母净利为70.3 亿元/+14.5%；经营活动现金流净额为109.3 亿元/+15.9%。公司拟派发中期股息每股1.37 港元、分红率 为50.2%。 简评 安踏主品牌：25H1 稳健增长，折扣加深下毛利率略降，营销费率下降和政府补助助力营业利润率提 升。安踏品牌25H1 营收为169.5 亿元/+5.4%, H1 流水同比增长中单位数。其中DTC、电商、批发业务营 收分别为94.13、61.31、14.06 亿元，同比+5.3%、+10.1%、-10.6%。库销比维持在5 左右， ...

Core Insights - NIO's recent positive changes are attributed to sustained investments in pure electric technology and multi-brand strategies over the past three years, leading to a turning point in user experience [1] - The company has seen significant market performance, with its stock price increasing over 80% since July, regaining a market capitalization of over 100 billion [3][4] Group 1: Company Developments - NIO's L90 model achieved its first 10,000 deliveries at the Chengdu Auto Show, marking the fastest delivery milestone in the company's history for a model [1] - The new ES8 model has received better pre-order performance compared to the L90 since its pre-sale began on August 21 [1] - The company aims for profitability in Q4, despite skepticism from the market, with a focus on improving delivery capabilities and operational efficiency [5][6] Group 2: Market Performance - As of August 29, NIO's stock price reached 50.6 HKD, with a year-to-date increase of over 45% [4] - The company is transitioning from a period of low sales to a more favorable market response, particularly in the large SUV segment [5] Group 3: Strategic Focus - NIO emphasizes the importance of combining long-term strategies with short-term execution to enhance competitiveness [6] - The company is focused on improving operational efficiency, with a target of achieving 100 billion in revenue and realizing significant cost savings through efficiency improvements [6]

Core Insights - NIO's founder and CEO, Li Bin, is focused on achieving his goal of becoming the hardest-working person by 2025, with significant efforts in product launches and market engagement [1][2] - The company has seen a resurgence in the capital market, with a nearly 90% increase in Hong Kong stock prices, regaining a market value of over 100 billion [2] - Li Bin emphasizes the importance of both long-term strategy and short-term execution efficiency to enhance NIO's competitiveness [2][3] Product Launches and Market Performance - The launch of the L90 model has been particularly successful, achieving over 10,000 deliveries at the Chengdu Auto Show, marking the fastest delivery milestone in NIO's history [1] - The new ES8 model has also shown strong pre-order performance, surpassing the L90 in initial interest [1] - The sales of the L60 model have increased significantly, indicating a positive market response to NIO's product lineup [4] Technological Advancements - NIO is transitioning from hybrid to fully electric vehicles, with Li Bin stating that the era of range-extended SUVs is ending, and the era of fully electric SUVs is beginning [5][6] - The company has invested heavily in pure electric technology, with a focus on user experience improvements through advancements in battery technology and vehicle design [5][6] - NIO's battery packs are lighter compared to competitors, enhancing vehicle performance and user experience [6] Operational Efficiency and Management - Li Bin stresses the need for improved operational efficiency and cost control, drawing comparisons to Toyota's management practices [7][8] - The company is implementing a CBU (Complete Business Unit) reform to enhance operational awareness and efficiency across all levels of the organization [8][9] - NIO aims to achieve a revenue target of 100 billion RMB, with a focus on improving efficiency to increase profitability [3][8] Future Outlook and Challenges - Despite recent successes, Li Bin acknowledges significant challenges ahead, particularly in achieving profitability in the fourth quarter [2][11] - The company is focused on maintaining momentum in sales and operational efficiency to meet its financial goals [10][20] - Li Bin believes that user confidence will improve with profitability, addressing concerns about the company's stability [11]

Group 1 - The core objective of the company is to achieve profitability in the fourth quarter of this year, despite skepticism from external observers [2][12][21] - The recent positive changes in the company are attributed to sustained investments in pure electric technology and a multi-brand strategy over the past three years [2][4][24] - The launch of the new models, L90 and ES8, has been successful, with L90 achieving over 10,000 deliveries quickly, indicating strong market demand [1][2][5] Group 2 - The company emphasizes the importance of operational efficiency and cost control, stating that a 1% improvement in efficiency could save 10 billion RMB annually [3][8][9] - The transition from range-extended vehicles to pure electric vehicles is seen as a significant market shift, with the company positioning itself to capitalize on this trend [7][23] - The company has established a robust charging and battery swapping infrastructure, with 3,469 battery swapping stations and over 8,195 charging stations, enhancing user experience [7][4] Group 3 - The management is focused on fostering a culture of operational awareness among all employees, encouraging them to understand the importance of cost-saving and efficiency [9][10][22] - The company aims to maintain competitive pricing and product positioning through careful market analysis and user feedback [15][24] - Continuous improvement in product planning and definition is crucial for adapting to changing consumer demands and maintaining market competitiveness [24][23]

Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, with a 17.3% increase in revenue and a 30.6% increase in net profit attributable to shareholders, indicating robust operational performance and market positioning [1][2]. Financial Performance - The company achieved a revenue of 4.11 billion RMB and a net profit of 520 million RMB in the first half of 2025, with an EPS of 1.32 RMB [1]. - The gross margin decreased by 1 percentage point to 75.5%, while the expense ratio remained stable at 63.2% [2]. - Inventory increased by 7.2% year-on-year to 680 million RMB, with inventory turnover days decreasing by 5 days to 249 days [2]. - Operating net cash flow grew significantly by 77.5% to 390 million RMB [2]. Brand and Product Development - The main brand, Han Shu, maintained its leading position on the Douyin platform, ranking first among beauty brands and expanding its product line with new offerings [3]. - The company is actively pursuing a multi-brand strategy, launching new brands in various categories, including skincare, maternal and infant care, and cosmetics [3]. - New brands such as An Min You for sensitive skin and a high-end anti-aging brand TAZU are in development, alongside collaborations with well-known IPs for maternal and infant products [3]. Market Strategy and Outlook - The company is expected to benefit from its multi-brand strategy, which is anticipated to inject new growth momentum and enhance operational efficiency and profit margins [4]. - Profit forecasts for 2025, 2026, and 2027 have been adjusted upward to 1.16 billion RMB, 1.47 billion RMB, and 1.83 billion RMB, respectively, reflecting confidence in the company's growth trajectory [4].