黄蔓琪 中金公司美护分析师: 午好，欢迎参加若雨宸更新汇报的电话会。我是中金公司的美护研究员黄曼琦。那若雨宸 是我们在美护板块重点推荐的标的之一。公司是国内领先的每户和保健品的代运营商，并 且在这几年，也成功的培育了高端嘉兴品牌战家，女性抗衰保健品品牌翡翠纽依蓓等自由 品牌。那我们也是看好公司的自由品牌在快速的放量。带动公司收入端的快速增长，以及 这个盈利能力的一个显著的提升。那在上周我们也是发布了若羽臣的深度报告，所以在此 也是跟各位领导做一个汇报。 那首先我们先介绍一下若雨辰的一个起家的背景。那公司是做电商代运营起家的，在近几 年开始转型做家清和保健品的自由品牌，从而带动了收入和利润的高增。那公司是在 2011 年在广州成立的。公司的老板是读计算机和商科管理学出身的，所以本身就有相关 的知识背景。老板在 07 年上大学期间，就曾经创业去创办过 B to C 的电商平台。然后老 板在毕业之后，最开始也是来到广州，给国内的这个药妆的小品牌去做操盘，当时的起量 非常快，所以老板曾经也是在业内被称为是这个电商奇才，所以老板本人其实是有比较敏 锐的商业嗅觉。 以及有比较强的电商操盘能力的。那公司是在 2011 年在 ...

Core Viewpoint - Anta Group announced a cash acquisition of approximately €1.506 billion for a 29.06% stake in Puma, making it the largest shareholder of the brand, which has a significant historical presence in the global sports market [2][26]. Group 1: Acquisition Strategy - The acquisition of Puma marks Anta's first major purchase in 2026 and the sixteenth acquisition in nearly two decades, following brands like FILA and Amer Sports [2][26]. - Despite Puma's recent performance struggles, it retains high brand recognition and established distribution networks in Europe and North America, providing Anta with a competitive edge against Nike and Adidas [2][26]. - Anta's strategy reflects a shift towards external brand acquisitions as a growth engine, aiming to expand its market presence beyond outdoor sports into mainstream athletic fashion [3][27]. Group 2: Historical Context of Acquisitions - Anta's acquisition journey began in 2009 with the purchase of FILA's China operations for ¥332 million, transforming it into a high-end fashion sports brand [28][30]. - Within five years, FILA's revenue in China surged from under ¥200 million to over ¥10 billion, contributing significantly to Anta's profits [30][31]. - The company has since expanded its portfolio to include various brands, achieving a combined revenue exceeding ¥100 billion in 2024, surpassing Adidas to become the third-largest sportswear company globally [31][32]. Group 3: Market Dynamics and Challenges - The Chinese sportswear market is transitioning from growth to competition, necessitating new strategies for Anta to maintain its leadership position [9][32]. - The global sports goods industry is dominated by entrenched players like Nike and Adidas, creating high barriers for new entrants like Anta, which seeks to leverage acquisitions to gain market share [9][32]. - Anta's reliance on acquisitions has led to a strategic inertia, where the company continuously seeks the next successful brand like FILA to drive growth [10][33]. Group 4: Financial Performance and Brand Management - Anta's main brand has seen a decline in growth, with retail sales experiencing a slight decrease and revenue contribution dropping to 44% by mid-2025 [13][35]. - The growth rates of acquired brands like FILA are slowing, with a reported 6.1% increase in 2024, indicating potential challenges in sustaining high growth [15][37]. - The complexity of managing multiple brands has increased, with over ten core brands under Anta's umbrella, each requiring distinct strategies and resources [16][38]. Group 5: Future Outlook and Strategic Questions - Anta's founder, Ding Shizhong, has posed critical questions regarding the company's future, emphasizing the need for a differentiated multi-brand strategy to create shareholder value [20][41]. - The acquisition strategy includes "buying low" during market downturns, maintaining control without full ownership, and allowing acquired brands to operate independently while providing strategic support [43][44]. - The recent acquisition of Puma, while expanding Anta's brand portfolio, raises questions about how to effectively manage and differentiate between similar brands like FILA and Puma [39][40].

Core Viewpoint - Anta has announced its acquisition of 29.06% of Puma's shares for approximately €15.06 billion (around RMB 12.3 billion), making it the largest shareholder of Puma, with the transaction expected to be completed by the end of 2026, pending regulatory approvals [1][2]. Group 1: Acquisition Details - Anta will pay €35 per share for the acquisition, totaling about €15.06 billion [1]. - The funding for this acquisition will come entirely from Anta's internal cash reserves [1]. - Anta does not plan to initiate a takeover bid for Puma [1]. Group 2: Market Reaction - Following the announcement, Puma's shares rose nearly 20% on the German electronic trading platform Tradegate, while Anta's shares increased by 2.3% on the Hong Kong Stock Exchange [2]. Group 3: Puma's Current Situation - Puma has been facing challenges, including brand fatigue and financial struggles, with revenues of €8.6 billion, €8.8 billion, and €4.0 billion for 2023, 2024, and the first half of 2025, respectively, and net profits of €360 million, €340 million, and a loss of €250 million [3]. - The new CEO of Puma, Arthur Hold, acknowledged the brand's declining popularity and complexity in its product line [3]. Group 4: Strategic Fit - Anta believes that Puma's strong historical brand and global influence, particularly in football, running, and other sports categories, will complement its existing brand matrix [3][4]. - The acquisition will enhance Anta's product offerings across various segments, including professional sports, fashion, and outdoor activities [4]. - Puma's established channels in Europe, North America, and Latin America will provide Anta with a quicker entry into these markets, while Anta's resources can optimize Puma's supply chain and logistics [4]. Group 5: Anta's Acquisition Strategy - Anta is recognized for its successful acquisition strategy, having revitalized several brands through effective integration and management [5][6]. - The company has developed a replicable global operational system that supports multi-brand collaboration and resource integration [6]. - Anta maintains a principle of not replacing the original management teams of acquired brands, fostering a dual-integration operational system that respects the original brand culture while enhancing efficiency [7].

2026.01. 27 本文字数：2435，阅读时长大约4分钟 作者 | 第一财经 刘晓颖 开云自身难保 安踏在向证券交易所提交的文件中称，将以每股35欧元的现金价格收购4300万股彪马股票。该收购价格比 彪马本周一收盘时的21.63欧元高出62%。在当天的交易中，彪马股价涨幅接近17%。 不过，这个交易价格低于此前出售方的预期。有消息称，在1月中旬，出售方原本期望其持有的股份能获得 每股超过40欧元的报价，约合17亿欧元。 彪马要出售的消息在2025年就传出。去年8月，有消息称皮诺（Pinault）家族正在评估新的战略选项，其 中就包括出售彪马股份。皮诺家族同时是古驰母公司开云集团（Kering）的第一大股东，该家族近年来频 频进行收购交易，导致债务规模攀升。作为一家奢侈品集团，大众运动品牌彪马在开云的一众高档品牌中显 得格格不入。 所以，此次出售也并不让人意外。 此前的市场传闻终于尘埃落定。 1月27日，安踏体育发布公告称，收购PUMA SE（彪马）的29.06%股权，对价为每股普通股35欧元，合 共约15亿欧元（不含税）（相当于约人民币123亿元）。 本次交易预计有望于2026年底前完成，但仍需要得到相 ...

实际上，安踏创始人丁世忠一直有着做"世界的安踏"的野心。为此，安踏找到了一条通过并购国内外知 名品牌，再进行运营"翻新"的扩张路径。过去数年间，公司已经操刀了FILA、迪桑特、KOLON、始祖 鸟、狼爪等多个并购案例，让这些"过气"品牌再度翻红，并将始祖鸟母公司亚玛芬体育送上美股。此次 收购彪马，安踏能否在其身上复刻FILA、始祖鸟的成功之路呢？ 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：环球老虎财经app 1月27日，安踏公告拟斥资123亿元，将昔日的运动品牌三巨头之一彪马，收入麾下。要知道，有着"并 购王"之称的安踏，此前已经收购了FILA、始祖鸟等众多"过气"品牌，并通过运营让这些品牌再度"翻 红"，而接连并购国际知名运动品牌的背后也藏着丁世忠的"全球化"野心。 "并购王"安踏继续买买买。 1月27日，安踏体育公告称，公司计划以每股35欧元，合计约15.06亿欧元（约合人民币123亿元）收购 彪马（PUMA）所属公司PUMA SE 29.06%的股权，成为其最大股东。 据悉，彪马是全球知名运动品牌，已成立超78年，曾几乎比肩耐克、阿迪达斯，但近年来，彪马遭遇增 长瓶 ...

备忘录明确，合资公司将获授权在全球范围内使用"Sony"和"BRAVIA"品牌。这意味着，尽管运营主体发 生变更，消费者仍将在终端市场看到索尼品牌产品。 目前，双方已进入排他性谈判阶段，计划在2026年3月底前就最终协议进行磋商。在通过相关监管审批 后，合资公司预计将于2027年4月正式开始运营。 对于此次合作的商业逻辑，公告指出，合资公司将融合索尼在音视频领域的品牌价值与技术积累，同时利 用TCL电子的全球规模优势、垂直供应链及端到端成本效率。 1月20日晚间，全球电视行业迎来一则重磅消息。TCL电子控股有限公司(01070.HK，下称"TCL电子")发布 公告称，公司已与Sony Corporation(索尼)签署非法律约束力意向备忘录，拟成立合资公司接管索尼全球家 庭娱乐业务。 根据公告，TCL电子拟持有合资公司51%的股权，索尼持有49%。双方预计在2026年3月底前签署最终协 议，新公司预计将于2027年4月正式开始运营。 业内人士分析，若交易顺利完成，这或将成为近二十年来全球电视市场最具影响力的品牌并购案例之一， 中国企业或将首次实质性冲击全球电视市场份额第一的宝座。 拟2027年4月运营，保留" ...

1月20日晚间，全球电视行业迎来一则重磅消息。TCL电子控股有限公司（01070.HK，下称"TCL电 子"）发布公告称，公司已与Sony Corporation（索尼）签署非法律约束力意向备忘录，拟成立合资公司 接管索尼全球家庭娱乐业务。 根据公告，TCL电子拟持有合资公司51%的股权，索尼持有49%。双方预计在2026年3月底前签署最终 协议，新公司预计将于2027年4月正式开始运营。 业内人士分析，若交易顺利完成，这或将成为近二十年来全球电视市场最具影响力的品牌并购案例之 一，中国企业或将首次实质性冲击全球电视市场份额第一的宝座。 索尼公司总裁兼CEO槙公雄表示，通过整合双方优势，将致力于在家庭娱乐领域创造全新的客户价值， 向全球用户提供比以往更具吸引力的视听体验。 机构研判：合并后市占率或超三星 拟2027年4月运营，保留"Sony"品牌 根据双方签署的意向备忘录，新成立的合资公司将全面承接索尼的"家庭娱乐业务"，涵盖电视机及家庭 音响等产品。业务范围将进行深度整合，包括从产品开发、设计、制造到销售、物流及客户服务的全链 条一体化运营。 备忘录明确，合资公司将获授权在全球范围内使用"Sony"和"BR ...

智通财经APP获悉，2026年1月20日，TCL电子(01070)和Sony同时发布公告，TCL电子与Sony Corporation(索尼)签订了意向备忘录。 根据群智咨询(Sigmaintell)统计数据，如2027年合资公司成立并顺利投入运营，则 TCL和Sony的合并市占率有望达到16.7%，或将超 过三星电子的16.2%夺得全球第一，彻底改写数十年来的全球电视品牌竞争格局，也将是中国品牌首次冲击全球电视市场桂冠。 根据TCL电子和Sony双方新闻稿整理的主要内容如下： 1. 将可能成立一家承接Sony家庭娱乐业务的合资公司，并在全球范围内开展包括电视机和家庭音响等产品在内的，从产品开发、设 计、制造、销售、物流到客户服务的一体化业务运营，合资公司将由TCL电子持股 51% 及索尼持股49%。2. 合资公司与索尼，以及 合资公司与TCL电子未来在专利、技术及品牌的授权安排。3. 合资公司以签订合同和取得相关当局许可等为条件，预计将于2027年4 月开始运营。 备注：2027年TCL的出货规模包含了Sony的全球出货量 二、Sony品牌及高端技术加持，有利于增强TCL高端产品竞争力，大幅提升其销售额和品 ...

2026年1月20日，TCL电子(01070)和Sony同时发布公告，TCL电子与Sony Corporation(索尼)签订了意向备忘录。根据群智咨询 (Sigmaintell)统计数据，如2027年合资公司成立并顺利投入运营，则TCL和Sony的合并市占率有望达到16.7%，或将超过三星电子的 16.2%夺得全球第一，彻底改写数十年来的全球电视品牌竞争格局，也将是中国品牌首次冲击全球电视市场桂冠。 根据TCL电子和Sony双方新闻稿整理的主要内容如下： 1.将可能成立一家承接Sony家庭娱乐业务的合资公司，并在全球范围内开展包括电视机和家庭音响等产品在内的，从产品开发、设 计、制造、销售、物流到客户服务的一体化业务运营，合资公司将由TCL电子持股51%及索尼持股49%。2.合资公司与索尼，以及合 资公司与TCL电子未来在专利、技术及品牌的授权安排。3.合资公司以签订合同和取得相关当局许可等为条件，预计将于2027年4月 开始运营。 群智咨询(Sigmaintell)认为，如合资公司顺利推进且TCL电子获得Sony电视控股权，则此次并购是近二十年来为数不多的全球电视市 场一线品牌间的并购案，将对全球电视市场 ...

Core Viewpoint - Anta Sports is evaluating the possibility of acquiring the German sports brand Puma, which has led to a significant increase in Puma's stock price by over 18% in a single day, marking a recent high [1][3]. Group 1: Market Dynamics - The largest shareholder of Puma, the Artémis Group, has initiated a strategic review and is in preliminary discussions with several potential buyers, including Anta, Li Ning, and Asics [3][10]. - Asics has publicly denied any intention to acquire Puma, stating that there is no factual basis for such claims [3][12]. - Li Ning has also clarified that it has not engaged in any substantial negotiations regarding the acquisition of Puma [3][12]. Group 2: Puma's Financial Situation - Puma is facing operational challenges, with its Q3 2025 sales declining by 10.4% year-on-year to €1.956 billion, resulting in a net loss of €62.3 million [9]. - The company's gross margin has decreased by 260 basis points, and inventory has increased by 17.3% year-on-year [9]. - The Americas market experienced the largest sales decline at 15.2%, while the Asia-Pacific and Europe, Middle East, and Africa regions saw declines of 9.0% and 7.1%, respectively [9]. Group 3: Anta's Position - Anta is viewed as a strong contender for the acquisition due to its clear global strategy and successful past acquisitions, including the $5.2 billion purchase of Amer Sports in 2019 [11]. - The company has continued its global expansion, acquiring the German outdoor brand Jack Wolfskin for $290 million and investing in the South Korean fashion e-commerce platform Musinsa [11]. - Anta's financial health supports its potential acquisition activities, with a reported retail sales growth of 45%-50% across all brands [11].