记者丨 贺泓源 编辑丨骆一帆 中国运动巨头似乎并不太想接盘彪马。 近日，有媒体报道称，彪马主要股东之一的皮诺（Pinault）家族正在评估新的战略选项，其选 项之一就是出售彪马股份。皮诺家族通过其控股公司Artémis持有彪马29%的股份。 相关报道显示，皮诺家族已聘请顾问，并与潜在买家进行初步接触，了解收购意向。接触名单 上包括安踏、李宁等知名中国体育用品，也出现了美国公司以及中东地区的主权财富基金。 对此，李宁公司回应得相对干脆，其重心还是在李宁品牌上。 "李宁公司坚持 '单品牌、多品类、多渠道'的核心发展战略，目前仍会专注于李宁品牌的成长 与发展。截至目前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估。一切重大信 息请以本公司官方公告为准。"2025年8月26日，李宁如此回应21世纪经济报道记者。 耐克披露的截至2025年5月31日的2025财年及第四季度业绩显示，在最新财季，耐克大中华区 销售额收入同比下滑21%至14.8亿美元。 安踏依旧是不评论市场传闻。 而据21世纪经济报道记者了解，在"多品牌"战略下，安踏依旧 有着种种新品牌计划。 但彪马是否在优先顺位就不一定了。 彪马在二季度营收下滑 ...

彪马是德国运动品牌，最早成立于1948年。皮诺家族于2007年开始收购彪马股份，随后增持成为控股股 东。 作为营收规模长期排在耐克、阿迪达斯之后的知名运动品牌，彪马近年来业绩承压。根据2024全年财 报，彪马营收增长4.4%至88.17亿欧元。虽然实现增长，但对比竞品，彪马出现了增速的落后，阿迪达 斯、昂跑、亚玛芬体育、Lululemon的营收2024年同比分别增长12%、33.2%、18%、10%。营收小幅增 长，彪马2024年净利润却同比下降7.6%至2.82亿欧元。 最新的2025财年第二季度财报显示，其本季度销售额经汇率调整后下降2.0%至19.42亿欧元，低于市场 预期；调整后息税前亏损1320万欧元，季度净亏损达2.47亿欧元。 8月26日消息，近期有市场传言称，法国皮诺家族正考虑出售手中持有29%的Puma彪马股份，并通过财 务顾问联系了安踏体育、李宁公司等潜在竞标者。皮诺家族还是法国奢侈品公司开云集团及其旗下古 驰、巴黎世家等品牌持有人。对此，安踏集团企业传播部门告诉智通财经："我们不评论市场传闻，感 谢关注。" 另据蓝鲸新闻，李宁回应称，李宁公司坚持"单品牌、多品类、多渠道"的核心发展战略， ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to a sluggish consumer environment, despite an increase in advertising expenses and the acquisition of a brand's intellectual property [1] Financial Performance - As of August 15, 2025, the company's stock price was 3.85 yuan, up 0.79% from the previous trading day [1] - The company achieved a revenue of 2.39 billion yuan in the first half of 2025, a year-on-year decrease of 3.6% [1] - The net profit attributable to the parent company was 197 million yuan, down 42.66% year-on-year [1] Operational Highlights - The company operates 1,809 offline stores nationwide, including 837 directly operated stores and 972 franchised stores [1] - Advertising expenses for the first half of 2025 reached 138 million yuan, an increase of 8.85% year-on-year [1] - The company completed the acquisition of the WOOLRICH brand's intellectual property, enhancing its brand portfolio [1] Management Changes - On August 14, 2025, the company held a workers' representative meeting and elected Yang Fang as the employee representative director of the ninth board of directors [1] - Yang Fang has previously served on the sixth and seventh boards of directors, bringing extensive management experience [1]

Core Viewpoint - Anta Sports is rumored to be acquiring the American sneaker brand Reebok, which has generated significant market interest. The company has a history of strategic acquisitions that have bolstered its growth, but the wealth of its founders has been declining despite the company's apparent success [4][6][10]. Group 1: Acquisition Strategy - Anta Sports has been actively acquiring brands since 2009, starting with the purchase of the Italian brand FILA for 600 million HKD, which was struggling at the time. The brand was repositioned successfully, leading to significant revenue growth [7][8]. - Following the success with FILA, Anta accelerated its acquisition strategy, including the purchase of Spandi in 2015, a strategic partnership with Japanese brand Descente in 2016, and the acquisition of Korean outdoor brand Kolon in 2017 [8]. - In 2019, Anta, in collaboration with a consortium, acquired Amer Sports for 4.6 billion euros, which includes high-end outdoor brands like Arc'teryx and Salomon, further enhancing its brand portfolio [9]. - Recently, Anta acquired the German outdoor brand Jack Wolfskin for 290 million USD, filling a market gap in its outdoor product line [9][10]. Group 2: Financial Performance - In 2024, Anta Sports reported a revenue of 70.826 billion CNY, a year-on-year increase of 13.58%, with a net profit of 16.989 billion CNY, up 155.96% [10][13]. - The main brands, Anta and FILA, contributed 33.522 billion CNY and 26.626 billion CNY to the revenue, respectively, with growth rates of 10.6% and 6.1% [10]. - The total revenue of Anta and Amer Sports combined exceeded 100 billion CNY for the first time, reaching 108.578 billion CNY, making it the third-largest sports goods group globally [13]. Group 3: Wealth Decline of Founders - The wealth of founders Ding Shizhong and Ding Shijia peaked at 116.97 billion CNY in 2021 but has since declined to 71.01 billion CNY by 2025, a decrease of 45.96 billion CNY [4][17]. - The decline in wealth coincides with a slowdown in Anta's revenue growth and increasing financial pressures, indicating potential underlying issues within the company [17][19]. Group 4: Operational Challenges - Anta's revenue growth rate has slowed to 13.58%, the second-lowest since 2021, indicating a potential fatigue in growth momentum [19]. - The company's gross margins have also declined, with the main brands showing a decrease in gross margin percentages compared to the previous year [19]. - Anta's cash reserves decreased by approximately 25% year-on-year, and its current liabilities surged by 38.86%, indicating financial strain [19][20]. - The independent operation of various brands within Anta complicates brand integration and marketing strategies, leading to potential conflicts and inefficiencies [20][21].

Group 1: ABG and Reebok - Authentic Brands Group (ABG) denies rumors of selling Reebok to Anta, stating no plans to divest the brand now or in the future [3] - Reebok, acquired by Adidas for $3.8 billion in 2006, has struggled to compete in the North American market, leading to its eventual sale to ABG for $2.5 billion in 2021 [4][5] - ABG's initial forecast for Reebok's global retail sales to reach $5 billion in 2023 has been exceeded, with a target of $10 billion by 2027 [5] Group 2: Labor Issues at Gucci - Approximately 1,000 Gucci employees in Italy threaten to strike over the refusal of parent company Kering to pay bonuses for 2022-2024 [6] - This labor dispute comes at a sensitive time for Gucci, which is facing declining sales and is under new CEO Luca de Meo's leadership [7] Group 3: Crocs Financial Struggles - Crocs' stock plummeted by 29.2% after the company projected a 9%-11% decline in Q3 revenue, marking its lowest stock price in nearly three years [8] - The company reported a nearly $500 million net loss in Q2, largely due to a $700 million goodwill impairment from its $2.5 billion acquisition of HEYDUDE [8] - Rising tariffs are expected to increase costs by $40 million in the second half of 2025, further challenging Crocs' low-cost business model [8] Group 4: Ralph Lauren's Growth - Ralph Lauren's quarterly revenue exceeded Wall Street expectations, with projected sales growth of low to mid-single digits for the fiscal year [19] - Sales in Asia and Europe saw double-digit growth, while North America grew by 8%, with China showing the highest growth at 30% [19] Group 5: Anta's Joint Venture with Musinsa - Anta has formed a joint venture with Korean e-commerce platform Musinsa, with Anta holding 40% and Musinsa 60% [22] - Musinsa aims to open over 100 stores in China by 2030, with the first store set to launch in Shanghai in Q4 of this year [22]

来源丨凤凰网财经《公司研究院》 锐步，这个曾力压耐克、签下艾弗森和姚明的运动品牌"没落贵族"，如今或将成为安踏全球化版图的新拼图。网传安踏将收购美国品牌管理公司ABG 旗 下的锐步，而多家媒体称相关实缴已完成，安踏则回应"不对市场传闻发表评论"，既未否认也未证实传闻。 这已是安踏第二次传出有意收购锐步。早在2021年，安踏就曾"示好"锐步，但彼时阿迪达斯以25亿美元将其卖给了品牌管理公司ABG。到2024年，锐步全 球份额仍不足1.5%，沦为二线品牌。如今，安踏卷土重来。若交易成行，这将是安踏继FILA、亚玛芬（始祖鸟母公司）、狼爪后的又一重磅收购。 问题是，阿迪达斯和ABG均未能救活的锐步，安踏能否靠供应链和零售运营能力让其"起死回生"？ 01 运动品牌圈要变天？ 安踏集团于1999年创立，2007年于港交所上市。2024年，安踏体育以708.26亿元营收，首次超越耐克中国，坐上中国运动市场头把交椅。安踏集团董事局 主席丁世忠曾说："安踏未来一定会成为一家国际化公司，我们会通过收购兼并走向国际化。" 业内人士分析，安踏收购锐步的战略意图明显：一方面可以补强专业运动板块，另一方面能借助锐步的欧美渠道推动主品牌 ...

作者 丨DW 来源丨凤凰网财经《公司研究院》 锐步，这个曾力压耐克、签下艾弗森和姚明的运动品牌"没落贵族"，如今或将成为安踏全球化版图 的新拼图。网传安踏将收购美国品牌管理公司ABG 旗下的锐步，而多家媒体称相关实缴已完成， 安踏则回应"不对市场传闻发表评论"，既未否认也未证实传闻。 相比之下，曾经的行业巨头锐步却日渐式微。锐步创立于1958年（前身始于1895年英国福斯特跑 鞋，也是世界上第一款钉鞋）。1979年，美国商人保罗·法尔曼接手后，锐步迎来黄金时代，不仅 在1982年推出首款女性健身鞋，还在1987年凭借14亿美元销售额超越耐克，成为全球运动鞋第一 品牌。锐步曾凭借Pump充气篮球鞋、艾弗森和姚明代言在千禧年前后成为篮球文化的符号。 这已是安踏第二次传出有意收购锐步。早在2021年，安踏就曾"示好"锐步，但彼时阿迪达斯以25 亿美元将其卖给了品牌管理公司ABG。到2024年，锐步全球份额仍不足1.5%，沦为二线品牌。如 今，安踏卷土重来。若交易成行，这将是安踏继FILA、亚玛芬（始祖鸟母公司）、狼爪后的又一重 磅收购。 问题是，阿迪达斯和ABG均未能救活的锐步，安踏能否靠供应链和零售运营能力让其" ...

Core Viewpoint - Anta Group is reportedly set to acquire the Reebok brand from Authentic Brands Group (ABG), with the transaction already completed [2] Group 1: Reebok's Historical Context - Reebok was founded in 1895 in Bolton, England, originally known for its first spiked running shoes [2] - The brand transitioned to the U.S. market in 1979 and experienced significant growth, even surpassing Nike in market share during its peak [2] - Reebok partnered with the NFL in 2000 and sponsored numerous athletes for the 2004 Athens Olympics [3] Group 2: Recent Ownership Changes - Adidas acquired Reebok in 2005 for $3.8 billion to enhance competition with Nike, but Reebok's market share began to decline [3] - In 2021, Adidas sold Reebok to ABG for €2.1 billion, with ABG delegating regional operations to partners, including a focus on the Chinese market [3][4] Group 3: Current Performance and Future Prospects - Reebok's global market share is projected to remain below 1.5% by 2024, indicating ongoing struggles in the second-tier brand category [4] - Anta Group, founded in 1991, has successfully expanded its brand portfolio through acquisitions, including FILA, which has become a significant revenue contributor [5][6] - Anta's revenue for 2024 is expected to reach ¥70.826 billion, a 13.58% increase year-on-year, with a net profit growth of 52.36% to ¥15.596 billion [6]

Group 1 - Anta Group has reached an agreement with Authentic Brands Group (ABG) to acquire the Reebok brand, with the transaction nearing completion [1] - Anta's interest in Reebok has been evident since March, with previous reports indicating that Anta was on the list of potential buyers before ABG acquired Reebok from Adidas for $2.5 billion [1][3] - Reebok, founded in 1958, was once a leading brand in the athletic footwear market, surpassing Nike in sales in 1987 with $1.4 billion [1][3] Group 2 - Reebok's brand value has declined by over 30% since its peak, and despite attempts at transformation under Adidas, the brand has struggled to regain market presence [3] - In China, Reebok's sales on major e-commerce platforms totaled only 160 million RMB, indicating poor performance in the market [3][4] - The pricing of Reebok products in China is significantly lower than in overseas markets, which may affect brand perception and competitiveness [4] Group 3 - The acquisition of Reebok by Anta presents challenges in managing multiple independent research and development systems, as well as integrating supply chains and marketing resources [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Insights - The main brand of the company is experiencing short-term operational pressure, but there are expectations for improvement in the second half of 2025. In Q2 2025, the main brand recorded low single-digit year-on-year growth, while the FILA brand achieved mid-single-digit growth. Other brands saw a significant year-on-year growth of 50%-55% [5][6] - The acquisition of the outdoor brand Jack Wolfskin has been completed, which is expected to enhance the company's international expansion efforts. The acquisition was finalized on May 31, 2025, for a cash consideration of $290 million, and it is anticipated to improve product structure and retail efficiency through supply chain optimization [6][8] - The company is projected to achieve revenues of RMB 78.67 billion, RMB 87.65 billion, and RMB 96.79 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 11%, and 10%. The net profit attributable to the parent company is expected to be RMB 13.48 billion, RMB 15.51 billion, and RMB 17.25 billion for the same years, with a projected PE ratio of 18, 15, and 14 times [6][8][9] Summary by Sections Recent Performance - In Q2 2025, the main brand's revenue showed low single-digit growth year-on-year, while FILA's revenue grew in the mid-single digits. Other brands experienced a robust growth of 50%-55% year-on-year [5][6] Acquisition Impact - The acquisition of Jack Wolfskin is expected to facilitate the company's international market expansion and enhance its product offerings through advanced technology and sustainable innovations [6][8] Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 78.67 billion, RMB 87.65 billion, and RMB 96.79 billion respectively, with corresponding net profits of RMB 13.48 billion, RMB 15.51 billion, and RMB 17.25 billion. The PE ratios are projected at 18, 15, and 14 times [6][8][9]