日前，国际美妆巨头陆续发布2025上半年业绩，其中对比前一年同期来看，资生堂仍排在第8，但销售额却下滑7.6%。 与其他全球跨国集团略有不同的是，资生堂较为擅长孵化自有品牌，而代理及收购品牌是其相对而言的短板。 就如近日，在小红书上有网友透露，其日本业务由资生堂代理的美国化妆师彩妆品牌Laura Mercier(中文名：罗拉玛希)，将于今年10月退出该地区。 据该网友描述，Laura Mercier只是退出日本市场，今后会否以其他形式进入该国家尚未可知。 图源：小红书 而对于此事，也有部分消费者感慨，"品牌在日本卖得挺好啊"、"它家以前的气垫巨好用，可惜改版了"等。 另外，值得一提的是，Laura Mercier此前曾是资生堂旗下的彩妆品牌，后被抛售转为代理的合作关系。 图源：天猫 而正如前文所言，Laura Mercier同名创始人与毛戈平一般，是业内颇为传奇的彩妆大师。Laura Mercier1960年出生在法国阿尔勒，她在16岁时离家远赴巴 黎，先于杜佩雷高等应用美术学院奠定艺术基础，随后转入巴黎Carita学院攻读彩妆技艺。 1985年，Laura Mercier前往纽约发展，担任《ELLE》美国版 ...

8月23日，国旅文化投资集团股份有限公司（以下简称"ST联合"）披露2025年半年报。半年报显示，公 司上半年实现营业收入1.94亿元，收入与上年同期基本持平。其中，互联网营销业务上半年实现营业收 入1.54亿元，占公司营业收入的比重为79.48%，仍是公司营业收入的主要来源。公司子公司北京新线中 视文化传播有限公司（以下简称"新线中视"）作为互联网营销业务的主要经营主体，2025年上半年其经 营业绩实现了微盈利。 上半年，ST联合通过提质增效及降本措施，积极开拓新客户，分季度来看公司第二季度经营性业绩较 第一季度减亏明显。此外，公司已于今年5月份启动重大资产重组，公司拟通过发行股份及支付现金的 方式购买江西润田实业股份有限公司（以下简称"润田实业"）100%股权并募集配套资金。 本报记者 曹琦 跨境购业务持续升级 2024年1月份，ST联合完成了现金收购江西省海际购进出口有限公司（以下简称"海际购"）100%股权， 国旅联合因此切入"跨境购"赛道。 资料显示，海际购公司是一家保税商品进出口供应链品牌生态公司，主营跨境新零售及跨境电商运营业 务，公司专注于将全球优质品牌引入中国市场，帮助国内优质品牌走向全球， ...

证券研究报告·公司点评报告·服装家纺 报喜鸟（002154） 2025 年中报点评：品牌表现分化，费用增加 净利承压 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,254 | 5,153 | 5,068 | 5,448 | 5,860 | | 同比（%） | 21.82 | (1.91) | (1.65) | 7.50 | 7.55 | | 归母净利润（百万元） | 697.85 | 494.96 | 404.65 | 474.12 | 541.66 | | 同比（%） | 52.11 | (29.07) | (18.25) | 17.17 | 14.24 | | EPS-最新摊薄（元/股） | 0.48 | 0.34 | 0.28 | 0.32 | 0.37 | | P/E（现价&最新摊薄） | 8.13 | 11.47 | 14.03 | 11.97 | 10.48 | [Table_Tag] [Tab ...

Core Viewpoint - The acquisition rumors between Anta Sports and Reebok are surrounded by uncertainty, with both parties neither confirming nor denying the discussions, leading to a valuation speculation of $1.5 billion to $2.5 billion (approximately 16 billion RMB) for the deal [1][2]. Group 1: Acquisition Rumors and Market Position - Anta Sports has shifted its investment focus from high-end to mid-range markets, aiming to acquire well-known Western sports brands to enhance cash flow through improved performance in China [2][3]. - The potential acquisition of Reebok aligns with Anta's strategy to increase market share in China and support its own brand's development in overseas markets [3][4]. Group 2: North American Market Strategy - Anta plans to open its first flagship store in Beverly Hills, Los Angeles, by September 2025, which is a strategic move to enhance brand visibility and commitment to the North American market [3][7]. - The flagship store will feature products aligned with domestic offerings and exclusive items, aiming to strengthen brand influence in North America [4][8]. Group 3: Brand Development and Challenges - Anta's strategy includes leveraging partnerships with American sports stars to build brand recognition in North America, with notable collaborations including NBA players Kyrie Irving and Klay Thompson [8][9]. - Despite the efforts, Anta faces significant challenges in penetrating the North American market, dominated by Nike and Adidas, which hold substantial market shares [15][16]. Group 4: Future Prospects - The acquisition of brands like Reebok could provide Anta with a more direct and efficient entry into the North American market, facilitating rapid growth without relying solely on organic development [19]. - The establishment of an international division by Anta in late 2024 aims to support its overseas operations, including logistics and supply chain management, to enhance efficiency and reduce costs [13][18].

Core Viewpoint - The Chinese sports brand industry is experiencing a collective slowdown, marked by the end of the "national sports dividend" period and increasing competition from domestic brands, leading to a "mid-life crisis" for leading companies like Anta, Li Ning, and Xtep [6][10][8]. Group 1: Market Trends - The penetration rate of sports shoes in China has reached around 50%, comparable to the US and Japan, with the domestic sports shoe and apparel market expected to grow only 5.9% to 410 billion yuan in 2024, marking the end of the previous decade's double-digit growth [6][10]. - From 2021 to 2023, domestic brands gained market share due to the Xinjiang cotton incident, with Nike and Adidas dropping to 16.2% and 8.7% market shares respectively, while Anta, Fila, and other brands collectively surpassed 20% [6][10]. - The concentration ratio (CR5) of domestic sports brands has reached 53%, making China the market with the highest concentration globally, indicating a shift from offensive strategies to defensive ones for leading brands [6][10]. Group 2: Challenges for Leading Brands - Anta and Li Ning are facing a "mid-life crisis," with both brands reporting low single-digit growth for several consecutive quarters, and Anta's overall growth relying on other outdoor brands [10][11]. - Anta's recent half-year report highlighted increased discount rates and return rates, indicating heightened price sensitivity among consumers, leading to a downward revision of growth targets [10][11]. - The industry is projected to face a turning point in 2024, with Euromonitor forecasting a mere 5.8% growth over the next five years, suggesting that leading brands will not only face industry slowdowns but also market share declines [10][11]. Group 3: Brand Strategy and Operations - The article discusses the challenges of brand operation in the sports apparel sector, noting that while domestic brands have excelled in manufacturing, they have struggled to translate this into global brand recognition [13][14]. - Domestic brands have relied on celebrity endorsements and major events for brand promotion, but this strategy is losing effectiveness as market dynamics change [14][15]. - The article emphasizes the importance of learning from smaller niche brands that have successfully captured market segments by understanding consumer needs better than established brands [18][19]. Group 4: Consumer Engagement and Distribution - The shift from a supply-demand imbalance to oversupply has led to increased competition, with brands needing to adapt to a more consumer-centric approach [21][22]. - Direct-to-consumer (DTC) strategies are highlighted as essential for improving efficiency and understanding consumer preferences, with successful examples from both domestic and international brands [23][24]. - The need for brands to focus on value-for-money propositions is emphasized, as consumers increasingly demand better price-performance ratios, which could reshape the competitive landscape [26][27].

Core Insights - The Chinese sports brand industry is experiencing a collective slowdown, marking the end of the "national sports dividend" period, with market growth projected at only 5.9% in 2024, reaching 410 billion yuan [1][3] - Domestic brands have gained market share due to events like the Xinjiang cotton controversy, with Anta, Li Ning, and other brands collectively surpassing 50% market share, indicating a deepening of domestic replacement [1][3] - The concentration ratio (CR5) of domestic sports brands has reached 53%, making China the most concentrated market globally, leading to a shift where leading brands must transition from offensive to defensive strategies [1][3] Group 1: Industry Challenges - Major brands like Anta, Li Ning, and Xtep are facing a "mid-life crisis," with Anta and FILA experiencing six consecutive quarters of single-digit growth, and Li Ning reporting low single-digit growth for the first half of the year [3][4] - Increased discount rates and return rates have made consumers more price-sensitive, prompting Anta to lower its growth guidance to single digits and reassess its market share goals against Nike [3][4] - The industry is expected to face a turning point in 2024, with Euromonitor predicting a growth rate of only 5.8% over the next five years, indicating a decline in market share for leading brands [3][4] Group 2: Brand Positioning and Strategy - Despite being manufacturing powerhouses, domestic brands struggle with brand positioning and recognition, often relying on price competitiveness rather than brand strength [5][6] - The early success of brands like Anta and Li Ning was driven by domestic sports stars and events, but these strategies are no longer effective as market dynamics change [7][8] - The trend of acquiring overseas brands has been a successful strategy for companies like Anta, which acquired FILA and has since seen significant growth, but this approach may not be sustainable in the long term [10][12] Group 3: Consumer Trends and Market Dynamics - The rise of niche sports and changing consumer preferences present opportunities for domestic brands to strengthen their market position, as seen with successful products like Xtep's marathon shoes [13][14] - The shift towards direct-to-consumer (DTC) models is becoming essential for brands to connect with consumers more effectively and reduce reliance on traditional distribution channels [16][17] - The focus on "value for money" is becoming increasingly important, with brands needing to adapt to consumer demands for better pricing and quality, as evidenced by the success of companies like Uniqlo [21][22]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 众安智慧生活服务有限公司 Zhong An Intelligent Living Service Limited （於開曼群島註冊成立的有限公司） 本公告是由众安智慧生活服务有限公司（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，以讓本公司股東及潛在投資者知悉本集團的最新業務發展。 戰略合作協議 本公司董事會（「董事會」）欣然宣佈，本公司與深圳市賣光貨供應鏈有限公司 （「賣光貨」）於2025年7月28日（交易時段後）訂立戰略合作協議（「戰略合作協 議」），據此，本公司及賣光貨同意在供應鏈管理、供應鏈服務、品牌運營及供 應鏈資本規劃等領域建立戰略合作關係（「戰略合作」），發揮本公司及賣光貨 的互補業務優勢。 1 根據戰略合作協議，本公司及賣光貨同意在以下領域展開合作，包括： 通過戰略合作，雙方將整合資源，發揮協同發展的優勢，提升雙方在中國市場 及其他潛在市場的競爭力。 訂立戰略合作協議的理由及裨 ...

Group 1 - The CFO of LVMH stated that DFS's losses are narrowing but have not yet reached breakeven [1] - The company will retain certain brands only if it is a reasonable operator for them [1] - Moët Hennessy plans to potentially start delivery activities in the second half of 2026 [1]

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]

Investment Rating - The report maintains a "Strong Buy" rating for Anta Sports [2] Core Views - Anta's main brand experienced low single-digit growth in Q2 2025, while FILA saw mid-single-digit growth, and other brands grew by 50%-55%. The company is focusing on enhancing channel operational efficiency and expanding new business formats for the Anta brand [1][5] - The company expects net profits of 13.43 billion, 15.51 billion, and 17.15 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -14%, 15%, and 11%. Excluding one-time gains from the acquisition of Amer, the net profit growth rates are projected to be 13%, 15%, and 11% [1][5] - The current market capitalization corresponds to a PE ratio of 18x for 2025 and 15x for 2026, indicating a favorable valuation [1][5] Summary by Sections Overall Revenue Situation - In Q2 2025, Anta's main brand revenue showed low single-digit growth, while FILA's revenue grew in the mid-single digits, and other brands experienced growth of 50%-55% [5][6] - The slowdown in Anta's main brand growth is attributed to the acceleration of offline channel upgrades and store renovations, which impacted sales [5][6] Brand Performance - FILA's revenue in Q2 2025 saw high single-digit growth, with notable performance in golf and tennis product lines [5][6] - Other brands, such as Descente and KOLON, reported growth exceeding 40% and 70%, respectively, benefiting from the rise in winter sports and outdoor leisure activities [5][6] Discount and Inventory Management - In Q2 2025, Anta's main brand offered discounts of 27% for bulk purchases and 50% online, with a slight increase in discount levels [5][6] - The inventory turnover ratio for Anta's main brand was around 5 months, indicating relatively healthy inventory management [5][6] Financial Forecast and Investment Recommendations - The company anticipates revenue of 77.96 billion, 85.45 billion, and 92.97 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 10%, 10%, and 9% [6][9] - The report emphasizes the ongoing expansion of Anta's channel new business formats and the optimization of overall channel operational efficiency [5][6]