森马服饰 华源证券股份有限公司丁一近期对森马服饰（002563）进行研究并发布了研究报告《儿童服饰业务保持增 长，中国大陆境外业务加速拓展》，给予森马服饰买入评级。 投资要点： 营收同比增长3.26%，派息率达124%。公司发布2025年中报，25H1实现营收61.49亿元，同比+3.26%，实现归 母净利润3.25亿元，同比-41.17%；从利润率端看，公司25H1毛利率及净利率分别为46.79%/5.29%，毛利率同 比+0.62pct，其中，儿童服饰业务毛利率持平微降，休闲服饰业务毛利率同比提升；从费用端看，公司25H1 管理费用为3.14亿元，同比+9.10%，系股票期权费用增加，25H1销售费用为18.23亿元，同比+17.67%，系公 司线下新开门店增加及线上投流费用增加；从分红端看，公司预计每10股分红1.50元，股利支付率达124%， 分红意愿较强。 儿童服饰业务保持稳增长，休闲服饰毛利率同比改善。25H1公司坚持以消费者为核心，着眼长期发展，锚定 零售转型方向，品牌管理精细化、海外持续拓展、AIGC技术深度赋能，企业持续高质量发展。分产品看， 25H1休闲服饰实现营收17.23亿元，同比-4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company completed the acquisition of Woolrich in the first half of 2025 and is awaiting the realization of strategic expenditures to deliver long-term benefits [5] - The company's revenue and profit were under pressure due to unmet revenue expectations and increased expenses for achieving long-term strategic goals [7] - The domestic market remains the core market for the company, with good growth in categories such as jackets and shoes [7] - The company has a solid foundation in men's apparel and multi-brand operations, which are expected to support steady growth [7] Financial Summary - Revenue for 2023 is projected at 5,254 million RMB, with a year-on-year growth rate of 21.82%. However, a decline of 1.91% is expected in 2024 [6] - The net profit attributable to the parent company is forecasted to be 698 million RMB in 2023, with a significant drop of 29.07% in 2024 [6] - Earnings per share (EPS) is expected to decrease from 0.48 RMB in 2023 to 0.34 RMB in 2024 [6] - The company’s return on equity (ROE) is projected to decline from 16.07% in 2023 to 11.33% in 2024 [6] Revenue Breakdown - In the first half of 2025, the company achieved revenue of 2.391 billion RMB, a year-on-year decrease of 3.58% [7] - The domestic sales accounted for 99.45% of total revenue, while export revenue was only 0.55% [7] - The jacket and shoe categories showed good growth, with revenues of 229 million RMB and 50 million RMB, respectively, representing year-on-year increases of 15.72% and 16.61% [7] Store Expansion - As of the first half of 2025, the company had a total of 837 direct-operated stores and 578 franchised stores, with a net addition of 8 franchised stores during the period [7] - The average sales per direct-operated store that has been open for over 12 months was 1.1984 million RMB [7]

Core Viewpoint - Anta Group is reportedly close to acquiring Reebok from Authentic Brands Group (ABG), which could significantly aid its overseas expansion amidst a challenging domestic market [1][20]. Company Performance - Anta's retail revenue growth has slowed, with the Anta brand showing low single-digit growth in Q2, while FILA's growth is also fluctuating [3][5]. - In 2024, Anta brand revenue is projected to be 33.5 billion yuan, a 10.6% increase, but its revenue share is expected to decline to 47.3% from 48.6% in 2023 [5]. - FILA is expected to generate 26.6 billion yuan in 2024, with a 6.1% year-on-year growth, but has faced a decline in sales in Q3 2024 [6][7]. Market Context - The domestic sports market is experiencing increased volatility, with competitors like Li Ning and Nike also reporting lower-than-expected growth [8][10]. - Nike's sales in Greater China fell by 21% in the latest quarter, indicating a challenging retail environment [8]. Strategic Moves - Anta has a history of successful acquisitions and brand management, including FILA and Amer Sports, which have contributed to its revenue growth [11][12]. - The company is pursuing a "globalization" strategy, expanding into Southeast Asia, North America, and Europe, with significant market coverage [19]. Reebok's Background - Reebok, once a leading brand in the U.S. market, has seen its market share decline significantly since the late 1980s [15]. - ABG acquired Reebok in 2022, aiming for substantial revenue growth, but recent reports indicate a 19% decline in Reebok's revenue in 2024 [17][18]. Potential Benefits of Acquisition - Acquiring Reebok could provide Anta with a foothold in the U.S. market, where it has not previously operated, and leverage Reebok's brand recognition to enhance its global presence [20].

【导读】李宁罕见大举增持自家公司，李宁"单品牌"与非凡领越"多元化"协同课题待解 中国基金报记者 赵刚 李宁大举买入"李宁"！ 今年以来，李宁公司创始人李宁及其侄子李麒麟持续大举买入公司股票，至今买入金额已超8亿港元。 如此高频、大额增持，已创下过去20年的纪录。尤其是李宁公司自2024年以来股价表现不佳，此番增持更受关注。 有业内人士分析，创始人大手笔增持，往往代表其对公司未来发展有信心。 不过，与其关联公司非凡领越相比，李宁公司的资本动作并不算多，其单品牌战略如何与非凡领越的多元化形成协同，并最终回馈中小投 资者，值得关注。 另外，此番李宁和李麒麟的增持时点颇具深意。 2023年，李宁公司股价表现不佳，全年下跌超过60%。2024年，李宁公司股价逐步筑底。从历史表现来看，李宁公司目前处于相对低 位，而且公司市盈率约为12.9倍，也显著低于行业龙头。 对于大举买入的原因，非凡领越表示，考虑到李宁公司的市价及其合理性，认为此收购事项乃合适的投资。同时，此举亦可增强集团回 报。 押注奥委会合作伙伴机会？ 在股价低位时大举买入，李宁看好公司哪些机会？ 从业绩来看，李宁公司的收入近三年持续上升，从2022年的258 ...

Core Viewpoint - The company is experiencing stable growth in its main brand and FILA, while all other brands are showing rapid growth driven by the outdoor sports trend [1][2]. Group 1: Company Performance - In Q2 2025, the main brand recorded low single-digit year-on-year growth, while FILA achieved mid single-digit growth, and all other brands saw a significant increase of 50-55% [1]. - For the first half of 2025, the main brand achieved mid single-digit year-on-year growth, FILA recorded high single-digit growth, and all other brands experienced a growth rate of 60-65% [1]. - The main brand's retail growth in Q2 was slightly below expectations, prompting a focus on the effectiveness of online and offline channel enhancement plans [1]. Group 2: Brand Performance - FILA's Q2 retail growth was in line with expectations, achieving mid single-digit year-on-year growth [2]. - The outdoor industry is thriving, with high demand for premium outdoor brands like Descente and KOLON, contributing to the rapid growth of all other brands [2]. - Maia Active is gaining momentum, with a new endorsement deal and the launch of a Yoga Studio store format expected to enhance brand visibility [2]. Group 3: Profit Forecast and Rating - The company is recognized as a leading player in the sports footwear and apparel industry, with a strong competitive edge and significant growth potential through multi-brand operations and overseas expansion [3]. - Projected net profits for 2025-2027 are 13.5 billion, 15.567 billion, and 17.163 billion respectively, with year-on-year growth rates of -13.44%, 15.31%, and 10.25% [3]. - The company maintains a "buy" rating due to the stability provided by its main brand and FILA, along with growth potential in the outdoor segment [3].

Core Insights - The company reported retail sales growth for its brands in Q2 2025, with Anta brand showing low single-digit growth, FILA brand achieving mid-single-digit growth, and other brands experiencing a significant increase of 50-55% [1] - For the first half of 2025, Anta brand retail sales grew in the mid-single digits, FILA brand saw high single-digit growth, and other brands reported a growth of 60-65% [1] Group 1: Anta Brand Strategy - Anta is implementing a "store type revolution" driven by DTC (Direct-to-Consumer) strategies, focusing on precise matching of "different people, different places, different products" [1] - The store network has evolved into a matrix of five differentiated store types, including Arena, Palace, Elite, Standard, and Basic, tailored to various regions and shopping districts [1] Group 2: FILA Brand Strategy - FILA maintains a high average price strategy in the mid-to-high-end market, with a product price range of 800-1200 RMB, strategically positioned against competitors priced at 600-1000 RMB [1] - The brand is agile in adjusting its product and operational strategies, focusing on high-margin, well-designed trendy sports items while reducing inefficient SKUs [1] Group 3: Other Brands and Market Position - During the 618 shopping festival, FILA ranked first in categories such as sports shoes and sports dresses, and second in sports polo shirts and t-shirts, with the latter showing nearly 10% year-on-year growth [2] - Other brands are collaborating effectively, with Descente opening a significant store in Huamao Center to reach high-net-worth consumers, and Kelong launching a new line of minimalist and functional outdoor apparel [2] - Anta's acquisition of German outdoor brand Jack Wolfskin is aimed at advancing its global strategy, particularly in the European market [2] Group 4: Financial Adjustments - The company has adjusted its revenue forecasts for 2025-2027 to 78.6 billion RMB, 87.8 billion RMB, and 98.1 billion RMB, respectively, reflecting uncertainties in the consumer environment [2] - The adjusted net profit forecasts for the same period are 13.5 billion RMB, 15.6 billion RMB, and 17.3 billion RMB, with corresponding EPS of 4.82 RMB/share, 5.56 RMB/share, and 6.16 RMB/share [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7] Core Insights - The company reported retail sales growth for Q2 2025, with Anta brand showing low single-digit growth, FILA brand showing mid-single-digit growth, and other brands experiencing a significant increase of 50-55% [1] - For the first half of 2025, Anta brand retail sales grew in the mid-single digits, FILA brand saw high single-digit growth, and other brands achieved a growth rate of 60-65% [1] - Anta's channel stratification focuses on precise matching of "different people, different scenarios, different products," leading to a differentiated store model that enhances brand value [2] - FILA maintains a high average selling price strategy, avoiding direct competition in the low-price segment, and has seen strong performance in key product categories during the 618 shopping festival [3] - The company is expanding its outdoor segment with new store openings and acquisitions, including the full acquisition of German outdoor brand Jack Wolfskin [4] Financial Projections - The revenue forecasts for 2025-2027 have been adjusted to 78.6 billion RMB, 87.8 billion RMB, and 98.1 billion RMB respectively, with net profits projected at 13.5 billion RMB, 15.6 billion RMB, and 17.3 billion RMB [5] - Corresponding EPS estimates are 4.82 RMB, 5.56 RMB, and 6.16 RMB, with PE ratios of 17x, 15x, and 13x for the respective years [5]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5][7] Core Views - Anta Sports demonstrated strong sales growth in Q2 2025, with a notable performance across its multi-brand portfolio, achieving overall sales growth in the first half of 2025 [1][4] - The report anticipates a revenue growth of 11% for 2025, with a net profit growth of 13% compared to 2024, excluding one-time gains [4] Summary by Sections Anta Brand - In Q2 2025, Anta brand sales grew by a low single-digit percentage year-on-year, a slowdown compared to the high single-digit growth in Q1 2025. This is attributed to store optimization efforts and cautious discounting during the "618 Shopping Festival" [2] - The inventory turnover ratio for Anta brand is expected to remain around 5, indicating a healthy operational level [2] - For H2 2025, sales growth is expected to accelerate as the brand continues to optimize product structure and channel efficiency [2] Fila Brand - Fila brand achieved a mid-single-digit year-on-year sales growth in Q2 2025, with strong performance expected in its core products and e-commerce channels [3] - The brand's inventory turnover ratio is also projected to maintain around 5, with stable discounts in physical stores [3] - For H2 2025, Fila is expected to continue its strong growth trajectory, supported by an expanded product range [3] Other Brands - Other brands within the Anta portfolio saw a remarkable sales growth of 50% to 55% in Q2 2025, driven by improved product offerings and store operations [4] - The acquisition of Maia Active in 2023 is expected to contribute positively to growth, alongside the recent acquisition of outdoor brand Jack Wolfskin [4] - Overall, the company is projected to maintain robust revenue growth in 2025, particularly in its outdoor brands [4] Financial Projections - The report forecasts net profits for Anta Sports to be 135.12 billion yuan in 2025, with a corresponding P/E ratio of 17 times [5][6] - Revenue is expected to grow from 62.36 billion yuan in 2023 to 78.70 billion yuan in 2025, reflecting a compound annual growth rate [6][13]

Investment Rating - The investment rating for Anta Sports is "Buy" [6] Core Views - Anta Sports reported a short-term adjustment in its main brand, with FILA meeting expectations and other brands performing strongly [1] - The main brand's revenue in Q2 showed a low single-digit year-on-year growth, while H1 revenue grew in the mid-single digits [1] - FILA's Q2 revenue grew in the mid-single digits year-on-year, with H1 revenue increasing in the high single digits, aligning with expectations [2] - Other brands, including Descente and Maia Active, exhibited significant growth, with Descente's revenue increasing over 40% and Maia Active's over 30% [3] - The acquisition of the German outdoor brand Wolfskin for approximately 2.9 billion USD (about 21.2 billion RMB) is expected to enhance Anta's outdoor segment and market presence in Europe [4] - Revenue forecasts for 2025, 2026, and 2027 are projected to grow by 12%, 9%, and 8% respectively, with net profit expected to be 134 billion RMB, 148 billion RMB, and 161 billion RMB [5] Summary by Sections Main Brand Performance - Q2 revenue for the main brand grew in low single digits year-on-year, with H1 showing mid-single-digit growth; children's products performed slightly better than bulk products [1] - The company is implementing a store efficiency improvement plan for offline franchises and has appointed a new e-commerce head to enhance product strategy [1] FILA Brand Performance - FILA's Q2 revenue increased in the mid-single digits year-on-year, with strong performance in bulk and kids' categories [2] Other Brands Performance - Descente's revenue grew over 40%, KOLON over 70%, and Maia Active over 30%, with continued improvements in store efficiency and product line expansion [3] Acquisition Impact - The acquisition of Wolfskin is expected to strengthen Anta's position in the mid-range outdoor market and enhance its international presence [4] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 796 billion RMB, 868 billion RMB, and 937 billion RMB respectively, with corresponding net profits of 134 billion RMB, 148 billion RMB, and 161 billion RMB [5]

Summary of the Conference Call for Lusi Co., Ltd. Company Overview - Lusi Co., Ltd. specializes in pet snacks, pet staple food, and single feed, with a focus on dog and cat food products. The main products include pet snacks such as jerky, canned food, biscuits, and dental bones [doc id='4'][doc id='8']. Financial Performance - In 2024, Lusi achieved revenue of 778 million yuan, a year-on-year increase of 11.7%. Pet snacks contributed 550 million yuan (71.3% of total revenue), jerky products accounted for 480 million yuan (61%), and staple food revenue was 102 million yuan, up 53.4% [doc id='2'][doc id='8']. - The net profit for 2024 was 78 million yuan, a 14.6% increase, driven by higher sales of jerky, staple food, and canned products, along with improved gross margins [doc id='10']. - In Q1 2025, revenue reached 184 million yuan, up 17.6%, with net profit of 16.51 million yuan, a 17.3% increase. Export business grew by 33%, while domestic pet food business increased by 14.7% after excluding the impact of meat powder [doc id='11']. Sales and Market Dynamics - Export sales in 2024 were approximately 480 million yuan, a 16.6% increase, accounting for 60% of total revenue. Domestic sales were 295 million yuan, up 4.4%, making up 40% of total revenue [doc id='9']. - The domestic business is shifting focus towards pet food, expanding from the original brand "Lusi" to include "Miaoguan," with a strong emphasis on staple food due to its large market size and acceptance [doc id='12']. Brand Strategy and Product Development - The new brand Miaoguan targets lower-tier markets, while Lusi plans to enhance its brand through the development of high-value-added products to improve gross margins [doc id='15']. - The sales ratio of staple food and snacks under the Lusi brand is shifting, with future marketing efforts focusing more on staple food [doc id='16']. Online and Offline Sales Channels - Online direct sales account for about 40% of domestic revenue, with online distribution at around 20%, and offline channels contributing over 30% [doc id='19']. - The Tmall platform has a gross margin of about 20%, with a net profit margin of 4%. However, platforms like Douyin and Kuaishou are currently not profitable [doc id='17'][doc id='18']. Production and Capacity - Lusi has production bases in Shandong, Gansu, and Sihanoukville, Cambodia, with a total of 8 production workshops and 2 R&D centers. Current snack production capacity is approximately 15,000 to 16,000 tons, staple food capacity is 30,000 tons, and meat powder capacity is 20,000 tons [doc id='6']. - The first phase of the Cambodian project has a capacity of 3,000 tons for jerky snacks, with a second phase expected to add 7,000 tons, contingent on U.S. tariff negotiations [doc id='22']. Industry Trends and Consumer Behavior - The pet food industry is witnessing a trend towards domestic brand acceptance, especially as U.S. brands face high tariffs due to trade tensions. Domestic brands are increasingly favored, with a growing market share [doc id='26']. - There is a notable increase in pet ownership, particularly among families with multiple pets, leading to an overall rise in single purchase amounts despite some decline in spending per pet [doc id='28'][doc id='29']. Future Outlook - Lusi aims for a growth target of 17% to 18% in Q1, with plans to enhance marketing efforts and product differentiation to boost domestic sales, which have not met expectations [doc id='31']. - The company is also focusing on expanding its presence in the U.S. and Southeast Asian markets through its Cambodian operations, while maintaining stability in the European market [doc id='32'].