Core Points - The 7th Grand Canal Cultural Tourism Expo will be held from August 15 to 17 at the Suzhou International Expo Center, focusing on the theme of "Integration, Innovation, and Sharing" [1] - The expo aims to create a comprehensive platform for cultural tourism integration, promotion of cultural tourism products, and sharing of a better life [1] Group 1 - A total of 76 cities from 18 provinces (municipalities and regions) in China will participate, with 542 enterprises exhibiting, of which 58.3% are from outside the province [1] - The expo will feature two main components: an opening ceremony and six exhibition activities, including five themed exhibitions [1] - The five themed exhibitions include the Grand Canal City Cultural Tourism Boutique Exhibition, Grand Canal Themed Cultural and Creative Exhibition, Grand Canal Characteristic Cultural Tourism Industry Exhibition, "Encounter of the Silk Road and the Grand Canal" theme exhibition, and Grand Canal Food Culture Exhibition [1] Group 2 - The Grand Canal Themed Cultural and Creative Exhibition is a new addition this year, showcasing over 1,000 cultural and creative products from more than 80 enterprises and institutions [1] - The Grand Canal Characteristic Cultural Tourism Industry Exhibition will focus on "multi-industry integration and multi-scenario consumption," utilizing AR and VR technologies to create immersive and interactive experiences [1] - The exhibition will feature three major areas: "Grand Canal Plush Supermarket," "Grand Canal Creation Collection," and "Grand Canal Rural Creation Zone," highlighting various cultural and creative brands from scenic spots, cultural heritage, film, and animation along the Grand Canal [1]

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Date**: May 9, 2025 Key Points Industry and Market Performance - Anta Sports maintains stable discount levels at retail, with manageable inventory, expecting sales growth driven by the 618 shopping festival, while remaining cautious about the domestic economic situation's impact on future months [2][4] - The company reported good revenue growth in Q1 2025, with a positive outlook for Q2 despite slight early July fatigue, supported by strong performance during the May Day holiday [4] Brand Acquisition and Strategy - The acquisition of the Jack Wolfskin brand is expected to be completed between Q2 and Q3 of 2025, with a focus on integrating operations over the next six months to a year, prioritizing the Chinese market and adopting a Direct-to-Consumer (DTC) model [2][5][6] - Anta anticipates significant improvement potential for Jack Wolfskin in both the Chinese and German markets, with a transition period expected in 2025-2026 [2][7] FILA Brand Performance - FILA has shown stable performance, with expectations for continued growth under the new leadership of Jiang Yan, focusing on core products and reducing SKU counts to create best-sellers [2][8][9] Future Product and Channel Strategy - Anta plans to continue its investor strategy in 2025, with new products expected to launch in Q1 2026, emphasizing multi-scenario consumption and maintaining VIP customer loyalty [2][9] - The company is optimizing its online channel strategy to increase the online sales proportion of its main brand [3][14] Store Expansion and Innovation - Anta is expanding its store formats, with plans to increase the number of Champion stores from 80 to 120 and Super Anta stores from 50 to 100 by the end of 2025 [11] - The Super Anta stores are designed to attract high-end consumers, while the regular Anta stores will gradually decrease in number [13] Stock Buyback and Market Confidence - Anta Group plans to repurchase HKD 10 billion worth of shares, having completed HKD 2 billion so far, indicating confidence in market prospects [3][18] Pricing and Sales Strategy - The pricing strategy for FILA remains stable, with adjustments made to certain series to attract more customers, particularly in children's apparel [10] - Anta is focusing on reducing return rates during major sales events by optimizing promotional strategies and prioritizing low-return products [15][16] Urban Market Dynamics - Profitability varies by city tier, with second and third-tier cities showing the highest profitability, while first-tier cities face lower single-store profitability due to high rent [21] - Anta plans to close 100 to 200 outdated stores in lower-tier cities due to reduced foot traffic [21] Sales Performance During Holidays - During the May Day holiday, high-end small brands performed well, while Anta and FILA met expectations overall [22]