Investment Rating - The report maintains a "Positive" outlook on global sports brands, indicating a recovery in performance across most brands [4][5]. Core Insights - The latest financial quarter shows that most international sports brands exceeded expectations, with revenue growth for Deckers (+9.1%), Lululemon (+7.1%), Adidas (+3.0%), VF (+1.6%), and Nike (+1.1%), while Puma faced a decline of -15.3% [4][16]. - The guidance for the next financial quarter is cautious, with Nike expecting a low single-digit decline in revenue, while the overall annual performance outlook remains neutral to optimistic [4][17]. - Regional performance varies, with North America facing sales pressure, while the Greater China and European markets show signs of recovery [4][5]. Summary by Sections 1. Overview: Nike Revenue Growth and Adidas World Cup Preparations - Most brands reported better-than-expected performance, with significant revenue increases for Deckers, Lululemon, Adidas, VF, and Nike, while Puma continues to struggle [4][16]. 2. Nike: Strategic Adjustments and Revenue Forecast - Nike's revenue for FY26Q1 was $11.72 billion, a year-on-year increase of 1.1%, marking the first positive growth since FY24Q4. The company anticipates a low single-digit revenue decline for FY26Q2 [27][28]. 3. Adidas: Record Revenue and Upgraded Annual Guidance - Adidas reported a revenue increase of 3.0% in the latest quarter and has raised its annual performance guidance to a growth of approximately 9% [4][17]. 4. Lululemon: Exceeding Revenue and Profit Expectations - Lululemon's revenue grew by 7.1% in the latest quarter, with a notable 42.4% increase in the Greater China market [4][19]. 5. Puma: Continued Performance Pressure - Puma's revenue declined by 15.3%, with ongoing challenges affecting its profitability and market position [4][16]. 6. VF: Performance Exceeds Expectations - VF's revenue increased by 1.6%, but the company remains cautious about future guidance, expecting a decline in the next quarter [4][17]. 7. Deckers: Strong Performance from UGG and HOKA - Deckers reported a revenue increase of 9.1%, driven by strong sales from its UGG and HOKA brands [4][16]. 8. Investment Analysis Recommendations - The report suggests focusing on global supply chain manufacturers and outdoor sports brands, highlighting companies like Shenzhou International and Anta Sports as potential investment opportunities [5][18].