Core Insights - The sports market is shifting towards a passive growth phase, with major brands experiencing varying degrees of sales performance [1][5] Group 1: Company Performance - Anta Sports reported low single-digit year-on-year growth in retail sales for its brand products in Q3 2025, while FILA also saw similar growth [1] - Li Ning experienced a decline in retail sales, with a mid-single-digit drop in Q3, particularly in offline channels [1] - Nike's revenue in Greater China fell by 10% to $1.512 billion (approximately 10.775 billion RMB) for the latest fiscal quarter ending August 31, 2025 [1] - Peak's domestic direct sales segment has been continuously losing money, with losses exceeding 130 million RMB from January to July 2025, leading to significant salary cuts [1][2] Group 2: Market Opportunities - Anta is exploring new market segments, with its "other brands" category, including DESCENTE and KOLON, achieving a retail sales growth of 45-50% year-on-year in Q3 [2] - Both Anta and Li Ning are increasing their investment in research and development, with Anta establishing partnerships with universities for sports shoe design education [3][4] Group 3: Competitive Landscape - The current market dynamics indicate a trend towards intensified competition among major players in the sports industry [5]

Core Insights - The competition between Nike and Adidas has defined the global sports footwear and apparel industry, with both brands historically dominating the market [1][2][3] Market Dynamics - Nike surpassed Adidas in North America in 1980, achieving a market share of 50%, while Adidas struggled due to a lag in the sports fashion trend [2] - Adidas began to recover in the 1990s by focusing on sports fashion and launched the Originals retro series in 1996, maintaining over 20% growth since 1994 [2] - In China, the competition has intensified since 2017, with domestic brands like Anta and Li Ning rapidly gaining market share, leading to a decline in Adidas's position [3][4] Financial Performance - As of the latest fiscal quarter ending August 31, 2025, Nike's revenue in Greater China fell by 10% year-on-year to $1.512 billion (approximately 10.775 billion RMB), with declines across various channels [7] - Adidas reported a 2.2% year-on-year revenue increase to €5.952 billion (approximately 49.625 billion RMB) in Q2, with Greater China being a significant growth driver, showing an 11% increase to €798 million (approximately 6.653 billion RMB) [12] Competitive Landscape - The domestic sports market is under pressure, with brands like Peak reporting significant losses and implementing salary cuts [9] - The rise of domestic brands has eroded Nike's pricing power, as they offer high-quality products at competitive prices [10] Strategic Moves - Adidas's CEO, Bjorn Gulden, has made multiple visits to China, indicating a strategic focus on the market, which is crucial for the brand's recovery [13][14] - Nike is also increasing its investment in China, planning to enhance its retail experience and product offerings to regain market share [17][20] Market Share Trends - Adidas's market share in China has dropped from 15% in 2021 to 8.7% in 2024, while Nike's share decreased from 18.1% to 16.2% [14] - Anta and Li Ning have increased their market shares, with Anta rising from 9.8% to 10.5% and Li Ning from 9.3% to 9.4% [14] Leadership Changes - Nike has appointed Dong Wei as the new chairperson and CEO for Greater China, emphasizing the importance of the Chinese market for its overall strategy [20][21]