Core Viewpoint - The partnership between 应星控股 and PSGA represents a strategic opportunity to enhance the company's market position and diversify revenue streams through collaboration with a globally recognized sports brand [1][2]. Group 1: Partnership Details - 应星控股's wholly-owned subsidiary has entered into a licensing agreement with an entity that holds exclusive rights to operate PSGA in Hong Kong and Macau, with potential expansion into Guangdong Province [1]. - PSGA, established by Paris Saint-Germain Football Club in 2005, offers elite football training programs for children aged 3 to 17, emphasizing technical, tactical, and personal development [1]. Group 2: Strategic Implications - The board believes this collaboration will provide valuable opportunities to strengthen the company's corporate image and market position [2]. - The partnership is expected to lead to diversified revenue sources, potentially resulting in additional returns over time, aligning with the interests of the company and its shareholders [2].

Group 1 - The company has entered into a strategic partnership with an entity that holds exclusive rights to operate the Paris Saint-Germain Academy and produce PSGA-branded merchandise in Hong Kong and Macau, with potential expansion to Guangdong Province [1] - PSGA, established by Paris Saint-Germain Football Club in 2005, offers elite and professional football training for children aged 3 to 17, with all coaches certified by PSG or UEFA [1] - PSGA operates over 130 academies in 15 countries, focusing on technical, tactical, and personal development, while emphasizing PSG's values and preparing young players for high-level competitions [1] Group 2 - The board believes this collaboration provides valuable opportunities to establish a strategic partnership with a globally recognized sports brand, which is expected to enhance the company's corporate image and market position [2] - The partnership is anticipated to diversify the company's revenue sources and potentially yield additional returns over time, aligning with the overall interests of the company and its shareholders [2]

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 就 因 本 公 告 全 部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STAR SHINE HOLDINGS GROUP LIMITED 應星控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1440） 自願公告 業務更新 – 1 – 粵 港 澳 大 灣 區（「大灣區」）的 體 育 市 場 正 經 歷 穩 定 增 長，這 主 要 由 健 康、保 健 及 青 少年發展活動的需求上升所帶動。根據Statista Market Insights的數據，香港作為主 要 樞 紐，其 運 動 器 材 市 場 預 期 於2025年達到564.08百 萬 美 元，並 預 期 於2025年 至 2029年間的年度增長率為4.36%。根 據 粵 港 澳 大 灣 區 發 展 辦 公 室 的 數 據，大 灣 區 擁有超過8,700萬 人 口，在 經 濟 一 體 化 及 跨 區 域 合 作 的 支 持 下，為 青 少 年 運 動 ...

Core Viewpoint - Anta Sports is rumored to be acquiring the American sneaker brand Reebok, which has sparked significant market interest [3][4]. Group 1: Anta's Acquisition Strategy - Anta Sports has a history of strategic acquisitions since 2009, which have significantly boosted its performance [5][8]. - The acquisition of FILA in 2009 for 600 million HKD transformed the brand from a struggling entity into a major revenue contributor, with 2021 revenues reaching 21.8 billion CNY [8][9]. - Following the success with FILA, Anta accelerated its acquisition strategy, including the purchase of Amer Sports for 4.6 billion euros in 2019, which added several high-profile brands to its portfolio [9][10]. - As of now, Anta has built a diverse brand matrix, including Anta, FILA, Descente, Kolon, and Jack Wolfskin, contributing to a revenue of 70.83 billion CNY in 2024, a 13.58% increase year-on-year [10][11]. Group 2: Financial Performance and Challenges - Despite impressive revenue growth, the wealth of Anta's leaders, Ding Shizhong and Ding Shijia, has decreased from a peak of 116.97 billion CNY in 2021 to 71.01 billion CNY in 2025, a drop of 45.96 billion CNY [6][18]. - Anta's revenue growth rate slowed to 13.58% in the last year, down from 16.23% the previous year, indicating potential fatigue in growth momentum [21]. - The company's gross margins have also declined, with the main brands showing a decrease in gross margin percentages compared to the previous year [21]. - Financial pressures are evident, with cash reserves dropping by approximately 25% year-on-year and current liabilities increasing by 38.86%, reaching a high of 28.59 billion CNY [21][22]. - Anta's brand integration faces challenges due to the independent operation of its various brands, complicating marketing and channel strategies [21][22].

Economic Growth - China's GDP grew by 5.3% year-on-year in the first half of the year, with the first quarter at 5.4% and the second quarter at 5.2% [1] - The primary industry increased by 3.7%, the secondary industry by 5.3%, and the tertiary industry by 5.5%, indicating a shift towards a service-oriented economy [1] Consumption and Trade - Consumer demand and foreign trade are key drivers of economic growth, with high-tech products expanding consumption scenarios [2] - The rise of smart home products has met consumer demand for intelligent living, boosting related product consumption [2] Investment Trends - Fixed asset investment nominally grew by 2.8% year-on-year, with actual growth at 5.3% after adjusting for price factors, indicating a disparity between nominal and actual growth [3] - Manufacturing investment increased by 7.5%, while real estate development investment fell by 11.2%, reflecting a cautious investment climate [3][4] Industrial Performance - Industrial output for large enterprises grew by 6.4%, with significant increases in equipment manufacturing (10.2%) and high-tech manufacturing (9.5%) [8] - New industries and technologies are positively impacting China's overall economic competitiveness and are expected to reshape the global industrial division [8] Consumer Price Index - The Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 2.8%, indicating subdued demand in both consumption and investment [8][9] - The core CPI rose by 0.7%, suggesting potential inflationary pressures that need to be monitored [8]

Core Viewpoint - Anta Sports is rumored to be acquiring the American sneaker brand Reebok, which has generated significant market interest. The company has a history of strategic acquisitions that have bolstered its growth, but the wealth of its founders has been declining despite the company's apparent success [4][6][10]. Group 1: Acquisition Strategy - Anta Sports has been actively acquiring brands since 2009, starting with the purchase of the Italian brand FILA for 600 million HKD, which was struggling at the time. The brand was repositioned successfully, leading to significant revenue growth [7][8]. - Following the success with FILA, Anta accelerated its acquisition strategy, including the purchase of Spandi in 2015, a strategic partnership with Japanese brand Descente in 2016, and the acquisition of Korean outdoor brand Kolon in 2017 [8]. - In 2019, Anta, in collaboration with a consortium, acquired Amer Sports for 4.6 billion euros, which includes high-end outdoor brands like Arc'teryx and Salomon, further enhancing its brand portfolio [9]. - Recently, Anta acquired the German outdoor brand Jack Wolfskin for 290 million USD, filling a market gap in its outdoor product line [9][10]. Group 2: Financial Performance - In 2024, Anta Sports reported a revenue of 70.826 billion CNY, a year-on-year increase of 13.58%, with a net profit of 16.989 billion CNY, up 155.96% [10][13]. - The main brands, Anta and FILA, contributed 33.522 billion CNY and 26.626 billion CNY to the revenue, respectively, with growth rates of 10.6% and 6.1% [10]. - The total revenue of Anta and Amer Sports combined exceeded 100 billion CNY for the first time, reaching 108.578 billion CNY, making it the third-largest sports goods group globally [13]. Group 3: Wealth Decline of Founders - The wealth of founders Ding Shizhong and Ding Shijia peaked at 116.97 billion CNY in 2021 but has since declined to 71.01 billion CNY by 2025, a decrease of 45.96 billion CNY [4][17]. - The decline in wealth coincides with a slowdown in Anta's revenue growth and increasing financial pressures, indicating potential underlying issues within the company [17][19]. Group 4: Operational Challenges - Anta's revenue growth rate has slowed to 13.58%, the second-lowest since 2021, indicating a potential fatigue in growth momentum [19]. - The company's gross margins have also declined, with the main brands showing a decrease in gross margin percentages compared to the previous year [19]. - Anta's cash reserves decreased by approximately 25% year-on-year, and its current liabilities surged by 38.86%, indicating financial strain [19][20]. - The independent operation of various brands within Anta complicates brand integration and marketing strategies, leading to potential conflicts and inefficiencies [20][21].

Group 1 - The 12th World Games opened in Chengdu on August 7, showcasing non-Olympic sports and promoting cultural exchange [1] - Li Ning, as the official sportswear partner for the Chinese delegation, designed award outfits that reflect Sichuan culture and environmental technology [1][4] - The theme of this year's World Games is "Unlimited Sports, Diverse Atmosphere," featuring 34 major events including martial arts, rock climbing, and tug-of-war [1] Group 2 - The award outfits incorporate eco-friendly technology, using recycled yarn made from plastic bottles, with each outfit promoting the recycling of over 13 plastic bottles [4] - Li Ning has reused over 190 million plastic bottles in its clothing lines through the use of recycled yarn [4] - The fabric of the award outfits features LNDRY technology for quick-drying and cooling properties, enhancing comfort for athletes [4] Group 3 - Li Ning introduced a creative 3D short film featuring a "Sports Panda" to promote sports participation on China's 17th National Fitness Day [5] - The film showcases various sports while integrating local cultural elements, and Li Ning stores in Chengdu are hosting interactive events for consumers [5] - The award outfits serve as a vibrant representation of Chinese traditional culture and professional environmental technology, embodying the spirit of Chinese athletes [6]

Core Insights - The event "Wanda Special Night" is a key activity of the 2025 (6th) Hebei Sports Consumption Season, promoting both sports participation and consumer engagement [1][10] - The event aims to activate the night economy in the city while promoting the concept of "New Sports, New Life" through interactive experiences [1][10] Event Highlights - The event commenced with a dynamic fitness class, attracting over 150 fitness enthusiasts and media representatives [3][10] - More than 20 brands participated, offering exclusive discounts, with some promotions reaching nearly 50% off, valid until August 31 [3][5] Discounts and Offers - Sports equipment discounts included 59% off on new products from Hongxing Erke, and significant savings on children's apparel from Jordan [5] - Food and beverage discounts featured items like a signature watermelon ice for 12.9 yuan, and various tea brands offering up to 8.8% off [6] Leisure and Lifestyle Promotions - The event also included lifestyle discounts, such as 150 yuan off on jewelry repairs and various promotions on home goods and entertainment [7] - Fitness services were offered at low prices, including a 9.9 yuan trial class and 30% off summer training courses [8] Overall Impact - The "Wanda Special Night" created a consumption chain linking sports activities with shopping, enhancing the synergy between exercise and consumer spending [10] - The Hebei Sports Consumption Season has introduced over 782 promotional measures across more than 300 sports enterprises, focusing on benefiting the public [10]

Core Insights - The article highlights the increasing enthusiasm for sports consumption among Guangzhou residents, driven by the concept of national fitness and social attributes of sports activities [1][2] Group 1: Sports Consumption Trends - The sales of badminton and table tennis equipment have seen significant growth, with badminton sales increasing by nearly 50% and table tennis equipment sales rising by approximately 30% this year [2] - The popularity of lightweight and flexible fitness activities such as cycling, running, and badminton is on the rise, supported by social platforms and corporate team-building events [2][5] - The trend of "travel + fitness" is emerging, with sports-related travel products like hiking, cycling, and water sports gaining popularity among tourists [5] Group 2: Retail and Online Sales Performance - Retailers like Decathlon have reported a surge in sales of sports equipment, with small fitness items like resistance bands and shuttlecocks seeing sales growth of over 100% [2] - Online sales of sports apparel and outdoor gear have also increased significantly, with categories like running shoes and sports T-shirts seeing over 200% growth compared to last year [4] - In Guangdong, sales of sports apparel and outdoor equipment have shown double-digit growth, with niche activities like surfing and diving becoming mainstream, leading to a 60% increase in related equipment sales [4] Group 3: Event-Driven Tourism - The "follow the event to travel" trend has become a highlight of this summer's tourism market, with various local sports events attracting tourists and boosting local economies through related consumption [5] - Destinations are launching promotional activities around sports events to attract visitors, enhancing the overall tourism experience and extending visitor stays [5]

Core Viewpoint - Anta Group is reportedly close to finalizing an agreement to acquire the Reebok brand from Authentic Brands Group (ABG) after a four-year hiatus in acquisition talks [1] Group 1: Acquisition Details - The news of the potential acquisition gained traction on social media, receiving positive reactions from Anta Group executives [2] - However, Anta Group publicly stated that it does not comment on market rumors [3] - ABG quickly denied the acquisition rumors, with Steve Robaire, Executive Vice President of Reebok and Champion, asserting that ABG has no intention of selling Reebok now or in the future [4] Group 2: Background on Reebok - ABG acquired Reebok from Adidas in 2021 for approximately $2.5 billion, marking the largest acquisition in ABG's history [4] - ABG operates on a light-asset brand management model, rarely independently managing brands [5] Group 3: Reebok's Market Performance - Reebok's expansion in the Chinese market has been sluggish, with store openings slowing down from 15 in 2022 to 36 by the end of 2024, primarily in outlet channels [6] - In 2024, Reebok's revenue in China is expected to decline by 19% year-on-year, with online sales dropping nearly 50% compared to 2021, totaling only 160 million yuan [6] - Reebok's global market share is projected to be less than 1.5% in 2024, raising doubts about ABG's ambitious $10 billion sales target by 2027 [6] Group 4: Strategic Value for Anta - Despite challenges, Reebok holds potential value for Anta, as the brand could fill a gap in Anta's portfolio for a mid-to-high-end sports brand [7] - Reebok, once a competitor to Nike and Adidas, possesses established channels in mature markets and valuable brand equity [7] - Reebok has expanded its global partnerships with retailers like Foot Locker and JD Group, enhancing its market presence [8] Group 5: Financial Considerations - The acquisition could face significant financial challenges, with estimates suggesting that the transaction amount would not be less than $2 billion [10] - As of the end of 2024, Anta's net cash level is approximately 31.4 billion yuan, and the company has made two acquisitions in 2023, totaling around 2.64 billion yuan and 2.08 billion yuan respectively [11] - The difficulty of financing the acquisition is heightened compared to previous attempts, as market confidence and stock performance have fluctuated [11]