蒙牛于3月26日盘后公布了2024财年业绩。2024年，总销售额同比下降10.1%，至886.75亿元人民币(这 意味着2024年下半年销售额同比下降7.4%)，与高盛预计的下降10.8%以及Visible Alpha预计的下降9.5% 基本一致。公布的核心营业利润(按公司定义)为72.57亿元人民币，同比增长17.6%(2024年下半年同比增 长43%)，大幅超出高盛预计的67.53亿元人民币以及市场预期，使得营业利润率同比扩张190个基点，达 到8.2%，这主要得益于毛利率的提升。相比之下，高盛预计的扩张幅度为142个基点，而公司此前指引 的同比扩张幅度为30-50个基点。公布的净利润为1.05亿元人民币，与盈利预警中公布的5000万至2.5亿 元人民币的区间基本相符，而高盛预计为1.56亿元人民币。经调整后的经常性净利润为56.02亿元人民币 (高盛计算得出)，同比增长13%，略高于高盛预计的55.23亿元人民币以及Visible Alpha市场共识的48.41 亿元人民币。公司提议将股息支付率从2023年经调整利润(不包括与贝拉米相关的减值以及现代牧业的 份额)的40%提高至45%，这使得每股股息为0 ...

截至2024年12月31日止第四季度，李宁销售点(不包括李宁YOUNG)于整个平台的零售流水按年取得高 单位数增长。就渠道而言，线下渠道(包括零售及批发)取得中单位数增长，其中零售(直接经营)渠道取 得低单位数下降，批发(特许经销商)渠道取得中单位数增长;电子商务虚拟店铺业务取得10%-20%中段增 长。 截至2024年12月31日，于中国，李宁YOUNG销售点数量共计1468个，较上一季末净增加9个，本年迄 今净增加40个。 李宁(02331)发布截至2024年12月31日止年度的全年业绩，收入286.76亿元(人民币，下同)，同比增加 3.9%;毛利141.56亿元，同比增加6.02%;股东应占溢利30.13亿元;每股基本收益116.98分;拟派发末期股息 每股20.73分。 公告称，本年，得益于线上渠道的深度开发、规模效应显现及成本控制的优化，本年电商业务收入增长 10.3%;公司通过加强与经销商的合作，优化产品供应，提供更具竞争力的产品组合，提升与经销商之间 的协同效率，实现库存优化及订单快速响应;带来经销收入同比增长2.6%;及受整体消费环境及市场竞争 加剧影响，公司对零售渠道进行了优化调整，零售收 ...

Group 1 - The article highlights the recent focus of high-level government officials on local industry development, foreign trade, and anti-corruption efforts during their inspections in various provinces [2][3][10] - The General Secretary emphasized the importance of high-quality development in Guizhou and Yunnan, advocating for the growth of digital economy and new energy industries, as well as the need for a favorable business environment [9][10] - The Prime Minister's inspection in Fujian focused on stabilizing foreign trade and enhancing the role of private enterprises in the economy, with specific visits to companies like Anta Group and Meituan [10][11] Group 2 - The Central Bank's monetary policy meeting discussed the need for increased monetary policy adjustments in response to complex external economic conditions, suggesting potential interest rate cuts and a focus on long-term yield changes [4][12] - A new regulatory mechanism for enterprise-related fees was proposed, aiming to create a transparent fee structure and eliminate unauthorized charges, which could positively impact the business environment [4][11] - The government is looking to enhance consumer spending by increasing residents' income and optimizing the consumption environment, indicating a potential boost for sectors like tourism and services [12]

Investment Rating - The investment rating for Anta Sports is "Buy" and is maintained [6]. Core Views - Anta Sports is expected to achieve a revenue of 70.83 billion yuan in 2024, representing a year-on-year growth of 13.6%. The net profit attributable to shareholders is projected to be 15.6 billion yuan, a year-on-year increase of 52.4%. Excluding the gains from the Amer listing and placement, the net profit is expected to be 11.93 billion yuan, reflecting a 16.5% year-on-year growth. Overall, the revenue and performance are in line with expectations, although the operating profit margin (OPM) is slightly lower than anticipated after excluding government subsidies [2][4]. Summary by Sections Revenue and Profit Forecast - For 2024, Anta's revenue is forecasted at 70.83 billion yuan, with a growth rate of 14%. The net profit is expected to be 15.6 billion yuan, showing a significant increase of 52%. The earnings per share (EPS) is projected to be 5.56 yuan, with a price-to-earnings (P/E) ratio of 14.82 [9]. Brand Performance - In 2024, the revenue growth for Anta, FILA, and other brands is expected to be 10.6%, 6.1%, and 53.7%, respectively. The Anta brand is experiencing rapid growth, particularly in top-tier markets, while FILA is undergoing adjustments with a new CEO expected to drive high-quality growth [7]. Margin Analysis - The operating profit margins for Anta and FILA are projected to decline by 1.2 and 2.3 percentage points, respectively, due to increased e-commerce channel contributions and rising product development costs. The overall OPM is expected to be 21.0% for Anta and 25.3% for FILA, with government subsidies contributing positively to performance [7]. Future Outlook - Short-term challenges include pressure on OPM due to high marketing and promotion expenses. However, the long-term growth potential remains strong, particularly with the multi-channel store strategy and FILA's adjustments. The net profit forecasts for 2025-2027 are 13.4 billion, 15.0 billion, and 16.6 billion yuan, with respective year-on-year growth rates of 13%, 11%, and 11% [7][9].

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Fiscal Year**: 2024 - **Sales Revenue**: 70.8 billion RMB, with a strong performance across brands [3][2] Key Financial Performance - **Anta Brand Contribution**: 33.5 billion RMB, 47.3% of total revenue, up 10.6% YoY [3][2] - **FILA Brand Contribution**: 26.6 billion RMB, 37.6% of total revenue, up 6.1% YoY [3][2] - **Other Brands Contribution**: 10.7 billion RMB, with growth exceeding 40% [3][2] - **Overall Gross Margin**: 62.2%, Net Margin: 23.4% [2][3] - **2025 Revenue Growth Projections**: High single-digit growth for Anta, mid-single-digit for FILA, and over 30% for other brands [2][3] Strategic Initiatives - **ESG Integration**: ESG is central to corporate strategy, focusing on energy transformation and operational efficiency [2][4] - **Multi-Brand Strategy**: Targets different consumer segments with value propositions, including zero-carbon stores and Design V3 product series [2][4] - **Retail Network Optimization**: Closing inefficient stores while opening high-efficiency ones to support revenue growth [15][16] Market Positioning and Competition - **Pricing Strategy**: Anta adopts a strategy of brand elevation with lower pricing to counter market competition [5][2] - **New Retail Formats**: Introduction of Champion Stores and Super Anta Stores aimed at enhancing brand influence, particularly in lower-tier markets [5][2] - **E-commerce Strategy**: Anta's e-commerce penetration is approximately 35%, with a balanced approach between online and offline sales [8][2] Brand-Specific Developments - **FILA Brand Leadership**: New CEO Jiang Yan to reassess brand positioning and product strategy, focusing on tennis and golf segments [10][2] - **Store Expansion Plans**: Anta aims to increase flagship stores to 190-200, while FILA will selectively open new stores [9][2][15] Supply Chain and Taxation - **Supply Chain Collaboration**: High autonomy for brands with shared services in procurement to enhance efficiency [13][2] - **Effective Tax Rate**: Expected to remain between 26%-27%, influenced by one-time non-cash items and project-specific tax rates [14][2] International Expansion - **Overseas Market Strategy**: Focus on Southeast Asia, Middle East, and North Africa for business expansion, with plans to enter the North American market through partnerships [18][21] - **Local Product Development**: Introduction of products tailored to local climates in overseas markets [19][21] Long-term Outlook - **Growth Potential**: Anta emphasizes long-term value creation, focusing on product quality and a multi-brand global strategy [22][23] - **Market Ceiling Concerns**: Anta does not set market ceilings but continuously redefines brand value propositions to meet consumer needs [24][2] - **Competitive Advantage**: Maintains a cautious yet optimistic outlook, leveraging product innovation and brand activities to enhance market presence [25][2]

Core Points - Shuhua Sports Co., Ltd. is preparing for its 2024 Annual General Meeting, scheduled for April 2, 2025, to discuss various proposals including financing and employee stock ownership plans [1][3][4] Meeting Procedures - Attendees must arrive 30 minutes early for registration and verification of their attendance qualifications [2] - The meeting will maintain order and protect the rights of shareholders, allowing them to speak and vote on the proposals [2][3] - Voting will be conducted via ballot, with each share granting one vote [2][3] Agenda Items - The meeting will cover several key proposals, including: - Financing credit applications and guarantees for loans [1][26] - Authorization for the board to manage the 2025 employee stock ownership plan [1][26] - Review of the 2024 Board of Directors' work report [1][6] - Approval of the 2024 annual financial report and profit distribution plan [1][20][23] Financial Performance - In 2024, Shuhua Sports reported a net profit of 90.33 million yuan, a decrease of 29.96% year-on-year, with operating profit at 115.13 million yuan, down 31.83% [7][20] - The company’s total assets increased by 14.53% year-on-year, while net assets decreased by 2.58% [20] Financing and Guarantees - The company plans to apply for a total financing credit limit of up to 1.5 billion yuan for various operational needs, including short-term loans and project financing [26][27] - The company and its subsidiaries will provide joint liability guarantees for the financing [27][28] Shareholder Proposals - A proposal for a cash dividend of 0.20 yuan per share, totaling approximately 82.28 million yuan, which represents 91.09% of the net profit for 2024 [23][24] - The proposal to renew the auditing firm for 2025, with expected fees not exceeding 1.5 million yuan [24] Governance and Compliance - The board emphasizes adherence to legal and regulatory requirements in its operations and decision-making processes [10][11] - The company aims to enhance its internal control systems and risk management frameworks to ensure sustainable development [11][18]

北京市竞天公诚律师事务所（以下称"本所"）接受舒华体育股份有限公司 （以下称"公司" 北京市竞天公诚律师事务所 关于舒华体育股份有限公司 2025 年员工持股计划的 法律意见书 致：舒华体育股份有限公司 舒华体育: 北京市竞天公诚律师事务所关于舒华体 育股份有限公司2025年员工持股计划的法律意见书 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: （8610）58091000 传真: （8610）58091100 对于出具本法律意见书至关重要而又无法得到独立证据支持的事实，本所依 赖于有关政府主管部门、公司及其他有关机构出具的说明或证明文件而出具相应 的法律意见。 "舒华体育"）的委托，担任公司 2025 年员工持股计划（以下 称"本员工持股计划"或"2025 年员工持股计划"）相关事宜的专项法律顾问。 本所律师根据《中华人民共和国公司法》 （以下称"《公司法》"）、 《中华人民共和 本法律意见书仅供公司为实施本员工持股计划之目的使用，不得用作任何其 国证券法》（以下称"《证券法》"）、中国证券监督管理委员会（以下称"中国证 监会"）发布的《关于上市公司实施员 ...

Group 1 - The core viewpoint of the article highlights the growing potential of the health consumption market, driven by new policy initiatives aimed at boosting consumption [3] - The "Special Action Plan to Boost Consumption" issued by the Central Committee and the State Council emphasizes the importance of health consumption as a significant part of the new consumption market [3] - There is an increasing demand for health services among consumers, indicating a shift towards prioritizing health and wellness in their purchasing decisions [3][7] Group 2 - Consumers are now focusing not only on the functional aspects of products but also on their emotional and experiential value [5] - Sports brands are innovating their business models from pure product sales to a combination of "products + services + community," enhancing the overall consumer experience [5] - The trend of creating offline sports communities is helping brands to engage consumers and foster a sense of enjoyment in physical activities [5] Group 3 - The health consumption sector in China is expanding its consumer base, with more young people adopting an "active management" approach to their health [7] - The phrase "the state calls you to lose weight" has become a popular trend, reflecting new health consumption demands and the pursuit of scientific weight management solutions [7] - As health management becomes a priority for more consumers, the health consumption market is expected to accelerate, leading to an optimized and upgraded consumption structure [7]

人事变动 周大福任命首席财务官 中国珠宝集团周大福任命叶家盈（Karen Yih）出任周大福珠宝集团的首席财务官，接替董事局成员兼执行董事郑 炳熙，后者将专注于策略性监督，负责资本管理、投资者关系及公司秘书事务。自4月1日生效。 在新职位上，叶家盈将致力于推动集团在财务管理、长期增长和转型策略（包括财务规划与分析、财务报告、财 务运营管理、风险管理及法律事务）等方面的进展。加入集团之前，她曾担任星巴克中国的首席财务官，领导财 务团队支持可持续的业务增长、提升资本回报，同时确保财务纪律。在她早期的职业生涯中曾在百事可乐亚太区 和星巴克亚太区担任高级领导职位，负责主导进入新市场以及拓展多个国际市场的工作。 传 Prada 或将新加入一名联合创意总监 周大福任命首席财务官，传 Prada 或将新加入一名联合 创意总监｜人事周报 Nike首席战略官和传播官Daniel Heaf将离任，他的职位将被取消，他负责的团队也将被整合至财务部门。此外， 首席通讯官KeJuan Wilkins也将离职，他已在公司工作近20年。他在前任首席执行官John Donahoe的领导下于2023 年升任首席通讯官，集团尚未任命其继任者。据 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020) with a target price based on the last closing price of 93.15 HKD [1][11]. Core Insights - Anta Sports reported a revenue of 70.83 billion CNY for 2024, representing a year-on-year increase of 13.6%. The net profit attributable to shareholders was 15.6 billion CNY, up 52% year-on-year, excluding one-time gains from Amer Sports' listing [4][11]. - The company plans to distribute a dividend of 2.36 HKD per share, with a payout ratio of 51.4% [4]. Summary by Sections Financial Performance - Anta's revenue growth exceeded expectations, with a notable performance from its outdoor brands [4]. - The revenue breakdown shows Anta brand grew by 10.6% to 33.5 billion CNY, while FILA increased by 6.1% to 26.63 billion CNY. Other brands saw a significant growth of 54% to 10.7 billion CNY [5][6]. Brand Performance - Anta brand maintained a double-digit growth, while FILA focused on high-quality growth. Other brands continued to show strong growth [5]. - The introduction of new retail formats and successful product launches, such as the PG7 running shoes, contributed to the brand's performance [5]. Channel Performance - Online sales increased by 21.8%, accounting for 35.1% of total revenue. The offline channel also saw growth with a net increase in store count [6]. - Amer Sports turned profitable, with a revenue increase of 18% to 5.18 billion USD, led by strong performance in the Greater China region [6]. Operational Efficiency - The gross margin slightly decreased to 62.2%, attributed to changes in product and channel mix. Marketing and R&D expenses increased, reflecting the company's commitment to innovation and brand promotion [7]. - The company maintained a healthy cash flow with a net cash position of approximately 31.4 billion CNY [7]. Future Outlook - The company expects continued growth in 2025, with Anta brand projected to grow in high single digits, FILA in mid-single digits, and other brands over 30% [10]. - The management's confidence is reflected in a 10 billion HKD share buyback plan, with 2 billion HKD already executed [10]. Earnings Forecast - The forecast for 2025 indicates a net profit of 13.6 billion CNY, with a projected PE ratio of 18 times [12].