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Core Viewpoint - The article discusses the backlash faced by Anta Sports and its high-end outdoor brand Arc'teryx (始祖鸟) due to an art fireworks show held at high altitude, which sparked environmental concerns and led to a crisis in brand trust and market value [4][5][6]. Group 1: Event Overview - The fireworks show, intended to celebrate nature and high mountain culture, instead resulted in widespread criticism regarding its environmental impact [5][6]. - Following the event, local authorities initiated an investigation, and both the artist Cai Guoqiang and Arc'teryx issued apologies, acknowledging the need for better environmental assessments [6][7]. Group 2: Market Reaction - The stock price of Anta Sports dropped significantly, with a decline of 2.22% and 0.95% on September 22 and 23, respectively, leading to a market value loss of over 10 billion HKD [7]. - As of September 25, Anta Sports' market capitalization was 260.6 billion HKD, down from its value prior to the event [7]. Group 3: Brand Performance - Arc'teryx has become the largest brand under Amer Sports, contributing 42.3% of revenue in 2024, surpassing Salomon's 35.4% [10]. - Despite revenue growth, Arc'teryx faces challenges, including a slowdown in growth rates and quality issues reported by consumers [10][12]. Group 4: Strategic Challenges - Anta's multi-brand strategy has been effective in driving financial performance, with a projected profit increase of 52.4% in 2024, but the recent crisis highlights the need for better management of brand values and consumer trust [13][14]. - The incident raises questions about Anta's commitment to ESG principles, as the fireworks show contradicted the brand's sustainability messaging [14][15].

Core Viewpoint - The company Arc'teryx has faced a significant brand marketing disaster by promoting its products in a controversial manner, particularly by using fireworks in a sensitive environment like the Himalayas at an altitude of 5,500 meters [1] Group 1 - Arc'teryx has successfully marketed niche outdoor apparel into a must-have item for the middle class [1] - The recent marketing stunt has been described as an epic failure, raising questions about the company's judgment [1] - The incident highlights the potential pitfalls of aggressive marketing strategies in sensitive locations [1]

——本文为"亚玛芬体育" 出品 | 搜狐财经 研究员 | 王晓潇 "炸山"营销 当烟花在喜马拉雅山脉海拔5500米处绽放，彩色的烟雾顺着山脊漫延3公里时，联合策划方始祖鸟不会料到，这场 名为《升龙》的烟花艺术营销，会迅速引爆关于品牌环境承诺真实性的信任危机。 尽管主办方后续强调使用了高级别的"生物可降解材料"，并且采取了生态保护措施，相关手续合规，但这样的回应 未能平息争议。 不少观点认为，青藏高原生态系统极其脆弱，可降解材料的实际降解情况难以评估；同时，爆破 产生的噪声、光污染，以及人类活动，都可能对当地动植物的生存造成影响。 始祖鸟在可持续发展领域并非没有规划，相反，公司早有一套相对系统的布局。从公司此前披露的文件来看，品 牌内部设有由 CEO 牵头、高管团队共同组成的 "可持续发展指导委员会"，每两个月会召开专项会议，推动关键可 持续议题落地。到2023年，品牌还进一步细化了执行层面的力量，成立了三个专项工作组，分别聚焦"气候变化应 对""循环经济推进" 和 "负责任采购实施"三大方向。 在具体目标与行动上，始祖鸟也制定了明确的碳减排进程。根据科学碳目标（SBT）官网的认证信息，始祖鸟品牌 计划到203 ...

图：亚玛芬体育 【编者按：ESG年报解读是搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专栏。参考上 交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，迭代完善各行业ESG星级测评体系标准， 并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司2024年环境资源、社会责任及公司管治进行 评价】 ——本文为"亚玛芬体育" 出品 | 搜狐财经 研究员 | 王晓潇 "炸山"营销 当烟花在喜马拉雅山脉海拔5500米处绽放，彩色的烟雾顺着山脊漫延3公里时，联合策划方始祖鸟不会料到，这场 名为《升龙》的烟花艺术营销，会迅速引爆关于品牌环境承诺真实性的信任危机。 尽管主办方后续强调使用了高级别的"生物可降解材料"，并且采取了生态保护措施，相关手续合规，但这样的回应 未能平息争议。 不少观点认为，青藏高原生态系统极其脆弱，可降解材料的实际降解情况难以评估；同时，爆破 产生的噪声、光污染，以及人类活动，都可能对当地动植物的生存造成影响。 祖鸟在可持续发展领域并非没有规划，相反，公司早有一套相对系统的布局。从公司此前披露的文件来看，品牌 内部设有由 CEO 牵头、高管团队共同组 ...

Core Viewpoint - The outdoor brand Arc'teryx faced significant backlash after hosting a fireworks show in the environmentally sensitive region of the Himalayas, which contradicted its brand values of environmental protection and outdoor ethics [1][4][14]. Group 1: Event Overview - Arc'teryx collaborated with artist Cai Guoqiang for a fireworks event titled "Ascend Dragon" at an altitude of 5,500 meters in the Himalayas, intending to celebrate Eastern dragon culture and reinforce its high-end outdoor brand image [1][3]. - The event, instead of receiving praise, sparked widespread criticism from environmentalists and outdoor enthusiasts, leading to the deletion of related content by both Arc'teryx and Cai Guoqiang [4][5]. Group 2: Brand Image and Market Position - Arc'teryx, established in 1989 and acquired by Anta Group in 2019, has become a leading brand in China's outdoor market, targeting affluent outdoor enthusiasts [6][7][8]. - The brand's products are highly sought after, with items like a limited edition jacket selling for up to 20,000 yuan in the second-hand market, reflecting its status as a luxury outdoor brand [10][11]. Group 3: Consumer Sentiment and Brand Trust - The fireworks incident has led to a crisis of trust among consumers, particularly among middle-class outdoor enthusiasts who value environmental consciousness [14][18]. - Many consumers expressed anger over the event, indicating a potential reevaluation of their loyalty to the brand, which could impact future sales [14][18]. Group 4: Financial Performance and Challenges - Despite the controversy, Arc'teryx's parent company, Amer Sports, reported strong financial performance, with a 23% year-on-year revenue increase to $1.236 billion in Q2 2025, driven largely by the Chinese market [16][20]. - However, the growth rate for the technical apparel segment has begun to decline, with revenue growth slowing from 34% to 23% year-on-year, indicating potential challenges ahead [20][21]. Group 5: Reflection and Future Considerations - The incident highlights a disconnect between Arc'teryx's brand values and its marketing strategies, necessitating a reassessment of its approach to environmental issues and consumer expectations [22][23]. - The brand must balance its commercial ambitions with its commitment to environmental sustainability to avoid further reputational damage [24][25].

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]

Group 1: Arc'teryx Controversy - Arc'teryx issued an apology regarding a controversial fireworks display, stating they are in direct communication with the local artist and their Chinese team to resolve the issue and will change their working methods to prevent future occurrences [1] - The apology has been criticized for appearing to distance the brand from its Chinese team, with discrepancies noted between the English and domestic versions of the statement [1] Group 2: Berkshire Hathaway's Investment in BYD - Berkshire Hathaway has completely divested its stake in BYD, marking the end of a 17-year investment that began in 2008 with a $230 million purchase of 225 million shares, representing 9.89% of the company [4] - During the holding period, BYD's stock price increased approximately 3890%, significantly benefiting Berkshire Hathaway [4] - As of June 2024, Berkshire's stake in BYD was reduced to below 5% after selling nearly 76% of its shares since August 2022 [4] Group 3: NIO's ES8 Pricing Strategy - NIO's CEO Li Bin announced the new ES8 pricing starting at 408,600 yuan, with a battery rental option beginning at 298,800 yuan, emphasizing that the pricing reflects reasonable margins and is not driven by price wars [5][6] - Li noted that advancements in technology and management efficiency have contributed to reduced costs, allowing for a more competitive pricing strategy [6] Group 4: Pre-packaged Food Market Developments - Sam's Club has introduced pre-packaged dishes from the Jiumaojiu Group, including items priced at 119.9 yuan for the Tai Er sour fish dish, indicating a potential new revenue growth area for the company [6] - Jiumaojiu's financial performance showed a decline in revenue across its core brands, with total revenue of 2.753 billion yuan and a net profit of 61 million yuan in the first half of 2025 [6] Group 5: Regulatory Developments in Pre-packaged Food - The State Council's Food Safety Office is actively promoting the establishment of national standards for pre-packaged food and advocating for clear labeling in the restaurant sector to protect consumer rights [18]

Core Viewpoint - The recent fireworks event by Arc'teryx in the Himalayas has sparked significant controversy regarding environmental impact and cultural insensitivity, challenging the brand's image as a nature-respecting outdoor company [6][7][8]. Summary by Sections Event Overview - Arc'teryx, a brand under Amer Sports, held its third annual "Towards Beauty" event in the Himalayas, collaborating with artist Cai Guoqiang for a fireworks art project called "Ascending Dragon" [4][5]. Public Reaction - The event faced backlash on social media, with many users criticizing the ecological implications of fireworks in a fragile high-altitude environment, despite claims of using biodegradable materials [6][7]. - The brand's long-standing image of "respecting nature" has been questioned, leading some consumers to express intentions to stop purchasing Arc'teryx products [8]. Brand Performance - Arc'teryx has been a popular outdoor brand in China, with its parent company, Amer Sports, reporting a 42% year-on-year revenue increase in the Greater China region for the first half of 2025, amounting to $856 million (approximately 6.094 billion RMB) [12]. - The outdoor functional apparel segment, which includes Arc'teryx, saw a revenue growth of 26% to about $1.173 billion in the first half of 2025, following a 36% growth in 2024 [12]. Industry Trends - Outdoor brands are shifting marketing strategies from high-end malls to natural settings, enhancing consumer engagement through outdoor experiences and cultural exchanges [13].

Group 1 - The incident involving Arc'teryx's sponsorship of artist Cai Guoqiang's fireworks display in Tibet has raised concerns about potential ecological harm, prompting local authorities to investigate the matter [1] - Arc'teryx issued an apology, acknowledging the misalignment between their intentions and the execution of the project, and committed to a thorough environmental impact assessment with third-party experts [1] - The parent company Amer Sports, acquired by Anta Sports, has seen significant growth, with a market capitalization exceeding $20 billion and a strong performance in the Greater China region [2] Group 2 - Amer Sports reported a revenue of $2.709 billion for the first half of 2025, with a year-on-year growth of 23.5%, and Greater China revenue grew by 42.4% to $856 million [2] - Anta Sports also achieved a record revenue of RMB 38.54 billion in the first half of 2025, reflecting a 14.3% increase, surpassing market expectations [2] - Anta's acquisition strategy focuses on brands with strong value and potential, aiming for effective management and collaboration to enhance market competitiveness [3]