Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, the company achieved a total revenue of 3.2 billion yuan, representing a year-on-year increase of 6.7%. However, the net profit attributable to the parent company was 620 million yuan, down 18.7% year-on-year, and the net profit excluding non-recurring items was 580 million yuan, down 21.4% year-on-year. For Q3 alone, revenue was 1.1 billion yuan, up 3.2% year-on-year, while net profit attributable to the parent company was 210 million yuan, down 27.4% year-on-year, and net profit excluding non-recurring items was 190 million yuan, down 32.0% year-on-year [2][6]. Summary by Sections Revenue and Profitability - The company reported a revenue of 3.2 billion yuan for the first three quarters of 2025, with a year-on-year growth of 6.7%. The net profit attributable to the parent company was 620 million yuan, reflecting a decline of 18.7% year-on-year. The net profit excluding non-recurring items was 580 million yuan, down 21.4% year-on-year. In Q3, revenue reached 1.1 billion yuan, a 3.2% increase year-on-year, while net profit attributable to the parent company was 210 million yuan, down 27.4% year-on-year [2][6]. Cost and Margin Analysis - The gross margin for Q3 improved by 1.3 percentage points to 75.1%. The increase in sales expenses was attributed to the company's ongoing store openings and high marketing investments. The net profit margin decreased by 7.9 percentage points to 18.7% [11]. Inventory and Cash Flow - The company's inventory increased by 27% year-on-year to 1.13 billion yuan, while accounts receivable decreased by 14% to 310 million yuan. The inventory turnover days increased by 55 days year-on-year to 360 days. The net cash flow from operating activities was 480 million yuan, down 26% year-on-year, but still significantly higher than profit levels [11]. Future Outlook - The company is expected to see revenue growth driven by direct store openings and e-commerce channel expansion. The multi-brand strategy is anticipated to yield positive results, with projected net profits attributable to the parent company of 640 million yuan, 730 million yuan, and 820 million yuan for 2025, 2026, and 2027, respectively. The current price corresponds to a PE ratio of 14, 13, and 11 times for the respective years [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first three quarters of 2025, the company achieved a revenue of 3.89 billion yuan, representing a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 380 million yuan, up 2.0% year-on-year. In Q3 alone, revenue was 1.34 billion yuan, with a year-on-year growth of 1.9%, and a net profit of 110 million yuan, increasing by 2.8% year-on-year [2][5]. Summary by Sections Financial Performance - The company reported a revenue of 3.89 billion yuan for the first three quarters of 2025, with a slight increase of 0.6% year-on-year. The net profit attributable to shareholders was 380 million yuan, reflecting a year-on-year growth of 2.0%. For Q3, the revenue was 1.34 billion yuan, up 1.9% year-on-year, and the net profit was 110 million yuan, an increase of 2.8% year-on-year [2][5]. Operational Insights - The overall operation remains stable, with slight growth in revenue and net profit. The fine wool yarn business faced some pressure, while the wool top business remained stable, and the cashmere business performed relatively well. Recent increases in wool prices may drive revenue and performance in Q4 if orders are fulfilled [12]. Profitability Analysis - The profitability showed slight improvement, with the gross margin increasing by 1.1 percentage points to 17.6% in Q3. The tax rate increased by 1.1 percentage points, slightly affecting the net profit margin, which rose by 0.1 percentage points to 8.0%. Future expectations are optimistic with potential for further profit margin optimization due to rising wool prices and order fulfillment [12]. Future Outlook - In the short term, the company benefits from low-cost raw material inventory, providing flexibility in revenue and gross margin. In the medium to long term, the company is steadily expanding its production capacity, and under its broadband strategy, the expansion of capacity and product categories is expected to drive growth and increase market share. The forecast for net profit attributable to shareholders for 2025-2027 is 460 million, 550 million, and 580 million yuan, respectively, with corresponding price-to-earnings ratios of 12, 10, and 10 times [12].

Investment Rating - The industry investment rating is "Positive" and maintained [5] Core Insights - Deckers reported revenue of $1.43 billion for FY2026Q2, a year-on-year increase of 9%, aligning with market expectations [3][4] - Gross margin improved by 0.3 percentage points to 56.2%, driven by product price increases, improved product mix, favorable currency fluctuations, and cost-sharing on tariffs [3][4] - Net profit margin increased by 0.3 percentage points to 18.7%, supported by a decrease in the effective tax rate [3][4] Revenue Breakdown - By brand, UGG and HOKA revenues grew by 10.1% and 11.1% respectively, while other brands saw a decline of 26.5% [4] - Direct-to-Consumer (DTC) and wholesale channel revenues were $3.9 billion and $10.4 billion respectively, with DTC showing a slight decline of 0.8% [4] - Revenue from the U.S. decreased by 1.7%, while international markets saw a growth of 29.3% [4] Inventory and Guidance - Inventory increased by 7% year-on-year to $840 million, attributed to proactive stockpiling before tariff hikes [4] - The company expects FY2026 revenue to reach $5.35 billion, a 7% increase year-on-year, with a gross margin of approximately 56% [4]

Group 1 - The company, Xtep International (01368), announced a mid-term dividend of HKD 0.18 per share to be distributed on October 30, 2025 [1]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - For FY2026Q1 (March 30, 2025 - June 28, 2025), VF achieved revenue of $1.76 billion, a slight decline of 2% year-on-year at fixed exchange rates, which is better than market expectations and the company's prior guidance [2][4] - The gross margin increased by 2.7 percentage points to 53.9%, driven mainly by improved discounts and exchange rate factors [2][4] Revenue Breakdown - **By Brand**: - Vans continued to face pressure with a revenue decline of 15% to $500 million - The North Face grew by 5% to $560 million - Timberland increased by 9% to $260 million [5] - **By Region**: - Revenue in the Americas declined by 3% to $940 million - EMEA saw a decrease of 2% to $550 million - APAC grew by 4% to $270 million, with Greater China down by 6% [5] - **By Channel**: - Direct-to-Consumer (DTC) revenue fell by 4% to $720 million - Wholesale channel revenue remained flat at $1.04 billion [5] Inventory and Tariff Impact - At the end of FY2026Q1, the company's inventory increased by 4% year-on-year to $2.14 billion, maintaining overall healthy inventory quality [10] - Tariff expectations are projected to impact gross profit by $60-70 million in FY2026, with half of this expected to occur in FY2026 [10] Performance Guidance - For FY2026Q2, the company expects revenue to decline by 2%-4% year-on-year at fixed exchange rates, with adjusted operating profit projected between $260 million and $290 million [10]

Overall Inventory Cycle - In May, the total inventory in the U.S. increased by 2.62% year-on-year, down from 3.15% in the previous period[12] - Sales in May rose by 3.30% year-on-year, compared to 3.68% previously[12] - The U.S. is confirmed to be entering an active destocking phase, with a significant import surge occurring from November 2024 to March 2025[12] - A brief replenishment demand is expected in June and July, after which active destocking will continue[12] Industry Inventory Cycle - Six out of fourteen major industries are in active destocking as of May, including oil, gas, chemicals, transportation, automotive parts, textiles, and food[19] - The historical percentile for overall inventory in May is 32.4%, with construction materials at 83.6% and chemicals at 69.3%[19] - The first round of excess imports is estimated at $180 billion and the second at $100 billion, totaling $280 billion, which may be exhausted by November[12] - Recent rapid declines in copper prices are attributed to a 50% tariff on copper products while exempting raw materials, disrupting supply and demand dynamics[13] Risk Factors - The potential for U.S. economic fundamentals and policies to exceed expectations poses a risk to inventory and pricing stability[8]

Investment Rating - The investment rating for Anta Sports (2020.HK) is "Buy" and is maintained [8]. Core Views - Anta's retail performance in Q2 2025 showed low single-digit growth for the Anta brand, while FILA brand experienced mid-single-digit growth, and other brands grew by 50%-55% year-on-year [2][6]. - The company is facing short-term operational pressure due to intensified competition and discounting, but the long-term outlook remains stable with expected healthy growth in revenue and net profit for H1 2025 [8]. - The forecast for net profit from 2025 to 2027 is projected at 134 billion, 150 billion, and 166 billion respectively, with year-on-year growth rates of 13%, 11%, and 11% [8]. Summary by Sections Retail Performance - Anta's retail performance in Q2 2025 was slightly below expectations, primarily due to adjustments in offline franchise stores and pressure from the 618 sales event [8]. - FILA's performance met expectations, with stable discounts in offline channels and a slight increase in e-commerce discounts [8]. Financial Projections - Total revenue projections for Anta are 70,826 million in 2024, 77,975 million in 2025, 85,282 million in 2026, and 92,167 million in 2027, reflecting growth rates of 13.58%, 10.09%, 9.37%, and 8.07% respectively [10]. - The projected net profit for 2025 is 13,420 million, showing a decrease of 13.95% compared to 2024, followed by increases of 11.47% and 10.93% in the subsequent years [10].

Overall Inventory Cycle - In April, the total inventory in the U.S. increased by 3.37% year-on-year, compared to a previous value of 3.43%[1] - The total sales in April rose by 3.74% year-on-year, down from 4.04% previously[1] - The data indicates a preliminary shift towards active destocking in the U.S. inventory cycle[1] Industry Inventory Cycle - Among 14 major industries in April, 10 were in passive restocking, including construction materials, metals, and consumer goods[12] - The historical percentile for overall inventory in April was 39.2%, with chemical products at 85.7% and construction materials at 83.2%[12] - Oil and chemical sectors are likely transitioning to active destocking, while construction and metal inventories remain high[12] Future Outlook - Despite uncertainties regarding tariffs, the U.S. inventory cycle is expected to lean towards active destocking in Q2 due to previous overstocking[1] - The "panic import" demand has extended the passive restocking cycle for downstream industries[14] - Active destocking is anticipated for automotive and automotive parts as of December 2024, with a continued trend into April 2025[14]

Group 1 - The U.S. stock market is experiencing a significant rally, with the S&P 500 and Nasdaq indices reaching all-time highs [1][11] - The S&P 500 index is reported at 6178.3 points, up 0.59%, while the Nasdaq index is at 20294.93 points, up 0.64% [11] - The technology sector is leading the market recovery, with the S&P 500 index rising over 20% since its low on April 8 [11][12] Group 2 - The U.S. economy is facing increasing complexity, with the PCE inflation indicator exceeding expectations [2][6] - The PCE index for May shows a year-over-year increase of 2.3%, while the core PCE index rose by 2.68%, the highest since February 2025 [7][8] - Economists predict that inflation may rise in the coming months as higher import tariffs are passed on to consumers [8] Group 3 - The U.S. Commerce Secretary announced that the White House is close to finalizing trade agreements with ten major trading partners [4][5] - The Trump administration aims to complete these trade negotiations before the Labor Day holiday on September 1 [5] - If agreements are not reached in time, Trump may issue letters to specify trade terms directly [4] Group 4 - Nike's stock surged by 14% after reporting better-than-expected fourth-quarter earnings, despite a 12% year-over-year revenue decline [13] - Nike's revenue for the quarter was $11.1 billion, exceeding market expectations of $10.72 billion [13] - The company indicated that the trend of declining annual sales is beginning to ease, suggesting the effectiveness of CEO Elliott Hill's strategic initiatives [13]

Group 1 - US stock indices opened higher, with the Dow Jones up 0.25%, S&P 500 up 0.16%, and Nasdaq up 0.24% [3][5] - Cyngn saw a significant increase, rising over 70% [3][5] - Nike's stock rose nearly 12% after the company reported better-than-expected revenue for Q4 2025 [3][12] Group 2 - The Nasdaq index broke its previous high from December 2024, reaching a new historical peak [1] - The US personal consumption expenditures (PCE) price index increased by 0.1% month-on-month in May, while the core PCE index rose by 0.2% [9] - The year-on-year increase in the core PCE price index for May was 2.7%, up from the previous value of 2.5% [11] Group 3 - European stock indices also experienced gains, with Germany's DAX up 0.76%, UK's FTSE 100 up 0.52%, and France's CAC40 up 1.31% [7][8]