Core Viewpoint - The well-known sports brand Peak has been reported to implement salary reductions across the board, with claims of reductions reaching up to 50%, although the company has not publicly responded to the situation [1]. Group 1: Salary Adjustments - Peak held a meeting to address the salary reduction rumors, with the chairman stating that the claims of a company-wide salary cut are false [2]. - Salary adjustments primarily affect loss-making departments and high-salary positions, with reductions of about 50% for employees in loss-making sectors, while salaries below 3000 yuan are supplemented to that amount [2]. - The overall salary reduction across the company is less than 10%, and performance-related pay will still be retained [2]. Group 2: Financial Performance - Peak reported a cumulative loss of over 130 million yuan in the first seven months of the year, which is a key reason for the salary adjustments [2]. - Despite the salary adjustments, employees have indicated that there are no signs of cash flow issues within the company [3]. Group 3: Sales and Market Position - Peak's sales on a single e-commerce platform in the last 30 days were approximately 25 to 50 million yuan [3]. - The company aims for its overseas sales to exceed 10 billion yuan and domestic sales to reach 20 billion yuan as part of its ten-year plan [3]. - Peak has been active in sports marketing and philanthropy, sponsoring 11 national teams for the Paris Olympics and donating 100 million yuan to a charity organization [3].

该行认为运动鞋服市场或加快洗牌，部分具竞争力的中国本土品牌可能在市场中获得更多份额，而国际 品牌如Nike和PUMA则正在经历显业绩挫折。展望未来，该行认为被中国品牌收购的国际品牌将继续推 动国内市场增长，而中国品牌的海外扩张亦将成为长期增长的催化剂。该行预期，今年"双十一"之后的 市场整合或会更加剧烈和波动。 中银国际发布研报称，预计今年下半年中国运动鞋服行业的竞争格局将仍然激烈。不利的天气条件对淡 季销售造成压力，同时，由于消费者持续保持谨慎态度，整体消费增长亦面临挑战。 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 18x, and 12x [11][39]. Core Insights - The textile and apparel industry is experiencing a shift in export dynamics due to changes in U.S. tariff policies, leading to a decline in imports from China and an increase from Southeast Asian countries [2][25]. - Major apparel manufacturers reported mixed revenue results for August 2025, with declines for companies like Yuanyuan Group and Ruo Hong, while Feng Tai showed month-on-month improvement [1][16]. - The report anticipates a recovery in orders for upstream manufacturers if the operational performance of core brands like Nike improves, particularly in the Greater China market [3][32]. Summary by Sections Industry Overview - The textile and apparel sector has seen a decline in U.S. imports from China, with a 23% year-on-year drop from January to July 2025, while imports from Vietnam, India, Bangladesh, and Cambodia increased by 18%, 16%, 22%, and 24% respectively [2][25]. - China's apparel exports from January to August 2025 totaled $102.8 billion, down 1.7% year-on-year, while textile yarn and fabric exports increased by 1.6% to $94.51 billion [2][25]. Company Performance - Nike's revenue for FY2025 showed significant declines across all quarters, with a drop of 10.4% in Q1 and 12.0% in Q4, but the company expects a narrowing of revenue decline in FY2026 [3][32]. - Key manufacturers like Shenzhou International and Huayi Group reported revenue growth of 15% and 10% respectively for the first half of 2025 [10][33]. Market Trends - The report highlights a cautious consumer environment, with the sports footwear segment expected to outperform the overall apparel market, maintaining a healthy inventory turnover ratio of 4-5 [3][36]. - The jewelry sector is also noted for its focus on product differentiation and brand strength, with companies like Chow Tai Fook and Chao Hong Ji recommended for their improving product and channel efficiencies [4][38]. Investment Recommendations - The report recommends Shenzhou International for its low exposure to U.S. business and strong profitability, with a 2025 PE of 13x, and Huayi Group for its expanding international capacity, with a 2025 PE of 18x [38]. - In the sportswear segment, Anta Sports and Li Ning are highlighted for their robust operational capabilities, both with a 2025 PE of 18x [39].

安踏体育 20250910 摘要 安踏体育的全球化战略至关重要，海外市场规模和人均消费力均高于中 国，成功出海将带来估值和盈利的双重提升，实现戴维斯双击。 中国运动鞋服市场规模约为 4,000 亿元，疫情前五年复合增速达 17%，虽疫情后增速放缓，但渗透率仍在上升，行业增长放缓与经济大 背景相关，但运动鞋服行业本身具有出色成长性和相对优势。 中国运动鞋服市场品牌集中度高，综合运动品牌数量多且集中度高。随 着消费者参与运动深度增加，细分定位品牌将迎来更大增长空间。 安踏集团 2024 年总收入超 1,000 亿元，其中安踏主品牌收入占比不到 一半，经营利润率约 20%；斐乐占比接近 40%，经营利润率约 25%； 其他品牌占比 15%，经营利润率超过 30%，成为集团最赚钱板块。 安踏通过多元品牌运营，将产品扩展到整个穿搭鞋服市场，中国整体运 动鞋服市场约为 4,000 亿元，而整个鞋服市场则达到 2.4 万亿元，形成 了约 5 倍的扩容。 安踏通过国际化战略显著扩大市场规模，海外发达国家人均运动鞋服消 费金额远高于中国，出海战略可在销量和价格上实现显著提升，目前安 踏集团在海外拥有 240 家以上店铺。 国际 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [11][40]. Core Insights - Lululemon's FY2025Q2 revenue grew by 7% year-on-year to $2.5 billion, which was below the company's expectations, primarily due to weak performance in the U.S. market [1][16]. - The report highlights a continued recovery in the consumer environment for apparel, with a focus on the long-term growth potential of the sports footwear and apparel segment [3][24]. - The report emphasizes the importance of product differentiation and brand strength in the jewelry sector, predicting that companies with clear product differentiation will outperform the industry in 2025 [4][24]. Summary by Sections Lululemon's Performance - Lululemon's Q2 revenue was $2.5 billion, with a 7% year-on-year increase, and a 6% increase on a currency-neutral basis. The Americas segment saw a 1% increase, while international revenue grew by 22% [1][16]. - The gross profit increased by 5% to $1.5 billion, but the gross margin decreased by 1.1 percentage points to 58.5% [1][16]. - The company adjusted its FY2025 revenue growth forecast to 2%-4%, with a potential 4%-6% growth on a comparable 52-week basis [1][16]. Regional Analysis - In the U.S., Q2 revenue was flat, with a 1% increase in the Americas segment. The company noted that consumer response to new product colors was below expectations, indicating a potential issue with product lifecycle [20]. - In China, Q2 revenue grew by 24%, driven by the opening of five new stores and various brand-building activities. The company expects a 20%-25% revenue growth in FY2025 for the Chinese market [20][21]. Apparel and Footwear Sector - The report indicates that the sports footwear segment is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][24]. - Key recommendations include Anta Sports, Li Ning, and Xtep International, which are expected to show strong performance due to their operational capabilities and market positioning [27][40]. Jewelry Sector - The report notes that the jewelry market is facing weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2, respectively. Companies with strong product and brand capabilities are expected to perform better [39][24]. Manufacturing Sector - The textile manufacturing sector is experiencing changes due to new tariff policies, which may impact profit expectations for 2025-2026. Companies with integrated and international supply chains are expected to gain market share [8][25]. - Recommendations include Shenzhou International and Huayi Group, which are seen as having strong performance and competitive advantages [25][40].

Industry Trends - The Chinese sports market is diversifying, with a market size of 400 billion yuan and a pre-pandemic compound annual growth rate (CAGR) of 17%, while penetration rates are expected to rise from 7.3% in 2010 to 15.3% by 2024 [1] - The industry has experienced three growth cycles: 2008-2010 saw the rise of professional sports and leisure; 2014-2019 was marked by a high-end sports fashion trend; and from 2021 onwards, professional and outdoor sports have led diversified development [1] - Compared to China, the penetration rates in Europe, America, and Japan are generally higher, with distinct development paths: Europe and America focus on mass sports and hardcore outdoor activities, while Japan and South Korea emphasize fashionable sports [1] Company Overview - Anta Sports is a leading multi-brand sports company, projected to achieve revenue of 70.8 billion yuan in 2024 with a gross margin of 62% [2] - The company has a well-structured brand matrix with three major brand groups: professional, outdoor, and fashion, which are developing synergistically [2] - Anta has expanded its brand matrix through acquisitions, including MAIA ACTIVE and Jack Wolfskin, and has formed a global dual-drive with Amer Sports (brands like Arc'teryx and Salomon) [2] Competitive Advantage - The company is capitalizing on the trend of sports merging with leisure and social activities, with its brands catering to various consumer needs [3] - Anta's main brand focuses on professional sports with a strong retail system and cost-performance advantage, while other brands like Descente and Salomon target niche markets [3] - High-end brands leverage design and celebrity endorsements to capture market share, with FILA enhancing its fashion appeal and Descente focusing on high-end customer engagement [3] Growth Potential - The brand matrix strategy is expected to stimulate incremental demand, with global operations likely to yield significant growth opportunities [4] - Recent popularity of brands like Arc'teryx and Salomon has led to substantial growth in categories like outdoor jackets and shoes, with social media engagement projected to increase by 80%-200% by 2025 [4] - The overseas sports market is six times larger than China's, with higher consumer spending power in developed regions, indicating strong potential for international brand growth [4] Profit Forecast - The brand matrix is anticipated to drive growth and profitability, with the main brand expected to achieve mid-to-high single-digit compound growth and stable profit margins [5] - FILA is projected to maintain steady growth focusing on elegant sports, while other niche brands like Descente and Kolon are expected to sustain over 30% compound growth [5] - Amer Sports is expected to contribute net profits, growing from over 1 billion yuan this year to over 2 billion yuan in three years [5]

Investment Rating - The report maintains a "Buy" rating for key companies in the sports footwear and apparel sector, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [5][9][10]. Core Insights - The sports footwear and apparel sector shows robust growth, with a 9.1% year-on-year revenue increase to 65.9 billion yuan in H1 2025, and a net profit growth of 8.2% to 10.54 billion yuan after adjusting for one-time gains and losses from the previous year [1][17]. - A-shares in the branded apparel sector experienced stable revenue but significant profit pressure, with a slight revenue decline of 0.1% and a net profit drop of 17.5% in H1 2025 [2][17]. - The textile manufacturing sector faced a weakening trend in Q2 2025 compared to Q1, with a revenue increase of 2.7% but a net profit decline of 9.8% [3][17]. - The gold and jewelry sector saw weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively, highlighting the importance of product and brand strength [4][17]. Summary by Sections H-Shares Sports Footwear and Apparel - Revenue for key companies grew 9.1% to 65.9 billion yuan, with net profit increasing 8.2% to 10.54 billion yuan after adjustments [1][17]. - Companies are focusing on expanding differentiated store formats and enhancing product performance in running shoes while entering new outdoor categories for long-term growth [1][17]. A-Shares Branded Apparel - Revenue remained stable with a slight decline of 0.1%, while net profit fell 17.5% due to increased sales expenses [2][17]. - The home textile category showed stable demand, while fashion and leisure apparel companies exhibited varied performance [2][17]. - The outlook for H2 2025 suggests potential easing of profit pressure as companies manage expenses more effectively [2][17]. Textile Manufacturing - The sector's performance weakened in Q2 2025, with revenue growth of 2.7% and a net profit decline of 9.8% [3][17]. - The impact of changing tariff policies is noted, with Southeast Asian products gaining market share in the U.S. [3][17]. - Companies with integrated and international supply chains are expected to benefit from market share gains in the long term [3][17]. Gold and Jewelry - Overall demand for gold jewelry remains weak, with significant declines in consumption [4][17]. - Companies with strong product and brand capabilities are focusing on product development and marketing to differentiate themselves in a competitive market [4][17].

Core Insights - The four major sports brands in Hong Kong—Anta Sports, Li Ning, Xtep International, and 361 Degrees—achieved revenue growth in the first half of 2025, but profit performance varied significantly [1][5] - Increased discounting has become a common strategy in the industry, impacting profit growth and gross margins [1][2] - Trends such as "opening large stores" and professional upgrades are becoming prominent in the industry [1][8] Revenue and Growth - In the first half of 2025, Anta Sports led with revenue of 38.54 billion yuan, a growth rate of 14.26%. Li Ning, Xtep International, and 361 Degrees reported revenues of 14.82 billion yuan, 6.838 billion yuan, and 5.705 billion yuan, with growth rates of 3.29%, 7.14%, and 10.96% respectively [2] - Over the past three years, except for Anta Sports, the other three brands showed a decline in growth rates: Xtep's growth fell from 14.76% to 7.14%, 361 Degrees from 18.00% to 10.96%, and Li Ning from 12.98% to 3.29% [2] - Anta Sports has maintained double-digit revenue growth for four consecutive years, but its main brands, Anta and FILA, have seen growth rates drop to single digits, with over 10% growth driven by outdoor brands like Descente and Kolon [2] Online Sales Performance - Online channels have become a common growth highlight for all four companies, but they have also negatively impacted gross margins. In the first half of 2025, online revenue growth rates were 17.6% for Anta Sports, 7.4% for Li Ning, and 45% for 361 Degrees [2][3] - The online revenue share for Anta Sports, Li Ning, and 361 Degrees was 34.8%, 29%, and 31.8% respectively, indicating that online business has become an important revenue pillar [3] Gross Margin Analysis - Anta Sports' gross margin decreased by 0.7 percentage points to 63.37%, attributed to increased costs in professional categories and higher online discounting [3] - Li Ning's gross margin fell by 0.4 percentage points to 50.04%, due to changes in channel structure and intensified promotional competition [3] - 361 Degrees experienced a unique situation where its gross margin increased by 0.2 percentage points to 41.5%, driven by a "price for volume" strategy that lowered average wholesale prices while increasing sales [3] Net Profit Performance - The net profit performance of the four brands showed divergence, with Anta Sports and 361 Degrees facing slowing net profit growth, while Li Ning experienced a decline. Li Ning's net profit was 1.737 billion yuan, down 10.99% year-on-year [5] - Anta Sports reported a net profit of 7.031 billion yuan, a decrease of 8.9%. However, excluding the impact of Amer Sports' listing in the previous year, net profit grew by 14.5% [5] - 361 Degrees' net profit was 858 million yuan, reflecting a growth of 8.61%, down from 12.23% in the previous year [5] Industry Trends - The industry is witnessing significant trends in market behavior and strategic layout, particularly in the competitive running shoe market, where brands are focusing on original research and development [7] - Brands are increasingly targeting niche markets and launching "precisely segmented" running shoes to meet diverse consumer needs [7] - The trend of "opening large stores" is common among the four brands, with flagship stores often exceeding 1,000 square meters and offering a mix of experience, service, and social interaction [8]

Core Viewpoint - The article highlights the intense competition in the sportswear industry, leading to increased discounting practices that negatively impact profit growth and gross margins [2][4]. Revenue and Growth - In the first half of 2025, the four major sports brands in Hong Kong—Anta Sports, Li Ning, Xtep International, and 361 Degrees—achieved revenue growth, with Anta leading at 38.54 billion yuan and a growth rate of 14.26%. Li Ning, Xtep, and 361 Degrees reported revenues of 14.82 billion yuan, 6.838 billion yuan, and 5.705 billion yuan, with growth rates of 3.29%, 7.14%, and 10.96% respectively [4]. - Over the past three years, except for Anta, the other three brands have shown a decline in growth rates, with Xtep's revenue growth dropping from 14.76% to 7.14%, 361 Degrees from 18.00% to 10.96%, and Li Ning from 12.98% to 3.29% [4]. - Anta's revenue growth is primarily driven by its outdoor brands, while its main brands, Anta and FILA, have seen growth rates decline to single digits [4]. Online Channel Performance - Online channels have become a common growth highlight for the four companies, with Anta, Li Ning, and 361 Degrees reporting online revenue growth rates of 17.6%, 7.4%, and 45% respectively. Xtep did not disclose its overall online growth but noted that its main brand's e-commerce business grew and accounted for over 30% of total revenue [4][5]. - The online business expansion has negatively impacted gross margins, with Anta's gross margin decreasing by 0.7 percentage points to 63.37%, attributed to increased costs and discounts [5]. - Li Ning's gross margin fell by 0.4 percentage points to 50.04%, due to changes in channel structure and increased promotional discounts [5]. Profitability Analysis - Despite 361 Degrees experiencing a slight increase in gross margin by 0.2 percentage points to 41.5%, its net profit margin declined due to a significant rise in sales expenses, which increased by 13.2% to 1.037 billion yuan [6][7]. - Anta's net profit for the first half of 2025 was 7.031 billion yuan, a decrease of 8.9% year-on-year, while Li Ning's net profit fell by 10.99% to 1.737 billion yuan [7]. Industry Trends - The industry is witnessing a trend towards professionalization and specialization, with brands focusing on core categories and launching targeted products [9]. - The "big store" strategy is being adopted by all four brands, with flagship stores exceeding 1,000 square meters, offering a mix of sales, experience, and service [10]. - Overall, while the four major sports brands in Hong Kong reported revenue growth in the first half of 2025, they face challenges of differentiated growth rates and profit pressures, actively responding to industry competition through online initiatives, product segmentation, and channel upgrades [10].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 116, reflecting an adjustment based on slightly better-than-expected performance in the first half of 2025 [1][4]. Core Insights - Anta Sports reported a revenue increase of 14.3% year-on-year to RMB 38.544 billion in H1 2025, with a net profit attributable to shareholders (excluding the impact of Amer's listing gains) rising by 14.5% to RMB 7.03 billion [1][2]. - The Amer brand has turned profitable, contributing approximately RMB 430 million in profit, a significant improvement from a loss of RMB 20 million in H1 2024 [2]. - The main brand, Anta, achieved revenue of RMB 16.95 billion in H1 2025, up 5.4% year-on-year, while FILA's revenue grew by 8.6% to RMB 14.18 billion, driven by strong performance in professional sports categories [3]. Financial Summary - The report projects the following earnings per share (EPS) for 2025-2027: RMB 4.84, RMB 5.36, and RMB 5.88, respectively, with an upward revision from previous estimates [1][4]. - Revenue forecasts for 2025, 2026, and 2027 are RMB 78.967 billion, RMB 86.321 billion, and RMB 93.886 billion, respectively, reflecting growth rates of 11.5%, 9.3%, and 8.8% [5][12]. - The gross profit margin is expected to stabilize around 62.2% for 2025, with a net profit margin of 17.2% [5][13]. Brand Performance - The other brands under Anta, including Descente and Kolon, saw a remarkable revenue growth of 61.1% to RMB 7.41 billion in H1 2025, with a gross margin of 73.9% [3]. - Anta's strategy includes targeting different consumer segments through various store formats and product lines, enhancing its market presence [2][3].