当地时间10月21日，阿迪达斯发布2025年第三季度初步业绩报告：剔除汇率影响，阿迪达斯品牌营收同 比增长12%；尽管面临不利汇率波动和关税上涨影响，公司毛利率仍提升0.5个百分点至51.8%；营业利 润升至7.36亿欧元，上年同期为5.98亿欧元，营业利润率达到11.1%。此外，阿迪达斯上调2025全年业 绩指引，全年营业利润预计将提升至约20亿欧元水平，此前预期为17亿至18亿欧元区间。 ...

Core Viewpoint - Adidas has raised its full-year profit forecast for 2023, driven by strong demand for retro footwear and measures taken to mitigate the impact of U.S. tariffs [1] Financial Performance - The company expects operating profit to be approximately €2 billion, up from the previous target of €1.7 billion to €1.8 billion [1] - Sales are projected to grow by about 9% on a constant currency basis [1] Market Trends - The resurgence of classic shoe models, particularly the Samba, has helped Adidas regain consumer interest and narrow the gap with industry leader Nike [1] - The trend has expanded to other retro shoe models featuring the "three stripes" logo [1] Strategic Initiatives - The increase in profit expectations is attributed to strong brand momentum and successful efforts to partially offset the cost pressures from rising U.S. tariffs [1]

Group 1: Construction and Building Materials Industry - The construction and building materials industry is experiencing accelerated investment in major engineering projects, supported by policies aimed at stabilizing growth and expanding domestic demand. In the first three quarters of 2025, fixed asset investment in railway construction reached 593.7 billion yuan, a year-on-year increase of 5.8%, with 968 kilometers of new railway lines put into operation [6][7]. - The Shenyuan Construction Decoration Index fell by 1.67% this week, with sectors such as decoration, engineering consulting services, and steel structures showing positive growth of +3.40%, +2.68%, and +0.72% respectively [8]. - Investment selection in the construction sector is focused on two main lines: high-dividend, low-valuation stocks that may have allocation value, and companies that are accelerating their layout in new industries such as renewable energy and digital construction [9][10]. Group 2: New Consumption Sector - 361 Degrees - 361 Degrees reported a 10% growth in retail sales for its main brand and children's clothing in offline channels, while e-commerce platforms saw a 20% increase in overall sales in Q3 2025, maintaining a rapid growth trend despite industry pressures [12][13]. - The company is enhancing its competitiveness through technological innovation and event sponsorship, with the launch of new products and the revival of the ONEWAY brand, which has opened stores in multiple cities [13][14]. - The company is expected to achieve net profits of 1.315 billion yuan, 1.493 billion yuan, and 1.688 billion yuan from 2025 to 2027, with year-on-year growth rates of 14.50%, 13.49%, and 13.10% respectively [14]. Group 3: Electronics Sector - Sitoway - Sitoway anticipates a revenue of 6.1 to 6.5 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 54%, with net profit expected to reach 656 to 736 million yuan, a growth of 140% to 169% [16][17]. - The company is leading in mobile business iteration efficiency and has significantly increased the output of automotive electronics, which is expected to become a long-term growth driver [17][18]. - Sitoway's traditional security market share remains strong, while it is also expanding into machine vision applications, maintaining close cooperation with leading clients in the field [18][19].

Core Insights - Anta is strategically shifting its top-tier sports resources towards a multi-brand matrix, enhancing its brand recognition and professional capabilities through sports sponsorships [1][3]. Sponsorship Developments - Anta's KOLON brand has officially partnered with the National Climbing Team, marking its first collaboration with a national sports resource in China [2][3]. - Descente has taken over the sponsorship rights for the Chinese Triathlon National Team, replacing the previous partner 361° [2][3]. - These sponsorships indicate Anta's focus on leveraging sports partnerships to strengthen its sub-brands and enhance their market positioning [3][6]. Olympic Marketing Strategy - Anta has successfully utilized Olympic marketing and national team sponsorships as core strategies since partnering with the Chinese Olympic Committee in 2009 [4]. - The brand's influence peaked during the 2022 Beijing Winter Olympics, where it provided professional sports equipment for the Chinese sports delegation [4][6]. Revenue Growth and Market Changes - Over a 16-year sponsorship period, Anta's annual revenue grew from less than 6 billion to over 70 billion [5]. - However, the external environment has changed, with Li Ning set to replace Anta as the top sportswear partner for the Chinese Olympic Committee starting in early 2025 [6]. Focus on Niche Sports - Anta is intensifying its focus on niche sports by signing sponsorships in archery, three-on-three basketball, swimming, and continental cycling teams, alongside traditional sports [6][10]. - The National Climbing Team and Triathlon Team sponsorships allow Anta to tap into growing sports with increasing public interest [7][10]. Brand Performance - In the first half of the year, revenues from "all other brands," including KOLON and Descente, grew by 53.7% to 10.678 billion [12]. - KOLON is the fastest-growing brand, with a growth rate close to 80% [13]. Strategic Positioning of Sub-brands - KOLON is positioned between professional and trendy, appealing to consumers seeking functionality and urban style [15]. - Descente focuses on high-end training, skiing, and triathlon, with a strong emphasis on specialized equipment for complex sports [18]. Market Expansion and Retail Strategy - KOLON has opened its first flagship store in Chengdu and is expanding into other cities, while Descente is penetrating southern markets and diversifying its product offerings [20]. - The goal is to create a compelling brand narrative that resonates with consumers and supports sustained growth [20][21].

Core Viewpoint - Company maintains a "Buy" rating for 361 Degrees (01361) with projected net profits of 1.315 billion, 1.493 billion, and 1.688 billion yuan for 2025-2027, reflecting year-on-year growth of 14.50%, 13.49%, and 13.10% respectively [1] Group 1 - Retail sector pressure does not hinder the company's growth trend, with quality-price ratio products driving rapid growth across all channels [1] - In Q3 2025, the main brand's offline retail revenue recorded approximately 10% positive growth, while the children's clothing brand also saw about 10% growth, and e-commerce platforms achieved around 20% growth [1] - The company leverages its product quality and pricing advantages to maintain a rapid growth trend across all channels, continuing the strong performance from H1 2025 [1] Group 2 - Technological innovation and event sponsorship enhance the company's competitiveness, with the new brand ONEWAY making a fresh start [1] - In Q3 2025, the company launched several new products featuring independent technological innovations, such as the "Rain Shield 9" with DWS waterproof system and the "Flying Burn 4.5" marathon shoes [1] - Sponsorship activities, including domestic basketball endorsements and international events like the 20th Asian Games and the 2025 Berlin Marathon, increase brand visibility [1] - The ONEWAY brand has opened stores in Zhengzhou and Jinan, with a total of six stores across various cities, potentially unlocking new growth opportunities for the company [1] Group 3 - The opening pace of "super premium stores" aligns with expectations, and the first women's sports concept store has been established [2] - As of mid-2025, the company has 7,026 large-format sales outlets, with an average store area increasing by 7 square meters to 156 square meters [2] - The new offline channel "super premium store" has opened 93 locations as of September 30, 2025, expected to become a new growth point for the business [2] - The first women's sports concept store has been launched in Shijiazhuang, creating a dedicated community space for women's fitness [2]

Core Viewpoint - The leadership change at Arc'teryx China reflects the company's strategic adjustments in a competitive market, with significant implications for its operations and growth in the region [1][5]. Group 1: Leadership Changes - Ivan She, the General Manager of Arc'teryx Greater China, has left the company, with Jeffery Ma temporarily taking over the role [1]. - Jeffery Ma, previously the General Manager of Zhongqiao Sports, joined Amer Sports as the Greater China President in July 2023 [1]. - This marks the second executive change in the Greater China region within a year, indicating potential instability in leadership [1]. Group 2: Market Performance - The Greater China region has become Amer Sports' largest market, with a 42% year-on-year revenue increase to $410 million (approximately 2.92 billion RMB) in Q2 [5]. - Arc'teryx is a key growth driver for Amer Sports, with its Technical Apparel segment seeing a 23% revenue increase to $510 million [5]. - The Outdoor Performance segment, primarily driven by Arc'teryx, grew by 35% to $410 million, highlighting the brand's importance in the company's overall performance [5]. Group 3: Competitive Landscape - The Chinese sports market is becoming increasingly competitive, with domestic brands like Anta and Li Ning rapidly gaining market share [10]. - The outdoor sports market in China is a focal point for competition, with Nike also expanding its presence in this segment [12]. - Arc'teryx's performance in the Chinese market is under scrutiny, especially after it did not appear on the Tmall Double 11 outdoor sales leaderboard, contrasting sharply with its previous year's performance [13]. Group 4: Strategic Adjustments - Following the acquisition by Anta, Arc'teryx has significantly expanded its market presence in China, with a focus on high-end outdoor branding [6]. - The brand has increased its store sizes and improved its retail strategy, with average store sizes growing from 217 m² to 313 m² from Q4 2020 to Q4 2023 [6]. - Despite these efforts, the company faces challenges in maintaining its market position amid rising competition and changing consumer preferences [12].

Core Viewpoint - The leadership change at Arc'teryx China reflects the company's strategic adjustments in a competitive market, with significant implications for its growth trajectory in the region [1][4]. Group 1: Leadership Changes - Ivan She, the General Manager of Arc'teryx China, has left the company, with Jeffery Ma temporarily taking over the role [1]. - Jeffery Ma, previously the General Manager of Zhongqiao Sports, joined Amer Sports in July and has a background in major brands like Belle and Adidas [1]. - This marks the second executive change in the Greater China region within a year, indicating potential instability in leadership [1]. Group 2: Market Performance - The Greater China region has become Amer Sports' largest market, with a 42% year-on-year revenue increase to $410 million (approximately 2.92 billion RMB) in Q2 [4]. - Arc'teryx is a key growth driver for Amer Sports, with its Technical Apparel segment seeing a 23% revenue increase to $510 million [4]. - The Outdoor Performance segment, primarily driven by Arc'teryx, grew by 35% to $410 million, highlighting the brand's importance in the company's portfolio [4]. Group 3: Competitive Landscape - The Chinese sports market is becoming increasingly competitive, with domestic brands like Anta and Li Ning rapidly gaining market share [8]. - In 2024, the top four brands in the Chinese sports footwear and apparel market are Nike, Anta, Li Ning, and Adidas, indicating a shift in market dynamics [8]. - The market growth is becoming more challenging, as evidenced by the financial struggles of brands like Peak, which reported significant losses in its domestic sales [9]. Group 4: Challenges Ahead - Arc'teryx is expected to close stores in China by 2025, reflecting the need for strategic repositioning amid fierce competition [10]. - The brand's absence from the Tmall Double 11 outdoor sales ranking contrasts sharply with its previous performance, suggesting a decline in market presence [10]. - The competitive environment and recent controversies may necessitate a thorough review of Arc'teryx's strategies in the Chinese market [10].

Core Insights - The Greater China region has become the largest market for Amer Sports, with a significant revenue increase of 42% year-on-year in Q2, reaching $410 million (approximately 2.92 billion RMB) [5][9] - The brand Arc'teryx is identified as a key growth driver for Amer Sports, contributing to the overall performance of the company [5][9] Financial Performance - In Q2, Amer Sports' revenue from the Greater China region grew to $410 million, while EMEA and North America saw growth rates of 18.5% and 6.3%, respectively [5] - The Technical Apparel segment, which includes Arc'teryx, reported a 23% increase in revenue to $510 million, while Outdoor Performance and Ball & Racquet segments also showed positive growth [5][6] Market Dynamics - The competitive landscape in the Chinese sports market is intensifying, with local brands like Anta and Li-Ning rapidly gaining market share [10][12] - The outdoor sports market in China is becoming a focal point for competition, with major brands like Nike increasing their focus on this segment [14] Management Changes - Ivan She, the General Manager of Arc'teryx Greater China, has left the company, and Jeffery Ma is currently acting in this role [2][3] - This marks the second executive change in the Greater China region within a year, indicating potential instability in leadership [2][3] Strategic Challenges - The high-end market, where Arc'teryx operates, is facing challenges, with luxury brands reporting mixed performance in China [13] - Amer Sports anticipates a net store closure for Arc'teryx in China by 2025, reflecting the need for strategic adjustments in response to market conditions [15][16] Consumer Behavior - Recent sales data indicates a decline in Arc'teryx's visibility in the Chinese market, as it did not appear on the Tmall Double 11 outdoor sales leaderboard, contrasting sharply with its previous performance [17][18]

Group 1 - The report highlights a potential shift in market style towards "profit quality + valuation safety" large-cap blue chips in Q4, driven by conservative funding behavior and policy expectations [1][20][21] - It notes that leading industries are concentrated in financial, stable, and cyclical sectors, reflecting a decrease in investor risk appetite as they seek to lock in annual gains [1][21] - The report suggests that low-valuation sectors may have switching potential, but emphasizes that mere low valuation may not sustain a continuous market rally without policy catalysts and economic data improvement [1][21] Group 2 - The report indicates an upward trend in industries such as coal, electronics, home appliances, automotive, and environmental protection, while sectors like oil and petrochemicals, machinery, food and beverage, banking, real estate, public utilities, and retail are trending downward [22][23] - It predicts that industries such as commercial vehicles, automotive parts, automation equipment, and engineering machinery will perform well in the coming weeks [22][23] - The report identifies three main investment directions: breakthroughs in technology AI, economic recovery with a focus on strong performers, and the continued rise of undervalued sectors [24][25] Group 3 - The report discusses Longbai Group's acquisition of Venator UK, which is expected to enhance the global competitiveness of China's titanium dioxide industry [7] - The acquisition will increase Longbai Group's total capacity to 1.66 million tons, with chloride process capacity rising to 810,000 tons, allowing for better market access and reduced anti-dumping tax exposure [7] - The report notes that Longbai's titanium dioxide segment generated $1.18 billion in revenue in 2023, a 26% year-over-year decline due to weak demand and price drops [7] Group 4 - The report on the food and beverage sector indicates that the market atmosphere during the "Double Festival" was relatively flat, with traditional peak season effects weakening [9] - It mentions that while terminal sales showed a mild recovery, channel profits are narrowing, and inventory levels among distributors remain high [9] - The report anticipates that as Q3 earnings are disclosed, risks may be fully released, potentially leading to a recovery in sector sentiment [9]

Group 1: Kering Group and L'Oréal Acquisition - Kering Group announced an agreement with L'Oréal to sell its beauty business for €4 billion [1] - The deal includes a 50-year license for brands such as Creed, Bottega Veneta, and Balenciaga, with Gucci joining after its licensing period with Coty [1] - This divestiture reflects Kering's strategic focus on its core fashion and leather goods segments, while L'Oréal aims to strengthen its position in the high-end fragrance and beauty market [1] Group 2: Fliggy's Double 11 Sales - Fliggy launched its "Double 11" sales event with a 60% increase in investment compared to last year [2] - The number of travel products participating in the event has doubled, indicating a strong recovery in travel demand [2] - The increase in supply and promotional efforts is expected to enhance platform engagement and conversion rates [2] Group 3: Railway Passenger Volume - In the first three quarters, China's railway system transported 3.54 billion passengers, a 6% year-on-year increase, setting a new historical record [3] - The growth in passenger volume is driven by factors such as holiday travel and family visits, indicating a sustained release of travel demand [3] Group 4: Li Ning's Entry into Meituan Flash Purchase - Li Ning officially joined the Meituan Flash Purchase platform, launching nearly 1,000 stores across almost 100 cities [4] - The brand aims to explore innovative business models like "flash warehouses" and plans to achieve nationwide coverage by the end of the year [4] - This move signifies a shift towards instant retail, enhancing Li Ning's reach to younger consumers and lower-tier markets [4]