Group 1: Amer Sports Performance - Amer Sports reported Q1 2025 revenue of $1.473 billion, a 23% year-over-year increase, exceeding expectations [1] - The company's operating profit grew 97% to $214 million, with an operating margin increase of 5.4 percentage points to 14.5% [1] - The Arc'teryx brand led the growth with a 28% revenue increase to $664 million, and a 32% increase when adjusted for fixed exchange rates [1][3] Group 2: Market Performance in China - The Greater China region saw a significant revenue increase of 43% to $446 million [2] - Arc'teryx is identified as a key driver of growth in the outdoor industry, with the professional outdoor sports community being a crucial support [3] Group 3: Lululemon's Growth - Lululemon's Q4 2024 revenue in mainland China grew 46%, contributing to a 41% annual growth in the region, outperforming other markets [6] - The company's global revenue for the fiscal year reached $10.6 billion, a 10% year-over-year increase, with a net profit of $1.815 billion, up 17.1% [7] Group 4: VF Corporation's Challenges - VF Corporation reported a 4% decline in total revenue for FY 2025, amounting to $9.5 billion, with Q4 revenue down 5% to $2.14 billion [10] - Vans brand significantly underperformed, with a 16% revenue drop to $2.35 billion for the year [12] Group 5: Birkenstock's Performance - Birkenstock reported Q2 2025 revenue of €574 million, a 19% year-over-year increase, with a net profit growth of 47% to €105 million [13] - The company achieved double-digit growth across all major markets, with the Asia-Pacific region growing 30% to €47.8 million [15] Group 6: Under Armour's Transition - Under Armour's Q4 2025 revenue declined 11% to $1.2 billion, with an annual revenue drop of 9% to $5.2 billion, although it exceeded Wall Street expectations [16][18] - The company emphasized the importance of the Chinese market, which contributes approximately half of its Asia-Pacific revenue [18]

2024-2025"利百文台尼"独牙传奇中式九球国际巡回赛历经了浙江临海、浙江杭州、河南郑州三站分站 赛，最终在北京昌平进行总决赛。凭借高规格的赛事组织、丰厚的奖金设置、国际化的参赛阵容以及精 彩的比赛，赛事在短时间内迅速在台球界崭露头角，吸引了来自全球62个国家和地区的587名运动员参 加。 中式九球，未来已来！5月22日，北京昌平2024-2025"利百文台尼"独牙传奇中式九球国际巡回赛全球总 决赛，在北京昌平盛大启幕！来自全球62个国家和地区的587名运动员齐聚一堂，角逐中式九球500万至 高奖金。 国家体育总局小球运动管理中心主任、党委书记、中国台球协会主席姜世才，中国中小商业企业协会名 誉会长、国务院国资委原监事会主席董树奎，世界台球运动联盟副主席、世界花式撞球协会主席肖恩· 辛格(Ishuan Singh)，北京市体育局一级巡视员范亚兵，华夏银行股份有限公司党委副书记、执行董事、 行长瞿纲，新华社北京分社副社长邓诗微，中国著名书画家尹毅，中国中小商业企业协会执行会长任兴 磊，世界花式撞球协会秘书长巴里·詹纳(Barry jenner)，北京市昌平区副区长马春秀，北京市昌平区副区 长赵仕伟，北京北奥 ...

坚定投入中国市场，国际品牌的战略布局正显现出积极的成效。 欧莱雅2024/2025年度发展战略沟通会上，欧莱雅北亚总裁及中国首席执行官博万尚表达了对中国美妆 市场的坚定信心。他表示，欧莱雅将持续加大在中国市场的投资："我们坚信，投资中国就是投资未 来。我们将秉持长期主义，继续深耕中国市场。" 长期秉持 "在中国，为中国"的本土化战略，2024年阿迪达斯大中华区业绩连续七个季度实现"有质量的 增长"，全年营收重回双位数增长。阿迪达斯全球CEO比约恩·古尔登在2024年财报发布会上，强调了中 国对公司全球扩张的重要战略意义，他表示："中国仍是一个具有巨大潜力的关键市场。"在CBI500榜 单中，阿迪达斯排名第10。 因洞洞鞋大火的Crocs也进入了CBI500。数据显示，Crocs中国市场的收入2024年同比增长64%，现在已 成为仅次于美国的全球第二大市场。2024年第四季度财报电话会议上，Crocs首席执行官Andrew Rees表 示，中国引领增长，2024年第四季度增速高于第三季度。其中，双11购物节表现超出预期。 基于中国成熟的电商市场，多个国际品牌在中国的线上成交引领了品牌整体增长。以Lululemo ...

Core Viewpoint - Nike is re-entering Amazon's marketplace as a Vendor Central seller, marking a significant shift in its e-commerce strategy to regain market share and adapt to high tariff pressures [1][3][4]. Group 1: Nike's Return to Amazon - Nike initially joined Amazon in 2017 to combat unauthorized sellers and reduce advertising costs but exited in 2019 due to unresolved counterfeit issues [2]. - On May 21, 2023, Nike announced its return to Amazon, aiming to expand its sales reach and reclaim market share lost to competitors [3]. - Nike will relinquish some control over distribution channels, becoming a "super supplier" to Amazon, which will manage pricing and visibility of Nike products [1][4]. Group 2: Strategic Implications - The partnership with Amazon is not merely about market expansion; it is a strategic response to profit pressures from high tariffs, with Nike facing tariffs as high as 30% on products sourced from China and Vietnam [4]. - Nike plans to increase prices on certain products, with adult apparel and equipment rising by $2-$10, and footwear priced between $100-$150 increasing by $5 [4]. Group 3: Impact on Amazon and the Market - Nike's return opens the door for Amazon to attract more high-end brands, enhancing its position in the luxury retail market [5]. - Amazon has been actively pursuing high-end brands, as seen in its collaborations with Adidas and the launch of "Luxury Stores at Amazon" [6]. - The collaboration with Nike is expected to improve Amazon's brand image and attract additional high-end partnerships [6].

点击上图 ▲立即加入 各地公示专项债收购土地节奏加快 5月22日消息，据中指研究院不完全统计，截至5月20日，全国各地公示拟使用专项债收回收购存量闲置土地的数量接近3000宗，总面积超1.33 亿平方米，总金额超3500亿元。其中，3月公示地块较2月增加超460宗，4月公示地块超过1—3月累计公示总量，总金额超1700亿元，各地公示 拟使用专项债收购土地的节奏明显加快。 从不同地区来看，31个省市中有23个省市公示拟使用专项债收购存量土地情况。其中，广东省公示拟收储总金额超650亿元，位居第一，河南、 福建两省公示金额超300亿元。各城市中，一、二线城市公示地块合计476宗，拟收储金额超910亿元，金额占比达25.6%。（证券时报） ｜点评｜ 不同于4月由美国关税政策所引发的美国"股债汇三杀"，这次美国市场特别是美债走势，影响因素更加复杂，而且周三之前三个市场之 间的同步性并不算高。其中，美股市场表现得最为乐观，已经抹平了4月关税政策扰动带来的全部跌幅，周三回落更多的是受到美债拍卖遇冷的 影响。同时，投资者对美国二次通胀预期走高，美国减税法案或将迫使政府未来发行更多美债，继续推高赤字，以及日本和欧洲等市场债市 ...

Important News - The U.S. House of Representatives passed a tax reform bill proposed by Trump, which will significantly reduce taxes, cut social spending, and increase federal debt; Democrats criticized the bill as a tax cut for the wealthy and a weakening of social security [1] Company News - TSMC and other manufacturers are advising the U.S. Department of Commerce to exempt semiconductor-related tariffs [2] - Sanofi will acquire clinical-stage biotech company Vigil Neuroscience for $470 million in cash, with the total acquisition price potentially rising to $600 million if subsequent development milestones are met [3] - Cigna announced a new agreement with Eli Lilly and Novo Nordisk to set a cap on out-of-pocket costs for weight loss medications [3] - Google has announced the launch of AI search ad testing for desktop users in the U.S. starting today [3] Economic Indicators - The number of initial jobless claims in the U.S. last week was 227,000, down from the previous value of 229,000 [4] - The yield on the 30-year U.S. Treasury bond rose to 5.15%, marking the highest level since October 2023 [4] - Federal Reserve Governor Waller indicated that if tariffs decrease, the Fed is expected to lower interest rates in the second half of 2025 [4] - Nike is expected to implement widespread price increases on products in the U.S. market as early as this week [4] - Walmart is laying off nearly 1,500 employees in its technology department [4] - Zoom reported a 2.9% year-over-year revenue growth to $1.17 billion for the first fiscal quarter, with adjusted earnings per share of $1.35, exceeding market expectations [4]

Core Insights - The "Global Brand China Online 500 Strong List" (CBI500) indicates that international brands account for 156 out of the top 500 brands in the online market, highlighting the competitive nature of China's online market for leading international brands [1] - The success of international brands in China is attributed to technological advantages and deep localization strategies [1] Group 1: Brand Rankings - Among the top 1000 brands, international brands represent 29.8% of the total, while in the top 500, this figure rises to 31.2%, and in the top 100, it reaches 36% [1] - The demand for international brands from Chinese consumers is primarily concentrated in three sectors: beauty and personal care (52 brands), sports and outdoor (23 brands), and fashion (21 brands), collectively accounting for over 60% of the listed brands [1] Group 2: Market Dynamics - The 156 international brands listed have established online flagship stores on platforms like Taobao and Tmall, with nearly half of them launching their first stores in China online [1] - Adidas, a German sports brand, ranks 10th on the list and experienced double-digit growth in the Chinese market last year, leading global growth, attributed to its successful localization strategy [1] Group 3: Sales Channels and Product Quality - Almost all mainstream brands have established online sales channels, and the quality of online products is comparable to that of offline channels [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown improvement in inventory management and continues to maintain high dividend payouts, with a proposed cash dividend of 0.02 CNY per share and a special dividend of 0.12 CNY, resulting in a total dividend payout ratio of 135% and a dividend yield of 8.75% [2][5] - The company is facing challenges with a decline in revenue and net profit due to sales pressure and inventory issues, but effective cash flow management has led to a positive operating cash flow [2][4] - The company is strategically optimizing its retail store structure and enhancing online sales through a combination of platform e-commerce, content e-commerce, and private domain operations [3][5] Summary by Sections Financial Overview - For FY2025, the company's revenue, net profit attributable to the parent, and operating cash flow were 270.13 billion CNY, 12.86 billion CNY, and 37.55 billion CNY, respectively, reflecting year-on-year changes of -6.6%, -41.9%, and +20.0% [2] - The gross profit margin decreased by 3.4 percentage points to 38.4%, while the net profit margin fell by 2.9 percentage points to 4.8% [4] Store and Sales Performance - The number of stores decreased by 18.3% to 5020, while the average sales area per store increased by 7.2% [3] - Revenue from the main brand and other brands saw declines of 6.1% and 9.9%, respectively, primarily due to weak consumer demand and reduced foot traffic [3] Online and Offline Strategy - The company has over 500 accounts on Douyin and WeChat video accounts, with more than 2,300 mini-program stores, indicating a strong online presence [3] - The company is focusing on enhancing retail experiences and has partnered with high-end brands to expand its product matrix [5] Future Outlook - Short-term improvements in inventory and online sales are expected to offset declines in offline traffic [5] - The company has adjusted its revenue forecasts for FY26-27 down to 263.85 billion CNY and 279.18 billion CNY, with net profit forecasts adjusted to 12.90 billion CNY and 14.52 billion CNY, respectively [5]

抱团的抱团，开路的开路。 作者 | 贺哲馨 编辑 | 乔芊 日前，国内运动经销商滔搏发布了2024/25财报，显示在营收270.1亿元的同时，全年利润下滑了42%。 主力品牌表现不佳仍是原因。滔搏有八成以上业绩收入来自耐克和阿迪达斯。阿迪达斯近年开始减少对单一经销伙伴的投入。耐克以越六成的收入占比， 成了滔搏当仁不让的财报晴雨表。 在发给36氪的业绩梳理中，滔搏也将业绩不佳的影响因素归纳为耐克销售下滑，但作为耐克在大中华区最大的销售代理，滔搏也表示"有信心争取到品牌 最大支持"。 耐克业绩却仍未回暖。去年12月到今年2月的北美市场下滑4%，中国更是大幅减少17%。耐克在近年有意重新布局经销渠道，也推出了不少符合当下运 动潮流的新品，但暂时看来没有效果。作为曾经亲密伙伴，滔搏也有了自己的更多谋划和算盘。 从渠道销售角色，到零售运营 今年五月以来，来自英国的专业跑步装备品牌Soar、挪威高端户外品牌Norrøna前后宣布进入中国，以及更早前的加拿大越野跑品牌norda的落地，在圈 内圈外都引发了不小讨论。 这些品牌的背后都站着同一个推手——滔搏。 滔搏的"去耐克化"大致始于疫情后。2023年，滔搏一口气签约了包括 ...

自2023年起，始祖鸟持续推动"国际攀岩山地课堂"在国内落地，汇聚中外运动员与攀岩爱好者，完 成跨岩区的深度交流。得益于历年的探讨与分享成果，始祖鸟梳理了中国攀岩发展的症结所在，于2024 年启动"世界级岩场计划" 期待实现中国攀岩在国际视野及5.15难度线路上"零"的突破。 始祖鸟将凭借其专业底蕴与全球影响力，联合中国与欧洲顶尖开线团队，通过标杆岩场的建设与运 营，带动中国野攀生态的系统升级。未来，品牌也将持续在全国范围内挖掘具备潜力的自然岩区，推动 建设更多真正属于中国的"世界级岩场"。 原标题：攀岩经济升温，中国攀岩开启"5.15时代"——始祖鸟启幕世界级岩场，助推攀岩运动与全球接 轨 2024年巴黎奥运会上，中国攀岩队斩获2银。这一历史性成绩点燃了新一代户外爱好者对攀岩的参 与热情。攀岩也从"小众极限"走向更多元的户外人群，在经济与文化生态中的潜力不断显现。 5月15日，始祖鸟于社更穿洞启幕首个世界级岩场及首条5.15b级难度户外攀岩线路，这不仅打破了 中国15年来在高难度线路开发上的沉寂，也标志着中国攀岩发展38年来，真正实现了与国际接轨。作为 品牌牵头、行业共建的案例，世界级岩场的诞生是始祖鸟从资 ...