Investment Dynamics - Manus' parent company, Butterfly Effect, is reportedly planning a new financing round of $100 million at a valuation of $1.5 billion, with state-owned enterprises participating. The funds will primarily be used to develop the Chinese market [3] - DTC snack brand Farmley successfully raised $40 million in Series C funding, led by L Catterton, with existing investors also participating. The funds will help expand its presence in the Indian health snack market [5] - AI and robotics service provider "Shouhua Technology" completed a Series A financing round of several tens of millions of RMB, led by a fund under Hangzhou Wen Guang Group. The funds will be used for AI model development, hardware upgrades, and global market expansion [6][7] Acquisition Dynamics - Spanish second-hand clothing platform Percentil was acquired by Israeli tech company MySize, avoiding bankruptcy. The acquisition includes the Percentil brand, central warehouse, AI pricing engine, quality assessment system, and over 120,000 items of inventory [11] - Dick's Sporting Goods is nearing a deal to acquire Foot Locker for an estimated price of $24 per share, totaling $2.3 billion. This news caused Foot Locker's stock to surge nearly 70% [14][15] - Borletti Group announced the acquisition of a minority stake in True Religion, which is known for its iconic "Super T" stitching. The financial details of the transaction were not disclosed [18] - Church & Dwight announced plans to acquire DTC hand sanitizer brand Touchland for $880 million, with $700 million in cash and stock, and an additional $180 million contingent on sales targets [22] - A consortium of investors has made a €60 million acquisition offer for French sportswear brand Le Coq Sportif, with Neopar set to hold 51% of the shares [25][26] Personnel Dynamics - Microsoft announced a company-wide layoff of 6,000 employees, representing less than 3% of its total workforce of 228,000, as part of a strategy to streamline management levels [29] - Balenciaga appointed Nathalie Raynaud as Vice CEO to strengthen its executive team in preparation for the arrival of a new creative director [31]

%% %% research.95579.com 公司研究丨深度报告丨雷赛智能（002979.SZ） [Table_Title] 雷赛智能：运控平台化渐成型，助力人机"手眼 脑"打开新空间 %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司是同时在驱动器和控制器领域位列国内第一梯队的厂商，且控制器与驱动器性能决定人形 机器人控制系统的实时性和运动过程的稳态，人形机器人成为运控行业发展前景广阔的新下 游，公司陆续发布新产品，目前可提供超高功率密度无框电机、无刷空心杯电机、微型伺服驱 动器、机器人关节模组、灵巧手等核心部件产品，能够为机器人的"手眼脑"协同提供有效赋 能，打开新成长空间。同时自动化行业有望迎来周期复苏、国产替代、新兴需求三重逻辑共振， 公司基于运控核心优势，叠加扩品类、拓渠道变革及新一轮股权激励，业绩有望实现较快增长。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% research.95579.com 2 SAC：S0490517110001 SAC：S0490520030003 SAC：S04905 ...

2025年5月17日，上海——早晨8点，以"一起，我们跑更远"为主题的2025渣打上海10公里跑在世博庆典 广场鸣笛开赛。本届赛事共设4500个跑者名额，以多元融合的赛制设计、毗邻黄浦江畔的经典赛道，以 及渣打跑系列IP的赛事联动，持续为上海跑步文化增添多元色彩。经过激烈角逐，盛旺和刘晶娅分别以 32分26秒和36分38秒的出色成绩摘得10公里跑男、女子组冠军。 领导嘉宾共同为赛事鸣笛发令 赛事开跑瞬间 来自上海市浦东新区、中国（上海）自由贸易试验区临港新片区管理委员会、浦东新区区委金融办、陆 家嘴金融城、英国驻上海总领事馆、上海金融业联合会、上海市银行同业公会、上海市外商投资协会、 迪桑特的嘉宾，以及渣打银行高管代表共同为比赛鸣笛发令。 渣打银行（中国）行长兼副董事长鲁静表示："跑步运动简单轻盈，和渣打的文化很契合。多年来，渣 打在全球多个城市举办'渣打跑'。今年是渣打第5次在中国内地举办10公里跑品牌赛事。我们很高兴在 政府机构、赞助商、合作伙伴的大力支持下，再次和4500名热情的跑者一起，在阳光灿烂的五月，相聚 在美丽的上海滨江跑道，一起跑出上海的活力、多元和包容。一起，我们跑更远！" 鲁静为冠军颁奖 ...

Group 1: On's Q1 Performance - On reported a net sales of 727 million Swiss francs in Q1 2025, a 43% year-on-year increase, exceeding market expectations [1] - Net profit decreased by 38% to 56.7 million Swiss francs, with a net profit margin dropping to 7.8% due to rising costs and market expansion investments [1] - The EMEA market saw a sales increase of 33.6% to 169 million Swiss francs, while the Americas grew by 32.7% to 437 million Swiss francs, and the Asia-Pacific market surged by 130% to 121 million Swiss francs, now accounting for 16.6% of total revenue [1] Group 2: On's Strategic Adjustments - On plans to raise prices in the U.S. market starting July, with potential price increases in other markets next year [1] - The company has adjusted its full-year guidance for 2025, expecting at least a 28% increase in net sales and a gross margin target of 60%-60.5% [2] - The brand aims to expand its global store network by adding 15 new stores in 2025 and deepen collaborations in technology and fashion [2] Group 3: Under Armour's Financial Struggles - Under Armour reported a revenue decline of 9% to 5.2 billion USD for the fiscal year 2025, with a net loss of 200 million USD [3] - The fourth quarter saw an 11% revenue drop to 1.2 billion USD, with a net loss of 67 million USD [3] - The company is focusing on a turnaround plan led by returning CEO Kevin Plank, emphasizing premium products for members and targeting the Asia-Pacific market, particularly China [3][4] Group 4: ASICS Q1 Performance - ASICS reported a Q1 revenue exceeding 200 billion JPY for the first time, reaching 208.3 billion JPY, a 20% increase year-on-year [5] - The net profit for Q1 was 31.6 billion JPY, an 18% increase, marking a historical high for the period [5] - Performance running shoes and sports leisure products showed significant growth, with performance running shoes sales reaching 98 billion JPY, an 11.5% increase [5] Group 5: Starbucks' Strategic Moves in China - Starbucks is exploring various options for its China business, including potential equity sales, and has reached out to private equity firms for feedback [6] - The company reported a 5% year-on-year revenue growth in its latest quarterly results, reaching 739.7 million USD, with a 9% increase in store count to 7,758 [6] - Starbucks is committed to the Chinese market, seeing significant growth potential in the coming years [6] Group 6: Market Trends in Low-Sugar Tea - The low-sugar tea beverage market in China is experiencing rapid growth, with a sales growth rate of 41% in 2024, significantly outpacing the overall soft drink market [18] - Low-sugar tea now accounts for 20% of the bottled tea market, with expectations to reach 30% by 2029 [18] - Consumer health consciousness is driving the demand for low-sugar products, with 30% of Chinese consumers consuming health products daily [18]

整理 ｜ 李小霞 #Big N ews# On昂跑Q1净利下降近四成 运动新贵品牌On昂跑交上了一份营收高速增长、但利润承压的2025年一季度业绩。 根据财报，On昂跑今年第一季度净销售额达7.27 亿瑞士法郎，同比增长43%（固定汇率下增长 40%），超市场预期。净利润同比下降38%至5670万瑞士法郎，净利润率降至7.8%。 品牌仍处于高增长期，但受成本上涨与市场扩张投入影响，利润承压。品牌表示，已着手从7月起提 高美国市场的售价，明年或将提价政策推广至其他市场。 分地区看，EMEA市场销售额增长33.6%至1.69亿瑞士法郎，美洲市场销售额增长32.7%至4.37亿瑞 士法郎，亚太市场销售额大涨130.1%至1.206亿瑞士法郎，领先其他所有区域，成为全球增长最快 的区域，占总营收比重提升至16.6%。 中国和日本市场贡献显著，其中中国门店数量已达24家，计划2026年突破100家。 分品类看，鞋类收入同比增长40.5%至6.81亿瑞士法郎，占总营收的93.7%。服装销售额同比激增 93.1%至3810万瑞士法郎，成为增长最快的品类。品牌通过升级面料科技（如Light Spray™）和时 尚设计，成功吸 ...

这是新消费智库第 2 6 3 6 期文章 新消费导读 1. 永璞上新冰薄荷黑巧咖啡液 2. 安踏上线滑板鞋 3. 半天妖推出两款特色新品 4. Bape 携手林俊杰推出限定系列 5. Al lbirds 官宣董洁为品牌大使 6. 彩棠 x 茉莉奶白推联名系列 7. 小马智行 公司正计划赴港上市 8. WinnCafe 稳因咖啡获数千万元融资 9. 铜师傅冲刺港交所 10. 手滑科技完成数千万元 A 轮融资 11. 日本麦当劳 xChi i kawa 推出 8 款限定玩具 12. 伊索薇绿香水全新上市 13. 毛戈平美妆 x 故宫文创推出第六季新品香水 . . . . . . 一周新品 1. 永璞上新冰薄荷黑巧咖啡液 图片来源：腾讯公共图库 近日， 永璞官宣上新冰薄荷黑巧风味意式咖啡液。这款冰薄荷黑巧风味意式咖啡液选用的是 100% 阿拉比卡咖啡豆，添加了≥ 0.25% 的薄 荷提取液。每条咖啡液新品的能量为 19k J ， 0 糖 0 脂，其中咖啡因含量≥ 200mg/ kg 。 （ FBIF 食品饮料创新） 2.延中饮料上新咸青桔风味盐汽水 延中饮料官宣上新咸青桔风味盐汽水。据品牌介绍，新品通过独特的工艺调 ...

5月17日8点,以"一起,我们跑更远"为主题的2025 渣打上海10公里跑在世博庆典广场鸣笛开赛。本届赛 事共设4500个跑者名额,以多元融合的赛制设计、 毗邻黄浦江畔的经典赛道,以及渣打跑系列IP的赛事 联动,持续为上海跑步文化增添多元色彩。 Shanghai 10km Run Shanghai 10km Run Shanahai 10km Run ahai 10km Rur 2025渣打上海10公里跑 & 2025 司:F 来自上海市浦东新区、中国（上海）自由贸易试验区 临港新片区管理委员会、浦东新区区委金融办、陆家 嘴金融城、英国驻上海总领事馆、上海金融业联合会、 上海市银行同业公会、上海市外商投资协会、迪桑特 的嘉宾,以及渣打银行高管代表共同为比赛鸣笛发令。 取与 37 -FF 10公里跑男子组冠军 ES HE 10公里跑女子组冠军 刘 晶 娅 渣打银行(中国) 行长兼副董事长 鲁静 "跑步运动简单轻盈,和渣打的文化很契合。多年来, 渣打在全球多个城市举办'渣打跑'。今年是渣打第5 次在中国内地举办10公里跑品牌赛事。我们很高兴在 政府机构、赞助商、合作伙伴的大力支持下，再次和 4500名热情的跑者一 ...

星海情报局 . 以下文章来源于星海情报局 ，作者星海老局 2025年4月的一个阴天，小肖终于收到了自己下单购买的捷安特碳纤维自行车。这辆价格超过七 万元的顶配车型，是他送给自己的28岁生日礼物。 示意图 关注国产替代和中国品牌出海，每年写100个中国品牌案例，见证中国产业崛起！ 作者：星海老局 来源： 星海情报局 2018年，一场创投机构的公开演讲中，一名投资人曾经半开玩笑地把男性的消费能力排在少女、 儿童、女人、小孩和宠物之后。彼时，男性的消费行为大多围绕着恋爱关系展开，如节日花销、 约会支出等。 然而近年来，这种局面正在发生逆转。围绕恋爱关系展开的消费冲动正在退潮。 男性消费者，开 始将消费重心转向自我 ，一种新的消费观念正在形成。 01 当男性开始舍得为自己花钱 在此之前，这辆车在他的收藏夹里已经存放了长达一年之久。 就在那天，小肖发了一条朋友圈，庆祝自己愿望达成；同时悄悄删除了一条旧动态，那是三年前 和女朋友"官宣"恋情的合照。 三个月之前，他和交往四年的女朋友和平分手。 房子没买，婚也没结，留下的了一笔原本打算作 为房子首付的积蓄。 小肖是土生土长的深圳人。作为典型的广东男孩，他从小被父母教育，"无 ...

Core Insights - Overseas high-end sports brands are increasingly entering the Chinese outdoor sports market, with brands like Soar, Norrøna, and Norda gaining attention [1][4][16] - The sports retail operator, Tmall, is playing a crucial role in these brands' entry into China, marking a shift in its strategy to reduce reliance on Nike and Adidas [3][10][19] Group 1: Market Dynamics - Tmall has shifted from being primarily a distributor for Nike and Adidas to becoming a brand management operator, seeking to establish its own identity in the market [3][10] - The Chinese sports market is undergoing a significant reshuffle, with Tmall's partnerships with new brands indicating a response to changing consumer preferences and competitive pressures [3][15] Group 2: Financial Performance - Tmall's revenue from Nike and Adidas accounted for 90% in 2017, but by 2022, the company's revenue dropped to 27.07 billion yuan, a decline of 15.07% year-on-year [9][11] - As of August 2024, Tmall's revenue was 13.055 billion yuan, down 7.9% year-on-year, with a reduction of 331 stores, leaving a total of 5,813 [10][11] Group 3: Consumer Trends - The Z generation, comprising nearly 300 million people in China, is reshaping consumption patterns, favoring shopping experiences that combine social interaction and comprehensive service [15] - The market share of leading sports brands like Nike and Adidas has decreased, with their combined market share dropping by 11% over four years [15][16] Group 4: Strategic Partnerships - Tmall has secured exclusive operating rights for several high-end brands, including Norrøna and Soar, as part of its strategy to diversify its brand portfolio [4][16] - The company is also exploring online business expansion to cater to various consumer segments, moving from a traditional distributor to a brand operator [18][19]

将要在2028年举行的第十五届全国冬季运动会更是全省大事、国之盛事。当前，我省"十五冬"筹办 工作扎实有序。沈阳王家湾冰上运动中心、大连普湾滑雪场和冰上运动馆、抚顺龙岗山雪上运动中心等 重点场馆场地及配套基础设施建设加快推进。"十五冬"计划设置8个大项16个分项赛事，我省拟承办6个 大项及10个分项的比赛。上述比赛拟定在沈阳、大连、抚顺3个赛区举行。 我省将以筹办"十五冬"为契机，全力驱动冰雪经济发展。今年将提前谋划新雪季冰雪赛事活动，积 极承办国际、国内赛事，组织开展独具辽宁地域特色的冰雪赛事活动，增加群众性冰雪赛事活动数量， 推动"冷资源"向"热经济"转变。 冰雪之外，市场化程度最高的"三大球"项目也是我省发展赛事经济的必争之地。省体育局将进一步 完善支持职业俱乐部发展的政策举措，探索建立政府、省队、俱乐部共建、合作发展新模式。对职业俱 乐部加大投融资、场地设施、人才培养、科研医疗、后勤服务等方面保障力度。做好做强"三大球"城市 联赛。充分利用省级优质资源，力争打造"三大球"项目国家级青训中心，选拔培养优秀"三大球"人才。 集乘数效应、融合效应和带动效应于一身的赛事经济跑出了"新赛道"。2024年，我省共 ...