Core Viewpoint - DBS has released a report stating that Li Ning (02331) is a leading domestic sportswear brand in China, with a market share of 10.3% as of 2024 [1] Group 1: Company Performance - Li Ning has developed the Li Ning YOUNG and Li Ning China brands to align with youth culture trends [1] - The company has improved retail discount rates in both offline and e-commerce channels [1] Group 2: Market Outlook - Despite intense market competition, growth is recovering, prompting DBS to raise the target price from HKD 17.4 to HKD 19.5 per share, based on a rolling 12-month P/E ratio of 16 times [1] - Sales for Li Ning are expected to grow modestly by 1% and 6% in the fiscal years 2025 and 2026, driven by stable growth in running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing [1] Group 3: Comparative Valuation - The revised target P/E ratio of Li Ning is compared to global peers, which are forecasted to have P/E ratios of 24 times and 19.9 times for the fiscal years 2025 and 2026, respectively [1] - The rating for Li Ning is set at "Buy" [1]

Core Insights - The rise of pet apparel is driven by the increasing trend of pets being viewed as family members, leading to a significant market opportunity in the "pet economy" [1][4] - Major sports brands like Adidas and Nike are entering the pet apparel market to attract younger consumers who prioritize fashion and individuality [1][4][20] Company Performance - Adidas reported a global revenue of €6 billion in Q2 2025, a 12% year-on-year increase, with operating profit rising by 58% to €546 million [2] - The overall revenue for the first half of 2025 reached €12.105 billion, reflecting a 14% growth, while operating profit surged by 70% to €1.2 billion [2] Market Trends - The pet consumption market in urban China is projected to exceed ¥300 billion in 2024, with the emotional consumption market expected to surpass ¥2 trillion [4] - Young pet owners, particularly those born in the 1990s and 2000s, are becoming the primary consumers in the pet market, with 41.2% and 25.6% ownership rates respectively [4] Product Strategy - Adidas and Nike are focusing on stylish and customizable pet apparel, such as matching outfits for pets and their owners, to cater to the demand for personalization among young consumers [9][20] - The brands are also emphasizing design and fashion in their pet products, aiming to create social currency among pet owners [9][20] Consumer Feedback - Initial consumer reactions to Adidas' pet apparel have been mixed, with some praising the aesthetics while others criticize the sizing limitations and material choices [10][11] - Concerns have been raised regarding the practicality of the products, with some consumers questioning the necessity of certain apparel for pets [17][18] Future Directions - The pet apparel industry is still in its early stages, and brands need to focus on product quality, size diversity, and intelligent design to capture more market share [21] - There is a growing demand for outdoor pet apparel as outdoor activities become more popular, indicating a potential growth area for brands [19][20]

Core Viewpoint - The report from CICC indicates that 361 Degrees (01361) achieved a mid-year revenue growth of 11% to 5.705 billion RMB, with a net profit attributable to shareholders increasing by 8.6% to 858 million RMB, aligning with expectations [1] Financial Performance - The company declared an interim dividend of 20.4 HKD cents per share, corresponding to a payout ratio of 45%, which has increased compared to the same period last year [1] - CICC adjusted the earnings per share forecast for this year down by 4% to 0.61 RMB, while maintaining the forecast for next year at 0.72 RMB [1] Valuation and Target Price - The target price for the company was raised by 24% to 6.98 HKD, with a rating maintained at "outperform the industry" [1] Profitability Metrics - The gross profit margin for the first half of the year increased by 0.1 percentage points to 41.5%, driven by effective cost control and product pricing in the main brand's footwear and apparel [1] Strategic Initiatives - The company is committed to promoting the new superstore format, with plans to increase the number of superstores to 100 by the end of the year [1] - There remains significant growth potential in the running and basketball categories for the main brand [1] Long-term Outlook - CICC maintains a positive outlook on the company's long-term competitiveness in the mass professional sports sector [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Consumer Market**, particularly in the **cosmetics**, **sportswear**, and **infant milk formula (IMF)** sectors, analyzing performance across major e-commerce platforms like Tmall, Taobao, and JD. Key Highlights 1. Category Performance - **White Goods**: Grew by **15% year-over-year (yoy)** in July, outperforming other categories. - **RVC/Small Kitchen Appliances**: Recorded growth of **14%** and **10% yoy**, respectively. - **Sports Shoes/Sportswear**: Achieved **11%** and **7% yoy** growth. - **Declines**: Categories such as **IMF, Beer, Pet Products, and Beauty** saw declines, with **Women's Clothing, Condiments, and Dairy** lagging at **15%**, **17%**, and **24% yoy** declines, respectively [1][13][12]. 2. Domestic vs. MNC Brands in Cosmetics - **Local Brands**: Mass/local brands regained market share from premium/MNC brands, reversing trends from the previous period. - **Shanghai Jahwa, Marubi, and KANs** led with growth rates of **58%**, **51%**, and **48% yoy**. - **Giant, Perfect Diary, and Botanee** grew by **24%**, **7%**, and **2%** respectively. - **MNC Brands**: - **LGHH** was the only MNC to show positive growth at **9% yoy**. - **L'Oreal** declined by **2%**, while **Estee Lauder** and **Shiseido** faced declines of **MSD to HSD% yoy**. - **Kose** and **Amore** underperformed with declines of **19%** and **49% yoy** [2][23]. 3. Sportswear Market Insights - Both MNCs and local brands experienced positive online growth in July, attributed to a favorable base. - **Anta** reported improved performance in mid-July, expecting recovery in Q3. - **Xtep** noted retail sales acceleration, while **Li Ning** faced pressure with deeper discounts yoy. - The divergence in brand performance is attributed to product and fashion cycles, with brands executing omni-channel strategies [3]. 4. Infant Milk Formula (IMF) Performance - **Sales Growth**: On Tmall/Taobao, IMF sales grew by **11%** in July, an improvement from **-4%** in June. - **Top Brands**: Local brand **Yili** (including Pro-Kido) showed strong momentum with **33%** growth in July, while **Feihe** slowed to **6%** growth. - Among MNCs, **Biostime, Mead Johnson, and Wyeth** outperformed with growth rates of **48%**, **42%**, and **32%** respectively [17][18]. 5. Brand Performance Summary - **Outperforming Brands**: Included **Herborist, Collgene, Marubi, KANs, HR, Uniqlo, Gree, Ecovacs, Roborock, Fila, Lululemon, and Pop Mart**. - **Underperforming Brands**: Included **Timage, QuadHA, Yili, and Cha cha** [4]. Additional Insights - The report indicates a shift in consumer preferences towards local brands, particularly in the cosmetics sector, as they regain market share from MNCs. - The performance of various categories suggests a mixed recovery in consumer spending, with some sectors experiencing robust growth while others face significant declines. - The analysis highlights the importance of omni-channel strategies in capturing market share and responding to changing consumer behaviors [2][3][23].

值得注意的是，陈冠希在与耐克结束合作关系后，迅速转向其竞争对手阿迪达斯并展开全新合作。此举 被认为是其大胆的商业决策之一，与阿迪达斯的合作在短时间内推出了多款联名产品，吸引了全球消费 者的目光。耐克的诉讼直接针对陈冠希个人，而非其品牌或与阿迪达斯的合作，说明耐克正加大力度保 护其品牌资产。 耐克近期的财报数据显示，其全球营收和净利润均有所下降，这无疑给公司带来了挑战。在此背景下， 品牌对合约的严格执行及对合作伙伴的要求显得尤为重要。耐克对于品牌资产的保护可以从其对陈冠希 的诉讼中窥得一斑，这不仅是针对单一事件的应对，也反映了公司在日益竞争激烈的市场中所采取的策 略。 来源：市场资讯 （来源：美股情报站） 8月13日的股市行情中，耐克公司(NKE)的股价上扬3.07%，连续两天呈现上涨趋势，累计涨幅达到 4.30%。这一走势引来了投资者的广泛关注，展现出耐克在资本市场的强劲表现。 耐克近期的股价波动，很大程度上受到了一些突发事件和合约纠纷的影响。据报道，耐克已向加州中区 联邦地方法院提起诉讼，指控华裔明星陈冠希及其公司Juice Los Angeles LLC违约，要求赔偿12.6万美 元（约合人民币90万元） ...

Core Viewpoint - Anta's potential acquisitions of Reebok and MUSINSA reflect its strategic intent to enhance its brand portfolio and market presence, following its previous successful acquisitions like FILA and Jack Wolfskin [1][8][12]. Group 1: Anta's Acquisition Strategy - Anta has accelerated its resource allocation after ending its 16-year partnership with the Chinese Olympic Committee, becoming a partner for the National Games and acquiring Jack Wolfskin [1][8]. - The company has a history of acquiring brands to fill gaps in its product offerings, as seen with its acquisition of FILA, which helped establish a high-end brand presence [8][12]. - Anta's revenue exceeded 70 billion yuan, making further acquisitions seem logical for its growth strategy [1][2]. Group 2: Rumors of Reebok Acquisition - Rumors about Anta acquiring Reebok have circulated since Adidas planned to divest the brand, but Authentic Brands Group (ABG) ultimately acquired Reebok for approximately $2.5 billion [2][4]. - ABG has denied any plans to sell Reebok to Anta, emphasizing its commitment to the brand and its growth targets, including a goal of reaching $10 billion in global retail sales by 2027 [4][10]. - The potential acquisition of Reebok could help Anta strengthen its offerings in fitness, women's basketball, and golf, areas where it currently lacks high-end products [10][11]. Group 3: Collaboration with MUSINSA - The partnership with MUSINSA is structured as a joint venture with MUSINSA holding 60% and Anta 40%, indicating that Anta is currently in an investment phase rather than a full acquisition [7][11]. - MUSINSA's strong design capabilities could complement Anta's offerings, particularly in the fashion segment, which is currently underrepresented in Anta's brand matrix [11][12]. - Future collaborations between Anta and MUSINSA could leverage successful models seen in other brand partnerships, potentially enhancing Anta's appeal in the fashion-oriented sportswear market [11][12]. Group 4: Global Expansion and Future Acquisitions - Anta's strategy of acquiring brands is aimed at enhancing its market presence and product line, especially in emerging sports segments [12][14]. - The company must navigate challenges such as brand and product overlap, which could lead to internal competition and management pressures [14]. - Anta's future acquisitions should focus on strategic synergies rather than mere scale, ensuring that it builds a robust brand portfolio while maintaining innovation and operational capabilities [12][14].

Core Viewpoint - Adidas faces significant backlash over the design of the "Oaxaca Slip-On" shoe, which allegedly appropriates cultural elements from the traditional Mexican "huarache" sandals without authorization [1][2] Group 1: Controversy and Response - The "Oaxaca Slip-On" shoe, designed in collaboration with Mexican designer Willy Chavarría, sparked controversy for its resemblance to traditional "huarache" sandals, leading to accusations of cultural appropriation [1] - Mexican President Claudia Sheinbaum publicly criticized Adidas, accusing the company of "stealing the creativity of indigenous communities" and disregarding indigenous intellectual property [1] - In response to public pressure, Adidas issued a statement acknowledging the design's inspiration from Oaxaca's traditional craftsmanship and apologized for the lack of authorization [2] Group 2: Legal and Cultural Implications - The Mexican government has initiated negotiations with Adidas for compensation to the indigenous community and is prepared to take legal action due to the unauthorized use of cultural elements [1][2] - Mexico has strict laws protecting indigenous culture, with high fines and imprisonment for unauthorized use of indigenous cultural expressions [2] - The designer Willy Chavarría also issued a bilingual apology, admitting the design's unauthorized appropriation and emphasizing the intention to honor Oaxaca's culture [2]

美国运动品牌Nike耐克近日在加州中区联邦地方法院正式对华裔明星、潮流品牌CLOT创办人陈冠希提 起违约诉讼，索赔12.6万美元（约合90万元人民币）。值得注意的是，由于法院文档此前误将赔偿金数 额写为1.26亿美元，经过当地媒体报道后，引爆全球运动圈与潮流圈。随后法院对赔偿数额更正为12.6 万美元。陈冠希8月12日晚在社交媒体上发布一条与现任合作方Adidas阿迪达斯的联名新款跑鞋，但对 耐克起诉未作回应。 据悉，陈冠希于2004年与潘世亨共同创立CLOT，该品牌自2006年起与耐克及Jordan Brand展开深度合 作，其间推出逾30款联名鞋服，融合东方文化元素与潮流设计，包括广受欢迎的"丝绸 Air Force 1"系 列、以中国十二生肖为灵感的设计款等。这些产品不仅在中国市场引发抢购潮，也成为北美及东南亚潮 流社群的追捧对象。2023年，双方的合作达到高潮——"What The Dunk" 系列重构耐克经典Air Force 1 系列，在潮流平台StockX上被炒至原价数倍。 法律人士分析，耐克此次诉讼可能与合约中的竞业限制条款、知识产权保护或未履行的合作义务有关。 耐克新任CEO Elliott ...

公告显示，集团鼓励分销商及授权零售商继续开设更大规模店面及升级至最新形象店，以及增加在商 场、百货及购物中心的新门店数量。2025年上半年，集团门店渠道结构持续优化，门店平均面积及平均 店效持续稳定提升，终端的零售流水表现持续强劲。 值得一提的是，上半年，公司电商业务板块表现尤为亮眼。财报显示，上半年电商业务营收18.2亿元， 同比增长45%，再创历史新高。期内，集团电商依托线上专供品及线上线下（300959）融合策略，响应 消费者产品需求，实现了业绩大幅增长。 8月12日，361度(01361.HK)发布2025年上半年财报，公司上半年营收57.05亿元，同比增11%；权益持有 人应占溢利8.58亿元，同比增长8.6%。期内，集团毛利23.66亿元，同比增长11.4%。毛利率41.5%，同 比增长0.2个百分点，盈利能力稳步提升。 公告称，得益于市场对集团产品的强劲需求，成人及儿童类别均取得可喜的增长率。其中，成人鞋类收 入25.75亿元，同比增长12.8%；成人服装收入16.01亿元，同比增长1.6%。儿童鞋类收入7.12亿元，同比 增长27.8%。儿童服装5.22亿元，同比减少7.6%。 截至6月30日 ...

中信里昂发布研报称，预期中国运动服饰市场占有率将持续增长，上半年销售额年增4.2%，而运动休 闲服饰(AT&A)年增3.1%。但这仍低于整体消费品销售额年增5%的水平，这亦解释了市场对该行业的温 和情绪。 报告表示，安踏体育(02020)是主要的市场份额获得者，该行预计，国内品牌的销售额和盈利能力将超 国际运动零售商。同时，第三季基数应该会更加稳健，故该行预计品牌零售额在第二季放缓后将季比改 善。然而，折扣压力依然存在。 该行小幅调高了首选股安踏体育的盈测，并将目标价上调至116港元。同时维持李宁(02331)"持有"评 级，等待更多基本面因素的推动。该行另下调特步国际(01368)的盈测，但基于展期和外汇因素，将目 标价上调至6.3港元，并维持"跑赢大市"评级，因风险回报完整无缺。 ...