所有其他品牌二零二五年第三季度零售表現 二零二五年第三季度，所有其他品牌產品*之零售金額（按零售價值計算）與二 零二四年同期相比錄得 45-50%的正增長。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立之有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） 二零二五年第三季度之最新營運表現 本公告乃安踏體育用品有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）董事會（「董事會」）自願發出，以提供本集團業務之最新營運表現。 本公告之披露只與本集團安踏、FILA 及所有其他品牌（包括 DESCENTE 及 KOLON SPORT）之業務有關，並未包括 Amer Sports（按本公司最新刊發的中 期報告所定義）之業務。 安踏品牌二零二五年第三季度零售表現 二零二五年第三季度，安踏品牌產品之零售金額（按零售價值計算）與二零二 四年 ...

Core Insights - The event "Quality Life・Zijin Selection - Dongcheng State-owned Enterprises Quality Consumption" aims to promote the national strategy of expanding domestic demand and upgrading consumption, showcasing the capabilities of state-owned enterprises in enhancing public welfare and driving regional economic growth [1] Group 1: Event Overview - The event was held on October 26 at the Bell and Drum Tower Cultural Square, organized by multiple local government bodies and Beijing Dongcheng Cultural Tourism Group [1] - It featured an innovative model combining brand display, immersive experiences, and consumer benefits, highlighting the strength of state-owned brands and the innovation of time-honored brands [1] Group 2: Consumer Engagement - The event targeted diverse consumer needs with 17 premium exhibition booths, covering traditional brands, fashionable lifestyle products, and cultural tourism [2] - The venue is part of the "Walking Andingmen" project, which aims to create a unique district that integrates cultural experiences, commercial consumption, and leisure tourism [2] Group 3: Exhibition Highlights - The event showcased a blend of traditional craftsmanship and modern aesthetics, with products from various time-honored brands appealing to different consumer demographics [3] - The fashion lifestyle section featured products that resonate with younger consumers, expanding the audience for state-owned brands [3] - The cultural tourism and specialty products section emphasized regional collaboration, introducing high-quality resources from partner regions [3] Group 4: Future Prospects - This event serves as a pilot for the "Walking Andingmen" project, demonstrating the feasibility of integrating culture, commerce, and tourism [4] - Future initiatives will focus on deepening the project and creating engaging experiences for citizens, enhancing the vitality of cultural and commercial integration in the region [4] - State-owned enterprises in Dongcheng will continue to innovate and develop impactful consumer IP activities, aligning with urban culture and public needs to drive high-quality economic development [4]

Summary of Li Ning's Q3 2025 Earnings Call Company Overview - **Company**: Li Ning - **Date**: Q3 2025 Earnings Call Key Points Industry Performance - Li Ning's overall channel revenue in Q3 decreased by mid-single digits year-on-year, with a weakening trend observed month by month [2][4][6] - The retail environment remains challenging, with expectations for Q4 to be below prior forecasts [2][8] Financial Metrics - As of the end of Q3, the number of main brand stores increased by 15 to 6,132, while direct-operated stores decreased by 46 [2][4] - The company maintained its annual store opening target but adjusted the net opening/closing numbers for various store types [2][5] Sales and Discounts - Discounts across all channels deepened year-on-year, particularly in direct and e-commerce channels, with offline discounts reaching mid-60% levels [2][6] - The company anticipates that the overall terminal performance will remain below expectations, posing challenges to achieving annual financial guidance [2][8] Product Categories - Pressure in Q3 primarily stemmed from basketball and sports lifestyle categories, with running and fitness growth slowing down [2][15] - Children's products and women's products showed better growth compared to men's products, but overall consumer spending remains weak [2][15] Marketing and Promotions - Li Ning plans to leverage upcoming events, including the 2026 Milan Winter Olympics, to enhance brand visibility and support sales growth [4][10][11] - The company is focusing on a comprehensive marketing matrix to support business development and manage costs effectively [3][16] Inventory Management - The company has increased inventory levels in anticipation of the double holiday and "Double Eleven" shopping festival, maintaining a healthy inventory turnover ratio of 4-5 months [6][9] - Despite the increase in inventory, Li Ning aims to control discounts to maintain profitability [9][23] Competitive Landscape - The competitive environment remains intense, with brands focusing on balancing revenue and inventory, leading to increased discounting pressure [8][20] - Li Ning is committed to enhancing its core competitiveness in running and basketball while addressing the challenges posed by competitors like Nike [8][20][21] Future Outlook - The company is currently formulating its 2026 budget, expecting moderate growth in domestic consumption but acknowledging ongoing business pressures [14] - Li Ning's long-term strategy includes focusing on high-value and functional products, as well as tapping into emerging sports trends [14][27] New Product Launches - Upcoming product launches include new running shoes featuring advanced water-repellent technology and collaborations with popular franchises [18][19] - The company is also enhancing its outdoor product line and integrating elements of traditional Chinese aesthetics into its offerings [21][22] Conclusion - Li Ning is navigating a challenging retail environment with strategic marketing initiatives and product innovations aimed at sustaining growth and enhancing brand equity [27]

Core Viewpoint - Adidas has become the "old fourth" in the Chinese market, trailing behind Nike, Anta, and Li Ning, and is now in a clear expansion phase in China [1][2]. Group 1: Market Position and Challenges - Adidas's decline in market share is attributed to the fallout from the Yeezy partnership with Kanye West, which accounted for 8% of total revenue and 40% of profits before the partnership ended in October 2022 [2][3]. - The company's market share in China dropped from 15% in 2021 to 8.7% in 2024, while Nike's share decreased from 18.1% to 16.2% [3]. - Domestic brands are rising, with Anta's market share increasing from 9.8% to 10.5% and Li Ning's from 9.3% to 9.4% during the same period [4]. Group 2: Strategic Changes - Adidas is shifting its strategy in China, with 95% of products sold in the market being "made in China" and a focus on original designs [5]. - The influence of the Chinese team within Adidas is increasing, and the CEO has made multiple visits to China to strengthen relationships [6]. Group 3: Financial Performance - In Q2 2023, Adidas's revenue in Greater China grew by 11% to €798 million (approximately ¥6.65 billion), contrasting with Nike's 10% decline in the same region [8]. - Despite the growth, Nike's sales base is significantly larger, making direct comparisons challenging [8]. Group 4: Future Outlook - The path to a successful turnaround for Adidas in China is fraught with challenges, including competition from domestic brands and ongoing market fluctuations [9][10].

Core Viewpoint - Adidas has become the "old fourth" in the Chinese market, trailing behind Nike, Anta, and Li Ning, and is currently in a phase of clear expansion in China [1][2]. Group 1: Market Position and Challenges - Adidas's decline in market share is significantly attributed to the fallout from the Yeezy partnership with Kanye West, which accounted for 8% of total revenue and 40% of profits before the partnership ended in October 2022 [1]. - The company's market share in China dropped from 15% in 2021 to 8.7% in 2024, while Nike's share decreased from 18.1% to 16.2% during the same period [1][2]. - Domestic brands have risen, with Anta's market share increasing from 9.8% to 10.5% and Li Ning's from 9.3% to 9.4% [2]. Group 2: Strategic Changes - Adidas is adapting its strategy in China, with 95% of products sold in the market being "made in China" and a focus on original designs [2]. - The CEO of Adidas, Bjørn Gulden, has made multiple visits to China to strengthen relationships, contrasting with Nike's more subdued approach [2][3]. Group 3: Financial Performance - In Q2 2023, Adidas's revenue in Greater China grew by 11% year-on-year to €798 million (approximately ¥6.65 billion), while Nike's revenue in the same region fell by 10% to $1.512 billion (approximately ¥10.78 billion) [4]. - Despite the growth, the comparison of growth rates is complicated due to Nike's larger sales base [4]. Group 4: Future Prospects - The path for Adidas to reclaim its position in the market is challenging, with Nike also empowering its local team and domestic brands like Anta thriving [5]. - The overall market is volatile, with companies like Peak facing significant losses and implementing salary cuts of up to 50% [5].

Group 1 - The 2026 Milan Winter Olympics Chinese sports delegation's award outfit was officially released, showcasing a blend of traditional aesthetics and modern technology [3] - The outfit features "China Red" and "Snow Mountain White" as primary colors, incorporating traditional auspicious patterns and advanced aerospace thermal technology for enhanced performance [3] - The collaboration between Li Ning and the National Space Administration aims to promote the application of aerospace technology in professional sports, highlighting China's cultural confidence and technological innovation on the world stage [3] Group 2 - The Chinese sports industry, including the ice and snow economy, has seen significant growth, driven by policy guidance, industry efforts, brand intelligence, and improved athlete quality [4] - The Chinese government has emphasized the need to accelerate the construction of a modern sports industry system to boost sports consumption and enhance the overall strength and competitiveness of the sports industry [3][4] - Li Ning, the founder and chairman of the brand, expressed the importance of the award outfit as a representation of national spirit and athlete excellence, anticipating a confident display of Chinese athletes at the Milan Winter Olympics [3]

Core Viewpoint - Adidas has become the "old fourth" in the Chinese market, ranking behind Nike, Anta, and Li Ning in market share after years of struggle [1][5]. Group 1: Market Position and Challenges - Adidas's market share in China has significantly declined from 15% in 2021 to 8.7% in 2024, while Nike's market share decreased from 18.1% to 16.2% [5]. - The Yeezy controversy, stemming from Kanye West's remarks, led to Adidas terminating its partnership, which accounted for 8% of its total revenue and 40% of its profits as of October 2022 [3][5]. - Domestic brands have gained traction, with Anta's market share increasing from 9.8% in 2021 to 10.5%, and Li Ning's from 9.3% to 9.4% [7]. Group 2: Strategic Changes and Initiatives - Adidas is in an expansion phase in China, with 95% of its products sold in the market being "made in China" and a focus on local design [8]. - The company's CEO, Bjørn Gulden, has increased the influence of the Chinese team and has made multiple visits to China to strengthen relationships [9][11]. - In Q2 2023, Adidas's revenue in the Greater China region grew by 11% to €798 million (approximately ¥6.65 billion), contrasting with Nike's 10% revenue decline in the same region [14][15]. Group 3: Competitive Landscape - Nike is also empowering its Chinese team, with its Greater China CEO holding additional global responsibilities [18]. - Domestic competitors like Anta are thriving, while some brands like Peak are facing challenges, including significant salary cuts due to losses [19]. - The competitive environment remains tough, with Adidas's path to recovery being fraught with difficulties [20].

Core Viewpoint - Adidas has become the "old fourth" in the Chinese market, ranking behind Nike, Anta, and Li Ning in market share after years of struggle [1][5]. Group 1: Market Position and Challenges - Adidas's market share in China has significantly declined from 15% in 2021 to 8.7% in 2024, while Nike's share decreased from 18.1% to 16.2% [5]. - The Yeezy controversy, resulting from the termination of the partnership with Kanye West, has been a major factor affecting Adidas's revenue, with estimates indicating that 8% of total revenue and 40% of profits were derived from Yeezy products before the partnership ended [3][5]. - Domestic brands have gained traction, with Anta's market share increasing from 9.8% in 2021 to 10.5% and Li Ning's from 9.3% to 9.4% [7]. Group 2: Strategic Changes and Recovery Efforts - Adidas is in a clear expansion phase in China, with 95% of products sold in the market being "made in China" and a focus on original designs [8]. - The company's CEO, Bjørn Gulden, has been actively engaging with Chinese stakeholders, visiting China multiple times to strengthen relationships [9][11]. - In Q2 2023, Adidas's revenue in the Greater China region grew by 11% year-on-year to €798 million (approximately ¥6.65 billion), contrasting with Nike's revenue decline of 10% to $1.512 billion (approximately ¥10.78 billion) [14][15]. Group 3: Competitive Landscape - Nike is also empowering its Chinese team, with its Greater China CEO holding additional global responsibilities, indicating a competitive response to Adidas's strategies [18]. - Domestic competitors like Anta are thriving, while some brands like Peak are facing challenges, including significant salary cuts due to losses [19].

Core Viewpoint - Shenzhen Yueji Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, indicating a new player in the sports and leisure industry [1] Company Summary - The legal representative of the company is Jiang Xiaoyan [1] - The company’s business scope includes retail and wholesale of sports goods and equipment, rental of sports equipment, manufacturing of smart sports devices, and sales of outdoor and daily necessities [1] - The company is also involved in the construction of sports facilities, installation services for general machinery, and various technical services including consulting and technology transfer [1] - The company is permitted to engage in specialized construction operations, subject to approval from relevant authorities [1]

Core Insights - Jinling Sports (300651.SZ) released its Q3 2025 report on October 25, 2025, indicating a total of 5 institutional investors holding shares, amounting to 1.21% of the total share capital [1] - The institutional holding increased by 0.59 percentage points compared to the previous quarter [1] - Two public funds were disclosed this period, including Chuangjin Hexin Consumer Theme Stock A and Huaxia Growth Enterprise Board Comprehensive ETF [1] - Three new foreign institutional investors were disclosed, including J.P. Morgan Securities PLC, UBS AG, and Goldman Sachs International [1]