Investment Rating - The report assigns an "Outperform" rating to multiple companies within the discretionary consumption sector, indicating a positive outlook for their performance relative to the market [1][3][5]. Core Insights - The pet and U.S. hotel sectors have shown the best performance this week, with valuations in most sectors still below the average of the past five years [1][4][13]. - The report highlights that the average increase for leading companies in the pet sector was 9.1%, driven by favorable trade negotiations and the commencement of the 618 pre-sale [4][15][17]. - Valuation analysis indicates that most sub-sectors are trading below their historical averages, suggesting potential investment opportunities [5][9][19]. Sector Performance Review - Weekly performance rankings: Pet > U.S. Hotel > Credit Card > Cosmetics > Gambling > Sportswear > Luxury Goods > Snacks [7][14]. - Monthly performance rankings: Pet > U.S. Hotel > Gambling > Cosmetics > Sportswear > Credit Card > Luxury Goods > Snacks [14]. - Year-to-date (YTD) performance rankings: Pet > Luxury Goods > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling [14]. Valuation Analysis - As of May 16, 2025, the expected P/E ratios for various sectors are as follows: - Sportswear: 15.6x (77% of 5-year average) - Luxury Goods: 18.4x (52% of 5-year average) - Gambling: 14.2x (23% of 5-year average) - Cosmetics: 36.8x (91% of 5-year average) - Pet: 50x (51% of 5-year average) - Snacks: 24.3x (37% of 5-year average) - U.S. Hotel: 29.4x (18% of 5-year average) - Credit Card: 32x (61% of 5-year average) [5][9][18][19].

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]

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 [2] - 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 [2] - 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 130.1% to 120.6 million Swiss francs, now accounting for 16.6% of total revenue [2][3] Group 2: 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 [4] - The fourth quarter saw an 11% revenue drop to 1.2 billion USD, with a net loss of 67 million USD [4] - The company initiated a turnaround plan focusing on premium products for members and targeting the Asia-Pacific market, particularly China, as a growth core [5] Group 3: ASICS Q1 Growth - ASICS achieved a record revenue of 208.3 billion JPY in Q1 2025, marking a 20% increase year-on-year [6] - The net profit rose by 18% to 31.6 billion JPY, with operating profit increasing by 32% to 44.5 billion JPY [6] - Performance running shoes and sports leisure products saw significant growth, with the latter category increasing by 49.6% [6] Group 4: 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 [7][8] - The company reported a 5% year-on-year revenue growth in China, reaching 739.7 million USD, with a 9% increase in store count to 7,758 [8] Group 5: Lululemon's Community Engagement - Lululemon celebrated the 10th anniversary of its Align™ yoga pants with a large community event in Beijing, attracting over 5,000 participants [10] - The Align™ product line has expanded significantly since its launch, becoming a flagship series for the brand [10] Group 6: Market Trends and New Product Launches - The low-sugar tea beverage market in China is experiencing rapid growth, with a sales increase of 41% expected in 2024 [23] - Starbucks launched new ready-to-drink tea latte products, tapping into the growing demand for tea-based beverages in China [15] - HOKA introduced the MAFATE X, a new trail running shoe, enhancing its product lineup [17]

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 ...

Group 1 - On Holding AG reported a 43% year-on-year increase in sales for Q1 2025, reaching 727 million Swiss francs, with a gross margin increase from 59.7% to 59.9% [1] - Net profit decreased by 38% year-on-year to 56.7 million Swiss francs [1] - The brand's multi-channel strategy contributed to sales exceeding expectations, with direct-to-consumer (DTC) sales at 276.9 million Swiss francs and wholesale sales at 449.7 million Swiss francs [1] Group 2 - The Americas remained the largest contributor to sales, with a 32.7% year-on-year increase to 437 million Swiss francs, although the sales proportion decreased by 4.7 percentage points to 60.2% [1] - Approximately 90% and 10% of footwear products are produced in Vietnam and Indonesia, respectively, while 65% of apparel and accessories are produced in Vietnam [1] - Sales in the U.S. accounted for 55% and 59% of total sales in Q1 2025 and Q1 2024, respectively [1] Group 3 - Sales in Europe, the Middle East, and Africa grew by 33.6% year-on-year to 169 million Swiss francs, representing about 23.2% of total sales [2] - The Asia-Pacific region saw a significant growth of 130.1% year-on-year, reaching 121 million Swiss francs, with a sales proportion increase of 6.3 percentage points to 16.6% [2] - China and Japan were highlighted as key markets driving strong sales growth, with On planning to exceed 100 stores in China by 2026 [2]

Core Viewpoint - Under Armour's performance continues to decline, with a 9% revenue drop to $5.2 billion and a net loss of $201 million for the fiscal year 2025, despite management's positive outlook on restructuring efforts [2][3]. Financial Performance - For fiscal year 2025, Under Armour reported a revenue decrease of 9% to $5.2 billion and a net loss of $201 million [2]. - In Q4, revenue fell 11% year-over-year to $1.2 billion, with a net loss of $67 million [2]. - In fiscal year 2024, revenue declined 3% to $5.7 billion, with a net income of $232 million, down $142 million from the previous year [2]. Restructuring and Strategic Initiatives - Under Armour initiated a turnaround plan in June 2024, led by returning CEO Kevin Plank, focusing on eliminating excessive discounting and enhancing product exclusivity for members [3]. - The plan emphasizes a return to the core men's apparel business and the revival of the Flow technology with the Curry shoe series [3]. - A key strategy involves focusing on the Asia-Pacific market, particularly China, which is seen as a growth driver [3]. Market Position and Competition - Under Armour has increased its store count and localized marketing efforts in China, including a series of fan events featuring Stephen Curry [3]. - The company plans to invest more in marketing within the Asia-Pacific region, recognizing China's significant contribution to regional revenue [3]. - Despite the restructuring efforts, Under Armour faces stiff competition from both international brands like Nike and Adidas and domestic brands such as Anta and Li Ning in the Chinese market [4]. Future Outlook - Under Armour forecasts a revenue decline of 4% to 5% for Q1 of fiscal year 2026 compared to the same period in fiscal year 2025 [4].

Core Insights - The global sports brand industry is facing multiple pressures including economic slowdown, tariff impacts, rising costs, and weak consumer demand [2] - Under Armour reported a 9% decline in annual sales to $5.2 billion for the fiscal year ending March 31, 2025, with a net loss of $201 million [4][5] - On, a rising brand, experienced a 38% drop in net profit for Q1 2025 despite a 43% increase in sales, indicating challenges in maintaining profitability amid expansion costs [7][9] Under Armour - Under Armour's Q4 revenue fell 11% to $1.2 billion, but gross margin improved by 1.7 percentage points to 46.7% [4] - The company is focusing on full-price sales, reducing promotions, optimizing inventory, and implementing layoffs to enhance profitability and brand positioning [5] - North American revenue decreased by 11% to $3.1 billion, while international revenue fell by 6% to $2.1 billion, with the Asia-Pacific region down 13% to $755 million [5] On - On's Q1 2025 sales surged by 43% to 726.6 million Swiss francs, but net profit dropped by 38% to 56.7 million Swiss francs, resulting in a net profit margin of 7.8% [7] - The brand plans to increase prices in the U.S. market starting July, with potential expansion of this strategy to other markets next year [7] - The Asia-Pacific market saw a remarkable 130.1% increase in sales, becoming a key growth driver for the brand [7] Puma - Puma's Q1 2025 net profit plummeted by 64%, with sales growth of only 0.1% to €2.076 billion [10][12] - The company reported a significant drop in EBIT, down 63.7% to €57.7 million, while maintaining its sales and profit guidance for the fiscal year [12][13] - Puma is implementing cost efficiency plans and plans to cut 500 jobs globally by the end of Q2 [13] Adidas - Adidas reported a strong Q1 2025 with a 13% increase in sales to €6.15 billion, achieving a record high for the quarter [17] - The company’s operating profit surged by 82% to €610 million, driven by strong sales of retro shoe models [17] - Despite the strong performance, Adidas remains cautious about long-term goals due to geopolitical uncertainties and changing consumer sentiments [17]

Core Viewpoint - High-end sports brands are rapidly expanding their presence in airport retail channels, attracting travelers with a wide range of products and interactive experiences [1][4][5]. Group 1: Market Trends - High-end sports brands such as Lululemon, Arc'teryx, and Descente are increasingly entering airport markets, previously dominated by luxury brands like Hermes and Prada [4][5]. - The airport retail environment is evolving, with airports becoming key commercial hubs that integrate dining, shopping, and cultural experiences [7]. Group 2: Consumer Behavior - The consumer demographic at airports is characterized by strong purchasing power and low price sensitivity, aligning well with the target audience of high-end sports brands [7]. - Outdoor sports are transitioning from niche activities to mainstream lifestyle choices, with significant growth in outdoor apparel and equipment consumption [7][8]. Group 3: Brand Positioning - High-end sports brands are focusing on enhancing their brand image by promoting exclusivity and high quality, aiming to position themselves as premium lifestyle choices [5][9]. - The appeal of high-end sports brands lies in their functionality and social attributes, making them attractive to younger consumers seeking self-expression and social engagement [8][9].

Group 1: Consumer Sentiment and Market Trends - The overall retail sales in the first quarter of 2025 showed a year-on-year growth of 4.6%, with service retail sales increasing by 5% [1] - Despite positive signals like the release of "Nezha 2" and a 7% increase in Spring Festival tourism spending, consumer price index (CPI) and producer price index (PPI) are both declining, indicating a drop in product and raw material prices [1] - Personal short-term and long-term loans are decreasing, suggesting that consumer spending power remains insufficient [1] Group 2: Sportswear Industry Insights - The sportswear market is experiencing a dual challenge from both "affordable alternatives" and "premium alternatives," with consumers becoming more selective about their spending [2] - The sneaker culture is perceived as losing its appeal, and brands are struggling to innovate and attract the new generation of consumers [2][3] - The market for traditional sports like basketball and soccer is stagnating, while new sports such as climbing and boxing are emerging but not yet fully capitalized on by brands [3] Group 3: Beer Industry Recovery - Beer sales showed a slight recovery in early 2025, with optimism among companies due to reduced inventory pressure compared to the previous year [8] - High-end beer segments are witnessing growth, with brands like Heineken and new premium offerings gaining traction [10] - The beer market is shifting towards younger consumers, with brands needing to better understand and connect with this demographic [12] Group 4: Outdoor Products Market Dynamics - The outdoor products sector continues to thrive, with growth comparable to previous years, despite a general retail downturn [15] - Consumer interest is shifting from status-driven luxury purchases to fulfilling personal interests, which benefits the outdoor segment [15] - There is significant growth potential in the outdoor market, particularly as more consumers engage in activities like hiking and camping [16] Group 5: Brand Positioning and Future Outlook - Foreign brands face challenges in the Chinese market, with local brands gaining an advantage and opportunities for growth [18] - The outdoor market's penetration rate is still low compared to developed countries, indicating room for expansion [16] - Companies are adopting a long-term strategy, focusing on genuine consumer interest rather than fleeting trends [17]

进入中国市场28年来，阿迪达斯始终秉持着"在中国，为中国"的理念。通过与中国本土设计师的合作， 持续加码"中国创造"。此前与陈冠希、张鼎昀、周睿等中国设计师的合作均有不错的市场反响。除此之 外，阿迪达斯在中国设立上海创意中心，组建了由35人核心设计团队领衔、超100名创意人才构成的本 土化设计矩阵。据悉，在中国市场销售的阿迪达斯产品，超一半为中国设计。 通过这些举措，阿迪达斯强化了品牌对市场需求的快速响应能力，更彰显了对中国消费者审美与价值观 的尊重。此次阿迪达斯与胡颖琪（Caroline Hu）的再度合作，正是阿迪达斯"中国创造"实力与本土设计 力量的双重见证，也为运动时尚领域带来了新的活力与可能。 此次合作延续了双方2024春夏系列的设计灵感，并进行了材质创新与色彩碰撞。本次焕新系列以褶皱缎 面覆盖Samba经典鞋身，搭配皮革材质的三条纹标志，让T头鞋有了女性独有的柔美与气质。值得一提 的是，每双鞋履的褶皱缎面需经匠人长达12小时的手工定型，鞋舌内衬处还特别缝制可拆卸的Caroline Hu手写标签。新系列共有金属银、雅致红、深邃蓝三款配色，满足不同风格穿搭需求。 作为中国当下新锐青年时装设计师，胡颖琪（ ...