2025年5月17日至18日，北京国家体育馆首次迎来一场全球健身界的盛事——由阿迪达斯CLIMACOOL 清风系列领衔的"莱美盛典"吸引万人参与，阿迪达斯品牌代言人那尔那茜现身舞台，与四位莱美顶尖教 练带领近千名用户共赴"一起练，更带感"的燃动现场，在节奏与力量的碰撞中，"双奥之城"上演一场热 练狂欢。 这场盛典不仅是健身爱好者的狂欢，也是阿迪达斯与莱美Les Mills两大品牌深度合作的成果展示。通过 与莱美的资源整合、那尔那茜的影响号召，以及CLIMACOOL系列的技术革新，阿迪达斯构建了一 个"社群-体验-产品"三位一体的健身新生态。在业内人士看来，在"全民健身"上升为国家战略的背景 下，这一模式或将成为运动品牌突围的新范式。而对于消费者而言，当健身不再是任务，而是释放潜能 的快乐源泉时，品牌的真正价值才得以彰显。 阿迪达斯与莱美的"双向赋能" 在当下，团课已然成为一种时尚的生活方式，健身也逐渐演变成大众表达态度的一种途径。随着健身爱 好者群体的不断壮大与成熟，对团课与产品的需求愈发细分。 自2023年官宣合作以来，阿迪达斯携手莱美充分发挥各自优势，通过"产品+课程"的深度融合，为广大 健身爱好者群体带 ...

Core Insights - The Paris Olympics is creating a significant opportunity for sports brands to enhance their global presence, with Anta and Adidas being the most prominent brands in China [2][3][4] - Anta has surpassed Adidas and Nike in revenue within China, securing its position as the leading sportswear brand in the country, while globally, Nike and Adidas still dominate [4][11] - The Olympics serves as a major platform for brands to increase visibility, with a consensus that spending $100 million on sponsorship can boost brand awareness by 3%, compared to just 1% in other marketing channels [7][9] Anta's Globalization Strategy - Anta aims to become a global brand, not just a Chinese equivalent of Nike, and has initiated a global strategy with the launch of its first basketball shoe globally [11][12] - The company has made several acquisitions, including FILA and Amer Sports, to facilitate its global expansion, although FILA has faced declining growth in recent years [13][14][15] - Amer Sports, acquired in 2019, is seen as a key asset for Anta's globalization, with brands like Arc'teryx and Salomon under its umbrella showing strong performance [15][18] Performance and Challenges - FILA's growth has been inconsistent, with a decline in revenue growth rates from 2019 to 2023, attributed to market saturation and lack of innovation [14][19] - In contrast, Amer Sports has shown promising growth, with a 13% increase in revenue in the first quarter of the year, indicating a potential turnaround for Anta's global strategy [18][19] - Despite the successes, both Amer Sports and Arc'teryx face challenges in gaining traction in international markets, particularly in North America and Europe, where competition is fierce [21][22] Market Positioning - Anta's strategy includes a focus on direct-to-consumer (DTC) sales to enhance brand control and consumer experience, which has shown positive results domestically [22][23] - The company recognizes the need for localized product innovation and systematic channel management to succeed in global markets, moving beyond mere acquisitions [23]

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]

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 ...

Core Viewpoint - The 2025 Standard Chartered Shanghai 10km Run emphasizes the theme "Together, We Run Further," showcasing the integration of diverse running culture in Shanghai through a well-designed event with 4500 participants [1][7]. Group 1: Event Overview - The event took place on May 17, featuring a scenic route along the Huangpu River and a diverse competition format [1]. - This marks the fifth time Standard Chartered has hosted a 10km run in mainland China, highlighting the bank's commitment to promoting running culture [7]. Group 2: Partnerships and Support - The event received support from various organizations, including the Shanghai Free Trade Zone, the British Consulate in Shanghai, and several financial associations [4][21]. - A new partnership with high-end sports brand Descente was established to provide professional gear for participants [12]. Group 3: Community Engagement - The introduction of a 2km charity run aimed to assist children with intellectual disabilities and visually impaired runners, enhancing the event's inclusivity [14]. - The event also featured a carnival atmosphere with interactive activities and prizes, including a Liverpool FC-themed exhibition [18]. Group 4: Competitive Opportunities - Top three male and female runners in the 10km race will earn direct entry to the Standard Chartered Hong Kong Marathon and Singapore Marathon [16]. - Additional prizes included opportunities to attend a Liverpool vs. AC Milan match, enhancing the competitive appeal of the event [16].

Core Insights - County economies in China are playing an increasingly important role in national economic development, with some counties experiencing significant population growth despite an overall national decline in population in 2024 [1][6] Population Growth in Counties - At least eight counties reported a population increase of over 10,000 last year, including Cixi, Wenling, Yiwu, and Rui'an in Zhejiang, Jinjiang in Fujian, Feixi in Anhui, Changsha County in Hunan, and Qingzhen in Guizhou [1][2] - Cixi and Wenling each saw a population increase of 17,000, with Cixi's GDP reaching 292.86 billion yuan, making it a leader among Zhejiang counties [3][4] Economic Characteristics of Key Counties - Zhejiang's counties are characterized by strong industrial clusters, with each county having its own leading industry, contributing to positive population growth [3] - Wenling is known for its industrial base, with over 90% of its GDP coming from the private sector, highlighting the importance of private enterprises in the local economy [4] - Jinjiang has maintained its status as a leader in Fujian's county economy for 31 consecutive years, with a population of 2.091 million in 2024, reflecting its strong brand development in various industries [5] Population Trends in Central and Western Regions - In addition to coastal counties, some counties in central and western China also reported significant population growth, such as Changsha County, Qingzhen, and Feixi, benefiting from their proximity to provincial capitals [7][8] - Changsha County's population increased by 18,400, making it the leading county in terms of population growth among those reported [7] - Feixi County's rapid population growth is closely linked to the development of new industries and high-end manufacturing in Hefei, particularly in the electric vehicle sector [8]

Group 1 - The core principle of evaluating companies in the consumer sector is to focus on the quality of revenue growth rather than just the revenue figures themselves. Companies that achieve growth through discounts may damage their brand value over time, while those with stable gross margins indicate strong pricing power and brand loyalty [3][4] - Cash flow is emphasized as a critical indicator of a company's financial health. A company that consistently generates operating cash flow that covers net profit over three years is seen as financially robust, especially in the fast-moving consumer goods sector where quick cash turnover is essential [3][4] - Inventory turnover rate is highlighted as a key metric. Companies with improving inventory turnover rates demonstrate effective sales and supply chain management. High inventory levels can lead to markdowns and losses, as seen in a case where a fast-moving consumer goods company faced significant write-downs due to poor inventory management during the pandemic [4] Group 2 - The investment strategy for consumer stocks should follow a three-step approach: first, filter for financially sound companies using financial reports; second, conduct on-the-ground research to assess product sales; and third, monitor the strategic direction of management. This comprehensive approach helps avoid pitfalls, as illustrated by a case where a company with strong financials was ultimately disregarded due to logistical issues [4][5] - The "Three Good Principles" for investing in consumer stocks are established: good products, good turnover, and good cash flow. Companies that can consistently increase market share, optimize gross margins, and manage inventory risks are considered the true leaders in the consumer sector [5]

Core Viewpoint - The article discusses the potential of Jack Wolfskin (狼爪) as the next popular sports brand following its acquisition by Anta for $290 million, highlighting Anta's expertise in transforming struggling brands into market successes [3][4][5]. Group 1: Acquisition and Brand Transformation - Anta's acquisition of Jack Wolfskin represents a significant discount, nearly 40% lower than the $476 million paid by Topgolf in 2019, reflecting the brand's declining performance [6]. - Anta has a track record of successfully revitalizing struggling brands, such as FILA, Descente, and Kolon, turning them into popular and profitable entities through strategic marketing and repositioning [8][18][19]. - The brand matrix of Anta positions Jack Wolfskin as a mid-range option, appealing to consumers seeking a balance between high-end and affordable outdoor products [10][11]. Group 2: Market Dynamics and Consumer Sentiment - Despite the potential for Jack Wolfskin to become a trendy brand, there is a growing discontent among younger consumers regarding Anta's acquisition and marketing strategies, as they prefer the perceived authenticity of the acquired brands [13][14][15]. - Anta's marketing emphasizes the European heritage of its acquired brands, distancing them from the Anta brand itself, which indicates an understanding of consumer preferences [15][16]. Group 3: Financial Performance and Growth Strategy - Anta's revenue has significantly increased from 4.63 billion yuan in 2008 to 70.83 billion yuan in 2024, with the main brand contributing 47.3% and FILA 37.6% to the total revenue [21][22]. - The growth of Anta's revenue is largely attributed to the success of acquired brands, which have outperformed the original Anta brand in terms of contribution to revenue [23]. - However, there are concerns about the sustainability of Anta's growth model, which heavily relies on acquisitions rather than enhancing its own brand image [24][44]. Group 4: Competitive Landscape and Strategic Choices - Anta's strategy contrasts with that of its competitor Li Ning, which has focused on internal brand development rather than acquisitions, leading to different outcomes in market positioning and financial performance [26][28]. - The article suggests that foreign brands are more readily accepted by Chinese consumers, making acquisitions a more effective strategy for Anta compared to developing domestic brands [35]. - Anta's focus on high-end outdoor segments has been successful, but it has not captured significant market share in other popular sports categories like cycling and running [36][38]. Group 5: Operational Challenges and Future Outlook - Anta's aggressive acquisition strategy has led to increased debt, rising from 7.9 billion yuan in 2019 to 20.2 billion yuan, alongside a doubling of SKU numbers, resulting in higher inventory pressure [51][52]. - The reliance on acquisitions raises questions about the long-term viability of Anta's growth strategy, especially if acquired brands face challenges similar to those of FILA [44][55]. - The article concludes that while Anta has achieved significant scale, its brand identity and recognition on the global stage remain limited compared to competitors like Nike and Adidas [54][55].

Group 1 - On launched its first flagship store in Chengdu, China, on April 25, themed "Get Ready! Run!" to create an immersive running culture space, highlighting its commitment to the Chinese market [2] - The CEO Martin Hoffmann stated that Chengdu's mature business environment and vibrant young consumer base were key reasons for choosing this location, with expectations for China to become On's second-largest market by 2025, accounting for 10% of global sales [2] - Since entering the Chinese market in 2019, On has opened over 65 retail stores across 26 cities, with plans to exceed 100 stores by 2026 [2] Group 2 - The flagship store spans over 500 square meters and is designed to reflect Chengdu's unique urban character, integrating technological innovation with local culture [2] - The store features a bamboo-centric design and aims to provide a retail experience that showcases five major sports scenarios: running, fitness, outdoor activities, tennis, and sports lifestyle [2] - To celebrate the opening, On will exclusively launch the new racing shoe Cloudboom Strike LS on May 1, priced at RMB 2,590, and will host a trial event from April 26 to May 21 [3]

封面图作者 | 第一财经 任玉明 【今日推荐】 保时捷中国称"不将小米当对手"是误读 近日，有消息称，保时捷CEO奥博穆在2025上海车展期间表示，"保时捷考虑在华停售电动汽车""保 时捷不将小米当对手"。4月29日，保时捷中国回应称，上述消息均是误读。"保时捷在中国仍将坚定 不移地推进电动化进程，也将加快提供产品数智化本土解决方案。我们下一款纯电车型将是全新的纯 电动Cayenne。"（中新经纬） 英伟达要在中国建合资公司？回应称毫无依据 4月29日，有消息援引报道称，在美国限制英伟达H20对华出口之际，英伟达为了维护其在中国市场 的CUDA生态地位，正在低调地启动"B计划"，即考虑在中国设立合资企业，并可能为未来将中国业 务单独拆分做准备。对此，英伟达回应称："这些说法没有任何依据。将毫无根据的主张和猜测作为 事实发表是不负责任的。" 自美国总统特朗普所谓"对等关税"以来，全球零售巨头沃尔玛的态度出现戏剧性变化。从最初要求中 国供应商自行承担高额关税，到短短20天后迫于库存压力选择自行吸收关税、恢复中国进货。据 《南华早报》报道，江苏省和浙江省的部分制造商已接到沃尔玛等美国主要零售商的通知，要求其近 日恢 ...