Investment Rating - The investment rating for the company is Neutral [3][12]. Core Insights - The company is expected to maintain stable revenue and gross margin performance in 2025, with a target price set at HKD 16.25, indicating a potential upside of 11.9% from the current closing price of HKD 14.52 [2][8]. - The company achieved a revenue of RMB 28.68 billion in 2024, reflecting a year-on-year growth of 3.9%, primarily driven by a 7% increase in footwear sales [8][14]. - The gross margin improved by 1 percentage point to 49.4%, attributed to better discount management in e-commerce channels and enhanced efficiency in direct sales channels [8][14]. - The management announced a dividend of RMB 0.5848 per share, increasing the payout ratio to 50% [8][14]. Financial Overview - Revenue projections for the company are as follows: RMB 29.08 billion in 2025, RMB 30.81 billion in 2026, and RMB 32.86 billion in 2027, with corresponding year-on-year growth rates of 1.4%, 5.9%, and 6.6% respectively [5][14]. - Net profit is expected to decline slightly to RMB 2.97 billion in 2025, with a net profit margin of 10.2% [5][14]. - The company plans to optimize its product mix and maintain or slightly improve gross margins despite external uncertainties [8][14]. Performance Metrics - The company’s earnings per share (EPS) are projected to be RMB 1.15 in 2025, with a price-to-earnings (P/E) ratio of 11.9 [5][14]. - The dividend yield is expected to be around 4.2% in 2025, increasing to 5.5% by 2027 [5][14]. - The company’s cash and cash equivalents are projected to grow from RMB 5.44 billion in 2023 to RMB 10.65 billion in 2027 [14][15].

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 16.25, indicating a potential upside of 11.9% from the current closing price of HKD 14.52 [2][7]. Core Insights - The company is expected to maintain stable revenue and gross margin performance in 2025, with a projected revenue of RMB 29,080 million, reflecting a year-on-year growth of 1.4% [3][6]. - The management anticipates that the gross margin will remain stable or slightly improve, supported by product mix optimization and operational cost management [7][8]. - The running category has shown significant growth, with retail sales increasing by 25% and total sales of the three core IPs exceeding 10.6 million pairs [7][8]. Financial Overview - Revenue for 2024 is projected at RMB 28,676 million, a 3.9% increase from 2023, with footwear sales contributing RMB 14,300 million, up 7% [6][8]. - The net profit for 2024 is expected to be RMB 3,013 million, with a net profit margin of 10.5% [6][8]. - The company plans to maintain a dividend payout ratio of 50%, increasing the dividend per share to RMB 0.5848 [7][8]. Operational Performance - The company has successfully optimized its channels, closing 83 inefficient stores while increasing the number of Li Ning YOUNG stores by 40 [7][8]. - E-commerce revenue has increased, now accounting for 31% of total revenue, highlighting its role as a key growth driver [7][8]. - The company aims to strengthen its leading position in the running category while nurturing emerging categories such as outdoor and tennis [7][8]. Financial Projections - The projected financials for the next few years include: - Revenue: RMB 29,080 million in 2025, RMB 30,809 million in 2026, and RMB 32,855 million in 2027 [6][13]. - Net profit: RMB 2,971 million in 2025, RMB 3,375 million in 2026, and RMB 3,871 million in 2027 [6][13]. - The company’s gross margin is expected to be 49.5% in 2025, with a slight increase to 50% by 2027 [14].

以下文章来源于每日人物 ，作者每人作者 轻商业，懂生活。 跑步没有门槛，但跑马拉松有。 作者 | 王潇 制图 | 泡芙 每日人物 . 编辑 | Yang 来源 | 每日人物 （ID：meirirenwu） 天 气 渐 暖 ， 又 到 了 春 季 马 拉 松 赛 事 的 爆 发 期 。 据 不 完 全 统 计 ， 在 刚 刚 过 去 的 两 个 周 末 里，全国各个地方至少有2 0场马拉松比赛在同时进行，吸引了超过3 0万人参加。 跑步没有门槛，但跑马拉松有。想要跑一场马拉松，正在变得越来越难，也变得越来越 贵。难在超低的中签率——同时报名八九个马拉松比赛，可能一场都抽不中。所以一旦 抽中，立刻全副武装，秉持着"来都来了"的心情，把跑马当成一次短途旅游，吃喝玩乐 都不耽误，"钱包比身材瘦得快"。 昂贵的门槛，让马拉松赛事快速聚集起了一大批中产，赛事的商业价值也水涨船高。品 牌、赛方、乃至背靠的城市都盯上了这块蛋糕，但他们投注的每一笔钱，最后买单的依 然是普通的跑马者。 本期数据栏目，我们一起来翻翻马拉松背后的账单。 跑一场马拉松，到底要花多少钱？ 今年1月份，刚在厦门跑完马拉松的郑雨涵一点点计算着这一趟的费用， ...

Core Viewpoint - The rising costs and challenges of participating in marathons are creating a lucrative market for brands and sponsors, while the financial burden ultimately falls on the participants [5][26][35]. Cost Analysis - The total cost of participating in a marathon can exceed 5,000 yuan, including registration fees, travel, accommodation, and food expenses [8][11]. - Registration fees for marathons have increased significantly, with some events seeing price hikes of over 50% compared to previous years [12][26]. - Additional expenses such as gear, post-race recovery, and social gatherings further inflate the overall cost for participants [11][20]. Market Growth - The number of marathon events in China has surged post-pandemic, with over 600 events in 2023 and projections to exceed 700 in 2024 [16][20]. - Despite the increase in events, the growth in participants is not keeping pace, leading to a high demand for limited spots and low acceptance rates for registration [22][23]. Sponsorship and Brand Engagement - The marathon market has attracted significant attention from brands, particularly sportswear companies like Xtep, which has increased its sponsorship activities dramatically [26][27]. - Various brands across different sectors, including banks and real estate, are leveraging marathons to reach middle-class consumers, indicating a broadening of the sponsorship landscape [28][29]. Economic Impact - Marathons generate substantial economic benefits for host cities, with events like the Wuxi Marathon contributing approximately 280 million yuan to the local economy [32]. - The increasing prize money for marathon winners is aimed at attracting elite athletes, which in turn enhances the event's prestige and visibility [34][35].

自 DeepSeek 发布以来，英伟达市值已蒸发 4200 亿美元。 自 2025 年 1 月 DeepSeek R1 发布以来，英伟达市值从 3.297 万亿美元降至 2.917 万亿美元，投资者 财富缩水 4200 亿美元。 原因是，DeepSeek R1 的成功让市场认为，未来 AI 模型的训练和推理可能不再高度依赖英伟达的 高端 GPU。DeepSeek R1 模型具有 "低成本训练" 和 "高性价比" 的特点，其训练成本仅为 550 万至 560 万美元，远低于传统大模型的数十亿美元投入；DeepSeek R1 在推理能力上表现出色，其 API 调用成本低至英伟达的 10% 甚至更低。 在刚结束的 GTC 大会上，黄仁勋说 "推理" 带来的潜在需求让人感到兴奋。然后这并没有提振股 价，交易中下跌超 3%。 吉利营收首超 2400 亿元，更务实地降本节流。 吉利控股集团总裁、极氪科技集团 CEO 安聪慧用 "史上最强" 形容 2024 年业绩：营收 2401.9 亿 元，同比增加 34%，是目前年营收最高值。净利润同比增长 213% 至 166.3 亿元。不过，其中包括 出售合资公司 10% 股权换回 ...

Investment Rating - The investment rating for the company is "Buy" [2][6][7] Core Insights - The company's 2024 performance met market expectations, with revenue reaching 70.83 billion RMB, a year-on-year increase of 13.6% [6] - The company aims for revenue growth in 2025 to be in the high single digits to double digits [6] - The company has maintained a dividend payout ratio of 51.4% for 2024, slightly up from 50.9% in 2023 [6] Financial Overview - Revenue projections for the company are as follows: 62.36 billion RMB in 2023, 70.83 billion RMB in 2024, and 77.16 billion RMB in 2025, with year-on-year growth rates of 16.2%, 13.6%, and 8.9% respectively [5][9] - Net profit is expected to be 10.24 billion RMB in 2023, increasing to 15.60 billion RMB in 2024, and then decreasing to 14.08 billion RMB in 2025 [5][9] - The company’s earnings per share (EPS) are projected to be 3.57 RMB in 2023, 5.37 RMB in 2024, and 4.84 RMB in 2025 [5][10] Brand Performance - The Anta brand generated revenue of 33.52 billion RMB in 2024, a year-on-year increase of 10.6% [6] - The FILA brand's revenue grew by 6.1% to 26.63 billion RMB, with significant sales in footwear [6] - Other brands contributed 10.68 billion RMB, with Descente and Kolon showing strong growth rates of 35% and 60% respectively [6] Market Strategy - The company is focusing on a multi-brand global strategy, with plans to enhance its presence in Southeast Asia and the Middle East [6] - The management has set a target for overseas business contributions to reach 15% within five years [6] - The company expects Anta, FILA, and other brands to achieve high single-digit, mid-single-digit, and over 30% growth respectively in 2025 [6]

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 20 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 97.90 | 港元 | 113.30↑ | +15.7% | | | 安踏 (2020 HK) | | | | | | | 2024 年业绩符合预期；2025 年指引营收高个位数至双位数增长 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -20% -10% 0% 10% 20% 30% 40% 50% 2020 HK 恒生指数 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 62,356 | 70,826 | 77,163 | 84,476 | 90,862 | | 同比增长 (%) | 16.2 | 13.6 | 8.9 | 9.5 | 7.6 | | 净 ...

2025 年 3 月 13 日 星期四 每日大市点评 3 月 12 日，港股大盘无法承接周二强势，昨日先冲高后回落，恒生指数最终下跌 181 点或 0.8%，收报 23,600 点。恒生科 指下跌 2.0%，收报 5,845 点。大市成交金额有 2,785 多亿港元，港股通大幅流入超过 262 亿港元。虽然港股通持续南下 撑市，但港股的升势似乎有所放缓，整体运行节奏也改变，从 1 月以来的单边上升转化为多空震荡。无论从预测 PE、风 险溢价、股息率及 AH 溢价指数都反映港股的第一波估值基本修复到位，当前进入经济数据及业绩的发布期，市场焦点都 会逐渐回到基本面，港股整体估值进一步上修需要基本面和盈利面的配合。另外，连日大跌的美股或到达反弹阶段，不 排除有部分资金或回流美股。昨日恒生香港中资企业指数(红筹股)仅下跌 0.3%，说明资金开始转向防御性或落后股份。 盘面上看，券商、黄金相关、材料、通讯设备、公用事业、基建、部分汽车及智能驾驶概念股表现较好，而消费、医 疗、地产及科技等顺周期都有较大跌幅。近期显著上升的消费类半新股大多出现大成交冲高回落，如布鲁可(325 HK)、 毛戈平(1318 HK)及蜜雪(20 ...

Core Viewpoint - Vietnam presents unique opportunities for investment due to its rapidly growing economy, young population, and increasingly open business environment, but it also poses significant risks that require careful navigation [2][6]. Group 1: Market Characteristics - Vietnam's industrial upgrade is lagging behind consumer upgrade, providing opportunities for Chinese brands to establish a foothold, as seen with Anta becoming the third-largest sports brand after Nike and Adidas [3]. - The population distribution in Vietnam is characterized by fewer large cities and more towns, contrasting with Indonesia and Thailand, which affects retail dynamics [5]. - Offline retail dominates the market with a 90% share compared to 10% for online, with Shopee and TikTok e-commerce holding significant market shares of 50% and 30% respectively [5]. Group 2: Challenges for Entering the Market - High failure rates for companies entering Vietnam are often due to compliance issues, market misjudgment, and a lack of long-term commitment [8][9]. - Many businesses mistakenly apply domestic success strategies to Vietnam, underestimating local market conditions and consumer expectations, particularly in sectors like maternal and infant care and skincare [9][10]. - The perception of Vietnam as a dumping ground for low-quality products is outdated, as the market is evolving with higher consumer standards [9]. Group 3: Strategic Recommendations - Companies should prioritize compliance and long-term investment strategies rather than seeking quick profits through short-term partnerships [10][11]. - Avoiding price wars among Chinese brands is crucial, as this internal competition can hinder overall market growth and brand development [12]. - A thorough understanding of local market dynamics, consumer behavior, and retail structures is essential for successful market entry and sustainability in Vietnam [6][10].

奇瑞向港交所递表，计划 20 年的上市终于要实现了。 在奇瑞汽车 2004 年第一次公布上市计划的 20 年后，这家大型传统车企的上市终于有明确进度。它 也是中国整车制造企业中为数不多尚未上市的一家。今年 2 月，奇瑞汽车董事长尹同跃说，2025 年奇瑞高质量上市是首要任务 OpenAI 发布 GPT-4.5，更聪明但也更贵了。 北京时间今日凌晨，OpenAI 再次用小型直播的方式发布了新模型 GPT-4.5，它拥有 1 万亿激活参 数，训练数据量高达 120 万亿 tokens，知识库更广泛，支持搜索、分析图片与协作编程，能处理的 任务更多，但在特定任务上不如一些推理模型。新模型主要提高了 "情商"，降低了幻觉。但 GPT- 4.5 又涨价了，每百万 Tokens 价格为 75 美元，比 GPT-4o 贵了 30 倍，比 DeepSeek 淡季折扣价格 贵 1000 多倍。 CEO 奥尔特曼在医院照顾刚出生的孩子而没有出席发布会，他在晚些时候更新社媒，称 OpenAI 的 GPU 目前已经用完了，将在下周为 GPT-4.5 增加数万块 GPU。GPT 4.5 目前已对 Pro 用户开放，下 周开始下周将向 ...