以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 将投中网设为"星标⭐"，第一时间收获最新推送 涨价后消费者不爱去了？ 作者丨 易浠 编辑丨 吴跃 来源丨 财经天下WEEKLY 19.9元的速干T恤、49.9元的双肩包、99元的登山鞋，这些让消费者高呼真香的迪卡侬商品，自两 年前以肉眼可见的速度消失后，去迪卡侬的消费者就变少了。 在消费者加速"逃离"中，迪卡侬开始考虑出售中国业务了。今年4月以来，迪卡侬中国业务"卖身"的 传闻就在坊间流传开来。 8月下旬，有媒体报道称，迪卡侬正计划出售中国子公司约30%的股权。 这一业务初步估值区间约10亿~15亿欧元，折合人民币约100亿元。对于市场传闻，迪卡侬中国方面 回复称："不予置评。 " 据了解，目前已有多家投资机构进入谈判阶段。 知情人士王啸告诉《财经天下》，"早就听说安踏与迪卡侬在接触，但由于价格一直没谈妥，估计年 底有结果，安踏认为迪卡侬要价高了"。 迪卡侬在中国是怎么走到今天这一步的？ 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关上了"乐园"的大门。 北京的宋城曾是一个长在迪卡侬里的快乐男人。在迪卡侬线下门店，宋城一逛就是大半天。他不仅能在里面找到物美价廉的商品，还能享受免费又丰富的运 动体验机会。 这两年，精打细算的宋城，去迪卡侬的次数变少了，原因无他，价格变贵了：20L背包从49.9元涨到89.9元；MH500冲锋衣从199元变成599元；抓绒外套一 夜翻倍，249元直接跳上499元。"冲锋衣换条拉链就贵3倍，这价格我不如去拼多多上买。" 不是消费者抛弃迪卡侬，而是迪卡侬亲手关上了"乐园"的大门。 文 ｜ 易浠 编辑 ｜ 吴跃 来源｜ 财经天下WEEKLY（ID：cjtxweekly） 封面来源 ｜ 视觉中国 19.9元的速干T恤、49.9元的双肩包、99元的登山鞋，这些让消费者高呼真香的迪卡侬商品，自两年前以肉眼可见的速度消失后，去迪卡侬的消费者就变少 了。 在消费者加速"逃离"中，迪卡侬开始考虑出售中国业务 ...

财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 19.9元的速干T恤、49.9元的双肩包、99元的登山鞋，这些让消费者高呼真香的迪卡侬商品，自两年前以肉 眼可见的速度消失后，去迪卡侬的消费者就变少了。 以下文章来源于财经天下WEEKLY ，作者财经天下 在消费者加速"逃离"中，迪卡侬开始考虑出售中国业务了。今年4月以来，迪卡侬中国业务"卖身"的传闻就 在坊间流传开来。8月下旬，有媒体报道称，迪卡侬正计划出售中国子公司约30%的股权。这一业务初步估 值区间约10亿~15亿欧元，折合人民币约100亿元。对于市场传闻，迪卡侬中国方面回复称："不予置评。" 据了解，目前已有多家投资机构进入谈判阶段。 知情人士王啸告诉《财经天下》，"早就听说安踏与迪卡侬在接触，但由于价格一直没谈妥，估计年底有结 果，安踏认为迪卡侬要价高了"。 迪卡侬在中国是怎么走到今天这一步的？ 01 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关上了"乐园"的大门。 北京的宋城曾是一个长在迪卡侬里的快乐男人。在迪卡侬线下门店，宋城一逛就是大半天。他不仅能在里 面找到物美价 ...

迪克体育用品(DKS.US)对富乐客(FL.US)的收购，标志着美国最大的体育用品零售商与美国领先的特色 鞋类连锁店的合并。根据5月份的报道，合并条款显示，迪克体育用品将以 24 亿美元收购富乐客。这使 得富乐客的股东可以选择获得 24 美元现金，或者每持有 1 股富乐客股票即可获得 0.1168 股迪克公司的 股票。该交易的资金来源包括现有现金以及新发行的债务。该交易需在 8 月 22 日获得股东投票通过， 并获得进一步的监管批准。 该交易的结构设计使得富乐客将作为迪克公司的全资子公司继续存在。两个品牌都计划保持各自的门店 运营模式，而迪克体育用品公司暂时不会立即寻求国际扩张。合并后的公司将拥有强大的谈判能力，能 够与鞋类巨头展开竞争，尤其是耐克(NKE.US)，因为其产品在两家零售商的销售额中占比达 30%至 35%。 分析师们对于此次合并的评估意见褒贬不一。 美国银行分析师Robert Ohmes认为，富乐客能够从迪克体育用品的全渠道基础设施、品牌展示方式以及 更高的清货利润率等方面获益。Ohmes称："我们预计此次收购将加强品牌合作，鉴于其全球业务布 局，我们预计合并后耐克品牌的渗透率(约 38%)将 ...

Group 1 - The establishment of Laiyuan County Shangyu Fishing Tackle Co., Ltd. has been registered with a legal representative named Wang Haifeng and a registered capital of 100,000 RMB [1] - The company's business scope includes general projects such as fishing tackle sales, fishing tackle manufacturing, internet sales (excluding goods that require permits), retail of sports goods and equipment, sales of fishing supplies, outdoor products, daily miscellaneous goods, livestock and fishery feed sales, sales of bio-based materials, feed raw materials, retail of pet food and supplies, and food sales (only pre-packaged food) [1]

Financial Performance - Revenue decreased by 8.3% YoY from RMB 9,983 million to RMB 9,159 million[12] - Gross profit decreased by 10.2% YoY from RMB 3,416 million to RMB 3,069 million, with gross profit margin decreasing by 0.7 percentage points to 33.5%[12] - Operating profit decreased significantly by 41.6% YoY from RMB 483 million to RMB 282 million, with operating profit margin decreasing by 1.7 percentage points to 3.1%[12] - Profit for the period decreased by 40.8% YoY from RMB 338 million to RMB 200 million[12] - Profit attributable to owners of Pou Sheng decreased by 44.0% YoY from RMB 336 million to RMB 188 million[12] Financial Ratios and Management - SG&A expenses decreased by 5.3% YoY from RMB 3,052 million to RMB 2,890 million[12] - The number of employees decreased by 7% YoY from 20,700 to 19,200, reflecting active management on people efficiency[22] - Total borrowings increased significantly by 431.9% YoY from RMB 37 million to RMB 196.8 million[31] - Net cash decreased by 18.7% YoY from RMB 3,071.5 million to RMB 2,497.4 million[31] - Inventory days increased from 130 days in 1H24 to 146 days in 1H25[9] Channel Performance and Strategy - Online contribution reached a historical high, accounting for 33% of total sales, a 16% YoY increase[9] - Livestreaming sales increased by over 100% YoY[9] - Same Store Sales Growth in 1H25 experienced mid-teens percentage growth YoY[8] - The number of directly operated stores decreased by 2% YoY[22]

Core Viewpoint - Shandong Xingchen Sports Equipment Co., Ltd. has been established with a registered capital of 5 million RMB, indicating a new player in the sports equipment retail market [1] Company Summary - The legal representative of Shandong Xingchen Sports Equipment Co., Ltd. is Liu Yanwei [1] - The company has a registered capital of 5 million RMB [1] - The business scope includes retail of various products such as sports equipment, clothing, footwear, bags, leather products, cosmetics, daily necessities, stationery, jewelry, and electronic products [1] Industry Summary - The establishment of Shandong Xingchen Sports Equipment Co., Ltd. reflects growth in the sports equipment retail sector, which encompasses a wide range of products [1] - The company is positioned to operate in multiple retail categories, indicating a diversified approach to market entry [1]

Group 1 - The core viewpoint of the article emphasizes the importance of integrating culture, commerce, tourism, and sports for the development of Chengdu, as expressed by Zhao Yu, the chairman of Jinlang Sports Group [1][4] - Jinlang Sports has grown significantly since its establishment in 1987, now operating over 1,200 stores and employing more than 5,000 people, becoming a major player in the sports retail market in China [1] - The company has maintained an annual growth rate of 25% since 2017, with peak retail sales reaching 5 billion yuan [1] Group 2 - Zhao Yu envisions promoting community sports activities and integrating them into scenic areas, suggesting that youth sports events could be held in tourist spots to enhance the visitor experience [4] - With the upcoming Chengdu World Universiade, there is an expectation for the city to showcase its capabilities in hosting large international events, which could enhance its reputation in various sectors including sports, culture, and tourism [4] - The goal is for Chengdu to be recognized not only as a city that people want to visit but also as a city that encourages an active lifestyle through sports [4]

Core Insights - Decathlon has opened three new stores in Shanghai, Beijing, and Nanjing, marking a significant step in its urban core business strategy and enhancing its integration into city lifestyles [1][4][10] Group 1: Store Openings and Locations - The Shanghai Xintiandi store spans 1,323 square meters and is strategically located at a transportation hub, connecting major city landmarks [3] - The Beijing Dajixiang store, covering 1,677 square meters, is the first in the West District and serves as a strategic foothold in the North China market [3] - The Nanjing Baijiahua store occupies 1,460 square meters in a prime commercial area, offering a seamless shopping and sports experience [3] Group 2: User-Centric Approach - Decathlon focuses on a "product + service + community" model, creating a comprehensive experience that caters to all levels of sports enthusiasts [6][10] - The Shanghai store has introduced niche sports equipment, such as cricket gear, to meet the diverse needs of local and international customers [6] - The Nanjing store offers a "circular economy" service, including second-hand bike sales and equipment repair, promoting sustainability [7] Group 3: Community Engagement - Decathlon is launching local sports community recruitment initiatives, fostering social connections through various sports activities [7][10] - The Beijing store hosts events like the "Decathlon Decathlon" and community markets, enhancing the immersive sports shopping experience [7] Group 4: Future Strategy - Decathlon plans to open 20 to 30 new stores this year, reinforcing its localized strategy and commitment to the Chinese market [10] - The brand aims to reshape urban sports lifestyles and contribute to the high-quality development of the sports industry in China [10]

Group 1: Company Overview - The first quarter operating performance of Tmall International (6110 HK) met expectations, with total sales in retail and wholesale businesses declining in the mid-single digits year-on-year, continuing the trend from the previous quarter [1] - The company maintains guidance for flat profit for the full year, with a downward revision of 22% in net profit forecasts for FY2026-27 due to a lack of recovery momentum in the sports goods market and ongoing promotional environment [1][2] - The target price has been adjusted down to HKD 2.98, corresponding to a 13x FY2026 P/E ratio, while maintaining a neutral rating [1] Group 2: Industry Insights - The offline customer traffic remains weak, with a double-digit decline continuing from the previous quarter, while online channels performed better, increasing the direct online sales proportion to 40% in Q1 [2] - The promotional atmosphere in the industry remains strong, with expectations of slow sales recovery in the coming quarters and a downward adjustment of revenue forecasts for FY2026-27 by 6-8% to RMB 25.86 billion and RMB 26.72 billion respectively [2] - In the renewable energy sector, significant increases in new installations were observed in May, with solar and wind power installations rising by 388% and 801% year-on-year, respectively [3] - The cumulative new installation capacity for wind and solar energy in the first five months of the year reached 47% and 73% of expectations, respectively, with a forecast for wind power installations to peak in December [3]