Vi e w p o i n t | 27 Nov 2025 22:58:53 ET │ 48 pages China Consumer Sector Top Buys with Five Investment Themes CITI'S TAKE After hosting 44 China consumer companies during Citi's 2025 China Conference in Nov, we have identified 5 themes of investing in China consumer sector (detailed below). Our updated sector Top Buys -- In Consumer-Discretionary space: Anta (2020.HK), Pop Mart (9992.HK), Atour (ATAT.O), Haier (6690.HK) & Midea (300.HK); In Consumer-Staple space: CR Beer (291.HK), Eastroc (605499.SS) & G ...

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Core Viewpoint - Puma shares experienced a significant increase of over 13% following reports that Anta Sports, a major Chinese sportswear company, is considering a potential acquisition of the German athletic brand [1] Company Summary - The stock price surge of Puma is attributed to the speculation surrounding Anta Sports' interest in making a bid for the company [1] - This potential acquisition could indicate a strategic move by Anta Sports to expand its global presence and diversify its brand portfolio [1] Industry Summary - The news reflects ongoing consolidation trends within the sportswear industry, where major players are seeking to enhance their market positions through acquisitions [1] - The interest from Anta Sports highlights the competitive landscape in the athletic apparel market, particularly as companies look to leverage growth opportunities in international markets [1]

Chinese sportswear firms Anta Sports Products and Li Ning are among those exploring a potential takeover of struggling German sportswear brand Puma , a source with knowledge of the matter said on Thur... ...

Flash | 16 Nov 2025 14:10:19 ET │ 10 pages Li Ning (2331.HK) CITI'S TAKE Li Ning's retail sales growth during 11.11 Festival was "in line with mgt's expectation" and mgt has maintained its 25E full-year guidance (i.e., YoY flattish sales with HSD of NPM). Albeit a promotional environment, mgt targets to well balance its control of channel inventories (which is its operational top priority) and retail discount (which directly affects its margins). It saw YoY deepened retail discount in both online and offlin ...

Summary of Anta Sports Products Conference Call Company Overview - **Company**: Anta Sports Products (2020.HK) - **Related Company**: Amer Sports Key Industry Insights - **Amer Sports Performance**: Amer Sports reported a strong 3Q performance with an adjusted EPS of $0.33, exceeding consensus estimates of $0.25. Revenue increased by 29.7% year-over-year, surpassing expectations of 27.2% [1][3] - **Greater China Growth**: The Greater China market showed robust growth at 47% year-over-year, up from 42% in the previous quarter, with notable performance from brands like Salomon and Wilson [2][11] - **Arc'teryx Recovery**: The Arc'teryx brand experienced a recovery in Q4 after a slow start, attributed to cooler weather, which positively impacted sales [2][3] Financial Outlook - **Guidance Update**: Amer Sports raised its FY25 sales and EPS guidance, although the guidance for Q4 is slightly below consensus forecasts [1][3] - **Anta's Financials**: Anta's adjusted EPS is projected to be between $0.88 and $0.92, higher than previous estimates. The anticipated associate income from Amer to Anta is approximately RMB 1,170 million, representing about 9% of Anta's net income [10][11] Market Dynamics - **Outdoor Segment Trends**: The outdoor segment is expected to peak in Q4, with brands that have strong market presence likely to capitalize on peak season sales. However, some outdoor brands are showing signs of growth moderation and increased discounting due to competitive pressures [4][5] - **Consumer Preferences**: There is a sustained consumer preference for outdoor activities, leading to a shift from casual wear to outdoor apparel [3][4] Risks and Challenges - **Anta Brand Performance**: Concerns exist regarding the muted growth outlook for the Anta brand, particularly during the Double-11 shopping festival [5][21] - **Competitive Pressures**: Some outdoor brands are facing deeper discounting and growth slowdowns, which could impact overall market dynamics [4][21] Strategic Initiatives - **Store Expansion Plans**: Arc'teryx plans to close some stores in China while opening larger, more productive direct-to-consumer (DTC) stores, with expectations for net openings in Greater China into 2026 [13] - **Salomon's Growth**: Salomon's footwear segment continues to show strong growth, contributing positively to the outdoor segment's performance [12] Valuation and Investment Recommendation - **Price Target**: Anta is rated as a "Buy" with a 12-month price target of HK$115, indicating a potential upside of 43.6% from the current price of HK$80.10 [20][22] - **Valuation Metrics**: The valuation is based on a 21x P/E for 2027E, discounted back to mid-2026E at 11% [20] Conclusion - The overall outlook for Anta Sports Products remains positive, driven by strong performance from associated brands and a favorable market environment for outdoor activities, despite some near-term challenges and competitive pressures.

Core Insights - On Holding AG is a leading Swiss sportswear company known for its innovative athletic footwear and apparel, particularly recognized for its CloudTec cushioning technology [1] - The company reported record-breaking financial results for Q3 2025, achieving net sales of CHF 794.4 million, a 24.9% year-over-year increase [3][5] Financial Performance - The apparel segment experienced remarkable sales growth of 86.9%, driven by strong demand across both direct-to-consumer and wholesale channels [4] - Gross profit margin improved to 65.7%, up 510 basis points from the previous year, while adjusted EBITDA margin rose to 22.6%, resulting in an absolute adjusted EBITDA of CHF 179.9 million, a 49.8% increase year-over-year [5] - Net income surged to CHF 118.9 million, reflecting a nearly 290% increase, underscoring the company's strong performance [5] Regional Performance - Direct-to-consumer channel growth was exceptional at 27.6%, with regional sales growth broad-based: Americas up 10.3%, EMEA increasing 28.6%, and Asia Pacific soaring 94.2% year-over-year [6] - The Asia-Pacific region contributed significantly with triple-digit sales growth, reinforcing On's expanding global footprint [4] Market Sentiment - Despite a recent 19% increase in stock price following quarterly results, On Holdings has struggled throughout the year, with a 7.4% decline over the past three months and a 30% decline over the past six months [2]

ab 14 November 2025 Global Research First Read China Consumer Sector Consumer Discretionary: Marketing feedback and key debates Key takeaways from our China marketing We met with different types of investors during our China marketing in Shanghai, Beijing, Guangzhou, and Shenzhen in the past 2 weeks. 2026 outlook: in general, onshore investors have remained cautious on consumer discretionary with low expectations for policy support in domestic consumption, but some see opportunities in stocks with a turnaro ...

Nike has a problem on roads, tracks and treadmills where its sneakers used to dominate. The world’s largest sportswear company knows it has fallen behind with runners and is trying to win them back https://t.co/omuJnxPaRv ...

Core Viewpoint - The Golden State Warriors star has the potential to take his Curry Brand independent or partner with another retailer, similar to the successful strategies employed by Federer and Tiger Woods after their separation from Nike [1] Group 1 - The possibility of the Curry Brand becoming independent could lead to new opportunities in the retail market [1] - The success of Federer and Tiger Woods after leaving Nike serves as a precedent for potential brand independence [1]