Core Viewpoint - Anta Sports (02020) reported a revenue increase of 13.3% year-on-year, reaching RMB 80.219 billion for the fiscal year ending December 31, 2025 [1] Financial Performance - The net profit attributable to shareholders increased by 13.9% to RMB 13.588 billion for 2024, excluding gains from the listing of Amer Sports and the dilution effects from the Amer Sports placement [1] - The company recorded a net cash inflow from operating activities of RMB 20.996 billion during the fiscal year [1] - Free cash flow amounted to RMB 16.106 billion, indicating stable cash generation capabilities [1] - The final dividend declared is HKD 1.08 per ordinary share [1]

Macro Strategy - The core viewpoint indicates that the current geopolitical tensions in the Middle East and hawkish signals from major central banks during the "Super Central Bank Week" have led to a significant rise in long-term government bond yields, putting pressure on gold and silver prices. The stronger hawkish stance from the Bank of England has strengthened the British pound and euro, while the US dollar index has shown relative weakness, leading to a phenomenon where both the dollar index and gold prices have declined simultaneously. This reflects that gold pricing is influenced not only by US real interest rate expectations but also by global real interest rate expectations [1][36]. Industry Analysis - The Chinese shipbuilding industry has achieved a transformation from "scale expansion" to "quality and quantity improvement," maintaining its position as a global leader in key metrics for 16 consecutive years. This industry is crucial for realizing the strategy of becoming a manufacturing and maritime power [2][37]. Investment Recommendations - Green Town Services (02869.HK) is expected to see steady growth in core profits, with projected net profits of 9.88 billion, 10.98 billion, and 11.90 billion yuan for 2026, 2027, and 2028 respectively, reflecting year-on-year growth rates of 12.2%, 11.2%, and 8.3%. The company maintains a "buy" rating due to its strong cash position and commitment to dividends [7]. - XPeng Motors (09868.HK) has adjusted its revenue forecasts for 2026 and 2027 to 96.2 billion and 126.5 billion yuan, respectively, with a projected net profit of -1.4 billion and 2.1 billion yuan. The company is maintaining a "buy" rating based on its AI capabilities and new model launches [8]. - Longking Environmental Protection (600388) has adjusted its 2026 net profit forecast down to 14.1 billion yuan but maintains a "buy" rating due to its dual-driven growth strategy in green energy and electric mining vehicles [9]. - Tuhu-W (09690.HK) is expected to see improvements in profitability driven by store expansion and product upgrades, with net profit forecasts adjusted to 7.1 billion and 9.5 billion yuan for 2026 and 2027, respectively, maintaining a "buy" rating [12]. - Li Ning (02331.HK) has raised its net profit forecasts for 2026 and 2027 to 30.6 billion and 33.0 billion yuan, respectively, maintaining a "buy" rating due to strong performance in professional categories and refined operations [16]. - Ningde Times (300750) maintains its net profit forecasts for 2026, 2027, and 2028 at 940 billion, 1168 billion, and 1428 billion yuan, respectively, with a "buy" rating based on its leading position in the global battery market [24].

Core Viewpoint - The article discusses the stability of U.S. inflation data in February 2026, with the Consumer Price Index (CPI) increasing by 2.4% year-on-year and the core CPI rising by 2.5%, both in line with expectations and previous values. It highlights the impact of tariff transmission effects on core goods and anticipates potential upward pressure on the Personal Consumption Expenditures (PCE) index due to rising energy prices and other factors [1][6]. Group 1: Inflation Data Analysis - In February, the core goods prices increased by 0.1% month-on-month, rebounding from 0% in the previous month. Notable increases were seen in appliances (3.1%), clothing (1.3%), and software (6.5%) due to tariff impacts [2][11]. - The PCE inflation index, which has a higher weight for goods compared to CPI (approximately 38% vs. 25%), is expected to reflect a more pronounced effect from the rebound in core goods inflation, with Cleveland Fed predicting a month-on-month increase of 0.3% for February PCE [11][12]. Group 2: Service Sector Insights - The core service prices increased by 0.3% month-on-month in February, down from 0.4% in the previous month, while year-on-year growth remained stable at 2.9% [3][13]. - Rent prices showed a slight increase of 0.2%, with owner’s equivalent rent (OER) continuing to slow down, indicating a downward trend in housing inflation [15][13]. Group 3: Future Inflation Expectations - The article suggests that U.S. core inflation is in a state of asymmetric risk, with expectations for the core CPI to center between 2.6% and 2.9% over the next three months. Factors influencing this include ongoing tariff cost transmission, energy price shocks from geopolitical conflicts, and a tight labor market [4][15][17]. - The geopolitical situation, particularly regarding Iran and oil prices, is identified as a critical factor for future inflation trends, with potential upward pressure on prices due to energy costs not yet fully reflected in the data [19][20]. Group 4: Market Reactions - The market has shown signs of tightening expectations regarding interest rate cuts, with the next anticipated cut projected for July 2026. The 2-year and 10-year U.S. Treasury yields have increased, reflecting market adjustments to inflation data and geopolitical developments [5][19]. - Stock market performance has been mixed, with sectors such as software and energy outperforming, while others like private equity and transportation lagged behind [5][19].

11 Mar 2026 Pou Sheng International 2025 Annual Results Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid information, materials, opinions and statements constitutes or will be viewed as investment advice or an offer, or a solicitation, recommendation or suggestion by Yue ...

Core Viewpoint - Dick's Sporting Goods Inc is experiencing a stock pullback ahead of its fourth-quarter earnings report, with shares down 2% to $193.50, marking the lowest close since June and a 10.1% year-over-year deficit [1]. Group 1: Stock Performance - The stock has a mixed history of post-earnings reactions, with four of the last eight sessions finishing lower [3]. - In the past two years, Dick's Sporting Goods has averaged a 6.3% post-earnings move, regardless of direction, but the current options market is pricing in a larger-than-usual 12.9% swing [3]. Group 2: Options Activity - Calls have been more popular than usual over the last 10 weeks, with a 50-day call/put volume ratio of 2.09, higher than 96% of readings from the past year [4]. - Today, there have been 2,447 calls exchanged, which is triple the typical volume, compared to just 669 puts, with the most active contract being the March 200 call [5]. Group 3: Volatility Assessment - Dick's Sporting Goods stock has a Schaeffer's Volatility Scorecard (SVS) of 8 out of 100, indicating that the stock has consistently realized lower volatility than its options have priced in over the past 12 months, making it a candidate for premium selling [6].

Core Insights - Adidas reported that the Chinese market continues to be a significant driver of the company's growth, leading in growth rates among its three core markets: Europe, North America, and China [1] Summary by Categories - **Company Performance** - Adidas' financial report for 2025 highlights strong performance in the Chinese market, which is crucial for the company's overall growth strategy [1] - **Market Analysis** - The growth rate in China outpaces that of Europe and North America, indicating a robust demand for Adidas products in the region [1]

Core Viewpoint - UBS analysts indicate that Puma's recovery efforts have made initial progress, but significant work remains ahead [1] Group 1: Financial Performance - Puma's fourth-quarter performance led to a positive stock price reaction, reflecting low expectations prior to the earnings release and a more constructive tone regarding inventory management [1] - Despite the positive reaction, UBS cautions that this optimism is based on just one quarter of data [1] Group 2: Strategic Outlook - UBS notes that the group's strategy has not fundamentally changed compared to previous strategies, which may hinder its ability to return to industry leadership by 2027 and achieve expected EBIT margins by 2028 [1] - Following the report, Puma's stock declined by 4.3% [1]

Core Viewpoint - Puma reported a significant net loss in the fourth quarter, leading to the suspension of dividends and the continuation of its restructuring plan [3][5]. Group 1: Financial Performance - The fourth quarter net loss was €336.6 million ($397.6 million), compared to a net profit of €24 million in the same period last year [3][5]. - For the full year, the company recorded a net loss of €645.5 million, a stark contrast to a profit of €282 million in the previous year [3][5]. - Quarterly net sales decreased to €1.57 billion from €2.15 billion year-over-year [6]. Group 2: Analyst Expectations - Analysts had predicted a net loss of €358 million for the fourth quarter, which was slightly lower than the actual loss reported [3][5]. - The full-year net loss expectation from analysts was €666.4 million, which is higher than the company's reported loss [3][5]. Group 3: Dividend Policy - Following the reported losses, the board proposed not to distribute dividends for the year 2025 [7].

Core Viewpoint - Puma reported a net loss in the fourth quarter and has decided to suspend dividend payments while continuing its restructuring plan [1][2]. Financial Performance - The company experienced a net loss of €336.6 million (approximately $397.6 million) in the fourth quarter, compared to a net profit of €2.4 million in the same period last year [1][2]. - For the full year, Puma reported a net loss of €645.5 million, a significant decline from a profit of €282 million in the previous year [1][2]. - The fourth quarter net sales amounted to €1.57 billion, down from €2.15 billion in the same quarter last year [3]. Dividend Policy - Following the reported losses, the board of directors will propose not to distribute dividends for the fiscal year 2025 [4].

Core Insights - The consumption market in Hubei province experienced a significant boost during the Spring Festival, with retail and catering industries achieving a total transaction volume of 30.55 billion yuan, marking an 11.57% increase compared to the same period in 2025 [1][3] Group 1: Consumption Trends - The theme "Enjoy in Hubei, Shop for the New Year" was promoted, leading to a rise in quality, integrated, and experiential consumption trends, with hot sales in bulk commodities and local cuisine [1][5] - The government provided nearly 600 million yuan in consumption subsidies starting January 24, which stimulated a total consumption of 3.155 billion yuan across various sectors [2] Group 2: Retail Performance - Major retail categories such as automotive, home appliances, and electronic products saw transaction volume increases of 23.68%, 36.55%, and 28.52% respectively during the holiday period [2] - Offline shopping areas experienced a surge in foot traffic, with significant increases reported in stores like JD MALL in Wuchang [2] Group 3: Experiential Consumption - The integration of commerce, culture, and sports created diverse new consumption scenarios, shifting consumer focus from mere purchasing to experiential enjoyment [4] - Key monitored pedestrian streets in Hubei saw revenue and foot traffic growth of 22.24% and 23.25% respectively during the holiday [4] Group 4: Culinary Innovations - The local cuisine gained popularity through initiatives like the "My Ideal Hubei New Year Dinner" contest, which involved over a thousand restaurants offering unique dishes [5] - Innovative dining experiences, such as themed banquets and cultural performances, attracted large crowds and enhanced the festive atmosphere [5]