市场分析师指出，亚玛芬体育旗下品牌矩阵的协同效应正在释放，尤其是萨洛蒙的增速超越始祖鸟，成 为集团新的增长引擎。基于上半年的强劲表现，亚玛芬体育已上调全年业绩指引，预计2025财年收入将 增长20%至21%。 【深圳商报讯】（首席记者 吴蕾）近日，体育运动品牌安踏集团旗下亚玛芬体育发布上半年财报。 2025年上半年，亚玛芬体育净利润同比增幅高达3047.06%，远超市场预期。 财务业绩报告显示，亚玛芬体育公司上半年营收从去年同期的约21.94亿美元增长23.46%至27.08亿美元 （约合194.57亿元人民币）。净利润表现更佳，上半年录得1.61亿美元（约11.57亿元人民币），相比去 年同期的510万美元，同比增幅高达3047.06%。根据区域市场分析，亚玛芬体育以中国为主的市场区域 收入第二季度超越北美区域，实现收入4.10亿美元。不含中国的亚太地区市场营收同比增长45%，领跑 全球市场。 ...

Core Viewpoint - The Pinault family, a major shareholder of Puma, is exploring strategic options, including the potential sale of its 29% stake in the company, with initial contacts made with potential buyers including Chinese sports brands Anta and Li Ning, as well as American companies and Middle Eastern sovereign wealth funds [1][4][10]. Financial Performance - In 2023, Puma's sales increased by 6.6% year-on-year to €8.6017 billion, but net profit fell by 13.7% to €304.9 million. In 2024, sales are projected to grow by 4.4% to €8.82 billion, while net profit is expected to decline by 7.6% to €282 million [4][6]. - For Q2 of the 2025 fiscal year, Puma's sales decreased by 2.0% year-on-year to €1.9422 billion, with declines in the EMEA region (down 3.1% to €771.7 million) and the Americas (down 0.5% to €779.9 million), while Latin America saw double-digit growth [6]. Market Environment - The domestic market is experiencing volatility, with Nike reporting a 21% decline in sales in Greater China for the latest fiscal quarter [7]. - Li Ning's revenue for the first half of the year grew by 3.3% to ¥14.82 billion, but net profit fell by 11.0% to ¥1.74 billion, indicating challenges in offline customer traffic and increased competition in the sports brand sector [8][9]. Strategic Responses - Li Ning's strategy involves targeted investments and strict cost control, focusing on managing inventory and ensuring alignment between sales and stock levels [9]. - Anta's acquisition strategy appears more favorable for pursuing Puma, given its history of successful acquisitions and a focus on a multi-brand strategy [11][12]. Competitive Landscape - Anta has successfully integrated various brands, including FILA and Amer Sports, contributing to a revenue increase of 13.6% to ¥70.826 billion in 2024 [12]. - FILA's performance has been fluctuating, with a revenue increase of 6.1% to ¥26.6 billion in 2024, but facing challenges from price competition affecting profit margins [16].

Core Viewpoint - The potential sale of Puma shares by the Pinault family is being evaluated, with interest from Chinese sports brands like Anta and Li Ning, as well as American companies and Middle Eastern sovereign wealth funds [1][2] Group 1: Puma's Financial Performance - In 2023, Puma's sales increased by 6.6% year-on-year to €8.6017 billion, but net profit fell by 13.7% to €304.9 million [5] - For 2024, sales are projected to grow by 4.4% to €8.82 billion, while net profit is expected to decline by 7.6% to €282 million [5] - In Q2 2025, Puma's sales dropped by 2.0% year-on-year to €1.9422 billion, with declines in the EMEA and Americas regions [5][6] Group 2: Li Ning's Position - Li Ning reported a 3.3% increase in revenue to ¥14.82 billion in the first half of the year, but net profit decreased by 11.0% to ¥1.74 billion [8] - The company acknowledges challenges in offline customer traffic and competitive pressures in the sports brand sector [8][9] - Li Ning's strategy focuses on targeted investments and strict cost control, with an emphasis on managing inventory effectively [9] Group 3: Anta's Acquisition Strategy - Anta has a history of successful acquisitions, including FILA and Amer Sports, and continues to pursue a multi-brand strategy [11][12] - In 2024, Anta's revenue grew by 13.6% to ¥70.826 billion, with Amer Sports contributing significantly to this growth [12] - Anta's systematic advantages in retail and supply chain management have led to successful brand performance, particularly for the Arc'teryx brand [14][15] Group 4: Competitive Landscape - The competitive environment for sports brands is intensifying, with both Anta and Li Ning facing challenges in maintaining market share [8][18] - Anta's FILA brand is experiencing fluctuations in performance, with sales declining in certain segments [18] - The potential acquisition of Puma may not align with Anta's strategic interests due to competition with the FILA brand [17][18]

Group 1: Kering's Credit Outlook - S&P Global Ratings downgraded Kering's credit outlook from stable to negative, currently rated at BBB+ due to significant sales decline in its core brand Gucci [1] - Kering's overall revenue for the first half of the year was €7.587 billion, a 16% year-over-year decrease, with net profit plummeting 46% to €474 million [1] - Kering's management is undergoing changes, with new CEO Luca de Meo planning to restructure the company and focus on potential brands like Balenciaga while accelerating product and creative updates for Gucci [1] Group 2: Tapestry's Performance - Tapestry reported a revenue increase of 8.3% year-over-year to $1.723 billion for Q4 of fiscal year 2025, exceeding analyst expectations [2] - The core brand Coach saw a revenue growth of 14.3%, while Kate Spade experienced a revenue decline of 13% in Q4 and a 10% drop for the entire year [2] - Tapestry anticipates an additional cost of approximately $160 million due to tariffs, which negatively impacted its stock price despite strong financial results [2] Group 3: Valentino's CEO Departure - Jacopo Venturini, CEO of Valentino, resigned for personal reasons after a five-year tenure, marking his third departure from the company [3] - Valentino's financial performance is under pressure, with a projected 2% decline in sales to €1.31 billion and a 22% drop in core operating profit to €246 million for 2024 [3] - The departure of Venturini raises concerns about the potential impact on creative director Alessandro Michele, who previously worked with him at Gucci [3] Group 4: Amer Sports Growth - Amer Sports, the parent company of Arc'teryx, is experiencing strong growth, driven by the ongoing outdoor trend [4] - UBS analysts expect Amer Sports to continue exceeding revenue expectations in Q2, maintaining a buy rating and raising the target price from around $37 to $50 [5] - Amer Sports has seen a remarkable 224% return on investment over the past year, with several investment firms maintaining positive ratings due to the growth potential of brands like Arc'teryx and Salomon [5]

一周时尚快报 开云信用展望降至负面 古驰失速，拖累母公司开云集团，修复业绩短期难以实现。 8月12日，标普全球评级将开云的信用展望从稳定下调至负面，目前信用评级为BBB+。标普指出，核心品牌古驰 上半年销售大幅下滑，是拖累集团盈利的主要原因。 根据7月底公布的最新财报，上半年，开云整体营收75.87亿欧元，同比下降16%，净利润大幅缩水46%至4.74亿欧 元。由于古驰贡献了超过一半的集团利润，这一表现直接压低了整体营收与盈利。相比之下，LV母公司LVMH集 团在同一时期整体收入保持增长，爱马仕在亚太市场销售更录得双位数上涨。 8月14日公布的2025财年第四季度业绩显示，这家轻奢巨头营收同比增长8.3%至17.23亿美元，超出分析师预期。 其中，核心品牌蔻驰收入增长14.3%，利润率也有所提升，带动集团实现逆势增长。相比之下，凯特·丝蓓（Kate Spade）"跌跌不休"，第四季度营收下降13%，全年下滑10%。 近年，蔻驰手袋在年轻消费者中持续走俏。今年上半年，该品牌凭借Tabby手袋等爆款在时尚平台Lyst热度大涨， 并多次登上TikTok热门话题，带动新品销售。 不过，受关税影响，该公司预计，本财年将 ...

Core Viewpoint - Amer Sports reported strong revenue growth in Q2 2025, with a 23% year-on-year increase, driven primarily by significant growth in the Greater China and Asia-Pacific regions, despite facing macroeconomic pressures and a cooling luxury market [1][2]. Group 1: Financial Performance - In Q2 2025, Amer Sports achieved revenue of $1.236 billion, a 23% increase year-on-year, with Greater China revenue growing by 42% to $410 million and Asia-Pacific revenue increasing by 45% [1]. - For the first half of 2025, total revenue reached $2.709 billion, up 23.46% year-on-year, with net profit of $153 million compared to a slight profit of $1 million in the same period last year [1]. - The company adjusted its 2025 revenue guidance to a growth range of 15-17%, up from the previous estimate of 13-15% [2]. Group 2: Segment Performance - In Q2 2025, the technical functional apparel segment (Arc'teryx) grew by 23% to $509 million, while the outdoor performance segment (Salomon) also saw a 23% increase to $414 million, and the ball sports segment (Wilson) grew by 11% to $314 million [2]. - Compared to Q1 2025, growth rates for all segments slowed down, with Arc'teryx's growth decreasing by 5 percentage points [2]. Group 3: Market Dynamics - Industry experts noted that high-end brands are facing growth bottlenecks due to macroeconomic pressures and consumer downgrading, prompting Arc'teryx to expand its market reach beyond core sports to attract a broader audience [3]. - The brand is shifting its focus from niche outdoor enthusiasts to a larger non-outdoor consumer base in China [3]. Group 4: Shareholder Actions and Market Sentiment - Amer Sports is experiencing shareholder withdrawal, with major shareholder FountainVest seeking to sell 35 million shares at a price range of $37.20-$37.73 per share, potentially raising about $1.3 billion [6]. - Despite positive mid-year financial results, the stock price fell by 4.69% to $35.74 per share after the earnings report, indicating market skepticism about the luxury segment's sustainability [8].

阔别四年后，安踏收购锐步传闻再起。 日前市场消息称，安踏集团与美国品牌管理公司Authentic Brands Group（ABG）接近达成协议，即将完 成对锐步（Reebok）品牌的收购，并完成实缴。 这一消息在社交媒体的传播，第一时间获得了安踏集团高管的点赞。 虽然如此，但安踏集团对外表示"不对市场传闻发表评论"。 相关消息发酵仅两天后，ABG公司便出面否认。 锐步和旗下另一品牌Champion的执行副总裁Steve Robaire明确表示："ABG没有出售锐步的打算，现在 没有，以后也不会有。" Robaire进一步强调："在我们16年的品牌所有权历史中，从未出售过任何一个品牌。我们仍将全力致力 于该品牌的发展及其全球范围内的成功。" ABG与锐步的渊源始于2021年。 彼时，在包括安踏等在内的多方竞争中，ABG以约25亿美元的价格从阿迪达斯手中收购锐步，成为 ABG历史上规模最大的一笔收购。 ABG采用轻资产品牌管理的商业模式，鲜少独立运营品牌。 在完成收购后，ABG将锐步全球各个区域市场的运营权拆分给了不同的合作方，其中能够涵盖港澳台 的中国市场合作方，正是香港联亚集团。 巧合的是，联亚集团还曾是安 ...

Core Viewpoint - Anta Group is reportedly close to acquiring Reebok from Authentic Brands Group (ABG), which could significantly aid its overseas expansion amidst a challenging domestic market [1][20]. Company Performance - Anta's retail revenue growth has slowed, with the Anta brand showing low single-digit growth in Q2, while FILA's growth is also fluctuating [3][5]. - In 2024, Anta brand revenue is projected to be 33.5 billion yuan, a 10.6% increase, but its revenue share is expected to decline to 47.3% from 48.6% in 2023 [5]. - FILA is expected to generate 26.6 billion yuan in 2024, with a 6.1% year-on-year growth, but has faced a decline in sales in Q3 2024 [6][7]. Market Context - The domestic sports market is experiencing increased volatility, with competitors like Li Ning and Nike also reporting lower-than-expected growth [8][10]. - Nike's sales in Greater China fell by 21% in the latest quarter, indicating a challenging retail environment [8]. Strategic Moves - Anta has a history of successful acquisitions and brand management, including FILA and Amer Sports, which have contributed to its revenue growth [11][12]. - The company is pursuing a "globalization" strategy, expanding into Southeast Asia, North America, and Europe, with significant market coverage [19]. Reebok's Background - Reebok, once a leading brand in the U.S. market, has seen its market share decline significantly since the late 1980s [15]. - ABG acquired Reebok in 2022, aiming for substantial revenue growth, but recent reports indicate a 19% decline in Reebok's revenue in 2024 [17][18]. Potential Benefits of Acquisition - Acquiring Reebok could provide Anta with a foothold in the U.S. market, where it has not previously operated, and leverage Reebok's brand recognition to enhance its global presence [20].

Core Viewpoint - The sportswear industry in Hong Kong is facing significant challenges in the second quarter of 2025, with major domestic brands experiencing a slowdown in growth due to weak consumer demand, inventory pressure, and intense price competition [2][10]. Group 1: Performance of Major Brands - Anta, Li Ning, 361 Degrees, and Xtep have all reported weakened performance in Q2 compared to Q1, with Anta and Xtep experiencing low single-digit growth [3][5]. - Anta's retail sales for its main brand showed low single-digit positive growth, while its FILA brand recorded mid-single-digit growth, both of which are slower than the high single-digit growth seen in Q1 [3][4]. - Li Ning's retail sales saw a decline in offline channels, with overall sales growth falling below expectations, indicating a challenging recovery trend [5][9]. Group 2: Market Environment - The overall consumer environment for the sportswear industry is under pressure, with a decline in transaction rates and average spending per customer, attributed to weakened consumer purchasing intent [6][7]. - In June 2025, the retail sales growth for clothing, shoes, and textiles was only 1.9%, a significant drop from previous months, highlighting the industry's struggles [8][7]. Group 3: Competitive Landscape - The competition among domestic sports brands is intensifying, with international brands like Nike and Adidas increasing promotional efforts, leading to deeper discounting strategies among local brands [9][10]. - The industry is shifting focus towards outdoor segments, with brands like Anta and Li Ning making strides in high-end outdoor products, which offer higher profit margins compared to traditional sportswear [9][11]. Group 4: Future Outlook - Analysts predict that the sales momentum for major sportswear companies will remain weak until at least Q2 to Q3 of 2025, primarily due to sluggish sales in lower-tier cities and increased competition [8][9]. - Despite the challenges, there are opportunities in niche outdoor markets, which are becoming a new growth area for brands looking to enhance product value [11].

Group 1 - The recent executive changes at Amer Sports include the appointment of Ma Lei as the new president for China, succeeding Yao Jian, who will take on a global role at the acquired brand Jack Wolfskin [1][2] - Ma Lei has a diverse background in both international and local brands, which aligns with Amer Sports' strategy of localized operations in China [2][3] - Under Yao Jian's leadership, Amer Sports saw significant revenue growth, with total revenue increasing from $2.446 billion to $5.183 billion from 2020 to 2024, and the Greater China region's revenue rising from $202 million to $1.298 billion [3] Group 2 - Amer Sports is focusing on expanding its presence in first-tier and new first-tier markets, leveraging the strengths of its agents, particularly through partnerships with companies like Tmall and JD.com [2][3] - The company faces challenges as the outdoor performance segment, particularly Salomon, has shown only single-digit growth, while the technical apparel segment has seen a minimum growth of 23% [5][7] - The competitive landscape is becoming more crowded, with high-end sports brands losing their scarcity, necessitating a shift in marketing strategies to maintain consumer interest [7][8] Group 3 - Amer Sports aims to diversify its growth by enhancing the performance of brands like Wilson, Peak Performance, and Atomic, which are still in the early stages in the Chinese market [7][8] - The company is expected to achieve a revenue growth forecast of 15% to 17% for the year, with functional apparel sales projected to grow by 20% to 22% [8]