[Table_Title] 研究报告 Research Report 9 Oct 2025 中国零售 China (A-share) Retail 大消费渠道脉搏：华南购物中心专家交流，黄金周线下零售表现承压，品牌表现分化 Consumer Channel Pulse: South Shopping Mall Experts Meeting, Offline Retail Sale was Under Pressure, with Brand Performance Showing Divergence during Golden Week 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 8 日，海通国际海外消费组邀请华南地区购物中心专家分享 25Q3 及黄金周线下零售情况。 25Q3 及黄金周前 3 天华南地 ...

Core Viewpoint - Anta Sports has demonstrated impressive growth in the first half of 2025, achieving revenue of 38.54 billion yuan, a year-on-year increase of 14.3%, maintaining its position as the leading brand in the Chinese market for four consecutive years [1] Group 1: Revenue Performance - Anta's revenue closely approaches the combined revenue of Adidas and Nike in the Greater China region, indicating strong competitive performance in a challenging market [4] - The main brand of Anta generated revenue of 16.96 billion yuan, reflecting a year-on-year growth of 5.4%, with product prices significantly lower than international brands [5] Group 2: Consumer Trends - Consumers are increasingly focused on value for money, seeking products that offer practicality and affordability, as evidenced by Anta's pricing strategy [5] - Aesthetic appeal has become a necessity for consumers, with brands like FILA, which is under Anta, reporting revenue of 14.182 billion yuan, a year-on-year increase of 8.6%, due to its stylish designs [5] - The shift in consumer perception towards domestic brands has evolved from sentimentality to trust, with many young consumers recognizing the quality and functionality of brands like Anta and Li Ning [7] Group 3: Market Dynamics - The rapid growth of Anta reflects broader consumer trends in the market, characterized by price sensitivity, aesthetic considerations, and a growing acceptance of domestic brands [13] - The purchasing behavior on e-commerce platforms shows a preference for domestic brands, with Anta achieving over 11% growth during the July summer sales period [7]