机构：招银国际 研究员：Walter WOO 2Q25 retail sales were inline, but the margin was likely a miss. Together with the deteriorated outlook for 2H25E (even though the FY25E guidance was maintained), we should be more cautious. However, given Li Ning's efforts for turnaround and the intrinsic value of the brand, as well as its undemanding valuation at 15x FY25E P/E, we maintain our BUY rating. Maintain BUY but trim TP to HK$ 18.95, based on 18x FY25E P/E (unchanged). We have revised down the net profit forecasts in FY25E ...

纺织服装 行业周报（20250629-20250705） 同步大市-A(维持) 361 度超品店达 49 家，周六福 6 月 26 日登陆港交所 2025 年 7 月 7 日 行业研究/行业周报 纺织服装行业近一年市场表现 【山证纺织服装】周大福公布 2025 财 年年度业绩，经营质量显著提升-【山证 纺服】行业周报 2025.6.16 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：6 月 26 日，周六福于港交所上市 6 月 26 日，周六福于港交所上市。公司成立于 2004 年 4 月，首家加盟店于中国新疆维吾 尔自治区开业；2009 年，公司推出第一代门店形象；2012 年，公司于中央电视台首次亮 相；2013 年，公司开始通过线上渠道进行销售；2019 年，全国门店突破 3000 家；2022 年，全国门店突破 4000 家。2024 年，周六福品牌连续九年获得"中国 500 最具价值品 牌证书"。 管理团队方面，公司执行董事共四名。董事长李伟柱先 ...

Core Insights - 361° is expanding into the badminton market, showcasing its new professional badminton shoe "Victory PRO" during a city tournament called "One Shot, One Match" in Dongguan, Guangdong [1] - The company achieved a record revenue of 10.07 billion yuan in 2024, a year-on-year increase of 19.6%, with a net profit of 1.149 billion yuan, also up by 19.5% [1] - Despite reaching the 10 billion yuan revenue mark, 361°'s profitability remains low, with a gross margin of only 41.5%, significantly lower than competitors like Anta (62.2%) and Li Ning (49.4%) [1] Financial Performance - 361°'s revenue for 2024 is reported at 10.07 billion yuan, marking a 19.6% increase from the previous year [1] - The net profit for the same period is 1.149 billion yuan, reflecting a 19.5% year-on-year growth [1] - The company's gross margin stands at 41.5%, which is considerably lower than its main competitors [1] Market Strategy - 361° is diversifying its product offerings by entering the badminton segment, which is seen as a potential growth area due to its popularity in China, with 250 million participants [2][4] - The company aims to leverage its existing technology from running and basketball shoes to develop badminton shoes and rackets [4] - 361° is adopting a low-price strategy to penetrate the badminton market, with its best-selling rackets priced under 50 yuan, targeting mass consumers and lower-tier markets [9] Competitive Landscape - The badminton equipment market is dominated by three major brands: YONEX, VICTOR, and Li Ning, which collectively hold over 60% of the online market share [6][9] - YONEX, for instance, has a strong brand presence, with its high-end rackets and shuttlecocks commanding premium prices in the market [6][9] - 361° faces challenges in gaining market share due to the established dominance of these brands and their strong association with top athletes and events [9] Brand Positioning - 361° is focusing on grassroots engagement by organizing local tournaments and avoiding high-profile endorsements at this stage [10] - The company has positioned itself to appeal to a broader audience by creating accessible events and products, differentiating itself from competitors who target elite athletes [10] - The brand's current approach is cautious, with limited investment in large-scale events or sponsorships, indicating a wait-and-see strategy in the badminton market [10]

Group 1 - Anta is intensifying its international expansion, planning to open more stores in Singapore, Malaysia, and the Philippines by fiscal year 2025, and is preparing to launch its first retail store in the United States [1] - Anta's CEO Xu Yang has confirmed plans to open multiple brand stores in the U.S. by 2025, potentially in Beverly Hills, Los Angeles, and Fifth Avenue, New York [1] - The first U.S. store is nearing its opening, as indicated by Anta's Chief Creative Officer and basketball ambassador Kyrie Irving during his visit to the Beverly Hills location [1] Group 2 - In July 2023, Anta signed a contract with NBA star Kyrie Irving, who chose Anta over other brands after ending a lucrative deal with Nike [4] - Irving's desire for greater creative freedom in shoe design influenced his decision to partner with Anta, where he is deeply involved in product design and brand strategy [4] - The first signature shoe from Irving's personal product line, KAI 1, will be released in March 2024 at a price of $125, significantly lower than similar Nike products [6] Group 3 - The KAI 1 shoe sold out quickly, making Anta the fastest-growing sneaker brand on the resale platform StockX in 2024, with analysts predicting a 20% increase in annual sales for Anta's basketball shoes due to the partnership with Irving [6] - Anta has previously signed other NBA players like Klay Thompson and Gordon Hayward, but the collaboration with Irving represents a significant step towards the company's global ambitions [6] Group 4 - In December 2021, Anta announced a new 10-year development strategy, shifting from a focus on "single focus, multi-brand, all-channel" to "single focus, multi-brand, globalization" [7] - Xu Yang's return to Anta as CEO in March 2023 is seen as a move to prioritize internationalization, with the U.S. market being a crucial part of this strategy [7] - Anta currently distributes in the North American market primarily through multi-brand operators like Dick's Sporting Goods and Foot Locker [7]