丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 17 之 UA FY2026Q1 经营跟踪：收 入符合预期，稳住亚太市场为全年重点 报告要点 分析师及联系人 [Table_Author] 纺织品、服装与奢侈品 cjzqdt11111 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] FY2026Q1（2026/4/1-2025/6/30）UA 实现营收 11.3 亿美元，同比-4.2%，符合市场及公司预 期（彭博一致预期 11.3 亿美元，公司先前指引 Q1 营收同比下滑 4%-5%）。毛利率同比+0.7pct 至 48.2%，主要得益于汇率变化、产品定价调整及产品组合优化。 [Table_Title 望远镜系列2]17 之 UA FY2026Q1 经营跟踪：收 入符合预期，稳住亚太市场为全年重点 [Table_Summary2] 事件描述 FY2026Q1（2026/4 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - Puma's revenue for FY2025Q2 was €1.94 billion, below market expectations of €2.01 billion, with a year-over-year decline of 2.0% at constant exchange rates [2][4] - Gross margin decreased by 0.7 percentage points to 46.1%, primarily impacted by increased promotional activities and currency fluctuations [2][4] Revenue Breakdown - Revenue performance was below expectations, with declines across all regions: - EMEA, Americas, and Asia-Pacific revenues decreased by 3.1%, 0.5%, and 2.9% respectively, totaling €0.77 billion, €0.78 billion, and €0.39 billion [5] - Direct-to-consumer (DTC) channels continued to grow, with a 9.2% increase to €0.60 billion, driven by strong e-commerce growth of 19.4% and a 3.4% increase in retail store sales [5] - Wholesale channels faced challenges, declining by 6.3% to €1.34 billion due to weak demand across markets [5] - Product categories showed varied performance: - Footwear revenue increased by 5.1% to €1.06 billion - Apparel and equipment revenues decreased by 10.7% and 6.4% to €0.60 billion and €0.28 billion respectively [5] Inventory and Guidance - Inventory levels were high, with a year-over-year increase of 9.7% to €2.15 billion, primarily due to accelerated deliveries of products to the U.S. amid tariff impacts [7] - The company has adjusted its full-year guidance, now expecting a low double-digit decline in sales at constant exchange rates, down from previous growth expectations [7]

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - In FY2025Q2 (April 1, 2025 - June 30, 2025), Adidas reported revenue of €5.95 billion, which was below the expected €6.21 billion, showing a year-on-year growth of 8% at constant exchange rates, and a 12% increase when excluding the impact of Yeezy. The net profit attributable to shareholders was €370 million, exceeding the expected €340 million, with a year-on-year increase of 95%. The gross margin improved by 0.9 percentage points to 51.7%, primarily due to better product discounting and reduced shipping costs [2][4] Summary by Sections Revenue Performance - Adidas achieved revenue of €5.95 billion in FY2025Q2, which was lower than the expected €6.21 billion, with a year-on-year growth of 8% at constant exchange rates and 12% when excluding Yeezy [2][4] - The company's net profit was €370 million, surpassing the expected €340 million, reflecting a year-on-year increase of 95% [2][4] Gross Margin and Costs - The gross margin increased by 0.9 percentage points to 51.7%, attributed to improved product discounting and lower shipping costs [2][4] Market Performance - In FY2025Q2, Adidas' revenue growth in Europe, North America, and Greater China was 7%, 15%, and 11% respectively, with all markets except Europe achieving double-digit growth [10] - Direct-to-Consumer (DTC) and wholesale channels grew by 3% and 11% year-on-year respectively, indicating overall positive channel performance [10] Inventory and Cost Impacts - The inventory level was €5.26 billion, up 16% year-on-year, maintaining a healthy status in line with revenue growth [10] - Tariff impacts resulted in a negative effect of several million euros, with an expected increase in sales costs of €200 million in H2 [10] Performance Guidance - The company maintained its full-year guidance, expecting high single-digit revenue growth at constant exchange rates for FY2025, with an operating profit forecast of €1.7 to €1.8 billion, below market expectations of €2 billion [10]

Summary of the Conference Call for China Coal Energy (中煤能源) Industry Overview - **Coal Market Dynamics**: In June 2025, the thermal coal market experienced price fluctuations influenced by inventory levels and demand, with the price of 5,500 kcal thermal coal at 621 RMB/ton, a slight increase of 1 RMB month-on-month but a decrease of 27% year-on-year. The expected price range for July is between 621 and 635 RMB/ton [2][4][12][13]. - **Coking Coal Market**: The coking coal market saw a rebound in June due to environmental policies and low inventory levels. The expected price for Shanxi low-sulfur coking coal in July is between 1,140 and 1,180 RMB/ton [2][4][5]. - **Urea Market**: The urea market is under pressure due to geopolitical factors and domestic production levels, with expected prices between 1,700 and 1,900 RMB/ton. The average price for urea in the first half of the year decreased by 15% year-on-year [2][5]. - **Polyolefins Market**: The polyolefins market is expected to decline due to increased supply and decreased operating rates, with polyethylene prices between 7,100 and 7,200 RMB/ton and propylene between 6,900 and 7,100 RMB/ton [2][5]. - **Methanol Market**: The methanol market remains stable due to sufficient supply and declining prices of downstream chemical products, with prices in the Northwest region between 1,900 and 2,000 RMB/ton [2][5]. Company Performance - **Production and Sales Data**: In June 2025, the company produced 67.34 million tons of commercial coal, an increase of 840,000 tons year-on-year. However, sales decreased by 4.87 million tons to 129 million tons, primarily due to a reduction in coal trading and agency sales. Urea production increased by 2.7 million tons, while polyolefins production decreased by 9.2 million tons due to maintenance [4][5]. - **Impact of Mine Shutdown**: The Wangjialing mine was shut down from June 1 to July 4, affecting annual production by approximately 600,000 tons. The company aims to recover some of the lost production [7]. Financial Management - **Cash Distribution Policy**: The company maintains a cash distribution ratio of around 30%, which is lower than the industry average of over 50%. This decision considers various factors, including development needs, project investments, operational safety, and shareholder returns. The company has over 80 billion RMB in cash, but a significant portion is restricted for specific uses [2][14]. - **Cost Management**: The company is focused on cost control and efficiency improvements to counteract the downward trend in coal prices. Measures include enhancing coal quality, optimizing product structure, and applying information technology to reduce costs [3][9][11]. Market Outlook - **Future Price Trends**: The coal price is expected to stabilize after the peak summer demand period, with a forecast of continued price support in July. However, the upper price limit may face pressure due to high inventory levels and stable supply [12][13]. Additional Considerations - **Environmental and Safety Investments**: The company emphasizes the importance of safety and environmental investments, which limit the potential for significant cost reductions in certain areas [6][10]. - **Innovation and Technology**: The company is exploring innovative approaches and technology applications to enhance operational efficiency and adapt to market uncertainties [9]. This summary encapsulates the key points from the conference call, providing insights into the coal industry dynamics, company performance, financial management strategies, and market outlook.

Group 1 - The core viewpoint of the articles emphasizes the importance of international cooperation in environmental governance, particularly through the "Bangkok Clean Air" project between China and Thailand, which aims to provide comprehensive technical solutions for pollution management [1] - The articles highlight the necessity for Chinese environmental companies to understand local conditions and public opinions in the countries they operate in, ensuring that projects align with local environmental governance philosophies [1] - Compliance with local laws and regulations is crucial, as many countries have strict environmental protection laws that must be adhered to during project implementation [1] Group 2 - The objective of international projects is to promote Chinese technology, equipment, and standards in the environmental governance sector, contributing to global environmental solutions [2] - Companies are encouraged to maintain a long-term vision while balancing short-term goals, ensuring that social, environmental, and economic benefits are well-coordinated [2] - Flexibility and adaptability are essential, as technologies and models may need to be adjusted to fit new social environments, and collaboration with established local Chinese enterprises can enhance project success [2]

Core Viewpoint - The 31st China Lanzhou Investment and Trade Fair is being held in Lanzhou, Gansu Province, focusing on the theme of "Sharing Opportunities, Seeking Development, and Creating Prosperity" [1] Group 1: Event Overview - The fair features participation from 24 diplomatic missions and business associations, along with exhibitors from 18 provinces (regions, municipalities) and the Hong Kong Special Administrative Region [1] - Nearly 2,000 enterprises are participating, showcasing products across nearly 40 categories, including equipment manufacturing, petrochemicals, biomedicine, new materials, new energy, aerospace, modern agriculture, data information, low-altitude economy, artificial intelligence, green minerals, cultural tourism and health, specialty agricultural products, and daily consumer goods [1]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - For FY2025, Nike achieved revenue of $46.31 billion, slightly above expectations (Bloomberg consensus expected $45.91 billion), with a year-over-year decline of 9% at constant exchange rates. The gross margin decreased by 1.9 percentage points to 42.7%. In FY2025Q4, revenue was $11.10 billion, down 11% year-over-year at constant exchange rates, with a gross margin decline of 4.4 percentage points to 40.3%, primarily impacted by high discounts in wholesale and factory stores, increased supply chain costs, and significant declines in direct sales channels [2][4][9]. Summary by Sections Revenue Breakdown - For FY2025, Nike's revenue by region showed declines: North America -8%, EMEA -10%, APLA -3%, and Greater China -12%, with respective revenues of $19.57 billion, $12.26 billion, $6.25 billion, and $6.59 billion. North America and EMEA showed improved sales confidence, while Greater China faced significant inventory clearance challenges [9]. Channel Performance - Direct-to-Consumer (DTC) and wholesale revenues were down 12% and 6%, respectively, totaling $18.78 billion and $25.88 billion. The DTC decline was mainly due to significant drops in e-commerce sales [9]. Product Performance - Revenue from footwear, apparel, and equipment declined by 11%, 5%, and increased by 6%, totaling $29.51 billion, $12.97 billion, and $2.19 billion, respectively. The footwear segment faced pressure primarily due to inventory clearance of classic products, which is expected to continue into FY2026H1 [9]. Inventory Situation - As of FY2025Q4, Nike's inventory stood at $7.49 billion, remaining stable year-over-year but down 1% quarter-over-quarter. The company plans to continue inventory clearance over the next two quarters to restore healthy inventory levels by FY2026H1 [9]. Tariff Impact - The average tariff rate on Nike's imported footwear to the U.S. is approximately 15%, with new tariff rates expected to add about $1 billion in costs. The company plans to mitigate these costs through supply chain reallocation and selective price increases starting in Fall 2025 [9]. Performance Guidance - Following a challenging FY2025Q4, Nike anticipates that revenue and gross margin pressures will begin to ease, with expectations of a single-digit revenue decline and a gross margin decrease of 0.35 to 0.425 percentage points in FY2026Q1 [9].

Core Viewpoint - Nike's fourth-quarter financial results show a revenue decline of 12% year-over-year, but the results exceeded market expectations, indicating a potential stabilization in sales trends despite ongoing challenges [1][2]. Financial Performance - Nike reported a revenue of $11.1 billion for the fourth quarter, which is 3.8% higher than the market forecast of $10.72 billion [1]. - Adjusted earnings per share fell by 86% to $0.14, yet this was slightly above expectations by 2 cents [1]. - Gross margin contracted by 440 basis points, slightly better than the anticipated 403 basis points decline [1]. Market Dynamics - Sales in North America, Greater China, and Europe, the Middle East, and Africa experienced double-digit declines, but the actual declines were within expected ranges [1]. - Direct sales fell by 14%, which was greater than the 9% decline in wholesale channels, indicating a shift in consumer behavior back towards distributor channels [2]. Product Category Performance - Footwear led revenue with $7.2 billion, despite a 13% decline, outperforming apparel and equipment categories [2]. - Apparel revenue decreased by 10% to $3 billion, while equipment revenue fell by 2% to $567 million [2]. Strategic Initiatives - CEO Elliott Hill emphasized a restructuring strategy focusing on digital capabilities, global supply chain optimization, and core category innovation [1]. - The company aims to reduce reliance on Chinese production to mitigate the impact of U.S. tariffs, targeting a reduction of Chinese imports to a "high single-digit percentage" by May 2026 [3]. Cost Management - CFO Matthew Friend acknowledged the challenges faced in the fourth quarter but noted improvements in key operational metrics [2]. - The company plans to evaluate cost-cutting measures in response to tariff impacts and has announced price increases on some products in the U.S. [3]. Market Reaction - Following the executives' comments, Nike's stock rose over 10% in after-hours trading [4].

Group 1 - Shenzhen's Science and Technology Innovation Bureau has publicly announced 14 projects for the 2025 National Science and Technology Awards, including 7 nominated projects and 7 expert-nominated projects [1][2] - The nominated projects from Shenzhen include significant contributions from various institutions, such as Peking University Shenzhen Graduate School and the Shenzhen Institute of Advanced Technology, focusing on advanced technologies like multi-visual feature interaction learning mechanisms and dual-ion battery devices [1][2] - The 2023 National Science and Technology Awards saw Shenzhen achieving a record high with 25 general projects and 1 individual award, highlighting the city's growing technological innovation capabilities [3] Group 2 - The expert-nominated projects also showcase a range of innovative research, including new principles for secondary batteries and methods for early tumor signal recognition, with several projects proposed for the Natural Science Award [2] - Notable projects nominated for the Technology Invention Award include high-performance imaging technology for resource-constrained remote sensing and key innovations in prefabricated concrete structures for high-rise buildings [2] - The recognition of Shenzhen's projects in the National Science and Technology Awards reflects the city's commitment to advancing scientific research and technological development [3]

Core Viewpoint - The second phase of the DC system renovation project at the Itaipu Hydroelectric Power Plant in Brazil, undertaken by a Chinese company, has officially commenced, marking a significant upgrade in the plant's 40-year operational history [1][2]. Group 1: Project Overview - The renovation project is a major undertaking by China National Grid's subsidiary, China Electric Power Equipment and Technology Co., Ltd., and represents the first large-scale DC transmission renovation project undertaken by the State Grid overseas [1]. - The Itaipu Hydroelectric Power Plant is one of the largest in the world, with its DC transmission system built in the 1980s, setting multiple records in voltage levels and transmission capacity [1]. Group 2: Project Details - The renovation project began on January 9, 2024, and includes system research, design, equipment supply, installation, debugging, training, and auxiliary operation and maintenance, divided into two phases [1]. - The first phase, which involved the modification of the valve hall, was completed 40 days ahead of schedule on December 7, 2024, receiving high praise from Brazil's national electricity company [1][2]. Group 3: Technical and Operational Aspects - The second phase of the renovation will take two years, with the current bipolar 1 shutdown scheduled from May to November, covering the Iguaçu and Ibiúna converter stations [2]. - The project involves the dismantling and installation of equipment in seven valve halls, comprehensive civil and electrical construction at both stations, and upgrades to the bipolar 1 control protection system [2]. - The project is characterized by its technical complexity, large workload, tight schedule, and the need for extensive coordination among multiple participating units [2].