安踏体育（2020.HK）事件点评： 拟收购 PUMA 股权，持续深化多品牌全球化 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 70,826 | 78,479 | 86,250 | 94,396 | | 增长率（%） | 13.6 | 10.8 | 9.9 | 9.4 | | 归母净利润 | 15,596 | 13,139 | 14,140 | 15,846 | | 增长率（%） | 52.4 | -15.8 | 7.6 | 12.1 | | EPS（元） | 5.58 | 4.70 | 5.06 | 5.67 | | P/E（x） | 13 | 15 | 14 | 12 | | P/B（x） | 3.2 | 2.8 | 2.5 | 2.1 | 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 1 月 27 日收盘价,汇率 1HKD=0.90RMB） 2026 年 01 月 27 日 ...

1月27日消息，据路透社报道，中国安踏体育用品有限公司（2020.HK）周二表示，将以15亿欧元（约合 18亿美元）的价格从皮诺家族手中购入德国运动品牌彪马（PUMG.DE）29.06%的股份，成为彪马的最 大股东。 安踏体育在提交给证券交易所的文件中表示，将以每股35欧元的现金价格购买4300万股彪马股份。这一 价格较彪马周一21.63欧元的收盘价溢价62%，当日彪马股价在交易时段内上涨近17%。周二早盘，安踏 体育股价上涨3.4%。 报道称，此次股份出售正值彪马在失去耐克（NKE.N）和阿迪达斯（ADSGn.DE）的市场份额后，寻求 重振业绩之时。同时，彪马还面临着来自新百伦（New Balance）和霍卡（Hoka）等快速增长品牌的竞 争。 安踏体育表示，相信随着安踏成为彪马的最大投资者，彪马能够提升国际竞争力，并增强品牌认知度。 安踏体育称，一旦交易最终敲定，将寻求在彪马董事会中获得席位。 2025年8月，丁世忠发布公开信提到，安踏并购战略会优先考虑符合公司发展战略，聚焦两类机会：一 是，收购具有强品牌价值和基因的品牌，通过战略重塑实现价值跃升；二是，投资高潜力的新兴品牌， 在早期建立合作，探索共同成 ...

Macro and Strategy - The macroeconomic data for August 2025 indicates a steady growth momentum, with CPI expected to be around 0.1% month-on-month and a year-on-year decline to -0.3% [9] - The PPI is anticipated to rebound to -2.5% year-on-year, while industrial added value is projected to slightly increase to 6.0% year-on-year [9] - The retail sales of consumer goods are expected to rise to 4.5% year-on-year, and fixed asset investment is likely to decrease to 1.3% year-on-year [9] Textile and Apparel Industry - The outdoor apparel market in China is expected to maintain double-digit growth, driven by increased penetration of outdoor sports and the rise of high-end brands [10][11] - The market share of the top ten outdoor brands is projected to reach approximately 29% by 2024, with e-commerce channels accounting for 40% of the market [10] - The competition among brands is intensifying, with high-end brands leveraging technology and materials to command premium pricing, while domestic brands focus on cost-effectiveness and fashion [11] Chemical Industry - In August 2025, Brent crude oil averaged $67.3 per barrel, down $2.1 from the previous month, while WTI averaged $64.0 per barrel, down $3.1 [14] - OPEC+ is expected to increase production by 547,000 barrels per day in September, with a long-term plan to extend production cuts until 2026 [15] - Global oil demand is projected to grow by 680,000 to 1.29 million barrels per day in 2025, indicating a positive outlook for the oil market [16] Junsheng Electronics - In Q2 2025, Junsheng Electronics reported a net profit of 370 million yuan, a year-on-year increase of 11%, with revenue reaching 15.771 billion yuan, up 14.27% [18] - The company’s gross margin improved to 18.4%, reflecting a year-on-year increase of 2.7 percentage points [18] - The order book remains strong, with new orders in the automotive sector accounting for over 66% of total new orders [19] Keshun Co., Ltd. - Keshun Co., Ltd. reported a revenue of 3.22 billion yuan in H1 2025, a year-on-year decrease of 7.2%, primarily due to reduced demand [20] - The gross margin improved to 24.7%, with a notable increase in the gross margin of waterproof coatings [21] - The company is focusing on optimizing its revenue structure and reducing costs to improve profitability [22] Binjiang Group - Binjiang Group achieved a net profit of 1.85 billion yuan in H1 2025, a year-on-year increase of 59%, driven by increased delivery scale [23] - The company actively acquired land in Hangzhou, with 88% of new land reserves located in the city [24] - Financially, the company maintains a strong position with a cash balance of 29.5 billion yuan and a net debt ratio of 7% [24] Construction Bank - Construction Bank reported a revenue of 394.273 billion yuan and a net profit of 162.076 billion yuan in H1 2025, with a year-on-year growth of 2.15% and a decline of 1.37% respectively [26] - The bank's total assets grew by 10.27% year-on-year, reaching 44.43 trillion yuan [26] - The net interest margin was reported at 1.40%, reflecting a decrease due to pressure on asset yields [27] Anta Sports - Anta Sports is positioned as a leading multi-brand sports company, with a projected revenue of 70.8 billion yuan in 2024 and a gross margin of 62% [32] - The company is expanding its brand matrix through acquisitions and partnerships, enhancing its global presence [32] - The brand strategy focuses on meeting diverse consumer needs, with a strong emphasis on professional and outdoor segments [33]