证券研究报告 | 行业定期报告 2025 年 07 月 13 日 6 月制造龙头收入增速边际改善，NIKE 老库消化&经销商拓展良好 纺织服装海外趋势跟踪（2025 年 7 月） 消费品/轻工纺服 25Q2 美国终端零售恢复正增长，东南亚出口数据稳健；6 月制造龙头收入增速 边际改善，NIKE 库存及渠道改善，销售表现有望在未来逐季改善，国际运动 鞋服品牌新品持续落地，关注后续品牌终端销售表现及制造龙头接单情况。 ❑ 行业景气度分析：美国终端零售恢复增长，品牌新品逐步落地。 1）需求端：2025 年 Q2 美国终端零售恢复增长，渠道库存良性；2025 年 6 月越南纺织品出口同比+16%；越南鞋类出口同比-3%。 2）行业趋势：7 月头部国际品牌在运动时尚、户外、小众运动的新品逐步落 地，后续新品落地及预热情况将逐步增多，关注新品在欧美市场反馈情况。 ❑ 产业链跟踪：NIKE 未来有望逐季改善，制造龙头收入边际改善。 1）品牌端： 2025 年 3-5 月 NIKE 营收同比-12%，但是公司库龄较老库存消 化进度良好，经销渠道拓展顺利，公司预期 FY26Q1（25 年 6-8 月）收入下 滑中单位数，并有望 ...

Core Viewpoint - Anta Sports is advancing its globalization strategy through a new round of brand acquisitions, aiming to strengthen its position in the global sportswear market and enhance its brand portfolio [2][11]. Group 1: Company Background and Growth - Anta Sports, founded by Ding Shizhong in 1991, has grown from a small workshop in Fujian to a sportswear giant with assets exceeding 100 billion RMB, ranking among the top global sports brands [2][3]. - Ding Shizhong's journey from a poor fishing village to a billionaire is marked by strategic decisions, including a focus on brand marketing and acquisitions [3][4]. - The company went public in Hong Kong in 2007, raising over 3.5 billion HKD, and has since become the fifth-largest sports brand globally [6][10]. Group 2: Brand Acquisition Strategy - Anta has successfully acquired several international brands, including FILA, Sprandi, Descente, KOLON SPORT, and most recently, Jack Wolfskin, to enhance its market presence and product offerings [12][14][17]. - The acquisition of Amer Sports, which includes brands like Arc'teryx and Salomon, is noted as the largest cross-border acquisition in China's sportswear history [15][16]. Group 3: Financial Performance - Anta's revenue and net profit have seen significant growth, with revenue increasing from 3.19 billion RMB in 2007 to approximately 70.83 billion RMB in 2024, representing a growth of about 21 times [18]. - The company's net profit rose from 538 million RMB in 2007 to around 15.60 billion RMB in 2024, marking an increase of approximately 28 times [18]. - As of 2024, Anta's total assets are estimated to be around 112.6 billion RMB, surpassing the 100 billion RMB mark for the first time [19]. Group 4: Marketing and R&D Investment - Anta's marketing expenses have been substantial, with sales expenses reaching 25.6 billion RMB in 2024, significantly higher than its R&D expenditure of 2 billion RMB, indicating a reliance on marketing over innovation [21][22]. - The company's R&D expenditure rate is approximately 2.8%, which is lower than competitors like Nike and Adidas, raising concerns about its innovation capabilities [21][22]. Group 5: Future Prospects and Challenges - Despite its successes, Anta faces challenges in closing the gap with global leaders like Nike and Adidas, which have significantly higher revenues and profits [20][24]. - The company's heavy reliance on acquisitions and marketing raises questions about its long-term sustainability and ability to innovate [22][24].