随着全球经济进入新的周期，中国体育运动市场也进入了深度博弈阶段。在这个背景下，361度、特 步、李宁和安踏这四大国产运动品牌的中期业绩相继出炉。 从宏观数据看，中国运动品牌展现出集体"狂飙"的积极态势。其中，361度以超预期的表现赢得资本市 场看好。财报显示，361度上半年营收和净利润双双创下历史新高，总收益同比增长11%，领先于特步 主品牌的7.1%和安踏主品牌的5.4%。这显示出，在行业整体放缓的背景下，361度正凭借其独特的战略 路径，实现高质量的稳健增长。 特步同样表现不俗，净利润增长高达21.5%，得益于其对多品牌矩阵的成功运营。而安踏则凭借其庞大 的多品牌航母，营收规模继续领跑行业。李宁在营收增速上有所放缓，但其在盈利能力和渠道优化上的 努力，也预示着其在战略收缩后的新一轮蓄力。 战略走向：谁能锁定"终局席位"？ 亮眼的业绩背后，是各品牌清晰而又差异化的战略选择。 特步选择了垂直深耕跑步赛道。品牌通过建立70家跑步俱乐部和累积240万会员，成功构建了强大的跑 步生态。同时寄希望于通过索康尼等高端品牌，弥补主品牌在增长上的瓶颈。然而，尽管专业运动分部 增速高达32.5%，但其7.85亿元的细分规模， ...

对集团作为鞋类出口制造商而言，冲击尤为严峻。纵然销售团队全力应对，亦难以抵御外部环境的巨大 影响。诚如集团本年较早前的公告，美国的关税政策一直反覆不定，令海外客户不愿承担如此巨大风 险，直接导致本年6个月集团出口接近为零。有赖各团队的努力，以及受惠于早年多元化所发展的租赁 业务，确保集团整体运作仍然稳定。 格隆汇8月28日丨创信国际(00676.HK)公告，集团于截至2025年6月30日止6个月收入达148.1万美元，同 比减少54.2%。除税前亏损为20.4万美元(截至2024年6月30日止6个月：除税前溢利15.2万美元)。每股基 本亏损为0.03美仙(截至2024年6月30日止6个月：每股基本盈利0.02美仙)。 ...

Urban Outfitters (URBN) Q2 2026 Earnings Call August 27, 2025 05:00 PM ET Company ParticipantsOona McCullough - Executive Director of Investor RelationsRichard Hayne - CEO & Chairman of BoardFrank Conforti - Co-President & Chief Operating OfficerSheila Harrington - Global CEO of Urban Outfitters & Free People GroupsEmma Wisden - Managing DirectorShea Jensen - President of Urban Outfitters Brand of North AmericaMelanie Marein-Efron - Chief Financial OfficerPaul Lejuez - Managing DirectorTricia Smith - Global ...

2025 年 8 月 26 日 耐用消费品及服装: 中性 证券研究报告 / 公司更新报告 李宁 (2331 HK, 买入, 目标价: HK$23.30) 目标价: HK$23.30 当前股价: HK$20.28 股价上行/下行空间 +15% 52 周最高/最低价 (HK$) 21.00/12.56 市值 (US$mn) 6,709 当前发行数量(百万股) 2,585 三个月平均日交易額 (US$mn) 52 流通盘占比 (%) 100 主要股东 (%) Viva China 11 按 2025 年 8 月 25 日收市数据 资料来源: FactSet | 主要调整 | | | | | --- | --- | --- | --- | | | 现值 | 原值 | 变动 | | 评级 | 买入 | 买入 | N/A | | 目标价 (HK$) | 23.30 | 19.30 | 21% | | 2025E EPS (RMB) | 0.93 | 0.93 | 0% | | 2026E EPS (RMB) | 0.96 | 0.96 | 0% | | 2027E EPS (RMB) | 1.00 | 1.00 | 0% ...

加拿大女装品牌特里巴尔时装公司销售与商品副总裁克里斯蒂娜·洛莱告诉新华社记者，整个行业 都不清楚美国关税政策走向。"对于制造商来说，这种不确定性令人恐惧，我们必须在不将成本完全转 嫁给消费者的情况下应对政策变化，这是巨大挑战。" 她表示，公司在中国、危地马拉、印度、孟加拉国和土耳其等国设有生产基地，不同国家在某些产 品领域具有特殊优势，难以替代。比如，中国在泳装和牛仔产品的面料和工艺方面非常出色，很难找到 同等质量和价格的替代。面对关税上涨，公司已将2026年春季系列女装价格上调约7%，在市场接受度 和生存压力之间寻求平衡。 关税政策不确定性让许多企业陷入困境。记者在采访中了解到，一些企业正考虑将供应链转移至其 他地区以化解关税上涨带来的成本压力，但由于产品原材料的特殊性以及生产质量等因素，许多企业无 法轻易迁移供应链，只能自行消化成本上升压力，或通过适度调高价格转嫁给消费者。 美国男装企业布拉沃集团代表法里德·尼克法尔贾姆告诉记者，公司销售的男士衬衫、牛仔裤、外 套等均产自中国，与山东、浙江和福建等地中国工厂合作多年，供应链非常稳固。他表示，公司"压力 巨大"。"我们所在的细分市场对价格非常敏感，可涨价幅度 ...

21世纪经济报道记者高江虹 实习生方洋昕 本周时尚行业动态丰富。Valentin再度迎来人事变动：任命Riccardo Bellini为新任首席执行官；欧莱雅集 团不到一年时间关停彩妆品牌Healus；Guess以14亿美元私有化。 业绩方面，部分集团面临逆势，头部巨头恐跌出十强榜单！科蒂亏损27亿美元，2025财年净收入同比下 滑4%；雅诗兰黛集团裁员3200人，2025财年销售额同比下滑8%。 但一些品牌也在经济下行、市场疲软的不利情境中取得战略调整的成效。全球爆款级潮玩ip——Labubu 成泡泡玛特集团最大增长引擎；Perfect Moment一季度收入大涨51%；潘多拉二季度营收增长8%；老铺 黄金上半年净利润增长近三倍成绩傲人，但业绩发布后股价连跌显示资本市场的疑虑。 1.李宁上半年归母净利润17.37亿元 李宁披露截至2025年6月30日止的中期业绩，公告显示，公司上半年收入同比增长3.3%至148.17亿元人 民币，归母净利润为17.37亿元，净利率为11.7%。得益于稳健的财务表现及积极的市场预期。 上半年，李宁整体毛利率为50%，同比下降0.4个百分点，主要受直营渠道促销加剧及渠道结构调整 ...

Core Viewpoint - Li Ning Company reported a 3.3% year-on-year revenue growth to 14.817 billion RMB for the first half of 2025, but net profit decreased by 11% to 1.737 billion RMB, resulting in a net profit margin of 11.7% [2] Group 1: Financial Performance - Revenue from footwear reached 8.231 billion RMB, up 4.9%, accounting for 55.6% of total revenue; apparel revenue was 5.193 billion RMB, down 3.4%, making up 35%; equipment and accessories revenue grew by 23.7% to 1.393 billion RMB [4] - The overall revenue for Li Ning in 2024 was projected to grow by 3.9% to 28.676 billion RMB, with a net profit of 3.013 billion RMB and a net profit margin of 10.5% [2] Group 2: Market Position and Competition - Major competitors in the domestic sportswear market, such as Xtep and 361 Degrees, reported higher growth rates, with Xtep's revenue increasing by 7.1% to 6.838 billion RMB and 361 Degrees' revenue up by 11% to 5.705 billion RMB [8] - Anta Group's core brand showed mid-single-digit growth, while FILA recorded high single-digit growth, indicating stronger performance compared to Li Ning [9] Group 3: Strategic Initiatives - Li Ning's CEO acknowledged challenges due to a decrease in offline foot traffic and is focusing on optimizing offline channels, closing inefficient stores, and expanding quality store coverage [9] - The company plans to enhance its presence in emerging categories such as women's sports, outdoor gear, and youth sports products [9] - Li Ning has become the official apparel partner for the Chinese Olympic Committee for 2025-2028, with plans to launch winter Olympic-themed marketing campaigns [9][10] Group 4: Shareholder Activity - Non-Fan Lingyue announced a further acquisition of Li Ning shares for approximately 455 million HKD, representing about 1.11% of the total issued shares, aimed at enhancing Li Ning's competitiveness in the sportswear market [12]

迪克体育用品(DKS.US)对富乐客(FL.US)的收购，标志着美国最大的体育用品零售商与美国领先的特色 鞋类连锁店的合并。根据5月份的报道，合并条款显示，迪克体育用品将以 24 亿美元收购富乐客。这使 得富乐客的股东可以选择获得 24 美元现金，或者每持有 1 股富乐客股票即可获得 0.1168 股迪克公司的 股票。该交易的资金来源包括现有现金以及新发行的债务。该交易需在 8 月 22 日获得股东投票通过， 并获得进一步的监管批准。 该交易的结构设计使得富乐客将作为迪克公司的全资子公司继续存在。两个品牌都计划保持各自的门店 运营模式，而迪克体育用品公司暂时不会立即寻求国际扩张。合并后的公司将拥有强大的谈判能力，能 够与鞋类巨头展开竞争，尤其是耐克(NKE.US)，因为其产品在两家零售商的销售额中占比达 30%至 35%。 分析师们对于此次合并的评估意见褒贬不一。 美国银行分析师Robert Ohmes认为，富乐客能够从迪克体育用品的全渠道基础设施、品牌展示方式以及 更高的清货利润率等方面获益。Ohmes称："我们预计此次收购将加强品牌合作，鉴于其全球业务布 局，我们预计合并后耐克品牌的渗透率(约 38%)将 ...

Financial Performance - The group's revenue was flat for the first half of 2025, with a volume increase of 3.8% to 27.5 million pairs, primarily driven by the sports segment [4][5] - The average selling price (ASP) decreased by 3.2% due to a higher proportion of sports products with lower ASP [5] - Operating profit margin fell to 10.9%, down 30 basis points, with net profit declining by 14.6% to $78 million [5][6] - Gross profit margin decreased by 22% compared to 25.6% last year, attributed to high labor costs and temporary efficiency issues in factories [6][9] Business Line Performance - Revenue from the sports segment increased by 8.2%, accounting for 48.5% of total manufacturing revenue, driven by higher shipments to major customers [16] - The luxury category reported a net decrease of 3.5%, while the CASM category declined by 9.2%, reflecting a strategic reallocation of capacity [17] - The company commenced shipments to new customers, including Under Armour and Justin Bieber's brand, Skylar, contributing to the sports segment's growth [15][16] Market Performance - North America and Europe accounted for 48.7% and 23.4% of total revenue, respectively, with China contributing 25% of manufacturing capacity [17][18] - The company anticipates sustained growth, with plans to scale up total capacity by an additional 21 to 26 million pairs through new factories [19] Strategic Direction and Industry Competition - The company is focused on optimizing production efficiency and diversifying manufacturing capacity to align with customer needs [11][24] - A new three-year plan is being finalized, aiming for a 10% operating margin and low single-digit growth [22][24] - The company has received an MSCI ESG rating upgrade to AA, reflecting improvements in environmental performance [21] Management Commentary on Operating Environment and Future Outlook - Management expects moderate increases in shipment volumes for the full year, with continued pressure on profit margins due to efficiency improvements [22][23] - The company is addressing operational challenges in Indonesia and the Philippines, with plans for a turnaround in the second half of the year [30][31] - Tariff impacts are anticipated to affect strategic customer partnerships, with a focus on optimizing operations [23][24] Other Important Information - The company declared a $0.52 interim dividend, maintaining a payout ratio above the previous year's [5][9] - A solid net cash balance of $291 million is reported, with plans for share repurchases or special dividends in the future [8][25] Q&A Session Summary Question: Can you provide insights on the handbag business and its recovery timeline? - The company acquired a small factory specializing in handbags to expand this segment, with expectations for gradual growth [28][29] Question: Any updates on the full-year outlook? - The outlook remains consistent with previous guidance, with expectations of $6 million to $7 million in tariff impacts [30][31] Question: Will margins return to normal levels? - Management aims to restore margins to normal levels by Q4 2026, learning from past expansion challenges [32][33] Question: What are the reasons for revenue declines in China and Europe? - Revenue declines are attributed to customer allocation decisions and pre-order impacts from the previous year [36] Question: Can you quantify the inefficiencies in the first half? - Inefficiencies related to the Philippines and Indonesia resulted in approximately $7 million in profit loss [45] Question: What are the conversations like with brand customers? - Brand customers are cautious but looking to innovate and consolidate suppliers amid tariff uncertainties [47][49] Question: How is the dividend and buyback strategy affected? - There are no changes to the dividend payout policy or capital return strategy, with plans for continued shareholder returns [89]

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][5]. Core Views - The company is positioned in the mass market with a strong price-performance ratio, continuously enhancing its competitiveness through channel innovation and product upgrades. The robust growth in online sales and efficiency improvements in offline stores are expected to sustain steady performance [5]. - The company achieved a revenue of 5.705 billion RMB in H1 2025, reflecting a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 858 million RMB, up 8.6% year-on-year [4][5]. - The company is expected to maintain a stable growth trajectory, with projected net profits of 1.31 billion RMB, 1.46 billion RMB, and 1.61 billion RMB for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 13.9%, 11.3%, and 10.4% [5][6]. Financial Performance - The company reported a gross margin of 41.5% in H1 2025, an increase of 0.2 percentage points year-on-year, with a net profit margin of 15.0% [4]. - The online sales channel saw a significant increase of 45% year-on-year, contributing 1.82 billion RMB to revenue, while international business grew by 19.7% to 88 million RMB [4]. - The company’s operating cash flow improved significantly, with a net inflow of 524 million RMB in H1 2025, a year-on-year increase of 227% [4]. Growth Projections - Revenue is projected to grow from 10.074 billion RMB in 2024 to 14.122 billion RMB in 2027, with growth rates of 19.59%, 13.00%, 12.31%, and 10.46% respectively [6][11]. - The net profit attributable to shareholders is expected to increase from 1.149 billion RMB in 2024 to 1.607 billion RMB in 2027, with corresponding growth rates of 19.47%, 13.88%, 11.26%, and 10.40% [6][11]. Market Position - The company has a total market capitalization of 12.30271 billion HKD, with a 52-week high of 6.65 HKD and a low of 3.26 HKD [4]. - The company’s stock has seen a 52-week increase of 82.52%, indicating strong market performance [4].