资料图。本文来源：第一财经 乐琰 安踏集团15亿欧元收购彪马29.06%股权 此前传言沸沸扬扬的一件大型收购案尘埃落定。1月27日，安踏体育用品有限公司（2020.HK，下称"安踏集团"）宣布，与Pinault家族的投资公 司Groupe Artémis 达成购股协议，收购运动品牌彪马（PUMA）所属公司PUMA SE 29.06%的股权，现金对价为15亿欧元（约合123.9亿人民 币）。 安踏集团表示，此举是推进全球化战略的重要一步，将提升在全球体育用品市场的影响力、知名度以及竞争力。此次交易预计有望于2026年底 前完成，但仍需要得到相关监管部门批准及满足惯例交割条件。此次股权收购资金全部来源于安踏集团的内部自有现金储备。 安踏集团董事局主席丁世忠表示："收购彪马的股权成为最大股东，是安踏集团推进'单聚焦、多品牌、全球化'发展战略的重要里程碑。彪马是 具有标志性意义的全球知名品牌，有深厚的品牌资产。我们期待与彪马公司相互学习并分享经验，合作充分释放品牌势能。这将有助于进一步推 动安踏集团的全球化进程，促进包括中国市场在内的全球体育产业繁荣，创造长期价值。" 值得注意的是，通过此次收购，安踏集团会成为彪马公 ...

Core Viewpoint - Anta Group has successfully acquired a 29.06% stake in Puma SE for €1.5 billion (approximately 12 billion RMB), marking a significant milestone in its globalization strategy and the first cross-border acquisition by a Chinese company in 2026 [2][5]. Group 1: Strategic Considerations - Anta values Puma's long-term brand potential and believes that Puma's recent stock price does not reflect its inherent value [5]. - The acquisition will enhance Anta's existing brand matrix by complementing its offerings in various sports categories and strengthening its presence in North America and Europe [5][7]. - Puma will benefit from Anta's global market expertise, resources, and strong direct-to-consumer (DTC) capabilities [5]. Group 2: Historical Context - The history of Puma dates back to 1948 when it was founded by Rudolf Dassler, following a split from Adidas, leading to decades of competition [6]. - Puma entered the Chinese market in 1999 and has since established a strong presence, culminating in Anta's recent acquisition [7]. Group 3: Anta's Acquisition Strategy - Anta has a track record of successful acquisitions, including FILA, Amer Sports, and others, demonstrating its ability to revitalize struggling brands [9][10]. - The company has consistently focused on acquiring brands with strong value and potential for strategic transformation, often targeting those in financial distress [14][17]. - Anta's acquisition strategy emphasizes operational management and brand integration, allowing for effective brand revitalization and market positioning [15][16]. Group 4: Industry Impact - Anta's approach has set a precedent for Chinese companies in global markets, transitioning from "capital outflow" to "brand and management outflow" [7][19]. - The company's success has inspired other Chinese brands to adopt multi-brand strategies and DTC models, contributing to the overall growth of the Chinese sports goods market [17][18]. - Anta's evolution from a domestic player to a global leader illustrates the rise of Chinese commercial influence on the world stage [19].

2026.01.27 本文字数：1209，阅读时长大约2分钟 作者 |第一财经 乐琰 此前传言沸沸扬扬的一件大型收购案尘埃落定。1月27日，安踏体育用品有限公司（2020.HK，下称"安 踏集团"）宣布，与Pinault家族的投资公司Groupe Artémis 达成购股协议，收购运动品牌彪马（PUMA） 所属公司PUMA SE 29.06%的股权，现金对价为15亿欧元（约合123.9亿人民币）。 安踏集团表示，此举是推进全球化战略的重要一步，将提升在全球体育用品市场的影响力、知名度以及 竞争力。此次交易预计有望于2026年底前完成，但仍需要得到相关监管部门批准及满足惯例交割条件。 此次股权收购资金全部来源于安踏集团的内部自有现金储备。 安踏集团董事局主席丁世忠表示："收购彪马的股权成为最大股东，是安踏集团推进'单聚焦、多品牌、 全球化'发展战略的重要里程碑。彪马是具有标志性意义的全球知名品牌，有深厚的品牌资产。我们期 待与彪马公司相互学习并分享经验，合作充分释放品牌势能。这将有助于进一步推动安踏集团的全球化 进程，促进包括中国市场在内的全球体育产业繁荣，创造长期价值。" 交易完成后，安踏集团方面拟寻求向监事 ...

2026.01. 27 本文字数：1209，阅读时长大约2分钟 安踏集团董事局主席丁世忠表示："收购彪马的股权成为最大股东，是安踏集团推进'单聚焦、多品牌、全球 化'发展战略的重要里程碑。彪马是具有标志性意义的全球知名品牌，有深厚的品牌资产。我们期待与彪马 公司相互学习并分享经验，合作充分释放品牌势能。这将有助于进一步推动安踏集团的全球化进程，促进包 括中国市场在内的全球体育产业繁荣，创造长期价值。" 交易完成后，安踏集团方面拟寻求向监事会委派合适的代表，后者将与其他监事会成员及员工代表密切协 作，安踏集团未来将审慎评估双方是否有进一步深化合作关系的可能性，安踏集团目前没有对彪马发起要约 收购的计划。 值得注意的是，通过此次收购，安踏集团会成为彪马公司的最大股东，"安踏集团+亚玛芬+彪马"的全球营 收将直逼阿迪达斯。 安踏一路以来的并购动作频繁，2009年，安踏收购FILA斐乐品牌大中华区的商标及经营权，开启多品牌发 展之路；2016年，安踏与日本运动品牌DESCENTE 迪桑特成立合资公司，控股大中华区；2017年，安踏 与韩国运动品牌Kolon Sport 可隆体育成立合资公司，控股大中华区；2019年， ...

2025年12月，源自韩国的国际首家海外旗舰店MUSINSA STANDARD在上海开业，这背后是MUSINSA 与安踏体育用品有限公司共同结成战略合作伙伴，双方共同投资成立合资公司"MUSINSA中国"。 此前传言沸沸扬扬的一件大型收购案尘埃落定。1月27日，安踏体育用品有限公司（2020.HK，下称"安 踏集团"）宣布，与Pinault家族的投资公司Groupe Artémis 达成购股协议，收购运动品牌彪马（PUMA） 所属公司PUMA SE 29.06%的股权，现金对价为15亿欧元（约合123.9亿人民币）。 值得注意的是，通过此次收购，安踏集团会成为彪马公司的最大股东，"安踏集团+亚玛芬+彪马"的全 球营收将直逼阿迪达斯。 安踏一路以来的并购动作频繁，2009年，安踏收购FILA斐乐品牌大中华区的商标及经营权，开启多品 牌发展之路；2016年，安踏与日本运动品牌DESCENTE 迪桑特成立合资公司，控股大中华区；2017 年，安踏与韩国运动品牌Kolon Sport 可隆体育成立合资公司，控股大中华区；2019年，安踏完成了芬 兰体育用品集团Amer Sports 亚玛芬体育的收购，包含始祖鸟、萨洛 ...

Core Viewpoint - The fate of German sports brand Puma is at a crossroads, with speculation surrounding the potential sale of its 29% stake held by Artémis, as indicated by François-Henri Pinault, chairman of Artémis [1][2][3] Group 1: Artémis and Puma's Stake - Artémis, the investment platform of the Pinault family, is considering selling its 29% stake in Puma, which has been a long-term strategic investment since the 2018 spin-off from Kering [2][3] - The current market undervaluation of Puma's stock has led to a cautious approach from Artémis, indicating that now is not the right time for a sale [1][3][4] - As of September 10, 2023, the value of Artémis's stake in Puma is approximately €812 million (around 6.8 billion RMB) [3] Group 2: Market Dynamics and Potential Buyers - The global sports market is dominated by Nike and Adidas, making Puma an attractive acquisition target due to its historical significance and distribution network [1][5][9] - Potential buyers include Chinese brands Anta and Li Ning, both of which are looking to expand their international presence [7][9] - Anta has been actively pursuing a multi-brand global strategy, while Li Ning aims to leverage its "Guochao" positioning for international growth [8][9] Group 3: Financial Performance - Puma reported revenues of €8.817 billion and a net profit of €282 million for the year 2024 [6] - Both Anta and Li Ning have substantial cash reserves, with Li Ning holding approximately 19.2 billion RMB and Anta having 31.5 billion RMB, providing them with the financial capability for potential acquisitions [10]

Core Insights - The financial reports for the first half of 2025 from China's four major sportswear companies, Anta, Li Ning, Xtep, and 361 Degrees, reveal significant disparities in performance, with Anta leading in revenue and Xtep showing the fastest profit growth [1][2]. Revenue Performance - Anta achieved a record revenue of 38.54 billion yuan, a year-on-year increase of 14.3%, surpassing the combined revenue of Li Ning, Xtep, and 361 Degrees [2][3]. - Li Ning's revenue grew by 3.3% to 14.82 billion yuan, while Xtep reported a revenue of 6.84 billion yuan, up 7.1%. 361 Degrees saw an 11% increase in revenue to 5.705 billion yuan [2][3]. Profitability Analysis - Anta's net profit reached 7.031 billion yuan, nearly double that of the other three companies combined [3]. - Xtep's net profit grew by 21.5% to 910 million yuan, marking the highest growth rate among the four companies. 361 Degrees' net profit increased by 8.6% to 860 million yuan, while Li Ning's net profit fell by 11% to 1.737 billion yuan [3]. Strategic Focus and Business Lines - Anta continues to implement a "single focus, multi-brand, global" strategy, with its core brand revenue increasing by 5.4% to 16.95 billion yuan and FILA's revenue rising by 8.6% to 14.18 billion yuan [4][5]. - Li Ning is investing heavily in top-tier professional sports resources and increasing R&D spending by 8.7%, focusing on running, basketball, and training categories, which account for 67% of retail sales [5]. - Xtep is concentrating on the running segment, with its high-end running shoe brand Saucony achieving a 32.5% revenue increase to 785 million yuan, representing 11.5% of total revenue [5][6]. - 361 Degrees is pursuing a strategy of "professionalization, youthfulness, and internationalization," with its children's business and e-commerce showing rapid growth [6]. Operational Challenges - Anta's average inventory turnover days increased from 114 to 136 days, indicating rising inventory pressure. The overall gross margin decreased by 0.7 percentage points to 63.4% due to a higher contribution from lower-margin e-commerce and footwear products [8]. - Li Ning reported a net cash inflow of 2.41 billion yuan, with a cash cycle of 31 days, but faced challenges from reduced offline foot traffic impacting sales [9]. - Xtep's main brand revenue growth slowed to 4.5%, below the previous year's 6.6%, with Saucony not yet sufficiently supporting its "second growth curve" despite its high growth rate [10].

Core Viewpoint - Anta Sports reported a record high revenue of 38.54 billion yuan for the first half of 2025, marking a 14.3% year-on-year increase, alongside a net profit of 7.03 billion yuan, which is a 14.5% growth compared to the previous year [1][3]. Group 1: Financial Performance - The company achieved a revenue of 38.54 billion yuan in the first half of 2025, representing a 14.3% increase year-on-year [1]. - The net profit for the same period was 7.03 billion yuan, showing a 14.5% growth compared to the previous year [1]. Group 2: Brand Performance - FILA - FILA achieved a revenue of 14.18 billion yuan in the first half of 2025, with a year-on-year growth of 8.6% [3]. - The brand is focusing on a high-end strategy and has shown resilience in growth, particularly in the golf and tennis sectors [3][4]. - FILA is enhancing its brand image with the "ONE FILA" initiative and has maintained the top position in fashion perception within the industry [3]. Group 3: Product and Innovation - FILA launched the OPTIMA-SHELL technology for its new breathable shell jacket, catering to urban outdoor wear needs [4]. - The brand is expanding its product offerings with innovative items like POLO shirts, down jackets, and elite running shoes [3][4]. Group 4: Retail Strategy - FILA is accelerating the upgrade of its retail channels and services, with a 30% coverage of its new V6 store image in the first half of 2025 [3][4]. - The brand is focusing on creating stores that cater to specific consumer segments and enhancing the shopping experience [5].

Core Insights - Anta Group's FILA brand reported a revenue increase of 8.6% year-on-year to 14.18 billion yuan in the first half of 2025, demonstrating resilience above the industry average [1] - FILA focuses on high-end sports fashion and targets middle-class consumers, with significant investments in golf and tennis sectors [1] - The brand has strengthened its market presence through sponsorships and marketing events, including the Volvo China Open and a tennis showcase in Beijing [1] Product and Innovation - FILA launched the OPTIMA-SHELL technology jacket, which offers excellent breathability, waterproofing, and comfort, catering to urban outdoor wear needs [2] - The brand has introduced new store concepts, including the first FILA KIDS art museum store and the FILA GOLF "Master Club" store, enhancing consumer experience [2] - Approximately 30% of FILA's stores have adopted the new V6 store image, significantly boosting store performance [2]

Group 1 - Li Ning and Anta both reported a slowdown in growth, with Li Ning's retail performance showing low single-digit growth in Q2 2025 [2][4] - Li Ning's retail points (excluding Li Ning YOUNG) totaled 6099, with a net increase of 11 points in the last quarter but a net decrease of 18 points year-to-date [4] - Anta's core brand achieved mid-single-digit growth, while FILA recorded high single-digit growth, and other brands like DESCENTE and KOLON SPORT saw growth between 60% to 65% [5][8] Group 2 - Anta's retail revenue growth slowed to low single digits from April to June 2025, with FILA maintaining mid-single-digit growth [8] - Anta's total revenue for 2024 reached 708.26 billion yuan, a 13.6% year-on-year increase, and combined with Amer Sports, total revenue surpassed 100 billion yuan for the first time [10] - Non-fan Linyue announced a further acquisition of Li Ning shares, increasing its stake from approximately 11.23% to 12.34% [11]