Group 1 - HOKA ONE ONE launched the HOKA MAFATE HOUSE experience space in Beijing, indicating a focus on developing a new popular product beyond the Bondi series [1] - Deckers Group reported HOKA's net sales of $653.1 million, a year-on-year increase of 19.8%, marking a record performance [1] - The outdoor sports market has seen a surge in interest in trail running, with various brands, including both specialized and non-specialized brands, entering the market [1] Group 2 - The Chinese trail running shoe market is currently dominated by overseas brands, with a typical price point around 1,000 yuan, leading to intense competition among major sports brands and emerging players [1] - Sales of trail running shoes on major e-commerce platforms in 2024 are expected to exceed 600 million yuan, representing a nearly 80% year-on-year increase [1] - The entry of brands like Nike and Arc'teryx into the trail running shoe market is intensifying competition, which was previously led by specialized brands [1]