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]

Core Insights - Anta Sports has appointed Yao Jian as the new president of the Jack Wolfskin brand, effective July 1, 2025, to align with the group's strategic development plan [1] - Anta Sports completed the acquisition of Jack Wolfskin on June 2, 2023, for a base price of $290 million (approximately 2.115 billion RMB), with adjustments for net working capital and other customary items [1] - Jack Wolfskin, founded in Germany in 1981, specializes in outdoor products and has a strong presence with 495 stores globally, including 226 in Europe and 269 in Asia [2] Company Strategy - The acquisition of Jack Wolfskin reflects Anta's ambition to penetrate the mass outdoor market in China, as it previously lacked a professional outdoor brand targeting the mid-range market [2] - Anta Sports has a diverse portfolio, including brands like Descente and KOLON, and previously acquired Amer Sports, which includes brands such as Arc'teryx and Salomon [2] Financial Performance - In 2024, Anta Sports reported a revenue increase of 13.58% to 70.83 billion RMB, marking its first revenue surpassing 70 billion RMB [3] - Combined revenues of Anta and its subsidiary Amer Sports exceeded 100 billion RMB for the first time, making it the third-largest sports goods group globally after Nike and Adidas [3] - In the first quarter of the current year, retail sales for Anta and FILA brands showed high single-digit growth compared to the same period last year [3]