Relevant distributor expert call takeaways in the past: China Sportswear: Key takeaways from expert call: healthy CNY trading despite slightly wider discount (10-Feb-25) 12 October 2025 | 5:00PM HKT Equity Research China Sportswear: Key takeaways from expert call: National holiday sales below expectation; eyes on competition dynamics across brands On Oct. 10, 2025, we invited a sportswear distributor company to share some of the latest updates on the industry. The expert called out: 1) Recent industry deman ...

In the last 30 years, Nike's total return comes up well ahead of the overall market.Because it just gave investors a new quarterly update, Nike (NKE -0.83%) is once again in the spotlight. On a bright note, the company returned to revenue growth. But profits remain under pressure, as the business continues to restructure and implement a turnaround.Nike shares have been wildly disappointing in recent years. But could investing in this consumer discretionary stock make you a millionaire? Nike still dominates ...

Key Takeaways NIKE projects $1.5B in new tariff costs, up from $1B just 90 days ago.Gross margin fell 320 basis points to 42.2% despite stronger quarterly earnings.Cost control, pricing shifts and channel rebalancing aim to offset tariff pressures.NIKE Inc. (NKE) , the global sportswear leader, is navigating fresh challenges as newly imposed reciprocal tariffs add an estimated $1.5 billion in annual costs, a sharp increase from the $1 billion projected just 90 days earlier. These tariffs come at a pivotal m ...

JD Sports touted an overall increase in revenue in the first half of fiscal 2026 but continued to see declines in its North American business segment. The U.K.-based company reported group revenue increased 18 percent in the first half to 5.94 billion pounds compared to 5.03 billion pounds the same time last year. Profit before tax and adjusted items was 351 million pounds in the first half, down 13.5 percent from 406 million pounds last year. More from WWD JD Sports chief executive officer Régis Schultz ...

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Group 1 - On Holding AG (ONON) has experienced a decline of over 30% from its all-time high in late January [1] - Following the recent sell-off, shares of On Holding AG appear to be fairly priced [1] Group 2 - The analysis emphasizes the importance of quantitative methods in identifying undervalued stocks across various industries [2] - The author has been investing since 2013 and has gained knowledge from extensive reading on stock market strategies [2]

Financial Performance - The company's revenue increased by 3.9% year on year, reaching 28.68 billion RMB, with a gross profit margin up by one percentage point to 49.4% [3][35] - Net profit was 3.13 billion RMB, with a net profit margin of 10.5%, reflecting a decrease of 0.5 percentage points compared to the previous year [3][15] - Operating cash flow rose by 12.4% to 5.27 billion RMB, with a healthy operating cash over revenue ratio of 7.4% [4][19] Business Line Performance - Footwear accounted for 50% of total revenue, growing by 7% year on year, which was a key driver of overall business growth [6] - The online business environment improved, leading to a 2 percentage point increase in revenue share from e-commerce to 31% [6] - Direct retail revenue decreased by 1% year on year, primarily due to the optimization of store structure [10][11] Market Performance - Offline retail sales declined by a low single digit, while online sales grew by 10% to 20% [9] - The number of points of sale (POS) decreased by 83 to a total of 7,585, with a notable reduction in direct retail stores [7][8] - The company maintained a healthy inventory turnover of four months, with inventory aging structure stabilizing at 80% for new products [15][16] Strategic Direction and Industry Competition - The company aims to enhance brand value through sports marketing and product innovation, focusing on core categories such as running, basketball, and fitness [24][25] - The strategy includes a single brand with multiple categories and channels to improve market competitiveness [24] - The company is committed to innovation in new sports segments and enhancing its professional product matrix [25][30] Management Commentary on Operating Environment and Future Outlook - The management expressed confidence in the medium to long-term growth of China's athletic footwear and apparel industry, despite current challenges [21][20] - For 2025, the company expects flat revenue growth and plans to increase investment in brand building and core categories [21] - The management highlighted the importance of maintaining operational efficiency and adapting to market changes [39][42] Other Important Information - The company recommended a final dividend of 20.73 cents per share, increasing the total dividend payout from 45% to 50% [4] - The company has been recognized as the official apparel partner of the Chinese Olympic Committee for the period of 2025 to 2028 [33] Q&A Session Summary Question: What are the expectations for revenue growth in 2025? - The company expects full-year revenue to remain flat year on year, focusing on sustainable growth in core categories [21] Question: How is the company addressing challenges in offline retail? - The company is optimizing channel structures and enhancing operational efficiency to adapt to declining customer traffic [39] Question: What is the strategy for e-commerce growth? - The company is investing in differentiated strategies for various e-commerce platforms to improve customer traffic and sales conversion rates [42]