Core Viewpoint - Under Armour's long-term partnership with NBA champion Stephen Curry has ended, leading to the separation of the "Curry Brand" from Under Armour's business structure, which will now focus on its core brand and new UA basketball products [3][5][11]. Financial Performance - Since 2022, Under Armour has experienced three consecutive years of declining revenue and net profit, with the current year showing a loss [4][9]. - In the fiscal year 2025, Under Armour reported revenue of $5.2 billion (approximately 37.5 billion yuan), a year-on-year decrease of 9%, and a net loss of $201 million (approximately 1.44 billion yuan) [16]. - The Asia-Pacific region, including China, contributed over half of Under Armour's revenue, but this market has also seen significant declines, with a 13% drop in revenue [16]. Impact of Curry Brand Separation - The separation from Curry Brand is expected to diminish Under Armour's growth potential, as the brand has been a significant driver of sales [12][18]. - The collaboration with Curry, which began 12 years ago, initially led to substantial revenue growth, particularly after the launch of Curry's signature shoes, which generated $160 million in sales in their first year [6][11]. Market Position and Competition - Under Armour's decline is attributed to several factors, including failed product line expansions and missing out on the athleisure trend, compounded by increased competition from local brands like Anta and Li Ning [15][16]. - In contrast, Anta reported a revenue increase of 13.58% in 2024, reaching 70.8 billion yuan, showcasing stronger growth compared to Under Armour [16]. Consumer Perception - Consumer sentiment towards Under Armour has shifted negatively, with perceptions of declining quality and design, alongside high prices, hindering its appeal in the Chinese market [16][18]. - Following the announcement of the end of the partnership with Curry, there has been a notable "de-mystification" of the brand among consumers [14][18]. Strategic Adjustments - In response to declining performance, Under Armour has initiated several strategic moves in China, including partnerships with national sports teams and significant personnel changes to enhance market strategy [18].