平安证券发布研报称，网球鞋服品牌端具有较好的增长潜力和机遇。具体来看，网球上游的网球拍、网 球、服装等产品的研发与制造，中下游的体育用品销售、媒体传播以及培训服务、赛事组织及场地建设 与维护等，都呈现快速发展的趋势及局面。随着可选消费逐渐修复向好，终端消费环境逐渐改善，或将 助力网球运动产业链的复苏。 基于可选消费修复逻辑，该行认为，在国家政策对网球运动的支持下，以及网球国际比赛赛事的加持 下，网球运动逐渐受到越来越多年轻群体的喜爱。网球运动行业或将迎来全新发展的机遇。该行建议配 置网球运动赛道的优质核心资产，特别是业绩确定性较强且估值具备性价比的标的。其中，建议重点关 注市占率较高的网球服装品牌企业。 平安证券主要观点如下： 网球运动正逐渐从欧美等传统优势国家拓展至中国等新市场 我国网球鞋服市场竞争格局出现新特点 由于我国是网球新市场，海外知名网球鞋服品牌纷纷进入国内市场，例如NIKE、ADIDAS等，这些品 牌以其较强的品牌影响力、产品质量、技术优势等在市场中占据重要位置。同时，我国本土品牌也在不 断进行创新，以市场导向不断调整营销策略，并向高端市场发起挑战，例如安踏集团的FILA品牌及 Wilson品牌 ...

Core Insights - NIKE Inc. is undergoing a significant transformation as its stock performance lags despite exceeding earnings expectations in Q4 FY25 with an EPS of $0.14, while facing a 12% year-over-year revenue decline and ongoing gross margin pressures [1][8] - The company is pivoting towards performance innovation, tighter product segmentation, and a renewed commitment to sports, with initiatives like realigning digital strategy and streamlining operations showing early signs of success, particularly in North America and EMEA [1][2] Financial Performance - NIKE reported a Q4 FY25 EPS of $0.14, surpassing estimates despite a 12% revenue decline year-over-year [8] - The Zacks Consensus Estimate for NIKE's fiscal 2026 earnings indicates a year-over-year decline of 21.8%, while fiscal 2027 earnings are expected to grow by 54.2% [11] - NIKE's stock has decreased by approximately 2.3% year-to-date, contrasting with the industry's growth of 11.7% [9] Strategic Initiatives - Innovation is central to NIKE's recovery strategy, with a new "sport offense" model that organizes its brands around sport-specific teams to enhance product development and storytelling [2] - The company is focusing on performance-led launches, such as the Vomero 18, which achieved $100 million in sales within 90 days, and athlete-led initiatives like A'ja Wilson's signature line [2] - NIKE's management aims for a cleaner inventory position and a stronger product pipeline by fiscal 2026, shifting focus from legacy franchises to performance and sportswear innovation [3] Competitive Landscape - NIKE faces competition from Under Armour and Skechers, both of which are implementing distinct strategies to enhance their market positions [4] - Under Armour is refocusing on performance athletic wear and investing in digital platforms to stabilize its brand [5] - Skechers is emphasizing comfort-driven innovation and operational agility, maintaining consistent performance through a diversified product mix [6] Valuation Metrics - NIKE trades at a forward price-to-earnings ratio of 43.72X, significantly higher than the industry average of 22.75X [10]

Core Insights - The athletic apparel industry is characterized by competition between NIKE Inc. and lululemon athletica inc., with NIKE being a global leader and lululemon focusing on premium, direct-to-consumer offerings [1][2] NIKE Overview - NIKE holds a significant share in the consumer discretionary sector with a diverse portfolio including NIKE, Jordan, and Converse, appealing to various demographics [3] - The "Win Now" strategy launched in fiscal 2025 aims to enhance growth through sport-led innovation and product mix optimization, with key franchises being adjusted for better performance [4][5] - Despite a 10% year-over-year revenue decline in fiscal 2025, NIKE's holiday order book is improving, and the company is expected to benefit from a streamlined digital strategy and a strong product pipeline [6][7] lululemon Overview - lululemon is experiencing growth in the premium activewear segment, with fiscal 2025 first-quarter revenues increasing by 7% year-over-year to $2.4 billion and a gross margin expansion of 60 basis points to 58.3% [8][9] - The company operates 770 stores globally, with 41% of sales coming from digital channels, and is focusing on innovation and global expansion through new product launches [10][11] - lululemon's "Power of Three X2" strategy aims to grow product categories, expand internationally, and double digital revenues while maintaining premium pricing [12] Financial Performance - NIKE's fiscal 2026 sales and EPS estimates indicate year-over-year declines of 1.5% and 21.8%, respectively, reflecting recent challenges [14] - lululemon's fiscal 2025 sales are projected to grow by 5.7%, while EPS is expected to decline by 1% [15] - Year-to-date, NIKE shares have increased by 1.2%, while lululemon's stock has decreased by 37.9% [18] Valuation Insights - NIKE is trading at a forward P/E multiple of 42.85X, above its five-year median of 30.77X, while lululemon's forward P/E is at 15.83X, below its median of 30.78X [19][22] - lululemon's valuation appears attractive, supported by its growth strategy, while NIKE's higher valuation reflects its repositioning efforts for sustainable growth [22] Conclusion - NIKE is showing signs of recovery with improving wholesale momentum and a focus on performance products, despite downward revisions in earnings estimates [23] - lululemon, while facing near-term challenges, maintains a strong long-term strategy centered on innovation and international expansion [24] - Both companies represent significant players in the activewear market, with NIKE offering stability and lululemon presenting growth potential at a more favorable valuation [25]

Nike (NKE -1.36%) stock jumped 16% on Friday following its fiscal fourth-quarter earnings report the night before. That move would be the biggest one-day percentage gain for the stock in several years.Nike has been in a downward spiral since its peak in 2021 as a strategic shift toward the direct-to-consumer channel under former CEO John Donahoe flopped. However, after offering guidance for the first quarter of the new fiscal year that topped expectations, management seemed to give investors a ray of hope f ...

始祖鸟、萨洛蒙，这些国际头部运动户外品牌，正相继在中国市场焕发第二春。背后的所有者，正是中国安踏。 而在最近，安踏宣布收购 德国老牌户外品牌 Jack Wolfskin（狼爪） ，并宣布亚玛芬大中华区总裁姚剑接手执掌。显然，这家安踏最新收购的欧洲老品 牌，已被推上战略C位。 曾经把始祖鸟做大的徐阳，现在已是安踏品牌的CEO。而此次安踏高层的又一次调动，其实也是在释放出明确信号：安踏想要的，是寻找下一个始祖鸟的 可能性。 如果看安踏旗下的户外品牌，始祖鸟在高端起飞，萨洛蒙也已经跑出速度，而狼爪——是安踏要接力集团增长曲线的下一个希望。 狼爪（Jack Wolfskin） 不缺历史、也不缺产品——它在欧洲有超过 500 家门店，是德国人户外通勤的北面替代。但在国内市场中，似乎沉默太久。在安踏 的户外生态拼图中，狼爪不是最亮眼的那块，却可能是最难补的那块。 按照既往的成功案例，如果说安踏有足够的渠道和资产运营能力，给国际品牌翻身，那么狼爪可能是一个不错的标的。 安踏收购狼爪 6月初，安踏宣布由亚玛芬大中华区总裁姚剑接手 Jack Wolfskin（狼爪）品牌，出任新一任负责人。 这不是一次简单的人事调整，而是一记清 ...

逆势高增的高端多品牌户外运动集团 ---- Amer Sports 深度报告 [Table_PicQuote] 本报告导读： 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略显 著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： 风险提示：零售环境疲软，拓店不及预期，汇率波动，贸易政策变化。 | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 3549 | 4368 | 5183 | 6012 | 7011 | 8228 | | (+/-)% | 15.7% | 23.1% | 18.7% | 16.0% | 16.6% | 17.4% | | 毛利润 | 1764 | 2276 | 2872 | 3421 | 4018 | 4740 | | 净利润 | -253 | -209 | 73 | 447 | 566 | 712 | | (+/-)% | -100.1% | ...

[Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： 逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 股 票 研 究 海 外 公 司 （ 美 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 202 ...

VAL D'OR, Quebec, June 03, 2025 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (″Cartier″ or the ″Company″) (TSXV: ECR; FSE:6CA) is pleased to announce the execution of an agreement (the ″Agreement″) with Exploits Discovery Corp. (CSE: NFLD) (″Exploits″) to option 100% of its interests in three groups of exclusive exploration rights, located in the Province of Québec, commonly referred to as: (a) the ″Wilson project″ located in Lebel-sur-Quévillon (the ″Wilson Property″); (b) the ″Fenton project″ located in Cha ...

Investment Rating - The report recommends a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Steady Medical, and Bosideng, among others [12][36][37]. Core Insights - Amer Sports reported a strong performance in Q1 2025, with revenue growth of 23% year-on-year to $1.473 billion, driven by significant growth in the Asia-Pacific region [1][17]. - The Technical Apparel segment, led by the Arc'teryx brand, saw a revenue increase of 28% to $664 million in Q1 2025, with a notable profit margin improvement [2][21]. - The Outdoor Performance segment, centered around the Salomon brand, achieved a 25% revenue growth to $502 million, benefiting from new store openings and strong direct-to-consumer (DTC) sales [3][26]. - The Ball & Racquet segment, featuring Wilson, experienced a 12% revenue increase to $306 million, with a long-term growth forecast of low to mid-single digits [4][29]. - The report highlights the resilience of the sportswear sector, projecting a revenue growth of 15% to 17% for Amer Sports in 2025, with specific segments expected to outperform [1][17]. Summary by Sections Amer Sports Performance - Q1 2025 revenue increased by 23% to $1.473 billion, with regional growth of +12% in the Americas, +43% in Greater China, +12% in EMEA, and +49% in Asia-Pacific [1][17]. - Adjusted gross margin improved by 3.3 percentage points to 58%, and adjusted operating profit margin rose by 4.9 percentage points to 15.8% [1][17]. - Net profit for Q1 2025 was $135 million, a significant increase from $5 million in Q1 2024 [1][17]. Technical Apparel - Revenue for the Technical Apparel segment grew by 28% to $664 million in Q1 2025, with an adjusted operating profit margin of 23.8% [2][21]. - Direct-to-consumer sales increased by 31%, while wholesale revenue grew by 22% [2][21]. - The Asia-Pacific region led growth, followed by Greater China [2][21]. Outdoor Performance - The Outdoor Performance segment's revenue rose by 25% to $502 million, with an adjusted operating profit margin of 14.7% [3][26]. - DTC sales surged by 68%, driven by new store openings in Greater China and Asia-Pacific [3][26]. - The Americas region's performance was stable, primarily due to the divestiture of the Enve business [3][26]. Ball & Racquet - Revenue for the Ball & Racquet segment increased by 12% to $306 million, with an adjusted operating profit margin of 6.6% [4][29]. - The growth was supported by strong sales in racquets, golf products, and apparel [4][29]. - Long-term revenue growth is expected to be low to mid-single digits [4][29]. Industry Outlook - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation improvement in 2025 [5][34]. - The sportswear sector is expected to benefit from government policy support and increased participation in sports activities [5][34].