2025-05-12 01:55Summary of Conference Call Records Industry Overview - The conference call records focus on the sportswear industry, specifically discussing companies such as Li Ning and Anta Sports, as well as 361 Degrees. Key Points and Arguments Li Ning - Since Q2, the company has experienced positive growth in overall channel sales, although retail performance was weak in April. [1] - During the May Day holiday, offline sales showed signs of recovery, but discounts remained under pressure compared to the previous year due to a high discount base in Q2 2024. [1] - In late April, Li Ning signed a formal agreement with the Olympic Committee, with marketing activities expected to commence as early as June. Some large offline stores have already set up displays related to the Olympic "Glory Series." [1] - The company anticipates initial investments in 2025, with expectations for sales conversion to gradually improve during the Olympic cycle from 2026 to 2028. [1] - Ideally, the revenue compound annual growth rate (CAGR) from 2026 to 2028 is expected to accelerate compared to previous years. [1] Anta Sports - Anta Sports reported good growth in offline sales during the May Day holiday, with stable performance throughout Q2, meeting expectations. [1] - The company maintains reasonable discount levels for both online and offline sales. [1] 361 Degrees - During the May Day holiday, 361 Degrees reported flat offline sales, while online sales continued to show strong growth, increasing by approximately 40%. [2] - The company accelerated the rollout of new super stores, opening 12 new locations during the May Day period to enhance the one-stop shopping experience for customers. [2] - The company plans to open a total of 80-100 new stores by the end of the year, driven by strong enthusiasm from distributors. [2] - The annual guidance remains unchanged, with expected sales revenue growth of 10-15% and stable profit margins. [2] Additional Important Information - The company has completed a share buyback of 2 billion HKD, with a target buyback amount of 10 billion HKD, and plans to continue repurchases based on market conditions. [2]