CMS(600999) 智通财经·2025-04-11 02:29Core Viewpoint - The current trend of market demand segmentation is ongoing, with a recommendation to focus on brands that are rapidly expanding product categories and optimizing channels, which are likely to maintain stable operations during market fluctuations and gain market share during demand recovery [1][2]. Industry Overview - In 2024, the revenue growth rate of leading sports footwear and apparel brands is expected to slow down, particularly in the basketball category, while online sales are primarily driven by high growth on platforms like Douyin, with sales growth for Li Ning, Anta, and FILA projected at 25%, 112%, and 58% respectively [3]. - Offline, the strategy of opening fewer but larger stores is being implemented, with store efficiency for Li Ning, Anta, and FILA expected to be +5%, +10%, and -3% respectively in 2024 [3]. - The profitability of leading sports brands is declining, and there is a need to optimize inventory structure [3]. Overseas Market Tracking - Performance among top brands is diverging, with ongoing acceleration in category expansion. Brands positioned in sports fashion are maintaining good growth, and top brands are accelerating the introduction of new products, with a dense release of new products expected in the second half of 2025 to enhance the prosperity of niche markets [4]. Domestic Market Future Expectations - Category expansion and channel optimization are core strategies, with healthy operational conditions being essential. Companies that lead in category expansion and channel optimization, such as Anta and Li Ning, are expected to achieve stable growth. These brands are expanding into outdoor and sports fashion categories while enhancing online operations and exploring new retail formats [5]. - Attention should be paid to the health of brand operations, including discount and inventory balance, expense management, and cash flow adequacy, with Anta Sports currently showing better overall performance [5].