Sportswear brand encounters "middle-aged crisis"

According to reports by the Hong Kong Economic Times, sales were sluggish and stocks were piled up. The problems in the mainland sports industry are still spreading. Anta announced formally yesterday that in order to control inventory levels, adjustments will be made to orders that have been booked but not paid in the first two quarters of next year; after the completion, the total order amount in the first half of next year will only record a low single digit growth, compared to the previous 15 The level of % to 20% drops sharply.

At the same time, Anta adjusted its target for this year's shop from 8,200 to 7,800 to 8,000. The company has turned around in the middle of the month. The management once revealed to analysts that the order growth in the second quarter of next year will be lower than 15%. The same-store sales growth in the third quarter will also fall from the earlier high single-digit level. Only the number of units in the increase.

Goldman Sachs: In the midlife crisis of the industry, from Li Ning and China Mobile to Anta today, the Chinese sports industry is setting off a “domino effect”. Each brand is experiencing successive problems of poor sales, surges in inventory, and discounts and clearances. Low price brand. Goldman Sachs pointed out that the Chinese sports industry is experiencing a "middle-aged crisis" and cut the industry's target price by 50%.

The bank stated that as the industry matures, small developers with tight financing will withdraw from the market, but listed companies such as Li Ning, Anta, and Zhongdong Xiang are relatively well-funded and should be able to weather it safely, but the gross margin and future income will experience “ Normalize the process. Goldman Sachs also pointed out that from the Nike and Adidas experience, sports companies need at least six quarters before they are likely to resume sales. As Li Ning was the first to clean up the channel or become the first sports stock to turn over, it is recommended that investors take a wait-and-see attitude and wait for the company to see more signs of recovery before purchasing.

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