中国运动服饰线上监测：12月销售额小幅下降

China Sportswear Online Monitor: December sales marginallydecreased softer retail sales growth (1%) for the broader economy - Exhibit 1. On a full-year basis, thetotal online sportswear GMV in China grew9%,driven by Apparel(19%)and Sneakers(13%)asOutdoor(2%)-Exhibit4.OutdoorsawcontinueddecelerationinDecember.Ona2-yrCAGR,sportswearonline sales growth was 8%in Q4,decelerationfrom strongerQ3.Exhibit3. The lower growth in Q4 is driven by warmer--than-usual end of year climate, ChineseNewYearcalendarflip,and softconsumer sentiment.Companies are indicating JanuaryandFebruarysellthroughshouldpickuppace. +85221232643melinda.hu@bernsteinsg.cor +1917344 8457aneesha.sherman@bernsteinsg.com +85221232665kai.zhang@bernsteinsg.com toYoYgrowth(+4%,+3%YTD)butJordanbrand-43%(vs.-44%YTD).Nikebrandsalesare boosted by the strength of new franchises (e.g. Running growing double digits in China)but Jordan and Converse continuetoshrink volumes YoY from franchise clearanceactions.Onlinegrowthhasbeenstronger,asamorepromotionalchannel,whileofflinehasbeensofterdue to YoY cuts in orders - e.g. Pou Sheng (big Nike distributor) posted an -11% decline inDecember and -7% YTD. +85221232637frankie.fong@ber +1917 344 8413jessica.tian@bernsteinsg.com Adidas'growthhasmoderated intoQ4(+6%inDecemberandQ4vs.+28%YTD),asgeneral Sportswearmarketandourchannelchecks indicate continueddouble-digitselloutatDD%)from new product, local innovation,and expansion into lower tier cities. +19173448594jed.hodulik@bernsteinsg.com Antaposted24%/13%/22%YoYgrowthinDecember/4Q25/FY25.However,theflagship Anta brand saw13% decline in 4Q25, resulting in -2% FY25. While Fila grew 32%inDecember(Q4growth:18%,FY25growth:22%)drivenbyDouyinpromotions.Outdoorbrands Q4: Descente grew 52%, while Kolon 47%. Both brands (15% of revenue) delivered80-90% full year growth. In Anta's recent 4Q25 operational update, the company indicatedoverall sellthrough rates were: Anta (LSD decline), Fila (MSD growth, online grew faster)Descent(25-30%),Kolon (55%),Maia Active (25%) LiNingpostedlukewarmonlinesales inDecember,declining1%YoY.Q4growthcamein at -1%, with November and December sell-through weakened from October significantly.According to the Q4 management update, LiNing's Q4 discounts deepened bylow-single-digits both YoY andQoQtothelow-to-mid-40%range,with highest discounting inDecember.Management did not see fundamental improvement in earlyJanuary data,and highlightedcontinuedinvestments in new techandOlympicproducts (e.g.new Feidian, Chituseries)Loong store expansion, and store control as tailwinds for FY26, while cautioning highermarketing expenses dueto Olympics promotion. SmallerWesternbrandscontinuetoseestronggrowthoffalowbase(e.g.,Lululemon,On,and Hoka)-all three brands did strong double-digitgrowth,farahead ofthetotal market,astheycontinuetogrowawarenessandtrial inChina to225%inOctober/November.Q4growthcame in at 254% and full yeargrowth was160%.Arc'teryx led performance with 476% in December,demonstrating the continuousbrand momentum amidst the winter sports season. Salomon delivered 200% growth inDecember, 151% in Q4, and 154% for the full year. Overall for online FY25, Arc'teyrx gained81bpsofmarketshare,andSalomongained3Obpsofmarketshare. O - Outperform, M- Market-Perform, U - Underperform, NR -Not Rated, CS -Coverage Suspended We rate Nike, Adidas, On and Amer Outperform. We rate Lululemon and Anta Market-Perform, and we rate Deckers and Li NingUnderperform. In thismonthly tracker report of China's online sportswearlandscape, we track Tmall, Taobao,and Douyin,themajor platforms that representthe majority of China's e-commerce ecosystem. growth and relative performance positioning. Douyin is emerging as the primary growth engine, now accounting for nearly halfofonlinesportswearGMv.This channelshiftis strategicforbrandsduringweakmacroeconomiccycles,asonlineplatformscommercenowrepresentingover35%ofChina'stotal sportswearmarket. Douyin's mix of total online is relatively low for Amer Sports and Lululemon, consistent with their premium positioning strategyand focus on traditional brand-controlled channels. Yoga &Fitness Equipment:Specializedperformancegear and accessories We also track the performance ofindividual brands'performance on these onlinechannels, including Nike, Adidas,Anta, LiNing, Lululemon, Amer Sports, On, Hoka, VF Corp (not covered) and Asics (not covered). References to"Bernstein"or the"Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC 2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanfordC.BernsteinJapanKK（才一下·C·八-株式会社). otherwise, for purposes of these disclosures, references to Bernstein's“affiliates" relate to both SG and AB and their respectiveaffiliates. Pleasevisit:https://bernstein-autonomous.bluematrix.com/s