中国消费

Global Markets Research China consumer EQUITY: CONSUMER RELATED Research Analysts Mass-market segments are still struggling China Consumer Related Generally weak sales performance of mass-marketsegments seen in March Jizhou Dong, CFA - NIHKjizhou.dong@nomura.com+852 2252 1554 We hosted a China domestic demand channel check call focused on the sales momentumof major consumption segments on 8 Apr; during the call, we talked with an expert withdeep knowledge of China’s offline consumption momentum, based on his observation ofone of China’s biggest mass-market-targeted shopping mall networks; from theperspective of geographic/city-tier, the expert’s observation was focused on Eastern Summer Qian - NIHKsummer.qian@nomura.com+852 2252 6220 The overall sales performance of these commercial malls has been notably weak,according to the expert, reflecting the profound impact of consumption downgrading(consumers’ continued pursuit of value-for-money products) and weakeningmacroeconomic demand. Total sales across these commercial malls have declined byhigh-single-digit% (HSD%) y-y in March, after recording y-y sales change of a negativemid-single-digit% (MSD%) in January and a positive low-single-digit% (LSD%) in Sales remained weak across the boardBased on the expert's observation, there was a generally weakening sales momentum across different major consumption segments across the shopping malls operated by the Food & beverage: the segment has experienced a clear shift towards quick-serviceand fast-food formats; the segmental sales have declined by low-teens% y-y in Lifestyle boutiques (including gold/jewelry, electronics and trendy toys): the category’ssales have been highly volatile with a >30% y-y sales decline in March, primarilydragged down by the extreme fluctuations in gold prices, which severely disrupted the Sportswear: the broader sportswear market – especially the segment focused on themass-market – has experienced fierce competition, according to the expert; most ofthe traditional sportswear brands (including international and domestic ones) haveseen y-y sales decline in March across the commercial shopping malls under the Categories including apparel have been severely impacted by the consumptiondowngrade and the diversion of foot traffic to outdoor sports brands; the children Production Complete: 2026-04-09 13:53 UTC Appendix A-1 This report has been produced by Nomura International (Hong Kong) Ltd. (NIHK), Hong Kong.SeeDisclaimersfor Nomura Group entity details. Analyst Certification I, Jizhou Dong, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment Issuer Specific Regulatory Disclosures The terms "Nomura" and "Nomura Group" used herein refer to Nomura Holdings, Inc. and its affiliates and subsidiaries, including NomuraSecurities International, Inc. ('NSI') and Instinet, LLC ('ILLC'), U. S. registered broker dealers and members of SIPC. Materially mentioned issuers IssuerTickerPriceANTA Sports Products2020 HKHKD 82.55 A10 The Nomura Group is a registered market maker in the securities / related derivatives of the issuer. ANTA Sports Products (2020 HK) Valuation MethodologyOur target price of HKD125 for ANTA is based on 25x F12M P/E, equivalent to its five-year averageforward P/E. The benchmark index of ANTA is the Hang Seng Index.Risks that may impede the achievement of the target priceDownside risks to our Buy rating and target price for ANTAinclude: 1) intensifying competition from both domestic and global players; 2) slower-than-expected sales growth; and 3) Important Disclosures Online availability of research and conflict-of-interest disclosures Nomura Group research is available onwww.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEG.Important disclosures may be read athttp://go.nomuranow.com/research/m/Disclosuresor requested from Nomura Securities International, Inc. not registered/qualified as research analysts under FINRA rules, may not be associated persons of NSI, and may not be subject to FINRA Rule2241 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account. Nomura Global Financial Products Inc. (NGFP) Nomura Derivative Products Inc. (NDP) and Nomura International plc. (NIplc) are registered withthe Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and NIplc are Distribution of ratings (Nomura Group) The distribution of all ratings published by Nomura Group Global Equity Research is as follows: 57% have been assigned a Buy rating which, for purp