中国运动服饰消费行业更新：纺织服装线上销售追踪（2026年3月）- 节后销售大幅降温

Online Sales Tracker (Mar 2026) - sharpcooling down post holiday ResearchAnalyst+852-2203-5415 brands in mainland China and their sales onTaobao,Tmall, and Douyin.Thedatacovers:(1)industrydata:sportsfootwear,sportsapparel,outdoorandhiking,yoga,gym and otheraccessories; and (2)branddata:allcategories.Data in this reportrepresents end-market onlineGMV(sell-through),taking intoaccountreturns/refunds,while store-/platform-wide subsidies arenotfactoredinforTaobaoandTmall. Sell-through data shown in this reportdoes not represent brands'revenue. Datainexcelisavailableuponrequest Mar-26 review:coolingdown aftertherobust CNYholiday salesChina's onlinesales cooled downafter a robust CNYsales in2M26,which indicatethat the Chinademandoutlook continuestobe uncertain.Theprevious2M26 sales rebound is likely driven by the later CNY timing,which shifted holidaypurchasesfrom4Q25 into2M26.Althoughapost-holidaymoderation indemandduringMarchisanticipated,webelieveit'scrucialtomonitorthefollowingmonth'sdemandtoassessthesportsweartrend. InMar-26,overallonlinesalesincreasedby2%YoY(v.s.21%in2M26and14%YoYin Dec) (Figure 3). All segments show the decelerating or declining growth after arobustholidaysales.Sportsappareloutperformthefootwear,withastronggrowthof15%YoYinMar-26.Chinasportsweartrendissimilartoglobaldemand,whereapparelgrowth>footwearin2026. Outdoor continues to grow at 33%YoY,the highest growth rate amongall subsegments (see Figure 2).In contrast, running shoes saw pressure after rapidpenetration inthepast year,with recentmonth seeinga decline of11%YoY (from3% YoYin 2M26), Majorbrandsperformance:solid local leaderssalesdespitesluggishmacro Since2026,wehavestartedtoseeAnta's onlinebusinessimprovesignificantlyfroma struggling2H25.In Mar-26,Anta's online sales saw13%YoY growth (and25%in 2M26,v.s.-7%YoYin 4Q25).LiNingalso shows solidtrend,up 15%YoYinMar-26and 25% in2M26, compared to 7%YoY in 4Q25 (Figure 1). ForInternationalbrands,wecontinuetoseethemomentumofAdidas,jumpedby Textiles & ApparelChina Sportswear outlookonChinafrom its4Q25analystcall.Incontrast,Nikecontinuestofacechallenges in China,witha9%YoYdecline(-3%YoYin2M26 and-15%YoY in4Q25)againstaoverallstableindustrydemand. soft4Q25(-7%YoY).Thisrebound suggeststousAntahas successfullycompletedits internal e-commerce restructuring, positioning it to contribute positively toreported 1Q26 retail sales, with high-single-digit overall growth and mid-teense-commerceYoY (please seeourlatestnotes).Duringthe operationupdatescall,timingmismatches that mayaffect1Q26 sales.WemaintainourBuyratingonAnta,bolsteredbythemanagementsharebuybackandastrong1Q26beat. LiNing's sales increasedby15%YoY(comparedto26%in2M26and7%in4Q25),continuing its outperforming trend vs other local/international brands. Li Ning'sgrowth is supported by its strong running shoeIP(Feidian 6and Redhare 9),and animprovingbrandimagethroughWinterOlympicand Marathonsponsorships.Thatsaid,we maintain our Hold rating on Li Ning as we believe its currentvaluationalready reflects aggressive 2026 sales target of high-single-digit and profitmarginexpectations. Within Anta's Brand Portfolio (Figure 6): Fila maintained 12%YoYgrowth (following31% in2M26 and19%YoYgrowth in 4Q25); both Fila Kids and Fila Fusion show strong momentum in2026,indicatingimprovingbrandmomentum(contrarytomarketconsensus ofdeterioratingmomentum). Kolonacceleratedsignificantlyto108%YoY(from107%in2M26and98%in4Q25),standingoutasoneofthemoststrongbrandsintheChinaoutdoormarket.Descente also started to see an improving trend, with Mar-26 growthimproved to 60% YoY (from 47% in 2M26), indicating that the brand stillenjoys healthygrowthdespite its existing scaleAmer: Arc'teryx continued to demonstrate a robust momentum with animpressive586%YoY(aftera392%YoYsurgein2M26and319%YoYjumpin4Q25),andSalomonmaintainedrobustgrowthat202%YoY(following146%in2M26and160%in4Q25).Both brands continueto demonstrateextraordinary growth,and successfully capture the strong demand ofpremium outdoor segment in China.BasedonAnta's latest commentsduring its 1Q26operationsupdate,wethink Fila was a particular bright spot,demonstrating significantacceleration from mid-single-digit in 4Q25 to low-teens growth in 1Q26.Outdoor brands, such as Descente and Kolon, maintained robust growthDescente,in particular, delivered an improving trend in 1Q26,which wasbetterthanearlierinvestorconcernsaboutapotentialdecelerationin2026. OtherKey Players: Xtep'sSauconywitnessedadeclineof-14%YoY(from0%in2M26and1%in 4Q25), reflecting fierce competition in China's running shoes marketfrom other local and international brands. Meanwhile, we also see the Textiles & ApparelChina Sportswear 2 years.Other international running shoe brands also indicated a diverging trend:including On (45%YoY),Mizuno (1%YoY),Hoka (148%YoY),and Asics(2% YoY).In contrast, Nike continues to face pressure in China with a sluggish -9%YoY in Mar-26 (following -3% in 2M26 and -16% in 4Q25). Conversely,Adidasincreasedby30%YoY(co