行业更新：线下销售追踪（2026年4月）- 4月线下销售降温

Note: Our monthly China Sportswear Offline Sales Tracker leverages alternative datato analyze top-selling sports brands in mainland China, providing insights into offlinesales trends. Key metrics tracked include: 1) Same-store sales growth; 2) Store countand Average Selling Price (ASP); and 3) Recent brand product updates. Please be Please note that the sample size represents around 10% of total stores; therefore,these figures should be interpreted as trend indicators rather than definitive reported Data in excel is available upon request Sportswear Brands: April performance signals a softening trend Our analysis of alternative offline sales data aligns with our online sales tracker(please see our Apr online sales tracker), indicating a softening trend after a robustshopping season in 1Q26 due to a continuously weak consumption environment in Anta's portfolio slowed in Apr after a solid recovery in 1Q26(please see our Anta1Q26 updates). Kolon continues its momentum, while Fila and Descente haveslowed compared to the previous month.Li Ning improved in April, reaching 10% Consistent with our online tracker, we believe both functional and outdoorbrands are beginning to experience growth fatigue.Lululemon's performancewas notably below that of its peers, highlighting intensifying competition in theyoga category. Hoka also shifted to negative growth in China, signaling fierce nLi Ningshows an improving sales momentum and delivered a10%same-store sales growth (SSSG) in Apr (vs.8%SSSG for 1Q26). nAntaalso performed better vs other local brand players despite the softmacro environment, which delivered a4%SSSG in Apr (vs.+19%SSSG for 1Q26). nNikeand Adidas growth remained positive at 3% and 13% in Apr,compared to 20% and 15% respectively in 1Q26. Adidas continues todeliver solid momentum in China, consistent with both its recent earnings Within Anta's portfolio, Kolon continued its extraordinary performance, while nFilaSSSG slowed to 1% in Apr (vs. 19% growth in 1Q26). While thisrepresentsan improvement from-4%in 4Q25,the softening trendcompared to 1Q26 may also point to sluggish consumption in China Koloncontinued its exceptionally strong performance with 64% SSSG inApr, compared to 73% growth for 1Q26. It remains a top performer in theChina outdoor market on solid Anta's marketing and execution. Descente’sgrowth decelerated to 0% in Apr, compared to 5% in 1Q26,marking a post-holiday cooldown. Outdoor Brands: growth normalizes against high base and rising competition nSalomon:SSSG decelerated to -2% in Apr, compared to 3% at 1Q26. Theslowdown is mainly due to a high productivity base from 2025, thoughonline sales remain robust. nKailas:Remained a top performer as a China domestic outdoor brand,delivering robust SSSG of 16% in Apr ( or 28% in 1Q26).Arc'teryx:Offline performance within the sample was softer, with SSSG ndeclining to -7% in April compared to a -2% decline in 1Q26. Thismoderation likely reflects the brand's exceptionally high existing sales perstore. A slowdown in Arc'teryx's offline same-store sales growth is to beexpected, as the brand faces a very high base after achieving top-tier store Functional Brands: intensifying competition leads to divergent trends the running and yoga categories. This, along with potential fashion fatigue,is causing a slowdown for previously fast-growing brands in these twocategories. Thus, we think the trend needs to be carefully monitored in thischanging competition landscape. nLululemon:Exhibited the most pronounced growth deceleration among allbrands according to the alternative data, showing -3% in Apr, compared to-6% in 1Q26 after a -2% in 4Q26. We believe the yoga category has lostmomentum, and competition is heating up. nRunning shoes:Hoka experienced negative growth, declining to -14% YoYin April as a result of slower category growth and fierce competition. On andAsics remained solid at 10% and 18% growth respectively, despite a 22 May 2026Textiles, Apparel & Luxury Goods Store footprint and ASP analysis across sportswear brands As of Apr, alternative data indicates thatAntamaintained the largest store footprintwith 5,848 locations, indicating an Average Selling Price (ASP) of Rmb 543 andannual sales of Rmb 4.7 mn per store.Xtephave 5,747 stores (ASP: Rmb 470; Rmb2.7mn per store).Adidasranked No.3 in terms of sales networks, with 5,606 stores In contrast, we also notice that if a brand focuses on the relatively niche market (withideally 100-300 locations), the brand is able to deliver a robust growth or strong nArc'teryx,with 124 stores, recorded a high ASP of Rmb 4,189 and annualsales of Rmb 55 mn per store. Lululemon, operating 180 stores, reported an ASP of Rmb 1,361 andannual sales of Rmb 41.5mn per store. nKolon(175 stores) andDescente(225stores) posted ASPs of Rmb 1,748and RMB 2,726, respectively, with annual sales of Rmb 12.2mn and Rmb32.2mn per store, respectively. Recent sportswear product launches Li Ning:Li Ning recently sho