中国运动服在线监测：4月放缓，领导者分化

China Sportswear Online Monitor: April slowdown, leaders China’s online sportswear GMV declined 9% YoY in April, marking a further slowdownafter a strong start to the year in January–February (+13% YoY) (Exhibit 1), and bringingYTD growth down to 2%. By category, apparel (+26% YoY) led, while sneakers saw marginalgrowth (+1% YoY). In contrast, outdoor (-32%) and yoga (-11%) segments recorded declines.On a two-year CAGR basis, online sportswear sales still grew by 2%, but a sharp decelerationfrom the +20% growth seen in January–February (Exhibit 3). The earlier surge was largely Melinda Hu+852 2123 2643melinda.hu@bernsteinsg.com Aneesha Sherman+1 917 344 8457aneesha.sherman@bernsteinsg.com Kai Zhang+852 2123 2665kai.zhang@bernsteinsg.com Nike sales declined in April (-4% vs. -3% in Q1), as the brand cuts back on ordervolume in China. Jordan sales remained soft (+1%), while Nike (-4%) and Converse (-12%)declined, as the brand cuts orders to reduce the amount of product in the marketplace. Onlinetends to have more promotional product, while offline tends to have more new and full-priceNike product, which is where we’ve seen relative outperformance (-1% YTD at Pou Sheng, a Jessica Tian+1 917 344 8413jessica.tian@bernsteinsg.com Jed Hodulik+1 917 344 8594jed.hodulik@bernsteinsg.com Adidas continues to gain share with 26% growth in April, still recapturing part of the1000 bps of share lost between 2018-23. Going into 2026, as the Terrace franchise slows,order books are shifting towards Performance (Running, Football, Training) and Apparel (incl.World Cup jerseys), which are driving 2026 order books up low-to-high teens, per our latest Li Ning’s growth reversed in April, with online GMV declining 10% YoY,dragging YTDgrowth down to 4%. All brands within its portfolio faced headwinds: the core Li-Ning brandfell 8% YoY (+5% YTD), while smaller brands Aigle and DHS continued to post double-digit declines. As a result of the weak April performance, Li Ning’s market share gainshave narrowed to just 6bps YTD. As we have highlighted since the start of the year, the keychallenge lies in converting the temporary boost in brand visibility from the Olympics and Anta’s growth trend stabilized in April, with online GMV increasing 18% YoY,bringingYTD growth to 21%. This solid performance outpaced the broader market and drove147bps of market share gains YTD 2026. Growth was led by Descente (+53% YoY in Aprilvs. +62% YTD), Fila (+24% YoY vs. +27% YTD), and Fila Fusion (+44% YoY vs. +18% YTD).The core ANTA brand remained a drag on overall performance, growing just +3% YoYin April (+10% YTD), although still outperforming the broader market. Kolon also raisedconcerns, declining 23% YoY in April (+6% YTD). Relative to management guidance, most Smaller Western brandtrends mixed in April,with On continuing to grow strong DD% (52% in April), while Lululemon (4%) and Hoka (-19%) have decelerated substantiallyfollowing a strong Q1. However, within their respective categories, both brands havecontinued to gain share on a YTD basis. Hoka has grown 9% YTD, ahead of the broaderSneakers category (+3%). Similarly, Lululemon has grown 50% YTD, ahead of the broader Amer Sports continued to outperform expectations in April, with online GMV surging106% YoYand YTD growth reaching 161%, driven by consistent market share gains acrossits brand portfolio. Arc’teryx remained the key growth engine, delivering 112% YoY growth inApril and 188% YTD. Other brands also demonstrated strong momentum and continued togain share: Salomon grew 109% YoY in April and 125% YTD, Atomic increased 86% YoY inApril and 74% YTD, and Wilson expanded 55% YoY in April and 57% YTD. Amer’s multi-brand BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rate Nike, Adidas, On and Amer OutperformWe rate Lululemon, Decker and Anta Market-Perform DETAILS CHINA ONLINE SPORTSWEAR MARKET MONITOR In this monthly tracker report of China's online sportswear landscape, we track Tmall, Taobao, and Douyin, the major platformsthat represent the majority of China's e-commerce ecosystem. E-commerce represents 35-40% of China's total sportswear market. It tends to show a strong correlation with overall marketgrowth and relative performance positioning. Douyin is emerging as the primary growth engine, now accounting for nearly halfof online sportswear GMV. This channel shift is strategic for brands during weak macroeconomic cycles, as online platforms Brand penetration on Douyin varies but is quite high (~50%) for top companies including Nike, Adidas, Anta, Li Ning. In contrast,Douyin’s mix of total online is relatively low for Amer Sports and Lululemon, consistent with their premium positioning strategy Our proprietary tracking methodology captures performance metrics across four sporting segments: •Performance Footwear: Running, basketball, and lifestyle sneakers•Outdoor Apparel & Equipment: Hiking, camping, and adventure gear•Athletic Apparel: Training, competition, and athlei