中国运动服饰：7月线上销售追踪

Textiles, Apparel & LuxuryGoods Online Sales Tracker (Jul 2026)- Domestic andSelective International Brands Outperform ResearchAnalyst brandsinmainlandChinaandtheirsalesonTaobao,Tmall,andDouyin.Thedatacovers:(1)industrydata:sportsfootwear,sportsapparel,outdoorandhiking,yoga,gym and other accessories; and (2) brand data: all categories. Data in this reportrepresents end-market online GMV (sell-through),taking into account returns/refunds,whilestore-/platform-widesubsidiesarenotfactored inforTaobaoandTmall.Sell-throughdatashown inthisreportdoesnotrepresentbrands'revenue. +852-2203-5415 Datainexcelisavailableuponrequest Jul-26review:recoverymomentumsoftenedafterMay/Junereboundwithselective brands outperformBasedonthe updated Julydata (Figure1),overallonline sportswear sales were weakersequentiallyversusMaylJune,reinforcingourviewthatthesectorrecoveryremainsfragileamidsoftconsumersentimentandachallengingmacrobackdrop. Discounts also remain elevated both online and offline as brandscontinuetorelyonpromotionstosupporttrafficandconversion.Domesticbrands(such as Anta) and selective International brands (such as Adidas) outperform. Forpreviouslyhigh-growthcategories suchas outdoorandrunning (Figure2),Julydatapointto continued growthnormalization aftera strong multi-yearexpansion.Outdoor-focusedbrandsslowedto9%YoYgrowthinJulyfrom25%inMaylJune,whilerunning-focusedbrandsmoderatedto14%YoYfrom18%.Thedecelerationis consistentwith LiNingmanagement'srecentcommentsonfiercecompetitionmarketstill needs anotherlargeandfast-growing categoryto drivethenextroundofsectorgrowth;otherwise,growthcouldremainconstrainedbyweakconsumersentimentand intensifyingcompetition. Majorbrand performance:Julydata showmoderationafterMay/Juneimprovement Key domestic brands remained relatively resilient in July, with overall e-commercegrowthmaintained ata decentpace(Figure3).Anta'sonline recoverycontinuedtobe strongversus itsweak2H25performance,while Li Ning's onlinesalesalsoremainedrelativelysolid.Growthamong internationalbrandswasmoreuneven,and potential discounting activityin 4Q26 could affect industry sales,asNikeplansto suspend its onlinefranchise distributoragreements in2027. Textiles, Apparel & Luxury GoodsChina Sportswear continued to show strong momentum in China (+42% in Jul vs.35% ininJul from25%in May/June.Forother international brands,Puma alsostrengthenedto31%YoYfrom22%,whileSkechersimprovedto13%from-3%. Adidas remains better positioned given its stronger recent executionand also its exposure to World Cup, while Nike's recovery should bemonitored closely given prior underperformance in the China market.Goinginto4Q26,Nike'sonlinedistributorsmaystepupdiscountingactivityasthebrandplanstosuspenditsonlinefranchisedistributoragreementsin2027. We think it will be worth monitoring discount trends and theirpotential impactonotherinternational peerstargetingsimilarpricepoints.Anta's core brandremains oneof thebetter-positioneddomesticnames, withonlinesalesgrowthacceleratingto26%YoYinJulyfrom20%inMaylJune and 8% inApril.We continue toviewAnta's execution and brandportfolioasrelativelystrongwithinthesector.Outdoorbrandswithinthebroader portfolio remained mixed, with Kolon accelerating to 79%YoYgrowth while Descente rebounded to 44%after a weak May/June period.We maintain our Buy rating on Anta. Li Ning's online sales growth moderated to17%YoYin Julyfrom26%inMay/June,thoughit remainedmeaningfullybetterthanthe2%decline inApril. While this indicates some recovery from April lows, the July updatedoes not fully address concerns around weak offline traffic, intensifyingcompetition and deepening discounts.Strong running-shoe IPs such asFeidian 6 and Redhare 9 have historically supported growth, but thethe pasttwo years. Within Anta and Amer's Brand Portfolio (Figure5): Fila:grew13%YoYin July,moderatingfrom20%in May/Juneand27%inApril.Fila still delivered positive growth againsta highbaseandremains animportant contributorwithin Anta's brand portfolio.Compared to otherathleisure brands, Fila continues to be the most resilient one despite therelatively large scale (Figure 7).Kolon:accelerated to 79%YoY growth in Julyfrom 71% in MaylJune,continuing to stand out as one of the strongest brands in China's outdoormarket.Descente:rebounded to 44% YoY growth in July after slowing to 1% inMay/June from 47% in April. The July recovery suggests the sharp May/higher base.Amer Portfolio (covered byKrisztinaKatai):Arc'teryxgrew 14%YoY inJuly,broadlystable versus12%inMay/June but sharplyslowerthan311%inApril.Salomongrew26%YoYin July,moderatingfrom56%in Mayl/Juneand 145% in April. Textiles, Apparel & Luxury GoodsChina Sportswear decline in MaylJune and a 26% decline in April. Although the pace ofdecline narrowedversus May/June,thecontinuedweaknessreflectsfiercecompetition in China'srunning-shoe market from both local andinternational brands,as well as a broader normalization trend after rapidcategorypenetration overthepasttwoyears.Other international runnin