中国运动服装线上监测：3月小幅下滑

China Sportswear Online Monitor: Slight decline in March the strong start to the year in January-February (+13% YoY) - Exhibit 4. By category,apparel (+15%) and yoga (+1%) grew in March, while outdoor (-13%) and sneakers (-5%)posted declines. On a two-year CAGR, online sportswear sales are still up, +6%, thoughsportswear purchases mayhavebeenpulledforward from March into the holidays.As we'veheard from our channel checks, Chinese consumers have been holding up, but are beingchoiceful with their sportswear spend. +19173448457aneesha.sherman@bernsteinsg.com +852 2123 2643melinda.hu@bernsteinsg.com +1917344 8413jessica.tian@bernsteinsg.com backonordervolumeinChina.Jordan salesdeclinedDD%andNikebranddeclined HSD%as the brand cuts Spring orders to reduce the amount of product in the marketplace. Onlinesales were flattish at Tmall/Taobao (+1%) but down at Douyin (-17%). Online tends to havemore promotional product, while offline is currently newer and full-price Nike product andthe channel is outperforming (-1% YTD at Pou Sheng, a major distributor, vs. -6% for Nike'sonline sales YTD). +19173448594 +85221232665kai.zhang@bernsteinsg.com the1000bpsofsharelostbetween2018-23.Goinginto2026,astheTerracefranchiseslows, orderbooks are shifting towards Performance (Running,Football) and other Lifestyleproducts, which are driving 2026 order books up low-to-high teens, per our latest channelchecks. LiNing'schallengesdeepened inMarch,with GMVdeclining9%YoY comparedto12%growth in January and February, resulting in an 18bps market share loss for the quarter.Theperformance reversal wasdrivenbyweakness intheflagship Li-Ning brand,whichfell 6% YoY in March after posting 18% growth in the first two months, while Aigle andDHS remained drags with double-digit declines.As the Olympics-driven momentumfadesthe company nowfaces the critical challenge we flagged earlier: converting temporarybrand visibility into sustained growth, with management's ability to navigate this transitionbecoming increasinglycentraltothe investmentthesis. Anta alsolostmomentuminMarch,with GMVrising just2%YoYcomparedto25%growth in January and February, pulling YTD growth down to 16% YoY-though stilloutpacing the broadermarket.Thedeceleration was broad-basedacross its corebrands:Anta fell 8% YoY (vs. +15% in the first two months) while Fila slowed sharply to 3% growth(vs.+30% previously).Descente was the bright spot, maintaining 68% growth in Marchand55%YTD.Managementhad previouslyflagged Marchheadwinds,andperformanceremains within guidance range. However, it's too early to determine whether the Marchweaknessreflectstemporaryseasonalfactors orsignalsa morefundamental shift inconsumerbehaviour.ManagementmaintainedcautiousandFY26guidancedespiteQ1results (see Anta Quick Take:Q1Beat, GuidanceUnchanged,Margin Pressure Remains). YoY, bringing YTD growth to 277% and driving consistent market share gains. Arc'teryxremained the portfolio's growth engine, posting 393% YoY growth in March and 416% YTD.grew 104% YoY, and Wilson climbed 34% YoY-all significantly outpacing market averagesand validating the resilience of Amer's multi-brand strategy. Amer's performance resulted inonline market share gains of 299 basis points in March and 282 basis points YTD, reinforcingthe company's competitive positioning. INVESTMENTIMPLICATIONS Underperform In thismonthly tracker report of China's online sportswearlandscape, we track Tmall, Taobao,and Douyin,themajor platforms that representthe majority of China's e-commerce ecosystem. growth and relative performance positioning. Douyin is emerging as the primary growth engine, now accounting for nearly halfofonline sportswear GMv.This channelshiftis strategic forbrandsduringweakmacroeconomiccycles,as onlineplatformscommercenowrepresentingover35%ofChina'stotal sportswearmarket. Douyin's mix of total online is relatively low for Amer Sports and Lululemon, consistent with their premium positioning strategyand focus on traditional brand-controlled channels. Yoga &Fitness Equipment:Specializedperformancegear and accessories We also track the performance ofindividual brands'performance on these onlinechannels, including Nike, Adidas,Anta, LiNing, Lululemon, Amer Sports, On, Hoka, VF Corp (not covered) and Asics (not covered). References to"Bernstein" or the"Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC 2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Africa Technologies &Services to produce Bernstein research under a Global Services Agreement inplace between Bernsteinand Societe Generale. otherwise, for purposes of these disclosures,references to Bernstein's“affiliates"relate to both SG and AB and their respectiveaffiliates. Please visit:https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.a