摘要：
Analysis
The Baidu report provided a perspective of China’s young internet users’ sports brand preference. Key takeaways:
(1) Nike remained the undisputed leader, Adidas a distant second. This has positive implications for sports distributors including Belle and Pou Sheng (3813.HK, NC). Belle is now the largest distributor of Nike and Adidas in China.
(2) Li Ning brand momentum was up in both search ranking and actual
sales, overtaking Adidas as the second best-selling shoe brand in 3Q10. We think this is a positive reflection on the company’s brand revitalization that was launched in the quarter.
(3) Sports fashion brands shares were down. Both Kappa and Xtep saw shares in search ranking and actual sales decline, pointing to lackluster market demand in this sub-segment.
(4) Anta brand was flat in search hit, and dropped slightly in share and ranking in actual sales. We think this indicates a lack of continued brand momentum.