【出版时间及名称】：2009年11月中国体育服装行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：79
        【目录或简介】：
Table of Contents
Executive summary ........................................................................... 3
Outlook ....................................................................................................................................3
Valuation and recommendations...............................................................................................3
Risks ........................................................................................................................................3
Turning more positive....................................................................... 4
Key points ................................................................................................................................4
Valuation and recommendations...............................................................................................4
Scorecard.................................................................................................................................6
Key players have emerged................................................................ 8
Key points ................................................................................................................................8
Industry growth – normalized at a healthy 18% after Olympics ...............................................8
Future growth will be skewed towards lower-tier cities.........................................................12
Industry concentration – key brands likely to dominate ..........................................................13
Brand investment ............................................................................ 15
Key points ...............................................................................................................................15
Competition for marketing resources – spend wisely.............................................................15
A&P ratios for most sports brands should continue to edge up .............................................17
The multi-brand strategy .........................................................................................................18
Channel development ..................................................................... 21
Key points ...............................................................................................................................21
Changes in the distribution model – more involved in retailing...............................................21
More distribution channels .....................................................................................................22
Anta .................................................................................................. 24
China Dongxiang ............................................................................. 50
Li Ning Co Ltd .................................................................................. 58
Appendix A – local vs international ............................................... 66
Local brands vs international brands – a lesson from Korea ...................................................66
Appendix B – Comparisons............................................................. 67
Operational comparisons ........................................................................................................67
Products – ASP and volume....................................................................................................68
Discount and gross margin .....................................................................................................69
P&L comparison .....................................................................................................................70
Balance sheet comparison......................................................................................................73