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    Author: Crosby_research

    CROSBY Research – Anta (2020 HK/BUY): Robust 1Q25 sales growth, plans to acquire Jack Wolfskin

    CROSBY Research – Anta (2020 HK/BUY): Robust 1Q25 sales growth, plans to acquire Jack Wolfskin

    14 Apr 2025 Anta announced its 1Q25 operational results, with retail sales for its Anta Core Brand recorded a HSD growth YoY, flat QoQ compared to 4Q24 (3Q24: MSD, 2Q24: HSD). Both adults and kids sales grew by HSD YoY.

    Crosby_research April 14, 2025April 14, 2025 RESEARCH Read more

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 77)

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 77)

    8 Apr 2025

    Crosby_research April 8, 2025April 8, 2025 RESEARCH Read more

    CROSBY Research – China Lesso (2128 HK/ BUY): A tough FY24

    CROSBY Research – China Lesso (2128 HK/ BUY): A tough FY24

    1 April 2025 Operating against the backdrop of volatile market environment; escalating geopolitical issue and subdued property sector in China, China Lesso was indeed operating in a tough environment. Its FY24 turnover was down by 12.4% YoY to Rmb27.0bn while

    Crosby_research April 1, 2025April 1, 2025 RESEARCH Read more

    CROSBY Research – Sunny Optical (2382 HK/BUY): Vehicle and Handset segments continue to drive growth in FY25

    CROSBY Research – Sunny Optical (2382 HK/BUY): Vehicle and Handset segments continue to drive growth in FY25

    27 Mar 2025 Sunny Optical’s FY24 revenue was up by 20.9% YoY to Rmb38.3bn, driven by i) 20.2% YoY increase in handset segment (HLS/HCM) to Rmb25.1bn amid recovery in the smartphone market and better product mix; ii) 14.3% YoY increase

    Crosby_research April 1, 2025April 1, 2025 RESEARCH Read more

    CROSBY Research – Anta (2020 HK/BUY): Outdoor brands have surpassed Rmb10bn in revenue in FY24

    CROSBY Research – Anta (2020 HK/BUY): Outdoor brands have surpassed Rmb10bn in revenue in FY24

    25 Mar 2025 Anta’s FY24 revenue was up by 13.6% YoY to Rmb70.83bn driven by the YoY rise in Anta brand/ FILA/ Other brands by 10.6%/ 6.1%/ 53.7% to Rmb33.5bn/Rmb26.6bn/ Rmb10.7bn respectively driven by the recovery in the retail market.

    Crosby_research April 1, 2025April 1, 2025 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): FY24 results beat expectation

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): FY24 results beat expectation

    28 March 2025 Wasion announced its FY24 results with NP increased by 35.4% YoY to Rmb705.6m on the back of 20.2% YoY growth in revenue to Rmb8.7bn. Both FY24 top and bottom line beat our expectation by 3% and 8%

    Crosby_research March 28, 2025March 28, 2025 RESEARCH Read more

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): FY24 product mix continued to improve, expecting further enhancement

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): FY24 product mix continued to improve, expecting further enhancement

    26 March 2025 On the back of the strong increase in demand for camera modules (CCM) (+28.2% YoY), the increase in ASP and increase in sales volume of fingerprint recognition modules (FPM) (+50.8% YoY), Q-Tech’s FY24 revenue amounted to Rmb16.2bn,

    Crosby_research March 28, 2025 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/BUY): Inline FY24 results; Expect stable growth this year

    CROSBY Research – Xtep (1368 HK/BUY): Inline FY24 results; Expect stable growth this year

    21 Mar 2025 Xtep’s FY24 revenue was up by 6.5% YoY to Rmb13,577m, mainly driven by i) steady growth of 3.2% YoY from core brand Xtep to Rmb12,327m due to the strong growth from online channels of ~20% YoY which

    Crosby_research March 21, 2025March 21, 2025 RESEARCH Read more

    CROSBY Research – TK Group (2283 HK/ NR): Solid top and bottom-line growth in FY24

    CROSBY Research – TK Group (2283 HK/ NR): Solid top and bottom-line growth in FY24

    19 Mar 2025 TK Group’s (TKG) FY24 revenue amounted to HK$2.4bn, representing a YoY increase of 21.2%, while NP also went up by 28.2% YoY to HK$261.9m.  A final DPS of HK$8.8cents and special DPS of HK$10.0cents was proposed. During

    Crosby_research March 19, 2025March 19, 2025 RESEARCH Read more

    CROSBY Research – 361 Degrees (1361 HK/BUY): Inline FY24 results, expects double-digit growth in FY25

    CROSBY Research – 361 Degrees (1361 HK/BUY): Inline FY24 results, expects double-digit growth in FY25

    13 Mar 2025 FY24 revenue was up 19.6% YoY to Rmb10.1bn, with core brand retail value up by high-teens/10%/10%/10% YoY and that of 361º Kids up by 20-25%/mid-teens/10%/10-15% YoY in 1Q/2Q/3Q/4Q. GPM was up by 0.4ppt YoY to 41.5%, with

    Crosby_research March 13, 2025 RESEARCH Read more
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