RESEARCH

28 April 2025

25 April 2025 Precision Tsugami (China) (PTC) issued a positive profit alert citing that the company expects its FY25 (Yr-ended Mar) net profit to increase by approximately 60% YoY to Rmb782m compared to FY24 net profit of Rmb480m. This encouraging

22 April 2025 Since the President Trump’s second presidency has initiated, a series of steep and aggressive trade measures was introduced. The ongoing trade war with China was further escalated as China also impose reciprocal tariff in retaliation. On 9th

15 Apr 2025 361 Degrees announced its 1Q25 operational results, with offline retail sales for its 361° Core Brand recorded a 10%-15% growth YoY (4Q24: +10%, 1Q24: +high-teens), while 361° Kids was up by 10%-15% growth YoY (4Q24: +10%-15%, 1Q24:

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.

8 Apr 2025

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

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

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.

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%