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1、海外運動品牌季報深度梳理海外運動品牌季報深度梳理In-depth analysis of quarterly reports of overseas sports brands 本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團其他各成員單位的證券研究團隊所組成的全球品牌，海通國際證券集團各成員分別在其許可的司法管轄區內從事證券活動。關于海通國際的分析師證明，重要披露聲明和免責聲明，請參閱附錄。(Pleasesee appendix for English translation of the disclaimer)Equi

2、ty Asia Research盛開盛開Kai Sheng 梁希梁希Xi Liang 周夢軒周夢軒Mengxuan Zhou Beiyu Ding 2022年年8月月25日日2主要結論主要結論For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 【行業行業】1、4月起美國月起美國CPI增速已超越整體零售額同比增速，同期居民儲蓄額已

3、回落至增速已超越整體零售額同比增速，同期居民儲蓄額已回落至19年年中至今最低值，我們年年中至今最低值，我們認為，過去認為，過去2年財政刺激帶動的消費意愿或將持續降低年財政刺激帶動的消費意愿或將持續降低2、服裝、服裝CPI增速低于整體和必選消費增速低于整體和必選消費CPI增速，優質品牌可通過提價消化的能力較強增速，優質品牌可通過提價消化的能力較強3、美國服裝零售庫銷比仍未回到、美國服裝零售庫銷比仍未回到17-19年中樞，判斷下半年短期仍存補庫存需求年中樞，判斷下半年短期仍存補庫存需求4、品牌服飾利潤端壓力除了通脹，還有航運和匯率負面影響，訂單能見度或降低、品牌服飾利潤端壓力除了通脹，還有航運和匯

4、率負面影響，訂單能見度或降低【公司公司】1、凈利潤增速壓力明顯大于收入增速凈利潤增速壓力明顯大于收入增速2、盈利指標中，毛利率下滑尤為顯著盈利指標中，毛利率下滑尤為顯著3、歐美地區增速仍較強，但亞太區承壓歐美地區增速仍較強，但亞太區承壓4、經銷收入增速多高于經銷收入增速多高于DTC增速增速5、受前期供應鏈緊缺影響，短期庫存額大幅增加受前期供應鏈緊缺影響，短期庫存額大幅增加【風險提示風險提示】全球零售環境疲軟，數字化渠道整合不及預期，消費偏好變化全球零售環境疲軟，數字化渠道整合不及預期，消費偏好變化3For full disclosure of risks,valuation methodolo

5、gies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 6月月CPI增速仍高于零售額整體增速增速仍高于零售額整體增速美國美國CPI增速持續走高增速持續走高，2022年年5月月、6月月CPI同比增速均攀升至同比增速均攀升至8%以上以上，同時值得注意的是同時值得注意的是，同期美國整體零售總額增速同期美國整體零售總額增速、食品飲食品飲料零售額增速已分別低于整體料零售額增速已分別低于整體CPI增速增速、食品飲料食品飲料CPI增速增速，

6、我們判斷價格通脹壓力對部分消費品類銷售量產生明顯影響我們判斷價格通脹壓力對部分消費品類銷售量產生明顯影響。服裝方面服裝方面，2022年年6月服裝月服裝CPI增速增速5.2%，環比環比4月月、5月表現有所回落月表現有所回落，服裝零售額增速低于服裝服裝零售額增速低于服裝CPI漲幅漲幅。圖：零售額整體增速和整體圖：零售額整體增速和整體CPI增速增速圖：食品飲料零售增速和食品飲料圖：食品飲料零售增速和食品飲料CPI增速增速圖：服裝、運動商品零售增速和服裝圖：服裝、運動商品零售增速和服裝CPI增速增速圖：娛樂零售增速和娛樂圖：娛樂零售增速和娛樂CPI增速增速資料來源：Wind，HTI4For full

7、disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 5月個人儲蓄額明顯回落，消費意愿或持續承壓月個人儲蓄額明顯回落，消費意愿或持續承壓圖：圖：美國個人消費支出、個人可支配收入、美國個人消費支出、個人可支配收入、個人儲蓄的增速個人儲蓄的增速圖：圖：美國個人消費支出、個人可支配收入、美國個人消費支出、個人可支配收入、個人儲蓄（十億美元）個人儲蓄（十億

8、美元）美國自美國自2020年年3月實行多輪財政刺激政策月實行多輪財政刺激政策，通過發放刺激支票和失業救濟帶動消費通過發放刺激支票和失業救濟帶動消費，個人儲蓄額在個人儲蓄額在20年年4月月和和21年年3月均達到階段性高值月均達到階段性高值，分別為分別為63925億美元億美元、57635億美元億美元，帶動后期個人消費增速有所攀升帶動后期個人消費增速有所攀升。截至截至2022年年5月月，美國個人儲蓄額回落至美國個人儲蓄額回落至10062億美元億美元，我們判斷伴隨價格通脹壓力持續我們判斷伴隨價格通脹壓力持續，居民可選消費意愿或居民可選消費意愿或將持續承壓將持續承壓。050001000015000200

9、0025000Jan 19Mar 19May 19Jul 19Sep 19Nov 19Jan 20Mar 20May 20Jul 20Sep 20Nov 20Jan 21Mar 21May 21Jul 21Sep 21Nov 21Jan 22Mar 22May22個人消費支出個人可支配收入個人儲蓄-25%-20%-15%-10%-5%0%5%10%15%20%25%-80%-60%-40%-20%0%20%40%60%80%Jan 19Mar 19May 19Jul 19Sep 19Nov 19Jan 20Mar 20May 20Jul 20Sep 20Nov 20Jan 21Mar 21Ma

10、y 21Jul 21Sep 21Nov 21Jan 22Mar 22May22個人儲蓄增速（%，左軸）個人消費支出增速（%，左軸）個人可支配收入增速（%，右軸）資料來源：Wind，HTI5For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美國服裝零售庫銷比仍處低位美國服裝零售庫銷比仍處低位2020年年3月疫情爆發后月疫情爆發后

11、，全球供應鏈供給持續收縮全球供應鏈供給持續收縮，截至截至22年年5月月，美國零售總計庫銷比美國零售總計庫銷比1.16，仍低于仍低于18-19年年1.2以上的中以上的中樞水平樞水平，同期美國日用品庫銷比已攀升至近同期美國日用品庫銷比已攀升至近5年新高年新高，美國食品飲料庫銷比亦趨近于近美國食品飲料庫銷比亦趨近于近5年歷史峰值年歷史峰值。服裝方面服裝方面，22年年5月月美國零售庫銷比為美國零售庫銷比為2.18，仍低于仍低于2017-2019年年2.43的中樞水平的中樞水平，判斷短期服裝補庫存需求仍存判斷短期服裝補庫存需求仍存。20年3-5月 庫銷比：4.7/18.4/6.1圖：美國零售總計庫銷比圖

12、：美國零售總計庫銷比0.00.51.01.52.0Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19May 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May220.00.51.01.5Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19May 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May220.05.010.015.020.0Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19M

13、ay 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May220.00.20.40.60.81.0Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19May 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May22圖：美國食品飲料庫銷比圖：美國食品飲料庫銷比圖：美國服裝零售庫銷比圖：美國服裝零售庫銷比圖：美國日用品庫銷比圖：美國日用品庫銷比資料來源：Wind，HTI6For full disclosure of risks,valuation method

14、ologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 利潤增速壓力大于收入增速利潤增速壓力大于收入增速表觀增速看表觀增速看，除除PUMA以外以外，最新季度各家公司利潤增速均低于收入增速最新季度各家公司利潤增速均低于收入增速，我們認為主要由于我們認為主要由于雖然優質品牌能通過相對順暢的雖然優質品牌能通過相對順暢的提價消化通脹壓力提價消化通脹壓力，以及加強渠道管理提升費用投入的效率以及加強渠道管理提升費用投入的效率，但航運

15、但航運、原材料成本以及匯率影響較大原材料成本以及匯率影響較大，各品牌大中華區均為盈各品牌大中華區均為盈利水平最高區域利水平最高區域，疫情對其影響也使得利潤增速明顯受挫疫情對其影響也使得利潤增速明顯受挫。2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q2Adidas收入增速6.1%4.7%9.1%11.5%-19.2%-35.0%-7.0%-5.0%20.2%51.5%3.4%-0.1%0.6%10.2%凈利潤增速17.1%33.8%-1.9%54.2%-95.9%-159.6%

16、-10.7%-5.4%2050.4%228.4%70.6%35.3%-11.6%-24.1%Puma收入增速16.6%16.9%19.0%20.6%-1.5%-32.3%7.2%2.8%19.2%91.2%20.0%15.8%23.5%26.0%凈利潤增速40.1%59.7%29.7%55.0%-61.6%-293.2%13.0%38.8%201.7%150.9%26.6%-68.0%10.8%72.5%Deckers收入增速-1.6%10.5%8.0%7.4%-4.9%2.3%15.0%14.8%49.7%78.2%15.8%10.2%31.2%21.8%凈利潤增速16.3%-36.4%4.

17、6%2.7%-32.9%-58.8%30.5%26.8%107.9%703.6%0.5%-8.8%105.7%-6.8%Skechers收入增速2.1%10.9%15.1%23.1%-2.9%-42.1%-3.6%-0.4%15.5%127.8%19.2%24.4%26.8%12.4%凈利潤增速-7.6%66.0%13.6%25.7%-54.9%-190.6%-37.6%-10.4%133.2%-337.6%60.3%655.0%18.9%-34.4%VF集團集團收入增速6.0%6.3%5.4%4.9%-10.8%-47.5%-18.0%-5.8%22.8%103.8%22.6%22.0%9.

18、4%3.1%凈利潤增速-51.0%-69.3%28.0%0.3%-475.5%-681.6%-60.6%-25.4%118.5%213.7%80.8%49.1%-9.7%-82.7%表：海外運動品牌歷史單季度收入和凈利潤增速表：海外運動品牌歷史單季度收入和凈利潤增速資料來源：Wind，各家公司2019Q1-2022Q2財報，HTI7For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest fu

19、ll report on our website at 毛利率下滑尤為明顯毛利率下滑尤為明顯海外各運動品牌海外各運動品牌22Q2毛利率均有較大程度下滑毛利率均有較大程度下滑，我們認為負面影響主要來自航運成本和美元升值帶來的匯率影響我們認為負面影響主要來自航運成本和美元升值帶來的匯率影響。以以Deckers為例為例，其其FY23Q1毛利率同比下降毛利率同比下降3.6pct，其中航運成本影響其中航運成本影響2.6pct，匯率影響匯率影響0.5pct。但同時值得注意的是但同時值得注意的是，優優質品牌應對通脹壓力仍順暢提升質品牌應對通脹壓力仍順暢提升ASP，以以Skechers為例為例，其其22Q2經

20、銷和經銷和DTC渠道渠道ASP分別提升分別提升3.1%、5.3%，銷售量增速銷售量增速分別為分別為14.8%和持平和持平。表：海外運動品牌歷史單季度毛利率和凈利率表：海外運動品牌歷史單季度毛利率和凈利率2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q2Adidas毛利率53.6%53.5%52.1%49.0%49.3%51.0%50.0%48.7%51.8%51.8%50.1%49.0%49.9%50.3%凈利率10.8%9.7%10.1%2.9%0.5%-8.8%9.7%2.

21、8%10.5%8.0%17.1%4.1%9.2%5.5%Puma毛利率49.0%49.3%49.7%47.3%47.6%43.9%47.0%48.0%48.5%47.5%47.4%48.2%47.2%46.5%凈利率7.2%4.1%6.8%1.2%2.8%-11.5%7.2%1.6%7.1%3.1%7.6%0.4%6.3%4.2%Deckers毛利率51.6%47.0%50.4%54.1%51.5%50.3%51.2%57.0%53.2%51.6%50.9%52.3%48.7%48.0%凈利率6.1%-7.0%14.4%21.5%4.3%-2.8%16.3%23.7%6.0%9.5%14.1%

22、19.6%9.4%7.3%Skechers毛利率46.3%48.5%48.2%47.9%44.1%50.5%48.1%48.9%47.8%51.4%49.6%48.6%45.3%48.1%凈利率8.5%6.0%7.6%4.5%4.0%-9.3%4.9%4.0%8.0%9.7%6.6%24.4%7.5%5.7%VF集團集團毛利率50.3%56.3%54.2%57.2%53.1%52.9%50.8%54.7%52.1%52.7%53.7%56.1%52.2%54.1%凈利率4.0%2.4%20.4%14.7%-23.0%-26.5%9.8%11.7%3.5%14.8%14.5%14.3%2.9%2

23、.5%資料來源：Wind，各家公司2019Q1-2022Q2財報，HTI8For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 歐美地區增速仍較強歐美地區增速仍較強各品牌北美和各品牌北美和EMEA地區收入增速在非低基數情況下地區收入增速在非低基數情況下，最新季報仍基本均實現雙位數增長最新季報仍基本均實現雙位數增長，其中其中Adid

24、as北美和北美和EMEA地區增速分別為雙位數增長地區增速分別為雙位數增長、高個位數增長；高個位數增長；Puma22Q2美美洲和洲和EMEA地區收入增速分別為地區收入增速分別為39.2%、23.4%；Deckers美國收入增速美國收入增速14.4%；Skechers美洲收入增速美洲收入增速21%，VF旗下旗下The North Face在美洲和在美洲和EMEA地區均實現雙位數增長地區均實現雙位數增長。行業角度看行業角度看，美國運動品行業在去年高基數情況下美國運動品行業在去年高基數情況下2022年年4月和月和5月零售額增速仍表現出較強韌性月零售額增速仍表現出較強韌性，零售額增速分別為零售額增速分別

25、為-5.7%、-1.4%（21年年4月：月：125%、5月：月：30%），優質品牌優質品牌在通過自身品牌力和渠道管理能力持續跑贏行業在通過自身品牌力和渠道管理能力持續跑贏行業。其他地區看其他地區看，主要受大中華疫情影響主要受大中華疫情影響，各品牌各品牌APAC收入增速均明顯承壓收入增速均明顯承壓，但但Puma和和Skechers該地區收入仍實現正增長該地區收入仍實現正增長。表：海外運動品牌歷史單季度分地區收入增速表：海外運動品牌歷史單季度分地區收入增速2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q4

26、2022Q12022Q2AdidasNorth America11.2%12.1%15.7%13.7%3.8%-37.1%-5.4%-4.5%-0.8%72.0%6.6%-1.1%21.2%36.5%Asia-Pacific15.2%8.5%10.4%15.9%-44.6%-16.0%-10.4%-0.6%0.1%58.1%-9.6%-7.8%-16.1%3.1%Europe-3.2%0.1%3.2%15.2%-8.1%-40.6%3.2%-7.4%Russia/CIS14.5%-3.9%19.7%15.5%13.2%-39.2%-6.0%-9.2%Latin America-12.7%-3.

27、1%19.0%6.5%-9.8%-71.7%-26.9%-14.3%-2.1%238.0%53.4%8.8%41.1%47.5%Emerging Markets7.0%11.9%18.1%18.3%-11.2%-61.6%-19.1%-6.6%大中華地區-58.0%0.0%-5.0%-15.0%151.1%-16.3%-11.0%-19.4%-28.4%-28.3%EMEA3.8%97.8%8.1%17.5%9.3%8.8%PumaEMEA4.4%8.0%10.2%24.8%3.3%-31.3%14.1%5.1%10.5%85.5%22.4%16.5%23.9%23.4%Americas19.

28、8%22.7%20.3%19.6%2.4%-45.1%9.7%-3.3%25.2%165.7%28.0%32.8%52.8%39.2%Asia/Pacific32.5%23.0%32.7%17.5%-11.5%-14.8%-6.1%8.3%24.6%27.2%3.9%-2.9%-12.5%4.1%DeckersAmerica1.2%18.1%14.9%12.7%-8.4%10.2%19.4%19.3%64.3%82.4%20.4%3.3%37.4%14.4%International-6.3%0.6%-3.2%-2.6%1.4%9.7%6.5%4.8%26.2%70.5%5.7%27.5%18

29、.2%36.4%SkechersAmericas7.0%165.6%28.4%15.0%30.5%20.9%EMEA-10.3%178.5%14.1%93.0%49.3%7.6%APAC71.9%60.8%8.9%14.4%4.4%0.2%China174.4%50.9%10.0%8.6%9.0%-19.6%VF集團集團Americas6.0%U.S.8.0%9.0%7.0%3.0%-10.0%-54.0%-21.0%-11.0%25.0%125.0%27.0%24.0%12.2%Americas(non-U.S.)13.0%5.0%11.0%9.0%-8.0%-71.0%-38.0%-17.

30、0%-15.0%175.0%29.0%27.0%17.0%EMEA-1.0%-5.0%-1.0%4.0%-7.0%-48.0%-16.0%1.0%11.0%126.0%19.0%26.0%15.1%10.1%APAC6.0%13.0%14.0%14.0%-23.0%-12.0%2.0%6.0%71.0%32.0%13.0%5.0%-11.4%-20.1%China14.0%21.0%20.0%30.0%-33.0%0.0%16.0%18.0%81.0%19.0%9.0%-6.0%資料來源：Wind，各家公司2019Q1-2022Q2財報，HTI9For full disclosure of r

31、isks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 亞太地區多承壓，大中華區為主要原因亞太地區多承壓，大中華區為主要原因圖：近圖：近3 3年年Adidas/SkechersAdidas/Skechers大中華收入占比大中華收入占比圖：大中華區國產和海外品牌圖：大中華區國產和海外品牌22Q222Q2收入收入/流水增速流水增速2020年疫情后年疫情后，除除Deckers外外，各品

32、牌各品牌APAC收入增速持續低于本土增速收入增速持續低于本土增速，使得收入占比近年亦有所下滑使得收入占比近年亦有所下滑，我們我們認為主要由于認為主要由于美國多輪財政刺激提振消費意愿和能力美國多輪財政刺激提振消費意愿和能力，海外防疫政策放寬使得線下客流回暖海外防疫政策放寬使得線下客流回暖、大型運動賽大型運動賽事回歸事回歸，從而推動運動消費走強從而推動運動消費走強。但值得注意的是但值得注意的是，雖大中華受疫情持續擾動雖大中華受疫情持續擾動，但國產品牌但國產品牌22Q2流水增速仍高流水增速仍高于同期海外品牌在大中華的表現于同期海外品牌在大中華的表現，我們認為我們認為2021年新疆棉事件有力推動國產消

33、費熱情年新疆棉事件有力推動國產消費熱情，但優質企業不斷加深的但優質企業不斷加深的品牌影響力品牌影響力，和不斷加強的運營能力則是其延續這一事件紅利的基石和不斷加強的運營能力則是其延續這一事件紅利的基石。中雙位數低雙位數負中單位數負高單位數-20%-28%-35%-30%-25%-20%-15%-10%-5%0%5%10%15%20%特步361安踏FILASkechersAdidas22Q2收入增速0%5%10%15%20%25%AdidasSkechers201920202021資料來源：Wind，各家公司2019Q1-2022Q2財報，HTI10For full disclosure of r

34、isks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 經銷收入增速強于經銷收入增速強于DTC渠道方面渠道方面，PUMA、VF、Deckers和和Skechers最新財季經銷收入增速基本均高于最新財季經銷收入增速基本均高于DTC收入增速收入增速，我們認為主要由于我們認為主要由于供應鏈緊張供應鏈緊張相對逐步緩解相對逐步緩解，經銷商到貨率增加經銷商到貨率增加，且仍存一定補庫存需求且仍

35、存一定補庫存需求，Nike與與Footlocker等頭部渠道商合作減弱等頭部渠道商合作減弱，也使得其他品牌有也使得其他品牌有機會獲得更多優質渠資源機會獲得更多優質渠資源，亞太地區拖累亞太地區拖累DTC增速增速，尤其疫情對大中華地區實體客流和電商產生較大負面影響尤其疫情對大中華地區實體客流和電商產生較大負面影響。表：海外運動品牌歷史單季度分渠道收入增速表：海外運動品牌歷史單季度分渠道收入增速2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q2Adidas年度年度年度年度年度年度Wh

36、olesale-20.2%-26.2%4.5%12.5%-2.4%8.5%DTC18%24.1%4.1%31%-15.6%-0.8%6.6%13.2%E-com40%37%14%34%35%93%51%53%43%-14%8%4%2%13%own retailPumaWholesale13.8%14.5%15.0%-17.5%12.3%4.6%24.3%114.2%22.6%16.5%23.3%22.6%DTC21.5%21.3%22.0%-8.5%16.7%19.3%31.3%54.7%13.3%9.7%7.1%5.5%DeckersWholesale6.4%10.7%8.7%8.9%-2.

37、9%-27.1%1.8%6.2%41.4%140.3%20.7%7.3%37.6%24.7%DTC-11.8%10.0%5.1%5.6%-7.9%74.2%74.2%25.7%63.0%14.7%2.8%13.4%22.2%15.4%SkechersWholesale24.8%-9.1%-54.9%-10.9%-22.9%6.4%149.9%12.1%25.9%32.7%18.3%Wholesale dom-10.9%-3.8%5%Wholesale inter8.7%18.2%21.7%DTC14.4%13.3%19.40%19.7%-14.2%13.1%53.7%35.9%101.5%33

38、.1%22.8%15.7%4.3%VF集團集團Wholesale5.0%2.0%3.0%3.0%-11.0%-55.0%-19.0%-10.0%14.0%111.0%17.0%14.0%16.0%12.6%DTC8.0%14.0%11.0%7.0%-11.0%-37.0%-17.0%-2.0%36.0%97.0%32.0%30.0%1.1%-6.9%資料來源：Wind，各家公司2019Q1-2022Q2財報，HTI11For full disclosure of risks,valuation methodologies and target price formation on all HT

39、I rated stocks,please refer to the latest full report on our website at 短期運輸擁擠導致庫存大幅增加短期運輸擁擠導致庫存大幅增加我們認為主要由于我們認為主要由于21H1全球供應鏈緊張全球供應鏈緊張，供給端明顯收縮供給端明顯收縮，而需求端而需求端，財政刺激疊加健康意識進一步增強推動體育消費持續走強財政刺激疊加健康意識進一步增強推動體育消費持續走強，體育用品供不應求體育用品供不應求，使得企業庫存額處于使得企業庫存額處于低位低位，21H1 Adidas、VF集團庫存額同比均有所下滑集團庫存額同比均有所下滑，Puma、Decker

40、s、Skechers則同比僅中高則同比僅中高個位數個位數增長增長，貨物運輸仍緊張貨物運輸仍緊張，在途庫存高速增長在途庫存高速增長。我們判斷我們判斷補庫存階段逐補庫存階段逐步進入尾聲步進入尾聲，但短期企業仍有加大備貨需求但短期企業仍有加大備貨需求，面對供應鏈壓力面對供應鏈壓力，公司運營差異在于產品全程運輸數據跟蹤的效率公司運營差異在于產品全程運輸數據跟蹤的效率，以及相應上架產品組合調整的精準度以及相應上架產品組合調整的精準度。2017H120172018H120182019H120192020H120202021H120212022H1Adidas庫存額（億歐元）36.44 36.92 34.2

41、5 34.44 35.79 40.85 52.13 43.97 40.54 40.09 54.8庫存同比增速3.7%-2.0%-6.0%-6.7%4.5%18.6%45.7%7.6%-22.2%-8.8%35.25%庫存周轉天數636457575763122877169184Puma庫存額（億歐元）8.51 7.78 8.91 9.15 10.63 11.10 12.89 11.38 13.89 14.92 19.84 庫存同比增速10.8%8.3%4.7%17.6%19.4%21.3%21.2%2.5%7.7%31.1%42.9%庫存周轉天數78697472767410979808092De

42、ckers庫存額（億美元）5.56 3.00 5.15 2.79 4.73 3.66 4.35 3.13 4.58 5.51 8.40 庫存同比增速-3.8%0.4%-7.4%-7.0%-8.1%31.2%-8.1%-14.5%5.2%76.0%83.4%庫存周轉天數145581245012862104467868113Skechers庫存額（億美元）6.70 8.73 8.22 8.63 8.56 10.70 10.28 10.17 10.57 14.71 15.64 庫存同比增速13.4%24.6%22.8%-1.1%4.0%23.9%20.1%-5.0%2.9%44.7%47.9%庫存周

43、轉天數58776268617594811568577VF集團集團庫存額（億美元）17.13 17.05 19.94 18.66 16.65 15.65 14.03 10.76 12.17 12.87 23.41 庫存同比增速2.70%19.65%16.40%9.44%-16.5%-16.1%-15.8%-31.2%-13.3%19.6%92.4%庫存周轉天數63 52 62 50 55 47 80 45 46 40 83 資料來源：Wind，各家公司2019Q1-2022Q2財報，HTI表：海外運動品牌歷史庫存情況表：海外運動品牌歷史庫存情況12For full disclosure of r

44、isks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 表現突出品牌表現突出品牌HOKA圖：圖：HOKAHOKA歷史單季度收入增速歷史單季度收入增速圖：圖：HOKAHOKA歷史收入占比（歷史收入占比（20172017-2022Q12022Q1）圖：圖：Deckers Deckers 歷史廣告費用率歷史廣告費用率HOKA FY23Q1收入規模收入規模3.3億美元億美元，同比高增同比

45、高增55%，其其FY19-22單季度基本均保持單季度基本均保持30%以上收入增速以上收入增速，顯示強勁的成長勢能顯示強勁的成長勢能，并于并于FY23Q1占到公司收入比重占到公司收入比重50%以上以上，成為最重要的第一增長曲線成為最重要的第一增長曲線。我們認為我們認為，HOKA作為高性能跑鞋品牌作為高性能跑鞋品牌，在國際地區在國際地區拓展上仍有較大空間拓展上仍有較大空間，也有望覆蓋更大的客戶群體也有望覆蓋更大的客戶群體，FY23Q1 HOKA國際業務受國際業務受EMEA地區帶動地區帶動，收入同比增長收入同比增長66%，同期品同期品牌牌DTC新客戶同比增長新客戶同比增長48%，留存客戶同比增長留存

46、客戶同比增長58%，其中其中18-34歲消費者增速領先歲消費者增速領先，發展動力強勁且均衡發展動力強勁且均衡。值得注意的是值得注意的是，公司近年廣告和營銷費用率逐步提高公司近年廣告和營銷費用率逐步提高，但仍低于包括但仍低于包括Adidas、Nike等在內的諸多運動品牌公司等在內的諸多運動品牌公司，我們認為我們認為，伴隨伴隨FLY HUMANFLY全球營銷活動開啟全球營銷活動開啟，公司成長動能將進一步提升公司成長動能將進一步提升。0%20%40%60%80%100%120%2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q220

47、21Q32021Q42022Q12022Q2HOKA收入增速(%)8.1%11.0%16.5%22.4%28.3%53.7%0%10%20%30%40%50%60%FY18FY19FY20FY21FY22FY23Q1HOKA收入占比(%)6.1%5.9%5.9%6.8%7.4%8.1%0%5%10%15%FY2017FY2018FY2019FY2020FY2021FY2022Deckers廣告和促銷費用率資料來源：Wind，Deckers 2019Q1-2022Q2公司公告，HTI13For full disclosure of risks,valuation methodologies an

48、d target price formation on all HTI rated stocks,please refer to the latest full report on our website at 表現突出品牌表現突出品牌PUMAPUMA在在2021年就已年就已2次上調全年業績預期次上調全年業績預期，我們認為其品牌強勁勢能并非一蹴而就我們認為其品牌強勁勢能并非一蹴而就，主要原因包括主要原因包括2018年品牌宣布重回籃球領域后年品牌宣布重回籃球領域后，在同年簽約在同年簽約NBA前前16新秀中的新秀中的5名名，強勢突圍過去由強勢突圍過去由Nike和和Adidas主導的主導的NBA球星

49、贊助資源球星贊助資源。而而PUMA最具影響力的簽約運動員之一最具影響力的簽約運動員之一，LeMelo Ball亦亦在在2021年被選為年被選為NBA年度最年度最佳新秀佳新秀，并在并在2022年的下個賽季入選年的下個賽季入選NBA全明星東部替補陣容全明星東部替補陣容，籃球領域的再度破圈也促進了籃球領域的再度破圈也促進了PUMA美洲業績的上漲美洲業績的上漲，新疆棉事件影響下新疆棉事件影響下，PUMA大中華地大中華地區所受影響相對有限區所受影響相對有限，21H1大中華收入同比增長大中華收入同比增長16%。202020212022單位：百萬歐元實際取得業績實際取得業績原始指引原始指引第一次上調第一次上

50、調第二次上調第二次上調實際取得業績實際取得業績原始指引原始指引第一次上調第一次上調Net Sales5234中雙位數增長（貨幣調整后）至少增長20%（貨幣調整后）至少增長25%（貨幣調整后）6805(+31.7%)至少增長10%（貨幣調整后）中雙位數增長（貨幣調整后）Gross Margin47%無指引無指引無指引47.9%無指引無指引OPEX2265無指引無指引無指引2725無指引無指引EBIT209顯著改善400-500450-500557600-700600-700NBA球星球星簽約球隊簽約球隊近年成就近年成就馬文 巴格利（Marvin Bagley III）底特律活塞隊2018年NBA

51、選秀中首輪第2順位被薩克拉門托國王隊選中，同年11月拿到個人職業生涯首個兩雙，2019年入選NBA新秀最佳陣容一陣，2022年被國王隊交易至底特律活塞，同年7月以3年3750萬美元續約活塞隊。德安德烈 艾頓（DeAndre Ayton）菲尼克斯太陽隊2018年NBA選秀中于首輪第一順位被菲尼克斯太陽隊選中，2019年入選最佳新秀第一陣容，2021年獲得生涯第100場兩雙，生涯籃板總數突破2000，2022年以4年1.33億續約太陽隊。扎伊爾 史密斯（Zhaire Smith）2018年NBA選秀中首輪第16位被菲尼克斯太陽隊選中，隨機被交易至費城76人隊，2020年被交易至底特律活塞隊，同年被

52、活塞隊裁員。小邁克爾 波特（Michael Porter Jr.）丹佛掘金隊2018年NBA選秀中于首輪第14順位被丹佛掘金隊選中，2019年完成個人NBA職業生涯首次首發出場，2020年入選NBA最佳陣容二隊，2021年與掘金達成5年2.07億美元的頂薪續約合同。凱文 諾克斯（Kevin Knox）底特律活塞隊2018年NBA選秀中于首輪第9順位被紐約尼克斯隊選中，同年成為史上第二位在20歲前單場常規賽得到至少25分和15籃板的NBA球員，2022年與活塞隊達成為期2年總價為600萬美元的合同。表：表：PumaPuma去年和今年業績指引上調歷程去年和今年業績指引上調歷程表：表：NBANBA籃

53、球資源（籃球資源（20182018年年 NBA top16NBA top16新秀中簽約新秀中簽約5 5名）名）資料來源：Puma官網，百度百科，球迷屋網站，HTI14For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 全年業績指引梳理全年業績指引梳理各家公司針對各家公司針對2022年年/FY2023財報指引財報指引，均做了不同程

54、均做了不同程度調整度調整，其中其中Adidas全面下調收入和利潤預期全面下調收入和利潤預期、Puma調增收入預期調增收入預期、Deckers調增調增HOKA收入和整體收入和整體EPS預期預期、Skechers調減調減EPS預期預期、VF集團調減毛利率集團調減毛利率、營業利營業利潤率和潤率和EPS預期預期。收入方面收入方面，北美運動消費需求仍穩定北美運動消費需求仍穩定，自身具備成長自身具備成長邏輯的品牌有能力保持高速增長邏輯的品牌有能力保持高速增長，而大中華區的恢復而大中華區的恢復是整體收入增速能進一步向上的重要基石是整體收入增速能進一步向上的重要基石。利潤方面利潤方面，我們認為各家全年利潤增速

55、壓力仍大于收我們認為各家全年利潤增速壓力仍大于收入端入端，主要原因為持續高企的航運成本主要原因為持續高企的航運成本、匯率負面影匯率負面影響響，以及全球宏觀經濟發展不確定性以及全球宏觀經濟發展不確定性。資料來源：WIND，各公司2019Q1-2022Q2財報，各公司官網，HTI15For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at

56、 投資建議投資建議品牌服飾：國內零售表現前期受疫情擾動品牌服飾：國內零售表現前期受疫情擾動，但國產運動品牌上半年流水增速仍明顯高于國際品但國產運動品牌上半年流水增速仍明顯高于國際品牌表現牌表現，伴隨伴隨22Q2業績筑底業績筑底，我們看好優質國產品牌持續提升市占率的發展趨勢我們看好優質國產品牌持續提升市占率的發展趨勢，建議關注李建議關注李寧寧、特步國際特步國際、安踏體育安踏體育、波司登波司登、比音勒芬比音勒芬。優質制造：從海外各家業績指引看優質制造：從海外各家業績指引看，Puma和和Deckers旗下旗下HOKA上調全年收入預期上調全年收入預期，Adidas上調上調北美收入預期北美收入預期，北美

57、運動消費需求仍穩定北美運動消費需求仍穩定，但考慮到利潤端承壓明顯但考慮到利潤端承壓明顯，短期訂單能見度或降低短期訂單能見度或降低，建議關注具備充分規模優勢和較強品牌合作粘性的龍頭企業華利集團建議關注具備充分規模優勢和較強品牌合作粘性的龍頭企業華利集團、申洲國際申洲國際，以及處細分以及處細分領域成長賽道的內衣制造商維珍妮領域成長賽道的內衣制造商維珍妮。16For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to th

58、e latest full report on our website at 風險提示風險提示全球零售環境疲軟全球零售環境疲軟數字化渠道整合不及預期數字化渠道整合不及預期消費偏好變化消費偏好變化APPENDIX 117SummaryIndustry1.Since April,the growth rate of the US CPI has surpassed the year-on-year growth rate of overall retail sales,and the household savings amount has fallen to the lowest level s

59、ince mid-2019.We believe that the consumption willingness driven by fiscal stimulus in the past two years may continue to decline.2.The growth rate of clothing CPI is lower than that of overall and compulsory consumption CPI,and high-quality brands have strong ability to digest through price increas

60、e.3.The retail stock-to-sales ratio of United States clothing has not returned to the center of 2017-2019.We believe that there exists short-term demand of inventory replenishment in the second half of the year.4.In addition to inflation,shipping and exchange rate will also have negative impacts on

61、the profit of brand clothing,and order visibility may be reduced.Company 1.The pressure of the growth of net profit is obviously greater than that of the growth rate of income.2.Among the profit indicators,the decline of gross profit rate is particularly significant.3.The growth rate in Europe and A

62、merica is still strong,but the Asia-Pacific region is under pressure.4.The growth rate of distribution income is much higher than that of DTC.5.Affected by the shortage of supply chain in the early stage,the short-term inventory has increased significantly RiskWeak global retail environment,lower-th

63、an-expected digital channel integration,consumer preferences changes.APPENDIX 2重要信息披露重要信息披露本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，Haitong Securities India Private Limited(HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團隊所組成的全球品牌，海通國際證券集團(HTISG)各成員分別在其許可的司法管轄區內從事證券活動。IMPORTANT D

64、ISCLOSURESThis research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong SecuritiesIndia Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Com

65、pany Limited(“HTISCL”),and any other members within the HaitongInternational Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析師認證分析師認證Analyst Certification:我，盛開，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報

66、酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I,Kai Sheng,certify that(i)the views expressed in this researchreport accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation wa

67、s,is or will be directly or indirectly relatedto the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companiesdiscussed.我，梁希，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標

68、公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I,Xi Liang,certify that(i)the views expressed in this research reportaccurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part

69、of my compensation was,is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companiesdiscussed.我，周夢軒，在此保證（i）本研究報告中的意見

70、準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I,Mengxuan Zhou,certify that(i)the views expressed in thisresearch report accurately reflect my personal views about any or all of the subject companies or issuers referred to in th

71、is research and(ii)no part of my compensation was,is or will be directly orindirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of thesubject companies discu

72、ssed.我，Beiyu Ding，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I,Beiyu Ding,certify that(i)the views expressed in thisresearch report accurately reflect my personal views about any or all of the subject compani

73、es or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly orindirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securitie

74、s of thesubject companies discussed.18APPENDIX 2利益沖突披露利益沖突披露Conflict of Interest Disclosures海通國際及其某些關聯公司可從事投資銀行業務和/或對本研究中的特定股票或公司進行做市或持有自營頭寸。就本研究報告而言，以下是有關該等關系的披露事項（以下披露不能保證及時無遺漏，如需了解及時全面信息，請發郵件至ERD-D）HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or h

75、old proprietary trading positions of certain stocks orcompanies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,please send an email to ERD

76、-D if timely and comprehensive information is needed).19APPENDIX 2評級定義評級定義（從從2020年年7月月1日開始執行日開始執行）：海通國際（以下簡稱“HTI”）采用相對評級系統來為投資者推薦我們覆蓋的公司：優于大市、中性或弱于大市。投資者應仔細閱讀HTI的評級定義。并且HTI發布分析師觀點的完整信息，投資者應仔細閱讀全文而非僅看評級。在任何情況下，分析師的評級和研究都不能作為投資建議。投資者的買賣股票的決策應基于各自情況（比如投資者的現有持倉）以及其他因素。分析師股票評級分析師股票評級優于大市優于大市，未來12-18個月內預期

77、相對基準指數漲幅在10%以上，基準定義如下中性中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。弱于大市弱于大市，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下各地股票基準指數：日本各地股票基準指數：日本 TOPIX,韓國韓國 KOSPI,臺灣臺灣 TAIEX,印度印度 Nifty100,美國美國 SP500;其他所有中國概念股其他所有中國概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International

78、uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors shouldcarefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more completeinforma

79、tion concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the ratingalone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should

80、 depend on individualcircumstances(such as the investors existing holdings)and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The stocks total r

81、eturn over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.Forpurposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18

82、 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI China.20APPENDIX 2評級分布評級分布Rating Distributi

83、on21APPENDIX 2截至截至2022年年6月月30日日海通國際股票研究評級分布海通國際股票研究評級分布優于大市優于大市中性中性弱于大市弱于大市(持有持有)海通國際股票研究覆蓋率89.5%9.2%1.3%投資銀行客戶*5.9%5.6%5.0%*在每個評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應我們當前優于大市，中性和落后大市評級。只有根據FINRA/NYSE的評級分布規則，我們才將中性評級劃入持有這一類別。請注意在上表中不包含非評級的股票。此前的評級系統定義此前的評級系統定義（直至直至2020年年6月月30日日）：買入買入，未來12-18個月內預期相對基準指數

84、漲幅在10%以上，基準定義如下中性中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。賣出賣出，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下各地股票基準指數：日本各地股票基準指數：日本 TOPIX,韓國韓國 KOSPI,臺灣臺灣 TAIEX,印度印度 Nifty100;其他所有中國概念股其他所有中國概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Jun 30,2022Outp

85、erformNeutralUnderperform(hold)HTI Equity Research Coverage89.5%9.2%1.3%IB clients*5.9%5.6%5.0%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only o

86、f FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are notincluded in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to e

87、xceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neu

88、tral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty1

89、00;for all other China-concept stocks MSCIChina.22APPENDIX 2海通國際非評級研究：海通國際非評級研究：海通國際發布計量、篩選或短篇報告，并在報告中根據估值和其他指標對股票進行排名，或者基于可能的估值倍數提出建議價格。這種排名或建議價格并非為了進行股票評級、提出目標價格或進行基本面估值，而僅供參考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which m

90、ay rank stocks according to valuation andother metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices orfundamental values and are for information only.海通國際海通國際A股覆蓋股覆蓋：海通國際可能會就滬港通及深港通的中國A股進行覆蓋及評級。海通證券（

91、600837.CH），海通國際于上海的母公司，也會于中國發布中國A股的研究報告。但是，海通國際使用與海通證券不同的評級系統，所以海通國際與海通證券的中國A股評級可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme withShanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ul

92、timate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there may be a difference in theHTI and HS ratings for the same A-share stock

93、s.海通國際海通國際優質優質100 A股股（Q100）指數指數：海通國際Q100指數是一個包括100支由海通證券覆蓋的優質中國A股的計量產品。這些股票是通過基于質量的篩選過程，并結合對海通證券A股團隊自下而上的研究。海通國際每季對Q100指數成分作出復審。Haitong International Quality 100 A-share(Q100)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage atHS in Shanghai

94、.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-upresearch.The Q100 constituent companies are reviewed quarterly.23APPENDIX 2MSCI ESG評級免責聲明條款：評級免責聲明條款：盡管海通國際的信息供貨商（包括但不限于MSCI ESG Research LLC及其聯屬公司（ESG方）從其認為可靠

95、的來源獲取信息（信息）,ESG方均不擔?；虮ＷC此處任何數據的原創性，準確性和/或完整性，并明確表示不作出任何明示或默示的擔保，包括可商售性和針對特定目的的適用性。該信息只能供閣下內部使用，不得以任何形式復制或重新傳播，并不得用作任何金融工具、產品或指數的基礎或組成部分。此外，信息本質上不能用于判斷購買或出售何種證券,或何時購買或出售該證券。即使已被告知可能造成的損害,ESG方均不承擔與此處任何資料有關的任何錯誤或遺漏所引起的任何責任，也不對任何直接、間接、特殊、懲罰性、附帶性或任何其他損害賠償（包括利潤損失）承擔任何責任。MSCI ESG Disclaimer:Although Haitong

96、 Internationals information providers,including without limitation,MSCI ESG Research LLC and its affiliates(the“ESGParties”),obtain information(the“Information”)from sources they consider reliable,none of the ESG Parties warrants or guarantees the originality,accuracy and/orcompleteness,of any data

97、herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a particular purpose.TheInformation may only be used for your internal use,may not be reproduced or redisseminated in any form and may not be used as a basis for,or a component of,anyfi

98、nancial instruments or products or indices.Further,none of the Information can in and of itself be used to determine which securities to buy or sell or when to buyor sell them.None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein,or any liabi

99、lity for any direct,indirect,special,punitive,consequential or any other damages(including lost profits)even if notified of the possibility of such damages.24APPENDIX 2盟浪義利盟浪義利（FIN-ESG）數據通免責聲明條款：數據通免責聲明條款：在使用盟浪義利（FIN-ESG）數據之前，請務必仔細閱讀本條款并同意本聲明：第一條 義利（FIN-ESG）數據系由盟浪可持續數字科技有限責任公司（以下簡稱“本公司”）基于合法取得的公開信息評

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111、KK是由日本關東財務局監管為投資顧問。印度證券的研究報告：印度證券的研究報告：本報告由從事證券交易、投資銀行及證券分析及受Securities and Exchange Board of India（“SEBI”）監管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所發行，包括制作及發布涵蓋BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）上市公司（統稱為印度交易所）的研究報告。HTSIPL于2016年12月22日被收購并成為海通國際證券集團有限公司（“HTIS

112、G”）的一部分。所有研究報告均以海通國際為名作為全球品牌，經許可由海通國際證券股份有限公司及/或海通國際證券集團的其他成員在其司法管轄區發布。本文件所載信息和觀點已被編譯或源自可靠來源，但HTIRL、HTISCL或任何其他屬于海通國際證券集團有限公司（“HTISG”）的成員對其準確性、完整性和正確性不做任何明示或暗示的聲明或保證。本文件中所有觀點均截至本報告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說明并非意圖展示完整的內容，本文件并非/不應被解釋為對證券買賣的明示或暗示地出價或征價。在某些司法管轄區，本文件中提及的證券可能無法進行買賣。如果投資產品以投資

113、者本國貨幣以外的幣種進行計價，則匯率變化可能會對投資產生不利影響。過去的表現并不一定代表將來的結果。某些特定交易，包括設計金融衍生工具的，有產生重大風險的可能性，因此并不適合所有的投資者。您還應認識到本文件中的建議并非為您量身定制。分析師并未考慮到您自身的財務情況，如您的財務狀況和風險偏好。因此您必須自行分析并在適用的情況下咨詢自己的法律、稅收、會計、金融和其他方面的專業顧問，以期在投資之前評估該項建議是否適合于您。若由于使用本文件所載的材料而產生任何直接或間接的損失，HTISG及其董事、雇員或代理人對此均不承擔任何責任。除對本文內容承擔責任的分析師除外，HTISG及我們的關聯公司、高級管理人

114、員、董事和雇員，均可不時作為主事人就本文件所述的任何證券或衍生品持有長倉或短倉以及進行買賣。HTISG的銷售員、交易員和其他專業人士均可向HTISG的相關客戶和公司提供與本文件所述意見相反的口頭或書面市場評論意見或交易策略。HTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL沒有義務來確保本文件的收件人了解到該等交易決定、思路或建議。請訪問海通國際網站 ，查閱更多有關海通國際為預防和避免利益沖突設立的組織和行政安排的內容信息。非美國分析師披露信息：非美國分析師披露信息：本項研究首頁上列明的海通國際分析師并未在FINRA進行注冊或者取得相應的資格，并且不受美國FINRA有關與本項

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116、tion to carry on Type 4 regulated activity(advising on securities)for the purpose ofthe Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary ofHTISGL and which is regulated as an Investment Adviser by the Ka

117、nto Finance Bureau of Japan.For research reports on Indian securities:The research report is issued by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securitiesand Exchange Board of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,p

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122、s research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities referred to in thisresearch report may not be eligible for purchase or sale in some jurisdictions.If an investment product is denominated in a currency other than an inves

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130、d are notsubject to U.S.FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research;public appearances;and trading securities bya research analyst.28APPENDIX 2分發和地區通知：分發和地區通知：除非下文另有規定，否則任何希望討論本報告或者就本項研究中討論的任何證券進行任何交易的收件人均應聯系其所在國家或地區的海通國際銷售人員。香港投資者的通知事項：香港投資者的通知

131、事項：海通國際證券股份有限公司(“HTISCL”)負責分發該研究報告，HTISCL是在香港有權實施第1類受規管活動（從事證券交易）的持牌公司。該研究報告并不構成證券及期貨條例（香港法例第571章）（以下簡稱“SFO”）所界定的要約邀請，證券要約或公眾要約。本研究報告僅提供給SFO所界定的“專業投資者”。本研究報告未經過證券及期貨事務監察委員會的審查。您不應僅根據本研究報告中所載的信息做出投資決定。本研究報告的收件人就研究報告中產生或與之相關的任何事宜請聯系HTISCL銷售人員。美國投資者的通知事項：美國投資者的通知事項：本研究報告由HTIRL，HSIPL或HTIJKK編寫。HTIRL，HSIP

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134、L或HTIJKK直接進行買賣證券或相關金融工具的交易。本研究報告中出現的HSIPL，HTIRL或HTIJKK分析師沒有注冊或具備FINRA的研究分析師資格，因此可能不受FINRA第2241條規定的與目標公司的交流，公開露面和分析師賬戶持有的交易證券等限制。投資本研究報告中討論的任何非美國證券或相關金融工具（包括ADR）可能存在一定風險。非美國發行的證券可能沒有注冊，或不受美國法規的約束。有關非美國證券或相關金融工具的信息可能有限制。外國公司可能不受審計和匯報的標準以及與美國境內生效相符的監管要求。本研究報告中以美元以外的其他貨幣計價的任何證券或相關金融工具的投資或收益的價值受匯率波動的影響，可

135、能對該等證券或相關金融工具的價值或收入產生正面或負面影響。美國收件人的所有問詢請聯系：Haitong International Securities(USA)Inc.340 Madison Avenue,12th FloorNew York,NY 10173聯系人電話：(212)351 605029APPENDIX 2DISTRIBUTION AND REGIONAL NOTICESExcept as otherwise indicated below,any Recipient wishing to discuss this research report or effect any tr

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148、income from such securities orrelated financial instruments.All inquiries by U.S.recipients should be directed to:30APPENDIX 2Haitong International Securities(USA)Inc.340 Madison Avenue,12thFloorNew York,NY 10173Attn:Sales Desk at(212)351 6050中華人民共和國的通知事項：中華人民共和國的通知事項：在中華人民共和國（下稱“中國”，就本報告目的而言，不包括香港特

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150、大證券監管機構提交招股說明書的前提下由Haitong International Securities(USA)Inc.（“HTIUSA”）予以實施，該公司是一家根據National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的規定得到國際交易商豁免（“International Dealer Exemption”）的交易商，位于艾伯塔省、不列顛哥倫比亞省、安大略省和魁北克省。在加拿大，該等材料在任何情況下均不得被解釋為任何證券的招股

151、說明書、發行備忘錄、廣告或公開發行。加拿大的任何證券委員會或類似的監管機構均未審查或以任何方式批準該等材料、其中所載的信息或所述證券的優點，任何與此相反的聲明即屬違法。在收到該等材料時，每個加拿大的收件人均將被視為屬于National Instrument 45-106 Prospectus Exemptions第1.1節或者Securities Act(Ontario)第73.3(1)節所規定的認可投資者（“Accredited Investor”），或者在適用情況下NationalInstrument 31-103第1.1節所規定的許可投資者（“Permitted Investor”）。新

152、加坡投資者的通知事項：新加坡投資者的通知事項：本研究報告由Haitong International Securities(Singapore)Pte Ltd（“HTISSPL”）公司注冊編號201311400G 于新加坡提供。HTISSPL是符合財務顧問法（第110章）（“FAA”）定義的豁免財務顧問，可（a）提供關于證券，集體投資計劃的部分，交易所衍生品合約和場外衍生品合約的建議（b）發行或公布有關證券、交易所衍生品合約和場外衍生品合約的研究分析或研究報告。本研究報告僅提供給符合證券及期貨法（第289章）第4A條項下規定的機構投資者。對于因本研究報告而產生的或與之相關的任何問題，本研究報告

153、的收件人應通過以下信息與HTISSPL聯系:Haitong International Securities(Singapore)Pte.Ltd50 Raffles Place,#33-03 Singapore Land Tower,Singapore 048623電話:(65)6536 192031APPENDIX 2日本投資者的通知事項：日本投資者的通知事項：本研究報告由海通國際證券有限公司所發布，旨在分發給從事投資管理的金融服務提供商或注冊金融機構（根據日本金融機構和交易法（“FIEL”）第61（1）條，第17-11（1）條的執行及相關條款）。英國及歐盟投資者的通知事項：英國及歐盟投資者

154、的通知事項：本報告由從事投資顧問的Haitong International Securities Company Limited所發布，本報告只面向有投資相關經驗的專業客戶發布。任何投資或與本報告相關的投資行為只面對此類專業客戶。沒有投資經驗或相關投資經驗的客戶不得依賴本報告。Haitong International SecuritiesCompany Limited的分支機構的凈長期或短期金融權益可能超過本研究報告中提及的實體已發行股本總額的0.5。特別提醒有些英文報告有可能此前已經通過中文或其它語言完成發布。澳大利亞投資者的通知事項：澳大利亞投資者的通知事項：Haitong Inter

155、national Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited和Haitong InternationalSecurities(UK)Limited分別根據澳大利亞證券和投資委員會（以下簡稱“ASIC”）第03/1102、03/1103或03/1099號規章在澳大利亞分發本項研究，該等規章免除了根據2001年公司法在澳大利亞為批發客戶提供金融服務時海通國際需持有澳大利亞金融服務許可的要求。ASIC的規章副本可在以下網站獲?。簑ww.legislation.gov.au。海通國際提供的金

156、融服務受外國法律法規規定的管制，該等法律與在澳大利亞所適用的法律存在差異。印度投資者的通知事項：印度投資者的通知事項：本報告由從事證券交易、投資銀行及證券分析及受Securities and Exchange Board of India（“SEBI”）監管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所發布，包括制作及發布涵蓋BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）（統稱為印度交易所）研究報告。本項研究僅供收件人使用，未經海通國際的書面同意不得予以

157、復制和再次分發。版權所有：海通國際證券集團有限公司2019年。保留所有權利。32APPENDIX 2Peoples Republic of China(PRC):In the PRC,the research report is directed for the sole use of those who receive the research report in accordance with theapplicable PRC laws and regulations.Further,the information on the research report does not cons

158、titute production and business activities in the PRC underrelevant PRC laws.This research report does not constitute a public offer of the security,whether by sale or subscription,in the PRC.Further,no legal or naturalpersons of the PRC may directly or indirectly purchase any of the security or any

159、beneficial interest therein without obtaining all prior PRC government approvals orlicenses that are required,whether statutorily or otherwise.Persons who come into possession of this research are required to observe these restrictions.Notice to Canadian Investors:Under no circumstances is this rese

160、arch report to be construed as an offer to sell securities or as a solicitation of an offer to buysecurities in any jurisdiction of Canada.Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements tofile a prospectus with the relevant C

161、anadian securities regulators and only by Haitong International Securities(USA)Inc.,a dealer relying on the“international dealerexemption”under National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations(“NI 31-103”)in Alberta,British Columbia,Ontario and Quebe

162、c.This research report is not,and under no circumstances should be construed as,a prospectus,an offering memorandum,an advertisement or apublic offering of any securities in Canada.No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this research

163、report,the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.Upon receipt of thisresearch report,each Canadian recipient will be deemed to have represented that the investor is an“accredited investor”as such term is def

164、ined in section 1.1 ofNational Instrument 45-106 Prospectus Exemptions or,in Ontario,in section 73.3(1)of the Securities Act(Ontario),as applicable,and a“permitted client”as suchterm is defined in section 1.1 of NI 31-103,respectively.Notice to Singapore investors:This research report is provided in

165、 Singapore by or through Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”)Co RegNo 201311400G.HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act(Cap.110)(“FAA”)to(a)advise on securities,units in a collective investmentscheme,exchange-traded derivatives contracts and

166、over-the-counter derivatives contracts and(b)issue or promulgate research analyses or research reports onsecurities,exchange-traded derivatives contracts and over-the-counter derivatives contracts.This research report is only provided to institutional investors,withinthe meaning of Section 4A of the

167、 Securities and Futures Act(Cap.289).Recipients of this research report are to contact HTISSPL via the details below in respect ofany matters arising from,or in connection with,the research report:33APPENDIX 2Haitong International Securities(Singapore)Pte.Ltd.10 Collyer Quay,#19-01-#19-05 Ocean Fina

168、ncial Centre,Singapore 049315Telephone:(65)6536 1920 Notice to Japanese investors:This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to FinancialServices Providers or Registered Financial Institutions engaged in investment managemen

169、t(as defined in the Japan Financial Instruments and Exchange Act(FIEL)Art.61(1),Order for Enforcement of FIEL Art.17-11(1),and related articles).Notice to UK and European Union investors:This research report is distributed by Haitong International Securities Company Limited.This research is directed

170、 atpersons having professional experience in matters relating to investments.Any investment or investment activity to which this research relates is available only tosuch persons or will be engaged in only with such persons.Persons who do not have professional experience in matters relating to inves

171、tments should not rely on thisresearch.Haitong International Securities Company Limiteds affiliates may have a net long or short financial interest in excess of 0.5%of the total issued sharecapital of the entities mentioned in this research report.Please be aware that any report in English may have

172、been published previously in Chinese or anotherlanguage.Notice to Australian investors:The research report is distributed in Australia by Haitong International Securities(Singapore)Pte Ltd,Haitong International SecuritiesCompany Limited,and Haitong International Securities(UK)Limited in reliance on

173、ASIC Class Order 03/1102,03/1103 or 03/1099,respectively,which exempts thoseHTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides towholesale clients in Australia.A copy of the ASIC Class

174、Orders may be obtained at the following website,www.legislation.gov.au.Financial services provided byHaitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited,and Haitong International Securities(UK)Limited areregulated under foreign laws and regulatory requ

175、irements,which are different from the laws applying in Australia.Notice to Indian investors:The research report is distributed by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and ExchangeBoard of India(“SEBI”)registered Stock Broker,Merchant Banker and Researc

176、h Analyst that,inter alia,produces and distributes research reports covering listedentities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.Copyright:Haitong International Securities Group Limited 2019.All rights reserved.http:/