【安踏在中国市场面临新对手】


In 1987, a teenage Ding Shizhong boarded a train from the southern Chinese city of Fuzhou to Beijing, carrying leather shoes manufactured at his family’s factory in the coastal province of Fujian.

1987年，十几岁的丁世忠带着他们家在福建的工厂生产的皮鞋，登上了从福州开往北京的火车。
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The 17-year-old managed to bargain his way into selling the shoes they made in the capital’s department stores. It marked the start of his company Anta’s evolution from being a little-known provincial shoemaker to last year overtaking Adidas to become the second-largest sportswear retailer in China behind Nike, with annual revenues of $7.8bn.

这个17岁的男孩想方设法，最后把他们家做的鞋摆上了首都各百货商店的货架。以此为起点，他的安踏公司从一家没有名气的外省鞋厂一路发展壮大，到去年超越阿迪达斯，成为仅次于耐克的第二大运动服饰零售商，年收入达到78亿美元。

“Ding realised early on that the money is in the brand, not the making of the product,” said one person close to Anta’s management.

一位了解安踏管理层的人士表示：“丁世忠很早就意识到，赚钱的是品牌，而不是制造产品的过程。”

But after years of rapid growth, the company is now “at a crossroads,” according to Shaun Rein, founder and managing director of the China Market Research Group. “The Anta brand’s growth in China is slowing, and it’s unclear whether the group is well positioned to capture evolving Chinese trends in sportswear,” he said. Anta declined to comment.

但在中国市场研究集团创始人兼董事总经理雷小山看来，安踏公司经过多年的快速增长，现在“处于十字路口”。他说：“安踏这个品牌在中国的增长正在放缓，目前尚不清楚该集团是否有能力抓住中国运动服饰市场不断变化的趋势。”安踏不予置评。

It is one of several sportswear companies known as the “Fujian Tigers” that emerged in the 1980s and manufactured clothing and shoes for western brands, including Nike. After listing in Hong Kong in 2007, Anta has been snapping up foreign brands to target higher-spending consumers and, more recently, push into fast-growing niche sportswear categories.

安踏是上世纪80年代崛起的几家被称为“福建虎”的运动服饰企业之一，为耐克等西方品牌生产服装和鞋类。自2007年在香港上市以来，安踏一直在收购外国品牌，以瞄准更高端的消费者，最近又进军快速增长的小众运动服饰品类。

In 2009, it bought the China rights for Italian sportswear company Fila and 10 years later, it led a €5.6bn takeover of Finland’s Amer Sports, which owns a portfolio of brands including Arc’teryx and Wilson tennis rackets.

2009年，它收购了意大利运动服饰公司斐乐在中国的商标运营权，10年后，它又牵头以56亿欧元收购了芬兰运动品牌集团Amer Sports，后者拥有始祖鸟和Wilson球拍等一系列品牌。

“There is no possibility of creating an Arc’teryx or Wilson with the branding power of Chinese companies today. But it is possible to create this through an acquisition strategy and growing in the China market,” said Ding, who had risen to be the company’s chair, at the time.

“以中国企业今天的品牌力量，不可能创造出始祖鸟或Wilson这样的品牌，但通过收购战略和在中国市场的发展，这是有可能的。”已升任该公司董事长的丁世忠当时表示。

With Anta on the hook for a €1.3bn loan expiring in March that its consortium took out to complete the 2019 deal, investors are focused on whether it can pull off a successful IPO of the Amer Sports business.

安踏牵头的财团为完成2019年收购Amer Sports的交易贷款13亿欧元，这笔贷款将于明年3月到期，投资者眼下密切关注的是为贷款提供担保的安踏能否成功完成Amer Sports的首次公开发行。

The company has been targeting a New York listing early next year, according to people familiar with the matter, which would provide funding to turbocharge growth in China and help Anta pay down the debt from the acquisition. The goal is to raise more than $1bn at a $10bn valuation, but those people cautioned there could be a delay due to unfavourable market conditions.

据知情人士透露，该公司的目标是明年初在纽约上市，这将为其在中国的增长提供资金，并帮助安踏偿还收购时背上的债务。此次IPO目标是以100亿美元的估值筹集逾10亿美元，但上述人士警告称，由于不利的市场环境，IPO可能会推迟。

Up to June this year, Anta had reported Rmb1.8bn ($250mn) in accumulated losses on the acquisition.

截至今年6月，安踏报告称此次收购累计亏损18亿元人民币（合2.5亿美元）。

“Profit levels should rise significantly with a successful IPO that allows them to pay down the debt,” said Melinda Hu, a retail analyst at Bernstein.

伯恩斯坦零售业分析师胡周影表示：“如果成功IPO，它们将有能力偿还债务，利润水平应会大幅提高。”

In its home market, the top three domestic sportswear companies — Anta, Li Ning and Xtep — have suffered slower growth in 2023 due to weaker consumption, and the market capitalisation-weighted average performance of Chinese brands is down by 26 per cent year-on-year, according to HSBC analysts. Market leader Nike itself announced a new restructuring programme last week, blaming it in part on weak demand in China.

汇丰分析师表示，在中国本土市场，由于消费疲软，三大国产运动服饰企业——安踏、李宁和特步——2023年增长放缓，中国本土品牌的市值加权平均表现同比下降26%。市场领导者耐克上周宣布了一项新的重组计划，部分原因是中国市场需求疲软。

Meanwhile, revenue growth from the Chinese company’s mass-market Anta brand, which accounts for just over half of sales, has petered out, after a boom driven in part by a patriotic boycott of foreign brands over their stance on xinjiang cotton products made using forced labour.

与此同时，安踏公司面向大众市场的品牌安踏的收入增长也趋于平缓——安踏品牌占集团销售额的一半多一点。此前，一些外国品牌对使用qp劳动力生产的xj棉制品的立场导致中国消费者出于爱国进行抵制，这提振了安踏品牌的销售额。

Bernstein’s Hu said the group’s acquisitive strategy has resulted in under-investment in its main label. “They’ve allocated more resources to mergers and acquisitions and turning around brands they’ve bought than investing in the Anta brand,” she said.

伯恩斯坦的胡周影表示，该集团的收购战略导致其主要品牌投资不足。她说：“他们把更多的资源用于并购，用于扭转所收购品牌的经营不善，而不是用于投资安踏这个品牌。”

In another challenge, higher-end Fila, which accounted for around 40 per cent of revenue in the first half of 2023, is coming under pressure from incomers like Lululemon Athletica, Hoka and On Running.

另一个挑战是，2023年上半年占集团营收约40%的较高端品牌斐乐正面临来自露露乐蒙、Hoka和On昂跑等外来品牌的压力。

Lululemon said its revenue in China grew by 61 per cent in the three months to June and that it wanted to triple the number of stores in the country to 220 by 2026.

露露乐蒙表示，在截至6月份的3个月里，其在华营收增长了61%，并希望到2026年将中国门店数量增加两倍，达到220家。

“Chinese are doing a wider range of sports at a high level. This new batch of athletes creates opportunities for foreign brands with strong product lines in the west,” said Allison Malmsten, sportswear analyst at Daxue Consulting.

博圣轩运动服饰分析师麦小鱼说：“中国人正在从事更多高水平的运动。这批新运动健将为在西方拥有强大产品线的外国品牌创造了机会。”

“Anta is being outcompeted by hotter brands with a true sports heritage,” said Rein, “the trend is not looking fit and healthy but actually being fit and healthy. This is a problem for Fila,” said Rein.

“安踏正在被具有真正体育传承的更热门品牌超越，”雷小山说，“现在的趋势不是要看起来健康健美，而是要真正的健康健美。这是斐乐面临的一个问题。”

In response to the new trends and increasing competition, Anta has introduced more technical and functional Fila products while cutting underperforming product lines, said Walter Woo, retail analyst at the Hong Kong-based bank CMB International.

注册于香港的招银国际的零售分析师胡永匡表示，为了应对新趋势和日益激烈的竞争，安踏推出了更具技术性和功能性的斐乐产品，同时砍掉了表现不佳的产品线。

In addition, it has taken a majority stake in Maia Active, a Shanghai-based “athleisure” brand, with an annual turnover of Rmb400mn ($54.7mn) and formed joint ventures with Japanese skiwear company Descente and Korean outdoor sportswear group Kolon Sports to sell their products in China.

此外，该公司还收购了总部位于上海、年营业额达4亿元人民币（合5470万美元）的“运动休闲”品牌Maia Active的多数股权，并与日本滑雪服饰公司迪桑特和韩国户外运动服饰集团可隆体育成立了合资企业，在中国销售他们的产品。

In 2020, Anta overhauled its business model after being attacked by short seller Muddy Waters for allegedly inflating revenues through a network of “secretly controlled” distributors. It denied the allegations.

2020年，被做空机构浑水指控通过“秘密控制”的分销商网络虚增营收后，安踏对其商业模式进行了全面改革。安踏否认了浑水的指控。
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The company shifted away from a 20-year-old wholesale distribution model by taking control of retail stores in large cities. The move helped it ensure quality while repairing its image with investors, said Hu.

安踏改变了沿用了20年的批发分销模式，改为接管大城市零售门店的控制权。胡周影表示，此举有助于保障质量，同时修复其在投资者心目中的形象。

The direct connection with customers also allowed Anta to adapt rapidly to emerging trends, with lead times of just 3 months to bring products to stores, compared to 18 months for foreign brands, according to company insiders.

安踏内部人士表示，与客户直接联系也使其能够迅速适应新趋势，仅需3个月就能将产品推向门店，而外国品牌则需要18个月。

It is an ability that will serve it well as competition mounts. “Anta is quick to respond to new trends and bring products to market,” said one senior executive at a rival sportswear company. “They’re fast learners.”

随着竞争的加剧，这种能力将大有裨益。“安踏对新趋势反应很快，并能迅速将产品推向市场。”一家竞争对手运动服饰公司的一位高管说，“他们学得很快。”

Additional reporting by Annachiara Biondi in London

艾纳奇娅哈·比昂迪伦敦补充报道
【欧洲建立电池供应链的计划被美国挖墙脚】
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European plans of creating a battery supply chain for electric cars independent of China face big delays as companies focus on the US market because of clean energy subsidies, a top manufacturer has warned.

一家顶级制造商警告称，欧洲建立不依赖中国的电动汽车电池供应链的计划将严重延误，原因是美国的清洁能源补贴促使各企业都将重心放在美国市场上。

Chris Burns, a former Tesla engineer who heads Canadian battery materials producer Novonix, told the Financial Times that the US Inflation Reduction Act was drawing producers away from Europe.

前特斯拉工程师、现执掌加拿大电池材料生产商Novonix的克里斯·伯恩斯向英国《金融时报》表示，美国的《降低通胀法》正将生产商从欧洲吸引过去。
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Novonix, which manufactures the battery component graphite that is vital for the electric car transition, plans to focus on the US market because of incentives in the $369bn act, which the EU and UK have failed to match.

生产石墨的Novonix计划将重心放在美国市场上，原因是3690亿美元的《降低通胀法》提供的激励措施是欧盟和英国无法匹敌的。石墨是一种对电动汽车转型至关重要的电池材料。
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“We’ve always looked at expansion into Europe but financing becomes the biggest challenge,” said Burns.

“我们一直考虑向欧洲扩张，但融资成为最大的挑战。”伯恩斯说。
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“Our focus is on delivering the Riverside site [in Tennessee where it intends to produce graphite] and starting the next site in North America. It will keep us more than busy to the end of this decade.”

“我们的重点是交付（在田纳西州查塔努加）河滨区的工厂，并启动北美的下一个工厂。这将使我们一直忙到这个十年结束。”

Burns’s comments highlight the challenge Europe faces in building a supply chain independent of China, the world’s leading supplier of graphite and other raw materials needed for batteries, without an injection of subsidies.

伯恩斯的言论凸显了欧洲在没有补贴的情况下建立不依赖中国的供应链所面临的挑战。中国是全球领先的石墨和其他电池材料供应国。

The challenge is particularly daunting for the anode component of the battery, which is made out of graphite, as China controls 75 per cent of this part of the supply chain, according to Benchmark Mineral Intelligence.

基准矿物情报的数据显示，（由石墨制成的）电池阳极材料面临的挑战尤其艰巨，因为中国控制着这部分供应链的75%。

China’s manufacturers are increasingly targeting Europe and nearby regions for expansion after Washington moved to curb their presence in the US with tougher regulations.

在美国政府采取更严格的监管措施限制中国制造商在美国的活动之后，中国制造商正越来越多地瞄准欧洲及其周边地区进行扩张。

Beijing also increased export controls on graphite in October.

10月，中国政府还加大了对石墨的出口管制。

Shanghai Putailai, a manufacturer of battery materials, announced in May plans to invest $1.3bn in building a plant in Sweden, while Chinese rival Ningbo Shanshan is weighing a similar investment in Finland.

电池材料制造商上海璞泰来今年5月宣布，计划投资13亿美元在瑞典建厂，它的本土竞争对手宁波杉杉也在考虑在芬兰进行类似投资。

In addition, Canadian battery materials group SRG Mining, which has partnered with Chinese technology group C-One, said it plans to build a $300mn-$500mn facility in Morocco to serve the US and European markets.

此外，与中国科技集团碳一新能源建立了合作的加拿大电池材料集团SRG矿业表示，计划在摩洛哥投资3亿至5亿美元建厂，服务美国和欧洲市场。
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Novonix is aiming to produce 20,000 tonnes of graphite a year at Riverside in Tennessee before expanding further in North America to 150,000 tonnes annually.

Novonix的目标是在田纳西州河滨工厂实现2万吨的石墨年产量，然后在北美进一步扩大产能至年产15万吨。

Investors in Novonix include Korean battery maker LG Energy Solutions and Phillips 66, the US oil refining group that provides a critical source of non-Chinese coke needed to make graphite from the UK’s Humber refinery.

Novonix的股东包括韩国电池制造商LG新能源和美国炼油集团Phillips 66，后者在英国亨伯的炼油厂提供了重要的非中国产焦炭货源，焦炭是生产石墨需要的原料。

“We’ve looked at Europe and the UK on the idea of sourcing from Humber,” Burns said. “But those plans will be in the future.”

“我们已经考虑了从亨伯采购（焦炭）、在欧洲和英国生产（石墨）的设想。”伯恩斯说，“但那样的计划将留待将来执行。”

Burns said Novonix could start drawing up plans for a European plant later this decade but that would depend on commitments from carmakers and cell manufactures to buy its future supply.

伯恩斯表示，Novonix可能在本十年晚些时候开始制定在欧洲建厂的计划，但这将取决于汽车制造商和电池制造商对购买其未来供应的承诺。