CITIC SEC: Double 11 promotion starts, performance of sports outdoor product category impressive.

CITIC SEC released a research report stating that the 2025 Double 11 promotion has recently started, and the promotion start time for various platforms has been brought forward once again. In terms of discounts, the promotional efforts of the platforms remain stable compared to the same period last year; in the sports and outdoor categories, after combining platform discounts, category coupons, and store coupons, the discounts on sports brands' promotional products are around 5-7 fold. From the presale results, platforms such as Tmall, JD.com, and Douyin have shown strong performances at the start, with the sports and outdoor categories performing prominently on various platforms. In addition, the recent lower temperatures in many parts of the country compared to previous years may stimulate winter clothing consumption. CITIC SEC's main points are as follows: The 2025 Double 11 promotion period has been brought forward, with stable discount levels. The 2025 Double 11 promotion has recently started, with the promotion start time once again brought forward, including Tmall (balance payment for presale), JD.com, Pinduoduo, and Kuaishou starting their promotions 1 day, 5 days, 1 day, and 3 days earlier, respectively, while maintaining the promotion period of about one month on each platform. In terms of discounts, the platforms have generally remained stable, with Tmall still offering discounts such as "spend 300 get 50 off / 15% off". Discounts on sports brand promotional products range from 5-7 fold. Taking Tmall as an example, in addition to the platform's own discount of "spend 300 get 50 off", Tmall also provides category coupons for the sports and outdoor category ranging from "spend 300 get 20 off" to "spend 3000 get 240 off". As for brand promotions, various brands mainly focus on discounts and shopping credits, with Nike & Jordan offering the most varied promotional activities, including not only regular discounts but also 2 items at 80% off, gifts for hitting spending thresholds, and more. Overall, when combining platform direct discounts and category coupons, the discounts on various brands' promotional products are approximately 5-7 fold. In terms of presale performance, the sports and outdoor category continues to perform prominently. 1) Tmall: According to Tmall's official WeChat account, in the first hour of the 2025 Double 11 Tmall presale, 35 brands exceeded a billion in sales (including clothing brands like Fila, Adidas, Anta, Camel, Nike), 1802 brands doubled their sales, with the number of billion-selling brands, doubling of sales brands, and active users exceeding the same period last year. In the results after four hours of presale: In the sports and outdoor category, Fila, Adidas, Anta ranked top three, with Fila and Adidas maintaining their ranks while Anta rose three places and Nike dropped from third place to fourth. Among sports subcategories, Fila, Adidas, LI NING ranked top three; Among outdoor subcategories, Camel, The North Face, and Berghaus ranked top three. 2) JD.com: According to JD.com's official WeChat account, as of 6 pm on October 20th, over 52,000 brands have seen a more than 300% year-on-year growth in sales, with sales of 200 categories including clothing, cosmetics, and sports increasing by more than 300% year-on-year, and sales of over 2000 brands increased by over 100%. In the clothing category, sales of woolen coats, cashmere sweaters, fur coats, etc., increased by over 100% year-on-year, with fashion brands like Inner Mongolia ERDOS Resources, Maimeng, Meyo, Zhizhi, EveLive seeing a six-fold increase in sales. Sales of trendy sport and outdoor products such as folding bikes, electric-assist bicycles, and fishing reels have doubled. 3) Douyin: According to Douyin's e-commerce merchant assistant, during the Double 11 promotion from October 9th to 14th, sales for over 16,000 brands doubled year-on-year. Douyin e-commerce Double 11 search sales increased by 74% year-on-year, with the sales of stores exceeding millions growing four times year-on-year. In the sports and outdoor category, North Face's down jacket triple product was the first to exceed a billion in sales. Risk factors include: Uncertainties in climate change; Demand at the end-point is lower than expected; Intensified industry competition; Brand companies' offline store expansion is lower than expected.