Autumn/Winter Sports Consumption Trends Toward Multi-Scenario Use; Keep (03650) Expands Functional Apparel Layout

Title context: Autumn/Winter Sports Consumption Trends Toward Multi-Scenario Use; Keep (03650) Expands Functional Apparel Layout Text: Recently, the Sports Economy Department of the General Administration of Sport of China released the "China Outdoor Sports Industry Development Report." The report shows that in 2025, the average annual consumer spending per participant in national road running events exceeded RMB14,400, up about 7.1% year on year. At the policy level, the "Opinions of the General Office of the State Council on Developing Sports Events to Stimulate Consumption Vitality," published on September 30, proposed expanding event consumption scenarios and encouraging enterprises to innovate services and product offerings around events. As autumn and winter arrive, demand for sports apparel is also showing diversified characteristics. The "2026 Autumn/Winter Taobao Tmall Sports and Outdoor Industry Footwear and Apparel Trend White Paper" shows that beyond warmth, consumers are also paying attention to breathability and moisture wicking, wearing comfort, and everyday styling, with the use scenarios for products such as fleece and lightweight down further expanding. According to Keep (03650), Keep will focus in the fourth quarter on launching wool-blend quick-dry tops and pants and lightweight quilted down jackets. The former focuses on warmth, moisture wicking, and athletic feel, while the latter balances warmth needs with everyday wear. According to product information, its fleece apparel is also designed around lightweight construction, warmth, and anti-static properties, with some styles featuring details such as zoned fabrics and watch windows to meet the needs of winter running. From the perspective of product layout, Keep's 2026 interim financial report disclosed that the company's apparel products focus on three major scenarios: indoor fitness, yoga, and marathons. The running series targets the needs of runners at different stages, combining aesthetic design with lasting cooling technology and ultralight fabrics. Beyond product iteration, Keep also reaches target groups through offline sports scenarios. In the first half of the year, the company carried out marketing through City K Marathons, marathon events and expos, multi-city running club communities, as well as activities such as the CHINAFIT exhibition and yoga master classes, promoting related products to elite runners and core fitness enthusiasts. On the channel side, Keep's consumer goods business remained stable on Tmall and JD.com in the first half of the year, with the scale of distribution channels increasing 35% year on year and the Douyin channel growing by more than 50%. Keep stated in its financial report that the consumer goods business has completed adjustments and returned to a stage of stable growth. Next, the company will strengthen refined operations on domestic e-commerce platforms, enhance marketing capabilities on content platforms such as livestreaming and short video, further expand distribution channels, and accelerate layout across multiple overseas markets and channels, advancing category expansion around core sports scenarios. From the continuous iteration of indoor fitness products to the scenario expansion of running and autumn/winter apparel, Keep is responding to diversified sports needs through different categories. At present, its apparel business is still in the cultivation stage, and the market performance of new products, reach among offline target groups, and the effectiveness of channel expansion will become important angles for observing subsequent growth.