2025年中报披露落下帷幕，港股四大运动品牌巨头——安踏体育(02020.HK)、李宁(02331.HK)、特步国 际(01368.HK)、361度(01361.HK)均实现营收增长，但利润表现分化。同时行业竞争激烈凸显，加大折 扣力度成为普遍动作，进而影响利润增速和毛利率。同时，"开大店"与专业化升级也成为行业显著趋 势。 折扣力度普遍加大 营收规模与增速方面，2025年上半年四家公司营收梯队差异清晰：安踏体育以385.4亿元营收领跑，增 速达14.26%；李宁、特步国际、361度营收分别为148.2亿元、68.38亿元、57.05亿元，增速依次为 3.29%、7.14%、10.96%。 若拉长至过去三年中报周期观察，除安踏体育外，其余三家均呈现增速下滑迹象：特步国际营收增速从 14.76%降至7.14%，361度从18.00%波动降至10.96%，李宁则从12.98%降至3.29%。值得注意的是，作为 行业规模龙头的安踏体育，虽已连续四年中报呈现两位数营收增长，但其业务线分化显著——营收两大 基石安踏品牌与FILA营收增速降至个位数，超10%的整体增速主要由迪桑特、可隆等户外品牌拉动。 线上渠道成为四家企 ...

【导读】安踏、李宁、特步、361度公布上半年业绩报告，安踏营收领先，特步净利润增长最快 国内体育用品四巨头安踏、李宁、特步、361度2025年上半年财报已全部披露。数据显示，四家企业合 计营收达659.04亿元，但企业间出现明显分化。 安踏上半年营收为385.4亿元，同比增长14.3%，再创历史新高，其营收规模超过了李宁、特步与361度 三家企业的总和。李宁增速"掉队"，上半年收入同比增长3.3%至148.17亿元；净利润为17.37亿元，同比 下降11%。 安踏营收"一骑绝尘" 特步净利增长最快 从营收规模看，安踏"一骑绝尘"，2025年上半年业绩再创历史新高，营业收入同比增长14.3%至385.4亿 元。 品牌与业务线： 各显神通，战略分化 从业务构成看，四大头部公司几乎同步按下加速键，但侧重点明显不同。 安踏坚持"单聚焦、多品牌、全球化"战略：核心品牌安踏上半年收入同比增长5.4%至169.5亿元；FILA 斐乐收入同比增长8.6%至141.8亿元；所有其他品牌收入同比增长61.1%至74.1亿元。 图源：安踏2025年半年报 安踏执行董事兼联席首席执行官赖世贤在业绩说明会上表示："我们相信中国运动市场 ...

【导读】安踏、李宁、特步、 361 度公布上半年业绩报告，安踏营收领先，特步净利润增长 最快 中国基金报记者 赵刚 国内体育用品四巨头安踏、李宁、特步、 361 度 2025 年上半年财报已全部披露。数据显 示，四家企业合计营收达 659.04 亿元，但企业间出现明显分化。 安踏上半年营收为 385.4 亿元，同比增长 14.3% ，再创历史新高，其营收规模超过了李 宁、特步与 361 度三家企业的总和。李宁增速 " 掉队 " ，上半年收入同比增长 3.3% 至 148.17 亿元；净利润为 17.37 亿元，同比下降 11% 。 安踏营收 " 一骑绝尘 " 特步净利增长最快 从营收规模看，安踏 " 一骑绝尘 "，2025 年上半年业绩再创历史新高，营业收入同比增长 14.3% 至 385.4 亿元。 李宁上半年实现收入 148.2 亿元，同比上升 3.3% 。特步上半年实现收入 68.4 亿元，同比 增长 7.1% 。 361 度集团收入增长 11% 至 57.05 亿元。 盈利端的表现更显分化，安踏归母净利润为 70.31 亿元，几乎等于其余三家总和的两倍。 特步的净利润实现了 21.5% 的增长，达到 ...

新华财经福州8月31日电（记者刘旸）从马拉松赛事运营到AI智能健身房，从跑步俱乐部的专业服务到 体育综合体的全新体验——近年来，国内体育用品制造企业纷纷开启转型探索。 国家体育总局发布的《"十四五"体育发展规划》鼓励体育用品企业研发家庭化、智能化运动装备器材， 加快体育用品制造业向服务业延伸。2025年政府工作报告提出，深化先进制造业和现代服务业融合发展 试点，加快发展服务型制造。 借助政策东风，一批体育用品制造企业正跳出"重生产、轻服务"的传统路径，创新业态和应用场景，推 动制造与服务深度融合，构建新型产业发展格局。 转型：从制造产品到拓展消费场景 随着体育产业持续发展，不同类型的体育企业正沿着不同路径探索转型。"公司每一次转型，都与时代 发展和市场需求紧密相连。"天翔体育董事长郑剑强说。 2001年，为响应福州市城市发展战略，天翔体育到当时基础设施尚不完善的仓山区投资建厂，为法国运 动品牌迪卡侬代工。2015年是公司转型的关键时期：一方面，公司借区域功能转型之机迁建新厂，并将 原厂房改造为体育文创园，吸引多家体育培训和健身机构入驻；另一方面，公司开始承接多个马拉松赛 事的运营，通过赛事提升了品牌知名度。 ...

中国市场到底有多卷？过去几年，各大运动品牌乃至部分休闲服装品牌一起杀入最终卷得风生水起的防晒衣赛道，如今有的产品标出的UPF防晒值，已经 突破2000大关。 这怎么理解呢？通常来说，中国国标下最高防护等级标识是UPF 50+。以UPF 50为例，它表示仅有1/50的紫外线可穿透织物，即是阻挡率可达98%，再高 的话尤其到2000实用意义已经不大。 而当UPF50与UPF2000在消费者心目中所差无几，防晒已成标配时，去年开始，品牌们又不约而同地在产品名前加上"凉感"标签。根据抖音同期搜索指数 对比，"凉感"搜索量近两年呈现爆发式增长——2022年为6776，2023年小幅增长至7182，2024年则飙升至4.8万，同比增长264.50%，今年则突破5.4万，继 续增长41.23%。 而据CBNData显示，防晒凉感面料制成的"夏日薄系"单品站外声量同比激增190%。与此同时，"冰感""冷感""绵绵冰"等词汇也一度涌现，虽声量不敌"凉 感"，但也一并成为夏日凉感经济的衍生热词。 各大品牌在相应的产品概念上也纷纷开动引擎：安踏推出冰肤科技系列，阿迪达斯的冰风Tee宣传搭载CLIMACOOL清风科技，一度引领防晒服 ...

Core Insights - The Chinese sports market is entering a deep competitive phase, with major domestic brands like 361 Degrees, Xtep, Li Ning, and Anta reporting mid-term performance [1] - 361 Degrees has shown exceptional performance with a revenue increase of 11%, surpassing Xtep's 7.1% and Anta's 5.4%, indicating a unique strategic path leading to robust growth [1] - Xtep's net profit grew by 21.5% due to successful multi-brand operations, while Anta continues to lead in revenue scale with its extensive multi-brand strategy [1] - Li Ning is experiencing a slowdown in revenue growth but is focusing on profitability and channel optimization for future strategic positioning [1] Strategic Directions - Xtep is focusing on deepening its presence in the running segment by establishing 70 running clubs and accumulating 2.4 million members, although its specialized segment's revenue of 785 million yuan has yet to significantly impact overall performance [2] - Li Ning is optimizing inefficient stores and concentrating on core segments like running and cross-training, trading short-term profits for long-term brand upgrades, despite a decline in ROE [2] - 361 Degrees is innovating internally and expanding externally, maintaining R&D investment at 3%-4% and launching over 230 new shoe SKUs, while also entering the children's sports market with over 2,494 stores [2] Globalization Efforts - Chinese sports brands are transitioning from "Made in China" to "Created in China" and "Value Export," with Anta leveraging its multi-brand strategy to enhance global presence through acquisitions like Jack Wolfskin [3] - 361 Degrees is strengthening its international influence by partnering with top global sports events and achieving a 94% growth in cross-border e-commerce, alongside significant increases in overseas orders [3] - Xtep's subsidiary Saucony's 32.5% growth reflects the effectiveness of establishing professional barriers in niche markets, while Li Ning is preparing for the upcoming Olympic cycle after strategic adjustments [3] - The ongoing competition among domestic sports brands emphasizes the importance of strategic endurance, technological innovation, and a global perspective for future growth [3]

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sportswear segment and potential growth opportunities in various sub-sectors [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 2.5%, lagging behind the SW All A index by 1.4 percentage points [3][4]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July 2025 [3][30]. - Exports of textiles and apparel reached 170.74 billion USD in the same period, showing a modest 0.6% increase, while clothing exports declined by 0.3% [3][30]. - Cotton prices have shown a slight decline, with the national cotton price B index at 15,243 yuan/ton, down 0.2% [3][35]. Summary by Sections Textile Sector - Nobon Co. is highlighted for its strong growth potential due to its focus on personal care and new tobacco products, benefiting from low penetration rates and a young consumer base [3][9]. - The report emphasizes the importance of self-owned brands and the potential for breakthroughs in the new tobacco sector, particularly for Nobon [3][9]. - The textile manufacturing sector is expected to recover as the trade environment becomes more favorable for quality manufacturers [10]. Apparel Sector - The sportswear segment demonstrated the best resilience, with companies like Li Ning, Anta, and 361 Degrees showing revenue growth of 3%, 7%, and 11% respectively, despite facing headwinds [11][24]. - Li Ning's mid-year report showed a revenue increase to 14.82 billion yuan, although net profit fell by 11% [11][24]. - The report recommends several companies for investment, including Anta Sports, Li Ning, and 361 Degrees, as they are expected to benefit from improving domestic demand [3][11]. Market Dynamics - The report notes that domestic consumption recovery is a key focus for 2025, with various regions implementing measures to stimulate consumer spending [14]. - The performance of international brands is also discussed, with companies like Deckers and Asics reporting significant growth in their respective markets [16][21]. Key Recommendations - The report suggests investing in high-quality domestic brands and companies with strong growth potential in the textile and apparel sector, particularly in the sportswear and personal care segments [3][10][11].

Group 1: Financial Support for Sports Consumption - China UnionPay and the National Sports Administration jointly released the "2025-2027 Financial Support for Sports Consumption Activities Plan" to enhance sports consumption [3][4] - The plan focuses on three main areas: deepening platform-based collaboration, creating a "Payment+" ecosystem, and enhancing digital capabilities to boost consumer confidence in sports [3][4] Group 2: Strategic Partnerships in Sports and Technology - 361 Degrees and robot company Stand have formed a strategic partnership to integrate AI technology with the sports industry, establishing a joint venture and a "Future Sports Exploration Laboratory" [5] - The collaboration aims to optimize production processes and enhance consumer experience through smart retail solutions [5] Group 3: Financial Performance of Xtep Group - Xtep Group reported a 7.1% year-on-year increase in revenue for the first half of 2025, reaching 6.838 billion yuan, with the main brand's revenue growing by 4.5% [6][7] - The group's gross profit margin stood at 45.0%, and net profit attributable to shareholders increased by 21.5% to 914 million yuan [6][7] Group 4: New Product Launches and Collaborations - KELME and the Asian Football Confederation launched the new official match ball for the 25/26 AFC Elite League and AFC Second Division, symbolizing a new chapter in their partnership [8] - Juventus and Giorgio Armani announced a collaboration to design formal wear for the Juventus first team, enhancing the club's connection with the fashion world [9]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights that Amer Sports' Q2 performance in the Greater China region saw a revenue increase of 42%, exceeding market expectations, with a total revenue of $12.36 million, a year-on-year growth of 23.46% [2][16] - The gross margin reached a historical high of 58.7%, with a net profit margin of 5.5%, reflecting a significant improvement in profitability [2][16] - The report indicates that the company has raised its full-year guidance, expecting a revenue growth of 20%-21% for the fiscal year 2025, up from a previous estimate of 15%-17% [2][16] Summary by Sections Company Performance - Amer Sports reported Q2 revenue of $12.36 million, net profit of $0.18 million, and adjusted net profit of $0.36 million, with year-on-year growth of 23.46% and a return to profitability [2][16] - The company experienced a gross margin of 58.7% and an operating net profit margin of 5.5%, both showing increases of 2.7 and 2.6 percentage points respectively [2][16] - The performance by business segments showed growth in functional apparel (23%), outdoor (35%), and ball sports (11%) [2][16] Regional Performance - Revenue growth in the Greater China region was 42%, while the Asia-Pacific region grew by 45%, the Americas by 6%, and EMEA by 18% [2][16] - For the first time, Greater China achieved the highest revenue scale in a single quarter [2][16] Channel Performance - Direct-to-Consumer (DTC) sales increased by 40%, while wholesale sales grew by 9% [2][16] - The total number of self-owned stores increased by 40%, with a notable growth of 142 stores in the ball sports category [2][16] Other Company Updates - Xtep International reported a revenue of 6.838 billion yuan and a net profit of 914 million yuan for H1 2025, with a year-on-year growth of 7.1% and 21.5% respectively [3][17] - Crystal International achieved a revenue of $1.229 billion and a net profit of $98 million for H1 2025, with a year-on-year growth of 12.4% and 16.8% respectively [3][17] - Huayi Group reported a revenue of 12.661 billion yuan, with a net profit decline of 11.06% for H1 2025, attributed to pressure from existing clients and production adjustments [4][18] Market Trends - The report notes a slight improvement in the growth rate of sports and leisure apparel on the Taobao and Tmall platforms in July 2025, with children's clothing and bags showing significant growth [8] - The cotton price index in China remained stable, with a slight decrease of 0.16% in the recent week, while the year-to-date increase was 3.4% [9][34]

Core Viewpoint - In H1 2025, the main brand Xtep achieved revenue of 6.053 billion yuan, a growth of 4.5%, with e-commerce maintaining double-digit growth. The inventory turnover days at the end of Q2 2025 were around 4-4.5 months, slightly increasing from Q1 2025. The professional sports segment, including Saucony and Merrell, generated revenue of 785 million yuan, a growth of 32.5%, with Saucony experiencing over 30% growth in sales. The operating profit for the professional sports segment was 79 million yuan, a significant increase of 236.8% [1][2][3]. Brand Performance - Xtep's main brand saw growth driven by children's products and e-commerce, with e-commerce accounting for over 30% of total revenue. The company plans to gradually implement a Direct-to-Consumer (DTC) strategy in H2 2025. The number of adult Xtep stores was 6,360, a decrease of 22 stores from the beginning of the year, while children's stores numbered 1,564, down by 20 stores. The brand's gross margin was 43.6%, a slight decrease of 0.3 percentage points, primarily due to a higher proportion of lower-margin children's products [2][4]. - The professional sports segment, including Saucony and Merrell, maintained rapid growth, with Saucony's sales increasing by over 30%. The gross margin for this segment was 55.2%, down by 1.6 percentage points, attributed to a higher proportion of commuting products. The number of Saucony stores reached 155, an increase of 10 stores from the beginning of the year [3][4]. Financial Performance - The company's total revenue for H1 2025 was 6.838 billion yuan, a growth of 7.1%, with a net profit of 914 million yuan, an increase of 21.5%. The proposed interim dividend is 0.18 HKD per share, with a payout ratio of 50% [1][4]. - Excluding the impact of the divested KP business, the net profit growth was 6.4%. The overall gross margin was 45.0%, with the operating profit margin at 19.1%, an increase of 0.4 percentage points [4]. Future Outlook - For H2 2025, Xtep plans to reclaim distribution rights for approximately 400-500 stores, with an expected short-term revenue impact. Saucony will accelerate its offline expansion, focusing on high-quality commercial areas in first and second-tier cities, planning to open 30-50 new stores [1][4]. - The company maintains a profit growth guidance of over 10% for 2025, with projected revenues of 14.32 billion, 15.26 billion, and 16.37 billion yuan for 2025-2027, reflecting growth rates of 5.5%, 6.6%, and 7.2% respectively [5].