证券研究报告 | 公司点评 | 服装家纺 主力品牌波动环境下保持稳健，户外矩阵继续高增 ——安踏体育点评报告 投资要点 ❑ #FILA 牌：环比略有降速，发力网球品类 Q3 流水增长小单位数，环比略有降速，与 9 月气温偏高带来秋装动销时点偏后 有关，线下折扣 7.4 折，线上 5.8 折，环比稳定同比略有加深，库销比因双十一 备货增加至 6X，预计年底回到 5-6X；Q3 品牌举办战略发布会，官宣布云朝克 特作为品牌代言人携手北京体育大学、北京服装学院打造企学研闭环生态链，并 作为中国网球公开赛独家运动鞋服赞助商活跃。 ❑ 其他品牌：高基数下仍然增长 45%-50% 安踏体育(02020) 报告日期：2025 年 11 月 02 日 投资评级: 买入(维持) Q3 户外品牌矩阵继续如火如荼，迪桑特品牌单季度流水增长 30%，KOLON 品 牌单季度流水 70%，两者折扣保持 9 折，保持高度健康的流水模型；女子运动 品牌 Maia ActiveQ3 流水也增长 45%，持续提升品牌影响力继渠道布局；狼爪全 球业务 6 月已并表，预计 25 年带来收入增厚及利润亏损，品牌复兴战略积极制 定中。 ❑ 盈利预测及 ...

记者丨贺泓源 实习生韦怡琦 编辑丨陶力 运动市场的"双十一"大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次"双十一"打出"岂只5折"的核心口号。运动鞋低至200多 元，形成全渠道优惠矩阵。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150元消费券。 安踏以天猫"折上再6折起"的力度打响"双十一"大战。李宁在天猫、京东均推出"折上再6折起"的基础优 惠，京东还有会员满600减212的满减券，抖音主打"限时折扣3折起"。 而据不完全统计，从品牌整体折扣力度来看，李宁折扣力度或许最大。 源：21世纪经济报道 梁远浩 摄 图 Adidas Adios Pro4定位公路竞速与马拉松，官网发售价1699元，"双十一"期间优惠力度整体较弱，且平 台差异明显。具体来看，经不完全估算，淘宝平台折扣率约9.1折，京东平台折扣率约9.3折。而抖音平 台则无任何品牌或平台额外优惠，维持1699元原价销售。 安踏C202 6Pro，官网统一发售价1699元。"双十一"期间，三大平台原价与优惠力度存在差异：淘宝、 京东原价1599元，抖音维持1699元原价。经不完全估算，优惠后，京东 ...

记者丨贺泓源 实习生韦怡琦 编辑丨陶力 运动市场的"双十一"大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次"双十一"打出"岂只5折"的核心口号。运动鞋 低至200多元，形成全渠道优惠矩阵。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150 元消费券。 安踏以天猫"折上再6折起"的力度打响"双十一"大战。李宁在天猫、京东均推出"折上再6折 起"的基础优惠，京东还有会员满600减212的满减券，抖音主打"限时折扣3折起"。 而据不完全统计，从品牌整体折扣力度来看，李宁折扣力度或许最大 。 图源：21世纪经济报道 梁远浩 摄 折扣各异 客观上，从旗舰产品上，更能感受到今年"双十一"的折扣力度。 以Nike主打公路竞速与马拉松的旗舰鞋款Vaporfly4为例，截至10月31日，经不完全估算，该 款产品淘宝平台通过各种优惠叠加，最终到手价1409元，累计优惠290元，折扣率约8.3折。 京东平台在相同满减基础上，额外优惠后到手价降至1369元，折扣率或低至8折。抖音平台采 用"直降290元"的简单优惠模式，到手价1409元，与淘宝折扣率一致。 Adidas Adio ...

21世纪经济报道记者贺泓源、实习生韦怡琦 运动市场的双十一大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次双十一打出"岂只5折"的核心口号。运动鞋低至200多 元，形成全渠道优惠矩阵。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150元消费券。 安踏以天猫"折上再6折起"的力度打响双十一大战。李宁在天猫、京东均推出"折上再6折起"的基础优 惠，京东还有会员满600减212的满减券，抖音主打"限时折扣3折起"。 客观上，从旗舰产品上，更能感受到今年双十一的折扣力度。 以Nike主打公路竞速与马拉松的旗舰鞋款Vaporfly4为例，截至10月31日，经不完全估算，该款产品淘宝 平台通过各种优惠叠加，最终到手价1409元，累计优惠290元，折扣率约8.3折。京东平台在相同满减基 础上，额外优惠后到手价降至1369元，折扣率或低至8折。抖音平台采用"直降 290 元"的简单优惠模 式，到手价1409元，与淘宝折扣率一致。 Adidas Adios Pro4定位公路竞速与马拉松，官网发售价1699元，双十一期间优惠力度整体较弱，且平台 差异明显。具体来看，经不完全估算 ...

21世纪经济报道记者贺泓源、实习生韦怡琦 运动市场的双十一大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次双十一打出"岂只5折"的核心口号。运动鞋低至200多元，形成全渠道优惠矩 阵。 从品牌整体折扣力度来看，李宁折扣力度或许最大。其热门鞋款飞电5 Elite优惠260元，折扣率低至6.9折。其次是安踏，C202 6 Pro优惠240元，折扣率8.5折，国产品牌整体看起来让利更多。Nike Vaporfly 4有一定优惠，但折扣率（8折）低于李宁、安踏； Adidas Adios Pro4 最高仅优惠150元，部分平台无折扣。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150元消费券。 安踏以天猫"折上再6折起"的力度打响双十一大战。李宁在天猫、京东均推出"折上再6折起"的基础优惠，京东还有会员满600减 212的满减券，抖音主打"限时折扣3折起"。 而据不完全统计，从品牌整体折扣力度来看，李宁折扣力度或许最大。 折扣各异 客观上，从旗舰产品上，更能感受到今年双十一的折扣力度。 以Nike主打公路竞速与马拉松的旗舰鞋款Vaporfly4为例，截至10月31日 ...

Core Viewpoint - The era of "technological sovereignty" has fundamentally changed the logic of global industrial competition, making technological innovation a necessity for survival and development rather than an option [1][6]. Group 1: Industry Innovation and Collaboration - The establishment of the "Sports Goods Industry Innovation Consortium" led by Anta aims to create an open and collaborative innovation platform to overcome common technological bottlenecks in the industry [3][5]. - The consortium has provided continuous R&D support and resource sharing, forming a technology innovation system that integrates enterprises, markets, and research [5][6]. - Anta's approach not only represents a technological revolution but also a development path that addresses how Chinese companies can systematically provide "innovation certainty" across the entire industry chain in a highly competitive global environment [6][18]. Group 2: Technological Advancements and Market Position - Anta achieved a historical revenue high in the first half of 2025, with a 14.3% year-on-year increase to RMB 38.54 billion, marking 12 consecutive years of growth and maintaining the top position in the Chinese market for four years [8]. - Over the past decade, Anta has invested more than RMB 20 billion in R&D innovation, establishing a strong foundation for market leadership through continuous technological investment [9][48]. - The gap between domestic brands and international giants is rapidly closing, with both sides now in a position of coexistence and competition rather than mere following [11][51]. Group 3: Material Science and Product Innovation - Anta's "fluorine-free membrane technology" and "six-degree core warming technology" represent significant advancements in material science, with the former achieving international advanced levels at one-third the price of international brands [13][16]. - The application of basalt fiber technology in outdoor apparel demonstrates a breakthrough in material innovation, with potential applications extending beyond sportswear to aerospace and medical fields [15][16]. - The innovation in core materials is expected to accelerate the localization of key materials in the industry, helping China's textile and apparel industry transition from a participant in the global value chain to a standard setter [18][54]. Group 4: AI Integration and Future Strategy - Anta has expanded its AI capabilities significantly, launching the "AI365 Strategy" to integrate AI across all business functions, including marketing, design, and supply chain [35][41]. - The introduction of the "Linglong Design Model" aims to enhance design efficiency, reducing development cycles by over 50% and increasing selection rates for design proposals by 30% [37][39]. - Anta plans to achieve over 50% internal AI usage coverage within three years, aiming to create value exceeding RMB 5 billion, thereby building a systematic competitive advantage centered on intelligent technology [42][43]. Group 5: Value Reassessment and Competitive Edge - Anta's role as a leader in the industry is reshaping its valuation logic, transitioning from a focus on acquisitions to building a technology-driven ecosystem [49][51]. - The company's deepening R&D investments and systematic ecological layout are critical drivers of its competitive edge, enabling it to break free from homogeneous competition and move towards higher-dimensional value competition [52][54]. - The establishment of a mature technological ecosystem allows Anta to efficiently connect R&D with market needs, promoting effective technology transfer and reducing reliance on external technologies [53][54].

瑞银发布研报称，将特步国际(01368)的评级由"中性"上调至"买入"，目标价由6.4港元升至7.6港元，并 将2025至2027年净利预测调高1%至9%，预期旗下品牌Saucony及Merrell的盈利贡献将从2024年的5%显 著提升至2027年的16%。另外该行亦看好安踏体育(02020)，预期垂直品牌的盈利贡献可从2024年的9% 升至2027年的31%，维持"买入"评级及目标价127港元。 中国体品股股价自今年8月以来平均下跌约20%，反映市场对第三季销售疲弱感到忧虑，以及消费者对 专业细分运动领域及垂直品牌的偏好日渐增强。该行估算，2025至2027年户外用品市场规模的年复合增 长率将达16%，显著高于整体运动服饰的5%，认为网球及高端跑步产品等品类将拥有强大潜力。 ...

Core Viewpoint - UBS upgraded the rating of Xtep International (01368) from "Neutral" to "Buy," raising the target price from HKD 6.4 to HKD 7.6, while increasing net profit forecasts for 2025 to 2027 by 1% to 9% [1] Group 1: Company Analysis - The contribution of Xtep's brands Saucony and Merrell to profits is expected to rise significantly from 5% in 2024 to 16% by 2027 [1] - Anta Sports (02020) is also viewed positively, with expected profit contributions from vertical brands increasing from 9% in 2024 to 31% in 2027, maintaining a "Buy" rating and a target price of HKD 127 [1] Group 2: Market Trends - Chinese sportswear stocks have seen an average decline of approximately 20% since August, reflecting market concerns over weak sales in the third quarter and a growing consumer preference for specialized sports segments and vertical brands [1] - The outdoor products market is projected to have a compound annual growth rate of 16% from 2025 to 2027, significantly higher than the overall sports apparel growth rate of 5%, with strong potential seen in categories like tennis and high-end running products [1]

Group 1 - The core viewpoint of the article highlights the technological innovations and design elements incorporated into the sports uniforms for the 15th National Games, sponsored by Anta Group [1][8] - Anta Group has independently established a specialized equipment team of over 30 experts in design and technology, ensuring professional support for the event [5][8] - The uniforms feature a blend of colors and designs that reflect the regional characteristics of Guangdong, Hong Kong, and Macau, with specific meanings attributed to each color [3][5] Group 2 - The total number of participants covered by Anta's sponsorship exceeds 70,000, with over 600,000 pieces of equipment provided [8] - The uniforms and shoes utilize advanced technologies such as Anta's PG7 cushioning technology and environmentally friendly materials, aligning with carbon neutrality policies [5][8] - Accessories are designed with practicality and sustainability in mind, using traceable materials and innovative features like moisture-wicking capabilities [5][8]

Core Viewpoint - The article emphasizes the resurgence of private enterprises in China, driven by supportive government policies and a focus on technological innovation, particularly in AI, which is expected to enhance market valuations and attract significant foreign investment [2][3][25]. Group 1: Private Enterprises and Economic Contribution - Private enterprises contribute over 60% to GDP, account for more than 70% of technological innovation, and provide over 80% of urban employment, positioning them as a crucial growth engine for the Chinese economy [6]. - Since 2022, profits and return on equity for private enterprises have shown significant growth, indicating an increase in capital expenditure and investment willingness [4][6]. - The 2025 "Top 500 Private Enterprises" list reflects the strength of private companies in terms of scale, operational efficiency, innovation capability, and social responsibility [4][39]. Group 2: R&D and Innovation - During the "14th Five-Year Plan" period, China's R&D spending is projected to reach 3.6 trillion RMB in 2024, maintaining the second position globally, with private enterprises leading in R&D contributions [7][10]. - Private enterprises have outpaced state-owned enterprises in profit and revenue growth over the past decade, contributing approximately half of the new capital expenditure and 60% of the increase in R&D investment [7][10]. - The "Top 500 Private Enterprises" list indicates that companies in the computer, communication, internet, and automotive sectors are the main drivers of innovation [10]. Group 3: AI and Growth Drivers - The AI sector is expected to significantly boost the investment enthusiasm of private enterprises, with projected profit growth for tech-related private companies expected to exceed non-tech firms by about 15 percentage points in 2024-2025 [18][19]. - The anticipated widespread application of AI could contribute an additional 2.5% annual growth to the earnings per share (EPS) of listed companies in China over the next decade [19]. - The article highlights a positive feedback loop where AI drives growth, which in turn fuels further investment [26]. Group 4: International Expansion - The "15th Five-Year Plan" prioritizes high-level opening-up, indicating a shift towards more aggressive international expansion for Chinese enterprises [27]. - The 2025 "Top 500 Private Enterprises" report shows that overseas revenue for these companies reached 3.19 trillion RMB, a year-on-year increase of 14.74%, significantly outpacing overall revenue growth [30]. - By 2024, nearly 20% of private enterprises' total revenue is expected to come from overseas, reflecting a shift towards high-value products and services [31]. Group 5: Market Dynamics and Future Outlook - The concentration of market capitalization among leading companies in China is expected to increase, with private enterprises in sectors like automotive and renewable energy becoming market leaders [35][37]. - The "Top 10 Private Enterprises" in China, as identified by Goldman Sachs, collectively hold a market value of 1.6 trillion USD, representing 42% of the MSCI China Index, with projected profit growth of 13% over the next two years [37]. - The 2025 "Top 500 Private Enterprises" list shows a total revenue of 43.05 trillion RMB, with a net profit of 1.8 trillion RMB, indicating an improvement in growth quality [39].