在近日举办的第三届亚洲愿景论坛上，安踏体育用品有限公司（以下简称"安踏集团"）副总裁、安踏集 团东南亚区域董事长兼总裁王华友表示，真正的全球化，是在坚持品牌基因的前提下，实现每个市场的 本地化。"我们要将品牌优势和优质服务带给当地消费者，有信心未来三年在东南亚市场拥有1000家安 踏品牌的门店，实现千店计划。" 记者从安踏集团方面了解到，目前集团正全力推进全球化战略。其中，把东南亚总部设在新加坡，以该 区域为"桥头堡"强化市场优势，并逐步向南亚、澳大利亚及新西兰等周边市场扩展。在此过程中，集团 通过直面消费者（DTC）的方式，通过"单平台、多品牌、全渠道"模式，运营安踏、斐乐、迪桑特、萨 洛蒙、威尔胜等多个品牌，实现线上线下全渠道链接，并为每个品牌构建完整的销售生态。 在东南亚市场中，安踏集团积极发挥体育资源优势，联合本地体育组织举办赛事，推动体育事业发展， 聘用大量本地人才，创造就业机会。例如，新加坡总部已创造400多个本地岗位，本地员工占比近八 成。 同时，集团还在当地投资数字化、物流等基础建设，以"品牌+零售"的商业模式及直营门店模式获得消 费者关注度，通过全球化资源整合和物流体系搭建提高整体运营效率， ...

【安踏计划在东南亚增设1000家门店】智通财经9月12日电，据报道，安踏体育用品有限公司将加大在 东南亚的扩张计划，在三年内将其同名品牌的门店数量扩大到1,000家。 转自：智通财经 ...

（来源：普华有策） 运动鞋履行业深度剖析：经营模式、规模预测及发展走向 鞋履是居民生活必需品，能支撑和保护双脚，减少地面带来的影响。运动鞋履是其中一类，按不同运动 特点设计，强调缓冲、防震等特性；随着被大众接受，其设计融入生活化等元素，不仅适用于运动场 合，也适合日常穿着，成为鞋履市场不可或缺的部分。 1、运动鞋履行业主要经营模式 品牌运营与制造一体模式是指公司从事鞋履品牌运营的同时，鞋履的产品设计和开发制造主要由公司负 责。目前采用这种模式的企业包括贵人鸟、万里马等。上述两种模式也并非绝对，贵人鸟、万里马等也 存在少部分鞋履外包生产的情况。 2、运动鞋履行业市场规模及预测 （1）全球运动鞋行业市场规模及预测 运动鞋履作为现代居民生活消费必需品，全球鞋履行业市场规模巨大。2019-2023年复合增长率2.4%， 受公共卫生事件等影响，2020年规模降至5705亿元，后稳健增长，2023年达9356亿元。受益于运动时尚 风潮、库存周期回暖、消费者支付意愿上升及对健康运动重视，需求稳步增长，预计2028年规模超 14000亿元，且运动鞋在灵活适配等方面具优势，推动行业稳定发展。 2019-2028年全球运动鞋行业 ...

Core Insights - Anta Sports (02020) announced its goal to implement a thousand-store plan for the Anta brand in Southeast Asia over the next three years during the third Asian Vision Forum held in Singapore [1] - The company's Southeast Asia business revenue is expected to nearly double year-on-year by the first half of 2025, demonstrating the effectiveness of its high-value products, localization, and digital strategies [1] - Anta's "brand + retail" business model has successfully expanded overseas, validated by the operations of other brands like Fila and Descente in Southeast Asia, showcasing the success of its "single platform, multi-brand, all-channel" strategy [1] Business Strategy - Anta has established its Southeast Asia headquarters in Singapore, using it as a strategic hub to strengthen its market position and gradually expand into South Asia, Australia, and New Zealand [1] - The company operates multiple brands under the Amer Sports Group through a "single platform, multi-brand, all-channel" model, creating a seamless online and offline sales ecosystem for each brand [1] - Anta adheres to a strategy of "global thinking, local execution," actively exploring replicable overseas expansion models and development paths [1] Financial Performance - By the first half of 2025, Anta's Southeast Asia revenue is projected to nearly double year-on-year, with the addition of new offline business in the U.S. and the Middle East contributing to an overall overseas revenue growth of over 150% [1] - The global market share outside of China for Anta and Amer Sports Group is nearly 30% [1]

2025年上半年，安踏品牌东南亚流水同比增长接近翻倍，新增美国线下业务和中东业务，共同拉动海外 业务流水同比增长超过150%。安踏加亚玛芬集团，其中国以外的全球市场占比近30%。 智通财经APP获悉，9月11日，安踏体育(02020)出席在新加坡举行的第三届亚洲愿景论坛，分享其全球 化战略在东南亚市场的最新进展与成功实践，宣布未来三年目标是实现安踏品牌在东南亚的千店计划。 2025年上半年，安踏品牌东南亚业务流水同比增长接近翻倍，其高价值商品、本地化和数字化策略初见 成效，不仅成功实现"品牌+零售"的商业模式出海，通过斐乐、迪桑特等其他品牌的东南亚运营，更是 验证了安踏集团"单平台、多品牌、全渠道"出海东南亚战略的成功落地。 目前，安踏把东南亚总部设在新加坡，以东南亚为桥头堡来不断强化市场优势地位，并逐步拓展至南 亚、澳大利亚及新西兰等周边市场，通过"单平台、多品牌、全渠道"模式，运营安踏集团与亚玛芬集团 旗下多个品牌，实现线上线下全渠道无缝链接，为每个品牌构建完整的销售生态。在东南亚市场，安踏 坚持"全球化思维、本土化执行"的策略，积极探索可复制的出海模式与发展路径。 ...

商报记者孟佳俊 "痛文化"消费热潮正在袭来。赛场看台上，观众的痛包缀满印着社群Logo、励志标语；演唱会现场，粉 丝痛包"痛层"里的偶像周边娃娃更是人手必备。"年轻人背痛包"已成为个性化表达的明确趋势。正是敏 锐捕捉到这一需求变化，近来匡威、LEE、Dickies、李宁等运动品牌纷纷加码痛包产品布局，将这一细 分品类打造成争夺年轻消费群体注意力的新战场。 痛包与普通单肩包、双肩包的核心差异并不显著，关键在于其专门设置了一个透明隔层袋，可作为展示 周边的"专属面板"。而这一特色设计的源头，要追溯到日本的"痛包文化"：最初是动漫爱好者将喜爱的 徽章别在包上，徽章数量越多，象征对角色的喜爱程度越深；背着这样的包出门，仿佛与心爱的角色同 行，这份独特的情感联结，也成为痛包吸引年轻人的重要原因。 从市场格局来看，电商平台上涉足痛包的运动品牌已有十余个，包括阿迪达斯、安踏、李宁等，产品价 格基本稳定在100-200元区间；从销售数据反馈，部分品牌的痛包单品销量已突破千余个。为进一步吸 引年轻消费者，不少运动品牌直接将"痛包"二字融入宣传文案。 当前痛包市场更呈现出集中上新的态势，不少产品均为今年刚发售的新品。例如，匡威推 ...

Group 1 - Anta Group announced a target to achieve a thousand-store plan for the Anta brand in Southeast Asia over the next three years [1] - By the first half of 2025, Anta's Southeast Asia business revenue is expected to nearly double year-on-year [1] - Anta Group has established its Southeast Asia headquarters in Singapore and plans to gradually expand into South Asia, Australia, and New Zealand [1]

安踏体育 20250910 摘要 安踏体育的全球化战略至关重要，海外市场规模和人均消费力均高于中 国，成功出海将带来估值和盈利的双重提升，实现戴维斯双击。 中国运动鞋服市场规模约为 4,000 亿元，疫情前五年复合增速达 17%，虽疫情后增速放缓，但渗透率仍在上升，行业增长放缓与经济大 背景相关，但运动鞋服行业本身具有出色成长性和相对优势。 中国运动鞋服市场品牌集中度高，综合运动品牌数量多且集中度高。随 着消费者参与运动深度增加，细分定位品牌将迎来更大增长空间。 安踏集团 2024 年总收入超 1,000 亿元，其中安踏主品牌收入占比不到 一半，经营利润率约 20%；斐乐占比接近 40%，经营利润率约 25%； 其他品牌占比 15%，经营利润率超过 30%，成为集团最赚钱板块。 安踏通过多元品牌运营，将产品扩展到整个穿搭鞋服市场，中国整体运 动鞋服市场约为 4,000 亿元，而整个鞋服市场则达到 2.4 万亿元，形成 了约 5 倍的扩容。 安踏通过国际化战略显著扩大市场规模，海外发达国家人均运动鞋服消 费金额远高于中国，出海战略可在销量和价格上实现显著提升，目前安 踏集团在海外拥有 240 家以上店铺。 国际 ...

Core Insights - The importance of the "14th Five-Year Plan": The upcoming "14th Five-Year Plan" is expected to significantly impact China's economic and social development over the next five years, shifting focus from production to a balance between production and consumption due to the current issue of insufficient effective demand [1] - Strengthening consumption policies: Starting in 2024, consumption policies will be significantly enhanced, including the allocation of special government bond funds to support consumption upgrades. Continued funding is expected in 2025 and 2026 [1] - Potential of service consumption: China's service consumption still lags behind developed economies, indicating a substantial opportunity for growth in this sector to stimulate consumer interest and optimize the consumption environment [1] - Rise of technology consumption: With a rapid technological development and an engineering talent surplus, products like robotic vacuum cleaners and drones are gaining market attention, likely creating new consumer demand [1] - Optimization of the overall consumption mechanism: Measures such as consumption tax reform will encourage local governments to transition from production-oriented to service-oriented, promoting the internationalization of quality consumption companies and enhancing residents' consumption capacity [1] Investment Recommendations - Food and Beverage: Recommended companies include Dongpeng Beverage and Lihigh Food, with a focus on Youran Dairy and Bairun Co [2] - Service Sector: Recommended companies include Guming, Mixue Group, and Bubugao, with a focus on Zhongsheng Holdings [2] - Light Industry: Companies to watch include Hengfeng Paper and Xilinmen [3] - Trendy Toys: Recommended companies include Pop Mart and Blokus [4] - Home Appliances: Recommended companies include Midea Group, Haier Smart Home, TCL Electronics H, Roborock, and Ecovacs, with a focus on Yingshi Innovation [5] - Agriculture: Recommended companies include Zhongchong Co, Petty Co, Muyuan Foods, and Haida Group [11] - Textile and Apparel: Recommended companies include Anta Sports, Xtep International, 361 Degrees, and Hailan Home, with a focus on Li Ning and Sanfu Outdoor [11] Report Content Analysis - Expanding consumption share: The report emphasizes that expanding consumption share is essential for achieving Chinese-style modernization, as China's consumption rate is significantly lower than that of developed countries [9] - Shift in fiscal spending: During the "14th Five-Year Plan" period, fiscal spending will shift from material investments to human capital investments, increasing support for education, healthcare, and housing [9] - Promotion of common prosperity: The report highlights the need for income distribution reform and the promotion of the Zhejiang common prosperity model to achieve balanced development [9] - Consumption tax reform: The report suggests that consumption tax reform will help local governments transition from production-oriented to service-oriented, enhancing the consumption environment [9] - Transition from traditional to new consumption: The report analyzes the maturation of traditional consumption markets and the rise of new consumption, which is characterized by a focus on quality and personal satisfaction [9] - Stimulating interest in service consumption: The report indicates that the shift from physical to service consumption is crucial for expanding domestic demand, with growing demand for events and performances benefiting local consumption [9]

Market Overview - The textile and apparel sector has shown resilience in mid-term performance, with the sports segment leading apparel consumption [1][12] - In August, the A-share textile and apparel sector slightly underperformed the broader market, but has shown stable performance since September, with brand apparel outperforming textile manufacturing [1][12] Brand Apparel Insights - Retail sales of clothing in July grew by 1.8% year-on-year, with a slight deceleration compared to the previous month [1] - E-commerce growth in July rebounded significantly, with outdoor sports leading the way; growth rates for various segments included sports apparel at +11%, outdoor apparel at +26%, and home textiles at +10% [1] - Notable brand performances included Decathlon with +63%, Puma with +41%, and Lululemon with +39% in sports apparel; outdoor brands like Kailas and Arc'teryx also showed strong growth [1] Textile Manufacturing Insights - In August, Vietnam's textile exports fell by 4.5% year-on-year, while China's textile exports improved slightly with a growth rate of 1.4% [2] - The export performance of apparel and footwear from China was poor, with declines of 10.1% and 17.1% respectively [2] - The price of cotton showed slight fluctuations in August, with a small decline noted in September [2] Sector Performance Summary - For the first half of 2025, textile manufacturing revenue grew by 7.8% year-on-year, while the apparel and home textile sector faced a decline of 6.4% [3] - The gross margin for the textile manufacturing sector remained stable at 19.4%, while the apparel and home textile sector's gross margin increased slightly to 46.1% [3] - Key players in the apparel sector, such as Anta and Xtep, maintained steady growth in revenue and profit, while non-sports apparel faced significant challenges [3] Investment Recommendations - Focus on undervalued leaders with strong fundamentals in brand apparel, particularly in the sports segment, with recommendations for Anta Sports, Xtep International, and Li Ning [6] - In textile manufacturing, recommend companies with significant rebound potential and strong fundamentals, such as Shenzhou International and Huayi Group [6]