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 ...

Group 1 - The Li Ning brand showcased its presence at the Tmall Double 11 Super Launch event in Shanghai, coinciding with the 100-day countdown to the 2026 Milan Winter Olympics, emphasizing the Olympic spirit and culture [1] - Tmall's mascot "Mao Tiantian" wore a replica of Li Ning's 1992 award ceremony outfit and interacted with the official mascots of the 2026 Milan Winter Olympics, Tina and Milo, highlighting the collaboration between the brand and the Olympic event [3] - Li Ning officially launched the "Gold Standard" product line, which integrates top-tier sports technology with minimalist design, aimed at promoting high-quality living across various scenarios, serving as a key vehicle for conveying sports spirit [3] Group 2 - The "Gold Standard" fashion show was themed "Heart Fire, Glory," featuring the Chinese sports delegation's award equipment for the 2026 Milan Winter Olympics as a highlight of the event [3]

机构：招商证券 研究员：刘丽/王梓旭 25Q3 由于天气偏暖流水承压，全渠道流水同比下跌中单位数；折扣加深但库存可控，公司会持续优化 渠道结构，坚定对奥运等营销资源的投入，并稳步推进产品推新，管理层保持2025 年收入持平，净利 润率高单位数指引；预计2025-2027 年净利润规模分别为24.0 亿元、27.1 亿元、29.6 亿元，同比增速 为-21%、13%、9%。当前股价对应25PE17X，26PE15X，维持强烈推荐评级。 25Q3 流水承压：2025Q3 全渠道流水同比下跌中单位数，且7 月、8 月、9月呈现逐月走弱趋势。其中， 7 月全渠道流水同比下跌低单位数，8 月和9 月同比跌幅均加深至中单位数。 25Q3 流水分渠道来看：线下渠道：25Q3 流水同比下跌高单位数；其中批发渠道同比下跌高单位数，直 营渠道同比下跌中单位数。线上渠道：25Q3 流水同比增长高单位数。 折扣加深，库存可控。折扣水平：25Q3 整体渠道折扣同比加深低单位数，其中批发渠道同比略微加 深，直营和电商渠道同比加深幅度较大；环比上一季度，线上线下折扣均进一步加深。库存情况： 25Q3 因双节及双十一提前备货，库销比环比同比 ...

Core Insights - The Beijing Marathon is set to take place on November 2, highlighting the growing popularity of marathon events as a part of urban culture and tourism [1] - The demand for running gear and services has surged, with domestic brands gaining traction in the market [1][3] - The marathon is becoming a significant platform for brands to enhance their visibility and engage with consumers [1][4] Equipment Segment - Various running shoe brands are actively promoting their products, with Adidas and Li Ning recruiting elite runners for promotional events [3] - In the 2022 Beijing Marathon, international brands dominated the footwear market, with Nike at 45.37% and Adidas at 28.02%, while domestic brands like Jordan and Xtep had lower shares [3] - A shift occurred in 2024, with Xtep leading among sub-three-hour runners at 22.5%, followed closely by Adidas at 22.4% [4] - The competition among brands is intensifying, with sponsorships and collaborations with running groups becoming key marketing strategies [4] Consumer Behavior - The running community is increasingly spending on apparel and wearable technology, with expenditures on running clothing and shoes rising from 29.98% in 2023 to 35.02% in 2024 [5] - Li Ning's footwear accounted for 55.6% of its revenue in the first half of 2025, with a 15% increase in retail sales for its running category [5] New Professions - The emergence of marathon pacers has created a new service market, with earnings ranging from 500 to 6000 yuan per event depending on the service level [6] - Marathon photographers are also becoming prominent, with income varying based on their collaboration with brands or event organizers [7][8] Tourism and Logistics - Hotel bookings in Beijing surged by 28% around the marathon, with areas near the marathon route seeing a 52% increase in reservations [12] - Logistics companies like SF Express are implementing comprehensive support systems for the marathon, including storage and delivery of runners' gear and supplies [14][15] Commercial Integration - Local businesses are enhancing their offerings around the marathon, with food and retail services tailored to meet the needs of participants [10][11] - The integration of sports, culture, and commerce is evident in various initiatives aimed at creating a unique consumer experience during the marathon [10]

从全马到半马，从一线城市到新二线城市，跑步赛事正在成为"城市名片"的新玩法。中国田径协会发布 的《2024年中国路跑工作报告》显示，2024年全国累计举办各级各类路跑赛事749场，总赛事规模达 704.86万人次。火爆的马拉松赛场，明面上是跑者与跑者的竞争，而脚下，却是跑鞋品牌的"战场"。 2017年推出React科技和ZoomX材料，进一步提升跑鞋的舒适性和缓震回弹性，推动了中底技术的革 新。 虽然时间相对较晚，但国产跑鞋在技术层面冲破瓶颈，并借助技术突破在马拉松赛事中"上桌"。2018 年，匹克推出了其标志性的态极科技，标志着国产跑鞋在这一领域实现突破；2019年，李宁在国内首次 推出创新的䨻科技，融合了PEBAX材料；同年，特步也发布了动力巢PB科技的全新升级版，并推出了 竞速160X1.0代跑鞋。安踏则于2021年9月正式推出自主研发的跑鞋中底技术"氮科技"。同一年，361°的 飞燃、李宁的飞电2.0Elite、特步的160X均已进入世界田径协会认证的参赛碳板跑鞋榜单。 当马拉松成为战场，营销也在这里开打，近年来，对于各地马拉松赛事的赞助及与知名跑团或者破三跑 者的合作正在成为跑鞋品牌在赛场上的重要营 ...

Core Viewpoint - The integration of corporate social responsibility with business models is essential for companies to gain respect, which in turn can enhance brand influence and market competitiveness, ensuring long-term sustainability [1][3]. Group 1: National Economic Development - The "14th Five-Year Plan" emphasizes focusing on the real economy, promoting intelligent, green, and integrated development, and aims to build a strong manufacturing, quality, aerospace, transportation, and network nation [2]. - The development of the real economy is fundamental to national growth, and companies play a crucial role in advancing commercial civilization and social progress [2]. Group 2: Characteristics of Respected Enterprises - Respected companies are distinguished not only by their successful business operations but also by their social responsibility, corporate culture, and brand value [3]. - The ongoing global business environment changes and increasing public expectations highlight the importance of earning respect over short-term profits for long-term survival [2][3]. Group 3: Expert Recommendations - BYD has been highly recommended by experts for its rapid global expansion and local production strategies, positioning itself among the top four global car manufacturers [9]. - Other companies like Keda Xunfei, Fuyao Glass, Haier Group, JD.com, Weichai Power, New Oriental, and Cambricon have also received expert recognition for their contributions and innovations [9][10][11]. - Experts noted that Keda Xunfei is leading in AI integration across various sectors, while Haier is recognized for its global outreach and commitment to sustainable practices [10][11]. Group 4: Public Perception of Respected Enterprises - The public identifies five key internal qualities for companies to be considered respected: establishing correct values, building a robust management system, continuous innovation, shaping a positive corporate citizen image, and providing high-quality products and services [15][16]. - Companies like Beijing Rural Commercial Bank, JD.com, and McDonald's exemplify these qualities through their commitment to social responsibility and brand value enhancement [16][17]. Group 5: Additional Notable Companies - Other respected companies include Moutai Group, Yili Group, and Nestle China, recognized for their high product quality and low carbon emissions [13]. - Traditional companies like Tongrentang and Li Ning have also been highlighted for their commitment to quality and innovation, contributing to their respected status [18].

Core Insights - The upcoming Beijing Marathon is driving a surge in sales of sports equipment, particularly running gear, as brands like Li Ning and Xtep expand their offerings in this segment [1][2] - The running shoe market in China is projected to become a competitive focal point for sports brands, with the overall sports footwear market expected to exceed 500 billion yuan by 2025 [1] - Li Ning's financial data indicates that running, basketball, and cross-training categories accounted for 67% of its retail revenue in the first half of 2025, with running shoes alone contributing 34% and experiencing a 15% increase in retail revenue [1] Company Insights - Li Ning has introduced multiple new running shoe products and is focusing on professional sports categories to enhance brand strength and product capability [1] - Despite facing challenges in offline traffic and discount pressures, Li Ning's investments in running and professional sports are expected to yield growth opportunities, particularly with upcoming Olympic-related marketing strategies [1] - The total sales volume of professional running shoes for Li Ning surpassed 14 million pairs in the first half of 2025 [1] Industry Insights - According to a report by the Chinese Sports Economic Research Center, nearly 60% of runners' direct spending is on apparel and wearable professional equipment, with spending on running clothing and shoes projected to increase from 29.98% in 2023 to 35.02% in 2024 [2] - The report highlights that 78% of runners prefer domestic brands for running shoes, with a strong preference for shoes priced between 500 and 999 yuan [2] - The running economy is seen as a key driver for high-quality development in the sports industry, promoting consumption upgrades and urban development [2]