中国中产“打不起”羽毛球，这家日本品牌却赚了69亿！

Core Viewpoint - YONEX has achieved record revenue growth driven by the rising popularity of badminton in China, despite facing challenges from rising material costs and potential market saturation [1][7][11]. Financial Performance - YONEX reported an 18.8% year-on-year revenue increase to 138.2 billion JPY (approximately 6.888 billion CNY) for the fiscal year 2025, with operating profit rising by 22.1% to 14.1 billion JPY (approximately 703 million CNY) [1][4]. - The company anticipates revenue of 148 billion JPY (approximately 7.38 billion CNY) for the fiscal year 2026, reflecting a conservative outlook due to the anticipated "small sports year" [6][8]. Market Dynamics - The Asian market, particularly Greater China, contributed significantly to YONEX's revenue, with a 24% increase in revenue from the Greater China market to 68 billion JPY (approximately 3.389 billion CNY) [8][19]. - YONEX's market share in badminton is bolstered by its sponsorship of national teams and successful athletes, enhancing brand visibility and consumer engagement [10][17]. Pricing Strategy - YONEX has implemented aggressive price increases across its product lines, including shuttlecocks, rackets, and apparel, in response to rising raw material costs [11][12][16]. - The brand's ability to maintain price increases reflects its strong market position, but there are concerns about consumer tolerance for higher prices [12][23]. Competitive Landscape - The badminton market in China is experiencing a surge in participation, with 250 million people engaged in the sport, but rising costs may deter new entrants [19][20]. - YONEX faces competition from domestic brands like Li Ning and Victor, which could impact its long-term growth prospects in the badminton equipment sector [20][22]. Future Growth Opportunities - YONEX is exploring growth in the North American market, particularly in tennis, where it holds a 21.2% market share [22]. - The company recognizes the need to diversify its revenue streams beyond badminton to mitigate risks associated with over-reliance on a single product category [23].