运动品牌“冰火两重天”：传统巨头承压，专业赛道崛起

Core Insights - Traditional sports brands are facing performance pressure, while specialized segments are experiencing growth as consumers prioritize product functionality and practicality over brand premium [1][2][3] Group 1: Performance of Traditional Brands - Puma is closing stores, including a location in Jinan's Mixc Mall, due to ongoing performance challenges, with a global revenue decline of 2% to €1.942 billion in the second quarter of FY2025 [2] - The overall revenue for brands under Tabo Sports, including Converse and Vans, has decreased by 9.9% [2] - Nike's revenue in Greater China fell by 13% to $6.586 billion, equating to a loss of approximately ¥7 billion compared to the previous fiscal year [3] Group 2: Growth in Specialized Segments - Brands like Descente and KOLON are thriving, with Descente's ski series experiencing a retail sales surge of 60%-65% [4] - Salomon's parent company, Amer Sports, reported a 23% revenue increase in Q1 2025, with Greater China revenue up 43% [5] - Lululemon's global net revenue grew by 7% to $2.5 billion in Q2 2025, with a 25% increase in domestic revenue [4][5] Group 3: Shift in Consumer Preferences - Consumers are moving from "general sports" to "precision sports," emphasizing the importance of technical barriers and scene adaptability [5] - The trend is shifting towards high-experience "super stores" that focus on lifestyle and immersive experiences rather than just selling products [6][7] - Over 75% of consumers prioritize price over brand loyalty when making purchasing decisions, indicating a significant shift in consumer behavior [8]