这家日本品牌，吃到了中国的「羽毛球红利」

Core Viewpoint - The price of badminton has surged significantly, becoming an "irreversible" trend, with major brand Yonex increasing prices by 14% to 31% across its product range, leading to a notable rise in revenue despite consumer complaints about affordability [1][2][5]. Company Performance - Yonex reported a net sales increase of 18.8% to 79.532 billion yen (approximately 3.595 billion RMB) for the first half of the 2026 fiscal year, with operating profit rising by 15% to 8.847 billion yen (approximately 400 million RMB) and net profit increasing by 17.4% to 6.371 billion yen (approximately 288 million RMB) [2][4]. - The company's sales in China reached 68 billion yen (approximately 3.3 billion RMB) for the 2025 fiscal year, marking a 24% year-on-year growth and accounting for 49.2% of its total revenue [11][12]. Market Dynamics - The badminton industry is experiencing rising prices due to a decrease in the supply of duck and goose feathers, which are essential for producing high-quality shuttlecocks. This has led to a concentration of price-setting power among a few major manufacturers [7][10]. - The average annual consumption per person in the Chinese badminton market has increased from 300 RMB a decade ago to nearly 3000 RMB, indicating a growing market potential [15]. Competitive Landscape - The competition in the badminton market is intensifying, with brands like Li Ning and Victor also raising prices. In contrast, lower-priced brands are attracting younger consumers with affordable options [16][20]. - Yonex has been increasing its marketing and promotional efforts globally to maintain market share amid rising competition [18]. Consumer Behavior - Due to frequent price hikes, consumer participation in badminton has reportedly decreased, with lower-end products facing slow sales and mid-to-high-end products also experiencing a decline in demand [20].