“动”察系列5：亚瑟士深度复盘：精雕细琢，破茧成蝶

Investment Rating - The report maintains a "Positive" investment rating for the industry [12] Core Insights - The report analyzes the growth trajectory and core competitive factors of the classic running shoe brand ASICS, highlighting its successful expansion in the global market despite past challenges [4][10] - It emphasizes the importance of addressing consumer pain points and the effectiveness of a focused single-brand strategy in the current multi-brand strategy environment [10] Summary by Sections Runner Demand Orientation - ASICS emerged as a leading running shoe brand in Japan by addressing the specific needs of runners, leveraging the country's strong marathon culture and continuous innovation [7][20] Strong Product Power & Localization - ASICS successfully expanded into overseas markets, particularly in Europe and North America, by localizing products and targeting professional runners through community marketing [8][83] Focus on Product and Service Ecosystem - After facing declining revenues and profits since 2016, ASICS refocused on high-margin running shoes and enhanced its service ecosystem for runners, leading to a significant recovery in performance [9][10] Challenges in the Chinese Market - ASICS entered the Chinese market in 2006 but faced challenges due to a lack of marathon events and a mismatch between its professional product offerings and the local demand for casual and fashionable sportswear [10][87]