靠DTC模式大卖的安踏，开始降速了

Core Viewpoint - Anta is facing a critical question regarding the continuation of its Direct-to-Consumer (DTC) strategy as both Nike and Adidas are reassessing their own DTC approaches amid slowing growth for Anta [1][3]. Group 1: Anta's Performance and Market Context - Anta's growth has begun to slow down, with its main brand and FILA showing only low to mid-single-digit growth in retail sales for Q2 2025, while emerging brands have seen growth rates of 50% to 65% [6][8]. - The overall sports goods market has been a growth highlight, with retail sales growth of 25.7% in the first five months of the year, compared to 15.2% the previous year [11]. - FILA's performance has been particularly disappointing, with a reported 6.8% growth in H1 2024, significantly lower than the main brand's 13.5% growth [7][10]. Group 2: DTC Strategy Insights - DTC, which allows brands to sell directly to consumers, was initially seen as a way to enhance growth and profitability, but its effectiveness is now under scrutiny as major brands like Nike and Adidas face challenges related to inventory and channel management [9][10]. - The DTC model can significantly increase gross margins by eliminating middlemen, allowing brands to retain a larger share of sales revenue [16][21]. - However, transitioning to a DTC model also increases operational costs, as brands must now cover expenses traditionally borne by distributors, which can pressure net profits if not managed efficiently [22][23]. Group 3: Anta's Unique DTC Approach - Anta's DTC strategy began in 2020 during a challenging market environment, allowing for a smoother transition and testing phase [29][30]. - FILA served as a successful testing ground for DTC, enabling Anta to validate its model with lower costs and risks [31][32]. - Unlike Nike and Adidas, Anta has maintained a higher number of franchise stores compared to direct stores, indicating a more integrated approach to DTC that does not completely abandon distributors [35][36].