全新2026春夏系列，以「鸿运杆头 · 开局当红」为主题，为追求卓越品质与身心平衡的品牌拥趸，构建 了一个兼顾"专业"与"生活"并行的衣橱体系。所推出的PRO精英系列与CLUB俱乐部系列，前者以专业 科技提升运动表现，赋能场上从容挥杆；后者则以经典美学融入当代设计，营造场下松弛意境。 中国女子高尔夫职业球员张维维，作为LI-NING1990品牌新晋签约运动员，以其卓越的职业生涯荣誉， 与不断超越、专注精进的态度，成为诠释PRO精英系列风尚的绝佳人选。 来源：环球网 作为源自中国的专业高球品牌，LI-NING1990持续拓展高端运动时尚边界，携手李宁品牌全球代言人肖 战及新晋签约的女子高尔夫运动员张维维，共同呈现2026春夏系列新品。此举标志着LI-NING1990在深 耕高端运动时尚的同时，以更精准的视角，为追求至臻生活品质的人群提供着装之选。 该系列专为高尔夫专业运动场景打造，创新采用双杆交叉式人体工学分割剪裁，精准贴合高尔夫竞技所 需的身体扭转幅角度，以高性能设计全方位赋能运动表现。此次张维维身着PRO精英系列红色编织衫搭 配白色长裤，于果岭从容挥杆，诠释「鸿运杆头 · 开局当红」的主题寓意，同时凸显了该 ...

河南郑州一位顾客发帖，称在正弘城FILA KIDS门店为孩子购鞋。从进店、试穿到使用店员提议的优惠券完成购买，过程顺利。事后，顾客 发现店员将其会员信息备注为"11.23号注册的，就买一双鞋子，一直嫌贵"，标签为"买双鞋子都嫌贵"，并将该截图误发至会员群。 图源网络 导语：在安踏手里，瞄准中产的FILA一度能撑起安踏收入的半壁江山。 近日，斐乐（FILA）被推上风口浪尖。 以下文章来源于凤凰网财经 ，作者公司研究院 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问：http://finance.ifeng.com/ 图源网络 事件最终以FILA在相关帖子下公开致歉告一段落。 而在该事件的相关评论区，不少网友为该消费者打抱不平，直言："买东西嫌贵是正常的事，消费者有选择权。"更多声音则指向品牌本 身，吐槽"斐乐确实贵"。 FILA官网数据显示，其男女士运动鞋价格在880元-1780元之间，儿童鞋的价位在480-1380元区间。 一场因店员失当行为引发的风波，意外演变为对斐乐定价与服务态度的拷问。 "你们有多高贵？" 据该网友的帖子描述和聊天截图，其 ...

以下文章来源于凤凰网财经 ，作者公司研究院 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问：http://finance.ifeng.com/ 斐乐，光环褪色。 来源｜ 凤凰网财经（ID：finance_ifeng） 封面来源 ｜ IC Photo 近日，斐乐（FILA）被推上风口浪尖。 河南郑州一位顾客发帖，称在正弘城FILA KIDS门店为孩子购鞋。从进店、试穿到使用店员提议的优惠券完成购买，过程顺利。事后，顾客发现店员将其会 员信息备注为"11.23号注册的，就买一双鞋子，一直嫌贵"，标签为"买双鞋子都嫌贵"，并将该截图误发至会员群。 a 微信 2025.11.23粉丝 ▲ 微信昵称 11.23号注册的就买一双鞋 描述 子,一直嫌贵男孩穿37码 FILA KIDS 注册 30-35岁 给 (18岁及以下) 孩子购买 标签 女 买双鞋子都嫌贵最后用了个88鞋 客户详情 图源网络 事件最终以FILA在相关帖子下公开致歉告一段落。 本来以为网上那些都是段子,没想到发生到自己身 上了。 今天周末在正弘城５楼 fila 儿童带孩买双鞋,从进店 到结 ...

虽然事后"FILA消费者体验官方服务号"在该网友的评论区表示歉意，以及第一时间与门店负责人了解情况，并对存在失当行为的员工进行了严肃的批评。 但是依旧引发了消费者对于斐乐服务态度和客户管理的质疑。 自2009年安踏收购斐乐大中华地区的商标使用权和经营权后，算是挽救了斐乐的业绩。彼时斐乐在中国市场正处于亏损状态，市场表现也比较一般，但 在"高端运动时尚"定位之下逐渐成为了备受中产人群关注的品牌之一。 从安踏2025年中期报告来看，斐乐实现收入141.8亿元，同比增长8.6%。表面来看，斐乐收入保持着增长趋势，而且早已突破百亿大关，是安踏集团营收贡 献非常重要的一个来源。 实际上，近年以来斐乐的收入增速已经出现了放缓趋势。2022年-2024年，斐乐收入分别同比减少1.4%、同比增长16.6%、同比增长6.1%，与前几年的双位 数、高速增长呈现出明显区别。此外斐乐在安踏集团营收中的占比也呈现出下滑趋势，2022年-2024年，斐乐收入分别占安踏集团营收的40.3%、40.1%、 37.6%。 出现这一趋势，可能与斐乐的高端溢价能力减弱有关。一开始的高端定位确实让斐乐有着更高的盈利水平，但是就目前的运动时尚赛道而言 ...

Core Viewpoint - The recent service controversy involving FILA KIDS has raised significant public concern regarding the brand's service philosophy, prompting an official apology from the company and criticism of the involved employee [1][2]. Group 1: Service Controversy - A customer at a FILA KIDS store in Zhengzhou had their membership information noted as "buying a pair of shoes is too expensive," which was shared in a WeChat group, leading to customer dissatisfaction and calls for withdrawal from the group [2]. - FILA's official response included an apology for the unpleasant experience and a commitment to address the behavior of the employee involved, emphasizing a violation of employee conduct guidelines [2]. Group 2: Financial Performance - Despite the service controversy, FILA's financial performance remains strong, with reported revenue of 14.18 billion yuan for the first half of 2025, marking a historical high and an 8.6% year-on-year increase [3]. - The brand's gross margin, although down by 2.2 percentage points to 68%, still exceeds the main brand ANTA's gross margin of 54.9%, indicating FILA's position as a key revenue driver for the group [3]. Group 3: Strategic Challenges - FILA faces challenges as its retail growth has slowed, with quarterly retail revenue growth rates decreasing from high single digits to low single digits from Q1 to Q3 of this year [6]. - The brand's pricing strategy is becoming less effective in a market where consumer spending is increasingly rational, and it struggles to compete with both lower-end brands and domestic competitors like Li Ning [6]. - FILA's contribution to ANTA Group's revenue has been declining, dropping from 43.5% in 2019 to 36.8% in the first half of this year, while other brands under ANTA are experiencing rapid growth [6]. Group 4: Strategic Adjustments - In response to market changes, FILA has initiated the "ONE FILA" strategy, focusing on brand elevation, product innovation, and retail upgrades, alongside a new store image aimed at specific consumer demographics [6][9]. - A management change occurred earlier this year, with Jiang Yan taking over leadership of FILA, raising questions about the new management's ability to drive growth in the high-end sports fashion sector [9].

一张"买双鞋子都嫌贵"的店员备注截图，将安踏集团旗下的高端运动品牌FILA（斐乐）推至舆论的风 口浪尖。 11月24日，#女子斐乐购鞋遭备注买双鞋子都嫌贵#话题冲上新浪热搜榜，郑州正弘城FILAKIDS门店店 员私下给顾客标注负面标签并将截图发至会员群的行为，引发全网对品牌服务态度与客户信息管理规范 的热议。 截至发稿，FILA官方已通过消费者服务号公开致歉，对涉事员工进行严肃批评，涉事门店也在配合品 牌开展自查。但南都湾财社记者注意到，在社交平台上，该事件引发了大量关于FILA品牌定位、定价 策略及服务态度的讨论。针对消费者普遍关心的整改落地成效等疑问，记者当日致电FILA官方客服 时，客服人员回应称暂未掌握相关具体信息，已将问题进行记录，但截至发稿记者未收到进一步回应。 而此次单店服务争议的背后，更折射出FILA在长期增长后面临的深层经营课题。随着市场矛盾的显 现，品牌如何在争议中校准发展方向，成为FILA需要回应的现实命题。 "双11"销量第一，但投诉问题不少 作为安踏集团旗下重要的增长引擎，FILA自2009年被安踏收购以来，以"高端运动时尚"为核心定位实 现跨越式发展。安踏集团2025年上半年财报显 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, the company achieved a total revenue of 3.2 billion yuan, representing a year-on-year increase of 6.7%. However, the net profit attributable to the parent company was 620 million yuan, down 18.7% year-on-year, and the net profit excluding non-recurring items was 580 million yuan, down 21.4% year-on-year. For Q3 alone, revenue was 1.1 billion yuan, up 3.2% year-on-year, while net profit attributable to the parent company was 210 million yuan, down 27.4% year-on-year, and net profit excluding non-recurring items was 190 million yuan, down 32.0% year-on-year [2][6]. Summary by Sections Revenue and Profitability - The company reported a revenue of 3.2 billion yuan for the first three quarters of 2025, with a year-on-year growth of 6.7%. The net profit attributable to the parent company was 620 million yuan, reflecting a decline of 18.7% year-on-year. The net profit excluding non-recurring items was 580 million yuan, down 21.4% year-on-year. In Q3, revenue reached 1.1 billion yuan, a 3.2% increase year-on-year, while net profit attributable to the parent company was 210 million yuan, down 27.4% year-on-year [2][6]. Cost and Margin Analysis - The gross margin for Q3 improved by 1.3 percentage points to 75.1%. The increase in sales expenses was attributed to the company's ongoing store openings and high marketing investments. The net profit margin decreased by 7.9 percentage points to 18.7% [11]. Inventory and Cash Flow - The company's inventory increased by 27% year-on-year to 1.13 billion yuan, while accounts receivable decreased by 14% to 310 million yuan. The inventory turnover days increased by 55 days year-on-year to 360 days. The net cash flow from operating activities was 480 million yuan, down 26% year-on-year, but still significantly higher than profit levels [11]. Future Outlook - The company is expected to see revenue growth driven by direct store openings and e-commerce channel expansion. The multi-brand strategy is anticipated to yield positive results, with projected net profits attributable to the parent company of 640 million yuan, 730 million yuan, and 820 million yuan for 2025, 2026, and 2027, respectively. The current price corresponds to a PE ratio of 14, 13, and 11 times for the respective years [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][32][34] Core Views - The company experienced a revenue growth of 9% in the first half of 2025, with a significant increase in online channel sales, which grew by 71.8% [1][2] - Despite the revenue growth, net profit faced pressure, declining by 13.6% year-on-year to 410 million yuan due to a decrease in gross margin and rising expenses [1][3] - The company is strategically positioned in the high-end sports fashion segment, with potential for future growth as brand influence increases [3][32] Summary by Sections Financial Performance - In the first half of 2025, the company's revenue reached 2.1 billion yuan, up 8.6% year-on-year, while gross margin decreased by 1.9 percentage points to 75.9% [1] - The net profit margin fell by 5.1 percentage points to 19.7%, influenced by increased marketing expenses and changes in channel structure [1][2] - For Q2 2025, revenue surged by 22.3% to 820 million yuan, but net profit dropped by 29.3% to 80 million yuan, with gross margin at 76.7% [2] Channel Performance - Revenue growth was driven primarily by online channels, while franchise channels faced challenges due to high base effects from the previous year [2][3] - The company opened a net of 48 new stores in the first half of 2025, increasing the total to 672 direct stores and 656 franchise stores [2] Profitability Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 730 million, 800 million, and 870 million yuan respectively, reflecting a year-on-year decline of 5.9% in 2025 [3][25] - The target price has been revised down to 18.0-19.3 yuan, corresponding to a PE ratio of 14-15x for 2025 [3][32] Financial Metrics - Projected revenue for 2025 is 4.3 billion yuan, with a growth rate of 7.3% [33] - The expected gross margin for 2025 is 75.1%, down from previous estimates due to industry sales pressures [25][26] - The company's net asset return (ROE) is projected to decline to 13.0% by 2025 [33]

Core Viewpoint - The Chinese footwear and apparel industry is experiencing a "K-shaped" differentiation in the first half of 2025, with traditional categories like men's and casual wear seeing only a 3.1% year-on-year increase in retail sales, while the sportswear segment is growing at 15%, nearing a market size of 500 billion yuan, indicating a shift in consumer demand towards specialized and functional products [2][8]. Group 1: Industry Trends - The differentiation in the footwear and apparel market is a result of the transition from "inclusive expansion" to "structural necessity" as the market matures, with consumers cutting back on non-essential clothing while willing to pay a premium for professional sports gear [2][9]. - The performance of FILA, a brand under Anta Group, reflects this trend, achieving a record revenue of 14.18 billion yuan in the first half of 2025, marking an 8.6% year-on-year growth, showcasing resilience and adaptability in a challenging market [2][4]. Group 2: FILA's Performance and Strategy - FILA maintained a stable operating profit margin of 27.7%, outperforming other mainstream brands, driven by strong growth in its tennis and golf segments and effective channel reforms [4][8]. - The brand's strategy includes a focus on high-end sports fashion, targeting middle-class consumers, and enhancing brand recognition through integrated marketing campaigns [4][8]. - FILA's innovative product strategies, such as the introduction of the OPTIMA-SHELL technology in its products, demonstrate a commitment to quality and functionality, appealing to urban elite consumers [11][16]. Group 3: Marketing and Community Engagement - FILA has actively engaged in sponsorships and community events in the golf sector, enhancing its influence and professional image [5][13]. - The brand's channel innovations, including the opening of specialized retail spaces and leveraging e-commerce platforms, have contributed to its growth and market penetration [7][14]. Group 4: Future Outlook - The ongoing differentiation in the industry presents both challenges and opportunities, with brands needing to balance maintaining their core positioning while exploring new growth avenues [17]. - The potential for high-end sports fashion remains strong, particularly in niche markets like tennis and golf, positioning FILA as a potential leader in this segment [17].

Core Viewpoint - The Chinese footwear and apparel industry is experiencing a "K-shaped" differentiation in the first half of 2025, with traditional categories like men's and casual wear struggling, while the sportswear segment is thriving with a 15% year-on-year growth, nearing a market size of 500 billion yuan [2][10][21] Group 1: Industry Trends - The retail sales of apparel goods above a certain threshold increased by only 3.1% year-on-year, indicating a shift in consumer demand from broad-based expansion to structural necessities [2] - The sportswear segment has emerged as a "golden track" in the industry, showcasing resilience amid overall market pressure [2][21] - The consumer focus has shifted towards professional sports gear and multifunctional products, leading to a contraction in non-essential apparel spending [2][10] Group 2: Company Performance - FILA achieved a record revenue of 14.18 billion yuan in the first half of 2025, reflecting an 8.6% year-on-year growth, demonstrating the brand's ability to navigate through industry challenges [2][4] - The operating profit margin for FILA remained stable at 27.7%, outperforming other mainstream brands in the industry [4] - The brand's growth was driven by strong performance in tennis and golf segments, alongside effective channel reforms that enhanced operational efficiency [4][7] Group 3: Brand Strategy - FILA is focusing on a unified brand image under the "One FILA" strategy, targeting middle-class consumers through integrated branding efforts [4][11] - The brand has engaged in high-profile sponsorships and events to enhance its presence in elite sports, particularly in tennis and golf [5][16] - FILA's channel innovation includes the opening of specialized retail formats and leveraging digital platforms to enhance customer engagement and sales [7][19] Group 4: Product Development - FILA is shifting its product strategy from rapid launches to in-depth management, emphasizing product design, materials, and craftsmanship [19] - The brand is innovating with new technologies and collaborations to maintain relevance and appeal to urban consumers [13][19] - FILA's product offerings are increasingly focused on high-performance and stylish designs, catering to the preferences of young and elite consumers [19] Group 5: Market Outlook - The differentiation in the footwear and apparel market presents both challenges and opportunities for brands, necessitating a balance between maintaining core positioning and exploring new growth avenues [21] - The potential for high-end sports fashion is expected to grow, particularly in niche segments like tennis, golf, and skiing [21]