证券日报网讯红豆股份（600400）11月21日在互动平台回答投资者提问时表示，公司正多措并举推动经 营质量提升：在品牌建设方面深化舒适科技心智，打造舒适服装新标杆；在零售升级方面突破商务局 限，提升渠道经营质量；在电商突破方面构建"自营+联营"双引擎，扩大舒适赛道电商份额；在职业装 聚力方面聚焦重点业务市场，做大业务体量。 ...

Core Insights - The 8th China International Import Expo (CIIE) opened on November 5, showcasing Skechers for the seventh consecutive year, highlighting its innovative comfort technology products across various age groups and categories [1][4]. Product Matrix and Innovation - Skechers presented a comprehensive "comfort ecosystem" at the expo, featuring products like the Go Walk series, Go Run series, GO Trail series, and SKECH-HEAT technology, demonstrating the brand's commitment to meeting diverse consumer needs [4]. - The brand launched several new products at the event, emphasizing its technological capabilities and market commitment, particularly in the professional sports sector [4]. Sustainability and Social Responsibility - Skechers introduced a "trade-in" program for children's products, promoting sustainability and encouraging environmental awareness among children [4]. - The expo featured an interactive booth that combined consumer engagement with social initiatives, including a "shoe rental" service and a charity walk program, showcasing the company's commitment to community involvement [5]. Market Strategy - The CEO of Skechers China expressed the company's determination to deepen its investment in the Chinese market, focusing on localized strategies and innovative comfort technology to meet consumer demands for a better quality of life [5].

Core Insights - The eighth China International Import Expo (CIIE) opened on November 5, showcasing Skechers' commitment to the Chinese market for the seventh consecutive year, highlighting the brand's product strength and innovative vitality [1] - Skechers presented a comprehensive range of comfort technology products, reinforcing its positioning as a "Comfort Walking Expert" and demonstrating its dedication to sustainable practices and community engagement [1][3] Product Showcase - Skechers unveiled a series of new products at the expo, including the SKX AERO RAZOR and SKX AERO BURST running shoes, SKX_2 ELITE FG soccer shoes, and COZY FIT cloud shoes, catering to various sports and daily life needs [2] - The new COZY FIT shoes feature Slip-ins technology, ensuring comfort and support for daily activities such as commuting and travel [2] Children's Initiative - The Skechers KIDS series emphasizes the brand's vision of being the "most understanding of children and the first choice for parents," integrating sustainability into consumer habits through a "trade-in" program [3] - The immersive exhibition space included interactive experiences and a public welfare area showcasing the "trade-in" project and the "Skechers FRIENDSHIP WALK" initiative [3] Market Commitment - Skechers' CEO for China, Korea, and Southeast Asia expressed the company's determination to deepen its investment in the Chinese market, focusing on localized strategies and innovative comfort technology products to meet consumer demands [3]

Core Viewpoint - Skechers has agreed to be acquired by 3G Capital for $63 per share, representing a 30% premium over the average stock price in the last 15 trading days, with the deal expected to close in Q3 2023 [1] Group 1: Acquisition Details - The acquisition aligns with both companies' long-term growth visions, with 3G Capital focusing on long-term investments and operational management [2] - Post-acquisition, Skechers will become a private company, retaining its current leadership team [2] - 3G Capital has shifted from its aggressive past to allow Skechers' existing team to transfer equity into the new private company [2] Group 2: Business Strategy and Performance - Skechers plans to continue its current strategic initiatives, including product innovation, international market expansion, and enhancing direct-to-consumer (DTC) operations [3] - In Q1 2025, Skechers reported sales of $2.41 billion, a 7.1% increase year-over-year, with net profit rising 37% to $209 million [3][4] - Despite overall growth, the Chinese market, a key growth driver, faced a 16% decline in sales year-over-year in Q1 2025 [4] Group 3: Market Position and Future Outlook - Skechers has made strategic adjustments in product development and marketing to address market challenges, focusing on comfort technology products [5] - The company maintains a strong commitment to the Chinese market, which accounts for over 90% of its products being manufactured locally [5]

Core Insights - Skechers reported a first-quarter revenue of $2.41 billion for 2025, a 7.1% increase year-over-year, but profits slightly decreased to $202.4 million from $206.6 million in the previous year [1][3] - The Chinese market, Skechers' largest overseas market, experienced a significant sales decline of 16% year-over-year in the first quarter of 2025, following a 0.9% decline in 2024 [3][4] - Skechers aims to achieve a global annual sales target of $10 billion by 2026, with a specific goal of reaching 30 billion yuan in sales from the Chinese market [1][5] Financial Performance - In Q1 2025, Skechers' sales reached $2.41 billion, with a fixed exchange rate sales figure of $2.46 billion, reflecting a 9% increase [1] - Profit for the same period was $202.4 million, slightly lower than the $206.6 million reported in Q1 2024 [1] Market Analysis - The Chinese market's sales decline is notable, with a 16% drop in Q1 2025 and an 11.5% decline in Q4 2024 [3][4] - Skechers has opened nearly 3,500 stores in China, with over 90% of products sold being "Made in China" [3] Strategic Focus - Skechers plans to invest in product development, marketing, and infrastructure in China, emphasizing the market's growth potential [4] - The company is focusing on exploring lower-tier markets in China, targeting cities like Xi'an, Chengdu, and Wuhan, which are seen as significant opportunities [5] Product Strategy - Skechers is positioning itself as a "comfort technology" brand, differentiating from traditional sports brands by emphasizing products like Air-Cooled Memory Foam and Goga Mat [5] - The company has signed high-profile athletes in football and basketball to enhance brand visibility and expand its product line [7] Competitive Positioning - Skechers' pricing strategy places it between high-end brands like Nike and Adidas and lower-end domestic brands, providing a competitive edge, especially in lower-tier markets [6]

斯凯奇全球首席执行官Robert Greenberg认为："三十余年来，斯凯奇始终专注于提供舒适、创新、时尚 且价格合理的高品质产品，这已成为品牌成功的基石。第一季度创纪录的销售额充分印证了品牌的强大 韧性，见证全球市场的广泛需求。当前，斯凯奇差异化的价值主张将愈发重要。" 斯凯奇全球首席财务官John Vandemore也称："第一季度的业绩表现反映了斯凯奇全球业务的持续强 劲，彰显品牌创新舒适科技产品以及独特价值主张的巨大吸引力。我们依然对自身应对当前市场挑战的 能力充满信心。凭借过往在全球范围管理这一多元化品牌的成功经验，以及品牌独特而富有竞争力的产 品组合，斯凯奇将在这一时期保持坚韧，并有望蓬勃发展。" 2025年斯凯奇回归舒适初心，立足"舒适科技"核心战略定位，为全年龄段消费者提供全方位的舒适体 验，致力于通过全民运动生态建设，推动健康生活方式普及，赋能中国市场的长远发展。 斯凯奇中国 合伙人，斯凯奇中国、韩国及东南亚首席执行官陈伟利表示："中国市场对斯凯奇而言有着重要的战略 地位，我们始终对其增长潜力保持充分信心，并恪守'在中国，为中国'承诺。我们将不断加大对产品创 新、营销升级和供应链优化的投入 ...

Financial Data and Key Metrics Changes - The company achieved record first-quarter sales of $2.41 billion, a 7.1% increase year-over-year, and $2.46 billion on a constant currency basis, up 9% [8][27] - Earnings per share were $1.34, essentially flat compared to the prior year [34] - Gross margin was 52%, down 50 basis points from the previous year, primarily due to lower average selling prices from higher promotions in certain markets [31] Business Line Data and Key Metrics Changes - Direct-to-consumer sales grew 6% year-over-year to $879.4 million, with domestic growth of 11% driven by strong e-commerce performance [27][17] - Wholesale sales increased 7.8% year-over-year to $1.53 billion, with international sales up 9.5% [28][16] - The company ended the quarter with 5,318 Skechers stores worldwide, including 1,821 company-owned locations [18] Market Data and Key Metrics Changes - Domestic and international sales both increased by 7%, with EMEA growing 14% and The Americas growing 8.3% [9][14] - In the Asia Pacific region, sales decreased by 2.6%, primarily due to soft consumer spending in China, but grew 12% when excluding China [10][30] Company Strategy and Development Direction - The company views international markets as its primary growth engine, investing in retail store networks and enhancing distribution efficiencies [10][21] - Skechers aims to expand its distribution centers in the U.S., China, and Europe to manage expected growth and improve delivery efficiency [20][21] - The company is focused on evolving and innovating its footwear to meet consumer needs and drive demand globally [21][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increasing macroeconomic uncertainty and waning consumer sentiment but expressed confidence in navigating these challenges [9][26] - The company remains committed to its strategic plan and believes it is well-positioned to thrive despite current market dynamics [26][42] - Management did not provide specific revenue or earnings guidance due to the dynamic environment but remains optimistic about growth opportunities [39][38] Other Important Information - Inventory increased by 30% year-over-year to $1.77 billion, primarily due to elongated transit times, but decreased by 7.6% compared to the prior quarter [35][36] - Capital expenditures for the quarter were $147.1 million, focusing on distribution infrastructure and new store openings [36] Q&A Session Summary Question: Can you discuss the company's production in China and tariff strategies? - Management emphasized that they are looking at sourcing optimization, vendor cost sharing, and pricing adjustments to manage tariffs, with two-thirds of the business being outside the U.S. [49][51] Question: What markets are experiencing notable volatility? - The U.S. and China are noted as presenting the most uncertainty, with robust consumer demand for Skechers products remaining strong in most other markets [60][62] Question: How do you view the potential for price increases in response to tariffs? - Management indicated that pricing is being considered but will depend on consumer receptiveness and the overall impact on the business [78][80] Question: What is the company's approach to inventory management amidst tariff changes? - The company is managing inventory closely, with a focus on minimizing at-risk inventory and ensuring high fidelity to delivery [97][99] Question: Are there specific products that are currently made in China and not in Vietnam? - Management noted that most kids' footwear is produced in China due to quality and cost considerations, but they have the ability to back up production in multiple locations [145]