来源：大众网 2025年10月16日至19日，以"自在发生"为主题，2025厦门国际时尚周在百年中山路及鼓浪屿美院等城市 地标圆满落幕。本届时尚周首次将主场嵌入百年中山路的历史脉络，在骑楼的廊柱间、街巷的烟火里， 完成了一场"以城为景、以民为潮"的先锋时尚实践，深度诠释了"自由松弛"的城市精神核心与生活美 学。 回望本届时尚周，从"自由共生"时装发布、全新IP"好好生活节"，到联动国际权威媒体打造 的"Fashionable 50运动时尚典礼"，其进阶之路并非简单的规模扩张，而是在城市融合、产业生态、国际 资源与时尚消费四个核心维度，深刻酝酿了"运动时尚之城"、"现代设计之都"的战略深化与系统升级， 标志着厦门国际时尚周从"打造平台"进入"定义生态"的新阶段。 本届时尚周最显著的突破，在于将"城市即秀场""街区即展场"的理念从空间借用升华为精神共鸣，向大 众展现厦门独特的那份时尚态度：自然、松弛、开放、包容。 厦门国际时尚周首次将年度主场活动完整植入传奇老街，将百年街区打造为"生活中的T台"，为这条肩 负"最时尚、最高端、最厦门"战略期许的老街。 （2025厦门国际时尚周于中山路步行街东段"城市T台"上演时装 ...

Core Insights - The "2025 Xiamen International Fashion Week FASHIONABLE 50 Sports Fashion Ceremony" was held in Xiamen, enhancing the professionalism and influence of the event through collaboration with Forbes China and SI Sports Illustrated [1][5]. Event Highlights - The red carpet event took place on Zhongshan Road, followed by an awards dinner at the Luchao·Gulangyu Academy of Fine Arts, showcasing Xiamen's fashion heritage and urban charm [3]. - The guest list included prominent figures from sports, fashion, design, and media, highlighting the event's star power and industry strength [3]. Strategic Collaboration - The partnership between Xiamen International Fashion Week and Forbes China aims to strengthen Xiamen's leadership in the sports fashion sector, transitioning "sports fashion" from an industry trend to a mainstream cultural phenomenon [5][7]. - The "2025 Forbes China Sports Fashion 50" selection focuses on "sports trends and urban style," with three categories: brand, individual, and special awards, ensuring a comprehensive evaluation of industry benchmarks [5]. Future Directions - The collaboration will emphasize the creation of an international sports fashion industry ranking, resource integration, and global marketing for Xiamen, enhancing its influence in the sports fashion arena [7]. - The successful execution of this ceremony marks the beginning of a deeper partnership, aiming to attract international resources and talent, and promote the diversification and ecological development of China's sports fashion industry [7].

Core Insights - The 2025 Xiamen International Fashion Week successfully concluded with the theme "Free to Happen," marking its 11th year and a new developmental phase for the event [1] - The fashion week integrated the historical context of Zhongshan Road, showcasing a unique fashion attitude of Xiamen characterized by nature, relaxation, openness, and inclusivity [3][5] - The event transitioned from merely creating a platform to defining an ecosystem, emphasizing the strategic deepening and systematic upgrading of Xiamen as a "City of Sports Fashion" and "Modern Design Capital" [1][20] Urban Integration - The fashion week showcased the concept of "the city as a runway" and "the district as an exhibition space," enhancing the cultural value of Zhongshan Road, a historic commercial street [3][5] - The opening show was held at the historic Overseas Chinese Bank, symbolizing the blend of historical depth and contemporary fashion aesthetics [5][6] Industry Ecosystem - The event evolved from a platform attracting traffic to an innovative workshop empowering industry growth, establishing a full-service system from creative incubation to commercial realization [18] - Strategic partnerships were formed with authoritative media like Harper's Bazaar and Forbes China to enhance the fashion ecosystem in Xiamen [18][20] International Collaboration - The fashion week expanded its international reach by collaborating with Thai designers and brands, marking a significant step towards becoming a hub for international fashion trade and cultural exchange [27][29] - The "In Time" original designer service platform was launched, providing comprehensive support for designers, thus facilitating their transition from studios to markets [25] Consumer Engagement - The introduction of the "Good Life Festival" transformed the fashion week into an immersive experience, allowing public participation and redefining the connection between fashion and daily life [31][33] - The festival featured over 130 brands across various themes, promoting a vibrant urban atmosphere and enhancing Xiamen's "first launch economy" [38]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 2.1 billion yuan in H1 2025, representing a year-on-year increase of 8.6%, while the net profit attributable to shareholders was 410 million yuan, down 13.6% year-on-year. In Q2 2025, revenue reached 820 million yuan, up 22.3% year-on-year, with a net profit of 82.8 million yuan, down 29.3% year-on-year. The growth in revenue is attributed to rapid growth in online and direct sales channels, while the profit decline is linked to channel expansion and investment in the KC brand [1][2][3] Revenue and Profit Analysis - In H1 2025, direct sales revenue increased by 10.6% to 1.41 billion yuan, while franchise revenue decreased by 10.3% to 460 million yuan. Online revenue surged by 71.9% to 210 million yuan, with a gross margin of 77.9% [2] - The gross margin for Q2 2025 was 76.7%, down 4.6 percentage points year-on-year, primarily due to the brand's strategy to broaden its price range. The net profit margin for Q2 2025 was 10.1%, down 7.4 percentage points year-on-year [3] Future Growth Projections - The company is expected to achieve revenues of 4.42 billion yuan, 4.85 billion yuan, and 5.28 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.3%, 9.9%, and 8.7%. The net profit attributable to shareholders is projected to be 700 million yuan, 790 million yuan, and 880 million yuan for the same years, with corresponding year-on-year changes of -9.9%, +12.1%, and +11.9% [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a projected PE of 13 times for 2025 [7]. Core Views - The company demonstrated resilience in brand development, with a revenue increase of 9% year-on-year in H1 2025, despite a 14% decline in net profit [1]. - E-commerce performance is leading the industry, with a significant revenue growth of 72% in H1 2025, contributing to a high gross margin of 78% [3]. - The company is actively expanding its offline store presence, with a net addition of over 30 stores in H1 2025, indicating a robust growth strategy [3]. Financial Performance - In H1 2025, the company's revenue reached 2.1 billion yuan, while net profit was 410 million yuan, reflecting a decline in profitability due to increased costs [1]. - For Q2 2025, revenue was 820 million yuan, up 22% year-on-year, but net profit fell by 29% to 80 million yuan, indicating pressure on margins [2]. - The gross margin for Q2 2025 decreased by 4.6 percentage points to 76.7%, with net margin dropping by 7.4 percentage points to 10.1% [2]. Business Segments - E-commerce sales in H1 2025 were 2.14 billion yuan, with a year-on-year growth of 72%, while offline direct sales grew by 11% [3]. - The company is enhancing its brand appeal through collaborations with high-profile IPs and expanding its product range to meet diverse consumer needs [4]. Cash Flow and Inventory - As of H1 2025, the company had a strong cash position with 2.47 billion yuan in cash and financial assets, supporting its business expansion [5]. - The company is actively managing inventory levels, with a year-on-year increase in stock to support its growth strategy [5]. Future Outlook - The company expects continued revenue growth of over 10% for the full year 2025, driven by its main brand and ongoing expansion efforts [5]. - Projected net profits for 2025 to 2027 are estimated at 707 million, 797 million, and 890 million yuan, respectively, indicating a recovery in profitability [6].

Core Insights - The article discusses the resurgence of international sports brands' interest in collaborating with K-pop artists, particularly female groups, to enhance their market presence in Asia, especially China [1][6][25] - Nike's recent signing of aespa member KARINA marks a strategic move to re-engage with the Korean wave and leverage the popularity of K-pop in the Asian market [1][7][25] - Other brands like alo, Puma, and Adidas are also actively signing K-pop artists to boost their brand visibility and sales in the competitive Asian sportswear market [5][6][9] Brand Collaborations - Nike has signed aespa member KARINA, following previous collaborations with other top K-pop artists, indicating a shift back to engaging with Korean talent [1][3][7] - Alo's flagship store opening in Korea featured appearances by K-pop stars, showcasing the brand's commitment to embracing the Korean wave [3][7] - Puma has announced a partnership with BLACKPINK's Rosé as a global ambassador, while Adidas has signed I-DLE member Song Yuqi to promote its Originals line [5][9] Market Strategy - The article highlights that international sports brands are not only focusing on athletic performance but are also betting on fashion trends to capture market share in Asia [6][22][25] - The opening of flagship stores in Korea by brands like alo and Vuori is seen as a strategic move to tap into the Asian market's potential [9][10] - The competition among sports brands has intensified, with a growing number of niche brands entering the market, prompting established brands like Nike and Adidas to adapt their strategies [13][22] Cultural Influence - The influence of K-pop on fashion and lifestyle is significant, with brands leveraging this trend to enhance their appeal among younger consumers [17][20][21] - The article notes that collaborations with K-pop artists serve as a powerful marketing tool, helping brands to connect with the cultural zeitgeist and drive sales [19][25] - The trend of integrating fashion with sportswear is becoming increasingly important, as brands seek to align themselves with contemporary cultural movements [22][23]

Core Insights - The article discusses the transformation of Sanlitun from a shopping destination to a lifestyle hub, where young people seek experiences that reflect their identities and aspirations [3][4]. New Openings - **y Spanish Table**: A Spanish restaurant with a large terrace, offering a relaxed dining experience. Average spending is 251 yuan, and it opened in April [6][11]. - **栋梁**: A high-end designer brand store that provides personalized shopping experiences. Average spending is 2000 yuan, and it reopened in May [13][19]. - **NORLHA**: A Tibetan brand specializing in yak wool products, with high price points reflecting quality craftsmanship. Prices start at 2900 yuan [20][24]. - **金子眼镜店**: A Japanese eyewear store featuring unique designs, with an average spending of 5000 yuan. It opened in June [28][34]. - **ZIMMERMANN**: An Australian brand known for its feminine dresses, with prices around 10000 yuan. It opened in January [35][39]. - **TOTEME**: A Swedish brand focusing on minimalist fashion, with an average spending of 2000 yuan. It opened in March [41][45]. - **VÍTOR CASTRO**: A dessert shop specializing in pistachio-based treats, with prices ranging from 11.8 to 88 yuan. It opened in May [50][54]. - **AMAM LONBAKERY TOWN**: A bakery known for its "little dog" bread, with an average spending of 48 yuan. It opened in June [56][58]. - **KNOTIFY**: An outdoor sports brand store that also organizes community events, with an average spending of 1000 yuan. It opened in April [60][63]. - **Elitebaker room**: A bakery focused on healthy, energy-boosting snacks for athletes, with a focus on low-sugar options. It opened in May [67][71]. - **Slack Off**: A jewelry store with a unique aesthetic, offering affordable accessories. It opened in June [75][79]. - **THE FUR**: A multi-functional space combining hairdressing, coffee, and dining, currently in soft opening [82][87]. - **归丛告别事务所**: A non-traditional farewell service space that aims to normalize discussions around death. It opened in June [88][92]. - **吨吨囤囤**: A craft beer bar where customers can pour their own drinks, with an average spending of 113 yuan. It opened in July [95][100].

Core Insights - The sports and outdoor brands are experiencing significant growth during the "618" shopping festival, with high-end brands showing remarkable performance, such as lululemon and Salomon, which saw growth rates exceeding 400% [1] - Adidas has defied market skepticism by achieving double-digit growth across all markets and channels in Q1, showcasing effective strategies like supply chain flexibility and brand rejuvenation [1][9] - The high-end outdoor and running gear segments are emerging as key growth areas for sports brands, driven by the rising demand from the new middle class [2] Company Performance - Adidas reported strong Q1 results, with a notable increase in sales and a focus on localizing its product offerings in China, achieving a 13% growth in net sales in the Greater China region [9][10] - Amer Sports, which owns brands like Arc'teryx and Salomon, saw a 23% revenue increase in Q1, reaching $1.473 billion (approximately 106.09 billion RMB), driven by high-performance outdoor apparel [2] - On, a Swiss sports brand, achieved record sales in Q1 with a 43% year-on-year increase, reaching 726.6 million Swiss francs (approximately 63.49 billion RMB), and expects at least a 28% growth in annual net sales [3][4] Market Trends - The demand for high-end outdoor products and running gear is surging, with brands like Asics reporting a 19.7% increase in sales to 208.3 billion yen (approximately 104 billion RMB) in Q1 [4][5] - The retro sports trend is gaining traction, as evidenced by Asics' Onitsuka Tiger brand, which saw a 56.1% increase in sales, benefiting from global exposure and strategic marketing [8] - The integration of fashion and sports is becoming increasingly important, with brands like Adidas targeting the young female market and leveraging social media for brand engagement [6][7] Strategic Initiatives - Adidas is focusing on a "global brand, local operation" strategy, emphasizing the importance of the Chinese market and adapting products to local preferences [9][10] - The company is enhancing its direct-to-consumer (DTC) approach through e-commerce and social media platforms, aiming to strengthen consumer interaction and brand loyalty [10] - Amer Sports is expanding its footwear division to capture new growth opportunities in the outdoor apparel sector [2]

连续八个季度实现"有质量的增长"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 阿迪达斯 于 4月29日 发布了 2025年第一季度财报。 财报显示， 今年第一季度，阿迪达斯全球营收 61.53亿欧元，在货币中性下（下同）较上年同期增 长13%。同期，阿迪达斯营业利润较上年同期的3.36亿欧元同比增长82%至6.1亿欧元；毛利率也 较上年同期提升0.9个百分点至52.1% 。 在全球业绩增长超预期的同时， 作为阿迪达斯重要的战略市场之一，大中华区业绩再次实现双位数 增长 —— 今年第一季度，大中华区实现营收 10.29亿欧元，同比增长13%，已连续八个季度实 现"有质量的增长" 。 阿迪达斯全球 CEO古尔登表示，"对我们团队在第一季度取得的成就感到非常自豪。所有市场和渠 道均实现了双位数的增长，这不仅彰显了我们品牌的实力，也证明了团队卓有成效的工作。6.1亿欧 元的营业利润和9.9%的营业利润率，充分展示了公司的巨大潜力。 目前，由于美国对多个国家和地 区增加关税，且最终的关税处于不断变化的情况，这也将对我们今年的业绩带来不确定性。我们将 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 14 times for 2025 [6][8]. Core Views - The company's revenue is projected to grow by 13% year-on-year in 2024, reaching 4 billion yuan, while net profit is expected to decline by 14% to 780 million yuan [1]. - The company is focusing on enhancing its main brand's competitiveness and nurturing a second growth curve through the development of sub-brands [4][6]. - E-commerce is experiencing high-quality and rapid growth, while offline stores are expanding steadily [3]. Revenue and Profitability - In 2024, the company's revenue is expected to be 4 billion yuan, with a net profit of 780 million yuan, resulting in a net profit margin of 19.5%, down 6.3 percentage points year-on-year [1]. - For Q1 2025, revenue is projected to be 1.29 billion yuan, with a net profit of 330 million yuan, reflecting a year-on-year decline of 8% [2]. Sales Channels - In 2024, sales revenue from various channels is expected to be: e-commerce 263 million yuan (+35%), direct sales 2.568 billion yuan (+7.2%), franchise 1.139 billion yuan (+24.1%), and others 34 million yuan (+19.9%) [3]. - The company plans to open approximately 100 new stores in 2025, contributing to its growth strategy [3]. Brand Strategy - The main brand is focusing on youth-oriented marketing and product differentiation, while the sub-brand K&C is progressing well in store openings [4]. - The company is enhancing its brand image through strategic partnerships and sponsorships in sports [4]. Cash Flow and Inventory Management - The company has maintained healthy cash flow management, with operating cash flow of 750 million yuan in 2024, approximately 1.0 times the net profit [5]. - Inventory levels increased by 34.3% year-on-year to 950 million yuan by the end of 2024, with inventory turnover days improving [5]. Financial Projections - The company expects steady revenue growth of over 10% in 2025, driven by ongoing store expansion and new brand investments [5]. - Projected net profits for 2025-2027 are 707 million yuan, 797 million yuan, and 890 million yuan, respectively [6].