以下文章来源于小马宋 ，作者小马宋 新消费导读 解读千亿安踏。 作者 ： 小马宋 编辑：竺天 审核： Single 来源： 小马宋 世界上大部分的变化，好像都是悄悄发生的，但是帷幕解开的时候会突然给你一个惊喜。 比如从过去几年，各个宣传渠道对芯片制造难度的分析上看，大家可能会很悲观，也很难相信华为会绕开美国的芯片制裁。 但是变化就那么慢慢地发生了。 就像突然有一天华为告诉你，它解决了芯片的问题。 在deepseek这件事上，大众有同样的感受。因为就在仅仅半年前，我见到过的AI领域的专业人士（包括投资人，从业者）还都觉得中美在这 个领域有特别大的差距。 小马宋 . 小马宋战略营销咨询公司创始人，罗辑思维首席营销顾问。咨询过的品牌有：元气森林，瑞幸，得到，云耕物作，babycare，半天妖，爸爸糖，南城香，云 海肴，古茗，熊猫不走，隅田川咖啡，食族人，甜啦啦，遇见小面，一只酸奶牛，苏阁鲜茶等。 这是新消费智库第 2 6 2 1 期文章 更不用说GPT出来的时候，国内各个大模型产品遭遇的群嘲。 故事的另一个版本，今天发生在体育领域。 2025年3月19日，安踏体育发布了2024年财报，全年收入同比增长13.6%，达 ...

Core Viewpoint - The article discusses the impact of different import models on the pricing and competitiveness of Chinese goods in the U.S. market, emphasizing that the channel ecosystem's differences influence how tariffs affect final prices and product competitiveness [1][2]. Group 1: Import Models - The typical import models in the U.S. include retail purchasing, brand purchasing, and cross-border e-commerce, each with varying degrees of bargaining power that affect how tariffs impact final product prices and competitiveness of Chinese goods [2][3]. - In traditional trade models, the average price of U.S. goods is approximately 2.58 times that of Chinese goods, with over half of the costs occurring domestically in the U.S., which are not subject to tariffs [2][3]. Group 2: Retail Purchasing Model - In the retail purchasing model, major retailers like Walmart and Costco operate under a low-price strategy, resulting in limited profit margins and pressure on suppliers to either lower prices or shift supply chains to lower-cost regions [3]. - The logistics sector in the U.S. is characterized by oligopolistic competition, which reduces the likelihood of logistics companies absorbing tariffs, thereby increasing pressure on suppliers [3]. Group 3: Brand Purchasing Model - In brand purchasing, strong brands like Apple can pass on tariffs primarily to their manufacturers and distributors, while in competitive markets like Nike's, the burden of tariffs is more evenly distributed among brands, manufacturers, and distributors [3]. Group 4: Cross-Border E-Commerce Model - In the cross-border e-commerce model, B2C operators may reduce certain costs to mitigate the impact of tariffs on final prices, while capable operators may shift to D2C models to enhance marketing efficiency and brand strength [4][5]. - The cross-border e-commerce model is characterized by high gross margins and high costs, with procurement costs accounting for 28.4% of final prices, logistics costs for 17.7%, and advertising costs for 19.1% [5].

Group 1 - The core viewpoint of the news is the recognition of Bafang Electric as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise in the sports sector, highlighting its expertise in bicycle component manufacturing [1] - Bafang Electric has been recognized for two consecutive years as a national-level champion in the specialized manufacturing sector, indicating its strong position in the sports goods manufacturing niche [1] - The joint release of the "Guiding Opinions on Financial Support for High-Quality Development of the Sports Industry" by multiple government departments aims to enhance financial support for the sports goods manufacturing industry, which is expected to benefit companies like Bafang Electric by broadening financing channels and increasing R&D investments [1] Group 2 - The dual benefits of national-level recognition and financial support policies are expected to create development opportunities not only for Bafang Electric but also for other bicycle manufacturing companies, reflecting a positive trend in the cycling industry [2] - The "Guiding Opinions" emphasize the integration of sports with culture, tourism, and health, positioning cycling as a key area for development, which may lead to increased infrastructure for cycling tourism and new market opportunities for electric bicycles [2] - Financial support measures in the sports consumption sector are likely to stimulate consumer demand for electric bicycles and related sports goods [2] Group 3 - The electric bicycle market is expanding due to the growing demand for green transportation and healthy living, with major domestic electric two-wheeler companies actively entering the electric assist bicycle sector [3] - The increasing acceptance of cycling among the public is leading to a reassessment of the "cycling economy," aligning with national policies aimed at boosting consumption and expanding domestic demand [3] - Bafang Electric is expected to leverage its technological and manufacturing advantages to deepen its market presence in the electric bicycle sector, enhancing product quality and performance while expanding its market share [3]

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase of over 20% across three consecutive trading days (April 10, 11, and 14, 2025) [2] - The company conducted a self-examination and confirmed that there were no corrections or supplements needed for previously disclosed information [3] - The company is monitoring the impact of recent regulatory guidance from four government departments aimed at supporting the sports industry, which may affect its operations [3] Group 2 - The company's daily operations are normal, and there have been no significant changes in the external business environment [4] - The company is in the planning stage for potential external investments, with no finalized transaction details yet [4] - The company's controlling shareholders did not engage in any stock trading during the period of abnormal fluctuations [5] Group 3 - The board confirmed that there are no undisclosed significant matters that should be disclosed according to the Shenzhen Stock Exchange regulations [6] - The company does not anticipate needing to disclose performance forecasts and plans to release its 2024 annual report on April 28, 2025 [7] - The company emphasizes that all information should be verified through designated media outlets for accurate investment decisions [8]

康力源今日涨停，全天换手率32.23%，成交额1.90亿元，振幅16.03%。龙虎榜数据显示，营业部席位合 计净买入3445.81万元。 深交所公开信息显示，当日该股因日换手率达32.23%上榜，营业部席位合计净买入3445.81万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7992.82万元，其中，买入成交额为 5719.31万元，卖出成交额为2273.50万元，合计净买入3445.81万元。 具体来看，今日上榜营业部中，第一大买入营业部为华鑫证券有限责任公司上海分公司，买入金额为 1483.84万元，第一大卖出营业部为国联证券股份有限公司无锡梁清路证券营业部，卖出金额为756.81万 元。 资金流向方面，今日该股主力资金净流入5146.88万元，其中，特大单净流入6603.80万元，大单资金净 流出1456.92万元。近5日主力资金净流入5734.40万元。（数据宝） 康力源4月14日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 华鑫证券有限责任公司上海分公司 | 1483 ...

完善户外运动版图，深化全球布局 在"单聚焦、多品牌、全球化"战略的指引下，安踏集团逐步构建起庞大且多元的品牌矩阵，旗下品牌已 覆盖多个运动细分赛道，在体育用品市场占据领先地位。2024年，安踏集团+亚玛芬集团总收入首次突 破千亿大关，达到1085.8亿元。根据欧睿咨询数据，2024年安踏集团在中国运动品牌市场的市占率达到 23%，位居行业第一。 安踏体育（02020）"单聚焦、多品牌、全球化"战略再迎重磅落子。 智通财经APP获悉，2025年4月10日，安踏体育宣布全资收购德国知名户外品牌Jack Wolfskin（狼 爪），基础对价为现金2.9亿美元。此次收购是安踏体育战略布局的关键一步，有望为其带来多维度的 协同效应，助力其在全球体育用品市场中勾勒出全新的发展蓝图。 然而，在全球运动消费市场正呈现出细分与多元化的趋势下，安踏在大众户外市场领域仍有庞大的"补 强"空间。狼爪作为知名大众户外品牌，凭借出色的产品品质和独特设计，拥有广泛的消费群体和强大 的市场影响力。因此，对于安踏而言，收购狼爪成为完善自身在大众户外市场布局的理想选择。这无疑 是安踏完善户外运动领域布局的关键一招，不仅能丰富大众户外市场品牌资源 ...

Group 1: IF's IPO - IFBH Limited, a leading coconut water brand, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board [1] - IF is the second largest coconut water beverage company globally and has held the top position in the coconut water market in mainland China for five consecutive years since 2020, as well as in Hong Kong for nine years since 2016 [1] Group 2: Anta Sports Acquisition - Anta Sports announced a conditional agreement to acquire 100% equity of Callaway Germany Holdco GmbH for a base price of $290 million, plus adjustments for net working capital and other customary items [2] - The acquisition is expected to enhance Anta's international market presence and diversify its product line, with completion anticipated by the end of Q2 or early Q3 2025 [2] Group 3: Sunny Optical's Performance - Sunny Optical reported a 16.3% year-on-year decline in smartphone lens shipments for March 2025, totaling 94.316 million units [3] - In contrast, vehicle lens shipments increased by 16.5% year-on-year, and microscope shipments surged by 78.8% year-on-year, indicating strong growth in these segments [3] Group 4: Changjiang Life Science Suspension - Changjiang Life Science announced a temporary suspension of trading, effective from 9 AM on April 10, with the specific reason yet to be disclosed [4] - The suspension has drawn significant market attention due to the company's influence in the biotechnology sector, with potential implications for market volatility [4] Group 5: BYD Han L Launch - BYD officially launched its flagship sedan, the Han L, with prices starting at 209,800 yuan, offering two major series and various color options [5] - The launch reflects BYD's competitive positioning in the market, and investors are encouraged to monitor sales performance and market feedback [5] Group 6: Hong Kong Stock Market Performance - The Hang Seng Index closed at 20,681.78, with a daily increase of 2.06%, while the Hang Seng Tech Index rose by 2.66% [6]

Group 1: Miniso's Global Expansion - Miniso has surpassed 3,000 overseas stores, marking a significant milestone in its global expansion strategy [2] - The company reported a total revenue of 17 billion RMB for 2024, a year-on-year increase of 23%, with a gross margin of 44.9% [2] - Overseas revenue grew by 42% to 6.7 billion RMB, contributing nearly 40% to the total revenue [2] Group 2: Anta's Financial Performance - Anta Sports achieved a record revenue of 70.8 billion RMB in 2024, a 13.6% increase year-on-year, with a net profit of 15.6 billion RMB, up 52% [4] - The company has over 10,000 stores operating under the Direct-to-Consumer (DTC) model, with DTC accounting for over 80% of its operations [5] - Anta's overseas expansion focuses on Southeast Asia, with partnerships in Singapore and Malaysia [5] Group 3: Nike's Declining Performance - Nike reported a revenue decline of 9% to 11.3 billion USD in Q3 of FY2025, with net profit down 32% to 800 million USD [6] - The Greater China market saw a significant revenue drop of 17% to 1.7 billion USD, indicating a slowdown compared to competitors like Adidas [7] - Nike's new CEO is implementing a revitalization strategy focused on sports rather than fashion, aiming to improve inventory management and customer engagement [6][7] Group 4: Pop Mart's Artist IP Revenue Growth - Pop Mart's artist IP revenue increased by 70.4% from 2.16 billion RMB in H1 2023 to 3.69 billion RMB in H1 2024, with artist IP accounting for 81% of total revenue [9] - The Labubu series, a popular IP, was featured in a pop-up store at Harrods, highlighting the brand's international marketing efforts [9] Group 5: Starbucks' Collaboration with Snoopy - Starbucks China launched its first collaboration with Snoopy, introducing limited edition drinks and merchandise [12] - The collaboration includes exclusive products like plush toys and themed merchandise, enhancing customer engagement [12] Group 6: Three Squirrels' Entry into Beverage Market - Three Squirrels announced its entry into the beverage sector, launching 60 products with a focus on low pricing to disrupt traditional pricing models [20] Group 7: Shanghai Jahwa's Financial Struggles - Shanghai Jahwa reported a net loss of 800 million RMB for 2024, with total revenue declining by 13.93% to 5.68 billion RMB [21] - The significant loss was attributed to goodwill impairment and increased competition in the baby and child care segment [21] Group 8: Xtep's Leadership Change - Xtep International appointed a new CFO, Ding Lizhi, who is the daughter of the company's founder, indicating a potential shift in leadership strategy [22]

Investment Rating - The report does not explicitly provide an investment rating for the sporting goods industry, but it indicates a cautious optimism among executives, with 44% feeling optimistic about 2025 [29][70]. Core Insights - The sporting goods industry has maintained a growth rate of 7% annually from 2021 to 2024, but this is expected to slow to 6% from 2024 to 2029 due to economic challenges and cautious consumer behavior [29][70]. - The report highlights the dual agenda of companies focusing on both profitability and revenue growth amidst a challenging environment [29][70]. - A significant opportunity exists in addressing the 1.8 billion people globally who do not meet the World Health Organization's recommended activity levels, representing a market potential equivalent to twice the adult population of India [33][36][48]. Summary by Sections Executive Summary - The sporting goods industry faces a challenging environment with a projected annual growth rate of 6% from 2024 to 2029, influenced by economic factors and consumer caution [29][70]. - Despite challenges, 44% of industry executives express optimism for 2025, indicating a cautious confidence in navigating opportunities [29][70]. Key Themes - The industry is experiencing a shift in consumer behavior, with a growing divide between active and inactive consumers, creating both challenges and opportunities for brands [37][39]. - The rise of challenger brands has led to a market share reshuffle, with established companies like Adidas and Nike losing ground to new entrants [39][52]. - The demand for live fitness experiences has surged, with 81% of consumers participating in live fitness classes, indicating a shift towards community-oriented fitness solutions [42][53]. Market Dynamics - The report emphasizes the need for companies to balance revenue growth with productivity improvements in response to a cautious consumer landscape [70][75]. - Geopolitical uncertainties and potential tariff increases pose significant risks, necessitating strategic adjustments in supply chain management [72][88]. - Sustainability remains a priority, but the focus has shifted due to external pressures, with only half of executives prioritizing sustainability compared to two-thirds the previous year [89][90].

阿里将完成一项延期两年的资本计划 AI 帮渐冻症患者 "说话" 了 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 小红书取消专业职级，压缩管理层级 小红书取消专业职级，压缩管理层级 小红书过去设有 R（专家岗）和 L（管理岗）两个职级序列，前者分为 R1-R8，后者分为 L0-L4，在 过去 R6 以上员工可以兼任 L0，成为虚线管理者。 但在 8 月 16 日的全员信中，小红书宣布即日起不再设置 R 序列，并简化管理层级，对各级管理者采 取任命制。另外据我们了解，小红书员工的薪酬将更直接地和工作难度挂钩，奖金则和工作成果挂 钩。这有点像拼多多，长期扁平化管理，加薪与否取决于工作表现。 调整发生在核心管理层对公司人效低下、组织臃肿等情况日益不满之后。7 月，有媒体报道小红书将 开始一轮裁员，主要波及低绩效员工。 过去中国互联网公司成熟之后大多会增加职级体系，成熟互联网公司改变基层员工职级体系时，往往 考虑增加职级， 将晋升梯子改得更好爬 。因为对员工来说，职级提高大概率伴随薪资上涨、管理权 限放大，跳槽时也更方便。降低升职难度为员工增加安全感，能让公司组织变得更稳定。 但职级的存在也容易培养员工论资 ...