相较于耐克、阿迪达斯等运动巨头在主导领域所积累的技术优势和广泛的品牌影响力，又或者跟细分领 域攒下好口碑的萨洛蒙等专业户外品牌相比，始祖鸟入局鞋履的差异化优势目前并不明显。 近日，户外品牌ARC'TERYX始祖鸟宣布成立独立的鞋履业务部门。始祖鸟此举是为了巩固鞋类产品并 加强零售分销，成为登山鞋领域的全球领导品牌。 此外，始祖鸟还有计划扩大单品门店数量，而完善的产品组合将有助于提升单店盈利能力。截至目前， 始祖鸟在全球开设有160家门店。 作为高端户外品牌的代表之一，始祖鸟向来以高品质的服装和背包而出圈，此番进军鞋履赛道，无疑是 品牌拓展的重要一步。但鞋履市场竞争激烈，去年3月才推出首款自研鞋的始祖鸟，能成功突围吗？ 业务负责人曾在耐克、安德玛工作 据悉，始祖鸟鞋履业务部门由Renée Augustine领导。该部门将继续在美国俄勒冈州的波特兰运营，并将 在产品创造、品牌营销和商业职能方面投入专门资源。 此前，Renée Augustine曾在Under Armour担任企业战略高级总监，负责领导全球消费者战略。在那之 前，她在耐克工作了十多年，担任过增长主管和业务发展总监等职务，为全球品类战略和财务规划做出 ...

Core Insights - The 2025 Shanghai Half Marathon has become a significant platform for brand marketing, with numerous companies sponsoring the event to leverage its visibility and reach [1][3][5] - The event is part of a broader trend in China where marathons are increasingly popular, attracting a growing number of participants and sponsors [4][6][10] Group 1: Event Overview - The 2025 Shanghai Half Marathon featured 15,000 participants and numerous sponsors, including major brands like Pudong Development Bank and Adidas [1][3] - April 20 marked a peak day for marathons in China, with nearly 50 events occurring nationwide, highlighting the growing popularity of the sport [3][10] Group 2: Sponsorship Dynamics - The sponsorship landscape for marathons includes various levels, with costs ranging from 100,000 to over 1 million yuan depending on the event's scale and location [8][9] - Major brands are increasingly investing in marathon sponsorships as a strategic move to enhance brand visibility and engage with consumers [5][6] Group 3: Economic Impact - Marathons not only generate direct revenue from registration fees but also stimulate local economies through increased spending on accommodation, food, and transportation by non-local participants [10][12] - For instance, the 2025 Wuxi Marathon attracted 84.2% of participants from outside the region, contributing approximately 505 million yuan to the local economy [12] Group 4: Market Trends - The number of participants in marathons is on the rise, with the 2025 Shanghai Half Marathon seeing a significant increase in registrations compared to previous years [4][6] - The trend indicates a shift in consumer behavior, with more individuals participating in running events, thus creating a lucrative market for brands targeting this demographic [4][5]

Core Viewpoint - Xtep International has reported a mid-single-digit year-on-year growth in retail sales for its main brand in the first quarter of 2025, with a notable performance from its Saucony brand, which saw retail sales in China increase by over 40% year-on-year [1][4] Brand Performance - The company has established a brand matrix with its main brand targeting the mass sports market, while Saucony and Merrell focus on professional sports, and K-Swiss and Palladium cater to the fashion sports market [2][4] - Saucony became the first new brand within the group to achieve profitability in 2023, while K-Swiss and Palladium are still in the process of narrowing losses [2][4] - In December 2023, Xtep acquired 40% of Saucony's intellectual property rights in China, enhancing its control over the brand [2] Market Dynamics - The running market in China is experiencing robust growth, with a potential consumer base of 400 million, but competition is intensifying among brands [7][11] - Xtep's running shoes are priced between 400 to 700 RMB, with some competition in the over 1000 RMB segment from emerging brands like HOKA and Salomon [7][11] Financial Insights - Xtep plans to raise approximately 9.85 billion HKD through share placements and bond issuance to further develop its main brand and Saucony's direct-to-consumer business model [8][11] - Despite a significant revenue increase for Saucony, its contribution to the overall revenue remains below 10%, with the main brand still accounting for 123.27 billion RMB in revenue [8][11] Strategic Focus - The company is concentrating resources on its main brand and the running segment, indicating a strategic shift towards enhancing its presence in the running market [4][5] - Xtep is also exploring multi-category development, including investments in basketball and tennis, but these initiatives will take time to scale [12]

在萧家乐看来，中国市场仍存在待开发区域，这一点可以通过与欧美国家成熟体育市场的比较得到证实：后者的人口 没有中国这么多，但它们的国民在体育市场的消费金额却远高于中国。"消费升级不仅是行为，也是理念，运动赛道 因此越来越细分，不同的运动需要不同的鞋子已经成为常识。" 有市场观点认为，业绩增长的背后是公司高层在过去两三年里推行中国本土化策略。 阿迪达斯大中华区董事总经理萧家乐则认为，这是天时地利人和的结果。公司在中国的业绩增长也同样得益于整个消 费大环境的变化，中国的体育消费正在处于上升趋势。他日前在接受《财富》专访时打了一个比方，10年乃至5年 前，马拉松比赛可能需要央求熟人来参加才能用完参赛名额，现在热门的马拉松赛事中签率堪比买彩票。 有市场观点认为，业绩增长的背后是阿迪达斯公司高层在过去两三年里推行中国本土化策略。 4月29日，德国运动品牌阿迪达斯发布了2025年第一季度财报。今年第一季度，阿迪达斯全球营收61.53亿欧元（约 509.58亿元人民币），较上年同期增长13%。同期，公司营业利润较上年同期的3.36亿欧元增长至6.1亿欧元，同比增 长82%；毛利率也较上年同期提升0.9个百分点至52.1%。 ...

本报记者张敏 见习记者梁傲男 4月29日，德国著名运动品牌阿迪达斯发布了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）同比增长13%。同期，公司营业利润较上年同期的3.36亿欧元强劲增长至6.1亿欧元，同比增长 82%；毛利率也较上年同期提升0.9个百分点至52.1%。 《证券日报》记者了解到，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："我对团队在第一季度取得的成就感到自豪。阿迪达斯在所有市场和渠道均实现了双位数 增长，这不仅彰显了品牌的实力，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。我们将一如既往地以务实、敏捷和灵活的方式应对当下的环境。阿迪达斯品牌是强大的，我们有优秀的员工和足 够的资源，从而在这个充 ...

毛利率52.1％，营业利润6.10亿欧元，营业利益率9.9％，营收61.5亿欧元。 第一季度业绩毛利32.1亿欧元，预估31.6亿欧元。 阿迪达斯全年仍然预测营业利润17亿欧元至18亿欧元，预估20.4亿欧元。 ...

智通财经4月29日电，阿迪达斯第一季度营收61.5亿欧元，第一季度营业利润6.10亿欧元，第一季度毛利 率52.1％。 ...

（耐克） 从筹备到落地，耐克始终围绕女性跑者的真实需求出发，打造一场"由她们参与、为她们发声"的夜跑体验，践行耐克长期致力于支持和服务女性跑者的承 诺。赛事启动伊始，耐克同步开启为期六周的线上线下「耐克上海女子跑步训练营」，围绕耐力、速度、力量等维度，为跑者提供系统训练与科学备赛建 议，积蓄力量，备战夜跑。女性社群的力量也在赛前不断累积。以"耐克跑百巷"为中心，耐克组织多场专属体验活动让女性跑者们在轻松开放的氛围中彼此 连接、自由表达、共同成长。同时，耐克为此次上海站赛事组建了全女子配速员团队，赛道沿途还设置3个亲友加油站，激励和守护着每一位女性夜跑者。 赛事服务细节之处也彰显细致周到，起终点及赛道全程的移动卫生间均配备香氛与卫生巾，为女性跑者安心奔跑提供保障。耐克还携手Hyperice打造专业恢 复专区，在赛后帮助跑者舒缓肌肉、恢复体能。After DarkTour巧妙融合了夜跑、文化、娱乐与社群体验，从起点到终点，每一个细节都为女性跑者而设， 让她们在夜色中感受到被看见、被支持、被庆祝的力量。 上海站之后，After Dark Tour不仅将继续交棒给下一座举办城市，这份能量也将传递给下一代女性。本次Af ...

Core Viewpoint - Nomura has downgraded the target price for Li Ning by 7% from HKD 17.4 to HKD 16.2 while maintaining a "Neutral" rating due to macroeconomic uncertainties and intensified competition in the sportswear industry [1] Group 1: Company Performance - Li Ning has maintained its full-year performance guidance despite the downgrade in target price [1] - The company's retail sales in the first quarter recorded low single-digit growth year-on-year, which is generally in line with market expectations [1] - Sales performance in January and February exceeded expectations, but the sales atmosphere weakened in March and April, particularly in offline channels [1] Group 2: Industry Context - The sportswear industry is facing increased competition, which is expected to negatively impact Li Ning's sales and profitability in the second and third quarters [1] - Macroeconomic uncertainties are contributing to the challenging environment for the company and the industry as a whole [1]

以下文章来源于金角财经 ，作者颖宝 金角财经 . 城市新中产读本，拆解经济事件背后的逻辑。 被中国人带飞。 文 ｜ 颖宝 编辑 ｜ 角爷 来源｜ 金角财经（ID:F-Jinjiao） 封面来源 ｜ 亚瑟士官方 回到被耐克、阿迪达斯统治的校园年代，如果你穿着亚瑟士上学，极有可能会被问："这双安踏多少钱？" 日本运动品牌亚瑟士，于2006年进入中国市场，耕耘已近20年，但"土味""丑"的标签，让它在很长一段时间里，在由年轻人主导的流行文化中存在感薄弱。 在不算太久远的2020年，亚瑟士还处于经营亏损39.5亿日元（约合人民币2亿元）的困境中。 但这两年，亚瑟士彻底逆袭了。 2024年，亚瑟士全球销售额为6785.26亿日元（约合349亿元人民币），同比增长近19%；大中华区营收达1004.98亿日元（约合48.23亿元人民币），同比增 长近30%。此增速水平，安踏和阿迪达斯看了都要沉默。 亚瑟士天猫旗舰店上的热销鞋型，如Contend 4、Kayano 31、GT-2000 12等，均是经典系列成员。Kayano、GT-2000系列均诞生于1993年，Contend系列已 更替至第四代。意味着，吸引当下年轻人的， ...