公司25Q3零售表现坚挺具备多重驱动因素。从产品创新看，据公司公告，公司于25Q3推出多款具备自 主科技创新的新产品，如搭载DWS动能防水系统的"雨屏9代"、优化了中底弧度的专业马拉松跑鞋"飞 燃4.5"等，持续提升公司产品竞争力;从赞助活动看，国内方面公司篮球代言人中国行顺利展开助公司拓 展消费者，国际方面第二十届亚运会、2025柏林马拉松等一系列赛事为品牌增加国际露出度;从品牌端 看，公司旗下芬兰户外品牌ONEWAY焕新出发，门店于25Q3落地郑州及济南，且据ONEWAY微信公众 号，品牌已拥有郑州、北京、济南、大庆、拉萨及西安6家店铺(截至2025年10月7日)，该品牌有望助公 司业绩打开新增长空间。 智通财经APP获悉，华源证券发布研报称，维持361度(01361)"买入"评级，预计公司2025-2027年归母净 利润分别13.15亿元/14.93亿元/16.88亿元，同比分别增长14.50%/13.49%/13.10%。公司在运动服饰赛道 的品牌形象、产品研发能力及营销能力位于上乘。公司品牌力不断提升，且凭借多年深耕行业积累的体 育资源及供应链资源不断提升品牌推广及运营效率，市场份额有进一步提升的潜 ...

记者丨贺泓源 编辑丨高梦阳 始祖鸟中国换帅了。 据中国新闻周刊，10月17日，始祖鸟母公司亚玛芬体育内部公告宣布始祖鸟大中华区总经理Ivan She （佘移峰）离职，其职务暂由亚玛芬大中华区总裁Jeffery Ma（马磊）代理。在过渡期间，马磊将直接 向始祖鸟全球首席执行官Stuart Haselden汇报。 佘移峰是来自亚玛芬大股东安踏的高管。在最新财季，安踏体育持有Amer Sports股份约 41.97%。在安 踏收购亚玛芬后，他曾担任始祖鸟中国市场首任总经理徐阳的副手，负责零售业务，并于今年初升任大 中华区总经理。 马磊则是"空降兵"。他此前担任中乔体育总经理，于今年7月由中乔体育加入亚玛芬，出任大中华区总 裁。马磊曾先后任职于百丽、滔搏及阿迪达斯中国等企业。此次调整为亚玛芬体育大中华区一年内的第 二次高管更替。 10月15日，西藏日喀则市通报《蔡国强：升龙》烟花秀调查结果，认定始祖鸟作为赞助方需依法承担相 应生态环境损害赔偿与生态修复责任，北京蔡国强艺术工作室被立案调查，江孜县多名干部被追责。 "最大市场" 需要注意的是，某种程度上，中国市场决定着始祖鸟的走向。 因为，这里已成为亚玛芬最大市场。在今 ...

记者丨贺泓源 编辑丨高梦阳 始祖鸟中国换帅了。 据中国新闻周刊，10月17日，始祖鸟母公司亚玛芬体育内部公告宣布始祖鸟大中华区总经理 Ivan She（佘移峰）离职，其职务暂由亚玛芬大中华区总裁Jeffery Ma（马磊）代理。在过渡 期间，马磊将直接向始祖鸟全球首席执行官Stuart Haselden汇报。 佘移峰是来自亚玛芬大股东安踏的高管。在最新财季，安踏体育持有Amer Sports股份约 41.97%。在安踏收购亚玛芬后，他曾担任始祖鸟中国市场首任总经理徐阳的副手，负责零售 业务，并于今年初升任大中华区总经理。 马磊则是"空降兵"。他此前担任中乔体育总经理，于今年7月由中乔体育加入亚玛芬，出任大 中华区总裁。马磊曾先后任职于百丽、滔搏及阿迪达斯中国等企业。此次调整为亚玛芬体育大 中华区一年内的第二次高管更替。 10月15日，西藏日喀则市通报《蔡国强：升龙》烟花秀调查结果，认定始祖鸟作为赞助方需依 法承担相应生态环境损害赔偿与生态修复责任，北京蔡国强艺术工作室被立案调查，江孜县多 名干部被追责。 "最大市场" 需要注意的是，某种程度上，中国市场决定着始祖鸟的走向。 在渠道上，2020年，始祖鸟收回了在 ...

大中华区已成为亚玛芬最大市场。 关联内容 强势贾国龙，"放大"西贝的舆论漩涡丨消费快评 始祖鸟中国换帅了。 据中国新闻周刊，10月17日，始祖鸟母公司亚玛芬体育内部公告宣布始祖鸟大中华区总经理Ivan She（佘移峰）离职，其职务暂由亚玛芬大中华区总裁 Jeffery Ma（马磊）代理。在过渡期间，马磊将直接向始祖鸟全球首席执行官Stuart Haselden汇报。 佘移峰是来自亚玛芬大股东安踏的高管。在最新财季，安踏体育持有Amer Sports股份约 41.97%。在安踏收购亚玛芬后，他曾担任始祖鸟中国市场首任总经 理徐阳的副手，负责零售业务，并于今年初升任大中华区总经理。 马磊则是"空降兵"。他此前担任中乔体育总经理，于今年7月由中乔体育加入亚玛芬，出任大中华区总裁。马磊曾先后任职于百丽、滔搏及阿迪达斯中国等 企业。此次调整为亚玛芬体育大中华区一年内的第二次高管更替。 10月15日，西藏日喀则市通报《蔡国强：升龙》烟花秀调查结果，认定始祖鸟作为赞助方需依法承担相应生态环境损害赔偿与生态修复责任，北京蔡国强艺 术工作室被立案调查，江孜县多名干部被追责。 客观上，被安踏收购后，始祖鸟确实深度打开了中国市场。 ...

证券研究报告 | 2025 年 10 月 21 日 晨会集萃 1、在全年赚钱效应已较充分兑现的背景下，四季度资金行为易趋于保守， 叠加政策预期与业绩验证窗口共振，市场风格往往阶段性转向"盈利质量 +估值安全"的大盘蓝筹。整体而言，根据 2005-2024 样本，微盘股胜率 领先，但各风格之间的差异并不明显，表明四季度或存在风险再平衡特征。 2、行业层面，领涨行业多集中在金融、稳定、顺周期板块，一定程度上 反映年底投资者风险偏好下降，存在锁定年内收益的需求。3、同样考虑 与今年类似的前三季度大盘整体走牛行情，可以观察到存在两种逻辑：一 是"滞涨补涨+高涨幅获利了结"的切换逻辑。第二个逻辑是主线的定力， 如 2017 年的食品饮料和 2020 年的机械设备、电力设备、军工等中游制 造。4、四季度需关注低估值板块切换条件是否成熟，以及高位板块景气 能否持续。目前，部分金融、周期、消费等顺周期板块估值仍处于历史低 位，存在安全边际和切换空间，但我们认为仅凭低估值或难驱动持续性行 情，需叠加政策催化、经济数据改善。 风险提示：1）过去历史经验仅供参考；2）政策出台和落地具备不确定性； 3）海外流动性超预期收紧。 《策略 ...

丨2025年10月21日星期二丨 NO.1Gucci母公司拟以40亿欧元出售美容业务 点评：随着旅游需求回暖，折扣套餐有望刺激更广泛消费。补贴和低价营销背后，也是旅游商家把握四 季度淡季流量的重要举措。对于平台来说，旅游商品供应量倍增，叠加阿里系会员权益，能提升飞猪平 台粘性与转化率。 NO.3 前三季度全国铁路发送旅客35.4亿人次 10月20日，据"中国铁路"微信公众号消息，今年前三季度，全国铁路发送旅客35.4亿人次，同比增长 6%，再创历史同期新高，全国铁路运输安全平稳有序。 点评：前三季度铁路客运量创新高，显示居民出行需求在假日经济、探亲旅游等多重因素推动下持续释 放。 NO.4 李宁入驻美团闪购 10月20日，李宁品牌宣布正式入驻美团闪购平台，近千家门店同步上线，业务覆盖全国近百个城市，实 现全品类、全年龄段专业运动装备全量供给。据了解，李宁将持续与美团闪购探索"闪电仓"等创新业务 模式，并计划年内逐步实现全国各级市场全面覆盖。在此之前，阿迪达斯、迪卡侬、耐克、滔博、 361°、安踏等知名运动品牌已先后打通即时零售销售渠道。 10月20日，Gucci母公司开云集团正式宣布与欧莱雅集团达成协议，欧莱 ...

Core Insights - The main brand of the company showed stable performance in Q3 2025, with a low single-digit year-on-year growth in overall channel revenue, consistent with Q2's performance, meeting expectations. Online sales outperformed offline, maintaining double-digit growth, while children's products outperformed adult products [1][2] - The Saucony brand experienced rapid growth, with over 20% year-on-year growth in overall channel revenue in Q3, and offline revenue increasing by over 30%. The company opened 16 new stores, primarily in key business districts of first and second-tier cities, maintaining an annual store opening target of 30-50 [1][2] Revenue and Inventory Management - The main brand's inventory turnover ratio was between 4-4.5 months in Q3, with discount levels maintained at 7-7.5%, indicating healthy inventory management and low discount pressure. Saucony's inventory and discount levels were also within controllable ranges, allowing flexibility for Q4 promotions [2] - The company is continuously innovating its channel strategy, increasing its presence in outlet formats. The new store formats, including the 9th generation stores and leading stores, now account for over 70% of the total store count, with a focus on high-end outlet malls [2] Strategic Initiatives - The company is optimizing its multi-brand matrix by planning to divest its fashion sports brand in 2024, focusing on core running business to enhance resource allocation. The DTC transformation is set to begin in 2025, aiming for a more efficient and high-quality channel layout [3] - The company plans to reclaim approximately 100 stores in Q4, with a total of 400 stores by the end of 2025, involving a capital expenditure of around 400 million yuan. This move is expected to enhance long-term channel competitiveness and enable the company to respond quickly to changes in terminal demand [2][3]

Core Insights - The company reported a low single-digit year-on-year growth in retail sales for its main brand in Q3 2025, with retail discount levels between 70% to 75% and inventory turnover ranging from four to four and a half months [1] - Saucony's retail sales, including both online and offline channels, exceeded 20% year-on-year growth [1] - The company has made significant strides in brand building, partnering with international events and athletes, and providing official gear for major competitions [1] Brand Development - The company has positioned itself as a global partner for the 12th World Games in 2025, providing exclusive official gear [1] - At the World Athletics Championships, athletes showcased the company's new racing shoes, highlighting its commitment to professional equipment [1] - The company continues to invigorate the Chinese marathon industry by supporting athletes' daily training with professional gear [1] Focus on Youth Development - The company has launched antibacterial children's pants to support young dancers and is collaborating with various authoritative institutions to promote scientific growth [1] - It has published the "Golden Blue Book on Youth Sports Growth" and established a "Youth Sports Growth Joint Laboratory" to implement its findings [1] - The company offers foot testing, equipment adaptation, and sports guidance services to promote scientific sports practices among families [1] Saucony's Growth - Saucony has become one of the top four running shoe brands globally, experiencing a turnaround since the company took over its operations in mainland China and Hong Kong in 2019 [2] - The brand has expanded its product lines and completed its offline presence in first-tier and core second-tier cities, with 155 stores in mainland China as of June [2] - Since re-launching its direct operations in China, Saucony has achieved a compound annual growth rate exceeding 100%, with revenue expected to surpass 1 billion RMB in 2024 [2] Financial Projections - The company maintains its profit forecasts for 2025-2027, expecting revenues of 14.6 billion RMB, 15.4 billion RMB, and 16.5 billion RMB respectively [2] - Projected net profits for the same period are 1.4 billion RMB, 1.5 billion RMB, and 1.7 billion RMB, with corresponding EPS of 0.50 RMB, 0.54 RMB, and 0.61 RMB [2] - The company maintains a "buy" rating based on these projections [2]

Core Viewpoint - The company reported stable growth in retail sales for its main brand and the Saucony brand in Q3 2025, with the main brand's sales increasing by a low single-digit percentage year-on-year and Saucony's sales exceeding 20% growth [1][2]. Group 1: Sales Performance - The main brand's retail sales discount was maintained at 7.0-7.5, with a channel inventory turnover ratio of 4.0-4.5 months, indicating stable inventory levels [2]. - The main brand's sales growth in Q3 was better in July and August compared to September, with online sales outperforming offline sales [1][2]. - The children's category outperformed the adult category, and footwear sales surpassed apparel sales, with functional products, especially running and outdoor categories, leading the growth [1]. Group 2: Brand Strategy and Management Outlook - Saucony implemented strategic adjustments to its online business by reducing low-priced products and tightening discounts to synchronize online and offline offerings, achieving over 30% growth in offline sales [2]. - The management maintained its guidance for 2025, expecting the main brand to continue growing and Saucony's revenue to increase by over 30%, with profits projected to grow by more than 10% [2]. Group 3: Investment Recommendations - The company is optimistic about the main brand leveraging its running category advantages for steady sales growth, while professional sports brands are expected to see rapid growth and profit improvement [3]. - The company forecasts net profits of 1.4 billion, 1.49 billion, and 1.6 billion yuan for 2025-2027, representing year-on-year growth of 13.2%, 5.9%, and 7.7% respectively [3]. - A reasonable valuation range of 6.1-6.6 HKD is maintained, corresponding to a 2025 PE of 11-12x, with an "outperform" rating upheld [3].

研究报告 Research Report 20 Oct 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W42 周度趋势解析：各板块持续轮动，股价回调提供买入机会 Week 42 Discretionary Trends: Sectors Continue Rotation as Price Pullbacks Present Buying Opportunities [Table_yemei1] 观点聚焦 Investment Focus 牌表现分化 Week 38 Discretionary Trends: Macau Gambling Sector Stands Out, Domestic | 股票名称 | 评级 | 股票名称 | 评级 | | --- | --- | --- | --- | | 耐克 | Outperform 科沃斯 | | Outperform | | 美的集团 | Outperform 波司登 | | Outperform | | 京东集团 | Outperform 石头科技 | | ...