Core Insights - The youth sports shoe market in China is experiencing significant growth, driven by increased demand from parents for suitable running shoes for their children, particularly in light of new educational policies promoting physical activity [2][4][6]. Market Overview - The Chinese sports shoe market is projected to exceed 500 billion yuan by 2025, with a compound annual growth rate (CAGR) of 8%-10% [2]. - The youth segment is growing faster than the overall market, with an expected annual growth rate of 12.5% or higher [6]. Consumer Behavior - Parents are increasingly purchasing running shoes for their children, especially in preparation for physical fitness tests, leading to a surge in sales [4][5]. - The popularity of "test shoes" has led to a 976% increase in sales during specific promotional periods [4]. Brand Strategies - Major brands like Li Ning, Anta, and 361 Degrees are actively launching new products tailored for youth, including specialized running shoes and multi-sport options [5][9]. - Brands are also engaging in community-building activities such as running camps and parent-child competitions to capture market share [5]. Technological Advancements - Domestic brands are investing heavily in research and development, with Li Ning increasing its R&D expenditure by 9.3% to 676 million yuan, while Anta plans to invest 20 billion yuan over the next five years [9]. - The focus on technology and product performance is evident, with brands developing shoes that cater specifically to the needs of young athletes [9][11]. Market Potential - The youth sports consumption market is estimated to have a potential scale of 235 billion yuan, supported by government policies encouraging sports participation among students [7]. - The youth population engaged in sports is approximately 130 million, indicating a robust market opportunity [7]. Competitive Landscape - Domestic brands are gaining traction due to their understanding of local consumer preferences, offering stylish, affordable, and functional products [11]. - The competitive environment is intensifying, with brands shifting focus from just product offerings to enhancing overall consumer experience [13]. Health Considerations - Experts emphasize the importance of selecting appropriate footwear for youth, cautioning against overly specialized shoes that may not support healthy foot development [15][16].

编号：2025-016 | 投资者关系 | 特定对象调研 □分析师会议□媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动□现场参观 □其他 | | 参与单位名称 及人员姓名 | 博时基金-蔡滨、林博鸿、李喆、郭永升，西部证券-于佳琦、高林峰、翟薇 | | 时间 | 2025年6月25日 | | 地点 | 中山 | | 上市公司 接待人员姓名 | 董事长张聪渊、副总经理张文馨、董事会秘书方玲玲 | | | 参加公司组织的调研活动（线下）的来访人员按深交所规定签署了《承诺书》。 | | | 投资者与公司的交流情况： | | | 问：公司毛利率、净利率表现较同行好的原因？ | | | 答：原材料价格的波动、人工成本的上涨、产能利用情况、员工的熟练度等因素都会影 | | | 响毛利率。公司毛利率表现比较好主要得益于公司客户结构和产品结构的调整以及精益 | | | 生产等措施的推进、工厂运营效率的提高。公司内部管理扁平化，不断优化管理模式和 | | | 运营流程，形成了一套标准化且有效的管理运营系统。比如事业部（群）会设定绩效指 | | | 标，同时公司按照业务规模拟 ...

中金研究 2025年上半年，虽然政策不确定性有明显升高，但全球经济整体平稳运行，除美联储外的其他主要央行持续降息。我们认为下半年，美国和非美地区 的经济动能将走向收敛，主要受美国经济放缓的推动。非美地区因货币政策相对宽松，产出缺口仍有修复空间具备一定优势，但下半年的修复幅度面 临高政策不确定性以及上半年出口和增长前置的制约。在这个背景下，下半年我们更看好非美地区的机会，对欧洲市场保持相对乐观，提升新兴市场 的权重。但我们认为区域表现的分化或小于上半年，建议平衡配置。行业层面展望下半年，自下而上我们分析师对所覆盖行业的偏好依次为: 科技（通 信、软件、广告>电子>内容），工业（电力设备>自动化），金融，我们对消费以及偏消费的制造业（家电、汽车）、大宗原材料保持谨慎。 *本文为原文报告部分节选，原文还涵盖1季度全球行业业绩回顾和全球主要公司针对关税影响的反馈，以及具体投资建议，详见《 全球研究2025下半 年展望： 贸易冲击与经济格局重塑下的全球投资 》 点击小程序查看报告原文 贸易冲击与经济格局重塑下的全球投资 我们认为下半年 ，美国和非 美地区的经济动能将走向收敛，主要受美国经济放缓的推动。 在美国私人部门的 ...

文 | 源Sight安然 匡威（Converse）或许也想找回三步上篮的美梦。 近日，在NBA总决赛G2的较量中，雷霆坐镇主场迎战步行者。上一场G1，步行者哈利伯顿（Tyrese Haliburton）依靠最后0.3秒的"哈利魔法"逆转拔得头筹。轮到G2，雷霆队当家球星亚历山大（Shai Gilgeous-Alexander）以123：107轻取对手，将比分扳回1：1平。 随着亚历山大出场，同样引人瞩目的还有匡威为其打造的初代签名鞋Shai 001。亚历山大已经穿着这双 战靴征战了半个赛季，但该鞋迟迟没能来到普通消费者手中。在赛前预热环节，匡威曝光了Shai 001全 新配色"Masi Blue"，新款预计于今年秋季登场，售价130美元一双。 对大众来说，匡威似乎在篮球赛场上销声许久，从上一世纪80年代耐克AJ横空出世后，匡威与篮球的 联系日益疏离。 尽管也有签约韦德（Dwyane Wade）、普里查德（Payton Pritchard）等引起过一定反响，但对品牌在篮 球舞台上的影响力提升始终有限，一提起匡威，人们想到的大多还是潮流属性的帆布鞋。 然而，因缺乏创新、放量失控、折扣泛滥等问题，沉浸街头潮流文化的 ...

以下文章来源于书单SHUDAN ，作者书单 书单SHUDAN . 对世界的另一种关注。 短短几年，亚瑟士何以逆袭？ 文 ｜ 笔下长青 编辑 ｜ 宋函 来源｜ 书单SHUDAN（ID：SHUDAN20150423） 封面来源 ｜ 视觉中国 名气不如耐克阿迪，但在地铁通勤、公园晨跑、马拉松比赛却经常人脚一双，有着"日本版安踏"之称的跑鞋之王亚瑟士，近两年在国内似乎越来越火。 亚瑟士的国际化战略，和今天的安踏特别像。亚瑟士2006年进入中国市场，将近20年来不但存在感弱，大部分时间还在亏损。然而这两年亚瑟士营收逆袭， 2024年全球销售额约349亿元人民币，同比增长近19%；其中，大中华区营收达48.23亿元，同比增长近30%，增速已经超过前两大市场欧洲和北美。 短短几年，亚瑟士何以逆袭？ 只要发亚瑟士的内容 流量就比平时高 "我只要发亚瑟士的内容，流量就比平时高。"资深球鞋博主阿泰如此说："上个月发的亚瑟士V16，其实是很老的一款鞋，只因为一个新的配色，就引来很 多人咨询，尽管这个配色实际上已经是去年的配色了。" 他是亲身感受到了亚瑟士近一两年在国内的走红，在他这些年对鞋子的研究中，看到不止一个国产品牌的鞋子在对 ...

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华商韬略出品 丨 ID：hstl8888 1996年，16岁的谢霆锋背负"星二代"光环出道，却在嘘声中开启职业生涯。 彼时无人料到，这位在舞台上摔吉他的摇滚少年，会在未来以演艺明星、创业家的双重身份， 为香港娱乐和商业撑起新—代的颜面。 以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作 者 丨 金玉 2025年4月末，时隔20年，谢霆锋重启演唱会，舞台无华服、无嘉宾、无安可，却用一首首经 典曲目唤醒一代人的青春。 这场"三无"演唱会，恰似他跨界事业生涯的隐喻：忠于自我，做到极致。 01 锋味 2011年，谢霆锋悄然走进厨房。 他记得这样一幕，有一天在香港的家中，一家四口罕见团聚。晚饭前，妹妹谢婷婷等大家落座 后，轻声说出一句："爸爸吃饭，妈妈吃饭，哥哥吃饭。" 几秒后，她看向谢霆锋说："你知不知道，我已经十三年没说过这句话了？" 忠于自我，做到极致。 谢霆锋当场愣住。 后来在接受采访时，他说："那一刻我觉得自己很失败。我管理着几家公司，不算很厉害，但也 有一百多名员工；曾有自己的小家，两个儿子，结婚又离婚；但十三年来，我竟然没能和爸 妈、妹妹，全家人坐下来好好吃顿饭。" ...

Core Insights - The article highlights the transformation of athletic shoes into fashion statements through the introduction of decorative elements like ribbons and lace, catering to the diverse aesthetic needs of Generation Z consumers [1][5][6] Industry Trends - The trend of "shoe lace revolution" is leading to a more personalized and diverse phase in sports consumption, with brands incorporating feminine elements into athletic shoe designs [1][2][3] - Social media platforms are playing a significant role in promoting this trend, with tutorials and user-generated content driving engagement and interest in customizable shoe laces [2][6] Consumer Behavior - Over 80% of young consumers own more than five pairs of athletic shoes, indicating a shift from basic functionality to a focus on personal expression and style [5][6] - The popularity of decorative shoe laces reflects a growing demand for low-cost, high-reward style modifications, allowing consumers to express their individuality without the need for new shoes [6][7] Market Dynamics - The "shoe lace economy" is emerging as a significant market segment, with sales of decorative laces like satin and lace reaching thousands of units monthly on platforms like Taobao [4][5] - Brands are adapting their strategies to focus on modular, DIY systems that enhance consumer interaction and loyalty, transforming retail spaces into style experience hubs [6][7]

当客户想要一些超出公司"核心能力"的新东西时，第一反应不要拒绝，而是说："行，我们能做。" 1 "问题导向，而不是产品导向" 在如今的大公司中，一切都围绕着产品进行。在美国的时候，我家用了好多年的汰渍有了些许变化。我和 家人都看出来了，这是来了一位新的产品经理，他们把洗衣粉蓝色的颗粒换成了绿色，然后称之为"全新升 级"。这是创新吗？我不太确定。 可口可乐发生了什么？除了经典可乐，他们后来还推出了健怡可乐、零度可乐、香草可乐和樱桃可乐等各 种可乐，同样，这算不算一种创新？我觉得不是， 对企业家来说，我们不关注产品，更关注问题 。 来源：TED官网截图 伦敦商学院创业教授约翰·马林斯（John Mullins）在之前的TED演讲中曾分享了几种"反传统"企业家思维。他认 为，在某些事情即将发生时，思维率先决定我们对其的反应。这些事情，就是企业家获得成功的机会。 在他看来，"行，我们能做""重视解决问题""思考聚焦一些""大胆要钱""很多东西可以借"这些"反传统"企业家思 维可以帮助创业者或企业家解决他们正面临的困难和挑战。 1 "行，我们能做" 商学院的入门战略是这么说的：我们在一家企业中该做的是"尽其所长"。我们 ...

Core Insights - ASICS has transformed from a brand perceived as "dad shoes" to a favorite among young consumers, particularly with its Contend 4 model gaining popularity in urban settings [2][4][6] - The company's sales in the Chinese market have shown remarkable growth, with projected revenues of approximately 3.03 billion RMB, 3.77 billion RMB, and 4.88 billion RMB from 2022 to 2024, respectively, marking a strong upward trend [4][24] - ASICS has capitalized on the growing awareness of foot health, particularly among young workers suffering from flat feet, positioning itself as a solution for comfort and support [8][12][9] Market Performance - ASICS's global revenue surged by 19% year-on-year in 2024, with the Greater China region leading the growth at nearly 30% [4][24] - The brand's net sales in China increased from 62.4 billion JPY to 100.5 billion JPY from 2022 to 2024, a 61% increase over three years [24] - ASICS's Gel-Kayano and other classic models have seen a resurgence in popularity, with a 600% increase in trading volume for retro models in the first half of 2024 [20][24] Consumer Trends - Young consumers are increasingly prioritizing comfort and foot health over brand prestige, leading to a shift in purchasing behavior towards ASICS [12][19] - The rise of retro fashion has benefited ASICS, as its designs resonate with current trends, and collaborations with various brands have increased its visibility [20][22] - Social media has played a significant role in ASICS's resurgence, with discussions around foot health and comfort gaining traction among younger demographics [11][12] Competitive Landscape - ASICS faces intense competition in the retro sneaker market, with brands like New Balance and Nike also targeting the same consumer base [26][29] - The brand's technical advantages, such as its GEL cushioning technology, are being challenged as competitors improve their offerings [26] - Quality concerns have emerged, with reports of product defects and complaints about durability affecting brand perception [28][29] Future Outlook - ASICS must navigate a rapidly changing market landscape, where consumer preferences can shift quickly, and competition is fierce [29] - The brand's ability to innovate and tell new stories to consumers will be crucial for maintaining its momentum in the Chinese market [29]