2025年4月，国内运动品牌安踏发布其 2024 年度 ESG 报告，披露可持续产品占比超过30%，温室气 体直接排放（范围一）同比下降 11.1%，且其MSCI ESG评级在两年内跃升3级至"A"级。 紧接着，另一国内鞋服龙头特步也发布其第9份ESG报告。去年，特步国际控股有限公司在MSCI ESG 评级中升至A级（2022年为BB级，2023年为BBB级），成为中国体育用品行业首个获得MSCI ESG A评级的企业，显示了其在可持续发展的努力成果。 两大鞋服企业评级迅速提升说明一个信号： 鞋服产业——这一长期以来被视为资源密集、环境负荷 大的轻工业分支，正面临被重新定义的时刻。 在消费者环保意识觉醒、资本市场 ESG 评级敏感度提升、全球供应链绿色要求趋严三重力量的推动 下，中国鞋服企业不得不把 ESG 从"可选项"变为"必须项"。 出品｜虎嗅ESG组 作者｜陈玉立 头图｜视觉中国 本文是 #ESG进步观察 #系列第153篇文章 本次观察关键词：鞋服企业ESG 在碳排放披露情况方面，目前安踏、特步与华利集团三家企业做了范围3的披露， 国内大部分上市鞋 服企业仍然以范围一、二披露为主。 以安踏为例，2024 ...

当运动服饰的竞争从面料、设计延伸到人体科学与材料工程，进博会已成为品牌向全球展示研发实力的窗口。 现场展台工作人员介绍，棉服内填充了直径仅为头发丝1/5的空心纤维，通过3D立体中空结构在衣物内形成稳定空气囊，实现和同等级羽绒服一样温暖的同 时，在湿度达80%的环境下仍保持保暖性能，并且机洗不结块，更适合户外、旅游等场景。 2026年将迎来世界杯。作为连续15届世界杯的官方赞助商，阿迪达斯在本届进博会特设世界杯展区，首次在中国国内展出为德国、阿根廷、西班牙及意大利 国家队设计的2026年世界杯主场球衣。 进博会上，耐克首发其基于神经科学的鞋类产品Nike Mind。这项技术集科学、工程与制造于一体，历经十余年研发，通过鞋底分布的22个独立泡绵球激活 足部触觉感受器，通过建立身体与大脑的连接，帮助运动员提升专注力与临场感。不少观众在展区体验这一产品。 为验证产品效果，耐克神经科学家团队在研发过程中使用了脑电图等工具监测大脑活动。研究显示，运动员赛前穿着该鞋款时，与专注和放松相关的α脑波 活动显著增强。据悉，该产品预计于2026年1月正式上市。 Nike Mind由耐克新成立的心智科学部门研发，该部门隶属于耐克运动 ...

Group 1 - The demand for winter clothing has surged as temperatures drop across the country, coinciding with the Double 11 e-commerce promotion, leading to significant sales growth in warm footwear and apparel [1] - During the Double 11 period (October 20 - November 5), over 10,000 small and medium-sized footwear and apparel merchants on Douyin e-commerce saw their sales from live broadcasts increase by over 100% year-on-year, with specific categories like anti-cold parkas and thermal shapewear experiencing growth of 400% and 150% respectively [1] - The live streaming format has enabled many small merchants in the warm clothing sector to capitalize on growth opportunities, with notable products including snow boots and thermal underwear seeing explosive sales increases of over 10 times [1] Group 2 - A niche product, the autumn-winter Birkenstock shoes, has become a bestseller for several merchants on Douyin, with one merchant achieving sales of over 4,000 pairs for a single product during Double 11, with 75% of their revenue coming from live broadcasts [2] - The rise of the live streaming economy has allowed brand owners and second-generation factory owners to gain new growth by innovating their live content and personal style, with one brand's special live session achieving sales exceeding 10 million [2] - The expansion of professional live streaming teams and the creation of realistic product demonstration environments have been key strategies for brands to showcase product performance effectively [3] Group 3 - Over 41,000 merchants on Douyin e-commerce achieved a 500% year-on-year increase in sales through live streaming during the first phase of Double 11, with the number of merchants generating over 100 million in sales from live broadcasts increasing by 900% [3] - The platform has implemented various support measures for merchants, including commission waivers, fee reductions, cash subsidies, logistics support, and traffic incentives, saving merchants approximately 22 billion yuan in operating costs in the first three quarters of the year [3] - The integration of personal branding and deep engagement in live streaming has enriched the consumer experience, with over 100 brand owners participating in special live events during Double 11 [3]

Core Insights - The eighth China International Import Expo (CIIE) opened on November 5, showcasing Skechers' commitment to the Chinese market for the seventh consecutive year, highlighting the brand's product strength and innovative vitality [1] - Skechers presented a comprehensive range of comfort technology products, reinforcing its positioning as a "Comfort Walking Expert" and demonstrating its dedication to sustainable practices and community engagement [1][3] Product Showcase - Skechers unveiled a series of new products at the expo, including the SKX AERO RAZOR and SKX AERO BURST running shoes, SKX_2 ELITE FG soccer shoes, and COZY FIT cloud shoes, catering to various sports and daily life needs [2] - The new COZY FIT shoes feature Slip-ins technology, ensuring comfort and support for daily activities such as commuting and travel [2] Children's Initiative - The Skechers KIDS series emphasizes the brand's vision of being the "most understanding of children and the first choice for parents," integrating sustainability into consumer habits through a "trade-in" program [3] - The immersive exhibition space included interactive experiences and a public welfare area showcasing the "trade-in" project and the "Skechers FRIENDSHIP WALK" initiative [3] Market Commitment - Skechers' CEO for China, Korea, and Southeast Asia expressed the company's determination to deepen its investment in the Chinese market, focusing on localized strategies and innovative comfort technology products to meet consumer demands [3]

Core Insights - Skechers is committed to increasing investment in the Chinese market, recognizing its development potential [1] - The China International Import Expo (CIIE) serves as a significant platform for international procurement, investment promotion, and cultural exchange, enhancing brand visibility and creating collaboration opportunities [1] - The demand from Chinese consumers for high-quality and personalized products is driving global industry resources to converge in China, positioning it as a testing ground for innovative products and technologies [1] Company Strategy - Skechers plans to deepen its localization efforts in China, focusing on product research and development, direct-to-consumer (DTC) business, digital upgrades, e-commerce channel development, and market expansion [1] - The company has participated in the CIIE for seven consecutive years, indicating its long-term commitment to the Chinese market [1] Market Trends - The continuous improvement of the CIIE's exhibition standards and services has facilitated smoother processes for exhibitors and buyers, reflecting a growing enthusiasm among participants [1] - The open nature of the Chinese market provides foreign companies with opportunities to connect deeply with local supply chains, partners, and consumers [1]

Core Insights - The Yangtze River Delta region is showing significant economic growth, driven by policy advantages and geographical benefits, with a notable GDP performance in the first three quarters of 2025 [1] - The integration strategy in the region is fostering innovation and industrial upgrades, leading to a reshuffling of the top cities by GDP [1] Group 1: GDP Performance - Shanghai leads with a GDP of 40,721.17 billion yuan, showing an 18.4% nominal growth compared to the previous year [2] - Suzhou ranks second with a GDP of 19,930.21 billion yuan, growing by 7.8% [2] - Wenzhou, despite being ranked tenth, achieved the highest growth rate at 10.1%, with a GDP of 7,414.40 billion yuan [2][7] Group 2: City-Specific Developments - Suzhou's economic resilience is attributed to its proximity to Shanghai and significant foreign investment in sectors like biomedicine and high-end manufacturing, with over 35% of industrial output from these sectors [3] - Hefei is closing the gap with Wuxi, with a GDP of 10,252.4 billion yuan and a growth rate of 5.7%, driven by investments in AI and new energy vehicles [5][6] - Wenzhou's growth is fueled by its vibrant private economy, with digital transformation in traditional industries and a 15% increase in photovoltaic exports [7][8] Group 3: Policy and Infrastructure - Hefei's "chain leader system" for precise investment attraction has enhanced its new display industry's global market share to 20% [6] - Wenzhou's designation as a national autonomous innovation demonstration zone is facilitating market reforms that reduce financing costs for businesses [7] - Infrastructure improvements, such as the completion of the Ningbo-Taizhou-Wenzhou expressway, have increased logistics efficiency by 20% [7] Group 4: Competitive Landscape - The competition among cities in the Yangtze River Delta is characterized by a blend of innovation ecosystems and open economic structures, with each city leveraging its unique strengths [9]

Core Viewpoint - Zhejiang Red Dragonfly Footwear Co., Ltd. is focusing on brand transformation and expansion into new product categories to enhance its market presence and appeal to younger consumers [2][3]. Financial Performance - In the first three quarters of the year, the company achieved a revenue of 1.505 billion yuan and a net cash flow from operating activities of 97.16 million yuan, indicating a positive cash flow trend [2]. Brand Strategy - The company is celebrating its 30th anniversary by repositioning itself as a "leisure fashion footwear lifestyle brand," aiming to enhance product comfort and style for consumers [2]. - A significant event was held in August to showcase this new brand positioning, emphasizing the launch of products that cater to the needs of younger consumers [2]. Marketing and Engagement - The company’s president, Qian Fan, has increased participation in live-streaming e-commerce, conducting nearly 40 live sessions in the past two months, which has significantly boosted his personal brand and the company's visibility on platforms like Douyin [3]. - This strategy is part of a broader brand upgrade aimed at bridging the gap between traditional brands and younger consumers, enhancing brand recognition [3]. Product Expansion - Red Dragonfly is officially entering the bag market, aiming to provide consumers with a one-stop solution for footwear and bags [2]. - The company is building a diverse brand matrix that includes Red Dragonfly, Red Dragonfly KIDS, and GONGJI to meet the personalized and situational needs of different consumer groups [3].

Group 1 - ST Qibu held its fourth fifth board meeting on October 30, 2025, in Huzhou, Zhejiang Province, to discuss the appointment of a securities affairs representative and other documents [1] - For the year 2024, ST Qibu's revenue composition is 97.91% from the footwear and apparel industry and 2.09% from other businesses [1] Group 2 - As of the report, ST Qibu has a market capitalization of 1.5 billion yuan [2]

Core Viewpoint - Eight Horses Tea's debut on the Hong Kong Stock Exchange marked a significant milestone after a 12-year journey, reflecting the challenges faced by the traditional tea industry in capitalizing on market opportunities [1][3][15] Group 1: Company Overview - Eight Horses Tea opened at HKD 80, a 60% increase from its IPO price of HKD 50, with a trading volume of HKD 106 million on its first day, reaching a market capitalization close to HKD 7.2 billion [1] - The company was founded by the Wang brothers and initially focused on Tieguanyin tea, later expanding to cover six major tea categories [3][4] - The company faced multiple setbacks in its attempts to go public, including failed applications to various stock exchanges due to regulatory challenges and market conditions [3][4][5] Group 2: Industry Challenges - The Chinese tea industry has struggled with capital market integration, characterized by low standardization and high dependency on natural conditions, which complicates profitability and predictability [16][20] - The tea market is fragmented, with over 160,000 tea companies and a lack of dominant brands, making it difficult for any single company to achieve significant market share [11][12][20] - The traditional tea sector's reliance on physical retail channels contrasts with the more established brand and distribution models seen in the liquor industry, leading to a cautious approach from investors [17][18] Group 3: Governance and Business Model - Eight Horses Tea's governance structure is heavily influenced by family ties, raising concerns about potential conflicts of interest and decision-making diversity [7][9] - The company has established a complex network of alliances through familial connections with other businesses, which provides both support and scrutiny in the capital market [7][8] - The reliance on a franchise model for 92% of its stores raises questions about the sustainability of its business model, especially given recent declines in new store openings and purchasing volumes [12][18] Group 4: Market Position and Future Outlook - Despite aspirations to become the "Moutai of tea," Eight Horses Tea faces significant challenges in scaling and profitability compared to the liquor industry, where Moutai enjoys a dominant market position [11][12] - The company's revenue for 2024 is projected to exceed CNY 2 billion, but this is still significantly lower than the revenue generated by leading liquor brands [11][12] - The capital market's preference for innovative and high-growth companies poses a challenge for traditional tea enterprises, which often struggle to meet modern investor expectations [18][20]

Core Insights - Deckers Brands reported a 9.1% year-over-year increase in net sales for Q2 of fiscal year 2026, reaching $1.431 billion, with a net profit of $268 million and diluted earnings per share (EPS) of $1.82 [1] Group 1: Brand Performance - HOKA brand achieved a net sales increase of 11.1% year-over-year, totaling $634.1 million, continuing its double-digit growth momentum [1] - UGG brand saw a net sales increase of 10.1% year-over-year, reaching $759.6 million [1] Group 2: Future Outlook - For the full fiscal year 2026, Deckers anticipates net sales to be approximately $5.35 billion, with HOKA expected to grow in the low double digits and UGG projected to grow in the low to mid-single digits [1] - Diluted EPS is expected to be in the range of $6.30 to $6.39 [1] Group 3: Management Commentary - The CEO of Deckers Brands, Stefano Caroti, emphasized the company's commitment to long-term strategy through continuous product innovation, excellent operational execution, and stable financial performance [1]