近几年，阿迪达斯和耐克都在重新审视调整自己的市场策略，特别是更换CEO后的耐克，市场都在期待新CEO上任能带来业绩的明显变化。 作为阿迪达斯和耐克的零售运营商，滔搏也在等待拐点，只不过这个拐点不是等待出来的，而是"制造"出来的。2025年，运动零售运营商滔搏先后宣布与英 国专业跑步装备品牌soar、挪威高端户外品牌Norrøna签约，成为它们在中国市场的独家运营合作伙伴，全面负责这两个品牌在中国市场的品牌传播、市场推 广、渠道销售、消费者运营等全链路运营工作。 如果说，阿迪达斯和耐克面向的是更广泛的大众运动市场，是竞技体育领域运动品牌的标杆，那么滔搏先后签约的这两个品牌，则聚焦跑步和户外两个细分 市场，更多地代表了垂类领域消费者对运动生活方式的偏好与需求。 户外和跑步运动市场是近两年体育用品市场较大的增量空间。对于这一趋势变化，滔搏早有洞察。根据滔搏出品的《中国泛年轻人群运动消费白皮书》的定 量调研结果，在年轻群体运动偏好榜中，跑步因被49.2%的调研者选择而排名第一，篮球排名第二，羽毛球排名第三，足球仅排名第六。 而户外作为一种新兴潮流生活方式，深受年轻人喜爱。这里说的户外，包括滑雪、骑行、潜水、冲浪、攀岩 ...

Core Insights - Adidas has opened its first global flagship store for the Trefoil brand in Shanghai, marking a significant milestone in its "In China, For China" strategy [1][4][8] Store Opening and Design - The flagship store is located at 322 Anfu Road and is the first international sports brand store in the area, which is known for its fashion and cultural appeal [1][4] - The store is housed in a historical cinema building, integrating classic brand elements with local culture, providing a unique shopping experience [5][6] - The store spans approximately 290 square meters over two floors, featuring a central stage area and four themed "cinema" zones, enhancing the cultural resonance with consumers [5][6] Product Launch and Marketing Strategy - On the opening day, Adidas launched a global first with its Trefoil pet series, emphasizing the emotional connection between pets and their owners through fashion [7] - The company aims to leverage the "first launch economy" by introducing exclusive products in the store, enhancing consumer engagement and experience [8] - Adidas is focusing on localized operations and innovation to improve product and service quality, aiming to capture the evolving consumer preferences for experiential shopping [8] Financial Performance - In Q1, Adidas reported global revenues of €6.153 billion, a 13% year-on-year increase, with operating profit rising 82% to €610 million [9] - The Greater China region achieved revenues of €1.029 billion, also reflecting a 13% year-on-year growth, marking eight consecutive quarters of quality growth [9]

Core Insights - Adidas has opened its first global flagship store for the "Three Stripes" brand in Shanghai, located at 322 Anfu Road, marking its entry into the area as the first international sports brand store [1][3] - The flagship store is designed to be the highest specification of Adidas' direct-operated stores, featuring the latest products, limited collaborations, and regional specialties [1][3] Group 1: Store Strategy - Adidas is focusing on establishing flagship stores in core business districts of first and second-tier cities while collaborating with distributors in lower-tier markets to reach a broader consumer base [3] - The Anfu Road store is part of Adidas' "pyramid" distribution network, with a higher product turnover rate, introducing new products weekly [3] Group 2: Store Design and Local Integration - The store's design incorporates elements from its previous identity as a cinema, blending cinema aesthetics with local culture, while maintaining the original architectural features [3][5] - The store aims to be a good neighbor, aligning with local street characteristics, and features a limited release of a new pet product line, along with regionally inspired limited items [5] Group 3: Financial Performance - In the first quarter of this year, Adidas reported global revenue of €6.153 billion, a 13% increase year-over-year in currency-neutral terms, with operating profit rising 82% to €610 million [5] - The Greater China region achieved revenue of €1.029 billion, also reflecting a 13% year-over-year growth, marking eight consecutive quarters of "quality growth" [5]

原标题：全国女子水球冠军赛上海队险胜夺冠 2025年全国女子水球冠军赛暨第十五届全国运动会水球项目预赛（女子组）19日在天津落幕，拥有 多名国家队队员的上海队在与东道主天津队的决赛争夺中笑到最后，以13:12险胜夺冠。 作为国内女子水球的两支劲旅，天津队和上海队均以不败战绩杀入决赛。相比而言，上海队以国家 队队员为班底，实力更为突出；天津队虽曾获全运会三连冠，但近几年处在新老交替期，老将孙雅婷、 杨珺都年满37岁，小将则缺乏大赛经验。 决赛中，上海队打得更加积极，进攻方式也更丰富，首节以5:2领先。天津队在第二节把比分追成 5:5平，但随后的比赛防守不够严密，一度落后4球。不过主场作战的天津队并没有放弃，在比赛尾声打 出高潮，连续追分，最终以12:13遗憾告负。 老将孙雅婷赛后说，这次比赛对老队员的体能是一大考验，对年轻队员是难得的锻炼。"我们是带 着冲击对手、锻炼队伍的目标来的，我们实现了目标，亚军并不遗憾。"她说。 上海队主教练李文华说，这是一场势均力敌的决赛，双方都发挥了自己的水平。他认为，通过更多 高水平的比赛和锻炼，把中国女子水球的水平提上去，这才是最关键的。 国家体育总局游泳运动管理中心水球项目主 ...

每经记者｜谢陶 每经编辑｜唐元 最近 成都的"首"字头有点多 首发首展首秀首店扎堆 这不由得让人感叹 纵览国内的消费市场 成都的吸引力 无论是对消费者还是对国际知名品牌 都是领先一档的存在 种种标签之外 在成都蓬勃、多元的消费市场之外 我们感受到这座城市多年以来 2025年第一季度 成都累计落户首店148家 展现出强大的商业吸引力 与众多一线城市齐肩 在 "最受00后喜爱的城市" "最具幸福感的城市" "万亿消费之城" 始终保有的一种 新奇的、在地的、引领潮流的吸引力 图片来源：每经记者 张建 摄 精致与精明并存 成都的消费市场 精致与精明巧妙共存 国际奢侈品牌、高定服饰相继落子的同时 不乏许多大众品牌的持续布局 两种不同的消费形态在此共融共生 并未透露割裂感与违和感 不久前 知名珠宝品牌格拉夫婚嫁珠宝（GRAFF） 限时体验展亮相成都太古里 捕捉这座城市年轻人的情愫 图片来源：GRAFF格拉夫微信公众号 运动品牌可隆（KOLON KRAFT） 全国首家旗舰店 扎根成都太古里 面积超过300平方米 其设计元素与成都的自然风貌相结合 体现了品牌与在地文化的深度融合 瑞士专业运动品牌On（昂跑） 则在此开设了中国 ...

Core Insights - The Chinese sports retail market is experiencing significant growth, with a market size of 4,926 billion yuan in 2023, projected to reach 5,989 billion yuan by 2025 [4] - Tmall and Xiaohongshu are becoming key online platforms for new brands entering the Chinese market, as seen with the brand norda™ [2][3] - The trend of consumers favoring specialized and functional sports brands is driving the entry of international brands into China [5] Company Developments - Tabo has recently partnered with two niche sports brands, Norrøna and soar, to expand its portfolio in the Chinese market [1][2] - The company is also focusing on diversifying its brand partnerships to reduce reliance on major brands like Nike and Adidas, which have been volatile in performance [2] - Tabo's strategy includes opening physical stores for Norrøna in major cities like Beijing and Shanghai, while also exploring collective store formats for norda™ and soar [3] Market Trends - There is a growing consumer preference for sportswear, with nearly 30% of consumers favoring sports apparel in daily scenarios and over 60% prioritizing comfort when purchasing [4] - The influx of international niche brands is reshaping the competitive landscape, as these brands emphasize functionality and cater to specific sports [5] - Retail operators are increasingly seeking to attract these new brands to their shopping centers, recognizing their potential to drive foot traffic and enhance brand positioning [5] Retail Strategy - Tabo is adopting a cautious approach to store expansion, focusing on the development stage and positioning of different brands [5] - The company is shifting its retail strategy from merely increasing store numbers to creating a balanced and efficient omnichannel network [6] - The evolving consumer demand for unique and differentiated products presents opportunities for companies in the sports retail sector [6]

体坛经济观察◥ 整理：十进制 本文字数：2469字 建议阅读时间：8分钟 行业速递 01 天猫618户外消费增长强劲，需求呈高端化、轻奢化 5月16日晚8点天猫618正式开售后，运动户外行业增长强劲。运动户外消费需求愈发呈现出高端化、轻奢化特点，高端运动户外品牌增长亮眼。开卖首小 时，lululemon、迪桑特、可隆、Helly Hansen、Lafuma、伯希和同比去年增幅均超50%，KEEN同比增长超100%，凯乐石同比增长超120%，昂跑同比增长 超130%，Hoka one one同比增长超160%，SALOMON同比增长超400%。抢先购4小时里，FILA官方旗舰店成为户外品牌的成交榜榜首，耐克和lululemon 官方旗舰店分别占榜单第二和第三。而户外鞋服的类别中，The North Face、KOLONSPORT和骆驼依次为第一至第三名。 体育赞助 01 电动空中出租车公司Archer Aviation与洛杉矶奥运和残奥组委会达成独家合作伙伴关系 近日，电动空中出租车公司Archer Aviation宣布与洛杉矶奥运和残奥组委会达成独家合作伙伴关系。根据协议内容，Archer将在赛事期间部署Mi ...

2025年5月17日至18日，北京国家体育馆首次迎来一场全球健身界的盛事——由阿迪达斯CLIMACOOL 清风系列领衔的"莱美盛典"吸引万人参与，阿迪达斯品牌代言人那尔那茜现身舞台，与四位莱美顶尖教 练带领近千名用户共赴"一起练，更带感"的燃动现场，在节奏与力量的碰撞中，"双奥之城"上演一场热 练狂欢。 这场盛典不仅是健身爱好者的狂欢，也是阿迪达斯与莱美Les Mills两大品牌深度合作的成果展示。通过 与莱美的资源整合、那尔那茜的影响号召，以及CLIMACOOL系列的技术革新，阿迪达斯构建了一 个"社群-体验-产品"三位一体的健身新生态。在业内人士看来，在"全民健身"上升为国家战略的背景 下，这一模式或将成为运动品牌突围的新范式。而对于消费者而言，当健身不再是任务，而是释放潜能 的快乐源泉时，品牌的真正价值才得以彰显。 阿迪达斯与莱美的"双向赋能" 在当下，团课已然成为一种时尚的生活方式，健身也逐渐演变成大众表达态度的一种途径。随着健身爱 好者群体的不断壮大与成熟，对团课与产品的需求愈发细分。 自2023年官宣合作以来，阿迪达斯携手莱美充分发挥各自优势，通过"产品+课程"的深度融合，为广大 健身爱好者群体带 ...

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 6 之 Puma FY2025Q1 经营跟踪： 大中华区持续疲软，维持全年业绩指引 报告要点 %% %% %% %% research.95579.com 1 [Table_Summary] FY2025Q1（2025/1/1-2025/3/31）Puma 实现营收 20.8 亿欧元，基本符合预期（彭博一致预 期 20.4 亿欧元），固定汇率下同比+0.1%。毛利率同比-0.6pct 至 47.0%，主要受 2024 年库存 高估值及汇率波动影响。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 FY2025Q1（2025/1/1-2025/3/31）Puma 实现营收 20.8 亿欧元，基本符合预期（彭博一致预 期 20.4 亿欧元），固定汇率下同比+0.1%。毛利率同比-0.6pct 至 47.0%，主要受 2024 年库 存高估值及汇率波动影响。 事件评论 ⚫ 收入拆 ...

Group 1 - Verstappen of Red Bull Racing secured his second victory of the season at the Imola Grand Prix, outperforming McLaren drivers Norris and Piastri [1][4] - Verstappen took the lead early in the race, overtaking Piastri, who started from pole position, and established a significant lead [2][3] - The race saw strategic pit stops influenced by a virtual safety car and a subsequent safety car deployment, allowing drivers like Hamilton to gain positions [3][4] Group 2 - Verstappen finished the race with a 6.109-second lead, marking Red Bull's 400th F1 Grand Prix with a victory [4] - Post-race, Verstappen expressed pride in the team's performance and execution during the race [5] - The future of the Imola circuit in the F1 calendar remains uncertain as the contract is set to expire at the end of the year [5][7]