格隆汇1月23日丨特步国际(01368.HK)宣布，董事会会议将于2026年3月26日(星期四)举行，旨在(其中包 括)审议及批准公司及其附属公司截至2025年12月31日止年度之经审核全年业绩及其刊发，并考虑派发 末期股息(如有)。 ...

截至2025年12月31日止年度，特步主品牌零售销售(包括线上线下渠道)实现低单位数同比增长，渠道存 货周转约四个半月;索康尼零售销售(包括线上线下渠道)实现超过30%同比增长。 特步国际(01368)2025年第四季度及全年中国内地业务营运状况，截至2025年12月31日止3个月，特步主 品牌零售销售(包括线上线下（300959）渠道)同比持平，零售折扣水平为七至七五折;索康尼零售销售 (包括线上线下渠道)实现超过30%同比增长。 ...

2025年，特步主品牌零售销售增长(包括线上线下渠道)实现低单位数同比增长，渠道存货周转约四个半 月。索康尼零售销售增长(包括线上线下渠道)实现超过30%同比增长。 格隆汇1月23日丨特步国际(01368.HK)公布2025年第四季度及全年中国内地业务营运状况，2025年第四 季度，特步主品牌零售销售增长(包括线上线下渠道)同比持平，零售折扣水平约七至七五折。索康尼零 售销售增长(包括线上线下渠道)实现超过30%同比增长。 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Xtep International Holdings Limited 特 步 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1368） 二零二五年第四季度及全年中國內地業務營運狀況 本 公 佈 由 特 步 國 際 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司「 本 集 團 」）董 事 會 （「董事會」）發出。 營運狀況（截至二零二五年十二月三十一日止三個月） 特步主品牌 | 零售銷售增長（包括線上線下渠道） | 同比持平 | | --- | --- | | 零售折扣水平 | 七至七五折 | 索康尼 | | | 營運狀況（截至二零二五年十二月三十一日止年度） 特步主品牌 | 零售銷售增長（包括線上線下渠道） | 低單位數同比增長 | | --- | --- | | 渠道存貨週轉 | 約四個半月 | 索康尼 | | | – 1 – 本公司股東及 ...

耐克大中华区换帅了。 1月21日，耐克通过内部信的方式宣布了多项关键人事变动，其中与中国市场关系最为紧密的莫过于，执掌大中华区业务多年的董炜（Angela Dong）将于 3月31日离职，而接替她的是在耐克工作了25年的资深高管Cathy Sparks，新职位是大中华区副总裁兼总经理。 与许多顶级职业经理人不同，Cathy Sparks的故事并非从商学院或战略部门空降开始。她的职业生涯几乎全部在耐克体系内完成，从门店一线逐步攀升。 1996年，她的职业生涯始于美国波特兰一家"耐克城"（Nike town）门店的视觉陈列专员。这个起点，让她从一开始就扎根在零售生意的最前线。在积累 了早期零售经验后，她曾短暂离开，但很快又回归，并在2003年进入耐克总部，担任亚太零售发展总监，开始参与包括中国在内的市场零售策略规划。 真正的转折点发生在2006年，她被外派至韩国担任零售总监。这段经历让她首次深入接触和管理亚洲市场。"那是我职业生涯的一个转折点，"她后来对 《T Magazine》回忆，"它把我推向了舒适区之外。我必须适应新文化，建立新关系，并从不同的视角看待运动。"在此期间，她负责整合当地数百家独立 运营的门店， ...

Core Insights - The article emphasizes the importance of integrating cultural symbols, sports spirit, core technology, and key market segments for brands to maintain a competitive edge in the market during the Year of the Horse [1][34] - The marketing strategies of various sports brands during the Year of the Horse are highlighted, showcasing their efforts to avoid homogenization and find a balance between cultural deconstruction and brand expression [5][34] Group 1: Cultural Significance of the Horse - The preference for the "Horse" symbol among sports brands is rooted in its rich cultural connotations and strong spiritual symbolism, representing speed, endurance, and success [2][4] - The Horse's image resonates deeply with consumers, making it an effective marketing symbol that connects emotionally and culturally [2][4] Group 2: Marketing Strategies - Brands are employing three main marketing strategies: cultural empowerment, emotional resonance, and product performance linkage [5][13] - Cultural empowerment involves leveraging traditional symbols and values associated with the Horse to create meaningful marketing narratives [5][7] - Emotional resonance focuses on connecting the Horse's spirit with consumers' experiences and attitudes towards life and sports [13][15] Group 3: Product Integration - Brands are integrating the Horse's imagery and spirit into their product designs, enhancing the emotional and cultural value of their offerings [4][9] - Examples include PUMA's "Puma Power" series and Anta's collaboration with Xu Beihong's "Galloping Horses" painting, showcasing a blend of traditional art and modern sports aesthetics [7][9] Group 4: Future Marketing Opportunities - The Year of the Horse in 2026 is anticipated to be a significant marketing opportunity, particularly with the integration of the Horse theme into marathon events [28][30] - The alignment of the Horse's symbolism with the endurance and spirit of marathon running presents a unique marketing angle for brands [30][32] - The potential for "Horse Year × Marathon" marketing strategies could lead to innovative product offerings and deeper consumer engagement [32][34]

董炜 凯茜·斯帕克斯 1月21日，耐克公司公告称，现任大中华区董事长兼CEO董炜（Angela Dong）将于3月31日卸任。其职 位将由在耐克拥有25年零售经验的凯茜·斯帕克斯（Cathy Sparks）接替。 新帅登场，大中华区战略转向？ "零售实战派"或重新激活品牌 对于业界而言，董炜的离任显得颇为突然。资料显示，董炜是一位CFO（首席财务官）出身的本土化高 管，自2005年加入耐克，深度参与并领导了公司在华的快速扩张。在其任内，耐克通过赞助上海马拉 松、耐克高中篮球联赛（CHBL）等项目，在中国市场建立了深厚的品牌资产。 2024年10月，董炜刚刚被擢升为耐克大中华区董事长兼CEO，并兼任专业户外品牌ACG全球CEO。这 一任命在当时被广泛解读为耐克对中国市场及高速增长的户外赛道双重加码的明确信号。 "在耐克工作的二十余年间，她以其卓越的领导力、对市场和业务的深刻理解以及在应对复杂多变的挑 战中发挥的领导作用而著称。为此，对她为耐克在这个关键市场中谱写的诸多篇章所作出的贡献，我们 深表感激。"此次宣布离任，耐克对董炜的工作表现作出了较高评价。 然而，官方的赞誉与市场业绩形成了鲜明反差。根据最新财报，在 ...

短期经营增速或有波动，但中期我们依然坚定看好公司多品牌、国际化的综合竞争力。考虑到26 年是 体育大年（冬奥会、亚运会等），我们预计公司在品牌上的投入会进一步加大，另外再考虑狼爪品牌的 后续整合和投入，预计26 年公司整体经营利润率面临一定波动。但中期我们仍坚定看好公司作为国内 第一的体育品牌集团在多品牌、国际化方面的综合竞争力。 盈利预测与投资建议 根据公司公告的四季度运营数据以及运动服饰消费行业目前的形势，我们调整公司盈利预测，同时结合 公司股本变动，预计 2025-2027 年每股收益分别为 4.71、5.09 和 5.70 元（原预测为 4.69、5.29 和 6.02 元）。参考可比公司，给予 2026 年 20 倍 PE 估值，对应目标价 113.00 港币（1 人民币=1.11 港币）， 维持"买入"评级。 机构：东方证券 研究员：施红梅/伍云飞 安踏主品牌短期流水承压，中期仍具韧性。公司公告25 年四季度安踏主品牌流水同比低单下降，全年 流水低单增长。我们认为主品牌短期流水承压主要原因在于消费大环境整体仍偏弱，同时还受到春节偏 后、天气扰动以及主品牌电商业务调整等影响。我们预计26 年在大众运 ...

Core Viewpoint - Alo, a sports brand, aims to transition into a luxury lifestyle brand, drawing inspiration from the luxury sector, particularly through the appointment of Benedetta Petruzzo, former CEO of Miu Miu, as its international CEO [5][11][12]. Group 1: Leadership Changes and Strategic Direction - The appointment of Benedetta Petruzzo, who has extensive experience in the luxury goods sector, indicates Alo's ambition to expand internationally and enhance its brand positioning [5][11]. - Alo plans to open a flagship store in Paris by 2026, with a size exceeding 2000 square meters, previously occupied by Zara, signaling its commitment to a high-end retail experience [8]. - Alo is reportedly seeking a general manager for the Chinese market with a luxury goods background, further emphasizing its strategy to integrate luxury elements into its brand [9][11]. Group 2: Product Development and Market Positioning - Alo has launched its first luxury handbag collection, with prices ranging from $1,200 to $3,600, indicating a shift towards high-end product offerings [20]. - The brand's collaboration with BLACKPINK member Jisoo to release a limited edition sneaker reflects its strategy to blend high fashion with athletic wear, moving away from traditional sports branding [21][25]. - Alo's product offerings are increasingly mirroring those of Miu Miu, particularly in terms of pricing and product categories, suggesting a deliberate strategy to position itself within the luxury market [24][30]. Group 3: Market Trends and Competitive Landscape - The global market for women's yoga apparel is stabilizing, and Alo's current strategy of luxury branding may be necessary to address growth challenges, as traditional athletic wear may not support significant revenue growth [26][28]. - Alo's revenue in 2022 was reported at $1 billion, while Lululemon's revenue exceeded $10 billion in 2024, highlighting the competitive landscape and the need for Alo to differentiate itself [27]. - The trend of luxury brands entering the sports sector is growing, with several high-end outdoor brands benefiting from this shift, indicating a broader industry movement towards luxury positioning in athletic wear [34][41].

Core Insights - The article highlights the strategic opening of FILA's flagship store, FILA TOPIA, in Xi'an, which represents a significant milestone in the brand's "ONE FILA" strategy aimed at integrating various sub-brands and enhancing consumer experience [21][22][29] Group 1: Store Overview - Xi'an Sege International Shopping Center is recognized as a leading retail destination in Northwest China, consistently achieving sales in the billion yuan range and appearing in the top 10 revenue rankings for shopping malls nationwide [1] - The new FILA TOPIA store spans approximately 1,500 square meters, marking a significant upgrade from the previous 800 square meter store, aligning with FILA's goal of catering to a diverse customer base [3][6] Group 2: Design and Concept - The store's design incorporates a cultural narrative called "Dual City Sequence," blending ancient Roman architectural aesthetics with the essence of Chang'an during the Tang Dynasty, transforming the retail space into a cultural showcase [4][5] - The store features four distinct thematic areas: "Eternal Motion," "Sea Silk Waves," "Future Tang Style," and "Silk Road Wonder," each designed to create immersive experiences that reflect both FILA's brand heritage and local culture [6][10][15][17] Group 3: Consumer Engagement - The store aims to cater to a wide demographic, including families, students, and older consumers, reflecting FILA's strategy to enhance its consumer structure and create a multi-generational shopping environment [20][24] - FILA TOPIA introduces a unique service model with "brand friends" who guide customers through the store, enhancing the shopping experience by providing insights into the brand's history and product offerings [26][28] Group 4: Strategic Implications - The opening of FILA TOPIA is a proactive adjustment in FILA's growth strategy, focusing on brand integration and consumer relationship building rather than merely expanding product lines [22][29] - The store serves as a test case for establishing a differentiated retail experience in a highly competitive market, emphasizing the importance of cultural expression, spatial experience, and personalized service in fostering consumer loyalty [29]