「限韩令」，让韩国男团女团在中国市场影响力受限。但在近日，多家国际运动品牌合作韩国女团艺人的消息，让一众顶流艺人，重新在中国市场活跃。 近日，耐克官宣韩国女子组合 aespa 成员 KARINA 正式加入品牌大家庭，这是 在此前权志龙签约之后，韩国顶流艺人的又一例合作，也是签约顶级运动 员之外，耐克在亚洲市场重拾韩国艺人签约的市场动作。 显然，耐克需要回归运动，但也在抓住流行。 韩国女子组合 aespa KARINA加入耐克大家庭 耐克并不是拥抱「韩流」的个例。早在上月，alo 在韩国亚洲旗舰店的开业，除了签约韩国男团和女团成 员Jin和Jisoo的到场，包括 aespa的另外一位 成员 宁艺卓等艺人也高调出席。alo亚洲旗舰店的开业，几乎想用全面「拥抱韩流」的方式打开包括中国在内的亚洲市场。 而根据精练GymSquare消息，同样来自加州的高端运动生活方式品牌 Vuori，也官宣即将在 9月于韩国首尔开设首家门店。即便在中国市场，Vuori门店只 有三家，但进入韩国市场，预计将用更多韩国流行影响力的资源，来共同挖掘亚洲市场。 alo 代言人 Jisoo 当然，运动潮流生意风生水起的德国老牌体育品牌阿迪达斯和 ...

「如果要试衣服，建议抓紧时间，再晚点，更衣室可能就要排队了。」周末中午，氪体在一个瑜伽品牌店里挑选产品时，店员提醒道，「因为商场里只有 我们一家卖瑜伽服，生意很好的。」 上面的一幕并非出现在某个核心商圈的lululemon，而是在广州一个亲民的商场，名为JU ACTIVE的店里。从最初开在运动品牌聚集的二楼，如今搬到租 金更贵的一楼，店员所言不虚。 JU ACTIVE门店 官方信息显示，截止至6月12日，去年才创立的JU ACTIVE门店数已达49家。无独有偶，去年入华的韩国瑜伽品牌XEXYMIX，6、7月份在9个城市开业10 家门店，在国内共有24家门店。 理论上，这一赛道蓬勃发展的势头应该出现在2020年左右，当时，休闲运动风刮得正旺，许多品牌连获融资。但事实是，除了断档第一的lululemon，国 内在线下实体迟迟看不见第二个成规模的瑜伽品牌。 反而是近一两年，休闲运动风退潮，瑜伽品牌却悄然加速线下布局，尤其在二三线城市和一线城市的非核心商圈，价格只有lululemon一半甚至三分之一 的品牌，开始抢夺「商场里第一个瑜伽品牌」的角色。 看似遇冷的瑜伽赛道，正暗流汹涌。 01 不再迷信DTC，瑜伽品牌找到 ...

研究报告 Research Report 21 Jul 2025 特步国际 XTEP INTERNATIONAL (1368 HK) 2Q25 营运表现点评：集团流水符合预期，索康尼与迈乐延续高增态势 2Q25 operational Updates Review: Retail sales in line with expectations, Saucony and Merrell Maintain Strong Growth [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$5.47 目标价 HK$6.10 HTI ESG 2.1-1.8-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$15.22bn / US$1.94bn 日交易额 (3 个月均值) US$9.24mn 发行股票数目 2,782mn 自由流通股 (%) 52% 1 年股价最高最低值 HK$6.9 ...

研究报告 Research Report 20 Jul 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W29 周度趋势解析：高预期高估值新消费概念股承压，风格切换 至低估值低预期消费股 [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 耐克 | Outperform 永辉超市 | | Outperform | | 美的集团 | Outperform 苏泊尔 | | Outperform | | 京东集团 | Outperform 石头科技 | | Outperform | | 格力电器 | Outperform 科沃斯 | | Outperform | | 安踏体育 | Outperform 李宁 | | Outperform | | 海尔智家 | Outperform 安克创新 | | Outperform | | 露露柠檬 | N ...

行 华福证券 纺织服饰 2025 年 07 月 20 日 业 研 究 纺织服饰 运动品牌发布 25Q2 经营流水，保持稳健增长— —25W29 周观点 投资要点： 运动品牌发布 25Q2 经营流水，保持稳健增长 行 业 定 期 报 告 安踏体育：安踏品牌/FILA/其他品牌 25Q2 零售额分别取得同比 低单位数/中单位数/50-55%增长，环比 Q1 略有放缓，其他品牌仍然 保持亮眼的增长。李宁：25Q2 李宁（不包含李宁 YOUNG）全平台 销售取得低单位数增长。特步国际：25Q2 公司主品牌取得低单位数 同比增长，平均折扣在 7-75 折；索康尼品牌取得超过 20%同比增长。 361 度：25Q2 主品牌同比取得约 10%正增长，童装同比增长约 10%， 电商方面同比增速为约 20%，增长有所放缓。 行情数据 本周家电板块涨跌幅+1.5%，其中白电/黑电/小家电/厨电板块涨 跌幅分别+1.1%/-0.6%/+2.2%/+3.2%。原材料价格方面，LME 铜、LME 铝环比上周分别-1.46%、-1.04%。 本周纺织服装板块涨跌幅+0.24%，其中纺织制造涨跌幅+2.43%， 服装家纺涨跌幅+0.29% ...

核心观点 运动龙头 25Q2 流水稳健，期待经营继续改善。2025Q2，运动服饰行业龙头公司在需求波动的背景下展现出良好的经 营韧性流水保持稳健，展现出较强的经营韧性，在耐克营收增速下滑背景下实现市场份额的提升。安踏体育多品牌 矩阵优势持续发挥，主品牌以及 FILA 流水稳健增长，迪桑特、可隆与 MAIA 等新品牌增长显著；李宁渠道与产品持 续调整，Q2 流水（不包含李宁 YOUNG）同比录得低单位数增长；特步主品牌 Q2 录得低单位数增长，索康尼录得 20% 以上增长，新品牌维持较高增速；361 度 Q2 主品牌/童装/电商同比录得约 10%/10%/20%增长，线上线下同步发力， 超品店效率显著提升。各公司通过多品牌运营、新业态拓展及赛事营销驱动增长，产品端大力发展专业运动板块， 如安踏 PG7、马赫；李宁飞电、越影；特步 160X；361 度飞飚等系列持续迭代，跑鞋流水增速高于其他品类，同时依 靠电商渠道拉动流水增长并减轻库存压力。库销比整体维持在 4-5 个月的健康水平且折扣可控。各大公司维持全年 指引，期待产品、渠道持续调整叠加 24H2 基数下降情况下 25H2 经营数据环比进一步改善。 若羽臣 ...

Group 1: Company Performance - In Q2 2025, the Li Ning brand (excluding Li Ning YOUNG) recorded low single-digit revenue growth year-on-year, with offline channels experiencing low single-digit revenue decline, while e-commerce channels saw medium single-digit growth [1] - The company net reduced 18 stores in the first half of the year, with a net decrease of 19 retail stores and an increase of 1 wholesale store [1] - Overall, the company's Q2 performance remained relatively stable despite external environmental disturbances [1] Group 2: Strategic Partnerships - The company became a partner of the Chinese Olympic Committee, enhancing its product matrix and brand image through participation in international events, including the 2028 Los Angeles Olympics and the 2026 Milan-Cortina Winter Olympics [1] - The company has begun upgrading its offline store displays to include Olympic-themed elements and launched the "Glory Series" inspired by championship honors [1] Group 3: Sports Resource Development - Chinese player Yang Hanshen was selected 16th overall in the 2025 NBA Draft by the Portland Trail Blazers, becoming the third Chinese player to be a first-round pick [2] - Yang's success and performance in the NBA Summer League are expected to boost the sales of basketball-related products associated with the company [2] - The long-term impact of Yang's influence is anticipated to improve the popularity of basketball in China, thereby enhancing overall sales of basketball products [2] Group 4: Profit Forecast and Rating - The company focuses on a "single brand, multiple categories, and multiple channels" development strategy, continuously investing in R&D to enhance core technologies in footwear and apparel [3] - The projected net profits for the company from 2025 to 2027 are estimated at 2.645 billion, 2.846 billion, and 3.104 billion yuan respectively [3] - The company maintains a "buy" rating due to its strong brand position, product development capabilities, and marketing strength in the sports apparel sector [3]

Core Insights - The article highlights the transformation of shopping malls into hubs for sports and fitness activities, reflecting a shift in consumer behavior towards a more active lifestyle [1][4][11] - The integration of sports brands and facilities within malls is becoming a key trend in commercial real estate, as malls seek to differentiate themselves in a competitive market [2][5][20] Consumer Demand - There is a significant increase in outdoor sports participation, with a reported over 100% month-on-month growth in outdoor user activity in the first ten months of 2023 [11] - The younger generation, particularly Gen Z, is increasingly prioritizing health and fitness, with 84.3% of them incorporating health into their regular spending [11][12] - Families are seeking comprehensive solutions for sports activities, leading to the demand for facilities that cater to both parents and children [12] Commercial Value - Sports-oriented malls are not just attracting foot traffic but are also optimizing their revenue models through high space efficiency and extended customer dwell time [13][17] - The introduction of niche sports brands and activities is providing malls with a unique identity, enhancing their competitive edge [18][20] Brand and Mall Collaboration - The relationship between malls and sports brands is evolving from a traditional landlord-tenant dynamic to a collaborative model focused on creating a community around sports lifestyles [20][21] - Malls are adopting a curatorial approach to space design, transforming them into participatory environments that foster community engagement [21][28] Future Trends - The ultimate goal for sports-themed malls is to become urban lifestyle service platforms, integrating various community resources to promote active living [28] - The rise of sports-themed malls is indicative of broader social consumption upgrades, as they transition from mere shopping venues to vibrant community spaces [28]

Core Viewpoint - The collaboration between iFlytek and Xtep represents a unique partnership aimed at enhancing the AI developer community while promoting sports, particularly through the 2025 iFlytek AI Developer Competition, which offers various incentives for participants [2][10]. Group 1: Competition Overview - The 2025 iFlytek AI Developer Competition focuses on "deepening the application of large models," featuring various categories such as algorithm competitions, application competitions, and university competitions [11][12][13]. - The algorithm competition emphasizes cutting-edge topics in six technical fields, providing participants with real industry data to tackle technical challenges [11]. - The application competition aims to connect technology with industry needs, covering real-world scenarios in sectors like industrial manufacturing, healthcare, and education [12]. Group 2: Participant Benefits - Participants will receive a customized "developer training supply package" to enhance both coding skills and physical endurance [19]. - The competition includes a robust support system with expert advisory teams, high-value rewards, and a platform for showcasing talents to global investors and media [22]. - The event encourages international collaboration, allowing participants from over 17 countries to form teams, thus broadening the competitive landscape [16]. Group 3: Historical Context and Brand Synergy - iFlytek's AI Developer Competition has evolved over seven years, attracting over 145,000 participating teams, making it a significant platform for innovation [4]. - Xtep has been a pioneer in the marathon sector since 2007, focusing on product innovation and performance enhancement, which aligns with the developer community's pursuit of excellence [7][8]. - The partnership symbolizes a convergence of two fields—technology and sports—both driven by a commitment to pushing boundaries and achieving peak performance [8].

Core Viewpoint - 361 Degrees has demonstrated strong retail performance in Q2 2025, with both adult and children's apparel achieving approximately 10% growth in offline sales and around 20% growth in e-commerce sales, reflecting the company's effective channel operations and product recognition [1][2]. Group 1: Retail Performance - In Q2 2025, 361 Degrees achieved about 10% growth in offline sales for both adult and children's apparel, and approximately 20% growth in e-commerce sales, meeting expectations [1]. - The company maintained a healthy inventory level with a channel sales ratio of 4.5-5 times, and the discount rate remained stable, with offline discounts around 30% and online discounts for shoes and apparel between 40-45% [1]. Group 2: Store Innovation - The company has launched 49 "super product" stores, which feature a wide range of products and a new display method that creates a sports lifestyle shopping experience, significantly enhancing customer attraction and sales [2]. - Each super product store can hold 700-800 SKUs, with 400-450 for apparel and 250-300 for footwear, and aims to provide a one-stop shopping experience [2]. Group 3: Product Innovation - 361 Degrees is focusing on "technology-enabled product innovation," introducing new products in various categories, including running shoes and basketball shoes, to meet diverse consumer needs [3]. - The brand is enhancing its visibility through sponsorships and promotional events, including a partnership with the Qingdao Marathon and a promotional tour by global brand ambassador Nikola Jokic [3]. Group 4: Market Positioning - The company has over 20 years of experience in the sports industry and is enhancing its product, brand, and channel strategies to achieve faster growth than the industry average, particularly in lower-tier markets [4]. - The profit forecast for 2025-2027 is set at 1.3 billion, 1.45 billion, and 1.58 billion yuan, corresponding to PE ratios of 7, 7, and 6 times, indicating a positive outlook for the company's future [4].