以下文章来源于信风TradeWind ，作者刘艺晨 信风TradeWind . 关注资本市场的趋势与发展 作者刘艺晨 编辑松壑 下行周期，代理商的日子往往过得比品牌更苦。 截至2025年2月的2025财年， 运动零售运营商滔搏（6110.HK）全年利润仅12.9亿元，同比下滑42%，创上市以来新低。 代理的主要品牌，耐克、阿迪达斯尚未完全走出困顿 。 多年来，两大品牌对滔搏业绩的贡献始终在85%以上。 早年间，滔搏作为中间商充分享受了巨头在中国市场的渗透红利，成长为国内鞋服零售市场的行业龙头。 去年12月到今年2月，耐克在中国市场销售同比降幅达17%。阿迪达斯虽有回暖势头，但仍面临来自国产品牌的激烈竞争。 压力显著的滔搏，去年加大了线上促销清货的力度，期内库存同比下滑4.5%，毛利率降3.4个百分点至38.4%，为上市以来首次降至40%以下。 但这被视作其剥离包袱、加速转型的信号。 最近一个月内，滔搏先后拿下挪威高端户外品牌Norrøna、英国专业跑步装备品牌soar在大中华区的独家运营权。 这笔对未来的投资能否获得其想要的回报，需要更长的时间观察。 中间商困局 滔搏的前身是鞋履巨头百丽国际的体育事业部。 作 ...

Core Viewpoint - Topsports, China's largest sports footwear and apparel retailer, reported a revenue of 27 billion yuan and a net profit of 1.28 billion yuan for the fiscal year ending February 28, 2025, while expanding its brand partnerships to over 20 [2][4]. Group 1: Financial Performance - Topsports achieved a revenue of 27 billion yuan and a net profit of 1.28 billion yuan for the fiscal year 2024/25 [2]. - Amer Sports, the parent company of Arc'teryx, reported a 23% year-on-year revenue increase to 1.473 billion USD for Q1 of fiscal year 2025, with a net profit rising from 50 million USD to 135 million USD [10][13]. - Canada Goose reported a revenue increase of 1.1% to 1.3484 billion USD for the fiscal year, with a net profit of 94.8 million USD [14][16]. - Birkenstock's revenue grew by 19% to 574 million euros in Q2 of fiscal year 2025, with a net profit increase of 47% to 105 million euros [19][21]. Group 2: Market Strategy and Expansion - Topsports is focusing on high-end outdoor brands, having established exclusive partnerships with Norrøna and Soar to enhance its premium segment [2][7]. - The company is reducing its store count from 6,144 to 5,020, concentrating on flagship stores and specialized brand upgrades to improve customer experience [4]. - Topsports operates approximately 2,300 mini-program stores and over 500 live-streaming accounts, with direct online sales accounting for 30%-40% of total direct sales [5]. - Amer Sports is leveraging its strong operational platform in the Greater China region to drive growth, with a 43% revenue increase in this market [13]. Group 3: Consumer Engagement and Trends - Topsports is innovating in-store experiences with immersive retail spaces, including various concept stores that blend urban culture and sports lifestyle [4]. - The company released a white paper analyzing the sports consumption trends among young consumers, providing valuable insights for the industry [9]. - Canada Goose's marketing strategies, including immersive brand exhibitions, have effectively enhanced brand visibility and retail vitality in the Chinese market [14][16].

作为国内行业中最大的运动零售商，滔搏（06110.HK）近期在市场上的发声开始频繁起来。 5月过半，这家运动零售巨头已经宣布"牵手"两个垂类运动品牌，分别是挪威户外品牌Norrøna以及英国 跑步品牌soar，两者均是与滔搏达成在中国市场的独家合作，滔搏会全面负责前述品牌在中国市场的发 展。 滔搏相关负责人对第一财经透露，近年来滔搏在户外、跑步等潜力十足的垂类细分赛道持续发力，发 掘、接触各类垂类赛道的优质品牌，后续也会引入更多细分赛道品牌。该人士认为，国内消费者对个性 化追求的需求，为品牌带来了差异化竞争的新机会。 巨头转型挖掘更多可能性 滔搏是众多国际体育运动品牌背后的操盘手，除了耐克、阿迪，滔搏还代理运营彪马、匡威、亚瑟士、 鬼冢虎、HOKA等品牌。从财报来看，目前两大主力品牌耐克与阿迪贡献了滔搏大部分的业绩，而两大 主力品牌近几年业绩的波动也对滔搏有着一定影响。 滔搏似乎也意识到了这种较高的业绩集中度会带来不确定性，试图逐步寻求多元化的品牌合作。2024年 5月，滔搏与加拿大越野跑品牌norda™建立战略合作伙伴关系，滔搏独立负责norda™在中国市场的品 牌宣传、市场推广、全域运营、消费者运营等工作 ...