作为国内马拉松赛季在年末的焦点之战，2025年上海马拉松今天刚刚结束，作为中国仅有的两场世界田联白金标赛事之一，今年它创下超过35万人的报名 新纪录。 从最终成绩来看，作为其在国内唯一赞助的顶级马拉松赛事，耐克强势捍卫了自己的"主场"，男子和女子全场前三名的六位全球精英选手全部穿着耐克跑 鞋冲线，其中Alphafly 3与Vaporfly系列成为赛道上的最大赢家。而国内选手的成绩榜有两个冲击者：国内男子冠军丰配友穿着特步160X 7.0 PRO以2:08:36 的成绩完赛，杨克古和李大林紧随其后，均选择了Nike Alphafly 3；女子组方面，张德顺与吴冰包揽前两名，同样穿着Nike Alphafly 3，季军姚妙也拿到跟 去年同样的排名，她穿的是萨洛蒙刚刚推出的S/LAB PHANTASM 3。 | 排名 | | 品牌 | | 数量 | | --- | --- | --- | --- | --- | | 1 | | 耐克 | | 22 | | 2 | | 李宁 | | 17 | | 3 | | 阿迪达斯 | | 11 | | 4 | | 安德玛 | | 9 | | 5 | | On昂跑 | | 8 | ...

Core Viewpoint - The company reported a revenue of 6.84 billion RMB and a net profit of 910 million RMB for the first half of 2025, showing a year-on-year growth of 7.1% and 21.5% respectively, with a focus on the performance of its main brand and professional sports segment [3][4]. Financial Performance - Revenue for the first half of 2025 reached 6.84 billion RMB, with a net profit of 910 million RMB, reflecting a year-on-year increase of 7.1% and 21.5% respectively [3]. - Earnings per share (EPS) stood at 0.35 RMB, with a proposed cash dividend of 0.18 HKD per share, resulting in a payout ratio of 50% [3]. - Gross margin slightly decreased by 0.1 percentage points to 45.0%, while operating profit margin increased by 0.4 percentage points to 19.1% [6][7]. Revenue Breakdown - The revenue composition for the first half of 2025 was 60.8% from footwear, 37.3% from apparel, and 1.9% from accessories, with respective year-on-year growth rates of 6.3%, 9.5%, and a decline of 7.8% [4]. - The main brand (Xtep) and professional sports brands (Saucony, Myle) accounted for 88.5% and 11.5% of total revenue, with year-on-year growth rates of 4.5% and 32.5% respectively [4]. Retail and Channel Performance - As of June 2025, the number of adult stores for Xtep was 6,360, a net decrease of 22 stores since the beginning of the year, while the number of youth stores was 1,564, a decrease of 20 stores [5]. - The professional sports brand Saucony had 155 stores in China, an increase of 10 stores [5]. Cost and Inventory Management - The inventory as of June 2025 increased by 41.3% from the beginning of the year to 2.25 billion RMB, with a year-on-year increase of 2.5% [7]. - Operating net cash flow for the first half of 2025 was 770 million RMB, a decrease of 6.4% year-on-year [7]. Strategic Focus - The company continues to strengthen its position in the running segment, with the main brand maintaining the highest wearing rate in key marathon events [8]. - Xtep is expanding its product matrix and enhancing retail channel management, with a focus on improving consumer experience and increasing the proportion of new image stores [8].