新华财经北京6月25日电（记者张斯文）近年来，随着中国经济的快速发展和居民消费水平的提升，体 育产业迎来了黄金发展期。作为全球最大的体育用品消费市场之一，中国本土运动品牌在经历了早期的 野蛮生长后，正逐步向品牌化、高端化和国际化方向迈进。 在这一过程中，安踏体育（02020.HK）凭借其独特的"买买买"战略，通过一系列国际并购，从一家区 域性企业成长为全球体育用品行业的重要参与者。 海通证券分析师寇媛媛表示，狼爪为高端户外品牌，主要销售地区在德语地区和欧洲部分区域，在专业 户外有12%份额，专业场景覆盖包括徒步、自行车、露营、登山等，主要产品包括冲锋衣、软壳衣、登 山靴等，狼爪品牌的收购有利于安踏进一步加强对户外品类的专业布局。 安踏体育董事局主席丁世忠表示，此举标志着安踏集团全球化战略迈出重要一步，多品牌战略为企业应 对全球市场不确定性奠定了坚实基础。 财报显示，2024年，安踏体育营收同比增长13.58%至708.3亿元，首次突破700亿元；如果加上其控股的 亚玛芬体育，两个品牌营收之和首次突破千亿元，成为继耐克和阿迪之后，全球第三家营收突破千亿的 体育用品集团。 申万宏源证券分析师王立平指出，安踏体育发 ...

Core Insights - The Chinese outdoor sports market is projected to exceed 300 billion yuan in total consumption by 2024, with a growth rate of nearly 40% [1] - The outdoor sports industry in China is becoming a significant force in driving the overall sports industry development, with increasing consumer demand and participation [1][2] - The outdoor sports sector is experiencing rapid growth, with a notable shift towards high-performance gear over luxury brands [1][2] Industry Trends - The outdoor sports industry in China has become one of the fastest-growing segments within the sports industry over the past decade [2] - There is a growing trend of outdoor sports becoming more popular and diversified, with an increasing number of participants engaging in various outdoor activities, including niche extreme sports [2] - The integration of outdoor sports with cultural tourism and commercial activities is deepening, reflecting a broader trend of lifestyle changes among consumers [2][3] Consumer Behavior - The rise in outdoor sports consumption is linked to increased disposable income and changing lifestyles, with outdoor activities becoming a key component of new consumption patterns [2] - Urbanization and the implementation of health initiatives in China are driving the demand for outdoor activities, as people seek closer connections with nature [2][3] Future Outlook - China is expected to maintain high growth potential in the global outdoor sports market for the foreseeable future [3] - The industry needs to transition from extensive development to high-quality, differentiated, and standardized growth, focusing on brand development and professionalization [3][4] - The outdoor sports boom reflects changes in consumer structure and lifestyle, contributing to economic transformation and providing new growth opportunities in urban and rural areas [4]

作为始祖鸟平替，由安徽70后夫妇创办的冲锋衣品牌伯希和，站到了港交所的大门外。随着招股书的披 露，这家公司的经营底色展示了出来，有些超出常人认知的是，伯希和居然比始祖鸟还会赚钱，去年营 收近18亿元，净利润高达2.83亿元，其过去三年的毛利率也一直领先始祖鸟母公司几个百分点。 比始祖鸟还赚钱 2022年至2024年，伯希和的毛利率分别为54.3%、58.2%和59.6%，呈逐年递增态势，远高于同期探路者、牧高笛，以 及始祖鸟母公司亚玛芬的数据。过去3年，亚玛芬的毛利率分别为49.7%、52.5%和55.4%。每一年，伯希和的毛利率 都能领先亚玛芬几个百分点。 同期，伯希和的经调整净利率分别为7.3%、17.2%和17.2%。作为对比，亚玛芬前两年亏损，直到2024年才扭亏为 盈，经调整净利率为4.55%。 近些年，户外赛道火热，已经不是啥新鲜事。前段时间，安踏全资收购德国户外品牌狼爪，没过多久，滔搏和挪威 高端户外品牌Norrøna达成战略合作，无疑给行业添了两把火。 不久前，伯希和户外运动集团股份有限公司（以下简称"伯希和"）递交招股书，申请在港交所主板上市，算是给户 外赛道的火热又添了一把火。 作为始祖鸟 ...