特步国际 20250902 摘要 特步国际预计下半年马拉松赛事将积极推动跑鞋销量增长，Saucony 已 成为马拉松领域领先品牌，提前备货策略有助于减轻快返压力，目前库 存周转保持在 4 到 4.5 个月的健康水平，折扣稳定在 7 到 7.5 折左右。 特步国际冠军版跑鞋家族预计今年销量可达 800 万双，比去年翻倍，下 半年马拉松旺季将进一步推动全年双位数增长。去年功能性鞋款占比超 60%，其中跑鞋占功能性鞋款的 90%，预计今年总销量达 6,000 万双， 高端跑鞋占比超 10%。 特步国际上半年主品牌收入增长 4.5%，主要由销量提升驱动，价格保 持稳定。通过产品架构调整，提高了平均销售单价（ASD），并扩展了 大众系列的价格区间，从原来的 300-500 元扩大到 200-500 元。 特步国际将继续推动性价比高且功能性强的产品，满足不同消费群体需 求。营销方面，每年按收入的 11%至 13%进行投放，扩大一线城市马 拉松赞助，相关费用率较高，但在预算范围内。 佐康尼七八月份终端表现较好，今年二季度进行了一些电商整改，目前 电商占比未达到 50%。自收购 Saucony 和迈乐 IP 权后，从生意打法 ...

Core Viewpoint - The collaboration between Rod Dixon and Saucony emphasizes a new perspective on victory, focusing on the wisdom of pacing and endurance rather than just speed [3][12]. Group 1: Brand Philosophy and Strategy - Saucony's philosophy is centered around the idea of "Elite poise," which combines professional performance with a calm mindset, redefining victory as a journey rather than a destination [16]. - The brand aims to resonate with elite professionals by promoting a lifestyle that values stability and long-term progress over immediate results [24][27]. - The concept of "Negative Split" is not only applicable in running but also in business strategy, where a slower buildup can lead to greater success [18]. Group 2: Market Position and Growth - The running shoe market in China has seen significant growth, with over 300 million participants in road running and a market size reaching 92 billion yuan, growing at a compound rate of 13% [13][24]. - Saucony has achieved a remarkable compound annual growth rate of 106% since re-establishing its direct sales in China, with projected sales exceeding 1 billion yuan in 2024 [24]. - The brand's direct-to-consumer (DTC) model has allowed for faster product iterations and a closer alignment with consumer needs, enhancing its competitive edge [24]. Group 3: Product Innovation - The latest Saucony flagship shoe features PWRRUN PB foam, making it the lightest in its series, with a 10% increase in midsole width for improved cushioning [19][20]. - Third-party lab tests indicate that the new flagship shoe has a 3-5% lower average energy consumption compared to competitors, emphasizing a focus on stable performance rather than just speed [22]. - The brand's commitment to sustainability is evident through initiatives like the Run for Good fund, which incorporates recyclable materials into its products [27]. Group 4: Cultural Impact and Community Engagement - Saucony's history and evolution from providing work boots to becoming a symbol of elite running culture reflect its deep-rooted connection to the running community [26][27]. - The brand's narrative has shifted from merely being a performance gear provider to becoming a cultural symbol that resonates with the lifestyle of modern professionals [27]. - The emphasis on a balanced approach to running, where the process is valued as much as the outcome, aligns with the growing consumer demand for a more sustainable and thoughtful approach to success [28].