安踏体育用品有限公司（股份代号：港币柜台2020.HK、人民币柜台82020.HK及其附属公司统称"安踏 集团"或"集团"）今日发布2025年上半年业绩公告：集团收入同比增长14.3%至385.4亿元，旗下所有品 牌收入均创历史新高。在超大体量下，安踏集团保持了稳健增长，连续12年正增长，连续4年位居中国 市场排名第一。 安踏集团董事局主席丁世忠表示："2025年上半年，全球市场竞争激烈。我们以多品牌优势及'品牌+零 售'的独特商业价值，在全球市场的不确定性当中，迎难而上，收获积极稳健的增长。我们坚定'单聚 焦、多品牌、全球化'的战略不动摇，聚焦主业，以多品牌满足不同品类、不同场景的多元消费需求； 进一步加速全球化进程，在东南亚、中东、北非、北美、欧洲等重要市场深探。安踏集团以多品牌、多 赛道参与世界体育行业的发展，通过创新为全球的消费者提供最好的商品价值；我们助力36支中国国家 代表队，坚定不移地助力体育强国建设，这是我们的社会价值；集团的多品牌资产+卓越运营+全球协 同实现了可持续增长，这是安踏的企业价值。未来我们要在全球竞争中占据独特而有利的位置，向成为 世界领先的多品牌体育用品集团的目标迈进。" 安踏 ...

原标题：安踏集团上半年收入超385亿元 增长14.3% 安踏体育用品有限公司发布2025年上半年业绩公告：集团上半年业绩再创历史新高，以多品牌强矩 阵，持续扩大领先优势，收入同比增长14.3%至人民币385.4亿元，旗下所有品牌上半年收入均创新高。 集团收入在超大体量下仍保持稳健增长，连续12年正增长，连续4年中国市场排名第一。 安踏集团董事局主席丁世忠表示："2025年上半年，全球市场竞争激烈。我们以多品牌优势及'品牌 +零售'的独特商业价值，在全球市场的不确定性当中，迎难而上，收获积极稳健的增长。我们坚定'单 聚焦、多品牌、全球化'的战略不动摇，聚焦主业，以多品牌满足不同品类、不同场景的多元消费需 求；进一步加速全球化进程，在东南亚、中东、北非、北美、欧洲等重要市场深探。安踏集团以多品 牌、多赛道参与世界体育行业的发展，通过创新为全球的消费者提供最好的商品价值；我们助力36支中 国国家代表队，坚定不移地助力体育强国建设，这是我们的社会价值；集团的多品牌资产+卓越运营 +全球协同实现了可持续增长，这是安踏的企业价值。未来我们要在全球竞争中占据独特而有利的位 置，向成为世界领先的多品牌体育用品集团的目标迈进。 ...

多品牌优势涌现：高端户外增长强劲 安踏体育用品有限公司(股份代号：港币柜台2020.HK、人民币柜台82020.HK及其附属公司统称"安踏集 团"或"集团")今日发布2025年上半年业绩公告：集团上半年业绩再创历史新高，以多品牌强矩阵，持续 扩大领先优势，收入同比增长14.3%至人民币385.4亿元，旗下所有品牌上半年收入均创新高。集团收入 在超大体量下仍保持稳健增长，连续12年正增长，连续4年中国市场排名第一。 安踏集团董事局主席丁世忠表示："2025年上半年，全球市场竞争激烈。我们以多品牌优势及'品牌+零 售'的独特商业价值，在全球市场的不确定性当中，迎难而上，收获积极稳健的增长。我们坚定'单聚 焦、多品牌、全球化'的战略不动摇，聚焦主业，以多品牌满足不同品类、不同场景的多元消费需求； 进一步加速全球化进程，在东南亚、中东、北非、北美、欧洲等重要市场深探。安踏集团以多品牌、多 赛道参与世界体育行业的发展，通过创新为全球的消费者提供最好的商品价值；我们助力36支中国国家 代表队，坚定不移地助力体育强国建设，这是我们的社会价值；集团的多品牌资产+卓越运营+全球协 同实现了可持续增长，这是安踏的企业价值。未来我 ...

上半年，安踏集团再次交出韧性十足的业绩答卷，实现了超14%的增长。 纵观来看，相比重大赛事密集的2024年，2025年步入了"体育小年"，体育用品市场的整体表现亦较为平 淡。 透过目前体育鞋服公司已公开的财报情况，我们不难看出一个明显的趋势：上半年国际头部运动品牌在 市场的业绩表现更加疲软，包括耐克最新财季在华销售额出现21%的同比大幅下滑，而以安踏集团为代 表的中国运动龙头稳住了增长态势。其中，安踏集团更凭借多品牌协同在超大体量的基础上实现跑赢行 业的增长，旗下多个品牌均创下业绩新高。 在这背后，安踏多年来所构建的多品牌优势也获得了更有力的验证。 1、多品牌继续进阶，以精细化运营释放成长性 直观来看，上半年安踏集团实现收入385.4亿元，同比增长14.3%，和耐克中国的半年营收差距拉大到 150亿以上；集团经营利润达101.31亿元，同比增长17%，经营利润率提升至26.3%，高于市场预期，进 一步体现业绩的高质量增长。 按照品牌划分，安踏品牌收入达169.5亿元，同比增5.4%；斐乐品牌收入达141.8亿元，同比增长8.6%； 包括可隆、迪桑特在内的所有其他品牌收入为74.1亿元，同比增长61.1%，在收 ...

Industry Environment - "Internal purchase sales" account for 18% of the global fashion market, with luxury goods reaching 50%, becoming a key method for inventory management. Discounts can be as low as 10-20%, attracting registered users to participate. With the EU's ban on destroying surplus goods, discount sales are expected to grow five times faster than full-price sales from 2025 to 2030. Emerging Italian companies like Arlettie, Say wow, and Secret Sales Girl are showing strong performance in this space [2]. Growth in Chinese Sports Market - International mid-range sports brands are experiencing strong growth in the Chinese market, with lululemon's revenue increasing by 20%. Brands like HOKA and Arc'teryx are also seeing rapid growth, while Amer Sports' brands in Greater China grew by 43%. International brands are accelerating their presence in China by opening flagship stores. Adidas and Nike are recovering through localization strategies, with high-end sports brands becoming a new status symbol for the middle class. The consumption trend in China is reshaping the industry landscape, with outdoor and yoga apparel brands becoming key areas for brands to achieve over 10 billion in revenue [3]. Hiking Trend Among Young Consumers - Hiking is becoming a favored travel method among young people, emphasizing a connection with nature and immersive experiences. Data shows that the search volume for "hiking" is expected to grow nearly 100% year-on-year in 2024, with over 2.9 billion views on Xiaohongshu topics, reflecting its popularity among young consumers. Hiking has evolved from an outdoor activity to a lifestyle that combines leisure and travel, driving growth in the outdoor equipment industry, with Decathlon's hiking shoes seeing over 50% revenue growth. The high conversion rate of 47% suggests that hiking may become the next trend following marathons and trail running [5]. Localization in Luxury Brands - Despite an overall sluggish luxury market, China remains a key area. Many brands are transforming through localization strategies, such as cross-industry collaborations and limited-time pop-up events, to promote cultural experience consumption. HERMÈS is upgrading its stores with a "less is more" strategy, while PRADA and others are integrating local culture through interactive marketing. In the future, luxury brands need to deeply explore local culture and tell compelling stories to upgrade from symbolic consumption to cultural value consumption [6]. Technology Empowerment in Underwear Market - The Chinese underwear market is shifting from rapid growth to high-quality development, with a projected compound annual growth rate of 4% from 2021 to 2026. A white paper by Giant Engine and CBNData indicates that the industry has entered the "technology empowerment" 4.0 era, with Douyin becoming a new growth engine, leading to a 69% increase in underwear sales over the past year. Consumer demand is shifting towards quality, self-satisfaction, and functionality, with scenario-based marketing becoming a key trend. The white paper proposes the T.E.C.H standard to evaluate and guide the development of technological underwear [7]. Challenges in the Watch Market - The Chinese watch market is expected to exceed 100 billion, but the mid-to-high-end market is dominated by foreign brands, leaving domestic brands like Seagull, Shanghai Watch, and Fiyta facing intense competition. Despite leading manufacturing capabilities, the brand value of domestic brands has not been fully realized. The third generation of Xipuni is attempting differentiation through precious metals, but is affected by fluctuations in gold prices. Young consumers are shifting towards smartwatches, diminishing the symbolic value of traditional watches, making innovation crucial to attract younger audiences [8]. Brand Dynamics - Bosideng Group held a "Snow Flying" brand conference, gathering over 400 guests to launch a new brand strategy. Snow Flying, founded in 1999, focuses on the ice and snow sports gene and has become a leader in the industry. The team is committed to seizing opportunities in the ice and snow economy, with a strategic goal set for 2025 to become "China's first brand of ice and snow down jackets" [9]. Prada's Cultural Club in Osaka - The Prada Mode cultural club has launched its twelfth stop in Osaka, collaborating with architect Kazuyo Sejima on the "Inujima Project," connecting architecture with nature, history, and the future. The exhibition includes various activities, such as lectures by Tadao Ando, traditional craft displays, and nighttime performances, along with a donation of a permanent exhibition pavilion and art installations. Since its establishment in 2018, Prada Mode has promoted the cross-border integration of fashion and culture, providing an artistic experience platform for global culture enthusiasts [10]. Success of Dazzle Fashion - Dazzle Fashion, founded by Ma Ruimin in 1991, has become one of the most profitable women's clothing brands in China, with a market value nearing 9 billion. The company operates four major brands: DAZZLE, DIAMONDDAZZLE, dzzit, and RAZZLE, covering mid-to-high-end women's wear and high-end artistic women's wear. After successfully going public in 2018, the company emphasizes design and product strength, with a strict creative protection mechanism and a focus on digital transformation and e-commerce marketing [11]. OF's New Retail Strategy - OF, a sister brand of UR, has opened its first independent stores in Guangzhou and Jiangmen, emphasizing a "happy gene" core with high-cost performance across all product categories, including clothing and home goods. The store design is minimalist and open, enhancing the shopping experience, and a membership system is implemented to increase user engagement. OF aims to accelerate its national layout, promoting the concept of "good things are not expensive" and advocating for a happy consumption lifestyle [12]. Adidas' Green Initiatives - Adidas has opened a sustainable elements store in Shanghai, practicing green and environmentally friendly concepts. The store uses recycled materials and digital energy management, with old clothing recycling bins to enhance consumer participation. Adidas plans to achieve carbon neutrality across its entire value chain by 2050, with a target of 99% recycled polyester usage by 2024. Through initiatives like waste clothing recycling and green project development, Adidas aims to promote a circular economy and reshape its brand image [13]. Anta's Children's Footwear Innovation - Anta Children's has launched the Dynamic Foot Bridge Technology running shoes "Arch PRO" and the Flying Fish Backpack 4.0, designed for children aged 6-12 to address low arches and spinal health issues. The shoes use negative Poisson's ratio materials to balance comfort and support, while the backpack features a three-dimensional pressure relief design to alleviate spinal pressure, certified by Germany's AGR. Anta has also established a Foot Arch Health Research Center in collaboration with the National Orthopedic Medical Center, planning to open "Linglong Stores" to support children's overall health growth [14]. Demna's Shift in Fashion Design - Fashion designer Demna has expressed a loss of interest in the current loose style, stating that while it is a possibility in fashion, it lacks uniqueness today. However, he clarified that he will not shift to extreme tight designs, criticizing tight stretchy jeans for making people look like "sausages." Demna emphasizes that fashion should focus on finding suitable clothing for individual body shapes rather than blindly following trends, suggesting that comfort and confidence should be the core of fashion choices [15]. Pet Fashion Trend - Adidas Originals has launched its first pet series in Shanghai, including pet clothing, accessories, and adult "parent-child" outfits, strengthening the emotional connection between pets and their owners. The brand also hosted the "First Pet Day" event, showcasing new business attempts in the pet-friendly market. This move reflects the enormous potential of the pet economy, with the global market expected to reach $500 billion by 2030, as many luxury and fashion brands enter the space to meet young consumers' high-end pet fashion demands [16].