2025.07. 20 本文字数：1860，阅读时长大约3分钟 作者 | 第一财经 林靖 在苏超成为现象级赛事后，本周进入到第二轮的赣超也越来越火热。 赣超第二轮，南昌队于7月20日晚坐镇主场迎战九江队。7月14日12时，本场比赛购票通道准时开 启，放出的球票瞬间秒光。7月20日晚，赣超南区次轮赣州队对阵宜春队，3万张球票开仓即秒光， 追加的5000张票也再次秒光。 与苏超的发展类似，部分球队起初的主场容量较小，接下来主场将搬到容量更大、座位更多的体育 场。根据当地媒体报道，由于景德镇市体育中心正进行紧急改造，主场比赛暂设在景德镇艺术职业大 学体育场(座位1000个)，第二阶段将迁至拥有1.9万个座位的市体育中心。7月19日，吉安队在吉安 市泰和体育中心迎战萍乡队。赣超第五轮，吉安主场将回到吉安市全民健身体育中心，目前该场地正 在改造，届时将开放1.7万个座位。 而本周末举行第七轮赛事的苏超热度持续爆表。其中，7月19日南通队与盐城队的比赛，根据售票平 台后台数据，两轮抢票累计总人数达136万之众。 苏超、赣超的红火，很大程度上盘活了存量的场馆资源。比如，虽然大量地级市乃至部分县级市都有 大型体育场，但过去这 ...

2025 年 07 月 20 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn [Table_Title] 2025Q2 流水表现良好，线上业务高增 ——361 度（01361）2025Q2 点评报告 最近一年走势 | 相对恒生指数表现 | | 2025/07/18 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 361 度 | 11.0% | 25.3% | 48.6% | | 恒生指数 | 4.7% | 16.0% | 39.6% | | 市场数据 | | 2025/07/18 | | | 当前价格（港元） | 5.15 | | --- | --- | | 52 周价格区间（港元） | 3.15-5.19 | | 总市值（百万港元） | 10,648.56 | | 流通市值（百万港元） | 10,648.56 | | 总股本（万股） | 206,768.20 | | 流通股本（ ...

Core Viewpoint - 361 Degrees reported strong performance in Q2 2025, with significant growth in both adult and children's apparel, as well as e-commerce sales, indicating a robust operational status and effective market strategies [1][2][3]. Group 1: Financial Performance - In Q2 2025, 361 Degrees' adult apparel offline channel revenue grew by approximately 10%, while children's apparel also saw a 10% increase, and e-commerce revenue rose by 20% year-on-year [1]. - The company expects a revenue growth of 14% for 2025, with profit margins remaining stable, reflecting a positive outlook for the domestic sports footwear and apparel industry [3]. Group 2: Product Development - The product matrix of 361 Degrees continues to expand, with new offerings such as the professional racing shoes "Flying Future2" and various models targeting specific runner needs, enhancing market competitiveness [2]. - The company launched specialized children's products, including the "Shining 1.0" racing jump rope shoes and "Hunting Wind" football shoes, maintaining a clear positioning in the children's apparel segment [3]. Group 3: Marketing and Brand Strategy - 361 Degrees is focusing on hosting its own basketball and running events to strengthen consumer engagement and brand influence, with recent initiatives including a promotional tour featuring signed star player Jokic [2]. - The company is actively expanding its retail presence, with 39 new super stores opened in major cities, which is expected to enhance operational efficiency and drive high-quality growth in offline retail [2]. Group 4: E-commerce Growth - The e-commerce segment of 361 Degrees is experiencing rapid growth, with a 20% year-on-year increase in revenue for Q2 2025, driven by differentiated products and targeted promotions during key sales events [3].

Investment Rating - The report maintains a "Buy" rating for 361 Degrees with a target price of HKD 6.6 [6]. Core Insights - The company has shown robust growth in both offline and online sales, with the main brand and children's clothing lines achieving approximately 10% growth, while e-commerce platforms recorded about 20% growth [2][3]. - The introduction of new products across various categories, including running, basketball, and children's sportswear, reflects the company's commitment to innovation and consumer choice [2]. - The expansion of super stores is a strategic move to enhance consumer experience and drive sales, with plans to increase the number of super stores to 80-100 by the end of the year [3]. Financial Summary - Projected earnings per share (EPS) for 2025-2027 are estimated at RMB 0.60, 0.69, and 0.76 respectively [3]. - Revenue is expected to grow from RMB 8,423 million in 2023 to RMB 13,812 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.1% [4][9]. - The net profit is projected to increase from RMB 961 million in 2023 to RMB 1,579 million by 2027, with a net profit margin remaining stable around 11% [4][9].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - In Q2 2025, the main brand's offline retail revenue recorded approximately 10% growth, while the children's clothing brand also saw about 10% growth. E-commerce platforms experienced around 20% growth [2][3] - The company continues to introduce new products to meet diverse consumer demands and has expanded its super stores to 49 locations, with stable inventory and discount levels [3][5] Summary by Relevant Sections Revenue Growth - In Q2 2025, adult apparel offline revenue grew approximately 10%, children's apparel offline revenue also grew about 10%, and e-commerce revenue increased by around 20%, although the growth rate has slowed compared to previous quarters [4][5] Product Development - The company is actively launching competitive new products in various categories, including running shoes and basketball shoes. Notable new releases include the FUTURE 2 and Q弹超 6 running shoes, and the 禅 7 basketball shoes [5] Channel Expansion - The number of super stores has expanded to 49, with 39 new stores opened in Q2. The stores focus on comprehensive category coverage and a one-stop shopping experience, with an expected total of 80-100 new stores for the year [5][6] Inventory and Discount Management - The inventory-to-sales ratio remains stable at 4.5-5.0, with retail discounts around 71%, showing no significant year-on-year change and a slight increase quarter-on-quarter [6] Financial Forecast - The company maintains its profit forecast, expecting net profits of 1.3 billion, 1.46 billion, and 1.63 billion yuan for 2025-2027, representing year-on-year growth rates of 13.1%, 12.2%, and 11.8% respectively. The target price is maintained at 4.7-5.4 HKD, corresponding to a PE ratio of 7-8x for 2025 [8][9]

随着江苏省城市足球联赛火热开赛，球迷的热情不仅点燃了绿茵场，更推动了足球周边产品的销售热 潮。数据显示，足球鞋、足球、足球袜位列成交量前三位，同时，包括颠球训练器、敏捷梯、足球阻力 带等在内的诸多专业训练装备增幅亮眼，销量同比增长均超60%，显示足球消费正向着专业化方向迈 进。 从全民健身向赛事导流，从兴趣运动到专业化训练，足球正在从赛场走入更广泛的消费生态。随着联赛 深入推进和足球文化的快速发展，专业足球装备、训练辅助工具、运动时尚穿搭等多元细分产品不断涌 现，将进一步拓宽足球消费边界。 （文章来源：经济日报） 各地消费者展现出特色鲜明的足球消费偏好。从地域分布看，广东、北京、山东、四川、江苏是足球装 备消费前5名。其中，北京消费者对护具类产品情有独钟，运动护踝、护腿板等产品受青睐；广东消费 者更偏爱战术板和运动发带，反映出他们对专业训练的关注；江苏赛事带动作用显著，周边消费全面升 温。 从消费者年龄结构看，36岁至45岁人群是足球消费主力，占比超五成；其次为26岁至35岁人群，占比 26.1%。这一消费结构的形成，既源于该年龄段足球爱好者的持续参与，也反映了家长为孩子购置足球 训练装备的旺盛需求。此外，数 ...

Core Viewpoint - Skechers has agreed to be acquired by 3G Capital, which may provide new opportunities for the company amid challenges such as tariff pressures and business development issues [2][3]. Group 1: Acquisition Details - 3G Capital will acquire all outstanding shares of Skechers at a cash price of $63 per share, representing a 30% premium over the weighted average share price over the last 15 trading days [3]. - Following the acquisition, Skechers will become a private company and will continue to be led by its current executive team [3]. - Skechers aims to continue its existing strategic initiatives post-acquisition, leveraging 3G Capital's long-term investment experience [3][11]. Group 2: Tariff Impact - Skechers faces significant pressure from U.S. tariff policies, which could lead to decreased profit margins, increased shoe prices, and reduced consumer demand [4][5]. - The U.S. market accounts for 38% of Skechers' global sales, while a majority of its manufacturing capabilities are based in Asia, making it vulnerable to tariff impacts [4]. Group 3: Business Performance - Skechers has experienced fluctuating global sales growth, with a 12.1% increase in sales for the 2024 fiscal year and a 7.5% increase for the 2023 fiscal year [8]. - The company reported a sales figure of $24.1 billion for Q1 2025, a 7.1% increase year-over-year, but faced a 16% decline in sales in its largest overseas market, China [8]. - Skechers' sales in China decreased by 0.9% in 2024, with a notable 11.5% drop in Q4 [8]. Group 4: Market Strategy - Skechers is shifting its focus towards professional sports segments, aiming to increase the proportion of professional sports products in total sales to 30% [9][10]. - The company has signed lifetime global contracts with international sports stars and is launching specialized footwear lines in basketball and soccer [10]. - Competitors like Nike and Adidas are also targeting low-price and down-market segments, intensifying competition for Skechers [9].

国产百年老牌鞋企双星名人集团陷入家族内斗漩涡。其创始人不仅领导双星鞋业辉煌一时，更是许多 80后关于国产球鞋记忆的创造者。 双星名人集团的前身是 1921年成立的国营青岛第九橡胶厂。在创始人汪海的带领下，双星曾以"穿上双星鞋，潇洒走世界"的广告语风靡全国，连 续15年销量居首，成为中国制鞋行业的龙头。 尤其是双星绿标黑色的足球鞋，更是成为 80后一代人对于那个全民热爱足球时代的集体回忆坐标。 凤凰网财经致电双星名人集团官网对外联系电话，无人接听。 此后，凤凰网财经联系双星员工及经销商，普遍得到谨慎回应。一位双星员工表示： "不清楚"。另一位双星经销商则告诉凤凰网财经："不方便说，就是目前网络流传的信息，公司目前正常经营。反正对于我们来说都是与进货相关， 只和下面业务员有来往，具体谁管理公司和咱们也没什么关系。" （ 汪海 ） 近日，一份由 84岁 创始人汪海发布的公开信在网络上广泛流传。信中，汪海详细指控其子汪军、儿媳徐英及孙子汪子栋企图抢夺公司公章，并限 制其人身自由长达两小时。他还提到，儿媳徐英与儿子汪军曾带人闯入其办公室，毁坏监控设备、殴打工作人员并阻挠会议。汪海声称已向公安机 关报案，并宣布即日起暂停 ...

突破边界！从EVO 1到PRO 4， 阿迪达斯科技革新再进阶。 发号令响起，这位35岁的运动员与领跑员一同迈开步伐，"我赞赏他乐观的态度，他应该非常享受跑步本身，"评论员说。马拉松的前半程往往是平稳的试 探，每个人都在寻找自己的最佳状态，海勒·格布雷西拉西耶也不例外。 进入30公里大关，赛道变得安静了些，原本紧密的队伍开始拉开距离。那些前半程消耗过多体力的跑者逐渐放慢脚步，精心控制节奏的选手则悄然加速。 当肌肉开始酸痛、疲劳也慢慢侵袭，每一步都变得沉重，每一次落地都能感受到冲击力沿着小腿传递至全身。此时此刻，陪伴跑者与大地对抗的只剩脚下 这双跑鞋。 而真正的马拉松，从这里才开始。 Adios，世界纪录！ 他蹲下身系好鞋带，在房间和走廊里来回踱步，在楼梯间上下小跑，感受这双鞋接触地面之后带来的前所未有的奇妙回弹，以及静态下轻若无物又稳定的 支撑感。 海勒·格布雷西拉西耶当即做了一个颇为大胆的决定，要穿着这双鞋参加明天的比赛。 这双鞋就是初代ADIZERO ADIOS。它是阿迪达斯与制鞋大师Toshiaki Omori （大森敏明）四年联手研发的作品。 2008年9月28日，柏林。 一大早，数百位参赛者已经聚集在 ...

以下文章来源于Vista氢商业 ，作者大稚 Vista氢商业 . 买包直奔更具性价比的大牌平替早就不稀奇，比较老派的翻杭州四季青或广州皮具城，比较新潮的蹲茶饮店周边，手艺好的能自己织出爆款编织袋， 精通裁缝的还能自己缝出经典皮革包。 现在，民间手艺人竟又找到了更加实惠省力的方法，四两拨千斤、平地起高楼——他们把包3D打印出来了。 实现奢侈品自由，果然还得靠自己勤劳的双手。 自己在家生造一个LV新品，成本20 3D打印是一种快速成型技术，以数字模型文件为基础，通过逐层添加材料制造三维物体。 自己打印大牌包，正在成为3D打印爱好者新的竞技场，同时向零基础零经验纯路人撒播心动的信号。 名头最亮叫价也最响的奢侈品们，在机房里济济一堂。 香奈儿经典菱格翻盖包，从方方正正、纹理细腻的黑色包身、包身上作为点睛之笔的logo，到环环相扣的金色链条，都能原模原样DIY出来；LV老花 包也不在话下，连包带上的缝纫针线孔都能cos到位。 关心都市白领的消费生活 提供易懂有趣的品牌报道 本文来自微信公众号： Vista氢商业 ，作者：大稚，原文标题：《自制一个最新款LV包成本不到20块？用上3D打印的打工人都能在家开条"奢侈品流水 ...