来清华干什么？当然是为了和年轻人"打成一片"，在品牌竞赛中率先起跑。艾媒咨询的统计数据显示， 预计2030年，中国运动鞋服行业市场规模将达到8963亿元。户外运动异军突起，马拉松运动如火如荼， 这些都侧面促使鞋服市场不断增长，品牌竞争也更加激烈。想要分羹国内市场，他们不仅在产品端暗暗 较劲，也在如何拉拢年轻消费群体上不断想出新招。毕竟年轻人才是消费市场的主力。 中国市场在消费变迁下涌动着巨大机遇，但竞争白热化，消费者偏好瞬息万变。想要赢得这块蛋糕，更 需在情感和文化层面早早"占位"，为下一个十年铺路。 每经记者｜王紫薇 每经编辑｜王紫薇 10月17日，耐克集团总裁及CEO贺雁峰（Elliott Hill）走进清华大学，进场便给同学们比心，引起一阵 欢呼。上任之后，贺雁峰已多次来华。这次在会上，学生现场直接"boss直聘"，贺雁峰也跟学生打得有 来有回。 此次，耐克CEO和清华大学校长共同出席清华大学百年西操焕新活动。在活动现场，鞋子们很抢眼。说 到跑步鞋，那可是耐克这次财报中最显著的增长引擎。本财季，耐克跑步业务在全球实现了约20%的增 长，在中国市场也实现了高个位数增长，成为一大亮点。 ...

特步国际 01368.HK 公司研究 | 动态跟踪 ⚫ 我们维持对公司的盈利预测，考虑到股本的变动，预计公司 2025-2027 年每股收益 分别为 0.49、0.56 元和 0.62 元。参考可比公司，给予公司 2025 年 15 倍 PE 估值， 对应目标价 8.01 港币（1 人民币=1.09 港币），维持"买入"评级。 风险提示： 行业竞争加剧，可选消费复苏不及预期，新品牌增长低于预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,346 | 13,577 | 14,452 | 15,795 | 17,244 | | 同比增长(%) | 10.9% | -5.4% | 6.4% | 9.3% | 9.2% | | 营业利润(百万元) | 1,580 | 1,966 | 1,980 | 2,309 | 2,593 | | 同比增长(%) | 7.9% | 24.4% | 0.7% | 16.6% | 12.3% | | 归属母公司净利 ...

Core Insights - The core viewpoint of the articles is that sports brands are shifting their focus from merely selling equipment to becoming "sports lifestyle service providers" by entering the instant retail market, which is rapidly growing in China [1][9]. Group 1: Market Trends - Over 1,000 stores of 361 Degrees have launched a "30-minute delivery" service on Meituan, while Anta has over 1,200 stores on Meituan Flash Purchase, and Xtep has over 2,500 stores on JD Instant Delivery [1]. - Instant retail for sports categories has shown significant growth, with running shoes and sports T-shirts seeing over 200% year-on-year sales growth since June, and swimming and cycling gear sales increasing by over 100% [1][2]. - Decathlon's collaboration with Meituan resulted in a nearly 120% month-on-month sales increase [1]. Group 2: Sales Channel Innovations - Sports brands primarily rely on a combination of online and offline sales channels, with a significant number of physical stores, such as Anta with over 13,000 stores globally and Li Ning with 7,534 stores [2]. - The growth of offline stores has slowed, leading brands to explore innovative channel strategies, including instant retail, to tap into new sales growth points [2][3]. Group 3: Operational Efficiency - Instant retail can enhance the efficiency of sports brands' offline resources by converting stores into "front warehouses," reducing delivery times from 1-3 days to around 30 minutes [3]. - This model allows for the circulation of idle inventory, improving space utilization and overall operational efficiency [3]. Group 4: Marketing and Consumer Engagement - Marketing costs are significant for sports brands, with Xtep spending 12.6% of its revenue on marketing, 361 Degrees at 10.1%, Li Ning at 9%, and Anta at 6.6% [4]. - Instant retail platforms are intensifying competition, allowing brands to reach more consumers at lower costs, thus achieving dual benefits of sales and marketing [4]. Group 5: Consumer Behavior and Challenges - Price differences between instant retail and physical stores pose a challenge for sports brands, as consumers may be sensitive to pricing discrepancies [6]. - The potential for high return rates in instant retail, particularly for sports footwear, is a concern, as the lack of fitting opportunities may lead to dissatisfaction [7]. Group 6: Future Outlook - The integration of instant retail into sports brands' strategies is still in its early stages, with a focus on delivery speed and inventory management [9]. - As the relationship between sports brands and instant retail matures, the focus may shift from speed to creating a comprehensive service ecosystem, potentially offering value-added services alongside products [9].

Core Viewpoint - The Chinese sports industry is expected to maintain rapid growth during the "14th Five-Year Plan" period, with a target of exceeding 7 trillion yuan in total scale by 2030, driven by both supply and demand factors [1][8]. Group 1: Sports Industry Growth - The sports industry in China has developed rapidly over the past 11 years, particularly since the 2014 government policy aimed at promoting sports consumption [1]. - The proportion of sports service industry value added has increased significantly, from 34.6% in 2012 to 72.7% in 2023, indicating a shift towards service-oriented growth [2]. - The "Su Super" event has become a phenomenon, driving urban consumption and showcasing the commercial value of sports services [2]. Group 2: Policy and Economic Impact - The government plans to introduce special policies for the development of sports events, recognizing the significant market potential and economic impact of the competition and performance sectors [2][3]. - In Shandong, over 739 events with more than 500 participants were held in the first half of the year, generating direct economic benefits of 4.6 billion yuan and indirect benefits of 11.3 billion yuan [2]. Group 3: Consumer Behavior and Market Trends - Sports consumption in China has expanded from traditional goods to services such as event viewing, fitness, and sports tourism, with a 22.2% year-on-year increase in sales of sports entertainment products in the first half of the year [6][7]. - The retail sales of sports and entertainment products from key monitored events exceeded 300 million yuan on average, indicating strong consumer interest [6]. - The overall sports consumption market is projected to exceed 2.8 trillion yuan by 2025, with significant room for growth compared to North America and the EU [8]. Group 4: Infrastructure and Investment - The total area of sports facilities in China is 4.23 billion square meters, with 1,547 new sports parks built, highlighting the focus on infrastructure development to support sports activities [8]. - The government aims to balance "hard investment" in infrastructure with "soft construction" to enhance community sports facilities, thereby releasing the potential for sports consumption [8].

Core Insights - The article discusses the emergence of a new consumption model known as "flash purchase," which has expanded from food and beverage to include categories like clothing, footwear, and consumer electronics [1] Industry Trends - Flash purchase has become a popular method for consumers to buy daily necessities and emergency items, indicating a shift in consumer behavior towards instant retail [1] - The frequency of flash purchases has increased, leading to rapid growth in instant sales for mobile phone retail stores [1] Sales Performance - A flash purchase platform reported that since June of this year, the transaction volume for mobile phones has increased by over 300% year-on-year [1] - Sales for smartwatches, tablets, and laptops have also seen significant growth, with transaction volumes increasing by over 200% [1] - The sales of sports shoes and apparel, such as running shoes and sports T-shirts, have similarly experienced a year-on-year increase of over 200% [1]

Core Insights - Instant retail is a new consumption model that has expanded from food and beverage to include clothing, footwear, and consumer electronics [1] - The growth of instant retail is driven by increased consumer demand for convenience and quick delivery [7][9] Group 1: Growth Metrics - In Shenzhen, the order volume for instant retail increased by 1500 units from March to July 2025, compared to only 20% of the current order volume in the same period of 2024 [6] - A flash purchase platform reported that mobile phone transaction volume increased by over 300% since June 2025, while smartwatches, tablets, and laptops saw over 200% growth [8] - Sales of badminton equipment increased by 50% year-on-year in the first seven months of 2025 due to the rapid development of instant retail [14] Group 2: Operational Challenges - Instant retail requires businesses to enhance their operational capabilities and efficiency to meet consumer demands [9] - Staff in packing areas must complete picking and packing within 15 minutes to ensure timely delivery [12] - The extended sales hours due to instant retail have led to online sales even during store closing hours, resulting in a backlog of orders to process each morning [14] Group 3: Market Trends - The expansion of instant retail into new categories has sparked enthusiasm among businesses to invest and develop in this area [9][16] - Consumers are increasingly using instant retail for everyday necessities and emergency items, indicating a shift in purchasing behavior [7]

Group 1 - The experience economy is driving a strong recovery in summer consumption, with diverse business activities emerging [1] - Instant retail has become the mainstream choice for consumers purchasing outdoor sports gear, with significant sales growth reported [1] - Sales of sports apparel and equipment have seen over 200% year-on-year growth, with specific categories like swimming and hiking gear doubling in sales [1] Group 2 - The night economy is becoming a crucial factor in boosting consumer spending, with the restaurant market showing signs of recovery [2] - Innovative menu offerings from restaurants, such as Haidilao's summer specials, are catering to late-night dining preferences [2] - The expansion of night economy activities reflects a shift in consumer behavior, with a strong demand for social experiences during nighttime [2]

Core Insights - The "Su Chao" phenomenon is significantly boosting local consumption in Jiangsu, extending beyond just the sports economy [1][3]. Consumption Trends - The local consumption index during the "Su Chao" period shows a remarkable increase in various categories: - In the "sports health consumption" category, sales of smartwatches surged nearly 9 times compared to the same period last year, while sales of sports T-shirts and running shoes more than doubled, and children's sports shoes also saw close to a 2-fold increase [3]. - For "viewing atmosphere consumption," there was a notable increase in sales of beverages and entertainment products, with local liquor sales, particularly Yanghe, increasing nearly 18 times, and craft beer sales doubling [3]. - In the "viewing equipment" category, air conditioner sales grew over 5 times, and sales of cool mats increased by more than 1 time [3]. Retail Platform Impact - The instant retail platform, Meituan Shanguo, acts as a "magnifier" for the consumption boost driven by "Su Chao," connecting consumers with physical stores [5]. - Sales at offline stores of sports brands like Decathlon and Taobo have rapidly increased due to the "Su Chao" effect [5]. - A local liquor store manager reported a significant increase in orders for beer and ice cups, with many orders specifically mentioning "for watching Su Chao" [5]. Economic Development - The "Su Chao" effect is seen as a collaborative effort among various stakeholders to promote economic growth in Jiangsu through sports [5]. - There are expectations for sustained consumption effects as local platforms and regional cooperation continue to support the initiative [5].

Group 1 - The consumer market in Nanjing shows a stable foundation and a wave of upgrades, with retail sales of grain and oil, daily necessities, and sports and entertainment products increasing by 21.7%, 11.1%, and 19.6% respectively in the first quarter [1][3] - The establishment of "15-minute convenient living circles" has significantly improved residents' daily lives, with 166 such circles completed, covering 220 communities and providing services to 2.532 million residents, achieving a satisfaction rate of 97.86% [2][3] - The growth in retail sales of basic and upgraded goods reflects the vitality of the consumer market, driven by increased resident income and changing consumption concepts, with per capita disposable income reaching 24,411 yuan, a year-on-year increase of 4.5% [6] Group 2 - The sports goods sector is experiencing a notable consumption upgrade, with retail sales of sports and entertainment products increasing by 19.6% in the first quarter, driven by rising health awareness among consumers [4][6] - The newly opened Decathlon store in Nanjing aims to create a differentiated commercial ecosystem by integrating green consumption concepts and community sports activities, enhancing the urban sports economy [6] - Decathlon plans to open two more physical stores in Nanjing by 2025, indicating a commitment to expanding its market presence and promoting sports consumption [6]

Core Insights - The report titled "2025 Autumn and Winter Taobao Tmall Sports and Outdoor Industry Footwear and Apparel Trend White Paper" analyzes the current state, trends, and platform strategies of the sports and outdoor footwear and apparel market for the upcoming seasons [1][5][28] - The sports industry is experiencing robust growth driven by policies, industry developments, and events, with outdoor products becoming popular gifts and a continuous influx of new customers [1][5] - Consumer behavior is evolving, with a shift towards multi-dimensional sports engagement, allowing businesses to precisely target potential users [1][5][16] Market Trends - The report highlights significant growth in core categories such as down jackets, jackets, and pants, with ongoing upgrades in functionality and aesthetics to meet diverse scene requirements [1][5][28] - Popular style themes include "Modern Snow Domain," "Symbiotic Wilderness," "Dimensional Awakening," "Elegant Intelligence," "Urban Wilderness," and "Light Oxygen Healing," each characterized by unique design, functionality, and color combinations [1][5][28] Platform Strategies - Taobao Tmall is enhancing its operational strategies by upgrading inventory trends to help merchants discover opportunities and expose new products [1][5][28] - The platform is focusing on serving the MVP (Most Valuable Player) demographic, improving user engagement, and utilizing live streaming to amplify new product launches [1][5][28] Consumer Insights - The report indicates that over 70% of consumers choose sports and outdoor products for holiday and gift-giving purposes, emphasizing practicality and emotional value [1][20][23] - New customer segments are emerging, particularly among young professionals who view outdoor activities as a means of self-reward and stress relief [1][16][20] Industry Outlook - The sports and outdoor market is expected to continue its growth trajectory, with new customer influx and increasing diversity in product categories and purchase frequency [1][28][29] - The integration of advanced technologies and data-driven insights is anticipated to drive product innovation and enhance consumer experiences [1][30][31]