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安踏体育(02020):Q2集团流水增速优异,运营稳健,多品牌优势显著
GOLDEN SUN SECURITIES· 2025-07-16 00:56
Investment Rating - The report maintains a "Buy" rating for Anta Sports [5][7] Core Views - Anta Sports demonstrated strong sales growth in Q2 2025, with a notable performance across its multi-brand portfolio, achieving overall sales growth in the first half of 2025 [1][4] - The report anticipates a revenue growth of 11% for 2025, with a net profit growth of 13% compared to 2024, excluding one-time gains [4] Summary by Sections Anta Brand - In Q2 2025, Anta brand sales grew by a low single-digit percentage year-on-year, a slowdown compared to the high single-digit growth in Q1 2025. This is attributed to store optimization efforts and cautious discounting during the "618 Shopping Festival" [2] - The inventory turnover ratio for Anta brand is expected to remain around 5, indicating a healthy operational level [2] - For H2 2025, sales growth is expected to accelerate as the brand continues to optimize product structure and channel efficiency [2] Fila Brand - Fila brand achieved a mid-single-digit year-on-year sales growth in Q2 2025, with strong performance expected in its core products and e-commerce channels [3] - The brand's inventory turnover ratio is also projected to maintain around 5, with stable discounts in physical stores [3] - For H2 2025, Fila is expected to continue its strong growth trajectory, supported by an expanded product range [3] Other Brands - Other brands within the Anta portfolio saw a remarkable sales growth of 50% to 55% in Q2 2025, driven by improved product offerings and store operations [4] - The acquisition of Maia Active in 2023 is expected to contribute positively to growth, alongside the recent acquisition of outdoor brand Jack Wolfskin [4] - Overall, the company is projected to maintain robust revenue growth in 2025, particularly in its outdoor brands [4] Financial Projections - The report forecasts net profits for Anta Sports to be 135.12 billion yuan in 2025, with a corresponding P/E ratio of 17 times [5][6] - Revenue is expected to grow from 62.36 billion yuan in 2023 to 78.70 billion yuan in 2025, reflecting a compound annual growth rate [6][13]
青少年跑鞋在细分场景中挖增长空间
经济观察报· 2025-07-15 10:29
在留言区,大家会把需求写得非常清晰,比如,"初一男孩,高168,100斤,800米跑2分34秒,一 般前脚掌落地,求推荐跑鞋,希望有一定防滑效果。"哪怕暑假来了,孩子们也在练习跑步、跳绳 等,希望提高体测成绩。 实际上,体测鞋在去年中考期间就已走红,今年势头更盛。那些过去认为是马拉松选手或是中产跑 步爱好者才会关注的回弹、抓地力等数据,现在受到更加年轻一代的关注。随着刚性需求的出现, 青少年跑鞋市场从之前的泛运动鞋分化出现在的体测鞋、足弓鞋、校园日常鞋等等,增长空间融进 了这些细分的场景和需求中。 体测渐成刚性场景 多个运动品牌均在体测场景布局了相关产品,比如安踏马赫4代PROv2、FILA KIDS超跑鞋、李宁 YOUNG骄阳、鸿星尔克极风3、361°飚速3pro等等。 随着刚性需求的出现,青少年跑鞋市场从之前的泛运动鞋分化 出现在的体测鞋、足弓鞋、校园日常鞋等等,增长空间融进了 这些细分的场景和需求中。 作者:叶心冉 封图:受访者供图 今年6月中考前,跑步资深爱好者姜明炜在社交媒体上发的一条"体考体测选鞋指南"的帖子突然涌 进来很多评论。目前,帖子的留言已经超过5000条,且源源不断在增加。在这个帖子里, ...
青少年跑鞋在细分场景中挖增长空间
Jing Ji Guan Cha Wang· 2025-07-15 04:31
Core Insights - The rising demand for specialized running shoes among teenagers is driven by the need to improve physical fitness test scores for middle school entrance exams [1][2][3] - The market for youth running shoes is evolving into more segmented categories, including "test shoes," "arch support shoes," and "campus daily shoes" [1][5][6] - Major sports brands are responding to this trend by developing products specifically designed for the youth segment, focusing on performance and functionality [7][8] Market Trends - The popularity of carbon plate running shoes has surged among middle and primary school students, leading to a phenomenon of "equipment competition" in schools [2][3] - Brands like Anta, FILA, and Li Ning are launching products tailored for physical tests, with Anta's Maher series being a notable example, achieving sales of 500 million yuan in 2024 [3][8] - The youth sports market is projected to grow significantly, with a forecasted compound annual growth rate of 10.47% from 2024 to 2030, reaching a market size of 98.91 billion yuan in China by 2024 [8] Product Development - Brands are shifting their focus from lightweight, everyday training shoes to functional running shoes that enhance speed and cater to specific scenarios [7][8] - There is a lack of dedicated youth product lines among major brands, as they often rely on adult and children's lines to meet the needs of the adolescent demographic [4][8] - Future product strategies will likely include professional validation of functionality, age-specific designs, and integrated product systems that combine shoes with protective gear and training apps [8]