机构：申万宏源研究 研究员：王立平/刘佩 新品牌索康尼和迈乐保持高速增长。索康尼25Q2 全渠道增长超20%，上半年增长超30%，全年维持30- 40%的增长指引。渠道方面，索康尼线上进行战略性调整，主动减少低价产品并收紧折扣；线下将加快 在核心城市的布局，开设如月球概念店、城市体验店等新形象店，25 年开店目标约为30 家。未来营销 将着重于围绕精英人群进行高端心智打造、线下核心渠道的大店开设展开，同时也会推进服装OG 等生 活休闲产品的供应，以放大整体业务规模。迈乐销售趋势良好，二季度及上半年均实现超过50%的增 长，主要由电商业务带动，目前仍在加强产品研发，以满足消费者对产品的功能性要求，线下开店视后 续发展而定。 库存水平健康，折扣稳定，全年指引维持。二季度末主品牌库销比约为4 至4.5 个月，保持健康水平， 二季度折扣率为7-7.5 折，环比与一季度持平，与今年公司预期的折扣幅度相当。公司预计，上半年毛 利率符合预期，营销费用及研发费用皆在预算内，费用整体可控，经营利润率较为稳定，有信心实现集 团全年收入增长、净利润增长10%以上的目标。 投资要点： 特步国际发布2025 年二季度及上半年运营数据， ...

Investment Rating - The report maintains a "Buy" rating for the company [2][25] Core Insights - The main brand of the company shows steady growth, while the outdoor brand is experiencing strong momentum. The children's segment is growing faster than the adult segment, with footwear outperforming apparel. The newly introduced brand, Saucony, has seen over 20% growth in Q2 2025 and over 30% growth in the first half of the year [6][5] - The company is focusing on optimizing its multi-brand matrix and has initiated a Direct-to-Consumer (DTC) transformation, which is expected to enhance market responsiveness and efficiency [6][5] - The financial forecast indicates a projected net profit of 1.37 billion RMB for FY2025, with a corresponding PE ratio of 10 [6][16] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 14.346 billion RMB - FY2024: 13.577 billion RMB - FY2025E: 14.636 billion RMB - FY2026E: 15.759 billion RMB - FY2027E: 16.911 billion RMB - Net profit projections for the same period are: - FY2023: 1.034 billion RMB - FY2024: 1.303 billion RMB - FY2025E: 1.368 billion RMB - FY2026E: 1.496 billion RMB - FY2027E: 1.633 billion RMB - The gross margin is expected to improve from 42% in FY2023 to 45% in FY2027 [6][16] Retail Performance - The retail performance for 2023 shows a year-on-year growth of approximately 20% in Q1, high double digits in Q2, and over 30% in Q4, with a consistent discount level of 7-7.5 [15][6] - The inventory turnover ratio is healthy, with a stock-to-sales ratio of about 4 to 4.5 months at the end of Q2 2025 [6][15] Brand Strategy - The company is focusing on its core running products, which have shown double-digit growth, while casual products have experienced some fluctuations. The newly launched products have received positive market feedback [6][5] - The DTC transformation is expected to enhance the company's ability to adapt to market changes and consumer demands, with plans to open larger stores and new store formats [6][5]

Core Insights - The 2026 Spring/Summer Paris Men's Fashion Week saw a significant participation of sports brands, showcasing their innovative designs and collaborations [1][2] - Brands are increasingly focusing on offline exhibition spaces, particularly pop-up experiences, to engage consumers directly with their products [1][7] - The success of past collaborations and trendy products has led many sports brands to adopt a dual strategy of professional sports and fashion to diversify their offerings [4][8] Group 1: Brand Collaborations and Innovations - Adidas debuted a collaboration with designer Willy Chavarria, featuring innovative shoe models Megaride AG and Megaride AG XL [1] - Ecco and White Mountaineering launched a capsule collection emphasizing future outdoor and sportswear designs during the same period [1] - Saucony's pop-up event highlighted its high-end SILO series with the theme "CODED TOGETHER" [1][2] Group 2: Marketing Strategies and Consumer Engagement - Xtep sponsored the historic French local event "Versailles Run" instead of hosting a traditional fashion show, providing overseas runners with the opportunity to experience their 360X 2.0 running shoes [2] - The use of humanoid robots by Yushu Technology to showcase Xtep shoes at the event added a unique marketing angle [2] - Brands like Puma and Adidas have successfully leveraged trendy products to enhance their market position, with Adidas recovering from a downturn through its retro Samba shoes [2][4] Group 3: Brand Positioning and Target Audience - FILA FUSION targets young consumers with a focus on high-end sports fashion, while LI-NING1990 aims at affluent urban dwellers with a luxury casual style [5] - Xtep's new brand XTEP-XDNA is designed to appeal to the growing high-end Z generation market [5] - Luxury brands are also entering the sports market, with products like Dior's B33 and LV Trainer shoes, indicating a trend of crossover between high fashion and sportswear [5][6] Group 4: Professionalism and Product Experience - Sports brands are not overly anxious about competition from luxury brands, as they maintain a technological edge in professional products [7] - The choice to utilize pop-up spaces allows consumers to physically interact with products, enhancing their understanding of the unique features of professional sports gear [7][8] - Adidas emphasized its basketball business during the fashion show, showcasing unreleased products worn by star player James Harden [7]