天风证券（601162）发布研报称，小幅调整安踏体育(02020)盈利预测，预计归母净利分别为136亿人民 币、155亿人民币、173亿人民币，对应PE分别为18x、15x、14x，维持"买入"评级。 天风证券主要观点如下： 分品牌看： 成熟品牌：安踏品牌2025H1实现营收170亿元，同比增长5.4%，占总收入比重约44%，毛利率54.9%。 安踏品牌在电商渠道打造明星产品，持续强化大众市场影响力，并在海外市场积极拓展布局。 成长品牌：FILA品牌2025H1实现营收142亿元，同比增长8.6%，占总收入比重约37%，毛利率68%。品 牌在专业运动领域表现尤为突出，网球、高尔夫、女子和户外系列等运动品类保持较强的增长势头。 新兴品牌组合：所有其他品牌(包括DESCENTE迪桑特、KOLON SPORT可隆等)2025H1实现营收74亿 元，同比增长61.1%，占总收入比重从去年同期约13%大幅提升至约19%，毛利率73.9%，同比+1.2pp。 其中，迪桑特实现了令人满意的增长，展现了强劲的增长韧性。作为专为亚洲女性设计的专业运动品 牌，MAIA ACTIVE成功开辟市场，专注满足目标人群对运动兼时尚的需求 ...

机构：天风证券 通过DTC 模式转型提升效率与体验，持续提高销售效率。 电子商务：2025H1 实现营收61 亿元，同比增长10.1%，占总收入比重约36%。公司通过CRM 系统沉淀 用户标签，运用算法模型提升销售转化，推动线上业务持续增长。 传统批发及其他：2025H1 实现营收14 亿元，同比减少10.6%，占总收入比重约8%。 研究员：孙海洋 分品牌看： 成熟品牌：安踏品牌2025H1 实现营收170 亿元，同比增长5.4%，占总收入比重约44%，毛利率54.9%， 同比-1.7pp。安踏品牌在电商渠道打造明星产品，持续强化大众市场影响力，并在海外市场积极拓展布 局。 成长品牌：FILA 品牌2025H1 实现营收142 亿元，同比增长8.6%，占总收入比重约37%，毛利率68%， 同比-2.2pp。品牌在专业运动领域表现尤为突出，网球、高尔夫、女子和户外系列等运动品类保持较强 的增长势头。 新兴品牌组合：所有其他品牌（包括DESCENTE 迪桑特、KOLON SPORT 可隆等）2025H1 实现营收74 亿元，同比增长61.1%，占总收入比重从去年同期约13%大幅提升至约19%，毛利率73.9%，同 ...

智通财经APP获悉，天风证券发布研报称，维持安踏体育(02020)"买入"评级。公司2025年上半年持续贯 彻"单聚焦、多品牌、全球化"，通过双核心品牌驱动增长。安踏品牌将不断深化转型，推动创新业态与 垂类店铺孵化;FILA品牌聚焦高尔夫与网球领域，打造核心品类矩阵;DESCENTE、KOLONSPORT等新 兴品牌保持高速增长。公司全球化布局稳步推进，覆盖亚洲、欧美等市场。未来集团期望持续通过数字 化转型、供应链优化和技术创新，实现高质量盈利增长。 新兴品牌组合：所有其他品牌(包括DESCENTE迪桑特、KOLONSPORT可隆等)2025H1实现营收74亿 元，同比增长61.1%，占总收入比重从去年同期约13%大幅提升至约19%，毛利率73.9%，同比+1.2pp。 其中，迪桑特实现了令人满意的增长，展现了强劲的增长韧性。作为专为亚洲女性设计的专业运动品 牌，MAIAACTIVE成功开辟市场，专注满足目标人群对运动兼时尚的需求。 分渠道看： DTC：2025H1实现营收94亿元，同比增长5.3%，占总收入比重约56%。通过DTC模式转型提升效率与 体验，持续提高销售效率。 电子商务：2025H1实现营收6 ...

Core Insights - The domestic sports goods industry is dominated by four major players: Anta, Li Ning, Xtep, and 361 Degrees, with Anta leading significantly in both revenue and growth [2][3][5] - Anta's revenue reached 38.544 billion yuan, surpassing the combined revenue of Li Ning, Xtep, and 361 Degrees, which totaled 65.904 billion yuan [2][5] - Profitability shows a stark contrast, with Anta's net profit at 7.031 billion yuan, nearly double that of the other three companies combined [2][5] Revenue Performance - Anta reported a revenue growth of 14.3% year-on-year, while Li Ning's growth was only 3.3% [3][4] - Xtep's revenue decreased by 5.07%, but its net profit increased by 21.5% to 914 million yuan, attributed to several operational factors [3][5] - 361 Degrees achieved a revenue growth of 11% and a net profit increase of 8.6%, both reaching historical highs [3][5] Profitability Analysis - Anta's net profit growth was 14.5%, but when excluding certain gains, it showed a decline of 8.94% [3][5] - Li Ning's net profit fell by 10.99%, indicating challenges in maintaining profitability amidst declining foot traffic [4][5] - Xtep's net profit growth of 21.5% was a highlight, driven by operational improvements and strategic decisions [3][5] Inventory Management - Anta's inventory turnover days increased to 136 days, up from 114 days the previous year, indicating a slowdown in inventory management efficiency [9][10] - Li Ning maintained a more efficient inventory turnover of 61 days, showcasing better inventory management compared to Anta [10] - The increase in Anta's inventory turnover days is linked to acquisitions and increased stock levels [9][10] Market Trends - The high-performance outdoor footwear and apparel market in China is experiencing rapid growth, with a projected compound annual growth rate of 15.5% from 2025 to 2029 [11] - The competitive landscape is intensifying as all four major companies are accelerating their strategies, albeit with different focuses [12][15] - Anta is pursuing a strategy of "single focus, multi-brand, globalization," while Li Ning is repositioning itself as a "professional sports equipment provider" [12][15] Strategic Focus - Companies are increasingly focusing on strengthening their competitive advantages while addressing their weaknesses to enhance market positioning [15] - Anta's acquisitions and brand diversification are aimed at building competitive barriers, while Li Ning is investing heavily in marketing and new channels [12][15] - Xtep is concentrating on the running segment, and 361 Degrees is focusing on youth and e-commerce to drive growth [12][15]