FILAQ3流水增长小单位数，环比略有降速，与9月气温偏高带来秋装动销时点偏后有关，线下折扣7.4 折，线上5.8折，环比稳定同比略有加深，库销比因双十一备货增加至6X，预计年底回到5-6X;Q3品牌 举办战略发布会，官宣布云朝克特作为品牌代言人携手北京体育大学、北京服装学院打造企学研闭环生 态链，并作为中国网球公开赛独家运动鞋服赞助商活跃。 其他品牌方面，Q3户外品牌矩阵继续如火如荼，迪桑特品牌单季度流水增长30%，KOLON品牌单季度 流水70%，两者折扣保持9折，保持高度健康的流水模型;女子运动品牌Maia ActiveQ3流水也增长45%， 持续提升品牌影响力继渠道布局;狼爪全球业务6月已并表，品牌复兴战略积极制定中。 智通财经APP获悉，浙商证券发布研报称，期待安踏体育(02020)牌线上、线下改革成果逐步体现，以及 FILA、户外品牌矩阵良好势头的保持，叠加狼爪、Maia品牌业务开展，集团多品牌矩阵活力依然显 著，继续推荐，维持"买入"评级。 安踏品牌Q3流水增长小单位数，较Q2略有提速，线上增长高单位数;线下折扣7.1折，同比持平，线上折 扣5折，略有加深;库销比因双十一备货增加，略超5X。电商 ...

浙商证券（601878）发布研报称，期待安踏体育(02020)牌线上、线下改革成果逐步体现，以及FILA、 户外品牌矩阵良好势头的保持，叠加狼爪、Maia品牌业务开展，集团多品牌矩阵活力依然显著，继续 推荐，维持"买入"评级。 安踏品牌Q3流水增长小单位数，较Q2略有提速，线上增长高单位数;线下折扣7.1折，同比持平，线上折 扣5折，略有加深;库销比因双十一备货增加，略超5X。电商组织架构调整后仍在调整货盘、丰富抖音等 社交媒体内容;线下冠军、SV、Palace新店型运营出色，超级安踏店型继续积极打磨中。 FILAQ3流水增长小单位数，环比略有降速，与9月气温偏高带来秋装动销时点偏后有关，线下折扣7.4 折，线上5.8折，环比稳定同比略有加深，库销比因双十一备货增加至6X，预计年底回到5-6X;Q3品牌 举办战略发布会，官宣布云朝克特作为品牌代言人携手北京体育大学、北京服装学院打造企学研闭环生 态链，并作为中国网球公开赛独家运动鞋服赞助商活跃。 其他品牌方面，Q3户外品牌矩阵继续如火如荼，迪桑特品牌单季度流水增长30%，KOLON品牌单季度 流水70%，两者折扣保持9折，保持高度健康的流水模型;女子运动品牌M ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 2025 operational data shows that the main brand achieved low single-digit growth, while FILA and other brands recorded mid to high single-digit growth [2][3] - The report anticipates high single-digit growth for the main brand and mid single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30% [4] - The report highlights the potential for KOLON and DESCENTE to enhance their market share and product competitiveness due to favorable outdoor market conditions [4] Summary by Sections Event Overview - In Q2 2025, the main brand, FILA, and other brands recorded low single-digit, mid single-digit, and 50-55% growth respectively [2] - For H1 2025, retail sales for Anta, FILA, and other brands showed mid single-digit, high single-digit, and 60-65% growth year-on-year [2] Analysis and Judgment - The main brand's growth in Q2 2025 slowed compared to Q1 2025 and Q2 2024, attributed to a slowdown in both online and offline sales [3] - FILA's growth in Q2 2025 was driven by improvements in children's and trendy brands, although it showed a slight slowdown compared to Q1 2025 [3] - Other brands like DESCENTE, KOLON, and MAIA experienced 50-55% growth in Q2 2025, which is a decrease from Q1 2025 but an improvement from Q2 2024 [3] Investment Recommendations - The report projects revenue forecasts of 770 billion, 859 billion, and 960 billion for 2025, 2026, and 2027 respectively, with net profit estimates of 138.74 billion, 159.07 billion, and 178.76 billion for the same years [4] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 15, and 13 [4]