特步国际 202509004 摘要 特步国际近期销售表现优于同行，主要得益于新品发布（如 160×7 和 X7 Pro）和专业影响力，冠军系列碳板跑鞋预计销量达 800 万双，马拉 松赛场穿着率达 50%，远超第二名耐克，成功建立品牌在跑者心目中的 地位。 特步通过不同价位段产品覆盖更广泛的消费者，高端市场有 160、260 和 360 系列，大众市场则有青云系列，价格从 299 元到 799 元不等， 满足不同消费层次需求，并通过功能性设计吸引更多用户，同时注重电 商平台的发展。 特步童装业务增速高于成人业务，通过品牌升级和针对体考需求开发功 能性产品，吸引 8 至 12 岁核心顾客群，并与高校合作进行数据采集和 研究，开发更符合儿童发育需求的新产品，提升产品竞争力和家长信任 度。 尽管 2025 年上半年毛利率因服装类产品占比增加而下滑，但公司预计 随着规模效应显现和品牌力提升，毛利率将逐步上升，OG 系列毛利率 压力有望缓解。 Q&A 请介绍一下特步国际近期的经营情况。 今年七八月份的销售流水与预期相符，表现优于六月份。尽管整个行业竞争激 烈，我们仍保持了稳定的库存周转，目前在 4 至 4.5 个月左右 ...

Group 1 - The core viewpoint of the article highlights that during the "618" e-commerce festival, companies in the air conditioning industry are focusing more on technological innovation and brand upgrades rather than price competition [1][3] - Hisense Air Industry held a VIP customer meeting in Qingdao, showcasing a new lineup of air conditioning products and emphasizing their readiness to meet diverse and high-end consumer demands [1][3] - The meeting marked the first formal appearance of Hisense Air Industry, with the new president, Yin Bitong, engaging with distributors and discussing product planning and marketing strategies [3][4] Group 2 - Distributors expressed the need for Hisense to consolidate its product line and create more standout products to capture consumer attention [3][4] - There is speculation that Hisense's competitive target may be Gree, which currently leads in the high-end market despite being second overall in sales [4] - Hisense is aligning its new product offerings, such as the X3 Pro and C3 Pro, with the "technology" and "health" concepts that have been successful for Gree [4][6] Group 3 - Hisense's new air conditioning products have been shown to effectively improve sleep quality, with studies indicating that using their new air conditioning can provide sleep benefits comparable to traditional units [6] - According to data from Aowei Cloud Network, Hisense's new air conditioning has achieved the highest market share in sales for 2024 and continues to lead in sales from January to April of this year [6]