投资要点:公司发布2025 年一季度零售运营数据,表现超预期。25 Q1 公司整体流水增长中双位数,其中,安踏、FILA 高单位数增长,延续24Q4 以来的优异表现。其他品牌(包括迪桑特、可隆、Maia active)合计流水增长接近70%,延续强劲增长趋势,表现超预期。分细分品牌看,1)安踏儿童、成人均稳健增长,FILA 潮牌及童装表现亮眼。根据公司25Q1公开业绩交流,25Q1 安踏整体取得高...
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