核心观点25Q1 安踏主品牌流水增长高单位数,预估安踏大货、儿童均高单位数增长,25Q1 库销比保持在5 个月以内,线下折扣同比持平、线上折扣小幅度加深。FILA 品牌流水25Q1 同比高单位数增长,Fila 大货预估中单位数增长、Fusion 中双位数增长、童装低双位数增长,主要系公司品牌调整措施生效。25Q1 折扣率略有加深、整体渠道库销比为5 个月左右。25Q1 所有其他品牌合计流水增长...
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