核心观点25Q2安踏主品牌流水增长低单位数、增速环比放缓,预估安踏大货、儿童均低单位数增长,主要系公司加大低线城市加盟店优化及线上公司控制折扣导致电商增速放缓,25Q2库销比约5个月,线下折扣同比持平、线上折扣小幅度加深。FILA品牌流水25Q2同比中单位数增长,Fila大货预估高单位数增长、Fusion和童装中单位数增长,25Q2线上折扣有所加深、整体渠道库销比约5个月。25Q2所有其他品牌合计...
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