特步国际:主品牌稳健增长 户外品牌势头强劲

申万宏源研究
Jul 18, 2025

投资要点:特步国际发布2025 年二季度及上半年运营数据,表现符合预期。25 年二季度主品牌全渠道流水实现低单位数同比增长,上半年实现中单位数增长。其中,儿童业务板块相较成人板块增速更快,鞋类表现优于服装,且以功能性的跑步和户外产品引领增长。索康尼25Q2全渠道增长超20%,上半年流水超过30%增长。索康尼品牌定位清晰,聚焦双精英人群,高度聚焦跑步场景,产品性能优异,百年跑步世家的品牌形象正获得更...

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