安踏体育 (2020 HK; 92.45港元; 目标价: 126港元) 主品牌发力渠道调整,细分品牌延续高增公司2Q25安踏/FILA 流水+低个位数/中单位数,其他品牌+50%~55%延续强劲增长。根据公司业绩会交流,主品牌受线下经销渠道调整与电商组织架构调整影响,Q2 表现略有波动,但折扣管控合理,同时库销比位于 5 个月左右的健康水平;FILA品牌在战略性放宽折扣帮助下实现较快增长,同时库销...
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