招银国际发表研究报告指，安踏体育(02020.HK) 次季整体零售销售增长略逊预期，主要受到安踏主品牌的影响，虽然其他品牌的表现可部分抵销影响，但更大的负面影响则来自折扣上升。
该行对安踏下半年前景转趋审慎，并将公司2025至27年的净利润预测分别下调3%、5%及5%，以反映更保守的毛利率预测和经营杠杆，将目标价由119.08元下调至111.54元。然而，由于户外品牌增长异常强劲，且相对同行仍有竞争优势，因此维持其“买入”评级。(sl/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-16 16:25。)
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