投资要点品牌服饰:景气分化,聚焦稳健成长个股中报来看,H 股运动整体表现仍然领跑。其中预计25H1 安踏体育、361 度保持双位数收入增长,利润角度预计安踏主业部分仍然保持正向增长,但由于24H1 的AmerSports 上市的一次性收益,表观利润会有所波动,361 度预计利润率保持稳定;特步、李宁预计25H1 保持单位数收入增长,其中特步由于24H1 有部分KP 亏损带来的基数影响,利润增速快于...
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