Tiger Brokers

浙商证券：维持安踏体育(02020)“买入”评级 主力品牌保持稳健 户外矩阵继续高增

智通财经网
Nov 03, 2025

智通财经APP获悉，浙商证券发布研报称，期待安踏体育(02020)牌线上、线下改革成果逐步体现，以及FILA、户外品牌矩阵良好势头的保持，叠加狼爪、Maia品牌业务开展，集团多品牌矩阵活力依然显著，继续推荐，维持“买入”评级。

安踏品牌Q3流水增长小单位数，较Q2略有提速，线上增长高单位数;线下折扣7.1折，同比持平，线上折扣5折，略有加深;库销比因双十一备货增加，略超5X。电商组织架构调整后仍在调整货盘、丰富抖音等社交媒体内容;线下冠军、SV、Palace新店型运营出色，超级安踏店型继续积极打磨中。

FILAQ3流水增长小单位数，环比略有降速，与9月气温偏高带来秋装动销时点偏后有关，线下折扣7.4折，线上5.8折，环比稳定同比略有加深，库销比因双十一备货增加至6X，预计年底回到5-6X;Q3品牌举办战略发布会，官宣布云朝克特作为品牌代言人携手北京体育大学、北京服装学院打造企学研闭环生态链，并作为中国网球公开赛独家运动鞋服赞助商活跃。

其他品牌方面，Q3户外品牌矩阵继续如火如荼，迪桑特品牌单季度流水增长30%，KOLON品牌单季度流水70%，两者折扣保持9折，保持高度健康的流水模型;女子运动品牌Maia ActiveQ3流水也增长45%，持续提升品牌影响力继渠道布局;狼爪全球业务6月已并表，品牌复兴战略积极制定中。

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