安踏体育(2020.HK):随着天气转冷运动鞋服流水压力明显缓解 2026年行业增长或加速

海通国际
Nov 17, 2025

10 月下半个月随着天气转冷运动鞋服流水压力明显缓解,安踏品牌全年指引下调至低单位数增长。安踏主品牌3Q25 实现低单位数流水增长,较2Q25 环比略有改善,其中大货线下和儿童线下均增长低个位数,线上增长高个位数,线上儿童跑赢大货。季度末安踏品牌库销比略高于5 个月,处于健康区间;线下渠道折扣率同比持平约为7 折,线上折扣率略有加深约为5 折。根据渠道调研,10 月前两个星期由于全国天气炎热,服饰...

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