全球体育用品品牌2025年三季度跟踪深度报告:NIKE单季营收正增长 ADIDAS积极备战世界杯

申万宏源研究
Dec 18, 2025

本期投资提示:国际运动品牌: 多数品牌业绩超预期, 运动品牌财报普遍回暖。最新财季,Deckers/Lululemon/Adidas/VF/Nike/Puma 营收分别同比+9.1%/+7.1%/+3.0%/+1.6%/+1.1%/-15.3%, 归母净利润分别同比+10.7%/-12.8%/+4.1%/+263.7%/-30.8%/由盈转亏,其中 Deckers、Adidas、VF、Nike、...

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