主要观点：三夫户外发布2025 业绩预告，归母净利为4500-6750 万元，同比增长309-414%，预告中枢净利超市场预期。我们分析，X 品牌营收持续增长、我们预计超预期主要来自松鼠乐园减亏，我们此前预计亏损2000 万，上半年为亏损420 万元，减亏明显，全年我们预计亏损为几百万元。展望26 年，(1)X品牌有望加速开店，订货会也为加盟收入增长提供了保障，线上也在推出性价比单品后较快增长，...
Source Link主要观点：三夫户外发布2025 业绩预告，归母净利为4500-6750 万元，同比增长309-414%，预告中枢净利超市场预期。我们分析，X 品牌营收持续增长、我们预计超预期主要来自松鼠乐园减亏，我们此前预计亏损2000 万，上半年为亏损420 万元，减亏明显，全年我们预计亏损为几百万元。展望26 年，(1)X品牌有望加速开店，订货会也为加盟收入增长提供了保障，线上也在推出性价比单品后较快增长，...
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