全年收入达802亿元!解构安踏的2025:主品牌同比增速3.7%陷瓶颈,“新势力”挑增长大梁

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3月25日,安踏体育(HK02020,股价75.75港元,市值2118.5亿港元)发布了2025年年度业绩公告。  《每日经济新闻》记者注意到,安踏体育在2025年交出了一份总收入首破800亿元大关的答卷。然而,透过这份财报,仔细解构其内部的收入版图,能清晰地发现安踏的增长动能正在经历一场深刻的结构性重塑。  作为集团基石的安踏主品牌,2025年收入增速仅为3.7%,面临着毛利率与经营溢利率双向...

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