安踏體育：戶外亮眼，精進運營

公司公佈25Q2及上半年零售流水

2025Q2：安踏品牌零售流水同比增長低單位數; FILA零售流水同比增長中單位數; 其他品牌零售流水同比增長50-55%。

2025H1：安踏品牌零售流水同比增長中單位數; FILA零售流水同比增長高單位數; 其他品牌零售流水同比增長60-65%。

安踏品牌：DTC驅動「店型革命」，重構空間價值

安踏管道分層的精髓在於「不同人、不同場、不同貨」的精準匹配。 分層店態將籠統的「運動需求」拆解為專業競技、潮流表達、家庭消費等精細化場景，讓每個觸點都成為品牌價值的放大器。 其門店網路已進化為五大差異化店型組成的「場景解決方案矩陣」，包括競技場級（Arena）、殿堂級（Palace）、精英級、標準級、基礎級五個等級，在不同地區和商圈配置不同類型的店面。

FILA：堅守優勢領域，動態響應市場

FILA堅守中高端基本盤，保持高客單價策略不動搖，在高端時尚產品矩陣持續迭代。 800-1200元的主力價格帶產品與競品的600-1000元形成錯位競爭，避免了捲入正面硬剛和低價混戰的局面。 同時，FILA靈活、敏捷調整產品與運營策略，進行創新探索。 在產品層面，優化商品結構，聚焦高毛利、強設計感的潮流運動單品，削減低效SKU，推動產品矩陣更加符合市場需求的快速迭代。

618第一週期，FILA斐樂運動鞋、運動連衣裙品類排名行業第一; 運動Polo衫排名行業第二; 運動T恤同比去年增長近10%排名行業第二。

其他品牌：多品牌協同，戶外賽道前景明朗

迪桑特在華貿中心開出重量級門店，進一步觸達高凈值消費群體。

可隆推出全新先鋒靈感支線，打造兼具極簡模組化與功能性的先鋒實驗性戶外服飾，完美符合消費者想要無縫銜接都市與戶外的穿衣需求。

安踏全資收購德國戶外品牌Jack Wolfskin狼爪，推進安踏體育的全球化進程，尤其是在歐洲市場。

Retail turnover stayed stable in the core brands in the first half of 2025. Main brand ANTA’s directly run business had a differentiated store format that redefines spatial value, while FILA’s higher-end positioning involved nimble product iterations that align with market trends. We maintain our BUY call.

The gist: BUY

· 25Q2 and 25H2 update: core brands maintain steady retail turnover

· ANTA direct sales business’ differentiated store format redefines spatial value

· FILA stays true to its core strengths with dynamic responses to market trends

25Q2 and 25H2 operational update: core brands maintain steady retail turnover

Anta released 25Q2 and 25H2 operational updates on 15 July:

· Q2 retail turnover: Core brand ANTA grew at a low-single-digit yoy in the quarter; FILA rose by a mid-single-digit yoy; and other brands collectively grew 50-55% yoy.

· H1 retail turnover: ANTA rose at a mid-single-digit yoy; FILA grew by a high-single-digit yoy; and other brands collectively expanded 60-65% yoy.

ANTA’s direct-sales differentiated store format redefines spatial value

Anta’s channel differentiation strategy hinges on precisely matching diverse consumers with a variety of use scenarios and products. The segmented store format breaks down the general sports field by specific scenarios into professional sports competitions, fashion expressions and family, where every consumer interface works to amplify brand value. In practice, the store network describes a five-pronged scenario solutions matrix termed Arena, Palace, Elite, Standard and Basic, where each store type is configured for particular regions and commercial districts.

FILA stays true to core strengths with dynamic responses to market trends

Higher-end market: Committed to its core higher-end positioning, FILA is sticking with a high average transaction value strategy as it iterates a premium fashion product matrix. Products from its main RMB800-1,200 ASP range are differentiated clearly from the more competitively priced RMB600-1,000 range to avoid head-to-head internal competition and price wars.

Nimble market-driven product mix: FILA’s flexibility comes into play when it nimbly adjusts product and operational strategies to drive innovations. The company optimizes the product portfolio by focusing on high-margin trendy sportswear that are design-driven, while it reduces low-performing SKUs and quickly iterates products for a portfolio that better aligns with market demand.

618 promos expand sales: At the start of the 618 shopping festival come June, sales of FILA sports shoes and sports dresses aced the industry, while its polo shirts took second spot. Meanwhile, sales of its sports T-shirts increased nearly 10% yoy to take second place in the industry.

Other brands: multi-brand collabs; city-outdoors blended market potential

Descente opened a flagship store at China Central Place in Beijing to target high-net-worth consumers.

Kolon’s new collection, branded as [K:], represents its foray into the experimental outdoor apparel industry segment. The products’ combination of minimalist modularity and functionality aims to fulfill the requirements of consumers who want their clothing to blend seamlessly in both city and outdoors scenarios.

Jack Wolfskin: Anta fully acquired German outdoor brand Jack Wolfskin to advance the company’s globalization strategy, particularly for the European market.