安踏体育Q2主品牌调整提效，其他品牌持续亮丽

浙商证券2025-07-16

安踏公布Q2流水，安踏主品牌短期调整波动，FILA符合预期，其他品牌表现亮丽安踏主品牌：Q2开启线下加盟提效加计划+电商负责人调整Q2主品牌流水同比增长小单位数，H1流水同比增长中单位数；分品类看，大货、儿童Q2流水都增长低单位数，儿童略好于大货；电商和线下表现类似；零售折扣方面，线下稳定、线上略有加深，库销比保持在略超过5X。本季度线下针对加盟商开展门店提效计划，电商则未跟进行业激进折扣策略，...

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Active已落地四大全新概念店，店效同比+中双位数，代言人带动品牌曝光率、会员数、售罄率快速提升。5/31完成收购德国狼爪、户外版图进一步丰满德国狼爪Wolfskin1981年成立，作为德国代表的专业户外品牌主要在徒步、自行车、滑雪、露营场景提供户外鞋服装备，主要销售在欧洲德语地区及中国，受到30-40岁成熟消费者青睐，根据其卖家Topgolf披露，2025/2/24财年预计狼爪全球收入3.25亿欧元(约合26.4亿人民币)，EBITDA1200万欧元。本次安踏对价2.9亿美元(约合21.2亿人民币)收购狼爪100%股权获得其全球权益(包括IP及全球渠道)，PS<1，预计25Q2末或Q3初完成交割，未来公司计划主要在中国和欧洲市场进行渠道拓展和效率提升，对于安踏来说，其补足了中端户外市场价格带，且在欧洲市场根基深厚，在人群、功能、价格、国际布局方面都与安踏形成互补，安踏也将积极利用自身多品牌运营经验为其更新形象、开发新品、扩大客户群体、提升盈利能力。盈利预测及估值：我们预计25/26/27年公司收入+12%/9%/8%至796/868/937亿元，归母净利为134/148/161亿元，剔除2024年36.7亿Amer 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