安踏体育2季度流水符合预期，上半年整体业务稳步向好

交银国际2025-07-17

2季度流水符合预期，管理层重申全年指引：根据公司公告，2025年2季度安踏/FILA/所有其他品牌分别录得低单位数/中单位数/50-55%的同比流水增长，符合预期。尽管行业竞争激烈，管理层仍然维持全年各品牌的增长指引(安踏/FILA/所有其他品牌同比增长高单位数/中单位数/30%+)。我们维持对未来三年的收入预测大致不变，但考虑到行业折扣力度，略微下调未来三年的利润率预测。我们预期2025-27年...

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