特步国际主品牌稳健，索康尼主动调整电商策略

浙商证券2025-07-17

投资要点公司发布2025Q2运营情况，特步主品牌流水低单增长，维持稳健增长态势；索康尼流水同比+20%以上，环比降速主要系电商渠道收紧折扣并调整低价产品。主品牌：Q2流水低单增长，维持稳健增长态势特步主品牌25Q2流水同比增长低单，25H1流水同比增长中单，受跑步品类和电商渠道拉动，整体维持稳健增长态势。Q2分月来看，4-5月流水表现好于6月；分渠道来看，电商增长较好，线下流水持平微增；分品类，...

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