申万宏源：国际多数运动品牌业绩超预期国内垂类户外及高性价比品牌表现更优

智通财经网2025-12-19

智通财经APP获悉，申万宏源发布研报称，据最新财季，Deckers、Adidas、VF、Nike、Lululemon业绩超预期，Puma营收、利润依旧承压，但整体符合预期。展望下一财季，Nike、VF品牌偏谨慎，但Adidas等多数运动品牌预计全年营收增速约个位数。库存方面，其中Adidas库存同比大幅增长，主要为确保世界杯相关产品能够及时供应。整体来看，25Q3多数国际运动品牌业绩超预期，国内...

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href=http://www.zhitongcaijing.com/content/detail/1383662.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，申万宏源发布研报称，据最新财季，Deckers、Adidas、VF、Nike、Lululemon业绩超预期，Puma营收、利润依旧承压，但整体符合预期。展望下一财季，Nike、VF品牌偏谨慎，但Adidas等多数运动品牌预计全年营收增速约个位数。库存方面，其中Adidas库存同比大幅增长，主要为确保世界杯相关产品能够及时供应。整体来看，25Q3多数国际运动品牌业绩超预期，国内...</p>\n\n<a 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申万宏源：国际多数运动品牌业绩超预期 国内垂类户外及高性价比品牌表现更优

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申万宏源：国际多数运动品牌业绩超预期国内垂类户外及高性价比品牌表现更优