运动服饰行业25W36：25H1港股运动服饰板块稳健增长，电商渠道表现更优、专业垂类品牌维持高增

发布日期：2025年9月7日行业动态报告证券研究报告本报告由中信建投证券股份有限公司在中华人民共和国（仅为本报告目的，不包括香港、澳门、台湾）提供。在遵守适用的法律法规情况下，本报告亦可能由中信建投（国际）证券有限公司在香港提供。同时请务必阅读正文之后的免责条款和声明。分析师：叶乐yele@csc.com.cn18521081258SAC编号：S1440519030001SFC编号：BOT812分析师：黄杨璐huangyanglu@csc.com.cn17717092294SAC编号：S1440521100001分析师：张舒怡zhangshuyi@csc.com.cn18817875613SAC编号：S144052307000425W36：25H1港股运动服饰板块稳健增长，电商渠道表现更优、专业垂类品牌维持高增2核心要点要点数据来源：招股说明书、公司公告，中信建投•25H1港股运动服饰总结：1）营收：25H1港股运动服饰公司收入同比均正增长，25Q2终端销售环比放缓、线上继续优于线下。2）分品牌：细分垂类品牌延续高增势头，25H1安踏旗下的迪桑特&可隆其他品牌同比+ 61.1%，特步旗下的索康尼&迈乐专业运动板块收入同比+32.5%。 3）净利润：25H1安踏、李宁、特步主品牌毛利率有所下降，主要系大众运动市场竞争下主品牌折扣同比有所加深，叠加低毛利率的线上收入占比提升。费用端，因24H1为体育大年（奥运宣传等活动多），25H1营销费用投入同比下降，叠加各品牌控费提效，运动服饰品牌25H1整体盈利水平维持稳定。4）7-8月流水表现有所趋弱，25H2各家对于大众品牌流水指引保守稳健。3略有承压下承压下叠加费叠加费用管控用管控下盈利下盈利水平整水平整体稳定体稳定数据来源：公司公告、Wind，中信建投 1）营收：25H1港股运动收入同比均正增长，其中安踏体育、特步国际旗下细分垂类专业品牌表现亮眼，361度增速较快、李宁实现稳健增长。各品牌线上渠道表现均优于线下。2）净利润：25H1安踏、李宁、特步品牌毛利率有所下降，主要系大众运动市场竞争下主品牌折扣同比有所加深，叠加低毛利率的线上收入占比提升。此外FILA品牌去化库存，特步旗下索康尼拓展服装、OG品类等也对毛利率施加一定压力。费用端，因24H1为体育大年（奥运宣传等活动多），25H1营销费用投入同比下降，叠加各品牌控费提效，运动服饰品牌25H1整体盈利水平维持稳定。2020202120222023202425H124H12020202120222023202425H124H12020.HK安踏体育355.12493.28536.51623.56708.26385.44337.354.7%38.9%8.8%16.2%13.6%14.3%13.8%2331.HK李宁144.57225.72258.03275.98286.76148.17143.454.2%56.1%14.3%7.0%3.9%3.3%2.3%1368.HK特步国际81.72100.13129.30143.46135.7768.3872.03-0.1%22.5%29.1%10.9%-5.4%-5.1%10.4%1361.HK361度51.2759.3369.6184.23100.7457.0551.41-9.0%15.7%17.3%21.0%19.6%11.0%19.2%2020202120222023202425H124H12020202120222023202425H124H12020.HK安踏体育51.6277.2075.90102.36155.9670.3177.21-3.4%49.6%-1.7%34.9%52.4%-8.9%62.6%2331.HK李宁16.9840.1140.6431.8730.1317.3719.5213.3%136.1%1.3%-21.6%-5.5%-11.0%-8.0%1368.HK特步国际5.139.089.2210.3012.389.147.52-29.5%77.1%1.5%11.8%20.2%21.5%13.0%1361.HK361度4.156.027.479.6111.498.587.90-4.0%45.0%24.2%28.7%19.5%8.6%12.2%2020202120222023202425H124H12020202120222023202425H124H12020.HK安踏体育91.52109.89112.30153.67165.95101.3186.605.3%20.1%2.2%36.8%8.0%17.0%13.6%2331.HK李宁21.9651.3648.8735.5936.7824.3824.0242.3%133.9%-4.9%-27.2%3.3%1.5%-3.0%1368.HK特步国际9.1813.9614.6415.8019.6613.0510.94-25.6%52.1%4.9%7.9%24.4%19.3%10.9%1361.HK361度8.2310.8310.7413.8415.7611.3710.60-33.3%31.7%-0.8%28.8%13.9%7.2%7.5%2020202120222023202425H124H12020202120222023202425H124H12020.HK安踏体育58.2%61.6%60.2%62.6%62.2%63.4%64.1%25.8%22.3%20.9%24.6%23.4%26.3%25.7%2331.HK李宁49.1%53.0%48.4%48.4%49.4%50.0%50.4%15.2%22.8%18.9%12.9%12.8%16.5%16.7%1368.HK特步国际39.1%41.7%40.9%42.2%43.2%45.0%46.0%11.2%13.9%11.3%11.0%14.5%19.1%15.2%1361.HK361度37.9%41.7%40.5%41.1%41.5%41.5%41.3%16.0%18.3%15.4%16.4%15.6%19.9%20.6%营收（亿元）归母净利润（亿元）经营利润（亿元）代码公司代码公司代码公司代码公司毛利率营收增速归母净利润增速经营利润增速经营利润率4安踏体育各品牌营收拆分（亿元）20192020202120222023202425H124H1营收339.28355.12493.28536.51623.56708.26385.44337.35YOY4.7%38.9%8.8%16.2%13.6%14.3%13.8%安踏主品牌174.50157.49240.12277.23303.06335.22169.50160.77YOY-9.7%52.5%15.5%9.3%10.6%5.4%13.5%fila品牌147.70174.50218.22215.23251.03266.26141.82130.56YOY18.1%25.1%-1.4%16.6%6.1%8.6%6.8%其他品牌34.9444.0569.47106.7874.1246.02YOY26.1%57.7%53.7%61.1%41.8%毛利率20192020202120222023