安踏上半年收入增长13.8%达337亿元新店月店效超150万

廖紫琳 2024-08-27 21:00

廖紫琳 2024/08/27 21:00

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安踏集团2024年上半年业绩表现突出，收入增长13.8%达337亿元，净利润增长17%至61.6亿元，连续5个半年度领先耐克中国。

1. 实操干货包括DTC（直面消费者）模式转型，超10000家门店采用此模式占比80%，其中6000家直营店显著提升店效，新店如三里屯店月店效超155万元。

2. 产品创新如欧文一代签名鞋全球13城同步发售100%售罄，竞速C家族助力400次马拉松领奖，体现高市场接受度。

3. FILA虽增速放缓至6.8%，但月店效超100万元，注重健康增长策略；其他品牌如迪桑特和可隆增速高达30%-50%，月店效分别达228万元和突出增长。

4. 消费趋势呈现K型分化，高收入人群追求品质和功能，价格敏感客群偏好性价比产品。

安踏的品牌策略在营销、渠道和产品研发上提供借鉴，消费趋势显示K型分化。

1. 品牌营销方面，FILA与凡尔赛宫、卢浮宫等艺术中心联名合作，提升时尚心智；安踏通过限时、限量策略打造差异化产品形象。

2. 品牌渠道建设上，安踏创新终端业态如“竞技场ARENA”“殿堂PALACE”，一二线核心商圈覆盖率提升；FILA在成都太古里等开设大店月店效超100万元。

3. 产品研发聚焦功能性和个性化，安踏围绕跑步、篮球推出新系列，FILA提高研发投入生产专业网球、高尔夫产品；迪桑特专注滑雪、铁人三项赛道。

4. 消费趋势和用户行为观察显示高收入人群注重品质和功能，Z世代追求个性化，FILA调整增长预期至健康目标。

安踏的增长案例和政策应对提供可学习点，消费需求变化带来市场机会。

1. 政策解读和事件应对：DTC转型统一运营标准，提升店效；FILA增速下滑但转向健康增长策略，全年预期调低至高单位数。

2. 增长市场和机会提示：迪桑特和可隆增速高达30%-50%，迪桑特月店效228万元，可隆在露营、徒步场景打造爆款；亚玛芬体育增长14%，大中华区增速52%。

3. 消费需求变化：K型分化下，高收入人群追求品质，价格敏感客群偏好性价比；FILA KIDS建立社群提供网球活动，增强黏性。

4. 最新商业模式和合作方式：安踏限渠道策略实现产品差异化；FILA开拓得物、小红书等线上平台，线上增速超20%；迪桑特联动天猫小黑盒发布新品。

安踏的产品生产和设计需求突出，数字化和电商启示提供商业机会。

1. 产品生产和设计需求：安踏推出功能性鞋类如竞速C家族，FILA提升面料、工艺和技术水平生产专业产品；迪桑特聚焦滑雪、高尔夫装备，可隆完善露营冲锋衣和徒步鞋设计。

2. 商业机会：迪桑特和可隆高增长（增速30%-50%）提示户外装备需求旺盛；FILA研发投入增加虽导致利润率下滑，但强化产品竞争力。

3. 推进数字化和电商启示：线上渠道如FILA在抖音、小红书增长超20%，迪桑特加强直播和短视频内容；安踏DTC模式占比80%，体现直营数字化管理优势。

4. 启示：注重细分场景如FILA开设室内高尔夫球场，社群活动提升消费者互动，工厂需优化生产满足个性化需求。

行业发展趋势指向DTC和新技术应用，客户痛点有解决方案。

1. 行业发展趋势：安踏DTC模式普及占比80%，店效提升显著；FILA线上增速超20%，体现社交电商增长趋势；消费K型分化影响品牌策略。

2. 新技术：线上直播和短视频驱动增长，如迪桑特加强直播内容，FILA开拓得物、小红书平台；安踏创新终端形象提升数字化体验。

3. 客户痛点：店效低问题，解决方案包括安踏限时策略和FILA大店模式；社群活动如迪桑特“雕刻我动线”提供沉浸式体验，解决黏性不足痛点。

4. 解决方案：FILA KIDS建立斐凡成长俱乐部组织活动，迪桑特D-MOVER俱乐部线上线下科普专业内容，提升品牌影响力。

商业对平台的需求体现在线上增长，平台最新做法包括门店升级和招商管理。

1. 平台需求和问题：FILA使用得物、小红书等新兴平台带动线上增速超20%，需求高增长直播渠道；安踏DTC模式统一运营标准，规避渠道同质化风险。

2. 平台最新做法：FILA在一二线核心商圈开设大店月店效超100万元；迪桑特升级店铺提升店效，进驻上海城市概念店；可隆升级“路营实验室”社群体验。

3. 平台招商和运营管理：迪桑特新增10家门店全球达197家，可隆调整布局净减少4家；安拓门店总数超12000家，FILA净增加9家店，招商策略注重核心商圈。

4. 风向规避：安踏限渠道策略避免产品重叠，FILA健康增长预期调低，管理风险；线上聚焦核心品类如FILA打造心智爆款。

产业新动向包括安踏领先耐克，商业模式创新和政策启示。

1. 产业新动向：安踏连续5个半年度营收超耐克中国，差距达50亿元；DTC模式占比80%为全球体育用品企业最高；迪桑特和可隆增速30%-50%体现户外市场崛起。

2. 新问题：FILA增速下滑至6.8%但转向健康增长策略，研发投入增加影响利润率；消费K型分化挑战品牌定位平衡。

3. 商业模式：多品牌战略成功，安踏、FILA、其他品牌占比47.7%、38.7%、13.6%；亚玛芬上市后表现强劲，大中华区增速52%。

4. 政策法规建议启示：DTC转型统一运营标准，可借鉴于行业规范；社群活动如迪桑特组织骑行、跑步，启示政策支持运动科普；消费趋势提示需关注高增长细分市场。

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Quick Summary

Anta Group delivered strong results in the first half of 2024, with revenue rising 13.8% to RMB 33.7 billion and net profit increasing 17% to RMB 6.16 billion. This marks the fifth consecutive half-year period that Anta has outperformed Nike in China.

1. Key operational strategies include its DTC transformation, with over 10,000 stores (80% of its network) adopting this model. Among them, 6,000 directly operated stores significantly improved store efficiency, with new flagship locations like the Sanlitun store achieving monthly sales exceeding RMB 1.55 million.

2. Product innovation drove high market acceptance. The Kyrie 1 signature shoe sold out globally across 13 cities upon launch, while the C-series racing shoes have supported over 400 marathon podium finishes.

3. While FILA's growth slowed to 6.8%, it maintained a healthy strategy with monthly store efficiency over RMB 1 million. Other brands, like DESCENTE and KOLON SPORT, saw rapid growth of 30%-50%, with DESCENTE achieving monthly store efficiency of RMB 2.28 million.

4. Consumer trends show a K-shaped divergence, with high-income groups prioritizing quality and functionality, while price-sensitive shoppers favor value-for-money products.

Anta's brand strategy offers insights in marketing, channels, and product development, against a backdrop of K-shaped consumer divergence.

1. In marketing, FILA elevated its fashion appeal through collaborations with institutions like the Palace of Versailles and the Louvre, while Anta employed limited-time and limited-quantity strategies to build a differentiated product image.

2. For channel development, Anta innovated with new retail formats like "ARENA" and "PALACE," expanding coverage in key urban commercial districts. FILA opened large-format stores in prime locations like Chengdu's Taikoo Li, achieving monthly sales over RMB 1 million.

3. Product R&D focused on functionality and personalization. Anta launched new series for running and basketball; FILA increased R&D investment for professional tennis and golf products; DESCENTE concentrated on skiing and triathlon gear.

4. Consumer behavior analysis reveals high-income groups value quality and functionality, while Gen Z seeks individuality. In response, FILA has adjusted its growth expectations towards sustainable, healthy targets.

Anta's growth case and strategic responses offer actionable insights, with shifting consumer demand creating new market opportunities.

1. Policy and event responses: The DTC transformation unified operational standards and boosted store efficiency. While FILA's growth slowed, it pivoted to a healthier growth strategy, with full-year expectations moderated to high-single-digit growth.

2. Growth market opportunities: DESCENTE and KOLON SPORT grew 30%-50%, with DESCENTE's monthly store efficiency reaching RMB 2.28 million. KOLON created hit products for camping and hiking. Amer Sports grew 14%, with a 52% surge in Greater China.

3. Changing consumer demand: The K-shaped divergence means high-income consumers seek quality, while price-sensitive shoppers prefer value. FILA KIDS built community engagement through tennis activities to enhance loyalty.

4. New business models and collaborations: Anta's limited-distribution strategy differentiated its products. FILA expanded on platforms like Dewu and Xiaohongshu, driving over 20% online growth. DESCENTE launched new products via Tmall's小黑盒.

Anta's product demands highlight functional design needs, while digital and e-commerce trends present commercial opportunities.

1. Product design and production demands: Anta launched functional footwear like the C-series; FILA upgraded fabrics, craftsmanship, and technology for professional products; DESCENTE focused on ski and golf gear; KOLON refined designs for camping jackets and hiking shoes.

2. Commercial opportunities: The high growth of DESCENTE and KOLON (30%-50%) signals strong demand for outdoor equipment. While increased R&D investment temporarily pressured FILA's margins, it strengthened long-term product competitiveness.

3. Digital and e-commerce advancements: Online channels grew significantly, with FILA's sales on Douyin and Xiaohongshu rising over 20%. DESCENTE enhanced live streaming and short video content. Anta's DTC model, covering 80% of stores, demonstrated the advantages of direct digital management.

4. Implications: Focus on niche scenarios, like FILA's indoor golf venues, and community activities to boost consumer engagement. Factories must optimize production to meet personalized demand.

Industry trends point towards DTC adoption and new technology applications, with solutions addressing key client pain points.

1. Industry trends: Anta's DTC model, covering 80% of stores, significantly improved store efficiency. FILA's online growth exceeding 20% reflects the rise of social commerce. The K-shaped consumer divergence is influencing brand strategies.

2. New technologies: Live streaming and short videos are key growth drivers. DESCENTE boosted its live content; FILA expanded on platforms like Dewu and Xiaohongshu. Anta upgraded its store imagery to enhance the digital experience.

3. Client pain points: For low store efficiency, solutions include Anta's limited-time strategies and FILA's large-format store model. Community activities, like DESCENTE's "Sculpt My Motion Line" immersive experiences, address weak customer engagement.

4. Solutions: FILA KIDS established the Feifan Growth Club to organize activities. DESCENTE's D-MOVER club provides online and offline professional content, enhancing brand influence.

Brand demands on platforms are evident in online growth, with the latest platform practices involving store upgrades and merchant management.

1. Platform demands and issues: FILA's use of emerging platforms like Dewu and Xiaohongshu drove over 20% online growth, highlighting demand for high-growth live commerce channels. Anta's DTC model standardized operations, mitigating risks of channel homogenization.

2. Latest platform practices: FILA opened large-format stores in key urban commercial districts, achieving monthly sales over RMB 1 million. DESCENTE upgraded stores to boost efficiency, including a flagship concept store in Shanghai. KOLON enhanced its "Road Camp Lab" community experience.

3. Merchant management and recruitment: DESCENTE added 10 stores, reaching 197 globally, while KOLON optimized its network with a net reduction of 4 stores. Anta's total store count exceeded 12,000, with FILA adding a net 9 stores, focusing recruitment on core commercial areas.

4. Risk mitigation: Anta's limited-distribution strategy avoids product overlap. FILA's moderated growth expectations reflect prudent risk management. Online efforts focus on core categories to build mindshare with hit products.

Industry developments include Anta's lead over Nike, business model innovation, and policy implications.

1. Industry developments: Anta's revenue has exceeded Nike China's for five consecutive half-year periods, with the gap reaching RMB 5 billion. Its DTC penetration of 80% is the highest among global sports apparel firms. The 30%-50% growth of DESCENTE and KOLON signals the rise of the outdoor market.

2. Emerging issues: FILA's growth slowed to 6.8%, prompting a shift to a healthier growth strategy, though increased R&D investment impacted margins. The K-shaped consumer divergence challenges brands to balance positioning.

3. Business models: The multi-brand strategy succeeded, with Anta, FILA, and other brands contributing 47.7%, 38.7%, and 13.6% of revenue, respectively. Amer Sports demonstrated strong performance post-IPO, with 52% growth in Greater China.

4. Policy implications: The DTC transformation's standardized operations offer a model for industry-wide practices. Community activities, like DESCENTE's cycling and running events, highlight the need for policy support for sports education. Consumer trends underscore the importance of focusing on high-growth niche markets.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

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【亿邦原创】今日，安踏集团发布2024年上半年财报——集团收入创历史新高，同比增长13.8%到337.4亿元，集团归母净利润(不计入亚玛芬)同比增长17.0%至61.6亿元。

分品牌来说，安踏营收同比增长13.5%至160.8亿元，FILA斐乐同比涨6.8%至130.6亿元，所有其他品牌收入同比大涨41.8%至46.0亿元。今年2月，安踏此前收购的亚玛芬在美股上市，今年创收购以来最佳半年业绩，收入同比增长14%。

2024年上半年，耐克中国与安踏集团之间的营收差距已达到50亿元以上，相当于差了一个361度同期的体量。从2022年上半年开始，安踏集团已连续第5个半年度营收领先耐克中国。那么，安踏集团高增长的业绩来源于哪儿呢？

不一样的安踏：不同渠道+不同产品

从2020年开始，安踏集团开始积极推动DTC（直面消费者）转型，部分经销商门店或被收归为品牌直营，或按照统一运营标准进行管理。截至2024年6月30日，在安踏集团超12000家门店中，超10000家采用DTC(直面消费者)模式进行运营，DTC占比超过80%。

其中，6000家由品牌直营，直营店铺超过了总店铺数的一半以上。在年营收50亿美元以上的全球体育用品企业中，安踏集团零售渠道DTC及直营占比最高。

但始祖鸟大中华区前CEO、现任安踏集团CEO徐阳认为，这还不够。他认为，如果没有足够的店效提升，那DTC改革就是失败的。为此，在今年上半年，徐阳开始了对安踏产品、渠道、营销等全方位的改革。

产品方面，安踏定位于大众运动，围绕跑步、篮球两大品类已推出全新产品系列，比如欧文一代签名鞋、与专业跑着合作的竞速C家族等，前者在全球13大城市同步发售实现100%售罄，后者已助力运动员超400次登上马拉松赛事领奖台。

渠道方面，安踏打破传统的“千店一面”，根据细分消费人群的精准定位创新业态。通过推出“竞技场ARENA”“殿堂PALACE”“作品集SV”“超级安踏SS”等全新终端形象，在一二线城市核心商圈的覆盖率及店效提升明显。

上半年，安踏通过限时、限量、限渠道、限款式的方式，成功做到了让不同的消费者在不同的渠道里，看到不同的安踏产品，店效随之提高。目前，安踏冠军店月店效超100万元，而此前安踏年平均店效大约三四百万元。

消息称，安踏三里屯SV“白标店”这间78平方米的门店，月坪效已经达到2万元/平方米，整间店月店效超过155万。由此估算，这家店年店效已经超过1000万元。

截至2024年6月30日，安踏品牌在中国及海外共有7073家门店，去年为7053家，安踏儿童有2831家店，去年为2831家门店。安踏品牌收入达160亿元，占集团收入的47.7%。

稳扎稳打的FILA：新店月店效超100万元

当前，运动消费市场中呈现k型分化状态，高收入人群、下沉市場和Z世代的消费态度较为乐观，注重商品品质和功能，追求个性化；价格敏感的客群则倾向于选择“高价平替”的产品，性价比高的大众产品更具优势。

FILA一直定位于高端时尚运动品牌，坚持“顶级商品、顶级品牌、顶级渠道”核心战略。

今年上半年，FILA的营收增速为6.8%。对比来看，2023上半年，FILA斐乐品牌实现收益同比增长13.5%，而全年的同比增长率为16.6%。营收规模上，FILA收入达130亿元，约占集团收入的38.7%。

对于增速下滑，FILA方面表示，目前FILA已经是年营收两三百亿元的品牌，不追逐绝对的增长数字，而是希望做到健康增长，并把全年增长预期从双位数增长调低至高单位数目标。

产品上，FILA围绕专业运动和时尚心智做产品开发。时尚方面，上半年，FILA GOLF已与凡尔赛宫合作推出馆藏授权系列，FILA亦携手国际著名艺术中心卢浮宫及蓬皮杜中心，扩大跨界联名合作。上半年，fILA经营利润率下滑1.1个百分点正是由于提高产品研发投入所致。

专业方面，FILA聚焦包括网球、高尔夫、滑雪和户外四大运动，满足不同顾客群的需要，尤其是提升产品面料、工艺、技术水平，生产功能性产品，鞋商品占比稳步提升。

渠道上，FILA调整现有店铺，以不同场景与消费者进行品牌互动，比如门店内开设室内高尔夫球场，FILA KIDS建立儿童社群、透过FILA KIDS斐凡成长俱乐部提供网球活动、网球训练营、网球赛事等各类资讯。

FILA还在一二线核心商圈开设大店，比如成都太古里、北京三里屯、武汉SKP等，目前月店效已超过100万元。目前，FILA(包括FILA KIDS和FILA FUSION独立店)在中国、新加坡共有1981家门店，较去年净增加9家。

除了线下，FILA还在积极开拓新兴平台，比如得物、小红书等，带动线上业务增长。数据显示，FILA线上增速超20%通过聚焦核心品类打造心智爆款，官网、抖音等新渠道持续增长。

迪桑特和可隆：增速高达30%-50%

上半年，以迪桑特和可隆为核心的“所有其他品牌”收入达46亿元，占集团总收入的13.6%，同比增长达41.8%，是安踏集团旗下增长最快的系列品牌。

上半年，DESCENTE，以滑雪、高尔夫、铁人三项赛道为核心，于上海开设中国首个以运动店结合BLANC品牌的城市概念店，并开展 “雕刻我动线” 主题社群活动，围绕零售空间提供沉浸式社群体验。创新零售模式，通过升级店铺提升店效，成功将核心商品渗透高价格段市场。

在线上渠道方面，DESCENTE聚焦打造高品质内容，加强直播及短视频内容，渗透至高增长的直播及社交平台，更联动天猫小黑盒超级新品计划发布AWAKEN破风者系列新品，进一步扩大品牌知名度及活动影响力。

此外，DESCENTE的专业社群平台D-MOVER行动家俱乐部组织城市骑行、户外跑步等社群活动，并邀请教练、赛事大使分享心得，亦推出线上直播课堂，在线上线下渠道共同向运动爱好者科普专业内容。

据透露，迪桑特上半年营收增速超30%，目前全球共有197家门店，较去年净增加10家，单店月店效高达228万元；品牌会员新增近30%，并呈现年轻化趋势。截至6月底，迪桑特已开出7家儿童门店，月店效也已达55万元。

对高端品质户外生活方式品牌KOLON SPORT可隆体育来说，上半年完善了产品布局，围绕露营、徒步两大户外场景建立差异化产品矩阵。品牌持续打造露营冲锋衣、徒步鞋等心智爆款，社交平台搜索量及互动量提升至高端户外品牌第一位。

上半年，可隆还在加速拓展华东、华南等新兴市场，进驻一线城市顶级潮流商圈，升级“路营实验室”体验型社群，提升市场渗透率、品牌力及消费者黏性。上半年，可隆品牌收入增速达50%，在全国共有160家门店，较去年年末净减少4家。

此外，安踏持股的AMER SPORTS亚玛芬体育，在上半年创造了2019年收购以来最佳半年业绩，整体营收同比增长14%，利润实现正增长。全球各地发展强劲，大中华区和亚太地区收入分别录得52%和39%的高速增长，北美和欧洲市场的直营零售业务增长超20%。始祖鸟带领的技术服装品牌群与萨洛蒙带领的山地户外品牌群分别实现39%及8%的收入增长。

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文章来源：亿邦动力