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图28滔搏、宝胜国际门店数
图28滔搏、宝胜国际门店数
行业数据
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所属报告：
滔搏-港股公司研究报告-阿迪持续复苏期待库存拐点及NIKE拐点-250303（34页）.pdf
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滔搏营收规模更大，盈利水平更佳。从营收体量来看，FY2024 滔搏营收为 289 亿元，高于宝胜，FY2024 滔搏净利润为 22.13 亿元，远高于宝胜 2023年的4.9 亿元。对比盈利水平来看，滔搏毛利率、净利率均高于宝胜。主要由于滔搏直营门店数量及收入规模更大以至于可以更低的拿货折扣以及更高的运营效率。 滔搏存货周转天数更优。FY2024年存货周转天数为 134天，低于宝胜 2023年的 146 天。主要得益于滔搏开发了一套业务智能系统可以使库存控制团队能够实时确认门店库存水平并在需要时立即下达补货指令，且公司根据售罄情况灵活调整价格和折扣等，使得公司存货周转能力较强。
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滔搏-港股公司研究报告-阿迪持续复苏期待库存拐点及NIKE拐点-250303（34页）.pdf
表9同业公司收入利润及费用率对比（23年）
表6中国运动服饰市场仍处于成长阶段，增速领先于美国和日本（亿美元）
表5中国、日本、美国人均年运动服饰消费额/美元
表3耐克、阿迪达斯、滔搏季度收入
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2026-07-13
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