運(yùn)動品牌產(chǎn)品價位段競爭格局分析-國信證券-202404

證券研究報告|2024年04月19日運(yùn)動品牌行業(yè)專題運(yùn)動品牌產(chǎn)品價位段競爭格局分析請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢品牌市場份額變化：近三年行業(yè)集中度下降，大品類品牌分散化重點(diǎn)品牌銷售回顧：性價比專業(yè)產(chǎn)品助推國貨崛起，2023年國際品牌時尚產(chǎn)品回歸重點(diǎn)品牌新品情況：國際品牌延續(xù)時尚引領(lǐng)，本土品牌跑鞋相對占優(yōu)投資建議與風(fēng)險提示請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容受中低價位段專業(yè)品類拖累，2023年時尚品類驅(qū)動份額同比回升。阿迪達(dá)斯相比疫情前份額下降明顯，主要受高價格段運(yùn)動休閑鞋及跑,由腰部價格帶專業(yè)品類驅(qū)動，比2022年份額下降主要受籃球鞋和中低價時尚品類拖累。特步相比過去份額小幅下降，主要為低價跑鞋?重點(diǎn)品牌新品情況：新品驅(qū)動行業(yè)提價，國際品牌延續(xù)時尚引領(lǐng)，本土品牌跑鞋相對占優(yōu)。天貓運(yùn)動戶外行業(yè)今年1-3月整體增長20%，但其中子品類的瑜伽相關(guān)產(chǎn)品銷售較弱。重點(diǎn)品牌中，耐克喬丹份額升價格增長，多款專業(yè)跑鞋增長明顯。361度份額與均價小幅增長，籃球鞋降價放量；Lululemon份額回升價格回請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容?趨勢總結(jié)：行業(yè)延續(xù)多年量價齊升趨勢，品類、品牌格局持續(xù)變化。過去5年從行業(yè)價盤變化看，量價齊升的增長是主旋律，尤其中高端專業(yè)運(yùn)動品類的增長明顯。從品牌競爭格局變化看，兩大頭部國際品牌先后面中度從2021年開始下降，近一年多有賴于時尚爆款和籃球鞋新品，兩大頭部國際品牌,以及受益頭部國際品牌份額持續(xù)回升利好的零售商滔搏。代工制造方面，重點(diǎn)推薦受益頭部國際品牌中國市場份額回升和新客請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容40%100%30%50%20%0%10%201820192020202120222023-50%0%400350300250200運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢40%100%30%50%20%0%10%201820192020202120222023-50%0%400350300250200?2019-2023年，天貓、京東、抖音三平臺合計的運(yùn)動鞋銷售額年復(fù)合增速達(dá)到13.8%，其中量的增速為12.3%，均價1?2019-2023年，運(yùn)動鞋均價持續(xù)上升，僅2022年出現(xiàn)了均價下降；運(yùn)動鞋銷量多年保持圖：運(yùn)動鞋銷售額及同比變化圖：運(yùn)動鞋銷售額及09%9%0 資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理?2017-2023年，跑鞋占比從47%下降至32%，其中2021年以前下降速度較快，與運(yùn)動休閑鞋?2017-2023年，籃球鞋品類均價多年高于400元，份額較低，僅10%左右，過去多年持續(xù)提圖：運(yùn)動鞋子品類銷售額同比變化圖：運(yùn)動鞋子品類銷售額占比變化籃球鞋跑步鞋運(yùn)動休閑鞋跑步鞋籃球鞋運(yùn)動休閑鞋籃球鞋跑步鞋運(yùn)動休閑鞋其他板鞋運(yùn)動鞋總體150%50%板鞋其他其他板鞋運(yùn)動鞋總體150%50%32%32%26%19%13%9%2017201820192020202120222023資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國跑步鞋板鞋跑步鞋板鞋運(yùn)動休閑鞋450運(yùn)動鞋總體4504034033452912017201820192020202120222023資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容60%50%40%30%20%10%0%50%40%30%20%10%0%運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢60%50%40%30%20%10%0%50%40%30%20%10%0%?跑鞋總體均價較低，市場份額下降主要由于200元以下和200-400元的較低價位段市場份額被運(yùn)動休閑鞋和板鞋替代，而400元以上的跑鞋份額相對?籃球鞋總體均價較高，低價市場籃球鞋品類份額相當(dāng)小，但400-600元性價比價圖：<200元運(yùn)動鞋子品類銷售額占比變化圖：200-399元運(yùn)動鞋子品類銷售額占比變化圖：400-599元80%60%40%20%0%籃球鞋跑步鞋運(yùn)動休閑鞋籃球鞋跑步鞋板鞋板鞋其他2017201820192020202120222023籃球鞋跑步鞋運(yùn)動休閑鞋籃球鞋跑步鞋板鞋板鞋其他2017201820192020202120222023籃球鞋跑步鞋運(yùn)動休閑鞋籃球鞋跑步鞋其他板鞋40%其他板鞋30%20%10%0%2017201820192020202120222023資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理?高端市場板鞋、籃球鞋份額提升明顯，但圖：600-799元運(yùn)動鞋子品類銷售額占比變化圖：800-999元運(yùn)動鞋子品類銷售額占比變化圖：>=1000元運(yùn)50%40%30%20%10%0%籃球鞋跑步鞋運(yùn)動休閑鞋籃球鞋跑步鞋板鞋板鞋其他2017201820192020202120222023籃球鞋跑步鞋運(yùn)動休閑鞋籃球鞋跑步鞋其他板鞋其他2017201820192020202120222023籃球鞋跑步鞋運(yùn)動休閑鞋籃球鞋跑步鞋板鞋板鞋其他50%40%30%20%10%0%2017201820192020202120222023資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)注：京東數(shù)據(jù)自2019年開始統(tǒng)計，當(dāng)年增量約29%；抖音數(shù)據(jù)自2021年開始統(tǒng)計，當(dāng)年增量請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢2023年數(shù)據(jù)：運(yùn)動鞋大部分品類價格帶明顯上移，但籃球鞋量價均有所下滑同比增長8.8%，其中銷量消費(fèi)增長2.5%而均價增長6.2%，價1000元的中高價位段運(yùn)動鞋占比約44%，相比上一年提升近?運(yùn)動鞋子品類中，跑步鞋、運(yùn)動休閑鞋、板鞋呈現(xiàn)量價齊升的趨勢類，合計來看占運(yùn)動鞋總規(guī)模超過4成，體量較大，總體價位段分布偏資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信項(xiàng)目價格段銷售額占比銷售額同比變化銷量均價運(yùn)動鞋大類200-399400-599600-799800-999合計20.1%32.2% 21.0% 12.5% 6.9% 7.3%100.0%18.2%30.4%21.6%15.3%7.9%100.0%-1.8% -0.7%2.7% 2.5%3.1%1.3%6.2%子品類跑步鞋200-399400-599600-799800-999合計25.7%32.5% 18.9% 9.4% 5.2% 8.4%100.0%22.0%33.6%19.0%11.4%7.8%100.0%0.1%0.8%0.0% 0.6%3.5%1.5%0.4%運(yùn)動休閑鞋200-399400-599600-799800-999合計16.9%31.6% 22.5% 14.8% 7.6% 6.6%100.0%14.9% 26.1% 24.3% 19.7% 8.2% 100.0%-5.5% 4.9%0.6%0.2% 0.4%0.2%0.0%板鞋200-399400-599600-799800-999合計20.1%35.1% 17.8% 14.2% 8.8% 4.1%100.0%16.8%31.0% 19.0% 16.7% 12.4% 4.0%100.0%-4.1% 2.5% 3.6%-0.1%0.0% 41.0% 籃球鞋200-399400-599600-799800-999合計7.4%23.7%25.2%100.0%8.9% 24.5% 24.8% 20.3% 11.4% 10.1%100.0%1.5%0.8% 2.3%0.3%0.0% 請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢從過去5年的變化中，中低位價格段的銷售額占比有所下降1）0-400元的中低價位段，銷售額占200元以下下降幅度更大，超過9p.p.，基本呈現(xiàn)逐年下降的趨勢，2）400-800元的中高價位段，銷售額占比在5年內(nèi)提升約6個百分點(diǎn)3）800元以上的高價位段，銷售額占比在5年內(nèi)基本持平在動鞋品類中，過去5年，中低價位段運(yùn)動鞋銷售增長放緩勢，而200-400元產(chǎn)品在2020-2022年仍保持20%以上的增速，反超200元以下的價位段，成為占比成為最高的價位段，但2資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信價格段運(yùn)動鞋大類銷售額占比26.7%20.2% 27.8%25.2%13.2% 29.5%22.6% 32.2%21.0% 30.4%21.6% -1.6% -0.7%-2.7% -1.5%-0.9%-0.4%-0.9% 銷售額同比 11.7% 銷售量同比 12.0% 均價同比 0.9%0.5% 0.8%0.9%0.1%1.3%6.2%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢跑步鞋子品類：過去5年中高價位段增長明顯，產(chǎn)品專?跑步鞋品類曾有4成以上銷售來自200元以下價位段上銷售價格段基本超過4成在200元以下，而2021-2023年中高1）0-200元的低價位段，銷售額占比2）200-600元的中價位段，銷售額占比在5年內(nèi)提升約14個百分點(diǎn)中200-400元價位段占比提升幅度最明顯，提升8p.p.到33%，403）600-1000元的中高價位段，銷售額占比在5年內(nèi)提升5個百?200元以下跑鞋增長基本停滯，而200-1000元的多個價位段跑鞋復(fù)合增23.1%，600-800元的增速最高，達(dá)27.2%，在2023資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信價格段跑步鞋銷售額占比25.7%13.9% 24.3% 25.9% 27.7% 32.5% 33.6% 1.4%1.4% 1.4%1.4%1.6%-0.5%-1.0%1.4% 銷售額同比 10.3% 10.2%11.7% 銷售量同比 10.4% 均價同比 0.4%5.8%0.7%1.5%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢1）0-400元的中低價位段，銷售額占200元以下價位段2018-2021年下降幅度約6p.p.到6.3%，2022-20232）400-800元的中高價位段，銷售額占比在5年內(nèi)提升13個百分點(diǎn)中400-600元價位段2018-2021年大幅提升，上升幅度3）800元以上的高價位段，銷售額占比在過去5年內(nèi)下降約其中1000元以上價位段占比下降幅度最明顯，下降3資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信價格段銷售額占比30.0%18.3%14.1%11.8%13.7%28.8%20.5% 29.2%28.2% 29.6%24.4% 24.5%24.8%20.3% -3.3%-0.2%-1.2% -4.9% 1.6%-5.9% 銷售額同比 銷售量同比 均價同比5.6% -0.3% 1.7%0.2%5.7% 請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢休閑鞋線上銷售價格段平均約有40%在400元以下、約有41%在400-82020-2022年占比上升明顯，上升幅度約16p.p.，2023年下2）400-800元的中高價位段，銷售額占比在5年內(nèi)基本持平在42%。2年下降6p.p.到33%，2023年占比回升至44%，3）800元以上的高價位段，銷售額占比在過去5年內(nèi)下降約資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信價格段運(yùn)動休閑鞋銷售額占比28.9%26.2% 30.3%23.5% 31.6%22.5% 26.1%24.3% -5.0%1.5% -2.9%-6.0% 1.4%1.8%銷售額同比 -11.9% 14.9%銷售量同比 -12.3% 14.7%14.5%均價同比 -0.6% 0.4%0.5%1.4%-2.2% -0.2%1.0%0.4%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢板鞋子品類：持續(xù)表現(xiàn)較快增長但21-22年價格段下移售價格段平均約有51%在400元以下、約有38%在400-800元之間、約有1）0-400元的低價位段，銷售額占比200元以下占比逐年下降，下降幅度超過22p.p.，而200-402）400-800元的中高價位段，銷售額占比在5年內(nèi)共下降1個2018-2020年上升8p.p.到45%，2021-2022年受疫情影響占比下降123）800元以上的高價位段，銷售額占比在過去5年內(nèi)上升約增速為74.5%，1000元以上5年復(fù)合增速資料來源：阿里第三方數(shù)據(jù)、京東第三方數(shù)據(jù)、抖音第三方數(shù)據(jù)、國信價格段板鞋銷售額占比18.8%24.8%12.0% 30.2%21.4% 35.1% 31.0% -2.9%-0.7%-0.1% -2.5%1.6% 銷售額同比 銷售量同比 13.4% 均價同比-2.7%-2.0% -0.3% -1.6% -0.2% 6.3% 請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容運(yùn)動鞋價盤變化：行業(yè)均價持續(xù)上行，專業(yè)品類在高端市場呈現(xiàn)優(yōu)勢數(shù)據(jù)要點(diǎn)總結(jié)段占比顯著擴(kuò)大。200元以下跑鞋增長基本停滯，而200-1000元的多個價位段跑鞋復(fù)合增速均超過20%，600-1000元跑鞋20請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容品牌市場份額變化：近三年行業(yè)集中度下降，大品類品牌分散化請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容市場份額份額變化排序品牌20171耐克8.6%2李寧6.0%3安踏5.9%4斐樂市場份額份額變化排序品牌20171耐克8.6%2李寧6.0%3安踏5.9%4斐樂1.1%5阿迪達(dá)斯10.2%6駱駝1.9%7露露樂檬0.2%8新百倫3.1%9特步3.6% 10361°1.7%11彪馬1.8%12鴻星爾克1.3%13喬丹體育1.1%14斯凱奇2.0%15亞瑟士1.0%16喬丹0.3%17迪卡儂1.3%18迪桑特0.0%19安德瑪1.4%20匹克0.9%20189.4%6.2%5.5%1.9%10.7%1.3%0.4%1.8%3.5%1.8%2.1%1.6%1.2%1.7%0.8%0.6%1.3%0.1%1.6%0.6%2019 9.4%6.5%6.1%2.6%2020 10.9%6.0%5.9%3.9%20212022 7.5% 8.5% 7.5%5.7%5.3%1.5%2.1%2.4%2.8%1.7%1.6%2.0%1.9%2.0%1.3%1.7%1.0%0.8%1.2%1.1%2023 7.9%6.5%6.1%4.7%3.3%2.8%2.4%2.3%2.1%2.0%1.9%1.9%1.8%1.5%1.5%1.1%1.1%1.0%1.0%2018201920202021202220234%-2.7%-0.7%0.5%1.9%0.6%-1.2%1.1%0.5%-1.4%0.9%0.9%0.0%-5.3%-1.1%-0.1%0.0%0.6%1.5%0.2%0.9%0.2%0.5%0.5%0.5%0.1%0.1%-0.6%0.3%0.2%0.5%-1.0%-0.4%0.9%0.8%0.4%-0.0%0.1%0.2%0.3%-0.1%-0.2%-0.2%0.1%0.2%0.4%-0.1%0.3%-0.1%-0.1%0.1%0.2%0.3%0.1%0.5%-0.4%0.0%-0.1%0.2%-0.5%-0.-0.-0. -1.-0. 0. 0.-0.-0. 0.-0. 0. 0. 0. 0.-0. 0. 0.0.0. 0. 0. 0. 2.-0. 0.-0.-0. 0. 0. 0. 0. 0. 0. 0.-0. 0.-0.0.0. 0.-0. 0. 0.-0. 0.-1.-0. 0. 0. 0. 0.-0.-0. 0.-0. 0. 0.-0.3%5%7%1%4%3%5%4%0%3%0%3%3%1%5%1%1%5%7%4%4%0%4%6%8%6%0%5%4%4%1%0%2%2%3%0%2%2%1%7%2%3%7%5%6%2%3%1%0%3%3%1%3%2%4%1%1%2%3%2020年，行業(yè)Top2品牌耐克、阿迪達(dá)斯份額分別在10%和11%左右，而2021年阿迪達(dá)6.4%，耐克也下降至8.2%，由于阿迪達(dá)斯的快速下滑，耐克份額雖然也有所下降;形成替代的是李寧、安踏，李寧從6.0%明顯提升至7.9%，躍居行業(yè)第二，安踏從5.9%提升至7.0%，次發(fā)生了小幅變化，耐克市場份額結(jié)束了前兩年的下滑趨勢，份額回升至7.9%并回到行業(yè)第,李寧、安踏保持在第二、第三的位置，但份額都轉(zhuǎn)為下降，阿迪達(dá)斯仍處于下降趨勢中但降幅持續(xù)45%40%35%30%25%20%15%10%5%0%TOP5TOPTOP538%38%34%35%32%23%20%16%16%35%22%38%34%19%15%2017201820192020202120222023年份額小幅回落，但隨后多年持續(xù)保持資料來源：阿里第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理12.8%11.8%0.9%0.7%1.3%12.8%11.8%0.9%0.7%1.3%3.0%1.8%2.4%1.6%1.5%2.0%0.9%1.1%1.2%0.2%1.1%1.3%0.8%1.1%1.5%2.5%1.2%3.0%0.7%1.5%2.2%1.1%1.5%1.1%0.4%1.6%1.4% 7.9%4.9%6.4%0.8%1.3%2.0%2.7%1.5%2.0%1.6%1.6%2.2%1.2%1.5%0.9%0.7%1.2%1.6%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容40%35%30%25%20%15%10% 5%0%市場份額份額變化20173.7%2.6%5.1%3.7%0.4% 10.8%5.3%0.0%40%35%30%25%20%15%10% 5%0%市場份額份額變化20173.7%2.6%5.1%3.7%0.4% 10.8%5.3%0.0%2.2%2.4%2.3%0.3%0.7%1.0%0.0%0.3%0.2%0.3%0.1%0.2%201820192020202120222023202320223.4%7.4%7.0%5.8%3.5%5.1%4.7%2.2%1.4%1.4%1.5%1.3%1.3%1.1%1.2%1.0%1.1%1.1%0.4%0.4%20211.8%6.9%8.4%5.4%2.0% 6.3%5.1%2.0%2.0%1.3%1.6%1.0%1.3%0.9%1.0%0.8%1.3%1.0%0.4%0.5%20191.7%5.1%6.3%5.4%1.1%20182.3%4.1%5.5%4.3%0.6%10.9%5.0%0.3%2.4%2.1%2.5%0.5%1.2%1.2%0.0%0.4%0.3%0.4%0.0%0.4%20201.6%6.2%6.3%5.3%1.8%排序品牌1駱駝2斐樂3李寧4安踏5露露樂檬6阿迪達(dá)斯7耐克8迪桑特9彪馬10迪卡儂11安德瑪12鴻星爾克13特步14361°15MLB16喬丹體育17斯凱奇18新百倫19優(yōu)衣庫20喬丹6%0%8%1%4% 0%5%4%7%1%6%2%4%1%4%2%1%1%1%4% 0%2%8%0%7%4%2%0%2%2%0%2%0%2%2%.1%0.6%4..1%0.5%-1..0%2.1%-15%-1..1%03%-0..7%0.6%-7.1%-1.2%-1..0%-1.5%-0.6%0.2%0..2%-1.3%-0.6%0..3%-0.1%0..4%-0.7%-0.1%-0..3%0.2%-0..1%-0.0%-0..5%0.1%0..4%0.2%-0..1%0.2%0..8%01%-0.2%-0..1%05%0.0%-0..1%02%0.0%0..0%-0.3%-0.1%-0.4%4%6%3%0%3%3%2%3%2%2%5%2%0%0%2%-010102 -0-0 0-010-000100-00-0-0-0000000-110000-000-00000000000..............................................運(yùn)動戶外服裝品類：頭部品牌輪換明顯，性價比品牌集中度較低?頭部品牌格局變化：排名變化幅度較大，幾年間TOP大幅下降至6.3%，耐克也下降至5.1%，排名跌至行業(yè)第三、第五，李寧從6.3%提升至8.4,駱駝市場份額從3.4%大幅提升至7.3%，躍居行業(yè)第一，F(xiàn)ILA、李寧保持在第二、第三的位置，但份額都TOP238%TOP535%35%32%30%29%19%14%14%20%30%29%16%16%15%2017201820192020202120222023,而2023年達(dá)到了4.8%，份額增長超過十資料來源：阿里第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理13.4%12.9%5.5%0.7%13.4%12.9%5.5%0.7%3.1%2.0%1.9%0.7%1.5%1.2%0.4%0.7%0.4%0.5%0.2%0.8%6.6%1.3%3.3%1.7%2.3%0.4%1.5%0.8%0.8%0.8%1.2%0.6%0.3%0.8%6.3%5.8%5.0%4.8%4.1%4.0%2.6%1.6%1.4%1.3%1.1%1.1%1.1%1.0%1.0%0.9%0.9%0.5%0.4%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容50%40%30%20%10%0%市場份額份額變化排序品牌20171耐克14.2%2安踏10.0%3李寧7.9%4斐樂0.6%5阿迪達(dá)斯14.1%6新百倫6.6%7特步7.2%8喬丹體育2.3%9亞瑟士2.0% 10361°3.1%11鴻星爾克2.6%12斯凱奇4.2%13喬丹0.5%14彪馬2.3%15匹克1.9%16匡威2.9%17萬斯2.0%18回力0.9%19駱駝50%40%30%20%10%0%市場份額份額變化排序品牌20171耐克14.2%2安踏10.0%3李寧7.9%4斐樂0.6%5阿迪達(dá)斯14.1%6新百倫6.6%7特步7.2%8喬丹體育2.3%9亞瑟士2.0% 10361°3.1%11鴻星爾克2.6%12斯凱奇4.2%13喬丹0.5%14彪馬2.3%15匹克1.9%16匡威2.9%17萬斯2.0%18回力0.9%19駱駝1.5%20鬼塚虎1.3%20182019 15.3%9.2%7.7%2.0%202017.0%8.6%6.9%3.9%15.0%2.8%4.3%2.7%2.2%1.8%1.3%3.8%2.6%3.7%2.7%4.3%3.7%1.9%0.5%1.2%202113.2%11.1%9.1%5.5%9.1%3.5%4.7%3.0%2.5%2.2%2.8%3.7%2.8%2.7%3.2%2.7%3.8%1.9%0.4%1.2%2022 11.8% 11.9% 11.6%20232018201920202021202220232-0-001....................-2-00-000-000-0100-0-0-1.0%1%9%6%4%6%4%2%3%2%3%7%1%4%0%1%6%5%1%...................1-0-01....-2.6%6%8%9%9%4%1%1%4%0%7%0%8%8%1%3%5%4%2%1%.-1...-1 ...........-3.2.2.1.-5.8%5%2%6%9%8%4%3%2%4%4%1%2%0%4%6%0%0%1%0%0. 0. 0. 0. 0. -0. 0.-1. 0.-1. 0. 0.-0.0.3%8%4%2%6%0%0%4%4%3%7%3%7%4%1%8%7%6%1%4%...............-1.....5%6%2%5%6%1%9%0%5%8%2%3%5%6%2%2%5%3%5%0%....................9.2%7.8% 1.1%15.3% 3.8% 7.0%2.4% 1.7% 3.1% 3.3% 3.5% 1.1%2.7% 1.2% 3.9%2.2% 1.7% 1.2%1.2%運(yùn)動戶外鞋品類：綜合運(yùn)動品牌份額企穩(wěn)，部分特色品牌份額崛起60%克、阿迪達(dá)斯份額持續(xù)居行業(yè)top2，2021年耐克、阿迪達(dá)斯份踏、李寧份額迅速提升，安踏從8.6%提升至11.1%，躍居行業(yè)第二，李。2022年趨勢延續(xù)，耐克、阿迪達(dá)斯份額繼續(xù)下降，安踏上升至11.9%，超越耐克，躍升回到行業(yè)第一的位置，安踏、李寧保持在第二、第三的位置，但份額都轉(zhuǎn)為下降，TOP556%TOP556%52%52%48%32%33%32%28%24%24%24%53%49%48%2017201820192020202120222023至2.4%，2023年回升至4.7%。F資料來源：阿里第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理16.5%2%8%4%8%16.5%2%8%4%8%2%3%0%7%6%6%5%7%0%2%8%3%0-002-1-100-0-00001000-0-00-00-1000001-0-00-1021-1100000-00-0-0-1-00-01-1-21-00-0000-0-0-00-0-0-0-0006.6%7.4%4.5%4.7%3.4%2.9%2.5%3.4%3.4%3.5%2.3%2.1%1.9%2.1%1.3%0.5%0.9%17.8%2.4%5.4%2.8%1.9%2.8%3.0%3.8%1.8%2.8%2.6%4.0%2.3%2.3%0.7%1.1% 10.3%8.2%6.9%4.7%3.8%3.4%3.4%3.3%3.3%3.2%3.0%2.9%1.9%1.8%1.6%1.0%1.0%0.9%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容市場份額份額變化排序品牌20171安踏12.9%2李寧8.2%3亞瑟士4.0%4耐克9.1%5斐樂0.4%6特步11.8%7市場份額份額變化排序品牌20171安踏12.9%2李寧8.2%3亞瑟士4.0%4耐克9.1%5斐樂0.4%6特步11.8%7361°5.3%8阿迪達(dá)斯8.1%9喬丹體育3.5%10鴻星爾克4.7%11新百倫14.1%12斯凱奇5.2%13匹克2.4%14索康尼0.3%15安德瑪1.2%16美津濃0.6%17昂跑0.0% 18Hoka0.0%19回力0.1%20駱駝1.5%2019 12.1%6.2%4.7% 11.6%2.8% 10.5%5.0%201820192020202120222023201811.7%202320222020 12.6% 6.3% 6.8% 14.5% 6.0%8.7%3.4% 14.8%3.9%3.3%1.6%3.2%3.7%0.3%2.4%0.5%0.1%0.3%0.9%0.7%2021 13.4%8.9%7.5%10.4%8.0%8.6%3.6%8.2%4.4%5.3%2.1%2.9%4.0%0.6%1.9%0.8%0.5%0.5%1.5%0.6% 5%0% 4% 5% 8% 3% 2% 3% 3% 6% 9% 3% 3% 3%2%5%0%5% 9% 3% 7% 6% 7% 5% 9% 2% 5% 2%5% 0% 2% 4%5%8% 6% 7% 3% 6% 5% 5% 3% 3% 3% 5% 3% 3% 2% 6%0% 4%0% 2% 9% 0% 6% 5% 0% 2% 4% 7%3%6%2%2%2% -1-0-0 -1 -0-1 -0-0 -00-0 -0-0-1 -1-0-0 -0-0 -0 -005% 3% 4% 6% 6% 2% 5%0%0%3%4%0% 3% 2% 8% 0% 3% 2% 0%0%02-0 -0 -03% 3%9% 9% 7%6%2% 7% 2% 5% 3% 4%3%-1-0-0010000-0-1 -0 -1-0 0-1-0-0 401 -1-1-1-0-0 -0-0 -0-1-0 -0 02-00020 -4 -4 -39%5%-6-6........................................................................................................................9.9%7.9%8.9%7.9%7.8%4.0%7.0%5.5%5.7%2.4%2.3%2.1%0.9%1.6%0.7%0.8%0.7%1.0%0.5%跑鞋子品類：頭部綜合品牌競爭激烈，專業(yè)品牌份額持續(xù)提升?綜合運(yùn)動品牌：新百倫份額持續(xù)下降，阿迪達(dá)斯份額上升后回落，安踏份額保持相對前列，70%60%50%40%30%20%10%0%TOP5TOPTOP556%56%57%57%57%50%51%50%29%24%25%26%25%29%27%2017201820192020202120222023牌作為新銳的跑鞋品牌，份額基數(shù)小但前幾年趨勢顯著相反，近兩年趨于穩(wěn)定降至2.1%，斯凱奇從5.2%下降至2.9%，資料來源：阿里第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理16.0%16.0% 9.5%16.0%16.0% 9.5%7.0%6.8%6.2%5.4%5.4%5.1%2.4%2.1%1.6%1.6%1.4%1.3%0.9%0.9%0.8%0.8%16.5%4.0%6.8%3.5%3.4%4.2%0.1%1.0%0.5%0.0%0.1%0.5%1.2%3.7% 12.6%0.7% 12.2%5.6% 12.6%3.5%6.6%7.9%4.0%1.6%0.3%1.5%0.4%0.0%0.1%0.2%1.6%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容90%80%70%60%50%40%30%20%10%0%市場份額份額變化2017 16.0%20212018 14.7%201914.6% 22.6%17.7%5.6%90%80%70%60%50%40%30%20%10%0%市場份額份額變化2017 16.0%20212018 14.7%201914.6% 22.6%17.7%5.6%6.7%8.8%1.3%12.5%3.3%0.3%0.6%0.8%0.0%0.0%0.4%0.0%0.0%0.5%0.0%0.6%2020 15.9% 26.3% 15.1%20222023201820192020202120222023排序品牌1李寧2耐克3安踏4匹克5喬丹體育6喬丹7361°8阿迪達(dá)斯9斐樂10彪馬11特步12安德瑪13匹克態(tài)極14亞瑟士15銳步16準(zhǔn)者17希路獵人18鴻星爾克19Notyet20艾弗森1.3%0.0% 0.5%2.3%0.8%3.9%0.1%0.8%1.0%0.0%0.1%0.9%0.0%0.0%0.0%0.0%0.0%0.8%0.0%0.1%0.2%4.6%1.9%-1.8%0.3%-0.1%-0.2%-0.3%-0.1%0.3%0.0%0.9%0.0%0.0%0.3%-0.0%0.0%0.4%-0.0%0.1%-1.0% -10.5% 7.5% 0.8%-0.4% 2.4% 0.8%-0.3%-0.9% 0.2% 0.4% 0.1% 0.0% 0.1%-0.1% 0.0% 0.1% 0.1% 0.0%-0.1%-0.5% 6.1%-2.6% 1.7% 1.7% -10.3% 2.1%-1.2% 0.2% 2.1% 0.3%-0.3% 0.2% 0.1% 0.0% 0.0% 0.1% 0.2% 0.2% 0.0%12.3% -6.8% -5.8%-2.8%-0.6% 6.5% 1.3% -3.7%-0.2%0.4%0.3%0.1%0.2%0.0%0.0%0.0%0.0%-0.2%0.0%-0.1%1.3%3.7%2.7%1.4%1.1%1.9%0.2%2.6%1.8%0.0%0.1%0.9%0.0%0.1%0.1%0.2%0.0%0.3%0.0%0.3%- ---9.0%16.8%4.9%4.6%15.8%3.2%6.0%4.0%0.9%1.4%1.9% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.0%0.1%15.1%14.2% 6.7% 6.3%5.5%5.3%4.7%4.2% 3.1% 1.7% 1.6% 0.4% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2%0.1%15.3%6.1%5.6%5.0%1.2%13.0%2.3%0.0%0.5%2.5% 0.0% 0.0% 0.0%0.0%0.0%1.6%0.0%0.6%15.8%3.8%6.4%8.9%1.1%12.2%3.4%0.0%0.7%1.7% 0.0% 0.0% 0.1%0.0%0.0%0.9%0.0%0.7%籃球鞋子品類：頭部品牌高度集中，競爭激烈?頭部品牌：近幾年TOP1品牌依次為耐克、安踏、李寧，近兩年李寧份額較高，耐克和喬丹品牌的上升，但2023年大幅下降。安踏品牌保持在行業(yè)前列的份額，曾在2021年超越了耐克，而2TOP5TOPTOP577%77%71%46%39%40%43%43%42%44%79%76%78%74%74%2017201820192020202120222023持續(xù)增長，但由于基數(shù)較低，目前份額資料來源：阿里第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理29.2%28.6%27.2%27.2% 16.9%29.2%28.6%27.2%27.2% 15.8% 22.6%7.0%7.0%5.6%6.9%1.1%9.9%5.1%0.3%0.7%1.7%0.0%0.1%0.3%0.2%0.0%0.1%0.0%0.3%5.2%9.3%1.9%9.6%4.2%0.5%1.1%1.8%0.0%0.2%0.2%0.2%0.1%0.2%0.0%0.2%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容市場份額份額變化20170.6%22.9%0.1%3.5%5.5%31.0%6.1%3.1%0.5% 7.6%0.0%3.7%0.4%0.2%2.1%0.3%市場份額份額變化20170.6%22.9%0.1%3.5%5.5%31.0%6.1%3.1%0.5% 7.6%0.0%3.7%0.4%0.2%2.1%0.3%0.5%0.0%0.3%0.2%20229.7%10.7%12.2%11.1%20216.7%15.4%8.4%10.5%7.2% 11.5%8.3%4.5%2.1%4.0%4.4%2.4%2.1%1.9%0.5%1.6%0.7%0.4%0.2%0.9%20181.0%21.2%1.1%4.3%5.5%20203.6%17.6%6.1%6.0%6.4% 22.3%6.0%2.6%0.5%8.4%5.1%2.5%1.3%1.3%0.6%1.1%0.4%0.2%0.3%0.8%20191.3%18.5%3.4%5.0%6.9%2023201820192020202120222023排序品牌1斐樂2耐克3新百倫4安踏5斯凱奇6阿迪達(dá)斯7李寧8特步9鴻星爾克10彪馬11喬丹12鬼塚虎13361°14喬丹體育15匡威16匹克17亞瑟士18MLB19駱駝20回力4%7%0%8%3%9%6%7%0%3%2%2%3%0%0%3%0.-1. 0. 0.-2. 0.-0.-0. 0.0.0.0.-0.-0.-0.0.0.0.3%7%3%7%4%7%7%4%5%4%4%0%0%6%1%5%1%1%1%1%2.-0. 2. -0.0.-2. 2. 0. 0. 0.-0. 0.-2. 2.-1. 0.-1. 0. 0. 0.-0.0.0%3%3%7%9%3%5%0%0%8%9%3%1%2%7%3%1%2%5%0% -7.-1. 0.-0. 2.-0.-0. 0.-0. 0. 0. 0. 0.0.80%70%60%50%80%70%60%50%40%30%20%10%0%度彌補(bǔ)耐克份額下降，耐克+喬丹合計份額能夠保持近幾年的領(lǐng)先地位但仍存下降趨勢。阿迪達(dá)TOP5TOPTOP569%69%61%54%48%40%27%23%53%55%50%54%27%73%72%2017201820192020202120222023?腰部國際品牌：彪馬、鬼?；?、匡威份額波動資料來源：阿里第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理3%3%3.1%3.0%4.9%-2.2%-4.7%2.7%2.3%3.8%0.1%4.4%0.6%-2.5%0.8%1.0%-0.1%-10.8%-2.3%-2.7%2.2%-0.7%-2.5%2.0%0.9%-2.4%1.6%1.1%0.6%-4.4%-1.7%0.5%-0.7%-2.4%0.2%-0.1%-0.5%0.4%0.7%0.0%-0.4%0.6%0.0%-0.3%-0.1%0.3%0.4%0.5%-0.5%0.2%0.3%0.4%0.2%0.2%0.3%0.0%-0.1%0.1%0.2%0.1%-0.3%0.12.6%8.2%9.3%7.6%8.2%9.3%7.6%5.4%3.2%2.4%2.1%1.9%2.1%1.9%0.8%1.1%1.1%0.8%0.3%0.6%28.6%29.4%7.0%2.5%0.4%9.2%0.1%3.7%0.7%0.3%2.0%0.1%0.2%0.0%0.3%0.4%7.7%2.1%0.9%6.8%2.6%2.7%1.7%0.9%0.9%0.7%0.2%0.1%0.3%0.5%7.3%7.0%5.1%3.4%3.2%3.1%3.0%2.2%2.0%1.8%1.4%1.3%1.1%1.0%0.8%0.6%請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容市場份額份額變化201714.7%14.2%6.8% 0.0%15.8%1.6%13.7%1.8%0.4%1.1%12.4%3.7%1.5%0.3%0.0%3.5%1.6%0.0%0.5%市場份額份額變化201714.7%14.2%6.8% 0.0%15.8%1.6%13.7%1.8%0.4%1.1%12.4%3.7%1.5%0.3%0.0%3.5%1.6%0.0%0.5%0.5%20232022201819.7%10.5%6.6%0.6%13.8%3.5%11.3%3.5%0.7%1.6%13.1%3.9%1.3%0.4%0.0%1.7%0.7%0.0%0.1%1.1%202121.0%10.5%9.6%1.9%8.0%7.7%14.6%4.3%1.1%3.6%5.3%1.7%1.7%2.0%0.0%1.1%0.8%0.6%0.2%0.8%2019 19.8%12.8%8.5%0.3%11.3%5.8%12.2%2.8%0.3%3.2%8.8%3.0%1.1%0.9%0.0%1.2%1.5%0.0%0.2%0.9%2020201820192020202120222023排序品牌1耐克2阿迪達(dá)斯3李寧4喬丹5安踏6彪馬7萬斯8鴻星爾克9斐樂10喬丹體育11特步12361°13新百倫14回力15MLB16鬼塚虎17匹克18Starter19亞瑟士20銳步24.7%25.4%24.5%8.7%11.9%4.3%8.7%7.2%7.0%5.1%1.7%3.4%3.8%1.4%1.7%1.9%0.7%0.9%0.6%0.8%0.4%0.7%12.9%6.4%1.2%8.5%5.3%16.4%1.4%0.7%3.4%6.3%1.5%2.6%1.2%0.0%1.2%1.2%0.0%0.1%0.8%12.5%9.6%8.1%7.1%6.9%5.4%3.7%3.7%3.4%2.9%1.6%1.6%1.3%1.0%0.7%0.7%0.7%0.6%0.5%板鞋子品類：集中度較高，且頭部品牌集中度逆勢提升?頭部品牌：耐克+喬丹份額提升明顯且顯著領(lǐng)先，阿迪達(dá)斯震蕩回落但2023年反彈明顯，李寧?性價比國產(chǎn)品牌：此消彼長，特步份額高基數(shù)，近幾年下降明顯，鴻星爾克、喬丹體育、回80%70%60%50%40%30%20%10%0%TOP5TOPTOP569%69%64%41%36%33%62%62%37%37%34%31%68%65%71%2017201820192020202120222023資料來源：阿里第三方數(shù)據(jù)、國信證券經(jīng)濟(jì)研究所整理 0%7%2%6%0%4%7%3%5%6%2%2%0%9%9%0%4%6%5%5% 2%7%5% 4%8% 9%4%2%0%2%8%8%0%3%5%0%0%0% 3% 6%9% 7%4%6% 2%9% 2%5% 0%5% 8% 0% 3%8% 7%5%5% 8% 6% 2%5% 3% 7% 2%2%3%2%6% 3% 6%4% 0% 0% 6%3%2%2%2%4 -2 -2-0 4-1 -2-1 -0 -0-0-3-2 -0 -1 -1 -000-0-0000-0 -2 -1-0-1-1 -1 -0-0 -0 -0 -04%4%3%6%5%5%4% 0% 0%3%0%-0 -2 -2 -0 -1-00-00 -0-1-0-0-0 -0-0 -0021-0-2 -0-01-0-000-0000-04-1 20-00%8%6% 2% 4% 8% 8% -4-33%7%7%-75........................................................................................................................請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容品牌市場份額變化：近三年行業(yè)集中度下降，大品類品牌分散化,市場份額有所波動。,總體維持較小規(guī)模。請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容重點(diǎn)品牌銷售回顧：性價比專業(yè)產(chǎn)品助推國貨崛起，2023年國際品牌時尚產(chǎn)品回歸請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容請務(wù)必閱讀正文之后的免責(zé)聲明及其項(xiàng)下所有內(nèi)容耐克喬丹：相比疫情前份額下降，時尚品類驅(qū)動份額同比回升受中低價位段專業(yè)品類拖累，2023年耐克喬丹運(yùn)動鞋分品類份額變化耐克喬丹運(yùn)動鞋分價<200200-399400-599600-799800-999>