1、20254,293 6,358 8,587 8,707 4,647 9.2 13.1 10.4 13.6 7.5 4.8%5.2%5.2%5.6%4.0%28,98828,67235,62931,54529,849-25.9%5.1%-10.7%3.0%-20.1%2,052 2,886 3,280 2,523 1,126 20242025620251-8/2025/7/47,370.821.59392.179,9622025-72025/7/95,601.360.13830.633,919202512025/8/208,325.780.53642.412,6742025-42025/9/19

2、4,607.40.48131.178,9462025-82025/9/24120438.045.82311.652,9302025-9010%5%10%15%20%25%30%35%(50,000)050,000100,000150,000200,00020122013201420152016201720182019202020212022202320242025Q1-Q3020406080100120140201120122013201420152016201720182019202020212022202320242025Q12025Q22025Q31,049,108067.925.3%8

3、,362-:/1,049,10855.2928.98%63.0911.47%75.0623.10%77.6738.40%2026-TBCT5:0100,000200,000300,000400,00020262027TBCST-1B24%23%19%TMT16%10%3%2%3%1,905332120:2025104.98,362147%17.8%0.825.3%1.0%67.8624%23%19%2026923020%5%10%15%20%25%(100,000)0100,000200,000300,000400,000500,000600,000700,0002,082,4600610.2

4、15.69%-1,000-580590600610620630640650660670:/2,082,46028.4300-8006%21.0500-1,08015.10%76.7550-1,00023.66%18.0350-6006.00%020,00040,00060,00080,000100,000120,000140,000160,000180,0002025Q3-Q42026202720282025Q3-2028:0100,000200,000300,000400,000500,000600,000700,0002012201320142015201620172018201920202021202220232024 2025F 2026F 2027F 2028FYONEXNIKE STYLEAdidas FOS2025208.2610.215.69%YONEXNIKE STYLEAdidas FOS242025 CWKCWKCWKCWKCWK1361601Tel:+86 411 8372 Qiwu FSabrina W,6040052,