文|融中财经

longniandiyigezhonggaigu ipo，laile。

beijingshijian 2024 nian 2 yue 1 riwanjian，shizuniaodemugongsiyamafen（as.us）shunlizaimeiguoniujiaosuoguapaishangshi，chengweikainiandiyijiafumei ipo qiye，cicifaxingjiawei 13 meiyuan，shourikaipanbao 13.4 meiyuan，shourijiaoyijieshushi，qigujiashouzhang 3.08%，zongshizhidadao 64.92 yimeiyuan（yueherenminbi 466 yiyuan）。

zuoweizhongguotiyuyongpinshishangzuidadekuaguobinggouqiye，yamafenzaimingxingchengxiaotuande“husong”xiashangshi，gaosheng、meiyin、mogendatong、mogenshidanli、ruiyinjituanjunweiqilianxichengxiaoshang。

cong 1 yue 4 ridibiao，zaidao 2 yue 1 ri“paobu”ipo，suduzhikuaidetongshi，yamafenyechuangxialezi 2023 nian 9 yuedeguozhixiegongsi birkenstock holdings plc.meiguo ipo yilaizuidaguimode ipo，dangshimuziguimowei 14.8 yimeiyuan，cicitongguomeiguo ipo muzi 13 yimeiyuandeyamafenyebushujifen。 

youyisideshi，jurongzhongcaijinglejiedao，zaibeijingshijian 1 yue 31 rifeiwangniuyuedehangbanshang，bianjimanlebaokuozhongweizibenzaineideduoweijigoutouziren。tamendemudehenchuncui，bianshiqijunasidake，gongxiangshengju，yiqingzhuyamafenqiaozhongdeshanyaoshike。

01 466亿超级IPO，共襄盛举

“buzuozhongguodenaike，yaozuoshijiedeanta”，antadingshizhongduonianqiandingxiademubiao，yanyouzaier。dingshizhongdemubiaoyeyinyamafenerlichenggonggengjinyibu。

yucitongshi，duiyuyamafenbeihoudagudongantaeryan，huoxuzai 5 nianqianjiuyichuixiangleyamafenchongci ipo dehaojiao。bijingzheigejiazhi466yichaoji ipo degushi，yaoconganta 2018 nianchijuzideyichang“haodu”shuoqi。

jiangshijianbohuidao2018nian，bishiyouantazanju，xieshoufangyuanziben、anamered investments（lululemon chuangshiren chip wilson chiyoudetouzigongsi）jitengxungetouzifang，zuchengleyigetouzizhecaituan。zaidangnian 12 yue，gaitouzizhecaituanxuanbu，jiangtongguoxinchenglide mascot bidco oy gongsi，ziyuanxingjianyigongkaixianjinyaoyueshougouyamafentiyusuoyouyifaxingjifaxingzaiwaidegufen。

anzhaodangshideshougouyaoyueshuxianshi，meiguyaoyuejiageweixianjin 40 ouyuan，jiaoqisangeyuebushouganraochengjiaoliangjiaquanpingjunjiaoyijiageyijia 43%。yamafenquanbuyifaxingjifaxingzaiwaigubendeyaoyueshougoujiazhiyuewei 46 yiouyuan，yueherenminbi 371 yiyuan，zheigejineyeyijushuaxinciqianzhongziqiyehaiwaishougouanjilu，yeyincibeiyeneirenshipingjiawei“zhongguotiyuyongpinxingyeduiwaibinggoudelichengbeishideshijian”。

qizhong，antachizi 15.43 yiouyuanhuanlai 57.85%dechigubili，yiyuechengweizheijiaguojigaoduanhuwaiyundongpinpaidediyidagudong。yaozhidao，dangshizhuyaoshougoufangantazaisuobaogaode 2018 nianzhongqi，yingyeshouruwei 105.54 yiyuan、jinglirunwei 26.89 yiyuan。erjiezhi 2018 nian 6 yue 30 ri，antadezongzichanyebuguo 206.41 yiyuan。

dansuizheyamafencicichenggong ipo，yiweizhe“zhongguoxiewang”antatiyuyongyouleshouge ipo zijituandetongshi，bingyoucichuangzaoyibibufeidezhangmianshouyi。haowuyiwen，anta“du”yingle。

gongxiangzheichang“zibenshengyan”de，tongyangbuzhiyiantaweishoudezheiyitouzizhecaituan。

julejie，antazai 2019 nian，youyi 11.98 yigangyuan（yueherenminbi 10.74 yiyuan）dejiagejianjiechushoulebufen amer sports guquanjiqitajigou。suiranbishiantadechujiayaogaoyuyamafenzuixiandeshougoujia，danshizaishizheigexiangmuyijiubeiyejiekanhao，yeneipubianrenweizheibijiaoyiyouzhuyuantahuoqugengduoziyuanhequdao，yincishubuqingdetouzirenzhudongzhaoshangmenlai。“shuojuwanxiaohua，dangshidingshizhongdeshoujigujibeizhaoshangmenlaidejigoudabaole。”zhiqingrenshixiangrongzhongcaijingshuodao。

jubishidegonggaoxianshi，antachushoule amer sports jianjiequanyide 5.2517%gufen，maijiabaokuochaohong、jinfu、hongshan spv yijizhongweiziben zwc partners。zhideyitideshi，hongshanhezhongweizibenzaixinxingxiaofeilingyudoujileilefengfudetouzijingyanhexingyeziyuan。

shiguojingqian，rujinzhanzaiyamafenbeihoudetouziren，tongguozheibijiaoyiyezhuanlegepenmanboman，yezhibiwei 2024 niandugangzhankaidechengjidanshangtianshangyibijiaorende ipo。

duiyuyamafencicidenglumeigushichang，yamafenbeihougudongzhiyidezhongweizibenchuangshihehuorenzhangyonghanxiangrongzhongcaijingbiaoshi，“shouxiangongxiyamafentiyuchenggongshangshi。2019 nian，zhongweizibenyouxingchengweiyamafentiyudegudong，jinianyilaijianzhengleyamafentiyudekuaisuchengzhang。”

“zhongweizibenyizhirenwei，suizhequyuneigeguojingjidefazhanhecaifujilei，yazhoushichangdexiaofeinenglijiangzhangqichuyushangshengtongdao，zaigegexifenlingyudexiaofeinenglijiangzhubutisheng，pinpaishengjiqushiriqumingxian。mafentiyudazhonghuaqudegaosuzengzhangyeyinzhengleyazhoushichangdejudaqianli。zhongweizibenzaibaokuozhongguo、dongnanyazaineideyazhoushichangyouzhefengfudechanyeziyuan，nenggouweigengduodeguojihuapinpaiyuqiyejinruyazhoushichangtigonggengjubendihuatezhengdechanyezhichi；womenyexiwangweilainenggoutonggengduodeguojipinpaihezuo，zhuliyouxiuqiyehechuangyezhemaixiangquanqiuhuadexinzhengcheng。”zhangyonghanshuodao。

02 170 万中产，捧出一个体育用品帝国

zuiweinandedeshi，zaizibenshichangyinglailihaodeyamafen，jinrizaixiaofeishichangye“dachufengtou”。

“yiyinanqiu”shuodezhengshishizuniaoxinnianshangshide“longnianxianding”。rujinwulunshizaishizuniaoxianxiamendianhaishixianshangguanfangqijiandian，doubunengmaidaolongnianxiandingkuanfuzhuang。julejie，weiyushizuniaowangfuzhonghuandianzaiyuandankaimenjingying 15 fenzhongnei，longnianxiandingbanchongfengyibianbeiqianggouyikong。

erzaigedaershougouwupingtaishang，duodeshiyijiaxiaoshoudelongnianxiandingchongfengyi、longnianxianding t xushandanpin。ruyuanjiawei 8200 yuandechongfengyibeichaozhi 12000 yuanyishang。youderenshenzhizaixiaohongshudengshejiaomeitipingtaikaizhan“daigouyewu”，suanshangguanshui、yunfei、daigoufei，yijianshizuniaoxiandingkuanwangwangxuyaoyijia 40%yishang。

shizuniaolongnianxiandingbeimaibaodebeihou，ziranshaobuleyiqun“zhongchan”yongdun。zhaogushuxianshi，2018 nian，shizuniaozaidazhonghuaqujinyou 1.4 wanminghuiyuan，erjiezhi 2023 nian 9 yue 30 ri，huiyuanshuyijingzengzhangzhi 170 wanming。

yamafenyezhiyan，“womenzaidazhonghuaququdedechubuchenggonghendachengdushangyushizuniaodezengzhangyouguan。”bingbiaoshiduisaluomengzhidingleheshizuniaoyiyangdekezhongfudejuben。bijingfangyanyamafenzhengti，shizuniaobingbushineibuzuizhuanqiandeneiyigepinpai，shizuniaozai 2023 nianqiansanjidu 9.41 yimeiyuandeyingshou，bujisaluomengde 9.49 yimeiyuan。dansheirangshizuniaodezhuyaoxiaofeiquntilaiyuanyudazhonghuaqu，bijin 50%deshizuniaopinpaiyingshoulaizidazhonghuaqu，huanyanzhipingjunliangjianshizuniao，jiuyouyijianmaijilezhongguoxiaofeizhe。

xianeryijian，shizuniaobeihoude 170 wanwei“zhongchan”，zaiyongzhenjinbaiyinweishizuniaonaizhiqibeihoudeyamafentouchulexinrenpiao。

hulianwangchangxixue，“zhongniannanrenyousanbao，maotai、diaoyu、shizuniao”“zhongniannvrenyousanbao，lululemon、lafulaolun、shizuniao”，shenzhihaiyouge“chengshizhongchansanjiantao”zhenghebang，fenbieshishizuniaodechongfengyi、saluomengdeyundongxiehe lululemon deyujiaku。

buguanshishenmeyangde“mingdan”，junzaiqizhongyilibudaodeshizuniao，zuyizhengmingqizaitedingrenqunzhongdeshouhuanyingchengdu。

huidaoyamafenzishenyejilaikan，yamafensuiranhaimeishixianyinglidanzaijinjinianquebaochigaosuzengzhang。zhaogushushujuxianshi，yamafenzai 2020 nianzhi 2022 nianqijiandefuhenianzengzhanglvwei 20.4%。jutilaikan，2020-2022 nian，gongsifenbieshixianyingshou 24.46 yimeiyuan、30.67 yimeiyuan、35.49 yimeiyuan；maolilvfenbiewei 47.0%、49.1%、49.7%；jingkuisunfenbiewei 2.37 yimeiyuan、1.26 yimeiyuan、2.53 yimeiyuan；diaozhenghou ebitda fenbiewei 3.11 yimeiyuan、4.17 yimeiyuan、4.53 yimeiyuan。

zhideyitideshi，yamafenziantahaofeijudadaijiashougouhoujinianshijian，youyuturuqilaideyiqing，daluanleantayuanyoude“zaiduanqineibuhuiyoudadelirun，danyinggaihaishihuidailaizhengshudeshouyi”jihua。caibaoxianshi，2019-2021 nian，antaquanzichiyouyamafendeheyinggongsi as holding fenbiekuisun 10.92 yiyuan、11.4 yiyuanhe 1.54 yiyuan，sannianleijikuisunjin 24 yiyuan。

danantaduiyuchuyukuisunzhuangtaideyamafen，yijiumanhuaiqidai。2021 nianniandi，antazaichuanglisanshizhouniandeguanjianjiedianshang，tichujiangqianghuazhongguo、beimeiyuouzhousandashichangdefazhan，bingweiyamafendingzhile 5 ge“10 yiouyuandefazhanjihua”，jidao 2025 nianjiangshizuniao、saluomengheweierxunsangepinpaidazaochengwei“10 yiouyuan”pinpai，lingwaifenbietongguozhongguoshichanghezhiyingmoshishixian 10 yiouyuandeshouyi。

zongdelaikan，yamafenzhengzaijiasutuijinzheiyizhanlvemubiao。bijingzuoweiyigetiyuyongpindiguo，shizuniaoqixiayongyoudazhongsuoshuzhidehuwaizhuangbeipinpaishizuniao、huwaiyueyepinpaisaluomenghewangqiuzhuangbeipinpaiweierxun。yucitongshi，zheisangehexinpinpaiyedoushigezixifenshichangzhongdejiaojiaozhe。ruyamafensuoyan。“meiyigexifenshichangdouyouwomendehexinpinpaizhiyizhudao。meigepinpaidouchuangzaolegaopinzhidejishuchanpin，zaigezideleibiezhongtuoyingerchu，bingyongyouguanjiandechayihuashuxing。”

erchuleshangshuhexinpinpaiwai，yamafenhaiyoutubupinpaibikefeng、huaxuepinpaiatuomike、leiqiupinpai atec dengzhongduogaoduanpinpai。

03 “世界的安踏”

ruguoshuo，yamafen ipo rangantachaozhe“shijiedeanta”mubiaogengjinyibu，neimeantazai 2009 nian，chi 3.32 yiyuancongbailiguojishouzhongshougouleyidaliyundongpinpaifeile fila zhongguoqudeshangbiaoshiyongquanhezhuanyingquan。cijujimaikaileantashougoudediyibu，yeshiantakuodaquanqiushichangfenehetishengpinpaiyingxianglidezhongyaozhanlvejucuo。

congshangdishijiaohuiguotoukanantashougoufeileshide 2009 nian，bishihaichuyuantadefazhanzaoqi，qibuyufujianjinjiangdeantadingweizhuyaomianxiangguoneidixianchengshi，antaxiangdaoqixiaquefazhonggaoduanpinpaihuishipinpaizhanxiandeduanban，weilebuzuzheiyiduanban，xiangyaojinjunguoneishichangquelianniankuisundefeilerangantakandaolexiwang。

shihou，antafangmiantiqizheibishougouyebiaoshi，“fila zhuyaozougaoduanyundongluxian，mianxiangwangqiu、huaxuedengxifenshichang，zaiguojipinpaixiaoyinghekejiyanfafangmianyouyoushi，shougouyouliyuantaqiangzhangaoduanyundongshichangfene。”

shougoufeilezhongguoyewu，duiyuantalaishuo，yeshiyichang“du”，buguoduzizhiyou 3.2 yiyuan。antadongshijuzhuxidingshizhongshihouyezhiyan，zheimezuoshishoudaolianxiangtongguoshougou ibm de pc yewu，dajinoumeishichangdeqifa。dingshizhongzheige 3.2 yideshiyan，zuihoujieguoxianeryijian，shichenggongde。yinweizai 2012 nian，antadeyingyeshourubianquanmianchaoyuelining，chengweizhongguoshichangdediyiming，yijuduoxia“xiewang”guiguan。

feiledechenggong，jileantamodaxinxin。cihou，antakaishileqibuduan“maimaimai”deshougouxingdong。2015 nian，antashougouleyingguoyundongxiuxianpinpaisipandi sprandi；2016 nian，shougouledisangte descente zaizhongguoqudedujiajingying、chanpinsheji、xiaoshoujifenxiaoyewu；2017 nianshougoulehanguogaoduanhuwaipinpaikelong kolon sport；2019 nianshougouleyamafen……

antade“maimaimai”zhilvyuanmeitingxie。wangjindishuo，antayeshougouleyigebentupinpai。2023 nian 10 yue 16 ri，antafabugonggao，xuanbushougouzhongguonvxingyundongpinpai maia active 75.13%degubenquanyi。zaishougouwanchenghou，maia active chengweiantajianjiefeiquanziyongyoudefushugongsi。

shuliantamuqianbujudeyundongfushipinpaizhenying，jujilegaoduanhuwai、xiuxianyundong、xiuxiantongzhuangdengduozhongleixingdefushipinpai。bunankanchu，antatongguoduiwaitouzi，qidiguochujiaoyiyanshendaoyundongfushidegegejiaoluo。

dangran，meiyouzheixieshougouerlaidehaiwaipinpaidezhicheng，antachengbuqiyigepinpaidiguo。

shishishang，antadangqianzhuyaoyejiyeshikaobinggoulaidepinpaizaizhicheng。antayu 2024 nian 1 yue 5 rifabude 2023 nianquannianyingyunbiaoxianshujuxianshi，2003 nian，antapinpaichanpinlingshoujinetongbijinludegeweishudezhengzengzhang；fila pinpaichanpinlingshoujinetongbilude 10%—20%gaoduandezhengzengzhang；suoyouqitapinpaichanpinlingshoujinetongbilude 60%—65%dezhengzengzhang。

jinguananta 2023 niannianbaoshujuhaimeigongbu，danconganta 2023 nianzhongqibaogaozhongbunanfaxian，feileyigepinpaideyingshou，bianchengqileantabanbijiangshan。caibaoshujuxianshi，antaqitaliangdazhupinpai“antapinpai”ji“fila pinpai”zai 2023 nianshangbannianfenbieshixian 141.7 yiyuanji 122.3 yiyuanyingshou，zhanzongshourubilifenbiewei 47.8%he 41.3%。

shougou，shipinpaixiangshangdejiejing。zhengrudingshizhongsuoshuo，“yidangjinzhongguogongsidepinpaiyunyingnengli，zai 30 nianneizuochuyigeshizuniaohuoweierxun，kenengxingjihuweiling，ertongguoshougou，bingyizhongguoshichangweiqianzaizengzhangkongjian，zekenengwanchengyicituotaihuangu。”

rujin，suizhehuwaiyundongdexingqi，yijishizuniaohesaluomengzaiguoneidezouhong，yamafenyouwangjifeilehou，chengweiantadeyouyi“zengzhangquxian”。

“shijiedeanta”，zhengzailushang。