wen|yemacaijing liujunqun

编辑|高岩

zaiipozheitiaolushang，congdibiaodaoshangshi，shizuniaomugongsiyongle28tian。

2024nian2yue1ri，antajituanqixia、shizuniaomugongsiyamafentiyu（amer sports）zhengshizaimeiguoniujiaosuoguapaishangshi，chengweilongniandiyigezhonggaiguipo。

benciipogongfaxing1.05yiguputonggu，faxingjiawei13meiyuan/gu，zonggongmuziyue13.65yimeiyuan。shourijiaoyijieshushi，yamafentiyugujiashangzhang3.08%，baoshouyu13.4meiyuan/gu，zongshizhidadao 64.92 yimeiyuan（yueherenminbi 466 yiyuan）。

zhideyitideshi，yamafentiyu（as.us）haichuangxialezi2023nian9yuedeguozhixiegongsi birkenstock holdings plc.meiguo ipo yilaizuidaguimode ipo（muzijine 14.8 yimeiyuan ）。

zhanzaishizuniaobeihoudeanta(2020.hk)，jiezhi2024nian2yue3ri，gujiashangzhang2.15%，baoshouyu66.6gangyuan/gu，shizhida1886.5yigangyuan。shizhiyuangaoyulining（424.8yigangyuan）hetebu（105.9yigangyuan）。

raner，duiyuanta、yamafentiyulaishuo，xianzaidejiejuquerangren“jusang”。bijingshangshiqianxi，yamafentiyujihuameigufaxingjiazai16meiyuanzhi18meiyuanzhijian，zuigaoguzhiyujichao100yimeiyuan（yueherenminbi700yiyuan）。

“ipofaxingjiasuiranlingrenjusang，danxiangxinzheizhishiduanqixianxiang，duiweilaifazhanbaoyouxinxin。ercongxianshilaikan，yamafenyedequezaichanpin、qudaoheyingxiaoshangzuochulelingrenxinfudechengji。danzheiyangdechengjishifoujuyouchixuxing，zhinengdengdaishijianlaiyanzheng。”yamafenshouxizhixingguanzhengjiejieshoupengboshecaifangshibiaoshi。

始祖鸟会员人数5年从1.4万上升到170万

shizuniaomugongsi——yamafentiyu，shiantayu2019nianshougouerlai。

neiyinian，antaxiewaibucaituan，yijia43%wanchengleduiyamafentiyudeshougou。zheishizhongguoxiefushishangzuidadeyibikuaguobinggou——touzicaituanhuale46.6yiouyuan，zheherenminbi360yiyuan。

duiantaeryan，cicishougoushijiweizhongyaodeyigejueding。yifangmian，2019nian，yamafentiyuquanniankuisun16yiyuan。lingyifangmian，2018nian，antajituanquannianyingshoujinwei241yiyuan，xianjinjixianjindengjiawuyue93yiyuan。“zheishiwocongchuangyedaojintian，suozuodefenliangzuizhongdeyicijueding。”dingshizhong2019nianzaijiyuangongdeneibuxinzhongxiedao。

antajieshouhou，yamafentiyufenbiecongpinpaiduliyunying、tishengpinpaidingwei、jiaqiangzhixiao、zaidazhonghuaqudeshentoudengfangmianjinxingzhuanxing。zuizhong，yamafentiyubolilefeihexinpinpaimavi、precor、suunto，yishizuniao、saluomeng、weiershengsangepinpaiweihexinjingying。

cong2020niandiyigewanzhengcainiandao2022nian，yamafentiyuyingshoufenbiewei24.46yimeiyuan、30.67yimeiyuanhe35.49yimeiyuan，shourushixianyue44%dedafuzengzhang，fuhenianzengzhanglvwei20.4%；tongqi，maolilvcong47%zengzhangzhi49.7%。

2023nianqiansanjidu，sandahexinpinpaifenbiezhangongsiyingshousanchengzuoyou。qizhong，shizuniao、saluomeng、weierxungongxianyingshoufenbiewei9.41yimeiyuan、9.49yimeiyuanhe8.66yimeiyuan，tongbizengzhangyue65%、35%、10%。

chujingjianpinpaiwai，zaiqudaoduan，yamafentiyuyejiadaduidtc（zhimianxiaofeizhe）qudaodetouru。

《zhaogushu》xianshi，dtcqudaobaokuozhiyingdian、dianshangwangzhanliangbufen。yamafentiyulaizidtcqudaodeshouru，cong2020nianzhanyingshoubi21.7%，zengzhangzhi2022niande29.5%。

dangongsizhuyaoqudaorengweipifa，zhuyaomianxiangyibantiyuyongpinlingshoushang、zhuanmaidian、dulijingyingdehezuohuobanshangdian、fenxiaoshang、lingshoushangdeng。pifaqudaozai2020nianzhanyingshoubiwei78.3%，zhi2022nianxiajiangwei70.5%。

congmendianshulianglaikan，jiezhi2023nian9yue30ri，yamafentiyudeziyinglingshoudianshuliangchaoguo330jia，xiangbi2019nianzengzhangyue69%。

来源：《招股书》

yamafentiyubiaoshi，gongsiyuelaiyuezhongshiziyoudianzishangwu，bingzaishijiegedijianliziyoulingshoufenxiaowangluo。ziyoulingshoudianbujinkeyibaozhengxiaofeizhedetiyangan，haiketigaoxiaofeizheduipinpaidezhongchengdu，congerchanshengqiangjingdetouzihuibao。

来源：《招股书》

yishizuniaoweili。zaiqimugongsiyamafentiyubeiantashougouhou，antaxinkaile31jiashizuniaoziyinglingshoudian，muqian，shizuniaozaizhongguogongyou63jiaziyinglingshoudian，zhanquanqiuzongmendianshudejinyiban。2018nian，shizuniaozaizhongguoyongyou1.4wanminghuiyuan。jiezhi2023nian9yuedi，shizuniaohuiyuanshuliangyichaoguo170wan，fanle100duobei。

来源：《招股书》

《zhaogushu》zhongjieshidao，shizuniaohuiyuanzengzhangsuduzhisuoyizheimekuai，zhuyaodeyiyushizuniaonenggouliyongweixindenggongju，laijiasuhuiyuanzhuce。

yemacaijingzai“shizuniaoshandiketang”weixinxiaochengxushangfaxian，shizuniaojianghuiyuanfenweisiji，qiehuiyuanmingchengyupinpaiqijianchanxianxiangtong，fenbieshialpha、beta、gammahezeta。yizuigaoalphajiweili：yinianleijixiaofei10wanyuanjikeruji，qiecinianleijiqiwankebaoji。

genjuhuiyuandedengji，shizuniaohuizengsongbutongshuliangdeqingxiquan。ciwai，meinianyehuiweihuiyuanzhunbeishengriliwu，baokuobuxiugangbaowenbei、canju、luyingdengheshoudiandeng。qizhong，alphahuiyuanhaikecanyuzhuanshudedingjihuwaihuodong。

来源：微信小程序截图

“tongchanglaijiang，ziyingmendianduiyufazhanhuiyuanheweihuhuiyuan，jiyuhuiyuangengyouzhidefuwuyinggaishiyouhaochude。”aimeizixunceozhangyirenwei。“buguo，yupifaxiangbi，ziyingqudaodelirunweibiyidinghuigenggao。yinwei，ziyingbenshendemendianchengben、yunyingchengbenyebudi。”

亚玛芬体育募资约13.65亿美元，主要用于偿还贷款

ciciyamafentiyuipo，qimuzijine13.65yimeiyuanjiangzhuyaoyongyuchanghaiyamafentiyudedaikuan。

jutikan，yamafentiyudekuozhangdailaidebujinshiyingshoudeshangsheng，haiyouchengbendezengjia。《zhaogushu》xianshi，2021nian-2023qiansanjidu，yamafentiyudecaiwuchengbenfenbiewei 2.77 yimeiyuan、2.33 yimeiyuanjihe2.92 yimeiyuan,

zai《zhaogushu》zhong，yamafentiyubiaoshi，chengbenzengjiazhuyaoshiyouyuxiaoshoue、mendianshu、xianshang、xianxiayingxiaofeiyong、dianshangyunyingchengbendengzengjia。

jutikan，yamafendexiaoshouheyingxiaofeiyongcong2020niande7.33yimeiyuanzengzhi2022niande11.08yimeiyuan；xiaoshoufeiyonglvcong2020niande30%zengjiadao2022niande31.2%，gaixiaoshoufeiyonglvgaoyulining2022niande28.3%。

mendianhequdaodetouruxuyaoyiduanshijiancaineng“huixue”。congjingyingxingxianjinliudeqingkuanglaikan，yamafentiyu2022nian、2023nianqiansanjiduzefenbieliuchu0.92yimeiyuanhe1.06yimeiyuan。yinianbanshijianjingliuchu1.98yimeiyuan。

来源：《招股书》

《zhaogushu》xianshi，yamafenyujijiangzaiweilai2nianneihuadiao5yimeiyuan。2023nian、2024nian，qizibenkaizhiyusuanfenbiewei2yimeiyuanhe3yimeiyuan。

yamafentiyudibiaozhiqian，zhuyaoyikaoantadenggudongshuxue。2019nian3yue12ri，youantatiyu、fangyuanziben、 anamered investmentsjitengxundenggudongzuchengdehezigongsijvco，yuyamafentiyudequanzizigongsiamer sports hkqiandingdaikuanxieyi，jiezhi2023niansanjidu，haiyouyue26.36yimeiyuanbenjinzongeweichanghai，gaidaikuanyu2029nian3yue26ridaoqi。

lingwai，amer sports hkhaiyou13.77yimeiyuandaikuanshangweichanghaijijvco，liangzheheji40.13yimeiyuan。haiyouyibishiyamafentiyucongjinrongjigoujiede17.85yimeiyuandaikuan。

congcaiwushujulaikan，2022nian，yamafentiyudezongzichandadao78.95yimeiyuan，qizhongzongfuzhaijiudadaole79.69yimeiyuan；dao2023qiansanjidu，gongsizongzichanwei81.47yimeiyuan，zongfuzhaiwei81.38yimeiyuan，danzichanfuzhailvrenggaoda99%。

zhei81.38yimeiyuandefuzhaizhong，baokuozhangqifuzhaizonge67.03yimeiyuan，liudongfuzhaizonge14.35yimeiyuan。shangshuguanlianfangdaikuande40.12meiyuan、jinrongjigoudaikuande17.84yimeiyuanjunshuyuzhangqifuzhai。

来源：《招股书》

juefuzhaizhixia，yamafentiyumeinianhaiyaochengdanshangyimeiyuandelixi。

yinci，yamafentiyuzhijinshangweizoushangyinglidedaolu。2020nian-2022nian，gongsijingkuisunfenbiewei2.37yimeiyuan、1.26yimeiyuanhe2.53yimeiyuan，sannianleijikuisunchao6yimeiyuan。

dangchu，weileshougouyamafentiyu，antajieleyidabiqian。2019nian，antajituanfuzhaizongzhicong78.5yiyuanzengzhi201.6yiyuan，fuzhailvyou2018nianmode32.22%zengzhi48.9%。

shougouzhishi，antabenlaijixiwangyurangyamafentiyuweijituanquanqiuhuazhanlvezhuli。5nianguoqu，yamafentiyubujinweinengshixianyingli，haixuyaogudongchixushuxue。

zhidezhuyideshi，zaimuqianantatiyudecaiwubaobiaoshang，yamafenbingweibingbiao，ershibeilieweiheyinggongsi。yinci，yamafentiyudefuzhaibingbuhuiyingxiangantadecaiwubaobiao。duici，antajieshicheng，yamafenhaiyouqitagudongtimingdedongshi，gongsijuecexuyaozhengqiutamendetongyisuoyibunengbingbiao。

ciciyamafentiyushunlishangshi，duiyuantadenggudonglaishuo，qijiangshouhuijiyamafentiyudebufendaikuan。“yamafentiyushangshichenggong，jiangweiantatiyudailaigengduodezibenzhuru，congerzengqiangantatiyudecaiwushiliheyunyingnengli。”zhongguoqiyezibenlianmengfulishizhangbowenxibiaoshi。

yeneirenshibiaoshi，danduiyuyamafentiyulaishuo，juedezhaiwuyali，kenenghuixianzhiyamafendefazhan。buguo，ruguonenggoujiezhuzibenshichangrongziqudao，panhuoyamafentiyudeyewuheziyuan，shenzhiniukuiweiying，jianghuidailaigengdadehaochu。“shangshijiangshiyamafentiyuchengweigongzhonggongsi，gengrongyixiyingengduodetouzizhehehezuohuoban。”bowenxijinyibubuchongdao。

yejiushishuo，yamafentiyuipochenggonghou，gongsibujinnenggaishanzishenyingliqingkuang，bangzhuzishenpinpaijinyibufazhan，qibeihouchigugudonganta，yejiangyincihuoli。

“厦门首富”靠着“买买买”，买出一个安踏“全球化”?

dingshizhongyoujuliuchuanpoguangdehua，“buzuozhongguodenaike，yaozuoshijiedeanta。”yinci，youyeneirenshibiaoshi，antajituanduiyamafentiyudeqiwang，kenengbujinjinshishixiankeguandecaiwuhuibao，gengzhongyaodeshijiangqizuoweichuhaidezhuashou。

juanta2023nianshangbanniannianbao，antatiyuchiyouyamafentiyu52.7%deguquan。antatiyu2022niannianbaoxianshi，dingshizhongchiyouantatiyu74.01%guquan。jiezhi2024nian2yue3ri，antatiyushizhi1886.5yigangyuan（yueherenminbi1735.07yiyuan）、yamafentiyushizhi466yiyuan，jisuankede，dingshizhongshenjiahejirenminbi1465.88yiyuan。

jinjinian，antatongguo“maimaimai”，yijingfazhanchengweiyigeshangyediguo，qichujiaocongguoneiyanzhanzhiguowai，pinpaifushemiangengshicongyundongdaohuwai，mubiaoxiaofeiquntizaibuduankuoda……

zi2009nianqi，antakaishipinfanshougouwaizipinpai，weiquanqiuhuafazhandajichu。dangnian，antayi3.32yiyuandejiage，shougouleyidalilaopaiyundongxiuxianpinpaifeile(fila)zaizhongguodezhuanyingquanheshangbiaoshiyongquan，zheigepinpaishijiabainianlaodian，zhuyaocongshiwangqiu、huaxue、gaoerfu、yujia、saichedengyundongxiangguanchanpin。

shougouqian，filazaizhongguozhiyou50jiamendian，kuisungaoda3218wan。shougouhou，antaduifilajinxinggaige——diyishizhongxinhuigui“yundongshishang”depinpaidingwei，diershiyoupifagaiweizhiyingmoshi。

2013nian，filachenggongshixianyingkuipingheng；cinian，filashixianyingli。genjucaibaoshujuxianshi，2023nianshangbannian，filagongxianlezhenggeantatiyu41.3%deyingyeshouru，qishouruzhanbiyijiejinantamupinpai。

antamupinpai2023nianshangbannianshixianxiaoshoushouru141.7yiyuan，erfiladexiaoshoushouruwei122.29yiyuan。

shougoufilahou，zaierjishichangshang，antadegujiayecong2013niankaishidazhang，zhi2021nian，gongsigujiazuigaoshangzhangle125bei，shizhigengshiyiduzhangpo5000yi。

youlecicibinggouchenggongdejingyan，antajixujiamaquanqiuhuabuju。

2015nian，antashougouyingguohuwai、pashanyundongpinpaisipulandi(sprandi)。2016nian，antachizi1.5yiyuanchenglihezigongsi，zaizhongguojingyinggaoduanhuaxuepinpaidisangte（descente）。2017nian，antashougouxiaoxiaoniu（kingkow），tongnian，antachenglihezigongsizaizhongguojingyinghuwaipinpaikelong（kolon sport）。zhidao2019nian2yue，antashougouyamafentiyu。

来源：野马财经

shougoulezhongduodepinpaihou，dingshizhongdebufahaiweitingzhi，yongtadehuashuo“shangpinkeyibeixunsuzhizaochulai，danpinpaibuxing。”

antazuijindeyicishougoufashengzailianggeyueqian——tashougoulezhongguobentupinpaimaia active 75.13%deguquan。gaipinpaizhuyaozuoyujiayundongleifushi。

cong“quanqiuhua”dejiaodukan，antaciqianshougoudefila、disangte、kelongdengguojipinpai，doushishougougaipinpaizaidazhonghuaqudejingyingquan，jizaiguoneishichangzuoguojipinpai，gengxiangshiyizhong“yinjinlai”。danyamafentiyubuyiyang，qizhuyaoshichangrengzaioumei。yinci，yamafentiyugengnengchengzaiantajituande“quanqiuhua”mubiao。

chulebinggouwaizipinpaiwai，2021nian，antajituanhaijiangweilaishinianzhanlvemubiaodingwei“danjujiao、duopinpai、quanqiuhua”。2022nian，yamafentiyubeiantalieru“quanqiuhua”celve。

yeneirenshibiaoshi，antadedafajiushiweileshixian“1+1>2”depinpaixiaoying，antatongguoduocibinggou，jianlileduopinpaijuzhen。zhupinpaiantazuoweizhudadazhongyundongshichangdemingxingpinpai，erfeilezeyizhonggaoduanshishangxiuxianshichangweizhudao，shizuniaozeshijituanzhonggaoduanhuwailingyudezhongyaopinpai。wulunnayigelingyushoudaoshichangrepeng，antadounengchuyizhangwanmeidepai。jiuzai2024nian1yue19rideantajituannianzhongzongjiehui，dingshizhongbiaoshi，womenzuoduopinpai，jiushiyaoyongbutongdepinpaiqumanzuxiaofeizhedexuqiu。jintianquanqiuzuodehaodepinpai，doushishengengyigexifenshichangdechuileipinpai。“binggoukekuaisukuozhanantadeshichangfenehepinpaiyingxiangli，youqishizaiguojishichangshang。qici，binggoukeyidailaigengduodepinpaizuhehechanpinxian，congerfengfuantadechanpinxianhepinpaixingxiang，tigaoshichangjingzhengli。”zhongguoqiyezibenlianmengfulishizhangbowenxibiaoshi。jingjixuejiasongqinghuibiaoshi，zaimuqiandeshichanghuanjingxia，antadebinggoushifazhan“youlie”bingcun。antasuiranyoushougoufeile、sipandi、disangtedengduojiapinpaidejingyanyoushi，danshi，zairujinquanqiujingjixingshifuzaduobiandehuanjingxia，yikongmianlinshougouxiaoguobujiyuqideqingkuang，cijukenengjiangshigongsiburunitan，jinerchuxianzijinlianweiji。

nimaiguoantadeyundongfushima？tiyanruhe？pinglunquliaoliaoba！