文|胜马财经 马成

编辑|欧阳文

shizuniaoyouhaoqikaidian，zheijiaweiyushanghainanjingxilu1717haohuidefengguangchangdeshizuniaobowuguan，shishizuniaoquanqiuzuidayuanshengtaitiyanqijiandian。zaiyongyousicengdedianli，shizuniaodefushixiebaochanpindoujiangchengxianzaixiaofeizheyanzhong。

shengmacaijingfaxian，jinxienianlai，shizuniaoyiyingqiaoxiliechongfengyiconghuwailiuxingpoquandaoshishangquan，nianchutuichudedingjia8200yuande“longnianxianding”chongfengyishenzhibeichaodao1.2wanyuan。danshizuniaoyibumanzu“qiao”dailaideredu，jinqixuanbujiangtuichushougeyoupinpaizizhuyanfayunzuodexielvxilie。

danyouyushizuniaozaixielvlingyuqibujiaowan，qiezhangqiyilaimugongsiqixiasaluomengpinpaishejishengchan，shizuniaocuoshileyundongxiezaizhongguoshichangdehuangjinshiduan，yucitongshi，qihaijiangmianlinyunaike、adidasidengyundongjutoudejingzheng。antacengjingtichude“wuge10yiouyuan”mubiaonengfoushunlishixian？

01 入局鞋履

dangshizuniaode“qiao”chenggongchengweihuwaigaoduanchanpinzhihou，gongsiyoubayanguangfangdaolexielvshang。

jinqi，shizuniaoxuanbujiangzai3yue6rizhengshituichushougeyoupinpaizizhuyanfayunzuodexielvxilie。xiliezhongdesankuanchanpinfenbieweivertex alpine、sylanhekragg，zhuyaoyingyongyushandihuodongchangjing。shizuniaoshouxichuangyiguankatie beckerbiaoshi，xielvshipinpaifazhanguochengzhongdezhongdianzhiyi。

shizuniaozuohuwaiyundongxiedejihuaqishizaoyouyuzhao。1 yue 20 ri，arcteryx shizuniaozaishanghainanjingxilukaiqiquanqiuzuidayuanshengtaitiyanqijiandian“shizuniaobowuguan”，mendianyijianadawengehuahaianshanmaiweilinggan，yifangshantu、qiaobiheconglintengmandechensheshejiyanyishizuniaofushixiebaozaihuwaitanxiandeshiyonggongneng，xiaofeizhekesuizheshijiershangganshoutubutanxiandeganguanmeili。

keyikandao，xiebaochanpinyechengweishizuniaobowuguanzhongdeliangyanyihuan。

dashoubizaishanghaihuangjindiduankaishetiyanqijiandiandemudeyouer，yishitongguobizhendehuwaishijinggenghaodilianjiexiaofeizhe，shiqixiaofeichangjinggengjiajuxiang，ershizhangxianbingjinyibujiashenpinpaidegaoduan、shechidingwei。

zheishiantayunyingxiadeshizuniaodelaotaolule。

1989nianchuangliyujianadawengehuadeshizuniao，cengbeiadidasikanshang，yu2002nianbeiquanzishougou，guirusaluomengsuozaidefreeride athletesbankuai。

2005nian，youyushizuniaofazhanbuqian，mugongsiyamafenyi4.85yiouyuandejiagezhengtimaixialesaluomeng。dansuihou，yamafenshouruguimo4nianneisuoshuilejin2yiouyuan。

zheiqijian，shizuniaomeinengzaizhongguokaichuyijiazhiyingmendian，jinyouyixiehuwaijihedianshoumai。

zhuanjichuxianzai2019nian，antalianhefangyuanzibendengcaituan，yi46yiouyuan（yuehe371yiyuanrenminbi）dejiage，shougouleyamafen。

antapinpaixiangguanrenshicengxiangmeitibiaoshi，antajiangshizuniaodechanpin、yingxiaohemendianpushefangmianxiangshechipinpaikanqi，jiangqiconghuwaiquanlajinleshishangquan，buduanqianghuapinpaidegaoduandiaoxing，jiangpinpaijinyibutuixiangzhongguogaoduanxiaofeizhe。

yucici“shizuniaobowuguan”leisideshouduansannianjiuyijingchuxianle，2021nian9yue，shizuniaozaishanghaihenglongguangchangkaishexindian，chengweizheizuoshechipindibiaodiyigeqieweiyidehuwaiyundongpinpai。

tongguoruzhudingjishangquanhechaorenhemingxingdaihuo，jinnianlaishizuniaoyijingchengwei“zhongchansanbao”zhishou。qizaiguoneidemendianshuliangyezengjiaqilai。jiezhi2023nian9yue，dazhonghuaqugongyou63jiashizuniaoziyinglingshoudian，chaoguobeimeiheouzhou，zhandaolequanqiuzongmendianshudejinyiban，qizhong31jiazaipinpaishougouzhihoukaishe。qijian，dazhonghuaqushizuniaohuiyuanchaoguo170wanming，er2018nianjinwei1.4wanming。dazhonghuaquyezaidangqichengweishizuniaodediyidashichang，yingshouzhanpinpaiyejide48%。

yamafenzaizhaogushuzhongtidao，dazhonghuaqushourucong2020niande2.023yimeiyuanzengzhangdao2022niande5.238yimeiyuan，fuhenianzengzhanglvwei60.9%，gaidiqudeyingyelirunlvchaoguoleyewudezhengtilirunlv。

2023niandazhonghuaqudeshouruchixuzengzhang，2023nianqiansanjiduwei5.93yimeiyuan，gaoyuquniantongqi3.538yimeiyuan，zengzhanglvwei67.6%。duiyuzheiyichengji，yamafenchengren，“zaidazhonghuaqudechubuchenggongzaihendachengdushangyushizuniaodezengzhangyouguan。”

zhidezhuyideshi，suiran“haohengkaidian、kaihaohuadian”shiantayunzuoxiadejingdiantaolu，danzaixinkaiyedeshizuniaobowuguanli，cengjingruohuadexielvchanpinyejiangzhanlutoujiao，tongguoxiaofeizhetiyantubutanxian、panyanchangjingweiqixielvzaojiuxindegoumaizhuanhuajihui。

shijishang，shizuniaodexielvxilieqibujiaowan，2015niancaizhengshinarudaochangguixingchanpinzuhe，zaijiangjin10nianshijianli，suoyoudexielvchanpindouyilaitongshuyuyamafentiyudesaluomenglaijinxingshejiheshengchan。

juyamafenzhaogushupilu，shizuniaozuijinzaielegangzhoubotelankaishelexieleikaifabangongshi，yibiannenggouweihuwaixiaofeizhetigonggengquanmiandechanpin，tongshiyejinyibufengfulechanpinxiandejijiexing。danchucizhiwai，zhaogushubingweitoulushizuniaoxianyouxielvchanpindexiaoshouqingkuang。

congshizuniaotouludeqingkuangkan，jiangyaotuichudexielvchanpinzhuyaoyingyongyushandihuodongchangjing，qizhongsylanweijishuxingshandipaoxie，vertex alpineshushiwendingkuanyijikraggshanlutubuxie，shihedengshanzhe。

suirangenjueuromonitor internationalshuju，2022nianquanqiuyundongxieshichangdenianduzhichuwei1520yimeiyuan，yujidao2027nianjiangyi6.8%defuhenianzengzhanglvzengzhang。danzaizheigeqianyimeiyuandedashichangli，shizuniaoxuyaoyuadidasi、naikedengjutoubaibaishouwan。

jiuzaijinqi，naikexuanbukuodazijideyueyexieleibie，tuichuquanxinxiekuan，eradidasiyetuichuleyixilieyueyepaoxiexinpin，liangdayundongxiefujutouyeyijingdingshanglehuwaizhuangbeizheiyixifenpinlei。

erjutoumianlindexianshishi，xieleishichangyezaiweisuo。naike2024cainiandierjiducaibao（2023.8.31-2023.11.30）xianshi，dazhonghuaquxieleiyingshoutongbijianshao1%zhi13.61yimeiyuan。

02 母公司负债累累

zhidezhuyideshi，suiranyamafendezongyingshouchengshangzhangqushi，danyongyoushizuniao、saluomengheweiershengsandapinpaiheatuomike、bikefeng、amanda、envedengqitapinpaideyamafenrengzhangqikuisun。

yamafenzaizhaogushuzhongtidao，guoqusannianzhongmianlinzherengongkaixiaoda、duopinpaiduoguojiashichangyunyingdetiaozhan，daozhichengbenbuduanshangsheng，kuisunmianjinyibukuoda。2020nianzhi2022nian，gongsijingkuisunfenbiewei2.37yimeiyuan、1.26yimeiyuan、2.53yimeiyuan。2023nianqiansanjidu，jingkuisun1.14yimeiyuan，jiaoshangniankuisunjinyibukuoda。

kuisunhuojiangchixu。yamafencheng，yuji2023nianyingshou43.53yimeiyuandao43.63yimeiyuan，yujijingkuisunwei2yimeiyuandao2.34yimeiyuan。

yamafendejingyinghuodongxianjinliuyeweifushu，2023nianqiansanjidugongsijingyinghuodongxianjinliuwei-1.06yimeiyuan。

yucitongshi，yamafenmianlindeshiyuzongzichanxiangdangdegaoefuzhai。

zhaogushuxianshi，jiezhi2023nian9yue，yamafentiyudezongzichanwei81.47yimeiyuan，zongfuzhaiwei81.38yimeiyuan，qizhongzhangqifuzhaiheji67.02yimeiyuan。zhangqifuzhaizhong，zuiduodeyibufenlaiziguanlianfangdaikuan，wei40.13yimeiyuan；jinrongjigoudaikuanwei17.85yimeiyuan。

2yue2ri，yamafenzhengshidengluniujiaosuo。zheicimuzi13yimeiyuandeshangshijucuochengweizi2023nian9yuefenyilaiquanqiuguimozuidaipo，faxingshizhi63yimeiyuan。

yamafentanchen，shangshimuzidezhuyaomudeshichanghaifuzhai，gongsidasuanshiyongbencifaxingzhonghuodedeshouyi，changhaixianyougudongdaikuanxiangxiadesuoyouweichangjiekuan，baokuohezigongsidaikuan、gongtongtouzidaikuandeng。

jiuzaishangshihoujitian，yamafenyu6rifaxing6yimeiyuanqinianqigaoshouyizhaiquan，zheiyixilierongziyejiangyongyuchanghaixiancundaikuananpai。

suizheyamafenshangshijifazhai，gongsidecaiwuzhuangkuanghuojianghaozhuan，shizuniaoyehuojianghuodegengduofazhandejihui。

zhaogushuxianshi，weilaishizuniaojihuajixuzaidazhonghuaquhebeimeichixukuozhang，tongshijiangouzhouheyataiqitadiqushiweizhongyaozengzhangjihui。tongshihaitidaojiangyaofazhannvzhuangpinlei，kuodashenghuofangshixilieveilancedechanpinzuhe，qizhongbaokuokechixufazhanjihua，lirurecare 、recut he regear deng。

guihualegengduochanpinxiandeshizuniaoyouzhangjiale。2yue15riqi，quanxianshangdiaochanpinlingshoujia，baokuopinpaizhiyingmendianhexianshangshangcheng，quanxianshangpinzhangfupingjunzai20%zhi30%zuoyou。zheiyoushiyiciyushechipinduibiaodejucuo。

lvchuanchuxiangguanxiaoxi，bufenchanpinzaizhongguoshichangdeshoujiajiangyaoshangdiao，pingjunfuduwei5%；difuniduimendiandedaduoshuchanpindiaojia5%-10%；aimashiyebiaoshizai2024nianduiqixiaquanxianchanpinjinxingdiaojia，quanqiupingjunzhangfuzai8%-9%zuoyou。

danburongxiaoqudeshi，quanqiushechipinshichangzhengzaifanghuan。aimashi、kaiyunjituanhelvmhjituan2023cainianyejibaogaoxianshi，sanjiajinglirunzengzhanglvfenbiewei28%、-17%he8%，quniantongqizewei37%、14%he17%。

beiyunzuoweiqingshepinpaideshizuniaozaizheiyangdehuanjingxiayoujiangruheyingdui？antacengjingtichude“wuge10yiouyuan”mubiao（jiangshizuniao、saluomenghewilsonsangepinpaidazaocheng“10yiouyuan”pinpai，lingwaifenbietongguozhongguoshichanghezhiyingmoshishixian10yiouyuandeshouyi）nengfoushunlishixian？yiqiehaixushimuyidai。