wen | juchao houtian

bianji | yangxuran

quniandiyilai，toubutiyupinpaifenfenkaishihuigouzijiagupiao，erqieguimoxiangdangjuda。

2023nian12yue12ri，lininggongsifabugufenhuigoujihua，yibuchaoguo30yigangyuandezijinhuigou10%degufen，yuqibannianneiwancheng。

tongnian11yue，luluningmengdongshihuiyepizhunlegupiaohuigoujihua，jihuahuigoujinegaoda10yimeiyuandegongsiputonggu，bingyu2024nian5yue29rixuanbuzaizhuijia10yimeiyuandeputongguhuigou。

zuixincaiquxingdongdezeshianta，2024nian8yue27ri，antazaigangjiaosuofabugonggaoxuanbuhuigou，nidongyongbuchaoguo100yigangyuan。jupilu，antatiyudongshihuizai2024nian5yue8ridegudongzhouniandahuishanghuodeleshouquan，yunxuqihuigoubuchaoguoyifaxinggufenzongshude10%。

jinnianlai，toubutiyupinpaidegujiaheyejibiaoxianjunbujinrurenyi，erguanlicengdebiaoxianzepubianqiangshi——touruchubeixianjin，jinxingdabigufenhuigou。

dabidegupiaohuigoujuefeiouranchuxianhuolvxingerwei。zheilimianchuleduixingyezhouqiqifudepanduan，gengduoshiduiqipinpaibileideduding：toubutiyupinpaipingjieqiqiangdadeyanfanenglihepinpaibilei，duonianlaiweichilegaojizhongduhewendingdejingzhenggeju。zheifuyulejingyingzhemenzaizibenshichangshangjinxing“nizhouqidiaokong”dezixinheyongqi。

01 业绩

yuguoqudegaodianxiangbi，bushaotoubutiyupinpaidegujiayijingjiejinyaozhan。jiezhi2024nian8yue31ri，liningdegujiaxiangjiao2021niandelishizuigaodianxiadiele85%，antaxiadiele58%，luluningmengxiadiele52%。

gujiadafuxiadiechuleshoushichanghuanjingyinsudeyingxiangwai，heqiyejibiaoxianyouzhezhijielianxi。

cong2022niankaishi，yizhidao2024nianshangbannian，tiyupinpaideyejipubianjinglilebutongchengdudexiahua。liningqunianquanniandeyejixiajiangle21.6%，daole2024nianshangbannian，qiyejizaishangniandejichushangjinyibuxiahuale8.0%。antazai2022niandeyejixiaofuxiahuale1.7%，suihousuiranhuifulezhengzengzhang，danzengsuyijingbuji2018zhi2019niandeshuiping。

beimeipinpailuluningmengzecong2022niankaishixianruyingshouzengzhangfanghuan，2021nian，luluningmengdeyingshouzengzhangdadaole42%，erdaole2022nianzheiyishuzixiajiangdaole30%，2023nianjinyibujiangzhi19%。daole2024nianshangbannian，yingshouzengsujinyibuxiajiangzhi8.6%。tebieshizaiqidabenyingbeimeidiqu，qiyingshouzengsushenzhibuzu1%。

jinnianshichangxuqiupiruan，tiyupinpaideyejibiaoxianjunbujinrurenyi，zhurunaike、adidasidengqitazhimingtiyupinpaizai2024nianshangbanniandeyingshouzengzhangyejinzaigeweishu。chuleantayiwai，daduoshupinpaidezengzhangsududoudiyutongqidegdpzengsu。

chuleyejixiahua，gaokucunyalishitiyupinpaimenmuqianxuyaomianduidelingyigewenti。

bijiaodianxingdeshi，liningquniancunhuozhouzhuantianshuwei63tian，jiao2022nianzengjiale5tian，cunhuojinetongbishangshengle2.7%，361cunhuozhouzhuantianshuwei93tian，jiao2022nianzengjiale2tian，cunhuojinetongbizengjiale14.4%。

pinpaishangdegaocunhuoyalizhujianchuandidaoxiaoshouqudao，jingxiaoshangweilejianshaokucun，kaishigengduodazhecuxiao，zheiyehuiduipinpaishangqudaoxiaoshouedezengzhangzaochengleyingxiang。

2022nianshi，yundongpinpaiduitiyuchanyedeweilaiqianjingchongmanxinxin，fenfennishikuozhangyazhuyihoufusu，dancongxianshiqingkuangkan，yihoudexiaofeifusubudayuqi，guoneiyundongpinpaiyedouchuxianleyejizengzhangfalideqingkuang。zheigejumiandehouyizhengyizhiyanxudaoxianzai，duixingyechanshengleshenyuanyingxiang。

02 修复

shijishangdao2024nianshangbannian，suiranduoshupinpaideliushuizengzhangyiranshigeweishu，dancongkucunhezhekouqingkuangkan，xingyedejibenmiandagailvyijingkaishixiufu。

jiezhi2024nianshangbannian，dabufenzhongguoyundongxiefuwanjiadekuxiaobixiangjiao 2023 niandidoubaochiwendinghuoyousuoxiajiang，zheiyiweizhexingyejibenyijingduguolegaokucundechengyaqi。suizhekucunyalidehuanjie，zhongduanlingshoujiageyedeyiwending。2024nianshangbannian，zhuyaowanjiadezhongduanlingshouzhekoutongbiqunianbingweidafujiashen，faneryouxiaofudegaishan。

xuqiupiruandehuanjingxia，jinguantoubutiyupinpaimencaiquleyidingdezhekoucelve，danduoshupinpaiduizhekoudewendingyuqudaokucundejiankangrengjiaoweizhuzhong，zheirangmuqiantoubupinpaidelirunlvrengjiaoweiwenjian。biruantazai2024nianshangbanniandejingyinglirunlvwei21.8%，tebuguojiwei10.4%，luluningmengwei15.6%，fenbiejiaoshangniantongqitisheng0.8%、0.2%he0.6%。

qizhongantadebiaoxianzuiweimingxian，qishangbannianshourutongbizengzhangle13.8%dao337.4yiyuan，chuangbanniandulishixingao，guimujinglirunyequdele63%degaozengzhang。tongshiantadeyinglinengli、yunyingxiaolv、xianjinliuchanchu、kucunguanlidengduoxiangzhibiaoyedouweichizaijiankangdeshuiping。

lingyifangmian，jinguanmianlinjieduanxingdexuqiupiruan，danzhangqilaikan，yundongxiefushichangyiranjuyouguangkuodechengzhangkongjian。juminjiankangyishichixutisheng，quanminjianshenhegeleihuwaiyundonghuoyuedufeichanggao，xiangyingdexiaofeiyiyuanyezaibuduanzengzhang。

diaoyanshujuxianshi，82.76%dexiaofeizhezaiguoquyinianzhonggoumaiguoyundongxiefu，zheiyibiliyuangaoyuqitayundongxiangguanchanpin。

genjuouruideyuce，zhongguoyundongxiefuzai2023-2028nianqijianrengyouwangbaochi7.7%dejiaogaofuhezengsu，zheigezengsuchaoguolegerenpeijian、meironghejiadiandengduoshuxiaofeixingye。

lingwaiyouyuyundongxiefuduiyugongnengxingyaoqiujiaogao，errenmenduigongnengxingdeshenshi、panduannengliyezaibuduanzengqiang，chanpinlituchudelongtouqiyedepinpaibiaoxianhuigenghao。

danganta、liningheluluningmengdengtiyupinpaixuanbugupiaohuigoujihuashi，tamendegujiapubianjiaolishifengzhixiadieleyu30%，shiyinglv（pe ttm）yejiangzhijiejinlishi20%fenweidediwei。zheixieqiyexianranrenweishichangguzhiyizugoudilian，tigonglejiaogaodeanquanbianji。

anta、liningheluluningmengdehuigoujinefenbiedadaole100yigangyuan、30yigangyuanhe20yimeiyuan，qizhongantahaizai2024nianshangbannianjiangqipaixilvtigaodaole50.1%，biquniantongniantigaole4.4%。

03 壁垒

dabihuigoudebeihou，shitiyupinpaimenduizishenbileidejiandingpanduan。

zhangqiyilai，tiyupinpaidejingzhenggejudoujiaoweiwending，jinguanxingyeneibuduanyoujingzhengduishoumaotou，danshichangrengranweichishuangchao、duoqiangdejumian。2022niantiyuxiefucr5jiejin70%，yuangaoyuchuantongxiefuxingye10.4%deshuiping，qizhongguangshinaike、antaliangjiagongsishizhanlvjiudadaole50%。                    

tiyupinpaizhisuoyinenggouweichiruciwengudeshichangdiweihegaojizhongdu，hendachengdushangguigongyutamenqiangdadepinpaihuchenghe。

toubutiyupinpaifazhanlishiyoujiu，birulining、antafenbiezai1990nian、1991nianchengli，naikezezai1972nianjiuchengli，tongguozhangqidechendian，zheixiepinpaizaixiaofeizhequntizhongjianliqilezugoudexinrenheshengyu，xiaofeizhexiangxinzheixiepinpaidaibiaozhegaopinzhi、kekaoxinghejiazhi，erzheiyeshiqitajingzhengduishounanyifuzhideyoushi。

toubupinpaihaibuduantongguopinqingdaiyanren、chanpinyanfahequdaogaigetishengpinpaixingxiang，zheishiyibijudaerqiexuyaozhangqitourudechengben，zibenshilibuzudeqiyenanyiyingdui。

biru2023nian，antaqianyuebingrenminglenbaqiuxingkaili·ouwenweigongsilanqiuchanpindaiyanrenjishouxichuangyiguan，dazaoouwengerenqianmingchanpinxian，yitishengpinpaiquanqiuzhimingdubingzhububujuquanqiushichang。

ciwai，antahailianshoudonghuadaxuekaifa“antamo”bingdazaohuwaichanpinxian、weiguojiajuzhongduikaifa“tanding”juzhongxie、kaifa“pg7”huanzhenxiedibujurumenjihuanzhenpaoxiedeng。zheixiechanpinpubianqiangdiaokejihanliang，zuizhongdouhuibianchengpinpailidetisheng。

qudaofangmian，toubupinpaimenyezaibuduanjinxinggaige。biruantajiudapolechuantongde“qiandianyimian”moshi，genjuxifenxiaofeirenqundebutong，jiangdianpuhuafenweijingjichang、diantang、jingying、biaozhun、jichuwugejibie，mudejiushitishengdianpuxingxiang，bingjinzhugenggaojieshangquan，zheiduiyupinpaixingxiangdetishengzuoyongkexiangerzhi。

zhengtishangkan，tiyupinpaizaizibenfangmiandeqiangshi，yijiduofangmiantouruxingchengdepinpaibilei，shidetiyupinpaihexiaofeizhezhanxingyaobiputongxiefupinpaiqiangdeduo，bingqiexiaofeizhegengyuanyiweiqizhifuyijia。

chulepinpaihuchenghewai，qiangdadegongyingliantixiyeshitiyupinpaimendebilei，zaihaodepinpailinianhuoshejichuangxindoulibukaishengchanhuanjie。youzhiqiejingjidegongyingshanghedaigongchang，shiyundongpinpaizhangqichenggongdezhongyaozhicheng。

toubuqiyetongchanghuiyuhexingongyingshang、daigongchangjianlizhangqidehezuoguanxi。yifangmian，tongguohetoubuqiyehezuo，dagongyingshanghedaigongchangwuxujienaqitapinpaidedingdan，jiuzuyimanfuheyunzhuanbinghuodegaoshouyi；lingyifangmian，mouxiehezuoguanxijuyoupaitaxing，jidagongyingshanghedaigongchangdeshengchanxianhechejiandoushizhuanmenweimouxiedapinpaidingzhishengchande。

liru，2012niannaiketuichuflyknit racerzhenzhipaoxieshi，shenzhouguojizhuanmenweinaikegouruleduotaiangguidexinshebei，bingxinjiangongchangheshejigongzuoshi，erxiaogongchanghennanjinxingtongdengtouru。mianduitoubuqiyeduidaigongziyuandezhanju，qitasan、sitiduihuozhexinpinpaicongshengchanzhizaohuanjiekaishijiuyijingdiaoduile。

zuoweitoubuqiyegongyingliantixizhongdehexingongyingshanghedaigongchangmen，benshenyejubeigaobilei、gaojizhongdu、gaolirunlvdetedian，zheizhongbileitixianzaiguimo、yanfa、pinkong、shengchanhejiaoqidengduogefangmian，yixiegongchanghaijubeiqiangdadejishushilihexinpinkaifanengli，nenggoukuaisuxiangyingtoubupinpaifangdedingdan，bingzaishengchancengmiantichuchuangxinzhichi，yupinpaixingchengxietong，gengyouliyupinpaidefazhanhekuozhang。

shangshufuzadeyinsudougongtongdaozhile，jishixingyeduanqineimianlindimi，xinpinpaishixianchaoyuedekenengxingyefeichangdi。gaobukepandexingyebilei，zhengshianta、lining、luluningmeng、naikemenjinxingdaguimohuigoudediqi。