1、一、運動板塊：整體同比微降，運動鞋銷售回暖（一）行業(yè)整體：整體同比微降，運動鞋銷售回暖高基數(shù)疊加疫情點狀爆發(fā)下整體同比微降。5 月運動服飾板塊整體同比出現(xiàn)下滑，但降幅逐步縮窄；其中專業(yè)服飾同比下滑較嚴重，運動鞋逆勢同比提升，或主要系疫情好轉(zhuǎn)線下客流及物流配送恢復。分品牌看，NIKE、阿迪達斯、鴻星爾克、Fila、喬丹、361 5 月銷售額同比增加，安踏、李寧同比下滑。圖表 1運動服飾整體銷售額及同比運動服飾12% 22%22% 16%-7%20%-6%30%-10%-8%-9%-2%YOY運動鞋 運動休閑服14%23%30%18%-16%20%-3%24%-17%-5%-1%9%0%17%26

2、%12%0%31%-11%47%-12% -16%-14% -10%專業(yè)服飾49%46%-20%9%7%1%3%24%8%-22%-40%-31%天貓+京東2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/05運動服飾10,6245,8006,5636,5034,45616,8756,8126,1833,6386,1954,7035,230銷售額運動鞋5,7622,4183,3363,2091,92610,0923,4483,2311,8343,3422,3842,533（百萬元）

3、運動休閑服2,4931,2851,4781,6191,2564,7402,0491,8158441,3841,1571,311專業(yè)服飾732857396371311410294213184295245345資料來源：久謙中臺，圖表 2運動服飾分品牌銷售額（天貓+京東）及同比天貓+京東百萬元2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/05安踏 Anta8124664774683621692564544361581477437李寧 Lining839518614558376161

4、5596732392614535511耐克 Nike14653576316193082479814599356629413431阿迪達斯 Adidas9653555917063061532538574220436224324特步 Xtep270162185204179464265219115200188218斐樂 Fila5771962792391681309559386149239172266喬丹16710513112912532313515398142138150鴻星爾克 Erke8149735618011130311914284164145152361162129112117100308

5、11611373118111130匹克 Peak17799969879332164100661099394安踏 Anta48%35%44%11%-3%50%17%45%22%5%-7%-15%李寧 Lining43%53%35%32%0%41%23%75%13%-10%-21%-6%耐克 Nike-10%-25%-7%0%-54%3%5%-2%-36%-19%26%16%阿迪達斯 Adidas-29%-21%0%4%-24%-5%-50%-9%-40%-27%-26%4%特步 Xtep16%34%32%-10%-2%23%7%28%-14%-15%-1%-1%斐樂 Fila78%23%103%

6、32%15%58%4%39%-23%-17%-22%7%喬丹10%47%44%19%16%12%-4%38%8%6%13%16%鴻星爾克 Erke -24% 797% 596% 190% 100%134%81%227%187%199%187%213%36140%92%43%41%20%47%20%60%19%5%-1%17%匹克 Peak35%65%47%-4%0%20%46%14%-22%-19%-7%-10%資料來源：久謙中臺，李寧安踏天貓表現(xiàn)不佳，京東增長靚麗。李寧 5 月天貓銷售量為 246.9 萬件，銷售均價為 136.7 元，銷售額為 3.37 億元（同減 25.5%），京東銷售量

7、為 110.3 萬件，銷售均價為157.5 元，銷售額為 1.74 億元（同增 99.4%）。安踏 5 月天貓銷售量為 173.2 萬件，銷售均價為 172.2 元，銷售額為 2.98 億元（同減 29.1%），京東銷售量為 69.9 萬件，銷售均價為 198.7 元，銷售額為 1.39 億元（同增 49.1%）。天貓平臺均由量減拖累，或主要系高基數(shù)疊加疫情導致需求承壓所致；京東平臺表現(xiàn)靚麗或主要系低基數(shù)或統(tǒng)計口徑變化。2021-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）258.5206.7

8、149.2682.8205.0219.3138.5243.1228.6246.9天貓銷售額（百萬）452.7373.0238.11394.1470.5525.2293.3471.5399.5337.4天貓銷售均價（元）175.1180.5159.6204.2229.5239.4211.8194.0174.8136.7京東銷量（萬件）97.5110.169.1109.757.588.947.883.778.8110.3京東銷售額（百萬）161.1185.0137.7221.5125.3207.598.6143.4135.0173.7京東銷售均價（元）165.2168.0199.4201.9217

9、.8233.6206.4171.4171.3157.5圖表 3李寧天貓京東銷售額/量/價及同比李寧天貓銷量（萬件）天貓銷售額（百萬）天貓銷售均價（元） -6.7%-9.5% 20.1% 9.6% 28.8%21.0% -20.9%22.9%-2.7%20.2%-14.6%-27.2%-33.0%-32.1%-22.5%-25.5%-17.4%42.4%21.2%24.5%58.8%3.0%-17.6%4.4%15.8%32.0%20.7%13.2%1.5%-3.9%YOY京東銷量（萬件）京東銷售額（百萬）105.5%108.8%114.5%118.5%51.8%56.6%29.3%33.8%1

10、4.3%46.4%13.4%21.1%33.4%82.5%29.4%134.0%57.1%32.2%56.9%99.4%京東銷售均價（元） 1.6%1.9%3.1%3.5% 13.2%59.8%38.5%9.2%17.6%9.3%資料來源：久謙中臺，2021-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）193.4157.7121.8687.5183.3171.8119.7213.3175.5173.2天貓銷售額（百萬）336.6301.4232.41470.5448.6392.9276.346

11、0.8350.3298.1天貓銷售均價（元）174.1191.1190.9213.9244.7228.7230.9216.0199.6172.2京東銷量（萬件）69.180.354.589.545.263.637.459.859.869.9京東銷售額（百萬）139.9167.4130.4222.1115.1151.185.3120.5127.2138.8京東銷售均價（元）202.3208.4239.4248.2254.6237.7227.9201.5212.6198.7圖表 4安踏天貓京東銷售額/量/價及同比安踏天貓銷量（萬件）天貓銷售額（百萬）天貓銷售均價（元）8.2%-25.6%-38.9

12、%15.5%-12.9%6.2%-8.4%-17.4%-28.9%-33.5%29.8%-12.4%-20.4%51.9%13.5%39.8%21.2%7.2%-16.0%-29.1% 20.0%17.7% 30.3%31.5%30.3%31.6%32.3%29.8% 18.2%21.9%6.6%YOY京東銷量（萬件）京東銷售額（百萬）96.6%95.8%104.7%109.8%42.1%19.5%10.6%26.9%7.6%-6.5%-3.9%42.7%56.3%38.9%32.1%61.7%25.8%35.6%49.1%京東銷售均價（元） -0.4%2.5% 10.0% 16.2%19.4

13、% 27.5%16.9%2.7%11.2%4.5%資料來源：久謙中臺，特步受量影響、NIKE 受價拖累天貓表現(xiàn)不佳。特步 5 月天貓銷售量為 115.6 萬件，銷售均價為 136 元，銷售額為 1.57 億元（同減 16.1%），京東銷售量為 45.2 萬件，銷售均價為 134.9 元，銷售額為 0.61 億元（同增 83.3%）。NIKE 5 月天貓銷售量為 80.5 萬件，銷售均價為 352.3 元，銷售額為 2.83 億元（同減 3.3%），京東銷售量為 37.2 萬件，銷售均價為 398.6 元，銷售額為 1.48 億元（同增 87.5%）。NIKE 天貓平臺同比微降或主要系同比降價促

14、進銷售；京東平臺各品牌表現(xiàn)靚麗或主要系低基數(shù)或統(tǒng)計口徑變化。2021-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）99.999.983.3288.4128.891.250.197.990.3115.6天貓銷售額（百萬）129.6141.9130.8384.0214.0147.479.3144.4141.1157.2天貓銷售均價（元）129.7142.1157.1133.1166.1161.5158.4147.5156.2136.0京東銷量（萬件）37.942.629.648.529.041.9

15、21.538.433.645.2京東銷售額（百萬）55.162.247.980.150.571.735.556.146.861.0京東銷售均價（元）145.3146.1161.5164.9174.2171.1165.2146.2139.3134.9圖表 5特步天貓京東銷售額/量/價及同比特步天貓銷量（萬件）6.5%天貓銷售額（百萬）19.0% -26.4%-28.3% 10.6%-3.6%-11.7%-35.6%-29.7%-22.2%-19.0%-25.7%-10.5%24.7%0.7%7.8%-26.8%-23.2%-10.0%-16.1%YOY 天貓銷售均價（元） 11.7% 1.0%2

16、4.9%25.6%27.1%12.8%11.0%16.3%4.5%22.2% 13.7%9.2%15.7% 3.5%京東銷量（萬件）京東銷售額（百萬）京東銷售均價（元）82.6%80.2%78.0%76.5%25.9%54.7% 12.2%9.1% 33.5%39.0%80.8%83.3%39.2%107.3%39.2%18.9%-2.5%-2.0%1.1%4.7%10.5%34.0%24.0%9.0%4.1%1.4%資料來源：久謙中臺，2021-08 2021-09 2021-10 2021-11 2021-12 2022-01 2022-02 2022-03 2022-04 2022-05

17、天貓銷量（萬件）83.969.242.2522.2113.470.656.598.666.980.5天貓銷售額（百萬）401.1322.0172.22256.3680.9404.0277.1492.1259.4283.4天貓銷售均價（元）478.2465.5408.5432.0600.3572.4490.2499.0387.8352.3圖表 6NIKE 天貓京東銷售額/量/價及同比京東銷量（萬件）47.458.727.243.424.438.916.631.936.837.2京東銷售額（百萬）229.7297.4135.8222.8133.5195.079.1136.8154.3148.1京東

18、銷售均價（元）484.7506.4498.9513.2546.8500.8476.7429.1418.8398.6NIKE天貓銷量（萬件） -38.1%-38.6% -72.3% -20.3%-22.1% -31.9%-45.2%-38.7%13.1%10.1%天貓銷售額（百萬） -29.1% -34.9% -70.2% 1.4%1.3% -25.4%-44.9%-27.4% 4.4% -3.3%天貓銷售均價（元） 14.7%6.2%7.7% 27.3%30.1%9.6%0.6%18.3%-7.7%-12.1%YOY京東銷量（萬件）京東銷售額（百萬）88.3%108.8% 19.8% -3.2

19、%0.4%114.2% 28.3%31.7% 96.4%97.3%106.8%138.6% 33.0%16.2%25.3% 176.6% 50.0% 36.5% 94.3%87.5%京東銷售均價（元） 9.9%14.3%11.1%20.1% 24.7%29.1% 16.9%3.7%-1.1% -5.0%資料來源：久謙中臺，（二）運動鞋及休閑服飾：國潮崛起下國內(nèi)品牌表現(xiàn)靚麗，鴻星爾克表現(xiàn)亮眼國潮崛起下國內(nèi)品牌表現(xiàn)靚麗，鴻星爾克表現(xiàn)亮眼。1）運動鞋：從銷售額看，安踏、李寧、耐克位居前三，分別實現(xiàn)銷售額 2.98/2.94/3.01 億元，同比-19%/+18%/+15%；從增速看，鴻星爾克、喬丹、

20、阿迪達斯位居前三，同比分別提升 192%/23%/20%。2）休閑服飾：從銷售額看，F(xiàn)ila、李寧、安踏位居前三，分別實現(xiàn)銷售額 1.33/1.49/1.23 億元，同比+7%/-30%/-24%；從增速看，鴻星爾克、迪桑特、Lululemon 位居前三，同比分別提升 326%/71%/59%，其中鴻星爾克各品類表現(xiàn)靚麗，或主要受益于國潮崛起及河南水災中展現(xiàn)的品牌擔當，近一年來維持高速增長。圖表 7運動鞋分品牌銷售額（天貓+京東）及同比百萬元2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/04

21、2022/05安踏 Anta5883113303422541259410399252425339298李寧 Lining427186337290141927321436232379335294耐克 Nike10502474854522181940629475274494288301阿迪達斯 Adidas6542163894141771053310293136272120205特步 Xtep198105147169149371217187101169156168斐樂 Fila29083153127876892491768114192122喬丹136881151141102731141328612

22、2118126鴻星爾克 Erke6941029814177224921187413611612036111263798677228787957928393匹克 Peak160838687672961178459977881天貓+京東安踏 Anta76%30%25%6%2%63%25%26%15%10%-8%-19%李寧 Lining28%20%27%30%-32%30%27%70%11%-4%-2%18%耐克 Nike-8%-23%-4%-3%-60%5%17%2%-35%-13%22%15%阿迪達斯 Adidas-25%-18%13%10%-13%6%-47%-22%-34%-20%-30%

23、20%特步 Xtep9%14%31%-3%-6%16%10%28%-13%-14%-2%-3%斐樂 Fila129%9%107%32%40%55%9%23%-21%-8%-18%6%喬丹12%51%49%22%19%12%-5%36%9%5%14%23%鴻星爾克 Erke-23%791% 573% 164% 63%105%66% 215%181%178%163%192% 36136%69%56%44%21%45%11%44%17%6%-4%18%匹克 Peak33%57%53%-3%-3%15%21%5%-25%-23%-15%-12%資料來源：久謙中臺，圖表 8運動休閑服分品牌銷售額（天貓+

24、京東）及同比天貓+京東 2021/06 2021/07 2021/08 2021/09 2021/10 2021/11 2021/12 2022/01 2022/02 2022/03 2022/04 2022/05 斐樂 Fila27010411310378601300204618973133李寧 Lining267162168177174608223256114173154149安踏 Anta19813512211310041314413994137125123阿迪達斯 Adidas2701171742611164502112687314693103耐克 Nike30168901196746

25、515110156959292迪桑特 Descente5614182624209725828292335特步 Xtep562829282689422910262840露露樂檬 Lululemon461620422275362234593927鴻星爾克 Erke128557383377262310272831361301819221870323012202227斐樂 Fila 李寧 Lining安踏 Anta耐克 Nike迪桑特 Descente特步 Xtep露露樂檬 Lululemon鴻星爾克 Erke 36147%38%46%79%21%42%107%34%-1%64%54%34%1%59%

26、67%53%-29%-28%-27%7%47%53%19%29%11%-7%-27%-41%-30%-3%-6%4%38%2%-10%-24%-17%-38%-22%16%-36%5%-19%-13%-43%-33%47%19%129%89%124% 32%28% 148%14%49%43%23%48%71%14%12%15% -42% 13%13%69%26%-13%22%-39%-23%8%2%9% 43%66%98% -7% 47%50%94%20%59%-28% 819% 754% 347%324%293% 157%294%222%358%347%326%16%65%55%34%8%4

27、9%50%142%21%7%24%23%資料來源：久謙中臺，二、潮玩板塊：盲盒銷售持平，泡泡瑪特一騎絕塵（一）行業(yè)整體：整體同比下滑，盲盒銷售持平動漫游戲周邊銷售同比下滑，盲盒基本持平。5 月運動服飾板塊整體同比下滑，且降幅走擴，主要系動漫游戲周邊銷售同比下滑拖累，盲盒銷售表現(xiàn)持平。分品牌及平臺看，泡泡瑪特銷售額位列首位，但天貓平臺同比出現(xiàn)下滑，京東銷售額同比上升；尋找獨角獸、SonnyAngel 天貓銷售額大幅同增。圖表 9潮玩整體銷售額及同比潮玩動漫47%18%38%24%8%21%23%54%24%1%-8%-11%YOY動漫游戲周邊45%32%35%20%5%24%19%67%40%1

28、5%-16%-9%盲盒娃娃43%1%53%38%14%44%68%113%51%29%-16%0%天貓+京東2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/05潮玩動漫782490619572509905672780559503426504銷售額動漫游戲周邊231156188156120226171198190143104168（百萬元）盲盒娃娃201112182144104314201214147141102120資料來源：久謙中臺，圖表 10潮玩分品牌銷售額（天貓+京東）同比

29、2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/05盲盒娃娃（天貓）泡泡瑪特 Pop Mart尋找獨角獸 SonnyAngel中動玩具31%-7%103%41%13%55%265%225%186%112%-12%-9%2%-8%-30%46%-31%127%30%54%-40%159%34%381%-46%-9%-63%-51%65%45%77%25%356%173%488%999%28%-17%-28%-7%21%-23%-6%27%2%-18%-47%-25%52TOYS 1

30、40%114%84% -19%-20% 132%287%174%149%18%-38%-23%萬代 Bandai 109%167% 40% -11% -36% 79%15%35%33%-15%3%-46%盲盒娃娃泡泡瑪特 Pop Mart588%66%57%71%83%124%179%135%49%49%-16%30%（京東）若來 Rolife206%87%83%77%10%159%29%28%-15%-21%-47%-27%52TOYS747% 143%173% 115%2%27%83%79%3%8%-23%-11%資料來源：久謙中臺，（二）泡泡瑪特：天貓京東銷量均同比下滑，京東價格有所提升

31、天貓京東銷量同比下滑，京東均價有所提升。泡泡瑪特 5 月天貓銷量 18 萬件，銷售均價131.3 元，銷售額 2310 萬元（同減 8.6%）；5 月京東銷量 3 萬件，銷售均價 268.6 元，銷售額 900 萬元（同增 64.3%）；天貓京東雙平臺銷量均出現(xiàn)下滑，或主要系疫情反復導致消費信心下降所致，可選消費支出下滑。2021-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）58513464424738341518天貓銷售額（百萬）66.140.125.6115.665.655.646.447

32、.217.123.1天貓銷售均價（元）114.479.175.0181.6154.9119.2121.6137.8116.9131.3京東銷量（萬件）4546576423京東銷售額（百萬）6.58.26.38.98.210.09.07.05.09京東銷售均價（元）144.6158.2169.1141.6156.6138.1161.2170.6220.7268.6圖表 11泡泡瑪特天貓京東銷售額/量/價及同比泡泡瑪特天貓銷量（萬件）天貓銷售額（百萬）天貓銷售均價（元）21.5%10.5%-14.3%-0.4% 75.3%80.3% 56.1%-1.4%-45.8%-39.8%102.7%40.6

33、%12.7%55.2%55.8%57.8%265.2% 225.2% 186.5%112.3%115.4%-11.6%-8.6%66.8% 27.3%31.5% 108.3% 80.4%83.6% 63.2%51.8%YOY京東銷量（萬件） 29.8%30.5%35.5% 75.8%120.4%43.7%47.0%-30.4%-12.5%京東銷售額（百萬）京東銷售均價（元）253.6%313.5% 197.6% 198.0% 253.8%140.2%81.2%96.8%6.5%64.3%172.5%217.0% 119.6% 88.9%101.3% 9.0% 26.1% 33.9% 53.0%

34、87.7%資料來源：久謙中臺，三、軟體家居：板塊銷售回暖，龍頭品牌增速靚麗（一）行業(yè)整體：銷售同比回暖，沙發(fā)增速靚麗銷售同比回暖，沙發(fā)增速靚麗。5 月軟體家居板塊整體同比回暖，環(huán)比基本持平；其中沙發(fā)同比增速靚麗，但增幅收窄，床墊同比增速由負轉(zhuǎn)正，向好態(tài)勢明顯。分品類及平臺看，沙發(fā)（天貓）中顧家家居、源氏木語、狄普增速靚麗，全友家私及左右同比出現(xiàn)下滑；沙發(fā)（京東）中顧家家居增速靚麗，芝華仕、全友家私均小幅下滑；床墊（天貓）中絲漣、喜臨門增速靚麗，慕思同比下滑較多；床墊（京東）中顧家家居、全友家私增速靚麗，慕思連續(xù)四個月同比大幅下滑，喜臨門同比小幅下滑。圖表 12軟體家居整體銷售額及同比住宅家具1

35、2%7%36%28%8%27%29%66%21%22%34%27%YOY沙發(fā)床 床墊-2%0%47%31%12%42%43%122%50%54%92%61%8%4%36%32%3%28%34%80%34% 42%43% 33%61%25%50%42%0%42%18%34%-11%-8%-4%8%天貓+京東2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/05住宅家具16,3929,93914,13013,91412,69023,49814,52112,6176,91411,8881

36、1,80311,669銷售額沙發(fā)2,6081,6662,7862,6042,4274,6812,9012,4941,2672,5262,8342,445（百萬元）床2,7851,6762,4432,3782,0384,0602,5832,0371,1402,0861,9491,981床墊1,6026589791,0499312,4731,008782369636561592資料來源：久謙中臺，圖表 13軟體分品牌銷售額（天貓/京東）同比2021/06 2021/07 2021/08 2021/09 2021/10 2021/11 2021/12 2022/01 2022/02 2022/03

37、2022/04 2022/05林氏木業(yè)20%104%51%69%93%63%64%7%48%55%-8%10%顧家家居 Kuka78%23%30%7%-45%125%35%16%-3%67%17%128%源氏木語 Yes wood26%-13%-20%3%-53%-1%3%103%176%125%122%89%沙發(fā)（天貓）芝華仕 Cheers狄普52% -16% 90%86% -49%120%24%-15%6%35%-28%23%429%375%382%249%206%203%163%170%96%4%47%63%全友家私 Quanu-20% 54%32%55%88%26% -11%-20%-

38、1%-14%9%-34%純屬-2%-19%39%-94%106%-89%695%-58%999%-14%-97%87%左右135%-40%-13%-41%-88%-60% -51%-46% -62%-61% -28%-43%芝華仕 Cheers-4%26%37%40%13%29%65%228%-22%40%-3%-2%沙發(fā)（京東）全友家私 Quanu-2%28%36%41%-24%-19%59%126%-37% 15%12% -5%顧家家居 Kuka25%59%80%81%29%57%187%453%44%185%138%97%喜臨門 Sleemon194%38%136%-35%-69%77%

39、 65%25% -58%-32%238%65%夢百合 Mlily253%196%143%95%170%96%246% 177%120% 42%13% 11%慕思 De Rucci 45%18%41% 119%-57%19%-44%-42%-40%-45%-34%-23%林氏木業(yè)36%124%41%4%24%151%21%41%66%16%-37%-10%床墊（天貓）全友家私 Quanu48%45%14%29%59%-26%-27%5%54%14%-2%6%芝華仕 Cheers55%16%41%-35%-65%20%-13%-32%13% -16% -47%-5%源氏木語 Yes wood66%

40、-3%21%41%-18%41% 48%64% 82%41%22%8%絲漣 Sealy196%112%-14%891% 242%276% 195%-1%-43% -79% -65%185%顧家家居 Kuka-1%18%-56%-51%-32%-40%-51%-16%-28%-16%-14%6%喜臨門 Sleemon6%25%27%29%8%10%29%87%-15%9%-3%-4%顧家家居 Kuka150%210%208%209%68%73%122%175%41%65%43%68%床墊（京東）全友家私 Quanu 41%38%40%49% 18%18%139%160%5%54%31%57%慕思

41、 De Rucci47% 62%68%69% 15%20%25%56%-41%-29%-36%-35%芝華仕 Cheers19%30%59%33%49%54%92%126%-49%0%-11%-18%資料來源：久謙中臺，（二）沙發(fā)：疫情形勢持續(xù)好轉(zhuǎn)，沙發(fā)品牌增速靚麗龍頭品牌增速靚麗。從銷售額看，林氏木業(yè)、顧家家居、源氏木語位居前三，分別實現(xiàn)銷售額 0.88/0.49/0.36 億元，同比+10%/+128%/+89%；從增速看，Ayois/艾歐斯、顧家家居、源氏木語位居前三，同比分別提升 697%/128%/89%，沙發(fā)主要品牌同比環(huán)比均有所好轉(zhuǎn)，或系因疫情推遲的需求逐步釋放。圖表 14沙發(fā)分

42、品牌銷售額（天貓）及同比天貓百萬元2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/05林氏木業(yè)17310714412216324311160561097188顧家家居 Kuka7722473222190422010363049源氏木語 Yes wood671725322389473325412936芝華仕 Cheers13824676730332522614382831狄普292124252556291011141926Ayois/艾歐斯64394134036619全友家私 Qu

43、anu5430323632102391511362018純屬04709150115014左右39354219411222林氏木業(yè)20%104%51%69%93%63%64%7%48%55%-8%10%顧家家居 Kuka78% 23%30% 7%-45%125%35%16%-3%67%17%128%26%52%-13% -20% 3%-53%-16% 90%86% -49%-1%3%103%176%125%122%89%120%24%-15%6%35%-28%23%狄普429%375%382%249%206%203%163%170%96%4%47%63%源氏木語 Yes wood芝華仕 Chee

44、rsAyois/艾歐斯-35% 211% 521% 999% -75% -28% -86%-63%132%-20%201%697%全友家私 Quanu-20% 54%32%55%88%26% -11%-20%-1%-14%9%-34%純屬-2%-19%39%-94%106%-89%695%-58%999%-14%-97%87%左右135%-40%-13%-41%-88%-60% -51%-46% -62%-61% -28%-43%資料來源：久謙中臺，分品牌：顧家雙平臺增速靚麗，全友天貓同比下滑。芝華仕沙發(fā) 5 月天貓銷量 4.1 千套，銷售均價 7582.3 元，銷售額 3130 萬元（同增

45、22.9%）；5 月京東銷量 4.7 千套，銷售均價 6327.8 元，銷售額 2960 萬元（同增 32.3%）；顧家沙發(fā) 5 月天貓銷量 22.2 千套，銷售均價 2200.5 元，銷售額 4880 萬元（同增 127.9%）；5 月京東銷量 2.6 千套，銷售均價7427.4 元，銷售額 1930 萬元（同增 126.8%）；全友家私沙發(fā) 5 月天貓銷量 5.1 千套，銷售均價 3461.6 元，銷售額 1760 萬元（同減 34.5%）；5 月京東銷量 5.2 千套，銷售均價3787.6 元，銷售額 1970 萬元（同增 1.5%）。圖表 15芝華仕天貓京東銷售額/量/價及同比2021

46、-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）1.000.920.384.990.690.410.260.580.400.41天貓銷售額（百萬）66.866.729.5332.052.526.314.438.327.931.3芝華仕天貓銷售均價（元）6662.17285.77780.96659.57590.56371.25489.96567.26901.57582.3Cheers京東銷量（萬件）0.750.840.821.241.061.350.270.500.440.47京東銷售額（百萬）3

47、6.842.044.968.566.289.716.934.230.629.6京東銷售均價（元）4898.94967.65513.85519.26254.96661.06233.36812.96916.26327.8天貓銷量（萬件）天貓銷售額（百萬）天貓銷售均價（元）104.3%89.7%62.1%-48.4%-48.6%87.7%-10.9%-18.0%-14.6% 32.7%40.6% -13.5%23.0%22.9%85.8%120.0%24.3%6.2%35.3%-27.6%-7.1%14.6%-0.3%17.2%39.5%4.2%-20.0%-3.8%-16.3%0.0%YOY京東銷

48、量（萬件） 55.8%58.4%30.6%37.2% 86.7%189.3%-26.0%23.8%-8.9%-7.0%京東銷售額（百萬）京東銷售均價（元）84.2%94.3% 65.0% 94.9% 185.7%356.6%8.6%101.1%41.2%32.3%18.2%22.7% 26.3%42.1%53.0% 57.8%46.8%62.4%54.9%42.3%資料來源：久謙中臺，2021-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）7.052.726.1410.993.894.561.0

49、92.692.482.22天貓銷售額（百萬）47.531.621.9189.742.519.610.235.730.048.8天貓銷售均價（元）673.31165.0356.21726.31092.9430.0938.41330.71207.62200.5京東銷量（萬件）0.250.280.200.340.430.650.130.300.330.26京東銷售額（百萬）15.04317.53912.46021.00030.42844.4219.56921.96222.91019.3京東銷售均價（元）6120.06252.86119.96126.17069.86875.27238.47277.16

50、940.47427.4圖表 16顧家家居天貓京東銷售額/量/價及同比顧家家居天貓銷量（萬件）天貓銷售額（百萬）天貓銷售均價（元）797.2%492.8%868.1% 466.2% 429.7% 782.7%313.8% -74.9%-70.2% -58.8%30.5%6.8%-44.6%125.2%34.8%16.4%-3.3%66.7%16.8%127.9% -85.5%-82.0%-94.3% -60.2%-74.6%-86.8%-76.6%564.4%292.0%452.5%YOY京東銷量（萬件）京東銷售額（百萬）106.0%99.5%30.7%37.2%177.1%500.5%52.5

51、% 209.2% 158.3% 96.7%139.5%145.9%51.7%80.6%282.8%527.4%66.8% 251.8% 177.1% 126.8%京東銷售均價（元） 16.2%23.3%16.1% 31.7%38.1% 4.5%9.4%13.8%7.3% 15.3%資料來源：久謙中臺，2021-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）0.760.740.502.860.820.500.340.650.510.51天貓銷售額（百萬）32.035.641.1127.042.41

52、4.610.735.820.017.6天貓銷售均價（元）4218.04818.78200.34440.75184.12900.83141.55508.33891.63461.6京東銷量（萬件）0.640.730.630.951.261.210.270.590.570.52京東銷售額（百萬）24.828.224.837.653.250.610.922.723.119.7京東銷售均價（元）3880.03848.53964.63950.94206.64194.93971.23866.74026.03787.6圖表 17全友家私天貓京東銷售額/量/價及同比全友家私天貓銷量（萬件）-14.7%2.7%-

53、18.0%-14.4%-48.3%-26.3%-8.6%-37.6%-17.3%-14.2%天貓銷售額（百萬）31.6%55.0%144.6%56.8%-2.2%-19.9%-0.9%-13.7% 8.7% -34.5%天貓銷售均價（元）54.4%51.0%198.3% 83.2%89.4% 8.7%8.4% 38.4%31.4%-23.6%京東銷量（萬件）54.2%59.3%-17.9%-13.6%71.8%131.1%-32.4%30.0%20.5%5.5%京東銷售額（百萬） 77.2%82.2% -13.6%-9.0%92.8%148.8%-31.2%29.0%23.0%1.5%京東銷售

54、均價（元） 14.9%14.3%5.2%5.4%12.2%7.6% 1.9%-0.7%2.0%-3.8%資料來源：久謙中臺，（三）床墊：龍頭份額有望加速提升，品牌分化加劇喜臨門、夢百合龍頭優(yōu)勢顯著。從銷售額看，喜臨門、夢百合、慕思位居前三，分別實現(xiàn)銷售額 0.55/0.24/0.22 億元，同比+65%/+11%/-23%；從增速看，絲漣、金可兒、喜臨門位居前三，同比分別提升 185%/156%/65%。圖表 18床墊分品牌銷售額（天貓）及同比天貓百萬元2021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032

55、022/042022/05喜臨門 Sleemon2435392111764181164920587855夢百合 Mlily552836314368542915392124慕思 De Rucci10226565120157432310231922雅蘭 Airland1302338456924443258282321金橡樹691326271297332215192118林氏木業(yè)3020261921491798141213全友家私 Quanu2811111012251586111010金可兒 Kingkoil7126429039979624310MOONLIGHT FAMILY16913121223

56、21158121110Sweetnight1481211152414116989樂仕1161613128664499芝華仕 Cheers355.7138.36.350128.15107.17源氏木語 Yes wood236885281395867絲漣 Sealy44714431112622527126顧家家居 Kuka188107524852556喜臨門 Sleemon194%38%136%-35%-69%77%65%25%-58%-32%238%65%夢百合 Mlily253%196%143%95%170%96%246%177%120%42%13%11%金可兒 Kingkoil 179%14

57、3%176% 999%449%58%-46%-26% -54% -67% -30%156%MOONLIGHT FAMILY276%181%259%155%229%369%301%162%93%62%60%19%Sweetnight-25%1%-44%-22%22%3%3%31%52%7%29%46%樂仕-1%-30%30%16%2%-55%-23%-46%-41%-63%12%-5%芝華仕 Cheers55%16%41%-35%-65%20%-13% -32% 13%-16%-47%-5%源氏木語 Yes wood66%-3%21%41%-18%41%48%64%82%41%22%8%絲漣 S

58、ealy196%112% -14% 891% 242%276% 195%-1%-43% -79% -65% 185%顧家家居 Kuka-1%18%-56%-51%-32%-40%-51%-16%-28%-16%-14%6%金橡樹114%-54%76%94%-7%16%-16%64%-58%48%23%19%林氏木業(yè)36%124%41%4%24%151%21%41%66%16%-37%-10%全友家私 Quanu48%45%14%29%59%-26%-27%5%54%14%-2%6%慕思 De Rucci45%18%41%119%-57%19% -44%-42%-40%-45% -34% -23

59、% 雅蘭 Airland88%31%13%77%138%59% -18%-19% -55%-20%-3%-1%資料來源：久謙中臺，分品牌：喜臨門、夢百合產(chǎn)品&渠道紅利凸顯，慕思銷售恢復不及預期。喜臨門床墊 5月天貓銷量 1.6 萬件，銷售均價 3326.5 元，銷售額 5460 萬元（同增 64.9%）；5 月京東銷量 1.1 萬件，銷售均價 1983.4 元，銷售額 2270 萬元（同增 10.8%）；慕思床墊 5 月天貓銷 5.3 千件，銷售均價 4189.4 元，銷售額 2240 萬元（同減 22.6%）；5 月京東銷量 2千件，銷售均價 5509.8 元，銷售額 1110 萬元（同減

60、38.9%）；夢百合床墊 5 月天貓銷量7.2 千件，銷售均價 3282.4 元，銷售額 2370 萬元（同增 11.4%）；5 月京東銷量 7.7 千件，銷售均價 1619.3 元，銷售額 1240 萬元（同增 74.8%）。2021-082021-092021-102021-112021-122022-012022-022022-032022-042022-05天貓銷量（萬件）43218421231.6天貓銷售額（百萬）91.9110.876.4418.3115.649.120.357.777.754.6天貓銷售均價（元）2489.03540.44126.52271.82737.52534