主品牌Q4 流水环比回暖,折扣同比改善,库存水平健康。主品牌流水24Q4 高单增长,高基数下实现较好增长(23Q4:增30+%),环比回暖(24Q1/Q2/Q3:增高单/10%/中单),全年流水高单位数增长(23 全年:增20+%)。24Q4 零售折扣水平为7-75 折,同比改善(23Q4:7 折),环比折扣增加(24Q3:75 折),我们判断主因Q4 节假日及线上大促。全年渠道库存周转保持4 个...
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