致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 公司名稱: 特步國際控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01368 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,0 ...

Core Viewpoint - The report from Guosheng Securities indicates that the high-performance outdoor apparel market in mainland China is expected to grow at a compound annual growth rate (CAGR) of 16% from 2024 to 2029, signaling a shift towards a more specialized and diversified development phase in the domestic sportswear market [1][4]. Industry Analysis - The sports industry in the U.S. and Japan has seen significant growth due to a combination of historical factors, including economic recovery, increased consumer spending, and government policies that promote sports participation. This has led to a resilient demand for sports apparel, with U.S. gym memberships rising by 3.7% to 68.9 million in 2022 and outdoor activity participation increasing by 4.1% in 2023 [2]. - In China, the participation in running and outdoor activities has surged since 2022, driven by heightened health awareness. The high-performance outdoor apparel market is projected to grow at a CAGR of 16% from 2024 to 2029, indicating a trend towards more specialized and diverse consumer needs [4]. Competitive Factors - For international sports brands like Nike and Adidas, product strength and brand value are crucial for development. Nike is currently in a destocking phase, while Adidas is benefiting from a strong product strategy that includes the development of professional sports products and effective marketing campaigns [3]. - Domestic sports brands in China are increasingly focusing on product and brand-driven expansion. Companies like Anta, Li Ning, and Xtep are investing 2-3% of their revenue in R&D, leading to significant advancements in professional products. Brand image is further enhanced through sponsorship of professional events and athletes [4]. Recommended Companies - Anta Sports (02050) is highlighted for its strong performance and group operational capabilities, with a projected PE ratio of 18 times for 2025. - Li Ning (02331) is recommended for its long-term earnings potential, with a projected PE ratio of 17 times for 2025. - Xtep International (01368) is noted for its leading position in the running sector, with a stable performance from its main brand and growth potential from its new brand Saucony, projected at a PE ratio of 11 times for 2025. - Other companies to watch include 361 Degrees (01361) and Tabo (06110) [5].

Investment Rating - The report maintains a "Buy" rating for key companies in the sportswear sector, including Anta Sports, Li Ning, and Xtep International, indicating a positive outlook for their long-term growth potential [4][8]. Core Insights - The sportswear industry is experiencing resilience in demand despite economic fluctuations, driven by increased health awareness and government policies promoting sports participation [1][13]. - In the U.S. and Japan, the growth of the sports industry is attributed to historical factors, including economic recovery, government support, and major sporting events like the Olympics [1][20]. - In China, the running and outdoor segments are key growth drivers, with a projected compound annual growth rate (CAGR) of 16% for high-performance outdoor apparel from 2024 to 2029 [3][30]. Summary by Sections Industry Analysis - The U.S. fitness club membership increased by 3.7% to 68.9 million in 2022, and outdoor activity participation among Americans aged 6 and above grew by 4.1% in 2023 [1][19]. - Japan's sports consumption has been steadily increasing, supported by economic recovery and the Tokyo Olympics, with a focus on low-barrier sports like running and fitness [20][25]. Competitive Factors - Product strength and brand value are critical for leading international sports brands like Nike and Adidas, which focus on product development and brand building [2][32]. - Domestic brands in China, such as Anta and Li Ning, are enhancing their product innovation and brand image through sponsorships and professional athlete endorsements [3][37]. Investment Recommendations - The report highlights Anta Sports as a key player with strong operational capabilities and a projected price-to-earnings (PE) ratio of 18 times for 2025 [4][8]. - Li Ning is recommended for its long-term earnings potential, with a PE ratio of 17 times for 2025, while Xtep International is noted for its stable performance and growth prospects in the running segment, with a PE ratio of 11 times for 2025 [4][8].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and others, while recommending "Add" for Chow Tai Fook and Chao Hong Ji [5][11]. Core Insights - Inditex, the parent company of Zara, reported a stable performance for FY2025H1, with revenue growth of 1.6% year-on-year to €18.4 billion, and a net profit increase of 0.8% to €2.8 billion [1][16]. - The report highlights the resilience of the sportswear segment, which is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][22]. - Long-term growth strategies for Inditex include enhancing brand positioning, customer service, and sustainable practices, with a projected 5% increase in total sales area from 2025 to 2026 [2][21]. Summary by Sections Textile and Apparel - Inditex's FY2025H1 revenue reached €18.4 billion, with a 5.1% increase on a currency-neutral basis, and a gross margin of 58.3% [1][16]. - The company reported a healthy inventory level of €3.466 billion, up 3.1% year-on-year, indicating strong inventory management [1][18]. Sportswear Segment - The sportswear sector is expected to show robust growth, with key companies like Anta Sports and Li Ning recommended for their strong performance and growth potential [25][38]. - The report notes that the sportswear segment's revenue for H1 2025 increased by 9.1% to ¥65.9 billion, with a net profit growth of 8.2% to ¥10.54 billion [34]. Jewelry Sector - The jewelry market is facing challenges, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively [37]. - Companies with strong product differentiation and brand power, such as Chow Tai Fook and Chao Hong Ji, are expected to outperform the industry [23][38]. Manufacturing Sector - The textile manufacturing sector is experiencing a shift due to new tariff policies, with companies like Shenzhou International recommended for their stable performance and valuation [24][38]. - The report indicates that the manufacturing segment's revenue grew by 2.7% in H1 2025, while net profit declined by 9.8% [10][36].

Core Insights - Fujian has become a significant base for the garment industry, leveraging its geographical advantages and the influx of overseas orders and capital from local expatriates [2][4] - The seven major listed apparel companies from Fujian have rapidly transformed from local brands to national brands, achieving explosive growth in recognition and market presence [2][4] - The apparel industry in Fujian is characterized by a strong focus on both sportswear and traditional menswear, with distinct development trajectories for different brands [3][4] Group 1: Performance of Major Brands - Anta Group has entered the "trillion club" with record-breaking performance, achieving continuous growth for 12 years and surpassing both Nike China and Adidas China in revenue [10][12] - Xtep International has focused on the running segment, achieving significant profit growth by divesting from underperforming fashion segments and enhancing its product offerings [15][16] - 361° has seen a nearly 50% increase in stock price, driven by strong performance in both international and children's markets, with a focus on high-quality and cost-effective products [16][17] Group 2: Market Strategies and Innovations - Anta Group's strategy includes acquiring brands to fill market gaps and expanding its retail presence, with a notable focus on high-end outdoor and fashion segments [12][14] - Xtep has transformed its stores into "running social centers" and launched a new line of children's shoes aimed at supporting growth, enhancing its market position [15][16] - 361° has expanded its international footprint and optimized its store formats, launching a new type of store that aims for high sales volumes [18] Group 3: Specialized Product Lines - Jiumuwang has established itself as a leading men's pants expert, achieving a 248.54% increase in net profit by focusing on a diverse range of men's pants products [20][21] - Lilang has maintained a high gross margin above 50% while expanding its direct-to-consumer (DTC) model and enhancing its online sales channels [24][25] - Seven Wolves has positioned itself as a "jacket expert," achieving significant revenue growth through innovative product offerings and strategic brand partnerships [28][29] Group 4: Trends and Future Directions - The apparel industry in Fujian is witnessing a trend towards DTC models, multi-brand collaboration, and international expansion, with a focus on functional and scenario-based product offerings [33] - Companies are encouraged to either build a comprehensive brand portfolio like Anta or specialize in niche markets like Xtep and Jiumuwang to maximize their strengths [33]

New Stock Listings - The new stock "昊创瑞通" (code: 301668) is listed at an issuance price of 21.00 on September 26, 2025[1] - "上纬新材" (code: 688585) is undergoing a tender offer from September 29 to October 28, 2025[1] Market Alerts - "紫天退" (code: 300280) is in the delisting preparation period with 5 trading days remaining[1] - "开普云" (code: 688228) has reported severe abnormal fluctuations[1] Recent Announcements - "博瑞医药" (code: 688166) and "科思科技" (code: 688788) have recent announcements linked for further details[1] - "园林股份" (code: 605303) and "中环海陆" (code: 301040) also have recent disclosures available[1] Trading Insights - The report includes various stocks with their respective codes and recent trading activities, indicating a dynamic market environment[1] - The document highlights the importance of monitoring stock performance and regulatory announcements for investment decisions[1]

New Stock Issuance - The new stock issuance for Changjiang Energy Technology (证券代码: 920158) is priced at 5.33 CNY[1] - The stock "Zitian Tui" (证券代码: 300280) is in the delisting preparation period with 7 trading days remaining[1] Market Alerts - "Xian Dao Intelligent" (证券代码: 300450) has reported severe abnormal fluctuations[1] - "Hank Technology" (证券代码: 688006) has also been flagged for abnormal trading activity[1] Recent Announcements - "Zhejiang Xiantong" (证券代码: 603239) and "Tianpu Shares" (证券代码: 605255) have recent announcements dated September 24, 2025[1] - "Jinshi Media" (证券代码: 601929) has an announcement dated September 24, 2025[1] Trading Performance - "ST Rindong" (证券代码: 002647) has a trading performance report dated September 24, 2025[1] - "ST Huawang" (证券代码: 603007) has a trading performance report dated September 24, 2025[1]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Insights - The report highlights that Chaohongji plans to go public in Hong Kong, and Xuezhongfei has proposed a strategic initiative of "brand enhancement and innovative breakthroughs" [1][6]. - The jewelry business of Chaohongji achieved a revenue of 392.4 million yuan in the first half of 2025, with a year-on-year growth of 21.2%, while the handbag business saw a decline of 17.4% [17][18]. - The report notes a significant increase in same-store sales for Chaohongji's jewelry business, with self-operated stores growing by 26.5% and franchise stores by 32.0% in the first half of 2025 [18]. Summary by Sections Industry Performance - The textile and apparel sector saw a decline of 0.26% this week, while the light industry manufacturing sector fell by 0.58%. The SW textile and apparel sector outperformed the market by 0.19 percentage points [19]. - The SW textile manufacturing sub-sector increased by 0.76%, and the SW apparel and home textile sub-sector rose by 0.66% [19]. Company Performance - The report lists the top five companies in the textile and apparel sector by weekly performance: Taimushi (+61.05%), Hongdou (+26.14%), Baoxini (+22.51%), Xingye Technology (+19.90%), and Xinhua Jin (+10.39%) [28]. - Conversely, the bottom five performers included Mankalon (-10.80%), Laishen Tongling (-8.78%), Meibang Apparel (-7.48%), Mingpai Jewelry (-7.35%), and Dia Shares (-7.05%) [28]. Industry Data Tracking - The report provides insights into raw material prices, noting that the cotton price index was 15,283 yuan/ton, with a month-on-month increase of 0.2% [33]. - For the first eight months of 2025, China's textile and apparel exports amounted to 94.513 billion and 102.761 billion USD, reflecting a year-on-year growth of 1.6% and a decline of 1.7%, respectively [48]. - In August 2025, the domestic retail sales totaled 3.97 trillion yuan, with a year-on-year growth of 3.4% [55]. Industry News - Skechers has completed its privatization and delisting from the New York Stock Exchange, with a transaction price exceeding 9 billion USD [6][67]. - Xuezhongfei debuted its new ice and snow series at the China International Fashion Week, emphasizing its strategic goal to become the leading brand in China's ice and snow down jackets [68][70]. - VF Corporation announced the sale of its Dickies brand for 600 million USD to Bluestar Alliance, aligning with its strategy to focus on core outdoor brands [71][73].

Group 1: Guangdong Hongda (002683.SZ) - The company is a leader in the civil explosives industry, with growth rates exceeding the industry average, and military business is poised for expansion [7][8] - Expected net profits for 2025-2027 are projected at 1.196 billion, 1.415 billion, and 1.772 billion yuan, respectively, with a target price of 47.2 yuan based on a 30x PE for 2025, rated as "Accumulate" [7][8] - Revenue from the domestic regions of Northwest, Southwest, and North China for 2024 is expected to be 2.69 billion, 1.14 billion, and 2.34 billion yuan, respectively, with significant year-on-year growth [8] Group 2: Yangnong Chemical (600486.SH) - The company is positioned as a leader in the pesticide industry, benefiting from an upward trend in industry conditions and a recovery in the market [11][12] - Projected revenues for 2025-2027 are 11.484 billion, 12.325 billion, and 13.536 billion yuan, with net profits of 1.443 billion, 1.654 billion, and 1.884 billion yuan, respectively, rated as "Accumulate" [11][12] - The company is expected to transition from a generic pesticide manufacturer to a CDMO for innovative drugs, enhancing its growth potential [12] Group 3: China Communications Construction Company (601800.SH) - The company holds a leading position in transportation infrastructure and is expected to benefit from increased domestic infrastructure projects and international expansion [14][15] - The company is the largest international engineering contractor in China, with a strong historical presence in overseas markets, contributing to growth [14][15] - A dividend plan has been announced, ensuring stable returns for investors, with a target price of 11.78 yuan based on an 8x PE for 2025, rated as "Buy" [14][15] Group 4: Xinzhou Bang (300037.SZ) - The company is focused on a comprehensive layout in the lithium battery and fluorochemical sectors, with clear growth in demand for fluorochemicals [18][19] - Expected net profits for 2025-2027 are projected at 1.130 billion, 1.501 billion, and 1.859 billion yuan, with significant year-on-year growth rates [18][19] - The company is enhancing its vertical integration and global layout, with ongoing projects in Malaysia and the US expected to boost profitability [18][19] Group 5: Haian Home (600398.SH) - The main brand has shown improvement, with revenue for the first half of 2025 reaching 11.566 billion yuan, a year-on-year increase of 1.73% [21][22] - The company is expanding its direct sales while reducing franchise operations, with a focus on new retail formats [21][22] - Projected net profits for 2025-2027 are 2.421 billion, 2.700 billion, and 2.947 billion yuan, with a growth rate of 12.2%, 11.5%, and 9.1% respectively, rated as "Buy" [24] Group 6: Xtep International (01368.HK) - The main brand has shown steady growth, with revenue for the first half of 2025 reaching 6.838 billion yuan, a year-on-year increase of 7.1% [26][27] - The company is focusing on the running segment, with strong performance in its professional sports line [26][27] - Projected net profits for 2025-2027 are 1.379 billion, 1.516 billion, and 1.664 billion yuan, with growth rates of 11.3%, 9.9%, and 9.8% respectively, rated as "Buy" [28] Group 7: Mindray Medical (300760.SZ) - The company reported total revenue of 16.743 billion yuan for the first half of 2025, a year-on-year decrease of 18.45% [30][31] - International business showed resilience with revenue of 8.332 billion yuan, a year-on-year increase of 5.39%, while domestic revenue declined significantly [30][31] - The company plans to distribute a total of 3.298 billion yuan in cash dividends for 2025, representing 65.06% of its net profit for the first half of the year [31]

Core Viewpoint - The company demonstrates steady growth in its main brand and strong performance in the professional sports segment, with a focus on maintaining its market leadership in the running sector [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 6.838 billion yuan, a year-on-year increase of 7.1% [1]. - The main brand generated revenue of 6.053 billion yuan, up 4.5% year-on-year, while the professional sports segment saw revenue of 785 million yuan, a significant increase of 32.5% [1]. - Gross profit for H1 2025 was 3.073 billion yuan, reflecting a 6.9% year-on-year increase, with a gross margin of 45.0%, down 0.1 percentage points [2]. - The company reported a net profit attributable to shareholders of 914 million yuan, which, after excluding a one-time loss from divesting K-SWISS and Paladin, represents a comparable year-on-year increase of 6.4% [2]. Brand and Market Strategy - The company continues to focus on the running field, enhancing its market position with the launch of the 160X champion running shoes and the new 160 7.0 PRO model [3]. - The company has established partnerships with 27 marathon events in H1 2025, achieving the highest overall wearing rate in key marathons [3]. - The professional sports segment's revenue contribution has increased to 11.5%, driven by double-digit growth in same-store sales and online channel expansion [1]. Future Outlook - The company forecasts net profits of 1.379 billion yuan, 1.516 billion yuan, and 1.664 billion yuan for 2025 to 2027, representing year-on-year growth rates of 11.3%, 9.9%, and 9.8% respectively [3].