中金发布研报指出，2Q25特步主品牌零售流水同比增长低单位数，公司坚持以专业影响大众的策略， 季内跑步及户外品类引领整体增长(1H25跑步品类销售额同比增长双位数)，儿童品类表现好于成人。分 月份来看，4-5月销售表现好于6月，主要由于五一黄金周以及618销售周期延长带动。虽然季内有五一 黄金周及618电商大促影响，特步主品牌零售折扣维持七至七五折，环比保持稳定。考虑到下半年有较 多马拉松赛事活动，公司主动进行滚动备货，6月末渠道库存周转4-4.5个月。7月以来特步主品牌销售 表现好于6月，线上优于整体销售。 消息面上，近日，特步国际公布2025年第二季度中国内地业务营运状况，特步主品牌零售销售(包括线 上线下渠道)取得低单位数同比增长；索康尼零售销售(包括线上线下渠道)取得超过20%同比增长。截至 2025年6月30日止6个月，特步主品牌零售销售(包括线上线下渠道)取得中单位数同比增长，渠道库存周 转约四个月至四个半月；索康尼零售销售(包括线上线下渠道)取得超过30%同比增长。 智通财经APP获悉，特步国际(01368)涨近3%，截至发稿，涨2.09%，报5.85港元，成交额3546.25万港 元。 ...

特步国际(01368)涨近3%，截至发稿，涨2.09%，报5.85港元，成交额3546.25万港元。 中金发布研报指出，2Q25特步主品牌零售流水同比增长低单位数，公司坚持以专业影响大众的策略， 季内跑步及户外品类引领整体增长(1H25跑步品类销售额同比增长双位数)，儿童品类表现好于成人。分 月份来看，4-5月销售表现好于6月，主要由于五一黄金周以及618销售周期延长带动。虽然季内有五一 黄金周及618电商大促影响，特步主品牌零售折扣维持七至七五折，环比保持稳定。考虑到下半年有较 多马拉松赛事活动，公司主动进行滚动备货，6月末渠道库存周转4-4.5个月。7月以来特步主品牌销售 表现好于6月，线上优于整体销售。 消息面上，近日，特步国际公布2025年第二季度中国内地业务营运状况，特步主品牌零售销售(包括线 上线下（300959）渠道)取得低单位数同比增长；索康尼零售销售(包括线上线下渠道)取得超过20%同比 增长。截至2025年6月30日止6个月，特步主品牌零售销售(包括线上线下渠道)取得中单位数同比增长， 渠道库存周转约四个月至四个半月；索康尼零售销售(包括线上线下渠道)取得超过30%同比增长。 ...

Group 1 - The core viewpoint of the articles highlights the performance and growth of the brands Xtep and Saucony, with Xtep showing modest growth and Saucony experiencing significant increases in retail sales [1][2][3] - In Q2 2025, Xtep's main brand retail sales (including online and offline channels) saw a low single-digit year-on-year growth, with retail discount levels ranging from 70% to 75% [1] - In H1 2025, Xtep's main brand retail sales experienced a mid-single-digit year-on-year growth, while channel inventory turnover was between 4 to 4.5 months [1] Group 2 - Saucony's retail sales (including online and offline channels) grew by over 20% year-on-year in Q2 2025 and over 30% in H1 2025 [1] - Xtep has been actively sponsoring events to deepen its presence in the basketball sector and solidify its leading position in running, including becoming the official supporter of the 2025 World Athletics Relays and the designated equipment sponsor for the 7th Asian University 3x3 Basketball Championship [1] - Xtep's performance in marathons has been notable, with its champion running shoes winning the top three positions in the 2025 Hangzhou Women's Half Marathon, further establishing Xtep as China's leading running brand [2] Group 3 - Saucony is expanding its reach into the professional runner segment, as evidenced by its annual conference featuring elite athletes and industry professionals to promote its new TRIUMPH 23 running shoes [2] - The TRIUMPH series has evolved over 23 years, focusing on cushioning performance and catering to both casual and long-distance runners [3] - The company maintains its profit forecast, expecting revenues of 14.7 billion RMB, 15.8 billion RMB, and 17 billion RMB for 2025-2027, with corresponding net profits and EPS figures [3]

Investment Rating - The overall investment rating for the textile and apparel industry is "Buy" for several key companies, including Anta Sports, Li Ning, and Bosideng, among others [8][20][21]. Core Insights - The textile and apparel industry is experiencing a low holding ratio since 2022, with a notable increase in the jewelry sub-sector's holding ratio. As of the end of Q2 2025, the market value of heavy-holding stocks in the textile and apparel sector increased by 8% to 12.72 billion yuan, accounting for 0.41% of the total heavy-holding stock market value [1][11]. - The apparel and home textile sector is expected to see performance recovery and valuation improvement in 2025, driven by stable retail demand and healthy inventory levels in the sportswear segment [2][16]. - In the jewelry sector, companies focusing on product differentiation and strong brand power are anticipated to outperform the industry, with Chow Tai Fook expected to see a 10% increase in operating profit for FY2025 [3][17]. Summary by Sections Fund Position Analysis - As of Q2 2025, the market values of heavy-holding stocks in the apparel and home textile, textile manufacturing, and jewelry sectors were 5.65 billion, 1.63 billion, and 5.45 billion yuan, respectively, with jewelry holdings increasing while apparel and textile manufacturing saw declines [1][11][12]. Key Company Recommendations - Recommended companies include: - Anta Sports, with a 2025 PE of 17 times, noted for its strong operational capabilities [19]. - Li Ning, with a 2025 PE of 17 times, recognized for its long-term performance resilience [19]. - Bosideng, with a favorable valuation and expected strong performance in FY2025 [19]. - Chow Tai Fook and Chaohongji in the jewelry sector, with respective 2026 PEs of 18 and 26 times [17]. Market Performance - The textile manufacturing sector outperformed the market, with a weekly increase of 2.35% compared to the 1.69% rise in the CSI 300 index [22]. Recent Reports - Chow Tai Fook reported a 1.9% decline in same-store sales for FY2026 Q1, with improvements expected in subsequent quarters due to product optimization and store efficiency [28][30]. Material Trends - As of July 22, 2025, the price of domestic cotton 237 decreased by 23% year-on-year to 21,770 yuan/ton, while long-staple cotton 328 remained stable at 15,549 yuan/ton [35][36].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][4]. Core Insights - In Q2 2025, the main brand of the company experienced low single-digit growth in retail sales year-on-year, while the Saucony brand saw over 20% growth in retail sales [1]. - For the first half of 2025, the main brand's retail sales grew in the mid-single digits year-on-year, and Saucony's retail sales exceeded 30% growth [1]. - The company is actively expanding its presence in the basketball sector while solidifying its leading position in the running category through sponsorships and successful athlete endorsements [2]. - The Saucony brand is focusing on professional runners and has launched new products, including the TRIUMPH 23 running shoes, which emphasize both performance and lifestyle [3]. Financial Projections - The company forecasts revenues of 14.7 billion RMB, 15.8 billion RMB, and 17 billion RMB for the years 2025 to 2027, respectively [4]. - Projected net profits for the same period are 1.36 billion RMB, 1.52 billion RMB, and 1.69 billion RMB, with corresponding EPS of 0.49 RMB, 0.55 RMB, and 0.61 RMB [4]. - The price-to-earnings ratios are expected to be 11x, 10x, and 9x for the years 2025 to 2027 [4].

Core Insights - The Fujian Provincial Market Supervision Administration has released the results of the 2025 textile product quality provincial supervision inspection, indicating a compliance rate of 96.30% with only 1 out of 27 batches failing the inspection [1][2]. Group 1: Inspection Results - A total of 22 companies were inspected, with 27 batches of products tested, resulting in 26 compliant batches and 1 non-compliant batch, leading to a non-compliance rate of 3.70% [1]. - For knitted wool products, 5 companies were inspected with a 100% compliance rate [1]. - In the inspection of down products, 21 companies were tested, with 1 non-compliant batch, resulting in a non-compliance rate of 4.76% [2]. - The inspection of silk quilts involved 1 company and 1 batch, which achieved a 100% compliance rate [2]. Group 2: Actions Taken - The provincial market supervision bureau has mandated local market supervision authorities to take legal action against the non-compliant products and their manufacturers [3]. Group 3: Detailed Inspection Results - The inspection results for knitted wool products showed that companies like Fujian Qipilang Industrial Co., Ltd. and Fujian Qipai Fashion Technology Co., Ltd. had compliant products [5]. - The down products inspection included various brands such as SEPTWOLVES and LILANZ, all of which passed the quality checks [6][7]. - The only non-compliant product was from Saint Giao (China) Co., Ltd., which failed the inspection for a down jacket [7].

Group 1: Xtep International Performance - Xtep's main brand retail revenue in 2Q25 achieved low single-digit year-on-year growth, with overall revenue growth in 1H25 also in single digits [1] - Offline sales remained stable with slight growth, while online sales outpaced offline; children's products grew faster than adult products, and footwear outperformed apparel [1] - Functional products accounted for over 60% of the main brand's offerings, with running and outdoor categories leading the growth [1] Group 2: Market Trends and Strategies - The sales performance in April and May was better than in June, attributed to the May Day holiday and the earlier start of the 618 shopping festival compared to the previous year [1] - The company maintained a discount rate of 70-75%, with expectations for the annual discount to remain at current levels due to healthy inventory [1] - The DTC (Direct-to-Consumer) strategy is set to launch in 2H25, with plans to recover approximately 500 stores, representing about 8% of the total store count [1] Group 3: Competitor Analysis - Saucony's revenue in 1H25 grew over 30%, with 1Q growth exceeding 40% and 2Q growth over 20%, maintaining a target of 30%-40% growth for the year [2] - Saucony focuses on high-end positioning and brand upgrades, tightening online discounts and reducing low-priced product offerings [2] - The brand aims to enhance its presence in high-tier cities with new store openings and plans to increase investment in trail running products [2] Group 4: Financial Projections - Xtep is projected to achieve revenues of 144.14 billion, 154.32 billion, and 165.17 billion RMB for 2025-2027, with year-on-year growth rates of 6.2%, 7.1%, and 7.0% respectively [3] - The expected net profit for Xtep for 2025-2027 is 13.8 billion, 15.1 billion, and 16.6 billion RMB, with growth rates of 11.3%, 9.7%, and 9.7% respectively [3] - The company maintains a valuation of 11.5X PE for 2025, with a target price of 6.1 HKD, indicating a potential upside of 15.0% [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The main brand shows steady growth, while the performance of Saucony is promising, with a significant increase in retail sales [5][6] - In Q2 2025, the main brand's retail sales grew at a low single-digit percentage year-on-year, with retail discounts deepening slightly [5] - Saucony's retail sales increased by over 20% year-on-year in Q2 2025, and over 30% year-on-year for the first half of 2025 [5] Financial Performance Summary - The company expects to achieve revenues of RMB 144.1 billion, 155.2 billion, and 167.3 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 13.7 billion, 15.3 billion, and 16.7 billion [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 10, 9, and 8 times respectively [5][7] - The report indicates a slight increase in channel inventory turnover days to 4-4.5 months as of H1 2025 [5] Market Data - As of July 18, 2025, the current stock price is HKD 5.47, with a market capitalization of approximately HKD 15,220.24 million [2][8] - The stock has shown a 28% increase over the past 12 months, compared to a 39.6% increase in the Hang Seng Index [2]

Investment Rating - The report maintains an "Outperform" rating for Xtep International [2][5] Core Views - Xtep International's revenue performance in 2Q25 met expectations, with all brands maintaining their annual performance guidance [3][10] - The main brand achieved low-single-digit growth in retail revenue year-over-year, with online sales outpacing offline sales [3][10] - The company is focusing on direct-to-consumer (DTC) strategies, aiming to recover around 500 stores by 2026 [3][10] Financial Performance Summary - Revenue projections for Xtep International are RMB 14.41 billion, RMB 15.43 billion, and RMB 16.52 billion for 2025, 2026, and 2027, respectively, reflecting year-over-year growth of 6.2%, 7.1%, and 7.0% [5][12] - Net profit attributable to the parent company is expected to be RMB 1.38 billion, RMB 1.51 billion, and RMB 1.66 billion for the same years, with growth rates of 11.3%, 9.7%, and 9.7% [5][12] - The projected P/E ratios for 2025, 2026, and 2027 are 10.0X, 9.1X, and 8.3X, respectively [5][12] Brand Performance Insights - Saucony and Merrell brands are experiencing strong growth, with Saucony achieving over 30% year-over-year revenue growth in 1H25 [4][11] - Saucony aims for a 30%-40% annual revenue growth and plans to double its revenue in the next three years [4][11] - Merrell's revenue in 2Q25 grew over 50% year-over-year, driven primarily by e-commerce [4][11]

Investment Rating - The report indicates a positive outlook for the sports apparel industry, with expectations for continued operational improvement in the second half of 2025 [1][15]. Core Insights - Leading companies in the sports apparel sector demonstrated strong operational resilience in Q2 2025, with Anta Sports and FILA showing steady revenue growth despite market fluctuations [1][11]. - The report highlights the successful multi-brand strategy of Anta Sports, with significant contributions from new brands like Descente and MAIA, while Li Ning is undergoing channel and product adjustments [1][15]. - The overall health of inventory levels is maintained, with a healthy inventory-to-sales ratio of 4-5 months, and companies are optimistic about improving operational data in H2 2025 [1][15]. Summary by Sections Sports Apparel Sector - In Q2 2025, leading companies like Anta Sports and FILA maintained steady revenue growth, while Li Ning experienced low single-digit growth excluding its young brand [1][11]. - Anta's multi-brand matrix continues to perform well, with significant growth from new brands and a focus on professional sports segments [1][15]. - The report notes that companies are leveraging multi-brand operations and event marketing to drive growth, with running shoes seeing higher revenue growth compared to other categories [1][15]. Performance of Ruoyuchen - Ruoyuchen's H1 2025 performance is highlighted, with expected net profit growth of 61.81% to 100.33% year-on-year, driven by its proprietary brand strategy and effective brand management [2][16]. - The launch of the new health product VitaOcean is anticipated to open new growth avenues for the company [2][16]. Industry Data Tracking - June retail sales for apparel showed a year-on-year growth of 1.9%, but a month-on-month decline due to factors like the early 618 shopping festival and adverse weather conditions affecting foot traffic [3][18]. - The report tracks stable raw material prices, with cotton and other materials showing minor fluctuations, indicating a stable supply chain environment [3][23]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Anta Sports, Li Ning, and Ruoyuchen, highlighting their strategies to adapt to market changes and consumer trends [3][35]. - In the beauty and personal care sector, companies like Juzhibio and Jinbo Biological are recommended for their strong data resilience and upcoming product launches [3][35]. - The gold and jewelry sector is also highlighted, with recommendations for brands like Laopu Gold due to the favorable market conditions driven by rising gold prices [3][35].