此 乃 要 件 請 即 處 理 閣 下 如 對 本 通 函 任 何 方 面 或 應 採 取 的 行 動 有 任 何 疑 問，應 諮 詢 閣 下 的 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 出 售 或 轉 讓 名 下 所 有 特 步 國 際 控 股 有 限 公 司 股 份，應 立 即 將 本 通 函 連 同 隨 附 的 選 擇 表 格 交 予 買 主 或 承 讓 人 或 經 手 買 賣 或 轉 讓 的 銀 行、註 冊 證 券 交 易 商 或 其 他 代 理 商，以 便 轉 交 買 主 或 承 讓 人。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 通 函 的 內 容 概 不 負 責，對 其 準 確 性 或 完 備 性 亦 無 發 表 聲 明，並 表 明 不 會 就 本 通 函 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Xtep International ...

關於我們 特步國際控股有限公司（香港聯交所股份代號：1368）為一家領先的多品 牌體育用品公司，於2008年在香港聯合交易所主板上市。集團主要從事 成人和兒童體育用品（包括鞋履、服裝和配飾）的設計、研發、製造、銷 售、營銷及品牌管理。憑藉多元化的品牌組合，包括特步主品牌、索康尼 及邁樂，集團通過涵蓋超過8,000家門店的龐大分銷網絡，戰略性地瞄準 大眾運動和專業運動分部。 目 錄 | 2 | 中期業績概覽 | | --- | --- | | 3 | 企業戰略 | | 4 | 五年財務摘要 | | 5 | 公司資料 | | 6 | 主席報告書 | | 8 | 管理層討論與分析 | | 34 | 企業管治及其他資料 | | 41 | 獨立審閱報告 | | 42 | 中期簡明綜合收益表 | | 44 | 中期簡明綜合全面收益表 | | 45 | 中期簡明綜合財務狀況表 | | 47 | 中期簡明綜合權益變動表 | | 49 | 中期簡明綜合現金流量表 | | 50 | 中期簡明綜合財務資料附註 | | 78 | 投資者資訊 | | 79 | 詞彙 | 主席報告書 2 特步國際控股有限公司 中期業績概覽 人民幣 6, ...

智通财经APP讯，特步国际(01368)发布公告，于2025年9月17日，根据2025年股份奖励计划配发及发行 2000万股。 ...

特步国际(01368)发布公告，于2025年9月17日，根据2025年股份奖励计划配发及发行2000万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 第 2 頁 共 6 頁 v 1.3.0 公司名稱： 特步國際控股有限公司 呈交日期： 2025年9月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) 01368 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括 ...

Group 1 - The company reported a revenue of 6.8 billion RMB for H1 2025, representing a year-on-year increase of 7%, with the main brand contributing 6.1 billion RMB, up 5% year-on-year, and the professional sports segment generating 790 million RMB, up 33% year-on-year [1] - Operating profit for the continuing operations was 1.3 billion RMB, a 9% increase year-on-year, while the professional sports segment's operating profit surged by 237% to 80 million RMB [1] - The company recorded a net profit attributable to ordinary shareholders of 900 million RMB for H1 2025, reflecting a year-on-year growth of 21.5% [1] Group 2 - The balance sheet remains robust with a net cash position of 1.9 billion RMB, an increase of 94% year-on-year [1] - The board declared an interim dividend of 0.18 HKD per share, with a payout ratio of 50% [1] - As of June 30, 2025, the company operated 6,360 adult stores and 1,564 youth stores in mainland China, along with 155 stores for the Saucony brand [1] Group 3 - The company is focusing on running to consolidate its market leadership, launching several running shoe models and sponsoring 27 marathons and road races in China [1] - Saucony is undergoing a comprehensive brand repositioning, including flagship store openings and product line upgrades, while also enhancing its brand influence through collaborations and immersive training camps [2] - The company is seizing opportunities in the outdoor sports market and enhancing its basketball brand visibility through various promotional activities and sponsorships [2] Group 4 - The company adjusted its profit forecasts, expecting revenues of 14.6 billion RMB, 15.4 billion RMB, and 16.5 billion RMB for 2025-2027, with net profits of 1.4 billion RMB, 1.52 billion RMB, and 1.7 billion RMB respectively [2] - The corresponding price-to-earnings ratios are projected to be 11.5x, 10.5x, and 9.4x for the same period [2]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][27]. Core Insights - In August 2025, domestic retail sales (社零) grew by 3.4% year-on-year, slightly below market expectations, with a total retail sales amounting to 3.97 trillion yuan [5][6]. - The retail sales growth for the textile and apparel sector in the first eight months of 2025 was 2.9%, with a notable increase in sports and entertainment products, which saw a growth of 20.6% [8][10]. - The online retail channel continues to outperform the overall retail market, with a year-on-year growth of 6.4% in physical goods online sales [6][10]. Summary by Sections Retail Performance - In August 2025, the year-on-year growth rates for dining and goods retail were 2.1% and 3.6%, respectively [5]. - The consumer confidence index in July 2025 was 89.0, reflecting a 1.1 point increase [5]. Channel Analysis - Online channels showed a year-on-year growth of 6.4% in physical goods, while offline channels like convenience stores and supermarkets demonstrated stable performance [6]. - For the first eight months of 2025, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.6%, 4.9%, 1.2%, 5.2%, and 1.7%, respectively [6]. Sector-Specific Insights - The jewelry sector saw a significant year-on-year growth of 16.8% in August 2025, with gold prices reaching an average of 775.92 yuan per gram, up 36.7% year-on-year [7][11]. - The textile and apparel sector's year-on-year growth was 3.1% in August 2025, with a marginal improvement compared to previous months [7][10]. Investment Recommendations - The report recommends focusing on brands like 361 Degrees, with a noted increase in revenue growth among major sports brands [8][10]. - For the textile manufacturing sector, it suggests tracking the recovery of Nike, which could positively impact overall sector valuations [10].

天风证券（601162）发布研报称，维持特步国际(01368)"买入"评级，考虑到下半年消费环境仍有所承 压以及索康尼盈利提升，调整盈利预测，预计公司25-27年收入146亿人民币、154亿人民币、165亿人民 币(原值为147亿人民币、158亿人民币、170亿人民币);归母净利14.0亿元、15.2亿人民币、17.0亿人民币 (原值为13.6亿元、15.2亿人民币、16.9亿人民币)。 户外方面，公司拓展产品矩阵，推出两款高性能产品，分别是"飞石"徒步鞋及涼鞋，以及"山猫"越野跑 鞋。篮球方面，品牌代言人林书豪在沈阳开展一系列活动，包括特步沈阳店的开业、门店签售活动，以 及东北大学互动篮球赛;此外，特步还成为第七届亚洲大学生三对三篮球锦标赛赛事指定转杯赞助商。 公司发布2025中报。25H1：持续经营业务之收入68亿，同比+7%，特步主品牌收入61亿，同比+5%， 专业运动分部收入7.9亿，同比+33%。25H1持续经营业务之经营溢利13亿，同比+9%，专业运动分部的 经营溢利0.8亿，同比大幅增长237%。已终止经营业务(K SWISS和帕拉丁)于2024年上半年亏损1.1亿人 民币后，25H1公司普通股 ...

公司发布2025中报。25H1：持续经营业务之收入68亿，同比+7%，特步主品牌收入61亿，同比+5%， 专业运动分部收入7.9亿，同比+33%。25H1持续经营业务之经营溢利13亿，同比+9%，专业运动分部的 经营溢利0.8亿，同比大幅增长237%。已终止经营业务(K•SWISS和帕拉丁)于2024年上半年亏损1.1亿人 民币后，25H1公司普通股股权持有人应占溢利9亿同比+21.5%。25H1资产负债表保持稳健，现金状况 良好。现金及现金等价物净额19亿，同比+94%。董事会宣派中期股息18.0港仙，派息比率为50.0%。截 至2025年6月30日，集团于中国内地及海外分别共有6360家特步成人店铺及1564家特步少年店铺。索康 尼在中国内地有155家店铺。 户外方面，公司拓展产品矩阵，推出两款高性能产品，分别是"飞石"徒步鞋及涼鞋，以及"山猫"越野跑 鞋。篮球方面，品牌代言人林书豪在沈阳开展一系列活动，包括特步沈阳店的开业、门店签售活动，以 及东北大学互动篮球赛;此外，特步还成为第七届亚洲大学生三对三篮球锦标赛赛事指定转杯赞助商。 智通财经APP获悉，天风证券发布研报称，维持特步国际(01368)"买入 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Insights - The company reported a revenue of 6.8 billion RMB for H1 2025, representing a year-on-year increase of 7%, with the main brand contributing 6.1 billion RMB (+5% YoY) and the professional sports segment achieving 790 million RMB (+33% YoY) [1] - Operating profit for continuing operations reached 1.3 billion RMB, up 9% YoY, while the professional sports segment saw a significant increase in operating profit to 80 million RMB, a 237% growth YoY [1] - The company reported a net profit attributable to ordinary shareholders of 900 million RMB for H1 2025, reflecting a 21.5% increase YoY [1] - The balance sheet remains robust with cash and cash equivalents netting 1.9 billion RMB, a 94% increase YoY [1] - The board declared an interim dividend of 0.18 HKD, with a payout ratio of 50% [1] Summary by Sections Brand Development - The company has launched several running shoe models, including the "160X" championship series and "360X 2.0" carbon plate shoes, contributing to athletes' success in marathons [2] - It has strengthened its event sponsorship matrix by partnering with 27 marathon and road running events in China, including several gold standard events [2] - The company showcased its technological prowess by being the official partner and exclusive sports equipment sponsor for the 13th Versailles Royal Run, featuring humanoid robots wearing its high-performance running shoes [2] Market Expansion - The company is seizing opportunities in the outdoor sports market by expanding its product matrix with high-performance products like the "Flying Stone" hiking shoes and "Mountain Cat" trail running shoes [3] - In the basketball sector, the brand ambassador Jeremy Lin has been actively promoting the brand through various events, including store openings and interactive basketball competitions [3] Financial Forecast - The report adjusts the profit forecast for the company, expecting revenues of 14.6 billion RMB, 15.4 billion RMB, and 16.5 billion RMB for 2025-2027, respectively [4] - The net profit attributable to shareholders is projected to be 1.4 billion RMB, 1.52 billion RMB, and 1.7 billion RMB for the same period [4]