Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overall demand for sports footwear and apparel remains weak, with no clear turning point observed in January orders. Retail performance in the US and UK shows some resilience, while demand in continental Europe and Japan remains weak. Growth is primarily driven by high-end consumption, with mass apparel recovery expected to take more time. Export performance is improving in Vietnam, while China's export remains under pressure [2][6][24] - The upstream manufacturing sector shows strong performance certainty, with retail sales of apparel brands improving. The US Supreme Court's rejection of Trump's tariff policy is favorable for the manufacturing sector. The performance of upstream manufacturing is expected to be more certain in the first half of 2026, while the downstream sports supply chain is on a recovery path. Retail sales growth for apparel brands in January and February is promising, and sentiment in the sector is likely to improve [7][32] Summary by Sections Manufacturing Performance - In January, the revenue growth for major footwear manufacturers varied: Yuanyuan Group's revenue increased by 0.6% year-on-year, while Fengtai's revenue decreased by 1.8%, Zhijiang International's by 3.3%, and Yuchi-KY's by 5.1%. For apparel manufacturers, Ruhong's revenue grew by 7.6%, while Juyang's revenue fell by 19.2% [5][17] Demand Analysis - Retail demand in January showed resilience in the US and UK, with the US maintaining low positive growth and the UK showing relative stability. France's retail remains near zero growth, Germany shows some recovery, while Japan's growth is significantly weakening. The US consumer confidence index continues to decline, indicating that growth is mainly supported by high-end consumption, with mass apparel consumption recovery lagging [6][24][27] Upstream and Downstream Insights - The manufacturing sector is expected to recover in 2026, with strong performance certainty driven by rising material prices. Recommended stocks include Xin'ao Co. and others with strong earnings potential. The A-share market is expected to see continued destocking in 2025, with a potential for profit optimization in 2026. Recommended stocks include Mercury Home Textiles and others focusing on high-end apparel [32][33]

Summary of Key Points from Conference Call Records Industry Overview - The data pertains to the footwear and apparel industry, specifically focusing on sales performance on the Douyin platform for January and February. Key Insights and Arguments - **Overall Sales Growth**: Most footwear and apparel brands reported positive sales growth for January and February, as indicated by the sales index from the Douyin platform [1][1]. - **Outdoor Brands Performance**: - Strong growth observed in outdoor brands, with notable performances: - Decathlon: +75% - Camel: +44% - Mobi Garden: +350% - Salomon: +117% - Wilson: +318% - Descente: +10% - KAILAS: +71% - LeFay: +96% - BERSHKA: +109% - KOLON: +79% - Arc'teryx: -13% - Pathfinder: +36% [1][1]. - **Sports Brands Performance**: - Overall positive performance in the sports brand sector: - Anta: +26% - Fila: +34% - Li Ning: +42.2% - Xtep: +39% - Adidas: +48% - Nike: +3% - Lululemon: +90% - Saucony: -17% - 361 Degrees: +16% [2][2]. - **Home Textile Sector**: - Mixed results in the home textile industry: - Luolai: +51% - Mercury Home Textile: +6% - Fuanna: +224% - Atour Planet: +31% [2][2]. - **Men's Apparel Sector**: - Strong performance noted in the men's clothing sector: - Hazzys: +55% - Baoxini: +104% - Biyinlefen: +279% - Hailan Home: +54% - Jiumuwang: +49% - Lilang: +73% [3][3]. - **Casual Wear and Children's Apparel**: - Casual wear showed weaker performance: - Uniqlo: +0.4% - Semir: +1.8% - Taiping Bird: +10.5% - Le Temps: -42% - Balabala: +30% [4][4]. Additional Important Information - The sales data is derived from the sales index, which is based on transaction-related data from the Douyin platform, and may not accurately reflect actual sales figures, indicating potential discrepancies [1][1].

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: 2026年2月28日 狀態: 新提交 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 致：香港交易及結算所有限公司 公司名稱: 特步國際控股有限公司 呈交日期: 2026年3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 | ...

Group 1 - The core point of the article is that Xtep (China) Co., Ltd. has applied for a patent for a new type of continuous polyimide coated yarn and its manufacturing method, indicating innovation in their product line [1] - The patent application was published under the number CN121556193A, with an application date of November 2025 [1] - The invention involves using thermoplastic elastomers (TPU, TPEE) as the skin material, which is modified and extruded to coat polyimide continuous fibers, resulting in a high-performance yarn [1] Group 2 - Xtep (China) Co., Ltd. was established in 2002 and is located in Quanzhou, primarily engaged in the retail industry [1] - The company has a registered capital of approximately 7.62 billion RMB [1] - Xtep has invested in 14 companies, participated in 217 bidding projects, and holds 1,851 trademark records and 2,922 patent records, along with 17 administrative licenses [1]

Group 1 - The core viewpoint of the article highlights a significant increase in sportswear stocks, with notable gains for companies such as Tmall (5.84%), Anta Sports (4.32%), Li Ning (3.75%), and Xtep (1.31%) [1] - On February 20, the U.S. officially canceled the 10% reciprocal tariffs on China and the 10% fentanyl tariffs, announcing a 10% tariff on goods from all countries. This represents a net decrease of 10 percentage points compared to the previous 20% tariffs on China, positively impacting export-oriented textile manufacturing companies [1] - The Milan Winter Olympics has officially commenced, with the Chinese delegation participating in the largest number of events and athletes in overseas Winter Olympics history. Chinese sports brands are showcased at the Milan event, enhancing global sports engagement [1] Group 2 - The ongoing excitement surrounding the Milan Winter Olympics is expected to boost interest in ice and snow sports, as well as consumer enthusiasm for sports events, suggesting a focus on the sports sector as a catalyst for growth [1]

Core Viewpoint - The sportswear sector is experiencing a significant rise in stock prices following the announcement of tariff reductions by the U.S. on Chinese goods, alongside the commencement of the Milan Winter Olympics, which is expected to boost interest in winter sports and related consumer spending [1]. Group 1: Stock Performance - Tmall (06110) shares increased by 5.84%, reaching HKD 3.08 [1] - Anta Sports (02020) shares rose by 4.32%, reaching HKD 88.2 [1] - Li Ning (02331) shares climbed by 3.75%, reaching HKD 23.24 [1] - Xtep (01368) shares grew by 1.31%, reaching HKD 5.41 [1] Group 2: Tariff Changes - On February 20, the U.S. officially canceled the 10% reciprocal tariffs and 10% fentanyl tariffs on China, while imposing a 10% tariff on goods from all countries [1] - The net reduction in tariffs on most Chinese goods is 10 percentage points compared to the previous 20% tariffs, which is expected to positively impact export-oriented textile manufacturing companies [1] Group 3: Event Impact - The Milan Winter Olympics has officially started, with the Chinese delegation participating in the largest number of events and athletes in overseas Winter Olympics history [1] - The presence of Chinese sports brands at the Milan event is anticipated to enhance global visibility and engagement in sports [1] - The increasing excitement around the Winter Olympics is expected to boost interest in ice and snow sports, as well as consumer enthusiasm for sports events, suggesting a focus on the sports sector as a catalyst for growth [1]

Group 1 - The 2026 Quanzhou Private Economy Development Conference was held, focusing on the theme of "inheriting and promoting the 'Jinjiang experience', deepening comprehensive reforms for market-oriented allocation of factors, and stimulating the vitality of private economic development" [1][5] - The top taxpayers among private enterprises in Quanzhou for 2025 were announced, with Jomoo Group exceeding 900 million yuan in taxes, ranking among the top three alongside Anta and Dali [1][5] Group 2 - The ranking of private enterprises in Quanzhou for 2025 includes one company exceeding 3 billion yuan in taxes (Anta Sports Products Group), one company exceeding 1 billion yuan (Dali Food Group), and one company exceeding 900 million yuan (Jomoo Group) [2][6] - Additionally, two companies exceeded 700 million yuan in taxes (Fujian Heng'an Group and Xtep Group), and one company exceeded 600 million yuan (361 Degrees (China) Limited) [2][6]

Core Insights - Zhang Shuihua, known as the "fastest female nurse," has become a signed athlete for the brand Xtep [1] - Two days prior, Linyin Avenue Custom Board announced Zhang Shuihua as its exclusive brand ambassador [1] - On February 10, the domestic sports eyewear brand hyperrun also signed Zhang Shuihua as a brand elite athlete [1] - Zhang Shuihua has appeared in the signing lists of three different brands within a month and a half of her departure from her previous role [1]

Group 1 - Zhang Shuihua has officially signed with the sports brand Xtep as a brand athlete, marking her second brand endorsement after leaving the hospital [1] - On January 2, Zhang Shuihua, known as the "fastest female nurse," announced her resignation from the hospital [2] - On February 10, the domestic sports eyewear brand hyperrun also announced Zhang Shuihua as a signed elite athlete [2]

Group 1 - Zhang Shuihua signed a contract with a major sports brand, becoming their signed runner shortly after signing with a sports eyewear brand on her 35th birthday [1] - The signing with the sports eyewear brand on February 10 marked Zhang's first commercial collaboration since transitioning to a full-time runner, generating significant interest in the running community [1] - The rapid succession of endorsements highlights Zhang's growing prominence in the sports industry [1]