香 港 交易 及 結 算 所 有限 公 司 以 及香 港 聯 合 交 易所 有 限 公 司 對本 公 佈 的 內容 概 不 負責 ， 對 其 準 確性 或 完 整 性亦 不 發 表 任 何聲 明 ， 並 明 確表 示 ， 概 不對 因 本 公佈 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 Holdings Limited 特 步 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1368） 根據二零二五年股份獎勵計劃授出獎勵 於 二 零 二 五 年 九 月 五 日 ， 本 公 司 根 據 二 零 二 五 年 股 份 獎 勵 計 劃 的 條 款 向 超過100名選定參與者授出的獎勵涉及50,000,000股獎勵股份（ 須待承授人 接納後方可作實 ），佔於本公佈日期已發行股份總數約1.80 %。 授出獎勵 於 二 零二 五 年 九 月 五日 ， 本 公 司根 據 二 零 二 五年 股 份 獎 勵 計劃 的 條 款 向超 過100名選定參與者授出的獎勵涉及50,000,000股 ...

Group 1 - The Hong Kong stock market experienced a slight rebound after three consecutive days of decline, with the Hang Seng Index rising 0.35% to 25,145 points and the Hang Seng Tech Index increasing 0.52% to 5,608 points [1] - The textile and apparel sector showed overall strength, with notable gains from companies such as Li Ning (up over 3.5%), Anta Sports, and others [1] - The State Council issued an opinion aimed at enhancing sports consumption potential and promoting high-quality development in the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030 [1] Group 2 - Goldman Sachs raised its target price for Hong Kong Exchanges and Clearing (HKEX) from 509 HKD to 524 HKD, maintaining a "Buy" rating, reflecting confidence in the company's strategic direction and long-term growth potential [2] - Despite a recent weak performance in the Hong Kong stock market, analysts believe that the market remains undervalued globally, with significant inflows from southbound funds exceeding 112.1 billion HKD in August [2] - Analysts from Guotai Junan Securities (Hong Kong) and Guoyuan Hong Kong express optimism about the structural opportunities in the Hong Kong market, particularly in the technology, consumer, and pharmaceutical sectors [2]

Group 1 - The core viewpoint of the article highlights a positive market response in the sportswear sector, with notable stock price increases for companies like Li Ning, Anta Sports, and Xtep International following government policy announcements aimed at boosting the sports industry [1] - The State Council has issued a directive to accelerate the construction of a modern sports industry system, aiming to significantly enhance sports consumption and the overall strength and competitiveness of the sports industry by 2030, with a target total scale exceeding 7 trillion yuan [1] - Shanghai Securities emphasizes that the sports industry is becoming a crucial driver for economic growth and transformation, suggesting that the high demand for sports apparel is likely to continue due to favorable policies aimed at expanding domestic demand and boosting consumer confidence [1] Group 2 - The article notes that the outdoor economy is stimulating high demand for sports apparel, indicating a robust market environment for this segment [1] - The government’s focus on reform and innovation is expected to empower high-quality development in the sports sector, further supporting the growth of sportswear sales [1] - The sports industry is recognized as an important contributor to the new economic development momentum, highlighting its role in the broader economic landscape [1]

Core Viewpoint - The Chinese sports goods sector is experiencing a positive market response following the government's push to enhance the sports industry and consumer spending, with significant growth expected by 2030 [1] Industry Summary - The State Council has issued a directive to accelerate the construction of a modern sports industry system, aiming to boost sports consumption and enhance the overall strength and competitiveness of the sports industry [1] - By 2030, the goal is to cultivate a number of globally influential sports enterprises and events, with the total scale of the sports industry expected to exceed 7 trillion yuan [1] - The sports industry is recognized as a vital force in driving economic growth and facilitating the transformation and upgrading of the economy [1] Company Summary - Major sports companies such as Li Ning, Anta Sports, Xtep International, and Tabo have seen their stock prices rise, indicating strong market sentiment [1] - Shanghai Securities highlights the outdoor economy's role in boosting sales of sports apparel, suggesting a focus on high-certainty opportunities and high-growth segments within the industry [1] - The government's emphasis on reform and innovation is expected to empower high-quality development in the sports sector, sustaining the high demand for sports apparel [1]

Group 1: Industry Overview - The State Council issued an opinion to enhance the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030, with significant improvements in development levels [1] - The sports industry in China reached a total scale of 3.67 trillion yuan in 2023, with an average annual growth rate of 10.3% since the 14th Five-Year Plan [1] - The sports service industry, led by competition performance and fitness leisure sectors, accounted for 72.7% of the added value in the sports industry [1] Group 2: Outdoor and Ice Sports Development - The opinion emphasizes the development of outdoor sports, proposing differentiated development based on local natural resources and promoting high-quality outdoor sports destinations [2] - The ice and snow economy is being cultivated, with measures to support ice sports equipment and expand participation in ice sports [2] - The outdoor sports online consumption is projected to reach approximately 300 billion yuan by 2024, with participation expected to be around 200 million people [3] Group 3: Financial Support and Investment - The opinion encourages financial institutions to optimize financing services for sports enterprises, including support for listings, refinancing, and asset securitization [3] - The sports industry has seen significant investment activity, with 16 disclosed financing events totaling about 559 million yuan as of September 4, 2025 [4] - The domestic consumption stimulus policies are expected to improve macro consumption conditions, benefiting the sports apparel market [4] Group 4: Company Performance - Li Ning has established a clear product matrix and is focusing on product development, aiming to strengthen its market share against international brands [6] - Anta Sports reported a 15% year-on-year increase in net profit, driven by a 14% revenue growth, with an improved operating profit margin [6] - Xtep International achieved a revenue of 6.838 billion yuan for the first half of 2025, a 7.14% increase year-on-year, with significant growth attributed to online sales channels [6]

Summary of Xtep International Conference Call Company Overview - **Company**: Xtep International - **Industry**: Sportswear and Footwear Key Points Sales Performance - Xtep International's recent sales performance has outpaced competitors, driven by new product launches such as the 160×7 and X7 Pro, with the champion series carbon plate running shoes expected to sell 8 million pairs, achieving a 50% market share in marathons, significantly surpassing Nike [2][6][4] Product Strategy - The company covers a wide range of consumer segments through different price tiers, with high-end products priced between 160, 260, and 360 series, and mass-market offerings like the Qingyun series priced from 299 to 799 yuan, catering to various consumer needs [2][7] - The children's apparel segment is growing faster than adult products, focusing on functional products for ages 8 to 12, developed in collaboration with universities to enhance product competitiveness and parental trust [2][8] Financial Metrics - Despite a decline in gross margin in the first half of 2025 due to an increased proportion of lower-margin apparel products, the company anticipates a gradual recovery in gross margin as scale effects and brand strength improve [2][9] Inventory and Sales Growth - Inventory turnover remains stable at approximately 4 to 4.5 months, with discounts maintained between 70% to 75% [3] - Same-store sales growth exceeded 25% in the first half of 2025, with e-commerce single-store sales surpassing 400,000 yuan [5][11] E-commerce and Marketing - E-commerce sales are projected to continue double-digit growth, with a focus on major platforms and live-streaming channels to enhance brand exposure [21] - The company plans to increase marketing investments in the Saucony brand while ensuring stable growth for the main brand [12][14] International Expansion - Xtep's overseas market share has rapidly increased to about 1%, with strategic focus on Southeast Asia, the Middle East, and the broader Russian region, utilizing a distributor model for market penetration [19][20] Future Outlook - For 2025, the main brand is expected to maintain stable growth, while Saucony is projected to achieve a 30% to 40% increase in sales, with plans to expand product categories and reach a scale of at least 2 billion yuan by 2027 [22][23] Differentiation Strategy - Xtep differentiates itself from competitors by focusing on professional running shoes and sponsoring major running events, positioning itself as a leader in marathon participation rates [15] Direct-to-Consumer (DTC) Strategy - The company plans to transition 100 to 200 stores to a DTC model in 2025, with an aim to enhance operational efficiency and control over sales channels [16][17] Children's Footwear Strategy - Xtep is implementing a comprehensive service system for children's footwear, including testing and recommending suitable products, which has led to increased gross margins in this segment [9] Additional Insights - The company is leveraging collaborations with educational institutions to develop products that meet children's developmental needs, enhancing brand trust among parents [8]

Group 1 - FIL Limited increased its stake in Xtep International by acquiring 1.1135 million shares on August 29 [1] - The purchase price per share was 6.6323 HKD, totaling approximately 7.3851 million HKD [1] - Following this transaction, FIL Limited's total shareholding in Xtep International reached approximately 167 million shares, representing a 6.01% ownership stake [1] Group 2 - The related parties involved in this transaction include Pandanus Associates Inc. and Pandanus Partners L.P. [1]

Group 1 - FIL Limited increased its stake in Xtep International (01368.HK) by acquiring 1,113,500 shares at an average price of HKD 6.6323 per share, totaling approximately HKD 7.3851 million [1] - Following the acquisition, FIL Limited's total shareholding rose to 167,120,355 shares, increasing its ownership percentage from 5.97% to 6.01% [1]

香港联交所最新资料显示，8月29日，FlL Limited增持特步国际(01368)111.35万股，每股作价6.6323港 元，总金额约为738.51万港元。增持后最新持股数目约为1.67亿股，最新持股比例为6.01%。 本次交易涉及其他关联方：Pandanus Associates inc.、Pandanus Partners L.P.。 ...

Group 1 - FII Limited increased its stake in Xtep International (01368) by 1.1135 million shares at a price of HKD 6.6323 per share, totaling approximately HKD 7.3851 million [1] - After the transaction, FII Limited's total shareholding in Xtep International is approximately 167 million shares, representing a stake of 6.01% [1] - The transaction involved other related parties: Pandanus Associates Inc. and Pandanus Partners L.P. [1]