消息面上，特步国际午间发布2025年第四季度及全年中国内地业务营运状况，截至2025年12月31日止3 个月，特步主品牌零售销售(包括线上线下渠道)同比持平，零售折扣水平为七至七五折；索康尼零售销 售(包括线上线下渠道)实现超过30%同比增长。 截至2025年12月31日止年度，特步主品牌零售销售(包括线上线下渠道)实现低单位数同比增长，渠道存 货周转约四个半月；索康尼零售销售(包括线上线下渠道)实现超过30%同比增长。 智通财经APP获悉，特步国际(01368)午后跌近3%，截至发稿，跌2.87%，报5.08港元，成交额4075.51万 港元。 ...

Group 1 - The core viewpoint of the article indicates that Xtep International's retail sales for its main brand remained flat year-on-year, while its subsidiary Saucony experienced over 30% year-on-year growth in retail sales [1] - The retail discount level for Xtep's main brand is reported to be between 70% to 75% [1] - The market capitalization of Xtep International is 14.479 billion HKD, ranking 7th in the apparel and home textiles industry [1] Group 2 - Investment banks predominantly rate Xtep International as a buy, with three banks issuing buy ratings in the last 90 days [1] - The average target price for Xtep International over the past 90 days is 8.23 HKD, with Huaxing Securities setting a target price of 8.15 HKD [1]

截至2025年12月31日止年度，特步主品牌零售销售(包括线上线下渠道)实现低单位数同比增长，渠道存 货周转约四个半月;索康尼零售销售(包括线上线下渠道)实现超过30%同比增长。 特步国际(01368)2025年第四季度及全年中国内地业务营运状况，截至2025年12月31日止3个月，特步主 品牌零售销售(包括线上线下（300959）渠道)同比持平，零售折扣水平为七至七五折;索康尼零售销售 (包括线上线下渠道)实现超过30%同比增长。 ...

Core Viewpoint - The retail sales performance of Xtep International's main brand remained flat year-on-year, while Saucony experienced significant growth exceeding 30% in the same period [1] Group 1: Retail Sales Performance - For the three months ending December 31, 2025, Xtep's main brand retail sales (including online and offline channels) showed no year-on-year change, with retail discount levels ranging from 70% to 75% [1] - For the fiscal year ending December 31, 2025, Xtep's main brand retail sales achieved low single-digit year-on-year growth, with inventory turnover at approximately four and a half months [1] - Saucony's retail sales (including online and offline channels) achieved over 30% year-on-year growth for both the three-month and annual periods [1]

2025年，特步主品牌零售销售增长(包括线上线下渠道)实现低单位数同比增长，渠道存货周转约四个半 月。索康尼零售销售增长(包括线上线下渠道)实现超过30%同比增长。 格隆汇1月23日丨特步国际(01368.HK)公布2025年第四季度及全年中国内地业务营运状况，2025年第四 季度，特步主品牌零售销售增长(包括线上线下渠道)同比持平，零售折扣水平约七至七五折。索康尼零 售销售增长(包括线上线下渠道)实现超过30%同比增长。 ...

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之內容概不負 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之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） 二零二五年第四季度及全年中國內地業務營運狀況 本 公 佈 由 特 步 國 際 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司「 本 集 團 」）董 事 會 （「董事會」）發出。 營運狀況（截至二零二五年十二月三十一日止三個月） 特步主品牌 | 零售銷售增長（包括線上線下渠道） | 同比持平 | | --- | --- | | 零售折扣水平 | 七至七五折 | 索康尼 | | | 營運狀況（截至二零二五年十二月三十一日止年度） 特步主品牌 | 零售銷售增長（包括線上線下渠道） | 低單位數同比增長 | | --- | --- | | 渠道存貨週轉 | 約四個半月 | 索康尼 | | | – 1 – 本公司股東及 ...

Market Performance - The Hong Kong stock market showed resilience, with the Hang Seng Index and the Hang Seng Tech Index recovering from previous declines, closing up by 0.37% and 1.11% respectively [1][2] - The overall market remained stable despite a significant drop in US stocks overnight [1] Sector Performance - Major technology stocks saw gains, with notable increases in shares of Hua Hong Semiconductor (up over 5%) and SenseTime (up over 4%) [4][5] - Semiconductor stocks were active, driven by positive sentiment in the AI-driven storage cycle, with companies like Zhaoyi Innovation reaching new highs [2][7] - Gold stocks surged, led by Chifeng Jilong Gold (up over 9%) and Lingbao Gold (up over 8%), as spot gold prices broke through $4,880 [6][8] Individual Stock Movements - The stock of Skyworth Group soared over 37% after announcing a distribution of shares in Skyworth Photovoltaic and plans for a mainboard listing [16] - Southbound funds recorded a net inflow of HKD 13.93 billion, indicating strong investor interest [19] Future Outlook - Analysts predict that the Hang Seng Index could challenge the 30,000 to 31,000 point range by 2026, as current valuations remain below historical averages [21]

Group 1 - BlackRock, Inc. increased its stake in Xtep International (01368.HK) by purchasing 2.255 million shares at an average price of HKD 5.2647 per share, totaling approximately HKD 11.872 million [1] - Following the acquisition, BlackRock's total shareholding in Xtep International rose to 169,725,072 shares, increasing its ownership percentage from 5.97% to 6.05% [1]

Core Insights - The Chinese footwear and apparel industry is experiencing significant differentiation in 2025 due to dual influences of market adjustment and industrial transformation, with the sports and outdoor segment leading the way [1][2] - Domestic brands are reshaping the market landscape through technological innovation and globalization, while traditional brands struggle with high inventory and rigid channels [1][2] Industry Performance - In the first three quarters, revenue for large apparel enterprises fell by 4.63% year-on-year, with total profits declining by 16.19%, reflecting severe industry pressure [1] - The sports footwear and apparel market is projected to reach a scale of 598.9 billion yuan, with predictions of exceeding 896.3 billion yuan by 2030 [1] Brand Dynamics - Traditional brands are facing significant growth challenges, with examples like Fuqiniaos declaring bankruptcy and Red Dragonfly reporting losses [2] - In contrast, domestic sports brands are rising, with local brands expected to hold about 60% of the market share among the top 20 brands by 2025 [2] Market Concentration - The market is shifting towards concentration, with the top 20 companies accounting for over 30% market penetration, leading to a widening gap between large and small enterprises [3] - Adidas reported a 10% year-on-year revenue increase in the Greater China region, while Nike faced a 17% decline in revenue, highlighting the contrasting fortunes of international brands [3] Channel Innovation - The industry is witnessing a shift towards deep exploration of niche markets and a reconstruction of channel models, with a focus on offline large stores and online instant retail [4][6] - Major brands are opening large stores, with Anta planning to add 160 new "super stores" by 2025, which can achieve 2-2.5 times the sales efficiency of regular stores [6] Globalization and High-End Trends - The industry is expected to see trends of high-end, global, and technological advancements, with brands needing to differentiate and operate finely to survive [7][8] - Domestic brands are increasingly expanding overseas, with companies like Semir and HLA establishing over 100 stores in Southeast Asia, although many are still in the early stages of international branding [7] Consumer Behavior - Consumers are becoming more mature and rational, seeking high-quality and precise consumption, which poses a threat to brands lacking innovation and differentiation [9] - There remains untapped potential in the mass and middle-aged markets in China, indicating areas for future growth [9]

香港联交所最新资料显示，1月14日，贝莱德增持特步国际(01368)225.5万股，每股作价5.2647港元，总 金额约为1187.19万港元。增持后最新持股数目约为1.7亿股，最新持股比例为6.05%。 ...