港股公司报告 | 公司点评 特步国际（01368） 证券研究报告 索康尼进入高势能成长通道 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。 聚焦跑步，巩固市场领导地位 特步品牌：特步推出多款跑鞋，如「160X」冠军跑鞋系列、「360X 2.0」碳 板跑鞋、「青云」缓震旗舰跑鞋系列等，助力多名运动员斩获马拉 ...

格隆汇9月5日丨特步国际(01368.HK)公告，于2025年9月5日，公司根据2025年股份奖励计划的条款向超 过100名选定参与者授出的奖励涉及5000万股奖励股份(须待承授人接纳后方可作实)，占于本公布日期 已发行股份总数约1.80%。 ...

Group 1 - The company, Xtep International (01368), announced that on September 5, 2025, it will grant awards involving 50 million shares to over 100 selected participants under the 2025 Share Award Scheme [1] - The awarded shares represent approximately 1.80% of the total issued shares as of the announcement date [1]

Group 1 - The company, Xtep International (01368), announced a share award plan set for September 5, 2025, involving the grant of 50 million shares to over 100 selected participants [1] - The awarded shares represent approximately 1.80% of the total issued shares as of the announcement date [1]

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 ...

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]