Summary of Xtep International Conference Call Company Overview - **Company**: Xtep International - **Key Brand**: Saucony Industry Insights - **Running Shoe Market**: Anticipated growth driven by marathon events in the second half of the year, with Saucony emerging as a leading brand in this segment [2][4] - **Sales Performance**: Saucony's sales in July and August showed improvement over June, indicating a positive market recovery [4][11] Key Financial Metrics - **Sales Growth**: Xtep's main brand revenue grew by 4.5% in the first half of the year, primarily driven by volume increases rather than price adjustments [8] - **Sales Volume**: Expected total sales for the year are projected to reach 60 million pairs, with the Champion series expected to sell 8 million pairs, doubling from last year [2][6] - **Inventory Turnover**: Maintained at a healthy level of 4 to 4.5 months, with discounts stable at 30% to 32% [2][5] Product Strategy - **Product Range**: The product matrix includes high-end carbon plate shoes, mid-range options, and a mass-market series priced between 200 to 500 RMB [6][9] - **High-End Segment**: High-end running shoes are expected to account for over 10% of total sales, reflecting a growing demand for premium products [7] - **DTC Model**: All stores are now direct-to-consumer (DTC), enhancing operational efficiency and responsiveness to market changes [15][12] Marketing and Sponsorship - **Marketing Investment**: Xtep allocates 11% to 13% of revenue for marketing, with a significant portion directed towards marathon sponsorships [10] - **Brand Positioning**: Focus on high cost-performance and functional products to meet diverse consumer needs, particularly in urban areas [9][10] Future Outlook - **Revenue Projections**: Saucony's revenue is expected to grow by 30% to 40% this year, with a target of reaching 2 billion RMB in three years [4][22] - **Store Expansion**: Plans to open 30 to 50 new stores, with a focus on core urban areas, aiming for improved store efficiency [3][11] - **Product Development**: Continued emphasis on high-quality, functional products to cater to both casual and serious runners [9][20] Supply Chain and Production - **Supply Chain**: Saucony's international products are produced in Cambodia and Vietnam, while domestic products are entirely manufactured in China [16] - **SKU Expansion**: Increasing the number of SKUs in stores to enhance product variety and meet consumer demand [11] Additional Insights - **Children's Apparel**: Stable performance in children's clothing with no significant expansion plans, maintaining a good sales level [19] - **Future Acquisitions**: No current plans for acquiring additional running brands, focusing instead on maximizing the potential of existing brands [21] Conclusion Xtep International is positioned for growth in the running shoe market, leveraging its strong brand presence, effective marketing strategies, and a focus on product quality and consumer needs. The company anticipates significant revenue growth and improved profitability in the coming years.

呈交日期: 2025年9月2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 | | 0.01 | HKD | | 1,000,000,000 | 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: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 特步國際控股有 ...

Core Viewpoint - In H1 2025, the main brand Xtep achieved revenue of 6.053 billion yuan, a growth of 4.5%, with e-commerce maintaining double-digit growth. The inventory turnover days at the end of Q2 2025 were around 4-4.5 months, slightly increasing from Q1 2025. The professional sports segment, including Saucony and Merrell, generated revenue of 785 million yuan, a growth of 32.5%, with Saucony experiencing over 30% growth in sales. The operating profit for the professional sports segment was 79 million yuan, a significant increase of 236.8% [1][2][3]. Brand Performance - Xtep's main brand saw growth driven by children's products and e-commerce, with e-commerce accounting for over 30% of total revenue. The company plans to gradually implement a Direct-to-Consumer (DTC) strategy in H2 2025. The number of adult Xtep stores was 6,360, a decrease of 22 stores from the beginning of the year, while children's stores numbered 1,564, down by 20 stores. The brand's gross margin was 43.6%, a slight decrease of 0.3 percentage points, primarily due to a higher proportion of lower-margin children's products [2][4]. - The professional sports segment, including Saucony and Merrell, maintained rapid growth, with Saucony's sales increasing by over 30%. The gross margin for this segment was 55.2%, down by 1.6 percentage points, attributed to a higher proportion of commuting products. The number of Saucony stores reached 155, an increase of 10 stores from the beginning of the year [3][4]. Financial Performance - The company's total revenue for H1 2025 was 6.838 billion yuan, a growth of 7.1%, with a net profit of 914 million yuan, an increase of 21.5%. The proposed interim dividend is 0.18 HKD per share, with a payout ratio of 50% [1][4]. - Excluding the impact of the divested KP business, the net profit growth was 6.4%. The overall gross margin was 45.0%, with the operating profit margin at 19.1%, an increase of 0.4 percentage points [4]. Future Outlook - For H2 2025, Xtep plans to reclaim distribution rights for approximately 400-500 stores, with an expected short-term revenue impact. Saucony will accelerate its offline expansion, focusing on high-quality commercial areas in first and second-tier cities, planning to open 30-50 new stores [1][4]. - The company maintains a profit growth guidance of over 10% for 2025, with projected revenues of 14.32 billion, 15.26 billion, and 16.37 billion yuan for 2025-2027, reflecting growth rates of 5.5%, 6.6%, and 7.2% respectively [5].

Core Viewpoint - Xtep International reported a total revenue of 6.84 billion RMB for H1 2025, representing a year-on-year increase of 7.1%, with a net profit of 910 million RMB, up 21.5% year-on-year, indicating strong financial performance and growth potential in the sportswear market [1][2]. Financial Performance - Total revenue for H1 2025 was 6.84 billion RMB, with the main brand revenue increasing by 4.5% and professional sports revenue rising by 32.5% [1]. - The net profit attributable to shareholders was 910 million RMB, with a net profit margin of 13.4%, an increase of 1.6 percentage points year-on-year [2]. - The overall gross margin was 45%, slightly down by 0.1 percentage points from the previous year [2]. Brand and Product Performance - The main brand's revenue reached 6.05 billion RMB, accounting for 88.5% of total revenue, while professional sports revenue was 785 million RMB, making up 11.5% [1]. - Footwear revenue was 4.15 billion RMB, up 6.3%, while apparel revenue was 2.55 billion RMB, up 9.5% [1]. - The operating profit margin for the professional sports segment improved significantly by 6.1 percentage points to 10% [1]. Operational Efficiency - The company reported a 94.3% increase in net cash to 1.913 billion RMB, indicating strong liquidity [2]. - The average inventory turnover days were stable at 94 days, while accounts receivable turnover days increased by 12 days to 126 days [2]. Strategic Initiatives - As of H1 2025, the company operated 6,360 adult stores and 1,564 youth stores, with 70% of adult stores being new image stores [3]. - The company is focusing on enhancing its retail channels and expanding its presence in shopping centers and outlet stores [3]. - Xtep is strategically concentrating on the running segment, investing in R&D to strengthen its market position as the leading running brand in China [3]. Future Outlook - The company forecasts revenues of 14.48 billion RMB, 15.61 billion RMB, and 16.85 billion RMB for 2025-2027, with net profits of 1.39 billion RMB, 1.54 billion RMB, and 1.70 billion RMB respectively [3].

Core Viewpoint - Xtep International reported a 7.1% year-on-year revenue growth and a 21.5% increase in net profit attributable to shareholders for H1 2025, slightly exceeding expectations [1][2] Financial Performance - The company achieved a revenue of 6.838 billion RMB in H1 2025, with the main brand (Xtep) contributing 6.053 billion RMB, a 4.5% increase year-on-year, accounting for 88.5% of total revenue [1] - The professional sports segment (including Saucony and Merrell) saw a significant revenue increase of 32.5% to 785 million RMB, representing 11.5% of total revenue, driven by strong offline retail performance [1] - Gross margin decreased by 0.3 percentage points to 43.6%, with the main brand's gross margin also down by 0.3 percentage points [1] - Net profit attributable to shareholders rose to 914 million RMB, with a net profit margin increase of 1.6 percentage points to 13.4% [1] Dividend and Earnings Forecast - The company declared a dividend of 0.18 HKD per share, with a payout ratio of 50% [1] - Earnings per share (EPS) estimates for 2025-2027 have been revised to 0.55, 0.62, and 0.68 RMB, respectively, with a target price adjustment to 7.16 HKD [1][2] Operational Efficiency - As of H1 2025, the main brand had 7,924 stores, a net decrease of 42 stores since the beginning of the year, while Saucony increased its store count by 10 to 155 [2] - The company is focusing on enhancing its high-end brand image and expanding its product matrix with new series [2] Strategic Focus Post-Divestiture - Following the divestiture of KSWISS and Palladium, the company aims to concentrate resources on the main brand and Saucony, which is expected to lead to faster growth [2]

Core Viewpoint - Morgan Stanley's report indicates that Xtep International (01368.HK) is expected to benefit from the potential of Saucony, with projected sales and net profit compound annual growth rates of 7% and 13% respectively from 2025 to 2027 [1] Group 1: Financial Projections - Xtep's sales and net profit are projected to grow at compound annual growth rates of 7% and 13% from 2025 to 2027 [1] - The profit forecast for Xtep has been raised by 1% to 3% for the period from 2025 to 2027 [1] - The target price for Xtep has been increased from HKD 5.6 to HKD 7.4, with the rating upgraded from "Neutral" to "Overweight" [1] Group 2: Analyst Ratings - Nearly 28 investment banks have issued buy ratings for Xtep in the last 90 days, with an average target price of HKD 7.18 [1] - CMB International Capital Corporation Limited rated Xtep as "BUY" with a target price of HKD 7.20 [2] - The latest report from Dongfang Caifu Securities also gives Xtep an "Overweight" rating [1] Group 3: Company Metrics - Xtep International has a market capitalization of HKD 177.52 billion, ranking 6th in the apparel and home textiles industry [2] - Key performance indicators for Xtep include a Return on Equity (ROE) of 15.66%, a net profit margin of 13.36%, and a gross profit margin of 44.95% [3] - Xtep's debt ratio stands at 42.49%, which is lower than the industry average of 51.01% [3]

Core Viewpoint - Morgan Stanley's report indicates that Xtep International (01368) is expected to benefit from the potential of Saucony, with projected sales and net profit compound annual growth rates (CAGR) of 7% and 13% respectively from 2025 to 2027 [1] Group 1: Financial Projections - The group's earnings forecast for Xtep International has been raised by 1% to 3% for the period from 2025 to 2027 [1] - The target price for Xtep has been increased from HKD 5.6 to HKD 7.4, and the rating has been upgraded from "Neutral" to "Overweight" [1] Group 2: Saucony's Growth Potential - Saucony is expected to contribute approximately mid-double-digit sales growth by 2027, with operating profit growth projected to be mid to high double digits due to expanding operating profit margins [1] - The report is optimistic about Saucony's potential, forecasting nearly 30% sales CAGR over the next three years [1] Group 3: Retail Business Outlook - Xtep International's retail business is anticipated to improve in the second quarter, benefiting from the launch of signature products [1] - Despite intense competition, strong growth in the running product category is noted, although there are concerns about pricing pressure due to ongoing macroeconomic uncertainties [1]

Core Viewpoint - Morgan Stanley's report indicates that Xtep International (01368) is expected to benefit from the potential of Saucony, with projected sales and net profit compound annual growth rates (CAGR) of 7% and 13% respectively from 2025 to 2027 [1] Group 1: Financial Projections - Xtep's earnings forecast for 2025 to 2027 has been raised by 1% to 3% [1] - The target price for Xtep has been increased from HKD 5.6 to HKD 7.4 [1] - The rating for Xtep has been upgraded from "Neutral" to "Overweight" [1] Group 2: Saucony's Contribution - Saucony is expected to contribute approximately mid-double-digit sales growth by 2027 [1] - Operating profit growth from Saucony is anticipated to be mid to high double digits by 2027 [1] - The report is optimistic about Saucony's potential, forecasting nearly 30% sales CAGR over the next three years [1] Group 3: Retail Business Outlook - Xtep's retail business is expected to improve in Q2, benefiting from the launch of signature products [1] - Despite intense competition, strong growth in the running product category is noted [1] - There are concerns regarding macroeconomic uncertainties and pricing pressures [1]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01368 | 特步国际 | 6.780 | 5.28% | | 03818 | 中国动向 | 0.520 | 1.96% | | 02020 | 安踏体育 | 99.000 | 0.66% | | 02331 | 李宁 | 18.490 | 0.65% | | 02368 | 鹰美 | 3.900 | 0.26% | 个股方面，特步国际日前发布2025年上半年财报。数据显示，特步上半年实现营收约68.4亿元，同比增 长7.1%；净利润同比大增21.5%至9.14亿元，创下上市以来中期业绩新高。李宁将于8月21日(今日)举行 董事会会议批准中期业绩。星展银行将李宁目标价从17.4港元上调至19.5港元。(格隆汇) 港股体育用品股普遍上涨，其中，特步国际涨超5%录得6连升，并且刷新阶段新高，中国动向涨2%， 安踏体育、李宁、鹰美皆有涨幅。 消息上，国务院新闻办日前举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期体 育强国建设成就。据介绍，体育产业成为经济发展新亮点。出台冰雪经济、户外 ...

8月21日，特步国际(01368)盘中上涨5.43%，截至10:21，报6.79元/股，成交8088.14万元。 特步国际控股有限公司是一家多品牌体育用品公司，主营成人和儿童运动鞋、服装及配饰的设计、研 发、销售与品牌管理。集团通过超过8,100家门店的分销网络，旗下拥有特步、索康尼和迈乐等品牌， 覆盖大众及专业运动市场。 本文源自：金融界 作者：行情君 截至2025年中报，特步国际营业总收入68.38亿元、净利润9.14亿元。 8月20日，第一上海证券维持买入评级,目标价7.36港元。 ...