证券研究报告 | 公司点评 | 服装家纺 跑步心智向上，索康尼如期靓丽 ——特步国际点评报告 投资要点 ❑ 公司发布 2025Q4 运营情况，特步主品牌流水同比持平，零售环境疲软下维持稳 健；索康尼流水同比+30%以上，线下高速增长，电商调整顺利。2025 年全年特 步主品牌流水低单位数增长，索康尼流水同比+30%以上，全年目标顺利达成。 ❑ 主品牌：Q4 流水持平，25 年低单增长，跑步户外增长领跑 特步主品牌 25Q4 流水同比持平，Q4 分月来看,10-11 月流水表现好于 12 月；25 年流水低单位数增长，受跑步品类和电商渠道均双位数增长拉动，整体维持稳健 增长态势，跑步品牌势能持续向上，25 年 11 月上海马拉松赛事中公司旗舰碳板 跑鞋 160X 7.0 PRO 助力运动员丰配友斩获男子组冠军，特步品牌全局选手穿着 率继续稳居第一达到 21.5%。主品牌 25Q4 折扣 70-75 折，同比持平，25 年末库 销比约 4.5 个月，库存状况健康，折扣较为可控。 ❑ 索康尼：店效快速提升，电商调整顺利 索康尼 25Q4 和 25 全年流水均同比增长 30%以上，顺利完成全年目标，Q4 增长 环比加 ...

证券研究报告 | 2026年01月23日 2026年01月24日 2026年01月27日 3、投资建议：看好主品牌发挥跑步品类优势销售稳健增长，专业运动品牌快速增长盈利提升。公司聚焦 跑步领域、发挥跑步品类专业优势，四季度在气温和春节延迟的负面因素影响下，主品牌流水保持同比持 平，跑鞋品类及核心系列"两千公里"、"冠军家族"表现亮眼；专业运动品牌索康尼环比提速至 30%以 上增长，全年 30%的增速达成管理层此前指引。我们看好未来主品牌聚焦大众市场获得稳健增速，索康尼 和迈乐分别聚焦"双精英人群"和户外，保持较快增速，并在未来 3-5 年盈利持续提升。我们维持盈利预 测，预计 2025-2027 年净利润分别为 14.0/14.9/16.0 亿元，同比增长 13.2%/5.9%/7.7%。维持 6.1-6.6 港 元的合理估值区间，对应 2026 年 11-12x PE，维持"优于大市"评级。 评论： 第四季度特步主品牌流水同比持平、折扣保持稳定，库存小幅上升；索康尼流水增长 30%，迈乐流水增 长双位数 公司公告：1 月 23 日，公司发布 2025 年第四季度及全年营运状况，第四季度特步主品牌线上线下全渠 ...

Company Dynamics - The company reported its Q4 2025 operational performance, with the main brand's retail revenue remaining flat year-on-year, retail discounts maintained at 70-75%, and channel inventory turnover at 4.5 months by the end of December [1] - The Saucony brand saw retail revenue growth of over 30% year-on-year, with strong performance in offline channels and an average store efficiency of 450,000 yuan per month [1] Commentary - The retail environment has experienced fluctuations, but the main brand's operations remained stable in Q4 2025, with online channels, particularly live e-commerce, performing well [1] - Monthly performance showed stability in October and November due to the Golden Week and Double Eleven promotions, while December's performance was affected by weather conditions [1] - The main brand's retail discounts remained stable, and the turnover of channel inventory was at a healthy level [1] - The functional category continued to perform well, with the running category achieving double-digit growth year-on-year [1] Future Plans - In 2026, the main brand will focus on enhancing offline store efficiency, with plans to convert 200 stores to DTC (Direct-to-Consumer) model in Q4 2025 and continue this strategy [2] - The company plans to open 20-30 new gold standard leading stores in 2026, with a focus on core business districts in first and second-tier cities [2] - The company aims to accelerate the layout of selected outlet stores, planning to open 70-100 new outlet stores in 2026, with existing stores achieving monthly efficiencies exceeding 1 million yuan [2] - For the Saucony brand, the management plans to strengthen its high-end sports image in 2026, targeting high-end consumer groups and upgrading channels to enhance store efficiency [2] Earnings Forecast and Valuation - The company maintains its EPS forecasts for 2025 and 2026 at 0.49 and 0.55 yuan respectively, and introduces a 2027 EPS forecast of 0.61 yuan [2] - The current stock price corresponds to an 8x P/E ratio for 2026, with a target price adjustment down by 11% to 6.47 HKD, indicating a 27% upside potential from the current stock price [2]

风险提示：消费恢复低于预期；存货风险增加；市场竞争加剧风险 库存与折扣维持健康水平，经营情况稳定。四季度零售折扣率稳定在7-7.5 折，公司在双十一、双十二 及春节前促销中灵活调整，通过合理策略提升终端销售，折扣力度符合预期。至四季度末，主品牌库销 比约为4.5 个月，保持在合理水位，整体运营情况稳健。 渠道优化持续深化，DTC 转型稳步推进。 主品牌渠道升级持续推进，九代店及以上新型门店占比超七 成，12 月在上海开设首家金标领跑店，融合产品、服务与社群以优化用户体验，26 年计划新增20-30 家。同时，奥莱渠道也在加速布局，25-26 年规划开设70-100 家精选奥莱店，目前已开30 家左右，平均 面积600-800 平米，月店效普遍超百万元，26 年将加大奥莱渠道专供款投入。DTC 转型有序推进，25 年收回约200 家门店，26 年计划再回收300-400 家（累计约500 家），以加快对市场和消费需求变化的 反应速度。目前收回门店占整体6300 多家店的规模相对有限，对收入及财务报表的影响相对轻微。 产品迭代创新成果丰硕，专业优势持续巩固。25 年主品牌依然是功能性产品表现强劲，跑步品类全年 双 ...

机构：东北证券 研究员：刘家薇/苏浩洋 索康尼维持高速增长。2025Q4 索康尼全渠道零售同比增长超30%，环比增速提升。Q2 以来公司对索康 尼电商渠道主动调整，减少低价位段及低折扣产品，。产品方面，索康尼持续增加服装及OG 产品线， 打造丰富的产品矩阵，提升单店店效。渠道拓展方面，索康尼维持积极的高端渠道开店策略，目前仍处 于线下门店布局早期，开店空间广阔。 事件： 投资建议：特步主品牌深耕跑步稳健增长，索康尼维持高速增长。预计公司2025 — 2027 年实现营业收 入同比增长6.1%/8.9%/7.7% 至144.1/156.9/169 亿元。归母净利润同比增长12.1%/11.5%/9.5% 至 13.9/15.5/16.9 亿元，对应估值9/8/7 倍，维持其"买入"评级。 公司发布2025Q4 营运状况。2025Q4，特步主品牌全渠道零售销售同比基本持平，索康尼全渠道销售同 比增长超30%。 风险提示：新品开发不及预期，门店拓展不及预期，市场竞争加剧，盈利预测及估值不及预期等 点评： 特步主品牌基本保持稳健。2025Q4 特步主品牌全渠道零售同比基本持平，环比Q3 低单位数的增速有所 放缓。分渠 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance is described as meeting market expectations, indicating a positive outlook for investors [2]. Core Insights - The company demonstrated resilience in its operations, achieving key performance indicators for revenue, profit, and inventory health in 2025, with the main brand showing low single-digit growth despite a high base and challenging consumer environment [2][3]. - The subsidiary brand, Saucony, continued its strong growth trajectory, achieving over 30% year-on-year growth, becoming a significant growth driver for the company [2][3]. - The company maintains a healthy inventory turnover of approximately 4.5 months, with retail discounts remaining stable, reflecting solid operational quality [2][3]. Brand Performance - The main brand focused on deepening its core running category, with the Champion series running shoes seeing sales double, showcasing product strength and market recognition [3]. - Saucony's high-end strategy has proven effective, with significant growth in key marathon events, enhancing brand influence and market position [3]. Channel and Operations - The company is advancing its Direct-to-Consumer (DTC) transformation, having closed approximately 200 stores in 2025 and planning to close an additional 300-400 in 2026 to improve operational efficiency and market responsiveness [4]. - The online business is thriving, with the main brand's e-commerce growth leading the way, and cross-border e-commerce revenue increasing by over 200% [4]. Outlook - The company has established a clear dual strategy focusing on consolidating the mass market with its main brand while pushing Saucony into the high-end segment, with confidence in doubling Saucony's revenue by 2027 [4]. - Marketing investments will be more focused in 2026, aligning with the anticipated sports year, which is expected to enhance brand visibility while maintaining profit levels [4]. Financial Forecast - The company forecasts net profits for 2025-2027 to be CNY 1.346 billion, CNY 1.460 billion, and CNY 1.630 billion, respectively, with corresponding P/E ratios of 9.49X, 8.75X, and 7.83X [4].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations for significant revenue growth in the coming years [10]. Core Insights - The main brand of the company has shown stable performance, with retail sales remaining flat year-on-year in Q4 2025, while the subsidiary brand, Saucony, has experienced over 30% year-on-year growth in sales [1][3]. - The company is focusing on upgrading its main brand stores to new formats and expanding its presence in high-end urban areas, with plans to open 70-100 outlet stores by the end of 2026 [2][3]. - Revenue projections for the company are expected to grow by 6.1% in 2025, 8.9% in 2026, and 7.7% in 2027, reaching 144.1 billion, 156.9 billion, and 169 billion yuan respectively [3]. Financial Summary - For 2023, the company reported a revenue of 14,345.51 million yuan, with a projected revenue of 13,577.22 million yuan for 2024, followed by 14,408.10 million yuan in 2025 [4]. - The net profit attributable to the parent company is expected to grow from 1,030.01 million yuan in 2023 to 1,388.28 million yuan in 2025, reflecting a growth rate of 12.1% [4]. - The company’s earnings per share (EPS) is projected to be 0.49 yuan in 2025, with a price-to-earnings (P/E) ratio of 9.14 [4].

公司公布2025年第四季度营运情况：特步主品牌零售流水同比持平，零售折扣七至七五折，12月末渠道 库存周转4.5个月；Saucony品牌零售流水同比增长超30%。 智通财经APP获悉，中金发布研报称，基本维持特步国际(01368)2025/26年EPS预测0.49/0.55元不变，引 入27年EPS预测0.61元，当前股价对应8倍 2026 年市盈率，维持跑赢行业评级。考虑行业估值中枢下 移，下调目标价11%至6.47港元，对应26年11x P/E，较当前股价有27%的上行空间。 中金主要观点如下： 公司近况 26年主品牌注重提升线下店效，索康尼品牌高端化 特步主品牌线下渠道逐步优化提升，管理层表示4Q25已回收200家门店转为DTC模式，26年继续按计划 推进。新店型方面，2H25公司分别在西安、上海南翔开设金标领跑店，截至目前表现符合公司预期， 26年计划新开设20-30家金标领跑店。公司继续加快精选奥莱门店布局，25年已开出20+门店，规划在26 年开设70-100家精选奥莱店，已有门店月店效超100万元。索康尼方面，管理层规划2026年线下加强高 端运动形象，切入高端消费群体，渠道升级以提升店效，产品 ...

中金发布研报称，基本维持特步国际(01368)2025/26年EPS预测0.49/0.55元不变，引入27年EPS预测0.61 元，当前股价对应8倍2026年市盈率，维持跑赢行业评级。考虑行业估值中枢下移，下调目标价11%至 6.47港元，对应26年11x P/E，较当前股价有27%的上行空间。 特步主品牌线下渠道逐步优化提升，管理层表示4Q25已回收200家门店转为DTC模式，26年继续按计划 推进。新店型方面，2H25公司分别在西安、上海南翔开设金标领跑店，截至目前表现符合公司预期， 26年计划新开设20-30家金标领跑店。公司继续加快精选奥莱门店布局，25年已开出20+门店，规划在26 年开设70-100家精选奥莱店，已有门店月店效超100万元。索康尼方面，管理层规划2026年线下加强高 端运动形象，切入高端消费群体，渠道升级以提升店效，产品上继续投入研发，持续提升服装、休闲 OG系列的占比。 风险提示：行业竞争加剧，终端零售环境不及预期，渠道转型不及预期。 中金主要观点如下： 公司近况 公司公布2025年第四季度营运情况：特步主品牌零售流水同比持平，零售折扣七至七五折，12月末渠道 库存周转4.5个月 ...

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 | [Table_Title] 【 广 发 纺 服 | 海 外 】 特 步 国 际 & | | --- | --- | | （01368.HK） | | | 25Q4 | 主品牌稳健，索康尼环比提速 | [Table_Summary] 核心观点： 盈利预测：*本文如无特殊说明，货币单位均为人民币，1HKD=0.90CNY | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 12,743 | 13,577 | 14,416 | 15,516 | 16,868 | | 增长率（ % ） | -1.5% | 6.5% | 6.2% | 7.6% | 8.7% | | EBITDA | 2,120 | 2,379 | 2,343 | 2,571 | 2,813 | | 归母净利润 | 1,030 | 1,238 | 1,362 | 1,514 | 1,668 | | ...