香 港 交易 及 結 算 所 有限 公 司 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。 本 公 佈或 其 任 何 副 本皆 不 得 在 美國 或 在 發 放 或分 派 本 公 佈 可能 違 法 的 任何 其他司法管轄區境內直接或間接發放或分派。 本 公 佈僅 供 參 考 ， 並不 構 成 收 購、 購 買 或 認 購本 公 司 任 何 證券 的 邀 請 或要 約。 本 公 佈僅 供 參 考 ， 並不 構 成 收 購、 購 買 或 認 購本 公 司 任 何 證券 的 邀 請 或要 約 。 本公 佈 並 不 構 成或 組 成 在 美國 購 買 或 認 購證 券 的 任 何 要約 或 游 說 的一 部 分。 本公 佈所 指證 券不 會且 將不 會根 據一 九三 三年 美國 證券 法（「美 國證 券 法」）登 記， 且未 經登 記或 獲豁 免遵 守 ...

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: 2026年1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: 特步國際控股有限公司 呈交日期: 2026年2月4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 | | 1,000,000,00 ...

Group 1 - The company announced that as of the publication date, the outstanding principal of the 2025 convertible bonds is HKD 500 million, which can be converted into approximately 83.19 million shares at an adjusted conversion price of HKD 6.01 per share [1] - On January 30, 2026, the company entered into an agreement with the dealer to assist in collecting the intentions of bondholders willing to sell their 2025 convertible bonds back to the company [1] - Bondholders accepting the buyback offer will receive a buyback price equivalent to 100.50% of the total principal amount of the 2025 convertible bonds, along with any accrued unpaid interest [1] Group 2 - On January 30, 2026, the company entered into a subscription agreement for convertible bonds, under which the dealer conditionally agreed to subscribe for or facilitate the subscription of bonds totaling HKD 500 million [2] - The issue price of the bonds will be 100% of the principal amount, with each bond having a face value of HKD 2 million [2] - Assuming a preliminary conversion price of HKD 6.37 per share, the bonds can be converted into a maximum of approximately 78.49 million new shares, representing about 2.80% of the company's current issued share capital [2]

Group 1 - The company announced that the outstanding principal of the 2025 convertible bonds is HKD 500 million, which can be converted into approximately 83.19 million shares at an adjusted conversion price of HKD 6.01 per share [1] - As of the announcement date, the company has received commitments from eligible bondholders to sell the entire outstanding principal amount of HKD 500 million of the 2025 convertible bonds, equivalent to 100% of the outstanding principal [1] - The company has entered into a subscription agreement with the underwriter for the issuance of HKD 500 million of new convertible bonds, with a subscription price equal to 100% of the principal amount [2] Group 2 - The new bonds will have a preliminary conversion price of HKD 6.37 per share, allowing for a maximum conversion into approximately 78.49 million new shares, representing about 2.80% of the company's current issued share capital [2] - The net proceeds from the bond issuance are expected to be approximately HKD 492 million, which the company plans to use for refinancing the outstanding 2025 convertible bonds [2] - The new bonds are intended to be listed on the Vienna Stock Exchange [2]

香 港 交易 及 結 算 所 有限 公 司 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。 本 公 佈或 其 任 何 副 本皆 不 得 在 美國 或 在 發 放 或分 派 本 公 佈 可能 違 法 的 任何 其他司法管轄區境內直接或間接發放或分派。 本 公 佈僅 供 參 考 ， 並不 構 成 收 購、 購 買 或 認 購本 公 司 任 何 證券 的 邀 請 或要 約。 本 公 佈 並 不 構 成 或 組 成 在 美 國 購 買 或 認 購 證 券 的 任 何 要 約 或 游 說 的 一 部 分 。本 公佈 所指 證券 不會 且將 不會 根據 一九 三三 年美 國證 券法（「美國 證券 法」）登記 ，且 未經 登記 或獲 豁免 遵守 美國 證券 法的 登記 規定 ，概 不得 在美 國 發 售或 出 售 ， 惟 根據 美 國 證 券法 規 限 的 ...

Core Insights - The main brand of Xtep Group has shown steady growth in the running sector, with a 7.1% increase in revenue to RMB 6.838 billion in H1 2025, and a 4.5% increase in main brand revenue to RMB 6.053 billion [1] - The Saucony brand has outperformed expectations, driving a 32.5% year-on-year growth in the professional sports division's revenue in H1 2025, with retail growth exceeding 30% [1][2] - Xtep Group is focusing on optimizing retail channels and transitioning to a direct-to-consumer (DTC) model to enhance customer experience and operational efficiency [2] Financial Performance - The company expects revenues of RMB 14.6 billion, RMB 15.4 billion, and RMB 16.5 billion for the years 2025 to 2027, with corresponding net profits of RMB 1.4 billion, RMB 1.5 billion, and RMB 1.7 billion [3] - Earnings per share (EPS) are projected to be RMB 0.50, RMB 0.54, and RMB 0.61 for the same period, with price-to-earnings (PE) ratios of 10x, 9x, and 8x respectively [3] Strategic Focus - Xtep Group is strategically concentrating on the running sector, increasing R&D investment, and building an industry-leading running ecosystem [2] - The company has introduced innovative products like the "160X" series running shoes and the new "Qingyun" cushioning flagship series to meet diverse consumer needs [2] - Xtep became the first Chinese sports goods company to receive an MSCI ESG "AA" rating in August 2025, highlighting its commitment to sustainable development [2] Supply Chain Management - The second phase of self-manufacturing facilities in Shishi, Fujian, is underway, with 30,000 square meters already operational since January 2025 [3] - The logistics park in Jinjiang is progressing steadily, with the first phase expected to be operational in the first half of 2026 [3]

Group 1 - The core brand of Xtep reported flat retail sales growth year-on-year for Q4 FY25, showing a slowdown compared to low to mid-single-digit growth in Q3 and Q2 [1] - Monthly sales performance indicated that October and November were stronger than December, which was affected by warmer weather and a later Spring Festival [1] - Online sales growth outperformed offline, maintaining double-digit year-on-year growth, while running and outdoor products showed significant double-digit growth [1] Group 2 - Xtep initiated a DTC transformation for its main brand, completing renovations for approximately 200 stores and planning to renovate an additional 300-400 stores by FY26 [1] - The company opened 30 efficient outlet stores during FY25 and expects to add 70-100 more this year, aligning with the strong traffic and sales trends in outlet channels [1] - Management aims to open about 20-30 flagship stores in core high-end business districts of first-tier cities by FY26, with over 70% of Xtep stores upgraded to the ninth-generation image store by the end of FY25 [1] Group 3 - Saucony achieved approximately 30% year-on-year growth in Q4 FY25 and for the entire FY25, with stronger growth in offline channels and an average sales per store of about RMB 450,000 [2] - The management plans to continue channel upgrades and open more flagship stores to enhance store efficiency, with confidence in doubling sales by 2027 and expanding operating profit margins [2] - Merrell also recorded double-digit growth in Q4 FY25 and for the full FY25, focusing primarily on e-commerce channels [2] Group 4 - The company maintains a "Buy" rating and a target price of HKD 7.8, believing that Xtep will benefit from the growing demand for sports equipment due to the resurgence of outdoor activities and increased public health awareness [2] - The rational consumption trend emphasizing price-value in the Chinese economy is expected to favor the company's core brand focused on the mass market [2] - Profit forecasts for FY25 to FY27 remain unchanged, with the target price reaffirmed at HKD 7.8 and a "Buy" rating reiterated for the stock [2]

Core Viewpoint - The company, Xtep International (01368), plans to repurchase its 2025 convertible bonds and simultaneously issue new convertible bonds to extend its debt maturity structure and enhance its capital base [1] Group 1: Bond Repurchase - The company or its subsidiaries may purchase the 2025 convertible bonds at any price in the open market or other means, as per the terms of the bonds [1] - A transaction agent has been appointed to assist in the repurchase process, including collecting expressions of interest from bondholders willing to sell [1] Group 2: New Bond Issuance - The company intends to issue convertible bonds to institutional investors and has appointed an agent to manage the pricing of the new bonds [1] - The final terms of the bond issuance, including size and pricing, will be established before signing a subscription agreement with the agent [1] Group 3: Strategic Benefits - The board believes that the repurchase and issuance of bonds will extend the debt maturity structure and provide additional funding at a lower cost for the repurchase, with any remaining funds used for general corporate purposes [1] - The proposed bond issuance will not cause immediate dilution of existing shareholders' equity and will strengthen the company's capital base, promoting long-term development when the bonds are converted into new shares [1]

Core Viewpoint - The company, Xtep International (01368), announced plans to repurchase its 2025 convertible bonds and issue new convertible bonds to extend its debt maturity structure and enhance its capital base [1] Group 1: Bond Repurchase - The company or its subsidiaries may purchase the 2025 convertible bonds at any price in the open market or other means, as per the terms of the bonds [1] - A transaction agent has been appointed to assist in the repurchase process, including collecting expressions of interest from bondholders willing to sell [1] Group 2: New Bond Issuance - The company plans to issue convertible bonds to institutional investors, with an agent coordinating the pricing of the bond issuance [1] - The final terms of the bond issuance, including size and pricing, will be established before signing a subscription agreement with the agent [1] Group 3: Strategic Benefits - The board believes that the repurchase and issuance of bonds will extend the debt maturity structure and provide additional funding at a lower cost for the repurchase, with the remainder for general corporate purposes [1] - The proposed bond issuance will not cause immediate dilution of existing shareholders' equity and will strengthen the company's capital base, promoting long-term development when the bonds convert into new shares [1]

香 港 交易 及 結 算 所 有限 公 司 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。 本 公 佈或 其 任 何 副 本皆 不 得 在 美國 或 在 發 放 或分 派 本 公 佈 可能 違 法 的 任何 其他司法管轄區境內直接或間接發放或分派。 本 公 佈僅 供 參 考 ， 並不 構 成 收 購、 購 買 或 認 購本 公 司 任 何 證券 的 邀 請 或要 約。 本 公 佈 並 不 構 成 或 組 成 在 美 國 購 買 或 認 購 證 券 的 任 何 要 約 或 游 說 的 一 部 分 。本 公佈 所指 證券 不會 且將 不會 根據 一九 三三 年美 國證 券法（「美國 證券 法」）登記 ，且 未經 登記 或獲 豁免 遵守 證券 法的 登記 規定 ，概 不得 在美 國發 售 或 出售 ， 惟 根 據 美國 證 券 法 規限 的 交 易 ...