Group 1 - The company announced Q2 2025 operational data, indicating a low single-digit year-on-year growth in main brand retail revenue, with discounts ranging from 70% to 75% [1] - In H1 2025, the main brand retail revenue achieved mid-single-digit year-on-year growth, while Saucony's retail sales exceeded 30% growth [1] - The Q2 2025 retail revenue growth for Saucony was over 20%, but the growth rate slowed by approximately 40% compared to Q1 2025, attributed to adjustments in the e-commerce strategy [1] Group 2 - The company is focusing on a direct-to-consumer (DTC) strategy, which may have short-term negative impacts on sales but is expected to enhance consumer interaction and brand loyalty in the long run [2] - Saucony plans to expand its product matrix and open around 30 new stores in high-end markets after acquiring full rights to Saucony and Merrell, which is expected to improve gross margins [2] - The sale of the KP brand is aimed at reducing financial drag and focusing on three main brands, with revenue forecasts for 2025, 2026, and 2027 set at 14.286 billion, 15.558 billion, and 17.251 billion yuan respectively [2]
特步国际(1368.HK)：Q2主品牌低单位数增长 索康尼超20%