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]
特步国际(1368.HK)：电商持续驱动 索尼康继续高增长