Core Insights - The company reported Q3 2025 operational data, indicating a low single-digit year-on-year growth in retail sales for its main brand, with discounts ranging from 70% to 75% [1] - The retail sales of Saucony exceeded 20% year-on-year growth in Q3 2025, despite a decline compared to over 50% growth in Q3 2024 [1] Retail Performance - Q3 2025 retail sales showed low single-digit year-on-year growth, with the growth rate remaining flat compared to Q2 2025 [1] - The retail discount for Q3 2025 was maintained at 70% to 75%, consistent with Q2 2025, while slightly decreasing from 75% in Q3 2024 [1] - Channel inventory turnover was 4 to 4.5 months in Q3 2025, slightly up from 4 months in Q3 2024 and flat compared to the first half of 2025 [1] Brand Analysis - Saucony and Merrell benefited from superior performance in professional running and outdoor segments [1] - The growth of Saucony's retail sales in Q3 2025 was over 20%, with growth rate flat compared to Q2 2025, but down from over 50% in Q3 2024, attributed to adjustments in the e-commerce strategy [1] Investment Recommendations - Short-term impacts from the DTC strategy may negatively affect sales, but it is expected to enhance consumer interaction and brand loyalty in the long run [1] - Saucony plans to expand its product matrix and develop retro and commuting series to meet diverse consumer needs, while also opening high-end stores in first and second-tier cities [1] - The company maintains revenue forecasts of 14.286 billion, 15.558 billion, and 17.251 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 1.374 billion, 1.511 billion, and 1.664 billion yuan for the same years [1] - The projected EPS for 2025, 2026, and 2027 is 0.50, 0.54, and 0.60 yuan, respectively, with a "buy" rating maintained [1]
特步国际(1368.HK)：Q3主品牌稳健增长 索康尼超20%