Core Viewpoint - Zheshang Securities reports that Xtep International (01368) has a clearly defined brand matrix, with its main brand being a leader in the mass running sector, favored for its professionalism and high cost-performance ratio [1] Company Performance - Xtep's main brand shows steady growth with low single-digit revenue growth; Saucony's revenue has increased by over 20% year-on-year, with offline sales continuing to grow rapidly, and adjustments in e-commerce nearing completion [1] Financial Projections - The company is expected to maintain a stable growth trend in the medium to long term, with projected net profits for 2025, 2026, and 2027 increasing by 10.6%, 11.0%, and 11.0% respectively, reaching 1.37 billion, 1.52 billion, and 1.69 billion yuan [1] - The projected dividend payout ratio for 2025 is 50%, corresponding to a dividend yield of 4.6%, with a maintained "Buy" rating [1] Valuation Metrics - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated to be 11X, 10X, and 9X respectively [1]