Core Viewpoint - CITIC Securities maintains a "Buy" rating for Xtep International (01368), projecting revenue growth from 2025 to 2027 at 143.2 billion, 152.6 billion, and 163.7 billion yuan, with year-on-year increases of 5.5%, 6.6%, and 7.2% respectively, and net profit growth of 10.5%, 11.1%, and 10.0% [1] Group 1 - In Q3 2025, Xtep's main brand retail sales experienced low single-digit growth, with retail discount levels around 70-75% and inventory turnover of approximately 4-4.5 months [2] - The report indicates that online sales growth continues to outpace offline, with children's products growing faster than adult products [2] - The company is focusing on enhancing its running product line and upgrading store images in offline channels while emphasizing outlet store expansion [2] Group 2 - The Saucony brand saw retail sales growth exceeding 20% in Q3 2025, with offline sales maintaining a strong growth rate of over 30% [2] - As of the end of September, Saucony had over 170 stores, an increase of nearly 30 stores since the beginning of the year [2] - Looking ahead to Q4 2025, Xtep plans to reclaim distribution rights for approximately 400-500 Xtep stores in H2 2025 and 2026, which is expected to have a short-term impact on revenue [2]