Group 1 - The core viewpoint of the report maintains the EPS forecast for Xtep International at 0.49/0.55 CNY for 2025/26 and introduces a new EPS forecast of 0.61 CNY for 2027, with a target price adjustment down by 11% to 6.47 HKD, indicating a 27% upside potential from the current stock price [1] Group 2 - The company reported that the retail revenue of its main brand remained flat year-on-year in Q4 2025, with retail discounts maintained at 70-75%, and channel inventory turnover at 4.5 months by the end of December [2][3] - The retail environment showed fluctuations, with the main brand's performance being stable despite some impact from weather in December; online channels, particularly live e-commerce, performed well [3] Group 3 - The Saucony brand experienced over 30% year-on-year growth in retail revenue for Q4 2025, with strong offline channel growth and an average store efficiency of 450,000 CNY per month [4] - The company plans to enhance the offline store efficiency of its main brand and aims to open 20-30 new premium stores in 2026, while also expanding its outlet store presence significantly [5]
中金：维持特步国际跑赢行业评级 下调目标价至6.47港元