Core Viewpoint - The operational data released by Xtep indicates stable performance for its main brand and strong growth for Saucony, meeting previous guidance expectations [1][2]. Group 1: Main Brand Performance - Xtep's main brand achieved steady all-channel revenue, with a low single-digit growth for the year, despite a slight slowdown in December due to warm winter and delayed Spring Festival [1]. - The children's segment and online sales showed remarkable performance, with online channels experiencing double-digit growth and live streaming platforms like Douyin and Kuaishou leading in sales [1]. Group 2: Saucony's Growth - Saucony's revenue for Q4 and the entire year grew over 30% year-on-year, indicating a strong development momentum [1]. - The brand has successfully adjusted its online strategy by reducing low-priced products and enhancing discount rates, leading to improved brand image [2]. Group 3: Inventory and Discount Management - The retail discount rate remained stable at 70-75%, with flexible adjustments during promotional periods to enhance terminal sales [2]. - The inventory turnover ratio for the main brand was approximately 4.5 months at the end of Q4, maintaining a reasonable level [2]. Group 4: Channel Optimization and DTC Transformation - The main brand's channel upgrade is ongoing, with over 70% of new stores being of the ninth generation or higher, and plans to open 20-30 new flagship stores by 2026 [3]. - The DTC transformation is progressing steadily, with plans to recover 300-400 stores in 2026, which will enhance responsiveness to market changes [3]. Group 5: Product Innovation and Market Position - The main brand continues to excel in functional products, with double-digit growth in the running category and significant sales increases for the Champion running shoe family [3]. - The company is focusing on optimizing its multi-brand matrix by divesting from fashion sports brands and concentrating on core running business, which is expected to strengthen its market position [4].
特步国际(01368.HK)点评：主品牌表现稳健 索康尼延续强劲趋势