特步国际（01368）：集团流水符合预期，索康尼与迈乐延续高增态势

研究报告 Research Report 21 Jul 2025 特步国际 XTEP INTERNATIONAL (1368 HK) 2Q25 营运表现点评：集团流水符合预期，索康尼与迈乐延续高增态势 2Q25 operational Updates Review: Retail sales in line with expectations, Saucony and Merrell Maintain Strong Growth [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$5.47 目标价 HK$6.10 HTI ESG 2.1-1.8-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$15.22bn / US$1.94bn 日交易额 (3 个月均值) US$9.24mn 发行股票数目 2,782mn 自由流通股 (%) 52% 1 年股价最高最低值 HK$6.9 ...