Core Viewpoint - Xtep International has reported a mid-single-digit year-on-year growth in retail sales for its main brand in the first quarter of 2025, with a notable performance from its Saucony brand, which saw retail sales in China increase by over 40% year-on-year [1][4] Brand Performance - The company has established a brand matrix with its main brand targeting the mass sports market, while Saucony and Merrell focus on professional sports, and K-Swiss and Palladium cater to the fashion sports market [2][4] - Saucony became the first new brand within the group to achieve profitability in 2023, while K-Swiss and Palladium are still in the process of narrowing losses [2][4] - In December 2023, Xtep acquired 40% of Saucony's intellectual property rights in China, enhancing its control over the brand [2] Market Dynamics - The running market in China is experiencing robust growth, with a potential consumer base of 400 million, but competition is intensifying among brands [7][11] - Xtep's running shoes are priced between 400 to 700 RMB, with some competition in the over 1000 RMB segment from emerging brands like HOKA and Salomon [7][11] Financial Insights - Xtep plans to raise approximately 9.85 billion HKD through share placements and bond issuance to further develop its main brand and Saucony's direct-to-consumer business model [8][11] - Despite a significant revenue increase for Saucony, its contribution to the overall revenue remains below 10%, with the main brand still accounting for 123.27 billion RMB in revenue [8][11] Strategic Focus - The company is concentrating resources on its main brand and the running segment, indicating a strategic shift towards enhancing its presence in the running market [4][5] - Xtep is also exploring multi-category development, including investments in basketball and tennis, but these initiatives will take time to scale [12]

但大厂的光环褪去之后，是被工作吞没的生活。 作为西安某大厂前Hr（注：人力），阿白在离职前两年一直在接受心理咨询，"效率至上"刻入了她的生 活，情绪也变得急躁；31岁的前大厂程序员程林从北京大厂回到成都后，发现这里更"卷"，晚上基本九 十点下班，回到出租房还得敲代码，失眠成了常态，体检结果里出现了"脂肪肝"。 去年被大厂裁员后，他们都选择了Gap year（注：间隔年）。Gap的时间成为了"大厂创伤症"的解药， 这些大厂人开始重新寻找、塑造自己的生活。 过去几年，许多互联网大厂在新一线、二三线城市等相继设立分部。在资源相对有限的非一线城市，这 些大厂的工作机会被视为打工人的天花板，也成为许多一线大厂人退居二线的"落脚地"。 重回求职战场，他们有了更清晰的目标——一份不卷的工作，保障有收入。手握大厂履历的他们也曾信 心满满，但在一次次被拒绝后，他们发现，不仅Gap、年龄是求职的门槛，曾经大厂带来的光环，如今 也成了桎梏。 一、不好意思，不太合适哦 找工作一个月后，35岁的前大厂Hr阿白失眠了。凌晨四点，她依旧躺在床上辗转反侧，脑海中反复的 都是一句话——"不好意思，不太合适哦"。 对方是西安一家上市互联网公司， ...

李宁 (2331 HK) 港股通 流水同比改善，结构优化可期 华泰研究 季报点评 证券研究报告 2025 年 4 月 28 日│中国香港 服装 李宁公布 2025 年一季度运营情况：李宁销售点（不包括李宁 YOUNG）整 体零售流水同比实现低单位数增长，表现稳健。线下直营零售相对承压，但 电商和奥莱仍实现较好表现。我们认为公司短期或处于调整期，中长期有望 通过优化产品组合及渠道结构提升管理效率，品牌力有望随与 COC （Chinese Olympic Committee，中国奥委会）的合作落地进一步提升，我 们看好后续发展潜力，维持"买入"评级。 运营保持稳健，合作 COC 助推品牌力提升 我们预计 1Q25 整体折扣同比低单位数改善，其中直营和批发折扣均同比 低单位数改善，电商同比略有改善。库存管控良好，预计库销比在 5 个月 左右的健康水平，环比 4Q24 的 4 个月有所上升由换季提前备货所致，同比 保持稳健，库龄结构仍处于健康水平。此外，我们认为随着与 COC 的合作 逐步落地，叠加营销发力，公司的品牌力及品牌价值有望进一步提升，带动 未来营收增长。 盈利预测与估值 我们维持此前盈利预测，2025/2 ...

封面新闻记者 陈远扬 从具体项目来看，各领域重点项目纷纷落地开花。在制造业领域，正美齿科新建隐形矫治器生产基地开工建设，进一步完善了资阳的口腔产业链，推动口 腔产业朝着更高质量、更具规模的方向发展。而在科技创新领域，世界首个超导磁悬浮技术路线电磁发射验证平台在资阳商业航天发射技术研究院完成首 次试验，这一突破不仅彰显了资阳在航天技术研发方面的实力，更为后续相关产业的发展奠定了坚实基础。 与此同时，资阳全市固定资产投资呈现出迅猛增长的态势，同比增长29.6%，增速居全省第1位。工业投资表现同样突出，增长28.9%，高于全省10.8个百 分点，增速位列全省第6位，且工业投资占全市投资比重达到31.1%，同比提高8.7个百分点。其中，制造业投资增长势头更为强劲，高达111.5%，高于全 省98.2个百分点，居全省第2位。 上述数据充分表明，资阳的工业发展正处于快速上升期，制造业作为工业的核心支柱，正发挥着越来越重要的作用。 为保障项目顺利推进，资阳建立了"市级总库+行业专库+县区子库"的项目动态储备体系，并开辟审批"绿色通道"，促进ABC三类项目梯次转化。目前，当 地综合库内储备项目达1350个，达到初设概算深度的 ...

生物基产业下游市场需求在哪里？终端品牌想要的生物基解决方案是什么？ 2025（第十届）生物基大会暨展览（Bio-based 2025，5月25-27日，上海） 立足终端可持续转型与 实际需求，将邀约 100+终端品牌参与 ，并关注其可持续规划与生物基材料需求。 现公布 近40家终端品牌 ，如下图所示。品牌涉及 运动鞋服、纺织工业、汽车与零部件、消费品与商 超、胶黏剂、电子等 ，企业将携相关需求而来。部分企业负责人将参与 大会演讲 、 圆桌交流 、 战略 研讨会 以及 终端品牌需求对接会 ！欢迎生物基材料解决方案企业参与洽谈！ 1177 l 终端想要的生物基解决方案? |已确认出席品牌 波司克 通用技术中纺院 ANT: 销 全 球 72 国 特步 安踏 李宁 波司登 中纺院 c) @ 同将经济经 ESQUEL GROUP 同辉纺织 桐昆集团 溢达纺织 小鹏汽车 蔚来汽车 1 零跑汽车 ZEEKR 上汽大众 零跑汽车 极氪汽车 卡管主动 上汽大众 广汽集团 El P PANGROUP 订程 GOOD YEAR 远程汽车 固特异 米其林 延锋国际 一汽集团 农夫山泉 NONGFU SPRING 农夫山泉 五粮液 伊 ...

Core Insights - The report highlights the ongoing observation of the tariff war's developments, with a softening stance from U.S. President Trump positively impacting Asian markets, including Hong Kong stocks [2][4] - The Hang Seng Index saw a significant increase, closing up 510 points or 2.37%, with a total turnover of HKD 260.6 billion, reflecting a 3.7% increase from the previous day [2][3] - The report notes a substantial outflow from the Hong Kong Stock Connect, with a net outflow of over HKD 18.1 billion, contrasting with the previous day's net inflow of HKD 21.36 billion [2] Industry Performance - Among the 12 Hang Seng Composite Industry Indices, 10 sectors rose while 2 declined, with Consumer Discretionary and Information Technology leading the gains at 3.82% and 3.68% respectively, outperforming the Hang Seng Index's 2.34% increase [3] - The report indicates that the U.S. stock market continues to rebound, particularly in technology stocks, with the Dow, S&P, and Nasdaq rising by 1.07%, 1.67%, and 2.50% respectively [3] Company Analysis: Xtep International (1368.HK) - Xtep International is focusing on the running market, with its main brand maintaining healthy inventory and discount levels, while its sub-brand Saucony is experiencing rapid growth, with a year-on-year increase of approximately 40% [6] - The company plans to divest from KSWISS and Palladium, allowing it to concentrate resources on its main brand and Saucony, which is expected to lead to faster growth in the future [6] - The report suggests that the negative impact of tariffs on the company will be minimal, as most revenue is generated domestically, and the potential for increased domestic demand for sports products could positively influence sales [6] Investment Recommendation - The report predicts that Xtep International will benefit from the improving consumer environment, with projected EPS for 2025-2027 at 0.54, 0.61, and 0.67 HKD respectively, and assigns a target price of HKD 7 based on a 12x PE ratio for 2025, maintaining a "Buy" rating [7]

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Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The retail performance of the main brand remains stable, with a year-on-year revenue growth in the mid-single digits for Q1 2025, primarily driven by footwear sales. The discount rate is between 70-75%, and the inventory turnover ratio is approximately 4 months. The subsidiary brand, Saucony, has shown a robust revenue growth of over 40% year-on-year [6][8]. - Continuous product launches and optimization of the product matrix are evident, with the introduction of the 360X 2.0 carbon plate running shoes and the flagship cushioning running shoes, enhancing the running shoe lineup [8]. - Looking ahead, the company is gradually implementing a Direct-to-Consumer (DTC) channel strategy, which is expected to drive revenue and profit growth. The projected net profits for 2025-2027 are estimated at 1.41 billion, 1.60 billion, and 1.82 billion respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 times [8][10]. Summary by Sections Retail Performance - The main brand's Q1 revenue growth is in the mid-single digits year-on-year, with a discount range of 70-75% and an inventory turnover of about 4 months. Saucony's revenue growth exceeds 40% year-on-year [2][6][8]. Product Development - New products are being launched, including the 360X 2.0 carbon plate running shoes and the flagship cushioning running shoes, which enhance the overall product matrix [8]. Future Outlook - The company is focusing on DTC strategies, with expectations for revenue and profit growth. The projected net profits for 2025-2027 are 1.41 billion, 1.60 billion, and 1.82 billion, with P/E ratios of 9, 8, and 7 respectively [8][10].

Core Viewpoints - The report highlights the pressure from Trump on the Federal Reserve, exacerbating the trust crisis in the US dollar [2][4] - The Hang Seng Index showed a rebound, with a notable increase of 338 points or 1.61% on the last trading day [2] - The report indicates a mixed performance in the US stock market, with major indices experiencing declines [3] Industry Performance - On the last trading day before the holiday, all 12 Hang Seng Composite Index industry indices rose, with the information technology and consumer discretionary sectors leading the gains at 2.02% and 1.90% respectively [3] - The telecommunications, materials, and consumer staples sectors lagged behind, with increases ranging from 0.17% to 0.52% [3] Company Analysis - The report focuses on Xtep International (1368.HK), emphasizing its strong position in the running market and the rapid growth of its sub-brand Saucony [6] - Xtep's main brand inventory and discount levels remain healthy, with retail discounts stable at 7-75% [6] - The sub-brand Saucony has seen a year-on-year growth of approximately 40%, benefiting from increasing demand for outdoor and professional sports [6] - The company plans to focus resources on its main brand and Saucony following the divestiture of KSWISS and Palladium, which is expected to alleviate profit pressure [6] - The report suggests that the negative impact of tariffs on the company will be minimal, as most revenue is generated domestically [6] Investment Recommendations - The report predicts that Xtep will benefit from a recovering consumer environment, with projected EPS for 2025-2027 at 0.54, 0.61, and 0.67 respectively [7] - A target price of 7 HKD is set for 2025, maintaining a "buy" rating based on historical valuation levels [7]

Core Viewpoint - Cathay Securities maintains a positive outlook on Xtep International's (01368) competitive strength in the main brand running shoes sector, with a target price of HKD 6.45 for 2025, reflecting a lower-than-industry-average PE of 12X [1] Group 1: Financial Performance - The main brand's Q1 revenue showed single-digit growth year-on-year, with discounts remaining stable at 7-7.5%, and an inventory-to-sales ratio of approximately 4 months, indicating a healthy balance [2] - Xtep's Q1 functional running shoes sales demonstrated double-digit growth, showcasing the company's competitive edge in the running shoe market [3] Group 2: Brand Development and Strategy - The DTC (Direct-to-Consumer) reform is progressing as planned, with expectations to recover 400-500 stores by 2026, which may have a slight short-term impact on 2025 profits but is expected to enhance operational efficiency and customer experience in the long term [3] - Saucony's Q1 revenue increased by over 40% year-on-year, with a growth guidance of 30-40% for 2025, and plans to open 30 new stores, primarily in high-tier markets [4]