Core Insights - Xtep International Holdings Limited reported a revenue of 6.838 billion yuan for the first half of 2025, representing a year-on-year increase of 7.1% [1] - The profit attributable to ordinary shareholders reached 914 million yuan, showing a year-on-year growth of 21.5% [1] - The company aims to strengthen its position in the running sector and enhance market share through synergies between its main brand and subsidiaries Saucony and Merrell [1] Financial Performance - The main brand revenue increased by 4.5% year-on-year to 6.053 billion yuan, with e-commerce contributing over 30% of this revenue [1] - E-commerce revenue experienced double-digit year-on-year growth due to data-driven strategies tailored for specific online channels [1] - R&D expenses amounted to 190 million yuan, up 20.25% year-on-year, accounting for 2.8% of total revenue, an increase from 2.5% the previous year [1] Market Position and Strategy - Xtep focuses on the professional running sector through product development, participation in professional events, and collaboration with athletes, establishing a strong influence in the professional community [2] - The professional sports division, including Saucony and Merrell, generated 785 million yuan in revenue, a 32.5% increase, contributing 11.5% to total revenue [2] - Saucony leads in the market for professional running shoes, while Merrell focuses on e-commerce and core product lines in trail running, hiking, and creek walking [2] Brand Matrix - Xtep's diversified brand matrix covers various sports sectors and consumer demographics, with the main brand targeting the mass sports market and Saucony and Merrell focusing on professional sports [2] - The company holds a significant market position due to its competitive and diverse brand portfolio [2]