港股公司报告 | 公司点评 特步国际（01368） 证券研究报告 索康尼进入高势能成长通道 公司发布 2025 中报 25H1：持续经营业务之收入 68 亿，同比+7%，特步主品牌收入 61 亿，同 比+5%，专业运动分部收入 7.9 亿，同比+33%。 25H1 持续经营业务之经营溢利 13 亿，同比+9%，专业运动分部的经营溢 利 0.8 亿，同比大幅增长 237%。 已终止经营业务（K • SWISS 和帕拉丁）于 2024 年上半年亏损 1.1 亿人民币 后 ，25H1 公司普通股股权持有人应占溢利 9 亿同比+21.5%。 25H1 资产负债表保持稳健，现金状况良好。现金及现金等价物净额 19 亿， 同比+94%。 董事会宣派中期股息 18.0 港仙，派息比率为 50.0%。 截至 2025 年 6 月 30 日，集团于中国内地及海外分别共有 6360 家特步成 人店铺及 1564 家特步少年店铺。索康尼在中国内地有 155 家店铺。 聚焦跑步，巩固市场领导地位 特步品牌：特步推出多款跑鞋，如「160X」冠军跑鞋系列、「360X 2.0」碳 板跑鞋、「青云」缓震旗舰跑鞋系列等，助力多名运动员斩获马拉 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 2025 operational data shows that the main brand achieved low single-digit growth, while FILA and other brands recorded mid to high single-digit growth [2][3] - The report anticipates high single-digit growth for the main brand and mid single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30% [4] - The report highlights the potential for KOLON and DESCENTE to enhance their market share and product competitiveness due to favorable outdoor market conditions [4] Summary by Sections Event Overview - In Q2 2025, the main brand, FILA, and other brands recorded low single-digit, mid single-digit, and 50-55% growth respectively [2] - For H1 2025, retail sales for Anta, FILA, and other brands showed mid single-digit, high single-digit, and 60-65% growth year-on-year [2] Analysis and Judgment - The main brand's growth in Q2 2025 slowed compared to Q1 2025 and Q2 2024, attributed to a slowdown in both online and offline sales [3] - FILA's growth in Q2 2025 was driven by improvements in children's and trendy brands, although it showed a slight slowdown compared to Q1 2025 [3] - Other brands like DESCENTE, KOLON, and MAIA experienced 50-55% growth in Q2 2025, which is a decrease from Q1 2025 but an improvement from Q2 2024 [3] Investment Recommendations - The report projects revenue forecasts of 770 billion, 859 billion, and 960 billion for 2025, 2026, and 2027 respectively, with net profit estimates of 138.74 billion, 159.07 billion, and 178.76 billion for the same years [4] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 15, and 13 [4]

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 04 月 10 日 [Table_Title] Q1 符合预期，拟收购德国户外品牌 Jack Wolfskin 安踏体育 [Table_Title2] (2020.HK) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 2020 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 106.3/65.9 | | 目标价格(港元)： | | 总市值(亿港元) | 2,289.28 | | 最新收盘价(港元)： | 81.55 | 自由流通市值(亿港元) | 2,289.28 | | | | 自由流通股数(百万) | 2,807.21 | 我们分析，（1）美国加税对公司影响不大，海外流水仅占不到 1%。预计 2025 年主品牌收入高单位数增 长、FILA 收入中单位数增长，KOLON 和 DESCENTE 30%增长。根据公司公告，公司计划 25 年底安踏/安踏儿童 /FILA/DESCENTE/KOLON 店数分别为 6900-7000/260 ...