机构：英皇证券 研究员：叶伟焯 Saucony 季度同比增長約30% Saucony 在 4Q25 及 FY25 全年均錄得約30%+的按年增長；線下渠道增速更強，單店平均銷售額約人民 幣45 萬元。管理層計劃持續進行渠道升級並開設更多旗艦店以提升店效。線上渠道增長較線下偏慢， 但在 4Q25 已見修復。管理層有信心至 2027 年銷售可實現翻倍，且經營利潤率持續擴張。至於 Merrell，該品牌在4Q25 及 FY25 全年均錄得雙位數增長，當前仍以電商渠道為重點。 維持「買入」評級及目標價7.8 港元 隨著馬拉松等戶外活動復甦及大眾健康意識提升，我們相信特步將受益於體育裝備需求的增長。此外， 理性消費理念——強調價格價值的消費趨勢在中國經濟中逐漸興起，我們認為公司以大眾市場為焦點的 核心品牌將從新的消費行為中受惠。我們維持2025 至2027 財年盈利預測不變，目標價維持於7.8 港元， 並重申對該股票的「買入」評級。 特步公布2025 財年第四季度營運數據，核心品牌零售銷售同比增長持平，相比第三季度及第二季度分 別錄得低個位數至中個位數（LSD/LSD）增長放緩。按月份拆分，10 月及11 月銷售表現優 ...

Group 1 - The core brand of Xtep recorded low single-digit sales growth year-on-year in Q3 2025, maintaining the same growth rate as Q1 and Q2 [1] - Sales performance was better in July and August compared to September, which was affected by warmer weather [1] - Online sales growth outperformed offline, with online channels maintaining double-digit year-on-year growth [1] Group 2 - Saucony achieved over 20% year-on-year growth in Q3 2025, with offline channels showing strong performance exceeding 30% growth [2] - The company plans to open 30 to 50 new stores in the year, with 16 new stores opened in Q3 2025 [2] - The target price for Xtep remains at HKD 7.8, with a "buy" rating reaffirmed due to expected growth in sports equipment demand [2]

Core Insights - The opening of the third Aldi store in Jiangsu has sparked significant consumer interest, with products like Australian grain-fed beef and fresh milk selling out quickly, indicating strong demand for affordable international supermarket options [1] - Aldi's strategy of "zero membership fees" is attracting consumers in lower-tier markets, contrasting with membership-based competitors like Sam's Club and Costco [1][5] - The rapid expansion of Aldi in Jiangsu reflects a broader trend of international retailers adapting to local market conditions and consumer preferences in China [5] Market Dynamics - The domestic consumption market is maturing, leading to increased demand for high-quality, cost-effective foreign supermarkets in second and third-tier cities [2] - The "low-price penetration + localized transformation" business model is prompting domestic retailers to enhance their product selection and logistics capabilities to compete effectively [2] - The competition among international supermarket chains is intensifying, with Aldi's unique approach allowing it to avoid direct competition with established membership-based stores [5] Consumer Behavior - Consumers are drawn to Aldi's low prices and promotional offers, which are designed to build loyalty among local families [5] - The initial "honeymoon period" for new stores is critical, as retaining customers post-opening requires strong product offerings and service [3] - The presence of multiple international supermarket chains in cities like Suzhou and Nanjing indicates a growing consumer preference for diverse shopping options [3][4]