Core Viewpoint - The company Xtep has achieved an MSCI ESG AA rating, becoming the first Chinese sportswear company to reach this level, reflecting its significant progress in ESG management and alignment with consumer values [1][2]. Group 1: ESG Rating and Progress - Xtep's ESG rating has improved from 2022 to 2025, moving up four levels in four years, showcasing the company's continuous advancement in the ESG field [2]. - In 2024, Xtep published its 2030 ESG strategic framework and carbon neutrality goals, aiming to become a leader in sustainable development with three core pillars and eight specific objectives [2]. Group 2: Carbon Footprint Management - Xtep disclosed its Scope 3 carbon emissions data for the first time in its 2024 ESG report, marking its ninth year of ESG reporting, which highlights its commitment to supply chain carbon emissions management [3]. - The company aims to reduce self-operated emissions by 42% by 2030 and achieve carbon neutrality by 2050, with new factories utilizing solar power, increasing solar usage by 95% in 2024 compared to 2023 [3]. - Xtep collaborated with the Xiamen Marathon to produce approximately 30,000 race outfits made from 100% recycled fibers, each outfit using 6-7 recycled plastic bottles, reducing carbon emissions by 178 grams per outfit [3]. Group 3: Supply Chain and Chemical Safety - Xtep updated its Supplier Corporate Social Responsibility Management Manual for 2024, adding climate-related criteria and conducting ESG training for suppliers to promote environmental compliance [4]. - The company became a signatory of the ZDHC (Zero Discharge of Hazardous Chemicals) organization, implementing a restricted substances list and providing training to suppliers on chemical management [4]. Group 4: Corporate Governance - Xtep released its Environmental Policy and Women's Employee Protection Policy, fostering a diverse and inclusive workplace [4]. - In 2024, the company provided over 711,240 hours of training across 2,167 courses, with more than 16,000 employees participating [4]. - Xtep conducted a dual materiality analysis to enhance the integration of ESG strategy with business operations and quantified climate risks and opportunities to improve risk management [4]. Group 5: Industry Trends - The domestic sportswear industry is accelerating sustainable technological innovation under China's "3060" dual carbon goals, with brand values increasingly defined by sustainability rather than just price [5]. - Xtep aims to lead in sustainable development by promoting a green lifestyle and transforming the perception of high-performance sports consumption [6].

Core Insights - Xtep International Holdings Limited reported a 7.1% increase in revenue to 6.838 billion yuan for the six months ending June 30, 2025, with a gross margin of 45.0% [1] - Operating profit grew by 9.1% to 1.305 billion yuan, while profit attributable to ordinary shareholders surged by 21.5% to 914 million yuan [1] Group Performance - The professional sports segment showed strong performance with revenue reaching 785 million yuan, marking a robust 32.5% year-on-year growth, accounting for 11.5% of total revenue [1] - The operating profit for this segment increased significantly by 236.8% to 78.6 million yuan, driven primarily by strong growth from Saucony and stable contributions from Merrell [1] Brand Development - Saucony's revenue exceeded 1 billion yuan in 2024 and continued its high growth momentum in the first half of 2025, becoming a popular international brand in major marathon events [2] - The brand is undergoing a comprehensive transformation in brand positioning, store design, and product lines to enhance its high-end sports brand image, with 155 stores in mainland China as of June 30, 2025 [2] - Saucony's running shoes have the highest wearing rate among international brands in key marathon events in China, reinforcing its influence in the professional running sector [2] Strategic Focus - Merrell is focusing on e-commerce and three core product lines: trail running, hiking, and creek walking, enhancing product performance, comfort, and durability through innovative technology [3] - The company is successfully implementing a "dual-engine" model with steady growth from the main brand and the professional sports segment, laying a foundation for continued net profit growth [3] - Looking ahead, the company plans to leverage Saucony's high-end positioning and Merrell's outdoor advantages to expand its influence in professional and niche markets [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved revenue, net profit attributable to shareholders, and operating cash flow of 6.838 billion, 914 million, and 774 million CNY respectively in H1 2025, with year-on-year growth of 7.1%, 21.5%, and a decline of 6.4% [2] - The net profit growth outpaced revenue growth primarily due to a loss of 106 million CNY from the sale of the KP brand in H1 2024; excluding this impact, the net profit attributable to shareholders increased by 6.4% year-on-year [2] - The company declared an interim dividend of 0.18 HKD per share, with a payout ratio of 50.0% and a dividend yield of 6.3% [2] Summary by Sections Business Overview - The mass sports segment (Tebu) and professional sports segment (Saucony, Myle) generated revenues of 6.052 billion and 785 million CNY respectively in 2024, reflecting year-on-year growth of 4.5% and 32.5% [3] - The growth in the mass sports segment was driven by strong online sales performance, while the professional sports segment benefited from robust offline retail performance, achieving double-digit same-store sales growth [3] - The number of stores for Tebu Children, Tebu, and Saucony in H1 2025 was 1,564, 6,360, and 155 respectively, with year-on-year changes of -3.3%, -8.3%, and 21.1% [3] - Saucony's brand recognition among Chinese consumers has significantly increased, leading to its top position among international brands in key marathon events [3] Financial Performance - The company's gross margin for H1 2025 was 45.0%, a year-on-year decline of 0.1 percentage points, with mass sports and professional sports gross margins at 43.6% and 55.2% respectively [4] - Operating profit margin (OPM) increased to 19.1%, a year-on-year increase of 0.4 percentage points, with operating profits for mass sports and professional sports at 1.208 billion and 79 million CNY respectively [4] - The net profit margin for H1 2025 was 13.4%, a year-on-year increase of 1.6 percentage points [4] Inventory and Cash Flow - The company's inventory increased slightly to 2.255 billion CNY in H1 2025, a year-on-year growth of 2.5% [5] - Accounts receivable rose to 4.844 billion CNY, a year-on-year increase of 9.6%, with an increase in turnover days by 22 days [5] - Accounts payable decreased to 2.621 billion CNY, a year-on-year decline of 6.1% [5] Investment Recommendations - Short-term investments in the main brand DTC strategy may negatively impact sales performance but are expected to enhance consumer interaction and brand loyalty in the long term [6] - Saucony plans to expand its product matrix and open new flagship and concept stores in key urban areas, which is anticipated to improve gross margins [6] - The company maintains its revenue forecasts for 2025, 2026, and 2027 at 14.286 billion, 15.558 billion, and 17.251 billion CNY respectively, with net profit forecasts of 1.374 billion, 1.511 billion, and 1.664 billion CNY [6]

Group 1: Financial Performance - Xtep Group reported a net profit increase of 21.5% for the first half of 2025, reaching a historical high of 914 million yuan [2] - The company's revenue for the same period was 6.838 billion yuan, reflecting a year-on-year growth of 7.1% [2] - The main brand revenue amounted to 6.053 billion yuan, indicating a strong market foundation [2] Group 2: Product Development and Innovation - Xtep has focused on creating running shoes tailored to the foot shape of Chinese consumers since the 2008 Beijing Olympics [3] - The company has made significant advancements in shoe technology, including improvements in heel wrapping and the use of aerospace-grade PI fibers to enhance shoe performance [3] - The introduction of the 160X running shoe series involved feedback from over 35,000 runners, showcasing a commitment to addressing user needs [3] Group 3: Community Engagement and Growth - Xtep has established a running community called "Te Run Tribe," which has grown to 2.4 million members, emphasizing the importance of social connections among runners [11] - The community operates 6,200 running groups and has set up 70 running clubs in key locations to support runners' diverse needs [13] - The brand's initiatives have led to a significant increase in participation in running events, with 749 road running events held in 2024, attracting 7.0486 million participants [15] Group 4: Market Position and Strategy - Xtep's running shoes have become the most worn brand in major marathons, indicating strong market acceptance [15] - The company has shifted the perception of running from a "middle-class sport" to a common hobby for the general public, making it more accessible [15] - Xtep has invested over 15 million yuan in the "National Speed" strategy to support athletes, contributing to improved performance in Chinese marathon events [16]

Core Viewpoint - Xtep Group reported a significant increase in net profit of 21.5%, reaching 914 million yuan in the first half of 2025, marking a historical high amidst a nationwide sports trend [3][6] - The company's revenue for the same period was 6.838 billion yuan, a year-on-year growth of 7.1%, with the main brand contributing 6.053 billion yuan [3][6] Revenue and Profit Growth - Xtep's revenue growth was driven by strong performance in its professional sports division, particularly with Saucony, which saw a revenue increase of 32.5% [3][6] - Saucony's operating profit surged by 236.8%, indicating improved profitability [3][6] Running Ecosystem Development - Xtep has focused on creating a complete running ecosystem, emphasizing the importance of suitable running shoes tailored to the needs of Chinese runners [4][15] - The establishment of the "Te Run Tribe" in 2012 has been pivotal in connecting runners and fostering community engagement, now boasting 2.4 million members [16][18] Community Engagement and Support - The company has invested in community operations, establishing 6,200 running groups and 70 running clubs across key locations to enhance runner interaction and support [18][20] - Xtep's commitment to research and development is evident in its innovative products, such as the 160X running shoe, which incorporates advanced materials for improved performance [20][21] Market Trends and Consumer Behavior - Running is evolving from a niche activity to a mainstream hobby, with 749 road running events held in China in 2024, attracting 7.0486 million participants [20][21] - The company recognizes the shift in consumer perception, making running accessible to a broader audience without the need for high-end equipment [20][21] Competitive Strategy - Xtep's "National Speed" strategy, initiated in collaboration with the Chinese Athletics Association, has seen over 15 million yuan invested in athlete support, contributing to improved national marathon performance [21] - The company aims to support runners at all levels, from beginners to elite athletes, solidifying its role as a key player in the Chinese running landscape [21]

Financial Data and Key Metrics Changes - The group's total revenue increased by 7.1% to JPY 6,838 million [6][9] - Operating profit rose by 9.1% to JPY 1,305 million, with an operating profit margin improvement of 0.4 percentage points to 19.19% [7][11] - Net profit for the first half of the year was JPY 914 million, reflecting a year-on-year increase of 21.5% [8][11] - Annualized return on equity increased by 3.3 percentage points to 19.7% [8] - Operating cash flows were CHF 774 million, with net cash increasing by 94.3% to CHF 1.913 billion [8] Business Line Data and Key Metrics Changes - Revenue from the XTEP core brand increased by 4.5% to JPY 6,053 million, while the professional sports division, including Saucony and Merrell, saw revenue growth of over 32% to JPY 785 million [7][16] - The mass market segment's gross profit increased by 4% to JPY 2,641 million, with a slight decrease in gross margin [15] - The professional sports division's operating profit surged nearly 2.4 times to JPY 79 million, with an operating profit margin improvement to 10% [17] Market Data and Key Metrics Changes - Over 300 marathons were held in China in the first half of the year, with more than 3 million participants, indicating a growing interest in running [22] - The group's brands maintained high wear rates in major marathon events, with Saucony achieving second place in overall wear rates at the Wuxi Marathon [23] Company Strategy and Development Direction - The company is focused on strengthening its core strategy of running, enhancing synergies among its brands, and expanding its product portfolio [21][33] - Plans include optimizing retail channel management, improving customer experience, and expanding into shopping malls and outlets [25][30] - The company aims to reinforce its position as China's leading running brand through flagship products and a professional to mass influence strategy [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term development of the sports industry, supported by government investments in public health and sports activities [2][4] - The company plans to implement refined operational management to improve efficiency and create greater returns for investors [5][20] - The outlook remains positive, with expectations for continued growth in the running sector and a focus on sustainable development [32][34] Other Important Information - The company declared an interim dividend of HKD 0.18 per share, a year-on-year increase of 15.4%, maintaining a dividend payout ratio of 50% [8] - The company achieved an AA rating in the 2025 MSCI ESG rating, marking its fourth consecutive year of rating improvement [32] Q&A Session Summary Question: What are the expectations for the second half of the year? - Management indicated plans to capitalize on the peak season for marathons and running events, leveraging synergies between the XTAP core brand and Saucony to expand market share [4][33] Question: How is the company addressing the increase in inventory levels? - The increase in inventory is attributed to preparations for the peak season and the launch of new products, with expectations for inventory levels to return to a healthy state by year-end [14] Question: What are the company's plans for e-commerce growth? - E-commerce operations are expected to continue driving growth, with a focus on refining the product portfolio and enhancing supply chain capabilities [28]

Financial Data and Key Metrics Changes - The group's total revenue increased by 7.1% to JPY 6,838 million [7] - Operating profit rose by 9.1% to JPY 1,305 million, with an operating profit margin improvement of 0.4 percentage points to 19.19% [8] - Net profit for the first half of the year was JPY 914 million, reflecting a year-on-year increase of 21.5% [9] - Annualized return on equity increased by 3.3 percentage points to 19.7% [9] - Operating cash flows were CHF 774 million, with net cash increasing by 94.3% to CHF 1.913 billion [9] Business Line Data and Key Metrics Changes - Revenue from the XTEP core brand increased by 4.5% to JPY 6,053 million, while the professional sports division, including Saucony and Merrell, saw revenue growth of over 32% to JPY 785 million [8][16] - The mass market segment's gross profit increased by 4% to JPY 2,641 million, with a slight decrease in gross margin by 0.3 percentage points [15] - The professional sports division's operating profit surged nearly 2.4 times to JPY 79 million, with an operating profit margin improvement to 10% [17] Market Data and Key Metrics Changes - Over 300 marathons were held in China in the first half of the year, with more than 3 million participants, indicating a growing interest in running events [24] - The group's brands maintained high wear rates in major marathons, with Saucony achieving second place in overall wear rates at the Wuxi Marathon [25] Company Strategy and Development Direction - The company is focused on strengthening its core strategy of running, enhancing synergies among its brands, and expanding its product portfolio [23][35] - Plans include optimizing retail channel management, improving customer experience, and expanding into shopping malls and outlets [27] - The company aims to reinforce its position as China's leading running brand through flagship products and a professional to mass influence strategy [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term development of the sports industry, supported by government investments in public health and sports activities [3][5] - The company plans to implement refined operational management to improve efficiency and create greater returns for investors [6] - The outlook remains positive, with expectations of continued growth driven by the popularity of running and marathon events in China [24][36] Other Important Information - The company declared an interim dividend of HKD 0.18 per share, a year-on-year increase of 15.4%, maintaining a dividend payout ratio of 50% [9] - The company achieved an AA rating in the 2025 MSCI ESG rating, marking its fourth consecutive year of rating improvement [34] Q&A Session Summary Question: What is the outlook for the running market in China? - Management highlighted the increasing popularity of marathons, with over 300 events and 3 million participants in the first half of the year, indicating strong growth potential in the running market [24] Question: How does the company plan to enhance its brand image? - The company will continue to reinforce its high-end sports brand image through flagship products and marketing campaigns, particularly for Saucony [31][36] Question: What are the expectations for the professional sports division? - The professional sports division is expected to maintain a mid to high single-digit operating profit margin for the full year, with continued product launches and marketing efforts [17][36]

Core Insights - Xtep International Holdings Limited reported a solid performance for the six months ending June 30, 2025, with revenue from continuing operations increasing by 7.1% to RMB 6.838 billion [2] - The main brand revenue rose by 4.5% to RMB 6.053 billion, while the professional sports segment saw a significant growth of 32.5% to RMB 785 million [2] - The gross profit margin for continuing operations reached 45.0%, and operating profit grew by 9.1% to RMB 1.305 billion [2] - After accounting for a loss of RMB 106 million from discontinued operations (K·SWISS and Paladin) in the first half of 2024, the profit attributable to ordinary shareholders for the first half of 2025 was RMB 914 million, an increase of 21.5% [2] - The basic earnings per share were RMB 0.346, with an annualized shareholder return rate of 19.7%, up by 3.3 percentage points year-on-year [2] - The company maintained healthy cash flow, with operating cash inflow of RMB 774 million, and declared an interim dividend of HKD 0.18 per share, a 15.4% increase [2] - The dividend payout ratio was 50.0%, and the company has maintained a payout ratio of no less than 50% for 17 consecutive years since its listing, reflecting a long-term commitment to shareholder returns [2] Strategic Focus - The Chairman and CEO of Xtep, Ding Shuibo, emphasized the company's focus on running as a strategy that solidifies its position as a leading running brand in China [3] - The company's outstanding market share in major marathon events highlights its market leadership and the effectiveness of its "Professional Influences the Masses" strategy [3] - With ongoing government support for the sports industry and rising sports participation rates, Xtep aims to strengthen its leadership in the running sector and leverage synergies between its main brand and subsidiaries, Saucony and Merrell, to enhance market share [3]

每经AI快讯，有投资者在投资者互动平台提问：董秘你好，请问公司有参股脑机接口相关公司吗？公 司是否涉及体育类动作捕捉设备生产开发？ 金陵体育（300651.SZ）8月18日在投资者互动平台表示，没有参股脑机接口的相关公司，公司运营的金 陵篮球公园有配置体育类动作捕捉设备。 （文章来源：每日经济新闻） ...

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