Core Viewpoint - CICC maintains the EPS forecast for Xtep International at 0.50/0.55 HKD for 2025/26, with a target price of 6.90 HKD, indicating a 29% upside potential from the current stock price [1] Group 1: Xtep Brand Performance - In Q2 2025, Xtep's main brand retail revenue grew by a low single-digit percentage year-on-year, driven by professional categories [2] - The running and outdoor categories led overall growth, with running sales in the first half of 2025 increasing by double digits [2] - Retail discounts for the main brand remained stable at 70-75%, with channel inventory turnover at 4-4.5 months by the end of June [2] Group 2: Saucony and Merrell Growth - Saucony brand saw retail revenue growth of over 20% year-on-year in Q2 2025, focusing on high-end urban consumers and running categories [3] - The brand plans to accelerate offline channel expansion in the second half of 2025, targeting a 30-40% year-on-year revenue growth for the full year [3] - Merrell brand experienced over 50% retail revenue growth in Q2 2025, with a focus on online channel development [3] Group 3: Channel Transformation - The company plans to gradually reclaim 100-200 Xtep main brand stores for DTC transformation in Q4 2025, with a capital expenditure of approximately 400 million HKD [4] - The number of stores involved in the DTC transformation is relatively low, and the management expects limited impact on overall revenue for 2025-2026 [4] - Future plans include accelerating the layout of Xtep main brand in shopping centers and outlet channels, which currently account for about 30% [4]

Group 1 - The company expects to achieve a net profit attributable to the owners of the parent company ranging from 6 million to 9 million yuan for the first half of 2025 [1] - The company anticipates a net profit attributable to the owners of the parent company, after deducting non-recurring gains and losses, to be between 2.8 million and 4.2 million yuan for the first half of 2025 [1]

Group 1 - The core viewpoint of the announcement is that Tianchuang Fashion Co., Ltd. has maintained its credit ratings for both its corporate and convertible bonds at "A-" with a negative outlook [1][2] - The previous credit rating for the corporate entity and the Tianchuang convertible bond was also "A-" with a negative outlook, indicating stability in the ratings despite the negative outlook [1][2] - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., which performed a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 12, 2025, and is referenced as the 2025 tracking rating report for the 2020 Tianchuang Fashion Co., Ltd. public issuance of convertible bonds [2] - The report is available for public access on the Shanghai Stock Exchange website [2]

Core Viewpoint - *ST Tianchuang (603608.SH) reported a significant decline in revenue and net profit for the year ending December 31, 2024, indicating ongoing financial challenges for the company. Financial Performance - The total operating revenue for *ST Tianchuang was 1.099 billion yuan, a decrease of 175 million yuan or 13.74% compared to the same period last year [1] - The net profit attributable to the parent company was -90.81 million yuan, a reduction of 60.66 million yuan compared to the previous year [1] - The net cash inflow from operating activities was 47.21 million yuan, down by 71.31 million yuan or 60.17% year-on-year [1] Key Financial Ratios - The asset-liability ratio stood at 35.09% as of December 31, 2024 [3] - The gross profit margin was 62.24%, an increase of 0.15 percentage points from the previous year [3] - The return on equity (ROE) was -8.71%, a decrease of 6.38 percentage points compared to the same period last year [3] - The diluted earnings per share were -0.24 yuan, down by 0.17 yuan from the previous year [3] - The total asset turnover ratio was 0.58 times, a decline of 0.01 times year-on-year [3] - The inventory turnover ratio was 1.42 times, a decrease of 0.04 times compared to the previous year [3] Shareholder Information - The number of shareholders was 10,700, with the top ten shareholders holding 203 million shares, accounting for 48.38% of the total share capital [3] - The largest shareholder was Qingdao Hetian Trading Partnership, holding 17.4% of the shares [3] Research and Development - The total R&D investment was 39.67 million yuan, ranking fifth in the last five years, and decreased by 7.62 million yuan or 16.10% compared to the previous year [3] - The R&D investment ratio was 3.61%, down by 0.10 percentage points from the previous year [3]

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 关税是近期市场普遍关心的话题，我们整理了一些外资投行的观察视角，以供参考。 截至本文发布，美国总统特朗普表示，他正考虑对进口汽车和零部件关税实施临时豁免的可能性， 以便让汽车企业有更多时间在美国建立生产设施。 在此之前，特朗普称豁免电子产品关税只是一项 临时措施，这些产品将被即将实施的行业关税所覆盖。 局势正在以分钟级速度演变。 关税政策能重振美国的就业吗？ 有外资报告援引学术研究结果显示，特朗普关税政策或对美国就业存在负面影响。关税税率每提高10个 百分点，受保护行业的就业岗位将增加0.2-0.4%；而关税驱动成本每上升1个百分点，就业岗位会减少 0.3-0.6%。考虑美国的经济体量，意味着关税保护对制造业就业的提振作用不足10万个岗位，而由此带 来的成本压力对下游就业的拖累效应则高达约50万个岗位。 企业应对关税风险的五种常见策略 外资投行基于观察企业应对上一轮关税争端的经验，总结出面对关税风险企业通常可以采取的五种应对 策略。在最新的关税政策下，部分策略是否还能继续 ...