智通财经APP获悉，中信里昂发表报告指，特步国际(01368)2025财年业绩指引维持不变。该行预计，两 个品牌的门市升级将持续进行，特步核心品牌的通路多元化将持续推进，Saucony(索康尼)的产品品类 也将持续拓展，这些都将推动销售增长。该行予该股"跑赢大市"评级，目标价为6.3港元。 报告指，特步股价在2025年第三季更新后于10月17日下跌3.5%，核心品牌和索康尼的销售趋势较上季 维持稳定。尽管可比销售额有所下降，但特步核心品牌零售额与第二季持平。线上销售额年增两位数， 仍优于线下销售额。 ...

Core Viewpoint - Xtep International (01368) is optimizing its multi-brand matrix by divesting its fashion sports brand in 2024 to focus on its core running business, which will enhance resource allocation and strengthen its professional sports position. The company is expected to begin its DTC transformation in 2025, exploring more efficient and high-quality channel layouts, maintaining a "Buy" rating and profit forecasts for 2025-2027 [1] Group 1 - In Q3 2025, Xtep's main brand achieved a low single-digit year-on-year growth in total channel revenue, continuing the stable trend from Q2, with online sales outperforming offline sales and children's products outperforming adult products [2] - The running and outdoor product categories saw double-digit growth, while lifestyle products experienced slight fluctuations due to macroeconomic conditions. Over 60% of Xtep's brand products are functional, stabilizing the core business [2] Group 2 - Saucony brand experienced over 20% year-on-year growth in total channel revenue in Q3, with offline revenue increasing by over 30%. The brand opened 16 new stores, primarily in key business districts of first and second-tier cities, maintaining an annual store opening target of 30-50 [3] - Saucony's online business has been actively adjusted since Q2 to reduce low-priced products and tighten discounts, aiming to strengthen its high-end brand positioning for the Q4 sales season [3] Group 3 - Xtep's main brand maintained a healthy inventory level with a stock-to-sales ratio of 4-4.5 months and discount levels between 70-75%, reflecting good supply chain management and terminal sales efficiency [4] - Saucony's inventory and discount levels are also under control, allowing flexibility for Q4 promotional activities [4] Group 4 - Xtep is continuously optimizing its channel structure and upgrading store images, with over 70% of its new store formats being the 9th generation and leading stores. The company is accelerating its layout in shopping centers and outlet stores [5] - The outlet channel, represented by leading and selected outlets, has a significant area and is expected to contribute to offline sales growth, with plans to expand the number of stores to 70-100 by 2026 [5] Group 5 - The DTC transformation is progressing steadily, with plans to reclaim approximately 100 stores in Q4 and a total of 400 stores by the end of 2025, with related capital expenditures of about 400 million yuan, which will enhance long-term channel competitiveness [6]

Core Viewpoint - Xtep International is optimizing its multi-brand matrix by divesting its fashion sports brand in 2024, focusing on its core running business, and enhancing resource allocation. The company plans to initiate a DTC transformation in 2025, which is expected to solidify its position in the professional sports sector and maintain a "Buy" rating [1] Group 1: Financial Performance - In Q3 2025, Xtep's main brand achieved a low single-digit year-on-year growth in total channel revenue, consistent with Q2's performance, with online sales showing double-digit growth and children's products outperforming adult categories [2] - The net profit forecasts for Xtep are projected at 1.37 billion, 1.49 billion, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11, 10, and 9 [1] Group 2: Brand and Product Development - Saucony brand experienced over 20% year-on-year growth in total channel revenue in Q3, with offline revenue increasing by over 30%. The brand opened 16 new stores, primarily in first and second-tier city core business districts, maintaining an annual store opening target of 30-50 [3] - Saucony is focusing on the running scene and expanding its apparel and OG series, receiving positive market feedback, and is confident in achieving over 30% growth for the year [3] Group 3: Inventory and Discount Management - Xtep's main brand maintained a healthy inventory turnover ratio of 4-4.5 months and discount levels between 70-75%, indicating effective supply chain management and terminal sales efficiency [4] - Saucony's inventory and discount levels are also within controllable ranges, allowing flexibility for promotions in Q4 [4] Group 4: Channel Innovation and Expansion - Xtep is continuously optimizing its channel structure, with over 70% of its stores upgraded to the new 9th generation and leading stores. The company is accelerating its presence in shopping centers and outlet stores [5] - The outlet channel, represented by leading and selected outlets, is expected to expand to 70-100 stores by 2026, aligning with positive market trends in outlet traffic and sales [5] Group 5: DTC Transformation - Xtep plans to reclaim approximately 100 stores in Q4, with a total of 400 stores by the end of 2025, involving a capital expenditure of around 400 million yuan. This move is expected to enhance the company's long-term channel competitiveness [6]

Macro Strategy - The report discusses the potential benefits of monetary policy easing, such as interest rate cuts, on equity assets, emphasizing that investor expectations for future corporate profits may be more critical than discount rates in DCF models [1][9] - It highlights that if monetary easing coincides with improved profit expectations and economic recovery, equity markets may perform better despite a bearish bond market [1][9] - Defensive stocks are likely to benefit more from monetary easing compared to growth stocks, which require specific conditions to see direct benefits [1][9] Company Analysis High Energy Environment (603588) - The company reported a significant increase in non-recurring profit by 29% in Q3 2025, driven by rising metal prices and improved operational efficiency [3][13] - Revenue for the first three quarters of 2025 was 10.16 billion yuan, a decrease of 11.28% year-on-year, while net profit reached 646 million yuan, an increase of 15.18% [3][13] - The forecast for net profit from 2025 to 2027 is set at 800 million, 910 million, and 1.05 billion yuan, with corresponding PE ratios of 14.5, 12.8, and 11.1 [3][13] Fuan Energy (002911) - The company’s revenue for the first three quarters of 2025 was 23.501 billion yuan, a year-on-year increase of 5.38%, with net profit reaching 490 million yuan, up 6.07% [4][14] - The company plans to maintain a dividend payout ratio of no less than 65% from 2025 to 2027, ensuring shareholder returns [4][14] - The forecast for net profit from 2025 to 2027 is 872 million, 922 million, and 976 million yuan, with PE ratios of 19.3, 18.2, and 17.2 [4][14] Minshida (920394) - The company reported a 38% year-on-year increase in non-recurring profit for the first three quarters of 2025, with revenue of 343 million yuan, a 21.77% increase [5][16] - The sales gross margin improved to 40.37%, reflecting strong operational performance [5][16] - The forecast for net profit from 2025 to 2027 is 134 million, 171 million, and 216 million yuan, with PE ratios of 45, 35, and 28 [5][16] 361 Degrees (01361.HK) - The company experienced a 10% increase in offline sales for its main brand and children's clothing, with a 20% increase in e-commerce sales [7][18] - The forecast for net profit from 2025 to 2027 is 1.3 billion, 1.46 billion, and 1.62 billion yuan, with low PE ratios of 8 for all three years [7][18] Haiguang Information (688041) - The company reported a revenue of 9.49 billion yuan for the first three quarters of 2025, a year-on-year increase of 54.65%, with a net profit of 1.961 billion yuan, up 28.56% [8][19] - The company is positioned to benefit from the growing demand for AI applications and has a comprehensive product matrix in the GPU sector [8][19] - The forecast for net profit from 2025 to 2027 is adjusted to 3.116 billion, 4.617 billion, and 6.529 billion yuan [8][19]

Core Viewpoint - Guosheng Securities reports that Xtep International (01368) is a leading sportswear company in China with significant advantages in the professional running sector, and expects the company's net profit attributable to shareholders to reach 1.365 billion, 1.504 billion, and 1.631 billion yuan for 2025-2027, corresponding to a PE of 11 times in 2025, maintaining a "Buy" rating [1] Group 1: Revenue Performance - Xtep's main brand revenue showed low single-digit year-on-year growth in Q3 2025, with the running category experiencing strong growth of over 20% [2][3] - The e-commerce channel is expected to outperform offline sales, with the company optimizing its offline channel by closing underperforming stores and opening high-quality image stores [2] Group 2: Inventory and Discount Management - Xtep's channel inventory turnover days remained healthy at around 4 to 4.5 months as of the end of Q3 2025, consistent with Q2 2025 and slightly higher than Q3 2024 [3] - The overall terminal discount for Q3 2025 was between 70% to 75%, stable compared to Q2 2025 but slightly deeper than Q3 2024 [3] Group 3: Future Outlook - For 2025, the company expects a revenue growth of around 7% and a net profit growth of approximately 10%, driven by a cautiously optimistic operational strategy and the advancement of DTC (Direct-to-Consumer) business [4]

Core Viewpoint - Guosheng Securities reports that Xtep International (01368) is a leading sports goods company in China, with significant advantages in the professional running sector. The profitability of Saucony is gradually expanding, and the firm expects the company's net profit attributable to shareholders to reach 1.365 billion, 1.504 billion, and 1.631 billion yuan for 2025-2027, corresponding to a PE ratio of 11 times for 2025, maintaining a "Buy" rating [1]. Group 1: Revenue Performance - Xtep's main brand revenue showed a low single-digit year-on-year growth in Q3 2025, while Saucony's revenue grew over 20%, indicating overall stable performance [2]. - The growth in Xtep's main brand is driven by the running category, with a healthy inventory level. The company is optimizing its channel structure, with e-commerce sales expected to outperform offline sales this year [2]. - The company is enhancing operational efficiency by closing underperforming stores and opening high-quality image stores, while also focusing on product updates in the running segment [2]. Group 2: Operational Metrics - Xtep's channel inventory remains at a healthy level, with terminal discounts slightly deepening year-on-year, ranging between 70% to 75% [3]. - As of the end of Q3 2025, the inventory turnover days for Xtep's brand channels were around 4 to 4.5 months, consistent with Q2 2025 and slightly higher than Q3 2024, but still within a controllable range [3]. - Saucony continues to enhance its brand image and optimize channels, with a revenue growth of over 20% in Q3 2025. The brand is expected to maintain rapid growth in offline channels while deepening its focus on professional running [3]. Group 3: Future Outlook - For 2025, the company anticipates a revenue growth of approximately 7% and a net profit growth of around 10%, as the consumption environment is in a phase of volatile recovery [4]. - The company will adopt a cautiously optimistic operational strategy for its main brand, alongside the advancement of its DTC (Direct-to-Consumer) business [4].

Core Viewpoint - The 10th World Traditional Wushu Championship has commenced in Emei Mountain, Sichuan, with Li Ning brand announced as the global partner of the International Wushu Federation for the period of 2025-2032 [2] Group 1: Event Overview - The championship is recognized as the largest, highest-standard, and most influential traditional martial arts event globally, attracting nearly 5,000 traditional martial arts practitioners from all five continents [2] - The event serves as a platform for martial artists to showcase their skills and promote martial ethics, while also facilitating the international dissemination and exchange of martial arts culture [2] Group 2: Company Involvement - As the global partner of the International Wushu Federation, Li Ning will provide comprehensive professional sports equipment support, including sports shoes, clothing, and accessories for officials and events [2] - The partnership aims to meet the diverse needs of various scenarios such as competitions and meetings [2]

Group 1: Core Themes - The 37th Shanghai Mayor's International Business Leaders Advisory Council focused on "Openness, Innovation, and Inclusiveness" as key strategies for Shanghai's development towards 2030, with over 40 multinational executives participating [1] - The council's membership includes 24 Fortune Global 500 companies with a total market value exceeding $3.5 trillion, indicating strong global representation and confidence in China's market [1] Group 2: Openness - Shanghai is transitioning from factor-driven openness to institutional openness, enhancing global resource allocation through stronger regulatory frameworks [2] - Mizuho Financial Group's approval to establish a wholly foreign-owned securities firm in China marks a significant milestone in the country's financial sector opening [2] - Shanghai is becoming a hub for global business networks, attracting more companies to connect and serve global markets [3] Group 3: Innovation - Siemens has established its largest ecosystem outside Germany in Shanghai, focusing on cross-border data and carbon footprint certification, positioning Shanghai as a key hub for green exports [4] - Novartis proposed a digital health platform leveraging AI to enhance public health services in Shanghai, showcasing the integration of local and international technological innovations [6] - Chinese tech companies are demonstrating significant advancements in AI and robotics, attracting attention from global business leaders [8] Group 4: Inclusiveness - Shanghai is promoting a modern urban development model that addresses new consumer trends, such as health and wellness, and the night economy, reflecting its commitment to inclusive growth [9][10] - L'Oréal and Budweiser highlighted the resilience and potential of the Chinese market, with L'Oréal reporting a 3% growth in sales in the second quarter of this year [9][10] - Adidas emphasized the role of sports in enhancing urban resilience and community well-being, advocating for a supportive infrastructure for sports events [10] Group 5: Future Outlook - The Shanghai Mayor's International Business Leaders Advisory Council continues to serve as a platform for multinational companies to provide insights and recommendations for Shanghai's development [12] - Shanghai has attracted nearly $100 billion in foreign investment over the past five years, with a growing number of foreign enterprises establishing operations in the city [12] - The council's ongoing dialogue reflects the global business community's commitment to Shanghai's future, despite geopolitical uncertainties [13]

Core Insights - Hefei Shanquofu Fishing Gear Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The company is engaged in various business activities including wholesale and retail of sports goods and equipment, internet sales, and pet food and supplies [1] Company Overview - The legal representative of the company is Zhang Fucai [1] - The business scope includes general projects such as outdoor products sales and fishing gear sales, excluding licensed operations [1]

Core Viewpoint - The well-known sports brand Peak has implemented a tiered salary reduction for all employees without prior notice, leading to significant employee dissatisfaction and potential legal issues due to non-compliance with labor laws [1][2][3] Group 1: Salary Reduction Implementation - Peak has executed a salary reduction without written notification to employees, and even issued a "final notice" to those who refused to accept the pay cut [1] - Employees expressed their grievances through written objections, which the company dismissed, indicating a unilateral management decision rather than a collaborative approach [2] - The company cited multiple objective factors for the salary reduction, including ongoing operational pressures and continuous losses in its direct sales system from January to August 2025 [1] Group 2: Legal and Ethical Considerations - The company's actions may violate labor laws, which require mutual agreement between employers and employees to change contract terms, including salary [2][3] - The lack of proper communication and negotiation in the salary reduction process has led to public criticism and could further harm the company's reputation and employee morale [3] - The situation highlights the importance of respecting workers' rights and adhering to legal standards, especially for consumer-facing companies like Peak [3]