香 港 交易 及 結 算 所 有限 公 司 以 及香 港 聯 合 交 易所 有 限 公 司 對本 公 佈 之 內容 概 不 負責 ， 對 其 準 確性 或 完 整 性亦 不 發 表 任 何聲 明 ， 並 明 確表 示 ， 概 不對 因 本 公佈 全 部 或 任 何部 分 內 容 而產 生 或 因 倚 賴該 等 內 容 而 引致 之 任 何 損失 承擔任何責任。 Xtep International Holdings Limited 特 步 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1368） 二零二五年第三季度中國內地業務營運狀況 本公佈由特步國際控股有限公司（「本公司」，連同其附屬公司「本集團」）董 事會（「董事會」）發出。 特步國際控股有限公司 索康尼 主席 丁水波 | | | 香港，二零二五年十月十七日 本 公 司股 東 及 潛 在 投資 者 須 注 意， 此 公 佈 是 根據 本 集 團 未 經審 計 的 營 運資 料而編製，這些資料尚未經過本公司審計師審計或覆核。 本公司建議本公司股東及潛在投資者在進行本公司股份交易時謹慎行事。 營運狀況（截至二零二五年九月三十日 ...

Core Points - The Third National Postdoctoral Innovation and Entrepreneurship Competition will take place on October 26 in Quanzhou, Fujian Province, organized by the Ministry of Human Resources and Social Security and the Fujian Provincial Government [2][3] - Anta Group's Chairman, Ding Shizhong, emphasized the importance of industry-academia-research collaboration in driving the company's growth and enhancing product competitiveness [2] - The competition is the largest and highest-level national event for postdoctoral researchers in China, featuring four categories: innovation, entrepreneurship, overseas (Belt and Road), and challenge [3] Competition Details - This year's competition attracted 8,006 postdoctoral teams (projects) from both domestic and international participants, marking a 29% increase from the previous edition [3] - After preliminary selections and national semifinals, over 1,700 teams (projects) will compete in the finals in Quanzhou [3] - The competition includes seven major tracks: new generation information technology and artificial intelligence, high-end equipment manufacturing and robotics, new energy and energy conservation, new materials and petrochemicals, biomedicine and health, modern agriculture and food, and other industries [3]

Core Viewpoint - The 2025 Tmall "Double 11" pre-sale event has shown significant growth, with 35 brands achieving over 100 million yuan in sales within the first hour, surpassing last year's performance [2][4]. Sales Performance - The pre-sale event commenced on October 15 at 8 PM, with 35 brands reaching over 100 million yuan in sales in the first hour, and 1,802 brands doubling their sales compared to the previous year [4][10]. - Notable brands that entered the "100 million club" include Fila, Proya, SK-II, Adidas, and Nike [4][10]. - The beauty category experienced rapid growth, with several brands breaking the 100 million yuan mark within minutes of the pre-sale start [11]. User Engagement - There was a significant increase in the number of users placing deposits during the first hour of the pre-sale, with the number of live-streaming rooms exceeding last year's figures [11]. - The visitor count in Li Jiaqi's live-streaming room grew by over 45% in the first hour [11]. Category Performance - Key categories such as beauty, maternal and infant products, fashion, and food saw remarkable performance, with some categories experiencing growth of nearly 80% [11]. - The first day of Tmall's flash sales saw night snack orders in 270 cities increase by over 200%, and supermarket convenience orders grew by 670% [11]. AI Integration - This year's "Double 11" event has seen platforms leveraging AI technology to enhance operational efficiency and user experience [14][15]. - AI tools are being offered for free to merchants, covering the entire store operation process, including graphic design, product launches, live streaming, and customer service [15]. Promotional Strategies - Platforms have shifted their promotional strategies, focusing less on "absolute low prices" and more on simplifying discount rules and directly subsidizing consumers [14][15]. - The combination of classic promotions like "Spend 300 get 50 off" and increased subsidies for member users aims to enhance customer loyalty [14].

Core Viewpoint - The company has implemented a temporary salary reduction as a short-term strategy to ensure job security and promote development amid challenging market conditions [1][2]. Group 1: Salary Reduction Response - The salary adjustment is a difficult decision made after careful evaluation, aimed at maintaining long-term stability and avoiding layoffs [1]. - The management has communicated with employees and received understanding from most, while remaining open to feedback from those who disagree [1]. Group 2: Employee Reactions - Some employees expressed dissatisfaction with the lack of prior consultation before the salary cuts and the handling of feedback [2]. - Reports indicate that the salary cuts, which can reach up to 50%, exceed what many employees can bear, especially given the already non-competitive salary levels in the industry [2]. Group 3: Company Performance and Strategy - The company has faced significant losses in its direct sales segment, accumulating over 130 million yuan from January to July, and has had to divest three subsidiaries [2]. - Despite the challenges, the company remains optimistic about the future of the sports goods industry and has introduced employee care programs, promising to reward sacrifices made during this period when conditions improve [2][3]. Group 4: Strategic Challenges - The shift towards a direct sales model, which requires high operational capabilities and bears all costs, has revealed the company's struggles during its strategic transformation [3]. - The ability of the company to navigate these challenges will depend on its capacity to convert temporary cost-cutting measures into opportunities for deeper reform and improved operational efficiency [3].

Core Viewpoint - Citic Securities reports that 361 Degrees (01361) has shown a positive performance in Q3 2025, with main brand offline sales, children's clothing offline sales, and e-commerce channel revenue increasing by 10%, 10%, and 20% year-on-year respectively, aligning with market expectations, indicating the company's strong product cost-performance benefiting from the current consumption environment [1] Group 1 - The company is expected to maintain double-digit revenue growth momentum in 2025, which will gradually improve operating cash flow [1] - Long-term prospects include potential growth from the outdoor brand One Way and exploration of overseas offline wholesale and cross-border e-commerce businesses, which may provide new incremental revenue [1] - The company is likely to drive valuation re-rating through continuous performance delivery and increased dividends [1]

Core Viewpoint - CITIC Securities reports that 361 Degrees (01361) has shown strong performance in Q3 2025, with offline main brand, children's wear offline, and e-commerce channels experiencing year-on-year growth of +10%, +10%, and +20% respectively, indicating the company's competitive product value continues to benefit from the current consumer environment [1] Group 1 - The company is expected to maintain double-digit revenue growth momentum in 2025, which will gradually improve operating cash flow [1] - Long-term prospects include potential growth from the outdoor brand One Way and exploration of overseas offline wholesale and cross-border e-commerce businesses [1] - The company is likely to drive valuation re-rating through consistent performance delivery and dividend increases [1]

Macro Research - The core CPI continued to rise year-on-year in September, reaching -0.3%, while the PPI decreased year-on-year by 2.3%. The overall price level still requires support for recovery [6] - Recent price trends show two main characteristics: first, the core CPI's rise is driven by external factors such as consumption subsidies and rising gold prices, with no significant improvement in endogenous consumer demand [6] - The market has strong expectations for the effects of anti-involution policies, but the recent rise in industrial product prices has been structural and mainly in raw materials and upstream sectors [6] Investment Banking and Brokerage Industry - The performance of listed brokerages is expected to maintain rapid growth in Q1-Q3 2025, with a year-on-year increase in net profit of 58.63% [8] - Adjusted operating revenue for 42 listed brokerages is projected to grow by 32.02% year-on-year to 395.48 billion yuan, with net profit reaching 165.15 billion yuan [8] - The brokerage business is expected to contribute the most to revenue growth, driven by a significant increase in market trading volume [8] Insurance Industry - The net profit of listed insurance companies is expected to grow significantly in Q3 2025, with a forecasted growth rate of 57.0% for New China Life Insurance [13] - The growth in life insurance premiums is driven by the optimization of asset allocation and increased equity asset configuration [14] - The combined ratio (COR) for property insurance is expected to improve despite pressures from natural disasters, with a projected COR of 96.1% for China Property Insurance [15] Shipping Industry - China's countermeasures against the US 301 investigation are expected to alleviate the impact on Chinese shipyards and shipping companies [17] - The new regulations impose special port fees on US-owned vessels docking at Chinese ports, which may lead to a reduction in effective shipping capacity and increased freight rates [19] - The shipping market is expected to see a rise in freight rates due to the countermeasures, with a projected increase in oil shipping rates [19] Company Coverage: Zhongxin Co., Ltd. - The company is expected to achieve EPS of 3.23, 5.47, and 7.08 yuan from 2025 to 2027, with a target price of 96.97 yuan based on a 30X PE ratio [21] - The company is focusing on global expansion and enhancing its overseas production capacity, with significant progress in its biodegradable product projects [24] - Continuous investment in technology and innovation is expected to enhance the company's core competitiveness and production efficiency [24] Company Coverage: 361 Degrees - The company is leading the industry in revenue growth, with a projected net profit of 12.9 billion yuan for 2025 [25] - The rapid expansion of the "super premium store" model is expected to drive further growth, with a target of opening 100 new stores [26] - The company is well-positioned for continued growth in the upcoming quarters, supported by strong product offerings and market demand [26] Company Coverage: Small Commodity City - The global trade center project is accelerating its leasing process, significantly boosting market revenue from rentals and services [27] - The company has raised its EPS forecasts for 2025-2027, reflecting strong performance and market demand [30] - The digital trade ecosystem is rapidly growing, with a significant increase in cross-border payment transactions [30]

Core Viewpoint - The recent salary reduction controversy at Peak Sports has escalated, with significant pay cuts affecting employees, particularly in loss-making departments, as the company seeks to stabilize its financial situation amid ongoing market challenges [1][2]. Company Summary - Peak Sports has implemented a tiered salary reduction plan, with cuts reaching up to 50% for certain positions, particularly in loss-making departments [1]. - The chairman, Xu Jingnan, indicated that the overall salary reduction would be less than 10%, and performance bonuses would still be retained [2]. - The company reported a cumulative loss of over 130 million yuan from January to July in its domestic direct sales segment, prompting the salary adjustments [2]. - Management has communicated with employees regarding the changes, emphasizing that the salary cuts are temporary and aimed at ensuring long-term stability and job security for the majority of staff [2]. Industry Summary - The sports market is currently facing difficulties, with Nike's Greater China revenue declining by 10% year-on-year to $1.512 billion [3]. - Anta's gross margin has decreased by 0.7 percentage points to 63.4%, despite a revenue increase of 14.3% year-on-year to 38.544 billion yuan [3]. - Overall, while leading brands are under pressure, mid-tier brands are finding it increasingly challenging to break through in the competitive landscape [4].

Core Viewpoint - The article discusses the ongoing salary reduction controversy at Peak Sports, highlighting the significant pay cuts implemented across various departments due to financial losses, with some employees facing penalties for refusing to accept the changes [1][3]. Group 1: Salary Reduction Details - Peak Sports has initiated a tiered salary reduction plan, with cuts reaching up to 50% for certain departments, particularly those operating at a loss [1]. - The salary adjustments are structured as follows: a 10% reduction for salaries between 5,000 to 10,000 yuan, 20% for 10,000 to 20,000 yuan, and 30% for salaries above 20,000 yuan [1]. - The company reported a cumulative loss of over 130 million yuan from January to July in its direct sales segment, prompting the salary adjustments [3]. Group 2: Management and Employee Communication - Peak's management has communicated the salary changes to employees, with most understanding the necessity of the decision, although some employees remain resistant [3]. - The management has opened channels for employees to express their opinions and suggestions regarding the changes [3]. - The company emphasizes that the salary reductions are temporary and aimed at ensuring long-term stability and job security for the majority of employees [3]. Group 3: Industry Context - The sports market is currently facing challenges, with major brands like Nike reporting a 10% decline in revenue in Greater China, and Anta experiencing a slight decrease in gross margin [4]. - Despite these challenges, Anta's revenue grew by 14.3% to 38.544 billion yuan, although its net profit fell by 8.9% to 7.031 billion yuan [4]. - The article indicates that while leading brands are under pressure, mid-tier brands are finding it increasingly difficult to thrive in the current market environment [4].

Core Viewpoint - The article discusses the impact of Yang Hanshen's entry into the NBA on Sino-American relations, emphasizing the dual-directional interaction between the NBA and the Chinese market, contrasting it with the previous era of Yao Ming, who primarily opened the Chinese market for the NBA [7][12][22]. Group 1: Yang Hanshen's Performance and Adaptation - Yang Hanshen's initial struggles in the NBA were followed by significant improvements, showcasing his ability to adapt to the league's demands through targeted training and adjustments [9][11]. - His performance in the preseason, including a notable game against the Kings where he scored 14 points in a single quarter, highlights his rapid development and acceptance by fans [9][12]. - The article notes that Yang's growth represents a blend of Chinese and American basketball philosophies, indicating a cultural and professional integration [11][20]. Group 2: Market Impact and Commercial Opportunities - Following Yang's signing, the Portland Trail Blazers experienced a surge in social media followers in China, indicating a growing interest in the team and the NBA [7][12]. - Yang's jersey sales skyrocketed, with 43% of orders coming from Chinese fans, demonstrating his potential to reignite interest in the NBA among Chinese audiences [12][14]. - The collaboration between Yang's team and American brands, such as Under Armour, to create dual-version signature shoes reflects the commercial opportunities arising from his presence in the league [14]. Group 3: Cultural and Political Significance - Yang Hanshen's success is seen as a new vehicle for cultural exchange between China and the U.S., with his performance fostering interest in Chinese culture among American fans [16][18]. - His journey in the NBA is positioned as a potential positive influence on Sino-American relations, especially in light of the complex political landscape [16][18]. - The article suggests that Yang's role transcends basketball, serving as a bridge for mutual understanding and cooperation between the two nations [22].