Core Viewpoint - Xtep International has reported a mid-single-digit year-on-year growth in retail sales for its main brand in the first quarter of 2025, with a notable performance from its Saucony brand, which saw retail sales in China increase by over 40% year-on-year [1][4] Brand Performance - The company has established a brand matrix with its main brand targeting the mass sports market, while Saucony and Merrell focus on professional sports, and K-Swiss and Palladium cater to the fashion sports market [2][4] - Saucony became the first new brand within the group to achieve profitability in 2023, while K-Swiss and Palladium are still in the process of narrowing losses [2][4] - In December 2023, Xtep acquired 40% of Saucony's intellectual property rights in China, enhancing its control over the brand [2] Market Dynamics - The running market in China is experiencing robust growth, with a potential consumer base of 400 million, but competition is intensifying among brands [7][11] - Xtep's running shoes are priced between 400 to 700 RMB, with some competition in the over 1000 RMB segment from emerging brands like HOKA and Salomon [7][11] Financial Insights - Xtep plans to raise approximately 9.85 billion HKD through share placements and bond issuance to further develop its main brand and Saucony's direct-to-consumer business model [8][11] - Despite a significant revenue increase for Saucony, its contribution to the overall revenue remains below 10%, with the main brand still accounting for 123.27 billion RMB in revenue [8][11] Strategic Focus - The company is concentrating resources on its main brand and the running segment, indicating a strategic shift towards enhancing its presence in the running market [4][5] - Xtep is also exploring multi-category development, including investments in basketball and tennis, but these initiatives will take time to scale [12]

以下文章来源于金角财经 ，作者颖宝 金角财经 . 城市新中产读本，拆解经济事件背后的逻辑。 来源丨金角财经（ID: F-Jinjiao) 作者丨颖宝 图源丨亚瑟士官网 回到被耐克、阿迪达斯统治的校园年代，如果你穿着亚瑟士上学，极有可能会被问："这双安踏多少 钱？" 日本运动品牌亚瑟士，于2006年进入中国市场，耕耘已近20年，但"土味""丑"的标签，让它在很长一段时 间里，在由年轻人主导的流行文化中存在感薄弱。在不算太久远的2020年，亚瑟士还处于经营亏损39.5亿 日元（约合人民币2亿元）的困境中。 但这两年，亚瑟士彻底逆袭了。 2024年，亚瑟士全球销售额为6785.26亿日元（约合349亿元人民币），同比增长近19%；大中华区营收达 1004.98亿日元（约合48.23亿元人民币），同比增长近30%。此增速水平，安踏和阿迪达斯看了都要沉 默。 亚瑟士天猫旗舰店上的热销鞋型，如Contend 4、Kayano 31、GT-2000 12等，均是经典系列成员。 Kayano、GT-2000系列均诞生于1993年，Contend系列已更替至第四代。意味着，吸引当下年轻人的，还 是当年那些"土鞋"。 小红书上2 ...

一场酝酿了 17 年的 "长跑"。 同样坚持跑步这项运动的还有特步创始人丁水波。他曾在多个场合阐述特步对跑步产业的重视，去年公司 上市 15 周年时说，"跑鞋一定是特步的绝对核心产品，如果要选一个品类代表特步，那一定是跑步。" 跑 鞋在特步整体营收中占比超过六成，高于安踏、李宁、361 等其他国产运动品牌集团。 今年上半年，特步集团营收同比增长 10.4% 至 72 亿元。其中特步主品牌表现稳定，收入约 58 亿元。索康 尼所在的专业运动板块营收 5.9 亿元，增幅达 72.2%，在整体营收中的占比升至 8%。得益于对成本的控 制，毛利率增长 3 个百分点至 46%。 双品牌聚焦 "跑步" 核心业务 特步收购盖世威、帕拉丁品牌五年后，今年 5 月，创始人丁水波家族决定以 1.51 亿美元将其私有化，减轻 对公司财务报表影响的同时，将资源集中在特步主品牌和高端跑鞋品牌索康尼（Saucony），更聚焦跑步 业务。 2019 年，在收购盖世威、帕拉丁的同一年，特步收购了索康尼和户外品牌迈乐（MERRELL）在中国市场 的所有权，以和 Wolverine 成立合资公司的方式在国内销售。 "跑步能按照自己的步伐来做一件 ...