Core Viewpoint - Guosen Securities is optimistic about Xtep International (01368) focusing on the mass market for steady growth, with its brands Saucony and Merrell targeting "dual elite groups" and outdoor activities, maintaining rapid growth and continuous profit improvement over the next 3-5 years [1] Group 1: Company Performance - On January 23, the company announced its operational status for Q4 2025, reporting that the main brand's online and offline retail sales remained flat year-on-year, with retail discounts between 70-75% [1] - For the full year of 2025, the main brand's total retail sales saw low single-digit year-on-year growth, with an end-of-year channel inventory turnover ratio of approximately 4.5 months [1] - Saucony's online and offline retail sales grew by over 30% year-on-year, achieving the management's previous guidance of 30% growth for the year [2] Group 2: Investment Outlook - The investment recommendation is positive, highlighting the main brand's ability to leverage its running category for steady sales growth, while professional sports brands are rapidly increasing profitability [2] - The running category showed strong performance despite negative factors such as temperature and delayed Spring Festival, with the main brand's sales remaining flat year-on-year [2] - Key running shoe categories and core series like "Two Thousand Kilometers" and "Champion Family" performed exceptionally well [2]