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特步国际(1368.HK):电商持续驱动 索尼康继续高增长
Ge Long Hui· 2025-08-21 19:42
事件:近日,特步国际公布2025H1 业绩,收入同比增长7.1%,归母净利润同比增长21.5%,略超我们 预期。此外,公司宣派股息18 港仙/股,派息率为50%。综合考虑,我们上调2025-2027 年EPS 至 0.55/0.62/0.68 元(人民币,下同,列明除外),目标价7.16 港元,维持"买入"评级。 报告摘要 机构:国证国际 研究员:杨怡然 风险提示:宏观经济下行;行业竞争加剧;新品牌发展不及预期。 收入利润均实现持续增长,专业运动分部表现亮眼。上半年,集团录得收入68.38 亿元,同比增长 7.1%。分品牌来看,大众运动分部(特步主品牌)收入同比增长4.5%至60.53 亿元,占收入比为 88.5%,主要是由电商渠道的增长所驱动,电商同比实现双位数增长,占收入比超3 成;专业运动(索 康尼+迈乐)收入同比增长32.5%至7.85 亿元,占收入比11.5%,主要是线下零售表现强劲所带动,线下 同店实现双位数增长。毛利率方面,集团毛利率下滑0.3pp至43.6%,其中主品牌毛利率下滑0.3pp 至 43.6%,专业运动毛利率下滑1.6pp至55.2%,主要是由于线上占比提升以及毛利率相对较低的服装 ...
特步国际(01368):电商持续驱动,索康尼继续高增长
Guosen International· 2025-08-20 05:07
SDICSI 2025 年 8 月 20 日 特步国际 (1368.HK) 电商持续驱动,索康尼继续高增长 风险提示:宏观经济下行;行业竞争加剧;新品牌发展不及预期。 财务及估值摘要 | (年结 31/3;RMB 百万) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,743 | 13,577 | 14,520 | 15,830 | 16,991 | | 增长率(%) | 10.5% | 6.5% | 6.9% | 9.0% | 7.3% | | 归母净利润 | 1,030 | 1,238 | 1,402 | 1,563 | 1,718 | | 增长率(%) | 11.8% | 20.2% | 13.2% | 11.5% | 9.9% | | 毛利率(%) | 41.8% | 43.2% | 43.2% | 43.6% | 43.9% | | 归母净利率(%) | 8.1% | 9.1% | 9.7% | 9.9% | 10.1% | | 每股盈利(元) | 0.41 | 0 ...
特步上半年净利润同比增21.5%
Core Insights - Xtep International Holdings Limited reported a revenue of 6.838 billion yuan for the first half of 2025, representing a year-on-year increase of 7.1% [1] - The profit attributable to ordinary shareholders reached 914 million yuan, showing a year-on-year growth of 21.5% [1] - The company aims to strengthen its position in the running sector and enhance market share through synergies between its main brand and subsidiaries Saucony and Merrell [1] Financial Performance - The main brand revenue increased by 4.5% year-on-year to 6.053 billion yuan, with e-commerce contributing over 30% of this revenue [1] - E-commerce revenue experienced double-digit year-on-year growth due to data-driven strategies tailored for specific online channels [1] - R&D expenses amounted to 190 million yuan, up 20.25% year-on-year, accounting for 2.8% of total revenue, an increase from 2.5% the previous year [1] Market Position and Strategy - Xtep focuses on the professional running sector through product development, participation in professional events, and collaboration with athletes, establishing a strong influence in the professional community [2] - The professional sports division, including Saucony and Merrell, generated 785 million yuan in revenue, a 32.5% increase, contributing 11.5% to total revenue [2] - Saucony leads in the market for professional running shoes, while Merrell focuses on e-commerce and core product lines in trail running, hiking, and creek walking [2] Brand Matrix - Xtep's diversified brand matrix covers various sports sectors and consumer demographics, with the main brand targeting the mass sports market and Saucony and Merrell focusing on professional sports [2] - The company holds a significant market position due to its competitive and diverse brand portfolio [2]
特步国际(01368):电商业务强劲,索康尼线下同店双位数增长
HUAXI Securities· 2025-08-18 11:34
Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved revenue, net profit attributable to shareholders, and operating cash flow of 6.838 billion, 914 million, and 774 million CNY respectively in H1 2025, with year-on-year growth of 7.1%, 21.5%, and a decline of 6.4% [2] - The net profit growth outpaced revenue growth primarily due to a loss of 106 million CNY from the sale of the KP brand in H1 2024; excluding this impact, the net profit attributable to shareholders increased by 6.4% year-on-year [2] - The company declared an interim dividend of 0.18 HKD per share, with a payout ratio of 50.0% and a dividend yield of 6.3% [2] Summary by Sections Business Overview - The mass sports segment (Tebu) and professional sports segment (Saucony, Myle) generated revenues of 6.052 billion and 785 million CNY respectively in 2024, reflecting year-on-year growth of 4.5% and 32.5% [3] - The growth in the mass sports segment was driven by strong online sales performance, while the professional sports segment benefited from robust offline retail performance, achieving double-digit same-store sales growth [3] - The number of stores for Tebu Children, Tebu, and Saucony in H1 2025 was 1,564, 6,360, and 155 respectively, with year-on-year changes of -3.3%, -8.3%, and 21.1% [3] - Saucony's brand recognition among Chinese consumers has significantly increased, leading to its top position among international brands in key marathon events [3] Financial Performance - The company's gross margin for H1 2025 was 45.0%, a year-on-year decline of 0.1 percentage points, with mass sports and professional sports gross margins at 43.6% and 55.2% respectively [4] - Operating profit margin (OPM) increased to 19.1%, a year-on-year increase of 0.4 percentage points, with operating profits for mass sports and professional sports at 1.208 billion and 79 million CNY respectively [4] - The net profit margin for H1 2025 was 13.4%, a year-on-year increase of 1.6 percentage points [4] Inventory and Cash Flow - The company's inventory increased slightly to 2.255 billion CNY in H1 2025, a year-on-year growth of 2.5% [5] - Accounts receivable rose to 4.844 billion CNY, a year-on-year increase of 9.6%, with an increase in turnover days by 22 days [5] - Accounts payable decreased to 2.621 billion CNY, a year-on-year decline of 6.1% [5] Investment Recommendations - Short-term investments in the main brand DTC strategy may negatively impact sales performance but are expected to enhance consumer interaction and brand loyalty in the long term [6] - Saucony plans to expand its product matrix and open new flagship and concept stores in key urban areas, which is anticipated to improve gross margins [6] - The company maintains its revenue forecasts for 2025, 2026, and 2027 at 14.286 billion, 15.558 billion, and 17.251 billion CNY respectively, with net profit forecasts of 1.374 billion, 1.511 billion, and 1.664 billion CNY [6]
特步国际中期股东应占溢利同比增长21.5%
Core Insights - The company reported a 7.1% increase in revenue from continuing operations to RMB 6.8376 billion for the first half of 2025 [1] - The main brand revenue grew by 4.5% to RMB 6.0525 billion, while the professional sports segment saw a significant increase of 32.5% to RMB 785.1 million [1] - Gross margin stood at 45.0%, with operating profit rising by 9.1% to RMB 1.3048 billion [1] - Shareholders' profit attributable to the company was RMB 913.6 million, reflecting a year-on-year growth of 21.5%, with earnings per share at 34.6 cents [1] - The board declared an interim dividend of 18.0 Hong Kong cents per share [1] Business Performance - As of June 30, 2025, the company operated 6,360 adult stores and 1,564 youth stores in mainland China, with 155 stores for Saucony [1] - E-commerce emerged as a key growth driver, accounting for over 30% of the main brand's revenue and achieving double-digit year-on-year growth [1] - The company's balance sheet remains robust, with net cash and cash equivalents increasing to RMB 1.9128 billion [1]
特步国际:上半年持续经营业务收入68.38亿元,同比增加7.1%
Sou Hu Cai Jing· 2025-08-18 07:01
8月18日,特步国际在港交所公告,上半年集团持续经营业务收入增加7.1%至人民币68.38亿元,主要由 特步主品牌以及专业运动分部的增长所带动。其中,特步主品牌收入增加4.5%至人民币60.53亿元;专 业运动分部收入增长32.5%至人民币7.85亿元。计及已终止经营业务(K·SWISS和帕拉丁)于2024年上 半年的亏损后,2025年上半年公司普通股股权持有人应占溢利达人民币9.14亿元,增长21.5%。董事会 宣派中期股息每股18.0港仙,可收取代息股份以代替现金,派息比率为50.0%。 ...
特步国际(01368.HK)中期股东应占溢利同比增21.5%至9.14亿元 中期息18港仙
Jin Rong Jie· 2025-08-18 05:17
Core Insights - The company reported a revenue of approximately 6.838 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 7.1% [1] - Profit attributable to ordinary shareholders was approximately 914 million RMB, reflecting a year-on-year growth of 21.5% [1] - Basic earnings per share were 34.55 cents, with an interim dividend of 0.18 HKD per share, and a payout ratio of 50% [1] Revenue Breakdown - The main brand generated revenue of approximately 6.053 billion RMB, which is a year-on-year increase of 4.5% [1] - The professional sports segment saw revenue of 785 million RMB, marking a significant year-on-year increase of 32.5% [1] Financial Health - The balance sheet remains robust, with a strong cash position [1] - Cash and cash equivalents net amount increased by 94.3% to 1.913 billion RMB [1]
安踏李宁特步,集体撞上“中年墙”
创业邦· 2025-08-07 00:09
Core Viewpoint - The Chinese sports brand industry is experiencing a collective slowdown, marked by the end of the "national sports dividend" period and increasing competition from domestic brands, leading to a "mid-life crisis" for leading companies like Anta, Li Ning, and Xtep [6][10][8]. Group 1: Market Trends - The penetration rate of sports shoes in China has reached around 50%, comparable to the US and Japan, with the domestic sports shoe and apparel market expected to grow only 5.9% to 410 billion yuan in 2024, marking the end of the previous decade's double-digit growth [6][10]. - From 2021 to 2023, domestic brands gained market share due to the Xinjiang cotton incident, with Nike and Adidas dropping to 16.2% and 8.7% market shares respectively, while Anta, Fila, and other brands collectively surpassed 20% [6][10]. - The concentration ratio (CR5) of domestic sports brands has reached 53%, making China the market with the highest concentration globally, indicating a shift from offensive strategies to defensive ones for leading brands [6][10]. Group 2: Challenges for Leading Brands - Anta and Li Ning are facing a "mid-life crisis," with both brands reporting low single-digit growth for several consecutive quarters, and Anta's overall growth relying on other outdoor brands [10][11]. - Anta's recent half-year report highlighted increased discount rates and return rates, indicating heightened price sensitivity among consumers, leading to a downward revision of growth targets [10][11]. - The industry is projected to face a turning point in 2024, with Euromonitor forecasting a mere 5.8% growth over the next five years, suggesting that leading brands will not only face industry slowdowns but also market share declines [10][11]. Group 3: Brand Strategy and Operations - The article discusses the challenges of brand operation in the sports apparel sector, noting that while domestic brands have excelled in manufacturing, they have struggled to translate this into global brand recognition [13][14]. - Domestic brands have relied on celebrity endorsements and major events for brand promotion, but this strategy is losing effectiveness as market dynamics change [14][15]. - The article emphasizes the importance of learning from smaller niche brands that have successfully captured market segments by understanding consumer needs better than established brands [18][19]. Group 4: Consumer Engagement and Distribution - The shift from a supply-demand imbalance to oversupply has led to increased competition, with brands needing to adapt to a more consumer-centric approach [21][22]. - Direct-to-consumer (DTC) strategies are highlighted as essential for improving efficiency and understanding consumer preferences, with successful examples from both domestic and international brands [23][24]. - The need for brands to focus on value-for-money propositions is emphasized, as consumers increasingly demand better price-performance ratios, which could reshape the competitive landscape [26][27].
特步国际(01368.HK)2Q25营运表现点评:集团流水符合预期 索康尼与迈乐延续高增态势
Ge Long Hui· 2025-07-22 19:14
Group 1: Xtep International Performance - Xtep's main brand retail revenue in 2Q25 achieved low single-digit year-on-year growth, with overall revenue growth in 1H25 also in single digits [1] - Offline sales remained stable with slight growth, while online sales outpaced offline; children's products grew faster than adult products, and footwear outperformed apparel [1] - Functional products accounted for over 60% of the main brand's offerings, with running and outdoor categories leading the growth [1] Group 2: Market Trends and Strategies - The sales performance in April and May was better than in June, attributed to the May Day holiday and the earlier start of the 618 shopping festival compared to the previous year [1] - The company maintained a discount rate of 70-75%, with expectations for the annual discount to remain at current levels due to healthy inventory [1] - The DTC (Direct-to-Consumer) strategy is set to launch in 2H25, with plans to recover approximately 500 stores, representing about 8% of the total store count [1] Group 3: Competitor Analysis - Saucony's revenue in 1H25 grew over 30%, with 1Q growth exceeding 40% and 2Q growth over 20%, maintaining a target of 30%-40% growth for the year [2] - Saucony focuses on high-end positioning and brand upgrades, tightening online discounts and reducing low-priced product offerings [2] - The brand aims to enhance its presence in high-tier cities with new store openings and plans to increase investment in trail running products [2] Group 4: Financial Projections - Xtep is projected to achieve revenues of 144.14 billion, 154.32 billion, and 165.17 billion RMB for 2025-2027, with year-on-year growth rates of 6.2%, 7.1%, and 7.0% respectively [3] - The expected net profit for Xtep for 2025-2027 is 13.8 billion, 15.1 billion, and 16.6 billion RMB, with growth rates of 11.3%, 9.7%, and 9.7% respectively [3] - The company maintains a valuation of 11.5X PE for 2025, with a target price of 6.1 HKD, indicating a potential upside of 15.0% [3]
特步国际(01368):特步品牌稳健增长,索康尼短期调整
Changjiang Securities· 2025-07-19 08:44
Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The main brand of the company continues to show steady growth, with retail performance remaining stable. In Q2 2025, the main brand's revenue saw a low single-digit year-on-year growth, with discounts ranging from 7% to 75%. The inventory turnover ratio is healthy at 4 to 4.5 months [8]. - The performance of the subsidiary brand, Saucony, has experienced a short-term slowdown, but is expected to return to high growth. In Q2 2025, Saucony's revenue grew over 20%, and for H1 2025, it grew over 30%. The slowdown is attributed to the company's strategic decision to lower prices on certain products, impacting short-term revenue. Future plans include accelerating store openings in high-tier cities and orderly adjustments in e-commerce operations, which are expected to drive Saucony back to rapid growth [8]. - Overall, the main brand is benefiting from the running trend, maintaining robust growth, while Saucony is undergoing a temporary adjustment without altering its long-term growth potential. The company is projected to achieve net profits of 1.41 billion, 1.60 billion, and 1.82 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 10, 8, and 7 times, respectively [8][10]. Summary by Sections - **Retail Performance**: The main brand's revenue in Q2 2025 showed low single-digit growth year-on-year, with a healthy inventory turnover ratio of 4 to 4.5 months [4][8]. - **Saucony's Performance**: Saucony's revenue growth in Q2 2025 exceeded 20%, with H1 2025 growth over 30%. The brand is expected to regain high growth through strategic adjustments [4][8]. - **Financial Projections**: The company is expected to achieve net profits of 1.41 billion, 1.60 billion, and 1.82 billion yuan from 2025 to 2027, with corresponding P/E ratios of 10, 8, and 7 times [10].