特步国际 20251106 摘要 特步国际线上销售保持强劲增长势头，电商渠道年初至今实现双位数增 长，跑鞋系列表现突出，直播平台贡献显著。同时，购物中心和奥莱渠 道受益于门店升级和加速布局，销售额亦表现出色。 特步国际通过严格的库存管理和法律手段打击窜货，将库存水平维持在 4 至 4.5 个月的健康水平，从而在双十一等促销期间保持折扣稳定在 7 至 7.5 折，有效减少了低价竞争。 Saucony 品牌在中国市场线下表现强劲，三季度增长超过 30%，10 月 份延续双位数增长。门店数量已超过 170 家，并计划继续扩张，同时通 过调整产品结构，提高价格带动高端产品销售，电商渠道也逐渐恢复增 长。 特步国际采取多种措施，包括法律行动和警告，有效阻止海外经销商窜 货至大中华区，大部分违规经销商已停止窜货行为，对线下市场影响较 小，并加强电商平台监管，减少假货和窜货现象。 Saucony 品牌 10 月份线下流水继续保持双位数增长，平均单店月效达 到 40 万元以上，部分优秀门店甚至达到五六十万或更高，例如深圳万 象城月球概念店每月流水保持在 70 万到 80 万元左右。 Q&A 请介绍特步国际在 2025 年 1 ...

Core Viewpoint - In Q3 2025, the main brand Xtep experienced low single-digit revenue growth, with online sales continuing to outpace offline, and children's products growing faster than adult products [1][2][3] - The terminal discount level remained stable at 7-7.5, and the inventory turnover days were around 4-4.5 months, indicating a healthy inventory level [1][2] - The Saucony brand saw over 20% revenue growth, with offline sales maintaining a strong growth momentum of over 30% [1][3] Group 1: Xtep Main Brand Performance - In Q3 2025, Xtep's retail sales showed low single-digit growth, with online sales maintaining double-digit growth while offline sales remained flat [2][3] - The children's segment outperformed the adult segment, with the children's brand upgraded to "Xtep Youth" in August, promoting the concept of "scientific sports equipment for growth" [2] - The company is focusing on upgrading store images, with over 70% of new image stores, and plans to launch 70-100 selected outlet stores in the next two years [2][3] Group 2: Saucony Brand Performance - Saucony's revenue grew over 20% in Q3 2025, with offline sales expected to grow over 30% [1][3] - The company opened multiple high-quality offline stores in key urban areas, adding 16 new stores in Q3, bringing the total to over 170 stores by the end of Q3 [3] - The e-commerce channel is undergoing adjustments, focusing on reducing low-priced and heavily discounted products, with plans to open 30-50 new offline stores in the fourth quarter [3][4] Group 3: Future Outlook - For Q4 2025, Xtep plans to reclaim distribution rights for approximately 400-500 stores by mid-2026, which is expected to impact revenue in the short term but enhance brand influence and operational quality in the long term [4] - Saucony aims to maintain high growth momentum through brand promotion and product expansion, with an expected improvement in profit margins [4] - The company maintains a profit growth guidance of over 10% for 2025, with projected revenues of 143.2 billion, 152.6 billion, and 163.7 billion for 2025-2027, reflecting year-on-year growth of 5.5%, 6.6%, and 7.2% respectively [4]

Core Viewpoint - Xtep Group reported a 7.1% year-on-year increase in revenue for the six months ending June 30, 2025, driven by growth in its main brand and professional sports division [1] Group 1: Financial Performance - Revenue from continuing operations reached 6.838 billion yuan, with the main brand revenue increasing by 4.5% to 6.053 billion yuan [1] - The professional sports division saw a significant revenue increase of 32.5%, amounting to 785 million yuan [1] - Gross profit margin for continuing operations was 45.0%, with operating profit rising by 9.1% to 1.305 billion yuan [1] - Profit attributable to ordinary shareholders was 914 million yuan, reflecting a 21.5% year-on-year growth, with basic earnings per share at 34.6 cents [1] - The company maintained healthy cash flow, with operating cash inflow of 774 million yuan [1] - The board declared an interim dividend of 0.18 HKD per share, a 15.4% increase, maintaining a payout ratio of 50.0% for 17 consecutive years [1] Group 2: Brand and Market Performance - The main brand showed strong performance in key marathon events in Xiamen, Wuxi, and Lanzhou, with the "160X" series running shoes helping athletes achieve record-breaking performances [1] - As of July 31, 2025, the brand assisted 107 elite athletes in winning 507 championships [1] - Saucony's overall wearing rate led among international brands, generating over 1 billion yuan in revenue [1] - The professional sports division's operating profit reached 78.6 million yuan, a substantial increase of 236.8% [1] Group 3: E-commerce and Future Outlook - E-commerce accounted for over 30% of the main brand's revenue, achieving double-digit year-on-year growth [2] - Xtep Youth has 1,564 stores in mainland China and launched the "Xtep Growth Shoes" series in August [2] - The company collaborated with eight authoritative organizations to release the "China Youth Sports Growth Blue Book" [2] - Xtep received "AA" ratings from MSCI ESG and Wind ESG, and joined the "Zero Emission of Hazardous Chemicals Organization" [2] - The company plans to focus on the running sector and initiate a direct-to-consumer model, expanding Saucony flagship stores and product lines [2]

Core Viewpoint - The "China Youth Sports Height Blue Book" was officially released, aiming to construct a systematic "exercise promotes height" theoretical framework to provide families with scientific and actionable growth guidelines for adolescents [1][4]. Group 1: Background and Purpose - The Blue Book was initiated by the China Commercial Joint Stock Enterprises Economic Association and the China Social Work Development Foundation, with contributions from eight major institutions, including Tsinghua University and Peking University [1][5]. - It addresses the growing concern among families regarding children's height, highlighting associated health issues such as obesity and scoliosis that hinder height potential [5]. Group 2: Research Findings - The Blue Book identifies that adolescent height development is influenced 60% by genetic factors and 40% by environmental factors such as nutrition, sleep, exercise, and emotional well-being [10]. - It emphasizes the dual mechanisms of exercise in promoting height: stimulating bone growth through vertical pressure and enhancing growth hormone secretion [10]. Group 3: Industry Collaboration and Innovations - Xtep, a key supporter of the Blue Book, has been involved in the youth sports sector for 13 years and aims to integrate academic and practical approaches to support youth growth [5][11]. - The company has developed a series of growth shoes based on extensive research on children's foot data, collaborating with Tsinghua University to ensure the products meet the physiological needs of adolescents [10][11]. Group 4: Future Directions - Xtep plans to continue investing in research and development to create more suitable equipment that supports the "exercise promotes height" initiative [12]. - The establishment of an international cooperation laboratory with Stanford University aims to focus on cutting-edge sports biomechanics, accelerating product technology iterations [11].

Core Insights - The "China Youth Sports Growth Blue Book" was released in Beijing on August 10, aiming to provide a scientific and actionable guide for youth growth, aligning with the "Healthy China 2030" initiative [1][3] - The Blue Book fills a theoretical gap in the field of youth sports and height growth, emphasizing the collaborative efforts of various institutions and experts [3][6] - The research indicates that height development in youth is influenced 60% by genetics and 40% by environmental factors, with exercise being a key intervention [6] Group 1 - The Blue Book was developed with support from eight major institutions, including the National Health Commission and Peking University, analyzing data from 2,000 families with children aged 3 to 15 [3][6] - The book introduces an innovative theoretical framework for "exercise-assisted height growth," covering aspects such as exercise intensity, equipment suitability, and nutrition [3][6] - Xtep, a company focused on youth sports for 13 years, emphasizes the importance of foot health in height growth and has developed a comprehensive solution involving measurement, equipment matching, and exercise [3][6] Group 2 - Experts at the release event discussed the scientific principles behind "exercise-assisted height growth," highlighting the dual mechanisms through which exercise promotes height increase [4][6] - The Blue Book outlines four key factors for effective exercise to promote height: selecting appropriate sports, mastering training methods, using suitable equipment, and implementing injury prevention [6] - Xtep has launched a series of growth shoes based on extensive research data, showcasing a successful collaboration between academia and industry [6][7] Group 3 - Xtep announced the establishment of an international cooperation laboratory with Stanford University, marking a shift towards global collaborative innovation in youth sports growth [7] - The release of the Blue Book and Xtep's initiatives inject technological momentum into the youth sports growth sector, with a commitment to continuous research and development [9]

Core Insights - The "China Youth Sports Height Growth Blue Book" was officially released, aiming to provide scientific guidelines for families on youth growth and promote standards in the youth sports health industry [2][3] - 75% of Chinese families prioritize height as the primary health concern for their children, highlighting underlying health issues such as obesity and spinal deformities that hinder height potential [3][4] - The Blue Book emphasizes the dual role of genetics and environmental factors in height development, with 60% determined by genetics and 40% influenced by nutrition, sleep, exercise, and other factors [7] Group 1: Industry Collaboration and Research - The Blue Book was developed through collaboration among eight major institutions, including the National Health Commission and Peking University, to address parental anxiety regarding height and the core needs for exercise and equipment [3][4] - Xtep, a company with 13 years of experience in the youth sports sector, has taken social responsibility by launching the Blue Book, which highlights the synergistic effect of "exercise + sports equipment" on height growth [4][13] - The release of the Blue Book is seen as a collaborative effort among government, enterprises, and society to support youth growth, with calls for more companies to engage in this initiative [4][13] Group 2: Product Development and Innovation - Xtep has introduced a comprehensive "1 measurement, 2 fittings, 3 exercises" approach to support youth height growth, including the development of growth shoes based on extensive research [8][11] - The AI smart detection device developed by Xtep measures foot data with high precision and is currently available in nearly 500 stores nationwide, providing recommendations for shoe fitting and exercise guidance [8] - The growth shoes feature a three-part design that accommodates the physiological structure of youth feet, ensuring proper support and reducing movement restrictions [8][11] Group 3: Future Directions and Global Collaboration - Xtep aims to promote the "height growth exercise" program to millions of youth, focusing on exercises that enhance vertical development and overall physical capabilities [11] - The establishment of a joint laboratory with Stanford University marks a significant step towards global collaboration in youth sports science, focusing on the localization of cutting-edge research [11][13] - Xtep's commitment to continuous research and development is expected to drive innovation in youth sports equipment, contributing to the overall health and growth of children [13]