Core Viewpoint - In H1 2025, the main brand Xtep achieved revenue of 6.053 billion yuan, a growth of 4.5%, with e-commerce maintaining double-digit growth. The inventory turnover days at the end of Q2 2025 were around 4-4.5 months, slightly increasing from Q1 2025. The professional sports segment, including Saucony and Merrell, generated revenue of 785 million yuan, a growth of 32.5%, with Saucony experiencing over 30% growth in sales. The operating profit for the professional sports segment was 79 million yuan, a significant increase of 236.8% [1][2][3]. Brand Performance - Xtep's main brand saw growth driven by children's products and e-commerce, with e-commerce accounting for over 30% of total revenue. The company plans to gradually implement a Direct-to-Consumer (DTC) strategy in H2 2025. The number of adult Xtep stores was 6,360, a decrease of 22 stores from the beginning of the year, while children's stores numbered 1,564, down by 20 stores. The brand's gross margin was 43.6%, a slight decrease of 0.3 percentage points, primarily due to a higher proportion of lower-margin children's products [2][4]. - The professional sports segment, including Saucony and Merrell, maintained rapid growth, with Saucony's sales increasing by over 30%. The gross margin for this segment was 55.2%, down by 1.6 percentage points, attributed to a higher proportion of commuting products. The number of Saucony stores reached 155, an increase of 10 stores from the beginning of the year [3][4]. Financial Performance - The company's total revenue for H1 2025 was 6.838 billion yuan, a growth of 7.1%, with a net profit of 914 million yuan, an increase of 21.5%. The proposed interim dividend is 0.18 HKD per share, with a payout ratio of 50% [1][4]. - Excluding the impact of the divested KP business, the net profit growth was 6.4%. The overall gross margin was 45.0%, with the operating profit margin at 19.1%, an increase of 0.4 percentage points [4]. Future Outlook - For H2 2025, Xtep plans to reclaim distribution rights for approximately 400-500 stores, with an expected short-term revenue impact. Saucony will accelerate its offline expansion, focusing on high-quality commercial areas in first and second-tier cities, planning to open 30-50 new stores [1][4]. - The company maintains a profit growth guidance of over 10% for 2025, with projected revenues of 14.32 billion, 15.26 billion, and 16.37 billion yuan for 2025-2027, reflecting growth rates of 5.5%, 6.6%, and 7.2% respectively [5].

（文/霍东阳 编辑/张广凯） 把FILA和Amer Sports盘活并成为自己的"现金牛"，安踏为国内运动品牌带来了更大的想象空间。 特步正在成为安踏最成功的"学生"。 8月18日，特步发布2025年中期报告。今年上半年，特步集团实现营收68.38亿元，同比增长7.1%；净利 润为9.14亿，同比增长21.47%。 | | 2025年 | 2024年 | 2023年 | 2022年 | 2021年 | | --- | --- | --- | --- | --- | --- | | 盈利能力數據(人民幣百萬元) | | | | | | | IN X (附註出》 | 6.837.6 | 6.381.7 | 5.773.8 | 5.054.1 | 3.673.0 | | 王太(附註1) | 3,073.7 | 2.875.5 | 2.483.0 | 2.136.1 | 1,528.7 | | 超 最 深 = ( ( HEI) | 1,304.8 | 1.195.8 | 1.074.7 | 954.7 | 724.1 | | 普通股股權持有人應佔溢利 | 913.6 | 752.1 | 665.4 | 590.4 | ...

完整跑步生态圈筑基，特步2025上半年逆势赚9亿 。 作者： 夏安 封图：图片资料室 8 月 18 日，特步集团（ 1368.HK ）公布 2025 年上半年中期业绩。 在全民运动大环境下 ，特步 净利润大涨 21.5% ，上半年净赚 9.14 亿元， 创历史新高 。 营收方面，上半年特步集团实现营收 68.38 亿元，同比增长 7.1% 。其中，特步主品牌营收达到 60.53 亿元，彰显品牌深厚市场根基；专业运动分 部增长强劲， 索康尼营收 同比大幅增长 32.5% 。 索康尼盈利能力显著提升，经营溢利大幅增加 236.8% 。 报告表面上呈现的是业绩数字，但其实背后链接的是一双鞋、一群人、一项运动的共生故事。而故事的起点，或许就是每个跑者都在意的 "适合"二 字。 村上春树曾说跑步的好处： "只要有一双适合跑步的鞋，有一条马马虎虎的路，就可以在兴之所至时爱跑多久就跑多久。" 这话里藏着跑步的朴素，可若细想，那双 "适合的鞋"从来不是简单的物件。它是与跑者直接展开对话的伙伴，每一步落地时的减震，每一次蹬地时的 回弹，都在悄悄接住跑者的力气。要是这双鞋来谈论跑步，它大概率会讲适合的重要性——不能太硬，也不能太 ...

Group 1: Financial Performance - The company reported a revenue of 6.838 billion RMB for the first half of 2025, representing a year-on-year increase of 7.14% [1] - Profit attributable to ordinary shareholders reached 914 million RMB, an increase of 21.47% year-on-year [1] - Basic earnings per share were 0.3455 RMB [1] Group 2: Revenue Growth Drivers - The mass sports segment saw a revenue increase of 4.5% to 6.1 billion RMB, driven by strong online channel performance and increased consumer engagement [1] - The professional sports segment experienced significant growth of 32.5%, with revenue rising to 785 million RMB, supported by strong offline retail performance and continued growth in online channels [1] Group 3: Market Position and Brand Strategy - The company defined a new benchmark for running shoes in China, achieving leading wearing rates in major marathon events [2] - The brand maintained its position as the preferred choice for elite runners, achieving the highest wearing rate among runners finishing within three hours [2] - The company collaborated with brand ambassador Jeremy Lin to promote basketball culture in China, conducting impactful events in Shenyang [2]

智通财经APP讯，特步国际(01368)发布2025年度中期业绩，该集团期内取得收入68.38亿元(人民币，单 位下同)，同比增加7.14%;普通股股权持有人应占溢利9.14亿元，同比增加21.47%;每股基本盈利34.55 分。 收入增长主要受益于：大众运动：大众运动分部收入上升4.5%至人民币61亿元。该增长主要归因于线 上渠道表现良好，消费者参与度及销售显著增加。就产品组合而言，服装销售增加与鞋履平均售价 (ASP)上涨推动增长。相较之下，服装的线上平均售价有所下降，反映为适应消费者日益增加的价格敏 感度而进行的针对性价格调整。专业运动：专业运动分部大幅增加32.5%，收入增长至人民币7.85亿 元。有关增加乃由线下零售业绩强劲增长(同店销售额实现双位数增长)、服装销售额增加以及线上渠道 持续增长所推动。 特步再度定义中国跑鞋的卓越标杆，缔造中国马拉松史上的崭新里程碑。于2025年上半年，集团于马拉 松赛事中的穿着率实现全面领先。特步在厦门、无锡、兰州三项重点马拉松赛事中，不仅以三小时内完 赛跑者的最高穿着率，稳坐精英选手首选品牌的地位，更斩获全局穿着率第一。集团同时在专业及大众 跑者中占据领导地位的卓 ...

Macro Overview - In the first seven months of 2025, China's total import and export value reached 25.7 trillion yuan, with a year-on-year growth of 3.5% [1] - In July, China's export value was 321.78 billion USD, with a year-on-year growth rate of 7.2%, while imports were 223.54 billion USD, growing by 4.1% [2][3] - The trade surplus in July was 98.2 billion USD, down from 114.8 billion USD in the previous month [2] Export and Import Trends - Export growth is supported by global economic resilience and increased export and transshipment activities, with July's global manufacturing PMI at 49.7% [3] - The export growth to the US continued to decline significantly, with a year-on-year decrease of 21.7% in July [4] - Exports to ASEAN and the EU showed stability, with ASEAN exports maintaining a growth rate of 16.6% [4] Company Insights: Xtep International (1368.HK) - Xtep focuses on a diversified brand matrix covering both mass and professional sports markets, positioning itself as a leading running shoe brand in China [1][13] - The company reported a revenue of 13.577 billion yuan in 2024, with an adjusted year-on-year growth of 6.5% and a net profit of 1.238 billion yuan, reflecting a growth of 20.23% [13] - Xtep's main brand is experiencing steady growth, supported by increased R&D investment, which has a compound growth rate of 13.96% [13] Company Insights: Zhaozhao Point Glue (873726) - Zhaozhao Point Glue specializes in intelligent dispensing equipment, breaking the foreign monopoly in the high-end dispensing market [21][23] - The company has a comprehensive intellectual property system covering core components, equipment, and application processes, which is expected to optimize its product structure as it deepens customer cooperation [24] - The domestic market has seen a shift towards replacing mid-to-low-end products, with significant potential for high-end product substitution in the future [23] Company Insights: Yingzi Network (688475) - Yingzi Network reported a revenue of 2.827 billion yuan in the first half of 2025, with a year-on-year growth of 9.45% [16][17] - The company’s smart home business is a key growth driver, with smart entry business revenue growing by 32.99% [17] - The company has launched new AI products and expanded its market presence, with a focus on enhancing brand influence and competitiveness [17][19] Summary of Key Metrics - The overall import and export environment is showing signs of pressure, particularly in the context of US-China trade relations and tariff uncertainties [7] - The performance of specific companies like Xtep and Yingzi Network indicates a positive growth trajectory despite broader economic challenges [13][17] - Zhaozhao Point Glue's focus on high-end dispensing technology positions it well for future growth in a competitive market [21][24]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The main brand shows steady growth, while the performance of Saucony is promising, with a significant increase in retail sales [5][6] - In Q2 2025, the main brand's retail sales grew at a low single-digit percentage year-on-year, with retail discounts deepening slightly [5] - Saucony's retail sales increased by over 20% year-on-year in Q2 2025, and over 30% year-on-year for the first half of 2025 [5] Financial Performance Summary - The company expects to achieve revenues of RMB 144.1 billion, 155.2 billion, and 167.3 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 13.7 billion, 15.3 billion, and 16.7 billion [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 10, 9, and 8 times respectively [5][7] - The report indicates a slight increase in channel inventory turnover days to 4-4.5 months as of H1 2025 [5] Market Data - As of July 18, 2025, the current stock price is HKD 5.47, with a market capitalization of approximately HKD 15,220.24 million [2][8] - The stock has shown a 28% increase over the past 12 months, compared to a 39.6% increase in the Hang Seng Index [2]

Group 1 - The Chinese government has approved the establishment of cross-border e-commerce comprehensive pilot zones in Hainan and 15 other cities, reflecting a strong expectation for the "buy global, sell global" strategy in cross-border e-commerce [1] - The industry is transitioning from rapid growth to refined operations, requiring brands to adapt their marketing strategies to overcome cultural differences and flow anxiety, moving from short-term sales to long-term ecological co-construction [1][4] - The global influencer e-commerce growth is slowing, with social media platforms stabilizing in daily active users, leading to increased competition for quality influencer resources [3][4] Group 2 - The cost of acquiring effective traffic is rising, with Facebook's CPM increasing from $8.70 to $9.45, while 60% of U.S. advertisers plan to cut ad spending due to tariff wars [4][6] - The influencer ecosystem is becoming polarized, with top influencers dominating the market, making it difficult for mid-tier and new influencers to gain exposure [3][6] - Brands need to innovate content and engage in the creative process to enhance the value of advertisements, as the Z generation prefers engaging and diverse content over low-quality ads [7][10] Group 3 - Successful case studies, such as realme's Mother's Day campaign in Brazil and Ramadan ads in Southeast Asia, demonstrate the importance of local cultural integration in marketing strategies [8][10] - Companies like BKK are building their own influencer ecosystems, collaborating with various tiers of influencers to create a long-term symbiotic relationship [10][11] - Localization in communication and team structure is crucial for cross-border e-commerce, requiring brands to understand local cultures and regulations [11][12] Group 4 - The future of overseas influencer marketing lies in deep cultural integration, precise matching of influencers and audiences, and continuous optimization of collaboration models [14] - The ability to build an ecological co-existence mechanism between brands and influencers will be a core competitive advantage for cross-border e-commerce in overseas markets [14]

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]

以下文章来源于每日人物 ，作者每人作者 轻商业，懂生活。 跑步没有门槛，但跑马拉松有。 作者 | 王潇 制图 | 泡芙 每日人物 . 编辑 | Yang 来源 | 每日人物 （ID：meirirenwu） 天 气 渐 暖 ， 又 到 了 春 季 马 拉 松 赛 事 的 爆 发 期 。 据 不 完 全 统 计 ， 在 刚 刚 过 去 的 两 个 周 末 里，全国各个地方至少有2 0场马拉松比赛在同时进行，吸引了超过3 0万人参加。 跑步没有门槛，但跑马拉松有。想要跑一场马拉松，正在变得越来越难，也变得越来越 贵。难在超低的中签率——同时报名八九个马拉松比赛，可能一场都抽不中。所以一旦 抽中，立刻全副武装，秉持着"来都来了"的心情，把跑马当成一次短途旅游，吃喝玩乐 都不耽误，"钱包比身材瘦得快"。 昂贵的门槛，让马拉松赛事快速聚集起了一大批中产，赛事的商业价值也水涨船高。品 牌、赛方、乃至背靠的城市都盯上了这块蛋糕，但他们投注的每一笔钱，最后买单的依 然是普通的跑马者。 本期数据栏目，我们一起来翻翻马拉松背后的账单。 跑一场马拉松，到底要花多少钱？ 今年1月份，刚在厦门跑完马拉松的郑雨涵一点点计算着这一趟的费用， ...