Core Insights - The article discusses the recent developments at Xtep, including the appointment of the founder's daughters as key executives and the company's financial performance in 2024, highlighting its growth strategy and competitive positioning against other brands like Anta and Li Ning [2][5][14]. Financial Performance - Xtep International reported a total revenue of 13.577 billion yuan in 2024, marking a year-on-year increase of 6.5% [2]. - The company's operating profit grew by 9.3% to 1.966 billion yuan, achieving a historical high [2]. - The e-commerce sector saw a robust growth of 20%, contributing over 30% to the main brand's total revenue [2]. Leadership Changes - The founder's elder daughter, Ding Lizhi, has been appointed as the Chief Financial Officer, while the younger daughter, Ding Jiamin, has gained prominence as a social media influencer and brand manager [3][5][11]. - Ding Jiamin has been actively involved in the e-commerce segment, leading to significant online sales growth, with retail sales on platforms like Douyin and Xiaohongshu increasing by over 80% year-on-year [13][19]. Strategic Positioning - Xtep aims to establish itself as "China's number one running brand," following a similar path to Anta's multi-brand internationalization strategy [5][14]. - The company has adopted a "buy-and-build" strategy, acquiring brands such as Saucony, which has become a significant revenue contributor, surpassing 1 billion yuan in income [18][19]. - Xtep's market position is currently third among domestic sports brands, with a market capitalization of 14.622 billion yuan, trailing behind Anta and Li Ning [14][19]. Competitive Landscape - The article highlights the competitive dynamics within the sportswear industry, noting that Xtep's growth strategy closely mirrors that of Anta, particularly in terms of sponsorship and brand acquisitions [16][18]. - Xtep's recent acquisitions, including the divestment of underperforming brands, reflect a strategic shift to focus on more profitable segments [9][18]. - The company faces competition from other brands like 361°, which has also reported significant growth and is expanding its market presence [19][23].

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