Investment Rating - The report maintains a "Buy" rating for the company, with expectations for significant revenue growth in the coming years [10]. Core Insights - The main brand of the company has shown stable performance, with retail sales remaining flat year-on-year in Q4 2025, while the subsidiary brand, Saucony, has experienced over 30% year-on-year growth in sales [1][3]. - The company is focusing on upgrading its main brand stores to new formats and expanding its presence in high-end urban areas, with plans to open 70-100 outlet stores by the end of 2026 [2][3]. - Revenue projections for the company are expected to grow by 6.1% in 2025, 8.9% in 2026, and 7.7% in 2027, reaching 144.1 billion, 156.9 billion, and 169 billion yuan respectively [3]. Financial Summary - For 2023, the company reported a revenue of 14,345.51 million yuan, with a projected revenue of 13,577.22 million yuan for 2024, followed by 14,408.10 million yuan in 2025 [4]. - The net profit attributable to the parent company is expected to grow from 1,030.01 million yuan in 2023 to 1,388.28 million yuan in 2025, reflecting a growth rate of 12.1% [4]. - The company’s earnings per share (EPS) is projected to be 0.49 yuan in 2025, with a price-to-earnings (P/E) ratio of 9.14 [4].

Core Viewpoint - The report from GF Securities indicates that Xtep International (01368) plans to upgrade its retail strategy and implement DTC reforms in the second half of 2025, aiming to enhance consumer responsiveness and operational efficiency, with minimal short-term financial impact expected [1] Group 1 - In Q4 2025, Xtep's main brand revenue remained flat year-on-year, with a slight decline compared to Q3 due to factors such as warmer weather and a later Spring Festival affecting winter apparel sales [2] - Retail discounts for Xtep were maintained at 70-75%, consistent with Q3, while channel inventory turnover increased slightly to approximately 4.5 months, remaining at a healthy level [2] - E-commerce channels are expected to continue the double-digit growth trend observed in the first half of 2025, and Xtep's children's line is anticipated to achieve rapid growth with the launch of growth shoes under the "Xtep Youth" branding [2] Group 2 - In Q4 2025, Saucony's revenue saw over 30% year-on-year growth, accelerating from over 20% growth in Q3, attributed to adjustments made to the e-commerce channel starting in Q2 [3] - Saucony focuses on elite runners and professional products, expanding its presence in high-end shopping centers in major cities with new flagship and concept stores to enhance customer reach and store efficiency [3] - The synergy between Xtep's main brand and Saucony in the running sector is expected to strengthen, further increasing market share, with Xtep and Saucony leading in the joint wearing rate among marathon participants in 2025 [3]

Core Viewpoint - Xtep International (01368) experienced a nearly 3% decline in stock price, trading at HKD 5.08 with a transaction volume of HKD 40.75 million as of the report time [1] Group 1: Retail Sales Performance - For the three months ending December 31, 2025, Xtep's main brand retail sales (including both online and offline channels) remained flat year-on-year, with retail discount levels between 70% to 75% [1] - For the fiscal year ending December 31, 2025, Xtep's main brand retail sales achieved low single-digit year-on-year growth, with inventory turnover at approximately four and a half months [1] Group 2: Sub-brand Performance - The retail sales of the sub-brand Saucony (including both online and offline channels) saw over 30% year-on-year growth [1] - This strong performance in Saucony contrasts with the main brand's flat sales, indicating a potential shift in consumer preference or brand strength [1]

Core Viewpoint - Xtep International (01368) experienced a nearly 3% decline in stock price, trading at HKD 5.08 with a transaction volume of HKD 40.7551 million as of the report time [1] Group 1: Company Performance - For the three months ending December 31, 2025, Xtep's main brand retail sales (including online and offline channels) remained flat year-on-year, with retail discount levels between 70% to 75% [1] - For the fiscal year ending December 31, 2025, Xtep's main brand retail sales achieved low single-digit year-on-year growth, with channel inventory turnover approximately four and a half months [1] - Saucony's retail sales (including online and offline channels) saw over 30% year-on-year growth [1]

Group 1 - The core viewpoint of the article indicates that Xtep International's retail sales for its main brand remained flat year-on-year, while its subsidiary Saucony experienced over 30% year-on-year growth in retail sales [1] - The retail discount level for Xtep's main brand is reported to be between 70% to 75% [1] - The market capitalization of Xtep International is 14.479 billion HKD, ranking 7th in the apparel and home textiles industry [1] Group 2 - Investment banks predominantly rate Xtep International as a buy, with three banks issuing buy ratings in the last 90 days [1] - The average target price for Xtep International over the past 90 days is 8.23 HKD, with Huaxing Securities setting a target price of 8.15 HKD [1]

Core Viewpoint - The operational performance of Xtep International (01368) in mainland China for Q4 2025 shows stable retail sales for its main brand, while the Saucony brand experienced significant growth [1] Group 1: Retail Sales Performance - For the three months ending December 31, 2025, retail sales of the main brand remained flat year-on-year, with retail discount levels between 70% to 75% [1] - For the full year ending December 31, 2025, retail sales of the main brand achieved low single-digit year-on-year growth [1] - Saucony retail sales, including both online and offline channels, recorded over 30% year-on-year growth for both the quarterly and annual periods [1][1]

Core Viewpoint - The retail sales performance of Xtep International's main brand remained flat year-on-year, while Saucony experienced significant growth exceeding 30% in the same period [1] Group 1: Retail Sales Performance - For the three months ending December 31, 2025, Xtep's main brand retail sales (including online and offline channels) showed no year-on-year change, with retail discount levels ranging from 70% to 75% [1] - For the fiscal year ending December 31, 2025, Xtep's main brand retail sales achieved low single-digit year-on-year growth, with inventory turnover at approximately four and a half months [1] - Saucony's retail sales (including online and offline channels) achieved over 30% year-on-year growth for both the three-month and annual periods [1]

Core Viewpoint - Xtep International (01368.HK) reported stable retail sales growth for its main brand in Q4 2025, while its subsidiary Saucony experienced significant growth exceeding 30% year-on-year [1] Group 1: Retail Sales Performance - In Q4 2025, retail sales for Xtep's main brand (including online and offline channels) remained flat year-on-year, with retail discount levels around 70% to 75% [1] - For the full year 2025, Xtep's main brand retail sales achieved low single-digit year-on-year growth, with inventory turnover at approximately four and a half months [1] - Saucony's retail sales growth (including online and offline channels) exceeded 30% year-on-year in both Q4 2025 and for the full year [1]

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Xtep International Holdings Limited 特 步 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1368） 二零二五年第四季度及全年中國內地業務營運狀況 本 公 佈 由 特 步 國 際 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司「 本 集 團 」）董 事 會 （「董事會」）發出。 營運狀況（截至二零二五年十二月三十一日止三個月） 特步主品牌 | 零售銷售增長（包括線上線下渠道） | 同比持平 | | --- | --- | | 零售折扣水平 | 七至七五折 | 索康尼 | | | 營運狀況（截至二零二五年十二月三十一日止年度） 特步主品牌 | 零售銷售增長（包括線上線下渠道） | 低單位數同比增長 | | --- | --- | | 渠道存貨週轉 | 約四個半月 | 索康尼 | | | – 1 – 本公司股東及 ...

Core Viewpoint - Xtep International (01368.HK) maintains a "Buy" rating from Western Securities, with projected revenues of 14.46 billion, 15.56 billion, and 16.78 billion yuan for 2025 to 2027, and net profits of 1.38 billion, 1.52 billion, and 1.66 billion yuan respectively [1] Financial Performance - As of November 10, 2025, Xtep International's stock closed at 5.77 HKD, up 3.4%, with a trading volume of 4.43 million shares and a turnover of 25.29 million HKD [1] - The company's main brand showed low single-digit growth in total channel revenue year-on-year for Q3 2025, while Saucony's revenue grew over 20% year-on-year [1] - Retail discount rates are stable at 70-75%, and channel inventory turnover is maintained at 4-4.5 months, consistent with Q2 [1] Market Position - Xtep International ranks 7th in the apparel and home textile industry with a market capitalization of 15.658 billion HKD [2] - Key performance indicators show Xtep's Return on Equity (ROE) at 15.66%, significantly higher than the industry average of -2.96% [3] - The company has a net profit margin of 13.36%, compared to the industry average of -14.23%, and a gross profit margin of 44.95%, exceeding the industry average of 36.81% [3] Analyst Ratings - In the past 90 days, 34 investment banks have issued "Buy" ratings for Xtep International, with a target average price of 7.63 HKD [1] - Various investment banks have provided ratings, with some target prices including 7.80 HKD, 8.15 HKD, and 8.30 HKD [1][2]