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].

智通财经APP获悉，广发证券发布研报称，根据特步国际(01368)25年中期报告，公司将于25H2升级零 售战略，进行DTC改革，加快响应消费者需求，提高运营效率，该行预计DTC改革将逐步推进，短期财 务影响较小。预计公司25-27年归母净利润13.62/15.14/16.58亿元，参考可比公司，给予公司26年PE10 倍，对应合理价值6.02港元/股，维持"买入"评级。 广发证券主要观点如下： 25Q4特步主品牌流水同比持平 根据公司25Q4及25Q3运营公告，特步主品牌全渠道流水同比持平，环比Q3(低单增长)降速，预计主要 受Q4天气暖和、春节时间晚等因素影响冬装销售；零售折扣为70-75折，环比Q3持平；渠道存货周转为 约4.5个月，环比Q3(4-4.5个月)略有增加，但仍处于健康水平。该行预计电商渠道有望延续25H1趋势， 维持双位数增长；特步儿童在"特步少年"助力儿童运动追高的品牌定位下，推出成长鞋，有望实现较快 增速。 25Q4索康尼流水恢复高增 根据公司25Q4运营公告，索康尼全渠道流水同比增长超过30%，环比Q3(同比增长超过20%)有所提速， 预计主要系公司自Q2对电商渠道进行调整，Q4已初 ...

特步国际(01368)午后跌近3%，截至发稿，跌2.87%，报5.08港元，成交额4075.51万港元。 截至2025年12月31日止年度，特步主品牌零售销售(包括线上线下渠道)实现低单位数同比增长，渠道存 货周转约四个半月；索康尼零售销售(包括线上线下渠道)实现超过30%同比增长。 消息面上，特步国际午间发布2025年第四季度及全年中国内地业务营运状况，截至2025年12月31日止3 个月，特步主品牌零售销售(包括线上线下（300959）渠道)同比持平，零售折扣水平为七至七五折；索 康尼零售销售(包括线上线下渠道)实现超过30%同比增长。 ...

消息面上，特步国际午间发布2025年第四季度及全年中国内地业务营运状况，截至2025年12月31日止3 个月，特步主品牌零售销售(包括线上线下渠道)同比持平，零售折扣水平为七至七五折；索康尼零售销 售(包括线上线下渠道)实现超过30%同比增长。 截至2025年12月31日止年度，特步主品牌零售销售(包括线上线下渠道)实现低单位数同比增长，渠道存 货周转约四个半月；索康尼零售销售(包括线上线下渠道)实现超过30%同比增长。 智通财经APP获悉，特步国际(01368)午后跌近3%，截至发稿，跌2.87%，报5.08港元，成交额4075.51万 港元。 ...

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]

截至2025年12月31日止年度，特步主品牌零售销售(包括线上线下渠道)实现低单位数同比增长，渠道存 货周转约四个半月;索康尼零售销售(包括线上线下渠道)实现超过30%同比增长。 特步国际(01368)2025年第四季度及全年中国内地业务营运状况，截至2025年12月31日止3个月，特步主 品牌零售销售(包括线上线下（300959）渠道)同比持平，零售折扣水平为七至七五折;索康尼零售销售 (包括线上线下渠道)实现超过30%同比增长。 ...

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]