事件：近日，特步国际公布2025H1 业绩，收入同比增长7.1%，归母净利润同比增长21.5%，略超我们 预期。此外，公司宣派股息18 港仙/股，派息率为50%。综合考虑，我们上调2025-2027 年EPS 至 0.55/0.62/0.68 元（人民币，下同，列明除外），目标价7.16 港元，维持"买入"评级。 报告摘要 机构：国证国际 研究员：杨怡然 风险提示：宏观经济下行；行业竞争加剧；新品牌发展不及预期。 收入利润均实现持续增长，专业运动分部表现亮眼。上半年，集团录得收入68.38 亿元，同比增长 7.1%。分品牌来看，大众运动分部（特步主品牌）收入同比增长4.5%至60.53 亿元，占收入比为 88.5%，主要是由电商渠道的增长所驱动，电商同比实现双位数增长，占收入比超3 成；专业运动（索 康尼+迈乐）收入同比增长32.5%至7.85 亿元，占收入比11.5%，主要是线下零售表现强劲所带动，线下 同店实现双位数增长。毛利率方面，集团毛利率下滑0.3pp至43.6%，其中主品牌毛利率下滑0.3pp 至 43.6%，专业运动毛利率下滑1.6pp至55.2%，主要是由于线上占比提升以及毛利率相对较低的服装 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a revenue of 6.84 billion HKD in H1 2025, representing a year-on-year increase of 7.1%. The net profit attributable to shareholders was 0.91 billion HKD, up 21.5% year-on-year. Excluding the loss of 0.11 billion HKD from the divested KP, the comparable net profit increased by 6% year-on-year. The interim dividend payout ratio remained stable at 50% compared to the previous year [2][4] - The main brand showed steady growth, with a year-on-year increase of 4.5% to 6.05 billion HKD, while the professional sports segment grew by 32.5% to 0.79 billion HKD. The strong growth in the e-commerce channel, which accounted for over 30% of the main brand's revenue, contributed to this performance [6] - The gross margin slightly decreased, with the main brand's gross margin down by 0.3 percentage points to 43.6%. The operating profit margin (OPM) for the main brand decreased by 0.6 percentage points to 20%. However, the professional sports segment saw a significant improvement in OPM, which increased by 6.1 percentage points to 10% despite a 1.6 percentage point drop in gross margin to 55.2% [6] - Looking ahead, the main brand is expected to maintain steady performance in a competitive environment, while the professional sports brand, Saucony, is anticipated to become a significant growth driver for the group. The projected net profits for 2025-2027 are 1.41 billion HKD, 1.58 billion HKD, and 1.75 billion HKD, respectively, with corresponding price-to-earnings ratios of 12, 10, and 9 times [6]

SDICSI 2025 年 8 月 20 日 特步国际 (1368.HK) 电商持续驱动，索康尼继续高增长 风险提示：宏观经济下行；行业竞争加剧；新品牌发展不及预期。 财务及估值摘要 | (年结 31/3；RMB 百万) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,743 | 13,577 | 14,520 | 15,830 | 16,991 | | 增长率（%） | 10.5% | 6.5% | 6.9% | 9.0% | 7.3% | | 归母净利润 | 1,030 | 1,238 | 1,402 | 1,563 | 1,718 | | 增长率（%） | 11.8% | 20.2% | 13.2% | 11.5% | 9.9% | | 毛利率（%） | 41.8% | 43.2% | 43.2% | 43.6% | 43.9% | | 归母净利率（%） | 8.1% | 9.1% | 9.7% | 9.9% | 10.1% | | 每股盈利（元） | 0.41 | 0 ...

Core Viewpoint - The company reported a revenue of 6.838 billion, net profit of 914 million, and operating cash flow of 774 million for H1 2025, showing a year-on-year growth of 7.1%, 21.5%, and a decline of 6.4% respectively, with net profit growth primarily driven by the sale of KP brand leading to a loss of 106 million in H1 2024 [1] Financial Performance - The company's gross margin for H1 2025 was 45.0%, a slight decrease of 0.1 percentage points year-on-year, with the mass sports and professional sports segments showing gross margins of 43.6% and 55.2% respectively [2] - Operating profit margin (OPM) increased to 19.1%, up 0.4 percentage points year-on-year, with operating profits for mass sports and professional sports segments at 1.208 billion and 79 million respectively, reflecting increases of 1.5% and 236.8% [2] - The company’s net profit margin improved to 13.4%, up 1.6 percentage points year-on-year, attributed to a decrease in administrative expense ratio by 0.8 percentage points [2] Business Segments - The mass sports segment (Xtep) and professional sports segment (Saucony, Myle) generated revenues of 6.052 billion and 785 million respectively in 2024, with year-on-year growth of 4.5% and 32.5% [1] - The number of stores for H1 2025 included 1,564 for Xtep Kids, 6,360 for Xtep, and 155 for Saucony, with net decreases of 218 and 142 for Xtep and Xtep Kids, while Saucony saw a net increase of 27 stores [1] - E-commerce business showed strong growth, achieving double-digit growth in H1 2025, accounting for over 30% of Xtep's main brand revenue [1] Strategic Initiatives - The company is focusing on a direct-to-consumer (DTC) strategy to enhance consumer interaction and brand loyalty, despite short-term negative impacts on sales [2] - Saucony plans to expand its product matrix and open new flagship and concept stores in key urban areas, aiming to improve gross margins post-acquisition of Saucony and Myle [2] - The company aims to streamline operations by selling the KP brand, reducing financial drag, and concentrating on its three main brands [2]

机构：东方证券 研究员：施红梅/李雪君 公司中报营收增长符合预期，盈利增长略超出之前市场预计。公司上半年收入实现稳健增长，符合预 期，但盈利在去年同期时尚运动业务亏损、今年上半年管理费用控制得力、政府补助同比增加等因素综 合作用下，同比实现21.5%的增长，略超出之前市场的估计。 报告期公司综合毛利率同比有所下降，但我们预计中长期有望呈现向上态势。我们判断中期毛利率的小 幅下降主要是可选消费整体低迷之下带来的线上折扣有所加深，同时公司相对低毛利率的儿童业务收入 比重增加以及索康尼新品类服装等拓展带来的品类结构调整所致。未来随着儿童业务的持续拓展成熟以 及索康尼品牌收入占比的持续提升，公司中长期综合毛利率有望呈现向上态势。 建议关注户外热潮下未来迈乐品牌的发展机会。在主品牌稳健发展、索康尼进入良性快增的情况下，面 对国内户外行业发展的热潮，我们预计公司后续将着手强化户外品牌迈乐的发展。我们预计26 年底左 右公司将强化对迈乐的投入，结合在索康尼培育整合中的经验，后续建议重点关注迈乐的发展机会，有 可能成为公司中期潜在的增长点。 盈利预测与投资建议 我们维持对公司的盈利预测，考虑到股本的变动，预计公司2025-2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][32][34] Core Views - The company reported a 7.1% year-on-year revenue growth to 6.84 billion RMB and a 21.5% increase in net profit to 910 million RMB for the first half of 2025, driven by improved profitability in ongoing operations and reduced losses from the divestment of KP [1][9] - The main brand showed steady growth with a 4.5% increase in revenue to 6.05 billion RMB, while the professional sports brands (Saucony and Merrell) experienced a significant 32.5% revenue growth to 790 million RMB [2][22] - The company is focusing on Direct-to-Consumer (DTC) strategies, planning to open 100-200 DTC stores in 2025 and a total of 300-400 by 2026, with a capital expenditure of approximately 400 million RMB [3][31] Summary by Sections Financial Performance - Revenue for the first half of 2025 reached 6.84 billion RMB, with a net profit of 910 million RMB, reflecting a 22% increase in net profit [1][9] - The gross margin remained stable, with a slight decrease of 0.1 percentage points year-on-year [1][14] - The company plans to distribute an interim dividend of 0.18 HKD per share, maintaining a payout ratio of 50% [1][16] Brand Performance - The main brand's revenue grew by 4.5% to 6.05 billion RMB, with e-commerce channel revenue increasing by double digits [2][21] - The professional sports segment saw a revenue increase of 32.5% to 790 million RMB, with a significant improvement in operating profit margin [2][22] Market Strategy - The company is enhancing channel management and implementing a DTC strategy to adapt to market changes, which may have a short-term impact on revenue and profit margins but is expected to benefit long-term growth [3][31] - The focus on the running category is anticipated to drive steady growth for the main brand, while professional sports brands are expected to maintain rapid growth and improve profitability [32][34] Financial Projections - The company forecasts net profits of 1.4 billion RMB, 1.49 billion RMB, and 1.6 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.2%, 5.9%, and 7.7% [32][33] - The reasonable valuation range is set at 6.1 to 6.6 HKD, corresponding to a PE ratio of 11-12x for 2025 [32][34]

Investment Rating - The report maintains a "Buy" rating for the company [3][8] Core Views - The company's mid-year performance showed robust revenue growth, with a 21.5% increase in profit, slightly exceeding market expectations due to effective management cost control and increased government subsidies [7] - The overall gross margin saw a slight decline, but long-term prospects for improvement are anticipated as the company continues to expand its children's business and enhance the income share from the Saucony brand [7] - The Saucony brand demonstrated strong growth, with a projected doubling of revenue over the next three years, supported by the opening of new stores and a focus on high-end running products [7] - The company is expected to strengthen its outdoor brand, Merrell, in response to the growing outdoor industry, which could become a potential growth driver in the medium term [7] Financial Forecasts - The company forecasts earnings per share (EPS) of 0.49, 0.56, and 0.63 RMB for 2025, 2026, and 2027 respectively, with a target price of 8.54 HKD based on a 16x PE valuation for 2025 [2][8] - Revenue projections for the years 2023 to 2027 are as follows: 14,346 million RMB (2023), 13,577 million RMB (2024), 14,452 million RMB (2025), 15,795 million RMB (2026), and 17,244 million RMB (2027), reflecting a compound annual growth rate [2][12] - The company's net profit attributable to the parent company is expected to grow from 1,030 million RMB in 2023 to 1,745 million RMB in 2027, with corresponding growth rates of 11.8% (2023), 20.2% (2024), 10.6% (2025), 13.7% (2026), and 12.0% (2027) [2][12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved revenue, net profit attributable to shareholders, and operating cash flow of 6.838 billion, 914 million, and 774 million CNY respectively in H1 2025, with year-on-year growth of 7.1%, 21.5%, and a decline of 6.4% [2] - The net profit growth outpaced revenue growth primarily due to a loss of 106 million CNY from the sale of the KP brand in H1 2024; excluding this impact, the net profit attributable to shareholders increased by 6.4% year-on-year [2] - The company declared an interim dividend of 0.18 HKD per share, with a payout ratio of 50.0% and a dividend yield of 6.3% [2] Summary by Sections Business Overview - The mass sports segment (Tebu) and professional sports segment (Saucony, Myle) generated revenues of 6.052 billion and 785 million CNY respectively in 2024, reflecting year-on-year growth of 4.5% and 32.5% [3] - The growth in the mass sports segment was driven by strong online sales performance, while the professional sports segment benefited from robust offline retail performance, achieving double-digit same-store sales growth [3] - The number of stores for Tebu Children, Tebu, and Saucony in H1 2025 was 1,564, 6,360, and 155 respectively, with year-on-year changes of -3.3%, -8.3%, and 21.1% [3] - Saucony's brand recognition among Chinese consumers has significantly increased, leading to its top position among international brands in key marathon events [3] Financial Performance - The company's gross margin for H1 2025 was 45.0%, a year-on-year decline of 0.1 percentage points, with mass sports and professional sports gross margins at 43.6% and 55.2% respectively [4] - Operating profit margin (OPM) increased to 19.1%, a year-on-year increase of 0.4 percentage points, with operating profits for mass sports and professional sports at 1.208 billion and 79 million CNY respectively [4] - The net profit margin for H1 2025 was 13.4%, a year-on-year increase of 1.6 percentage points [4] Inventory and Cash Flow - The company's inventory increased slightly to 2.255 billion CNY in H1 2025, a year-on-year growth of 2.5% [5] - Accounts receivable rose to 4.844 billion CNY, a year-on-year increase of 9.6%, with an increase in turnover days by 22 days [5] - Accounts payable decreased to 2.621 billion CNY, a year-on-year decline of 6.1% [5] Investment Recommendations - Short-term investments in the main brand DTC strategy may negatively impact sales performance but are expected to enhance consumer interaction and brand loyalty in the long term [6] - Saucony plans to expand its product matrix and open new flagship and concept stores in key urban areas, which is anticipated to improve gross margins [6] - The company maintains its revenue forecasts for 2025, 2026, and 2027 at 14.286 billion, 15.558 billion, and 17.251 billion CNY respectively, with net profit forecasts of 1.374 billion, 1.511 billion, and 1.664 billion CNY [6]

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 ...