（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 | ...

8月18日，特步国际控股有限公司(以下简称"特步")发布2025年上半年业绩报告。报告期内，集团持续 经营业务收入为68.38亿元，同比增加7.1%；普通股股权持有人应占溢利达9.14亿元，同比增长21.5%。 上半年，集团经营现金流入为7.74亿元。董事会宣派中期股息每股18.0港仙，同比增长15.4%，可收取 代息股份以代替现金，派息比率为50.0%。自上市以来，特步已连续17年保持不低于50%的派息比率。 "聚焦跑步的战略巩固了我们作为中国跑步领先品牌的卓越地位。随着政府对体育行业政策的持续支 持，以及体育参与率的持续上升，我们将巩固在跑步领域的地位，并致力于发挥特步主品牌与索康尼、 迈乐的协同效应，以提升集团市场份额。"特步董事局主席兼CEO丁水波表示。 深耕专业跑步赛道 在体育运动参与率逐步提升、健康意识增强，以及体育用品需求向好的驱动下，体育用品行业的表现， 尤其是跑步领域，展现健康的增长势头。报告期内，特步主品牌收入同比增长4.5%，为60.53亿元。 其中，电子商务业务是集团增长的主要动力，占特步主品牌收入超过30%。特步依据数据驱动的分析成 果，为每个线上渠道制定个性化的战略，以精准定位目标 ...

Core Insights - Xtep International Holdings Limited reported a revenue of 6.838 billion yuan for the first half of 2025, representing a year-on-year increase of 7.1% [1] - The profit attributable to ordinary shareholders reached 914 million yuan, showing a year-on-year growth of 21.5% [1] - The company aims to strengthen its position in the running sector and enhance market share through synergies between its main brand and subsidiaries Saucony and Merrell [1] Financial Performance - The main brand revenue increased by 4.5% year-on-year to 6.053 billion yuan, with e-commerce contributing over 30% of this revenue [1] - E-commerce revenue experienced double-digit year-on-year growth due to data-driven strategies tailored for specific online channels [1] - R&D expenses amounted to 190 million yuan, up 20.25% year-on-year, accounting for 2.8% of total revenue, an increase from 2.5% the previous year [1] Market Position and Strategy - Xtep focuses on the professional running sector through product development, participation in professional events, and collaboration with athletes, establishing a strong influence in the professional community [2] - The professional sports division, including Saucony and Merrell, generated 785 million yuan in revenue, a 32.5% increase, contributing 11.5% to total revenue [2] - Saucony leads in the market for professional running shoes, while Merrell focuses on e-commerce and core product lines in trail running, hiking, and creek walking [2] Brand Matrix - Xtep's diversified brand matrix covers various sports sectors and consumer demographics, with the main brand targeting the mass sports market and Saucony and Merrell focusing on professional sports [2] - The company holds a significant market position due to its competitive and diverse brand portfolio [2]

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]

Group 1: Fixed Income Market Insights - The central bank's monetary policy is leaning towards limited easing, with the cancellation of pledged bond freezes having a neutral impact on the bond market [3] - The "anti-involution" policy is in its early stages and has not yet directly affected the bond market, primarily influencing through the stock market [3] Group 2: Swine Industry Outlook - The long-term value reassessment opportunity for the swine industry is promising, with pig prices expected to decline in the short to medium term due to supply pressures [4] - Key recommended companies in the swine sector include Wen's Foodstuffs, Muyuan Foods, and Juxing Agriculture [4] Group 3: Poultry and Animal Health - The poultry market is experiencing price declines, with a focus on marginal improvements in the cycle [5] - The animal health sector is expected to see performance recovery, with a growing interest in the pet medical industry, projected to reach a market size of 840 billion yuan by 2024 [7] Group 4: Machinery Industry Insights - The motorcycle export market remains robust, with a year-on-year growth of 14% in June 2025, driven by significant increases in exports of motorcycles over 250cc [12][14] - Africa continues to show high growth rates in motorcycle exports, with a notable increase of 63% [15] Group 5: Computer Industry Developments - The AI computing market is experiencing exponential growth, with significant opportunities in AI processors and related sectors [18] - Recommended companies in the AI computing space include Haiguang Information and Nvidia [19] Group 6: Apparel Industry Performance - Xtep International's main brand shows steady growth, while the Saucony brand is expected to grow significantly, with a 20%+ increase in retail sales [22] - The company anticipates revenue growth of 144.1 billion yuan in 2025, with a corresponding net profit of 13.7 billion yuan [25] Group 7: Automotive Sector Trends - The automotive sector outperformed the Shanghai Composite Index, with a notable increase in stock prices for companies like Li Auto and NIO [26] - The launch of new models, including the Li Auto i8 and Tesla Model Y 6-seater, is expected to drive consumer interest [27][29] Group 8: Sportswear Industry Insights - Anta Sports reported low single-digit growth in its main brand, while outdoor brands are experiencing strong growth, with a 50%-55% increase in sales for other brands [32] - The acquisition of Jack Wolfskin is expected to enhance the company's international market presence [34] Group 9: Consumer Goods Market Analysis - The consumer goods sector is under pressure, with a decline in retail sales for food and beverage categories, particularly in the restaurant sector [43] - Recommendations for consumer goods include companies like Nongfu Spring and Eastroc Beverage, which are expected to benefit from increased consumer spending [46]

Investment Rating - The report maintains a "Buy" rating for the company [2][25] Core Insights - The main brand of the company shows steady growth, while the outdoor brand is experiencing strong momentum. The children's segment is growing faster than the adult segment, with footwear outperforming apparel. The newly introduced brand, Saucony, has seen over 20% growth in Q2 2025 and over 30% growth in the first half of the year [6][5] - The company is focusing on optimizing its multi-brand matrix and has initiated a Direct-to-Consumer (DTC) transformation, which is expected to enhance market responsiveness and efficiency [6][5] - The financial forecast indicates a projected net profit of 1.37 billion RMB for FY2025, with a corresponding PE ratio of 10 [6][16] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 14.346 billion RMB - FY2024: 13.577 billion RMB - FY2025E: 14.636 billion RMB - FY2026E: 15.759 billion RMB - FY2027E: 16.911 billion RMB - Net profit projections for the same period are: - FY2023: 1.034 billion RMB - FY2024: 1.303 billion RMB - FY2025E: 1.368 billion RMB - FY2026E: 1.496 billion RMB - FY2027E: 1.633 billion RMB - The gross margin is expected to improve from 42% in FY2023 to 45% in FY2027 [6][16] Retail Performance - The retail performance for 2023 shows a year-on-year growth of approximately 20% in Q1, high double digits in Q2, and over 30% in Q4, with a consistent discount level of 7-7.5 [15][6] - The inventory turnover ratio is healthy, with a stock-to-sales ratio of about 4 to 4.5 months at the end of Q2 2025 [6][15] Brand Strategy - The company is focusing on its core running products, which have shown double-digit growth, while casual products have experienced some fluctuations. The newly launched products have received positive market feedback [6][5] - The DTC transformation is expected to enhance the company's ability to adapt to market changes and consumer demands, with plans to open larger stores and new store formats [6][5]

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]