特步门店。 去年底彻底剥离KPGlobal后，特步2025年中报盈利创历史最佳：持续经营业务收入增长7.1%至68.38亿 元，净利同比增21.5%至9.14亿元。 然而，光鲜数字难掩隐忧，2025年上半年，特步主品牌收入仅增4.5%，60亿元大盘仍靠跑鞋一条腿走 路，占比超六成；索康尼虽飙出32%高增速，但7.85亿元规模仍不足集团营收12%，155家门店的渠道密 度远未形成"第二曲线"支撑。 下一步，特步集团拟掷4亿元，开出400家DTC直营店，决心把零售命脉握在自己手中，但短期利润侵蚀 与运营复杂度同步飙升。 关于第一点原因可以追溯到去年12月，特步在港交所公告宣布完成出售KPGlobal，相关财务数据将不再 综合入账至集团的账目。据了解，KPGlobal集团持有盖世威（K·Swiss）和帕拉丁（Palladium）两个品 牌。 而在经过一系列的战略性品牌出售之后，特步集团目前仅保留了三个品牌：特步主品牌、索康尼以及迈 乐。 尽管特步国际在财报中明确将索康尼定位为集团的"第二增长曲线"，但其2025年上半年的实际表现仍显 现出明显的规模短板。 特步已用"减法"换来一张漂亮的成绩单，接下来能否用"加法"跑 ...

Core Insights - The company reported a 7% revenue growth in the first half of the year, with a net profit increase of 22% driven by improved profitability in ongoing operations and reduced losses from the divestment of KP [1] - For the first half of 2025, revenue grew by 7.1% year-on-year to 6.84 billion yuan, while net profit attributable to shareholders increased by 21.5% to 910 million yuan [1] - The main brand showed steady revenue growth, while the professional sports brands experienced rapid growth [2] Brand Performance - The main brand, Xtep, saw a 4.5% year-on-year revenue increase to 6.05 billion yuan, with e-commerce channel revenue growing in double digits and accounting for over 30% of total revenue [2] - The children's business outperformed the adult segment, although the overall gross margin slightly decreased by 0.3% due to lower margins in children's products and online discounting [2] - The professional sports segment, including Saucony and Myle, achieved a 32.5% revenue growth to 790 million yuan, primarily driven by Saucony [2] Profitability and Margins - The gross margin for the professional sports segment decreased by 1.6 percentage points to 55.2%, attributed to a higher proportion of lower-margin lifestyle and OG categories [2] - Operating profit for the professional sports segment nearly tripled to 79 million yuan, with an operating profit margin increase of 6.1 percentage points to 10% [2] Strategic Initiatives - The company is deepening channel management and advancing a Direct-to-Consumer (DTC) strategy, planning to open 100-200 DTC stores by 2025 and a total of 300-400 by 2026, with a capital expenditure of approximately 400 million yuan [2] - Short-term impacts on revenue and profit margins are expected from the DTC transformation, but it is seen as beneficial for long-term growth and performance enhancement [2] Dividend Policy - The company plans to distribute an interim dividend of 0.18 Hong Kong cents per share, maintaining a payout ratio of 50%, and has consistently maintained a payout ratio of over 50% for 17 consecutive years [1]

Core Insights - Xtep International reported operational data for Q2 and the first half of 2025, meeting expectations with low single-digit year-on-year growth in Q2 and mid single-digit growth in the first half [1] - The children's segment outpaced the adult segment, with footwear performing better than apparel, driven by functional running and outdoor products [1] - Saucony achieved over 20% growth in Q2 and over 30% growth in the first half, with a clear brand positioning focused on elite runners and high-performance products [1][2] Brand Performance - The new brands Saucony and Maile maintained rapid growth, with Saucony projecting 30-40% growth for the full year [2] - Saucony is strategically reducing low-priced products online and tightening discounts while expanding its presence in core cities with new store formats [2] - Maile's sales trends are strong, with over 50% growth in both Q2 and the first half, primarily driven by e-commerce [2] Inventory and Financial Health - The inventory level remains healthy, with a sell-through ratio of approximately 4 to 4.5 months at the end of Q2, and discount rates stable at 30-35% [2] - The company expects gross margins to meet expectations, with marketing and R&D expenses within budget, indicating stable operating profit margins [2] Channel Performance - Online sales growth outpaced offline, with direct-to-consumer (DTC) initiatives progressing well, involving around 500 stores transitioning from franchise to self-operated [3] - The DTC transformation is expected to enhance market responsiveness and long-term competitiveness, with plans to open larger stores and introduce new store formats [3] Product Category Insights - Core running products performed well, achieving double-digit growth, while leisure products showed some volatility [3][4] - The company has optimized its multi-brand matrix by divesting from fashion sports brands and focusing on core running business, which is expected to strengthen its market position [4] Future Outlook - The company maintains a "buy" rating and profit forecasts, expecting net profits of 1.37 billion, 1.50 billion, and 1.63 billion for 2025-2027, corresponding to PE ratios of 10, 9, and 8 [4] - The focus on the running segment post-divestment is anticipated to enhance brand synergy and future growth prospects [4]

Group 1 - The company announced Q2 2025 operational data, indicating a low single-digit year-on-year growth in main brand retail revenue, with discounts ranging from 70% to 75% [1] - In H1 2025, the main brand retail revenue achieved mid-single-digit year-on-year growth, while Saucony's retail sales exceeded 30% growth [1] - The Q2 2025 retail revenue growth for Saucony was over 20%, but the growth rate slowed by approximately 40% compared to Q1 2025, attributed to adjustments in the e-commerce strategy [1] Group 2 - The company is focusing on a direct-to-consumer (DTC) strategy, which may have short-term negative impacts on sales but is expected to enhance consumer interaction and brand loyalty in the long run [2] - Saucony plans to expand its product matrix and open around 30 new stores in high-end markets after acquiring full rights to Saucony and Merrell, which is expected to improve gross margins [2] - The sale of the KP brand is aimed at reducing financial drag and focusing on three main brands, with revenue forecasts for 2025, 2026, and 2027 set at 14.286 billion, 15.558 billion, and 17.251 billion yuan respectively [2]

Core Viewpoint - The sportswear industry in Hong Kong is facing significant challenges in the second quarter of 2025, with major domestic brands experiencing a slowdown in growth due to weak consumer demand, inventory pressure, and intense price competition [2][10]. Group 1: Performance of Major Brands - Anta, Li Ning, 361 Degrees, and Xtep have all reported weakened performance in Q2 compared to Q1, with Anta and Xtep experiencing low single-digit growth [3][5]. - Anta's retail sales for its main brand showed low single-digit positive growth, while its FILA brand recorded mid-single-digit growth, both of which are slower than the high single-digit growth seen in Q1 [3][4]. - Li Ning's retail sales saw a decline in offline channels, with overall sales growth falling below expectations, indicating a challenging recovery trend [5][9]. Group 2: Market Environment - The overall consumer environment for the sportswear industry is under pressure, with a decline in transaction rates and average spending per customer, attributed to weakened consumer purchasing intent [6][7]. - In June 2025, the retail sales growth for clothing, shoes, and textiles was only 1.9%, a significant drop from previous months, highlighting the industry's struggles [8][7]. Group 3: Competitive Landscape - The competition among domestic sports brands is intensifying, with international brands like Nike and Adidas increasing promotional efforts, leading to deeper discounting strategies among local brands [9][10]. - The industry is shifting focus towards outdoor segments, with brands like Anta and Li Ning making strides in high-end outdoor products, which offer higher profit margins compared to traditional sportswear [9][11]. Group 4: Future Outlook - Analysts predict that the sales momentum for major sportswear companies will remain weak until at least Q2 to Q3 of 2025, primarily due to sluggish sales in lower-tier cities and increased competition [8][9]. - Despite the challenges, there are opportunities in niche outdoor markets, which are becoming a new growth area for brands looking to enhance product value [11].

Temu、阿里打架，韩国电商下滑 今年一季度，韩国最大电商平台 Coupang 收入 71 亿美元，同比增长 23%，但净亏损 2400 万美元。 去年同期，它还盈利 9090 万美元。 Coupang 的亏损主要因为收购了持续亏损的奢侈品电商 Farfetch。不过剔除这一因素，它仍然在收入 增长的前提下利润下滑 —— 因为新晋中国对手的竞争。 根据第三方市调机构 Wiseapp Retail Goods 数据，Coupang 有 3000 万月活用户，是韩国第一，但速卖 通和 Temu 增长更快。今年 2 月，速卖通在当地的月活用户达到 820 万，而进入当地只有半年的 Temu、阿里打架，韩国电商下滑 索马里海盗卷土重来 特步的多品牌之路不好走 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 Temu 月活达到近 580 万。到了 3 月，Temu 的月活也已经超过 800 万。 Coupang 创始人兼 CEO 金宝锡在财报电话会上说： 新的中国电商玩家提醒我们，零售业的进入门槛很低，消费者可以比其他行业更快地切换购 物选择，只需几秒钟、滑动手指即可。顾客每次购物都会投出新的一票，并且会毫不犹 ...