特步国际 202509004 摘要 特步国际近期销售表现优于同行，主要得益于新品发布（如 160×7 和 X7 Pro）和专业影响力，冠军系列碳板跑鞋预计销量达 800 万双，马拉 松赛场穿着率达 50%，远超第二名耐克，成功建立品牌在跑者心目中的 地位。 特步通过不同价位段产品覆盖更广泛的消费者，高端市场有 160、260 和 360 系列，大众市场则有青云系列，价格从 299 元到 799 元不等， 满足不同消费层次需求，并通过功能性设计吸引更多用户，同时注重电 商平台的发展。 特步童装业务增速高于成人业务，通过品牌升级和针对体考需求开发功 能性产品，吸引 8 至 12 岁核心顾客群，并与高校合作进行数据采集和 研究，开发更符合儿童发育需求的新产品，提升产品竞争力和家长信任 度。 尽管 2025 年上半年毛利率因服装类产品占比增加而下滑，但公司预计 随着规模效应显现和品牌力提升，毛利率将逐步上升，OG 系列毛利率 压力有望缓解。 Q&A 请介绍一下特步国际近期的经营情况。 今年七八月份的销售流水与预期相符，表现优于六月份。尽管整个行业竞争激 烈，我们仍保持了稳定的库存周转，目前在 4 至 4.5 个月左右 ...

Core Viewpoint - Xtep International Holdings Limited has launched its new generation of championship running shoes, the Xtep 160X 7, emphasizing technological advancements and responding to runners' expectations, aiming to lead industry innovation [1][4]. Product Innovation - The Xtep 160X 7 series showcases significant upgrades in product performance and technology, with a total research investment exceeding 2 billion yuan and over 2,600 patents acquired by 2025 [2]. - Four major champion technology platforms were introduced: XTEP FIT, XTEP DURA, XTEP ACE+, and XTEP POWER, designed to enhance runners' performance [2]. - XTEP FIT technology utilizes a database of over 300,000 foot shapes to provide a comfortable experience tailored to Chinese runners [2]. - XTEP DURA technology employs marathon-grade CPU materials and AI for precise outsole design, achieving a balance of durability, slip resistance, and lightweight [2]. - The XTEP POWER technology matrix incorporates innovative materials like PI fiber and basalt fiber to enhance speed [2]. Product Features - The Xtep 160X 7.0 PRO features a one-piece lightweight upper design, improving elasticity, fit, breathability, and quick-drying capabilities [3]. - The outsole's slip resistance has improved by 38.5% due to XTEP DURA technology, while the propulsion of the new "golden carbon plate" GT700 has increased by 8% compared to the previous generation [3]. - The midsole utilizes upgraded XTEP ACE+ technology with a dual-density design for optimal comfort and support over long distances [3]. - The new "Qingyun Matrix" cushioning running shoes cater to various runner demographics, including casual and heavier runners [3]. Market Positioning - Xtep aims to connect professional racing with mass running, creating a comprehensive running ecosystem that benefits all runners [4]. - The brand has achieved a leading position in the wearing rates of running shoes among top marathon competitors in China, reflecting its strength in the professional sports sector [6]. - Over the past five years, Xtep has invested 15 million yuan in cash and equipment to support athletes, resulting in 507 championships for 107 athletes [6]. - Xtep's dual-track model of "professional leadership + mass promotion" aligns with national sports strategies, fostering a culture of running among the public [6].

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]