机构：天风证券 研究员：孙海洋 主品牌深耕跑步领域，销售增长稳健 特步集团25H1 持续经营业务收入增加7.1%至人民币68.38 亿元，其中主品牌25 年H1 营收增加4.5%至 60.53 亿元；Q4 保持七至七五折的零售折扣水平，线上线下零售销售增速同比持平；全年销售保持低单 位数同比增长，增速稳健，存货周转约四个半月，整体运营保持健康态势。 通过一系列旨在突显社群联结、卓越品质和高端技术的营销活动， 索康尼成功吸引中国的专业跑者及 社会精英群体。未来，索康尼将继续成为特步实现可持续增长的重要动力，未来发展前景乐观。 零售渠道优化升级，DTC 转型推进 特步集团渠道布局持续优化，截至2025 年6 月30 日，集团于中国内地共有6,360 家特步成人店铺及1,564 家特步少年店铺。新形象店舖采用沉浸式设计，配备智能灯光系统、互动化数字界面和人工智能显示 屏，有效提升连带率，并延长顾客的停留时间。2025 年下半年特步集团实施升级零售战略，启动直接 面向消费者（DTC）模式。通过加快响应消费者需求的变化，打造卓越的购物体验，特步集团将进一步 提升产品创新能力，优化营销战略，以及提高运营效率，从而为长期的 ...

Core Viewpoint - The company reported a revenue of 6.84 billion RMB and a net profit of 910 million RMB for the first half of 2025, showing a year-on-year growth of 7.1% and 21.5% respectively, with a focus on the performance of its main brand and professional sports segment [1][2] Financial Performance - The company's gross margin slightly decreased by 0.1 percentage points to 45.0%, while the operating profit margin increased by 0.4 percentage points to 19.1% [1][3] - The net profit margin rose by 1.6 percentage points to 13.4%, although it would have decreased by 0.1 percentage points if excluding the impact of the KP business [1][3] - Earnings per share (EPS) for the first half of 2025 was 0.35 RMB, with a proposed cash dividend of 0.18 HKD per share, resulting in a payout ratio of 50.0% [1] Revenue Breakdown - Revenue from the main brand and professional sports segment grew by mid-single digits and over 30% respectively, with footwear, apparel, and accessories contributing 60.8%, 37.3%, and 1.9% to total revenue [2] - The main brand's revenue from youth products outperformed adult products, and online sales accounted for over 30% of the main brand's revenue [2] Store and Inventory Management - As of June 2025, the number of adult stores was 6,360, a net decrease of 22 stores since the beginning of the year, while youth stores totaled 1,564, a decrease of 20 stores [2] - Inventory increased by 41.3% to 2.25 billion RMB compared to the beginning of the year, primarily due to preparations for upcoming marathon events [4] Cash Flow and Receivables - Operating net cash flow for the first half of 2025 was 770 million RMB, a decrease of 6.4% year-on-year [4] - Accounts receivable increased by 5.4% to 4.84 billion RMB, with a turnover period of 118 days, an increase of 18 days year-on-year [4] Strategic Focus - The company continues to strengthen its position in the running segment, with the main brand maintaining the highest wearing rate in key marathon events [4] - New product launches include advanced running shoes aimed at enhancing performance, and the company is expanding its retail channel management to improve consumer experience [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 6.84 billion RMB in the first half of 2025, representing a year-on-year growth of 7.1%, while the net profit attributable to shareholders increased by 21.5% to 910 million RMB [5] - The main brand and the subsidiary brand, Saucony, are experiencing synergistic growth, with a continued focus on the running segment [11] - The company has successfully divested its KP business, which had previously incurred losses, leading to a more favorable profit outlook [5] Financial Performance - The company's earnings per share (EPS) for the first half of 2025 was 0.35 RMB, with a proposed cash dividend of 0.18 HKD per share, resulting in a payout ratio of 50% [5] - Gross margin slightly decreased by 0.1 percentage points to 45.0%, while operating profit margin improved by 0.4 percentage points to 19.1% [6] - The retail revenue for the main brand and Saucony grew in the mid-single digits and over 30% respectively [6] Revenue Breakdown - In the first half of 2025, the revenue composition was 60.8% from footwear, 37.3% from apparel, and 1.9% from accessories, with respective year-on-year growth rates of 6.3%, 9.5%, and a decline of 7.8% [7] - The main brand's revenue accounted for 88.5% of total revenue, with a year-on-year growth of 4.5%, while professional sports revenue (Saucony and Maile) accounted for 11.5% with a growth of 32.5% [7] Retail and Market Strategy - The company continues to strengthen its position in the running market, with the main brand maintaining the highest wearing rate in key marathon events [11] - The company has launched new products and expanded its retail presence, with a focus on enhancing consumer experience and increasing the number of retail outlets [11] Future Earnings Forecast - The report maintains earnings forecasts for 2025 to 2027, projecting EPS of 0.49 RMB, 0.55 RMB, and 0.60 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 11, 10, and 9 times [12][13]

Financial Performance - Group revenue reached RMB 6838 million, a 71% year-over-year increase[3] - Operating profit increased by 91% to RMB 1305 million, with an operating profit margin of 191%[3] - Profit attributable to ordinary equity holders of the company increased by 215% to RMB 914 million[3] - Basic earnings per share increased by 165% to RMB 346 cents[6] Segment Performance - Mass market revenue increased by 45% to RMB 6053 million[3, 11] - Professional sports revenue increased significantly by 325% to RMB 785 million[3, 11] Balance Sheet Highlights - Net cash and cash equivalents increased significantly by 943% to RMB 1913 million[7] - Shareholders' equity increased by 135% to RMB 9876 million[7] Brand Performance & Strategy - Xtep is the No 1 running brand in China, with leading overall wear rate in major marathons[18, 19] - Core Xtep brand revenue increased, with footwear accounting for 584% of revenue[75] - Saucony & Merrell brands experienced revenue growth, with overall revenue increasing by 325%[83] Sustainability - The company recycled approximately 3000 kg of clothes and reduced carbon emissions by over 10000 kg[52, 53]