证券研究报告 | 公司点评 | 服装家纺 跑步心智向上，索康尼如期靓丽 ——特步国际点评报告 投资要点 ❑ 公司发布 2025Q4 运营情况，特步主品牌流水同比持平，零售环境疲软下维持稳 健；索康尼流水同比+30%以上，线下高速增长，电商调整顺利。2025 年全年特 步主品牌流水低单位数增长，索康尼流水同比+30%以上，全年目标顺利达成。 ❑ 主品牌：Q4 流水持平，25 年低单增长，跑步户外增长领跑 特步主品牌 25Q4 流水同比持平，Q4 分月来看,10-11 月流水表现好于 12 月；25 年流水低单位数增长，受跑步品类和电商渠道均双位数增长拉动，整体维持稳健 增长态势，跑步品牌势能持续向上，25 年 11 月上海马拉松赛事中公司旗舰碳板 跑鞋 160X 7.0 PRO 助力运动员丰配友斩获男子组冠军，特步品牌全局选手穿着 率继续稳居第一达到 21.5%。主品牌 25Q4 折扣 70-75 折，同比持平，25 年末库 销比约 4.5 个月，库存状况健康，折扣较为可控。 ❑ 索康尼：店效快速提升，电商调整顺利 索康尼 25Q4 和 25 全年流水均同比增长 30%以上，顺利完成全年目标，Q4 增长 环比加 ...

Core Viewpoint - The event "Marathon Champion City Tour • Xiamen Station" successfully integrated top-level marathon events with urban life, showcasing a vibrant practice of blending "business + culture + sports" in Xiamen [1][11]. Group 1: Event Overview - The event took place on January 11, 2026, in Xiamen, featuring a theme of "Marathon in the Streets" [1]. - It was organized by Xtep in collaboration with several local companies, creating a unique experience that connected historical spaces with modern life [1][11]. Group 2: Innovative Integration - Xtep, as the exclusive sports equipment sponsor, creatively combined the marathon route with the urban landscape of Zhongshan Road, allowing participants to experience the fusion of sports fashion and cultural heritage [3]. - The event featured multiple themed checkpoints along Zhongshan Road, enhancing the experience of both walking and running [3]. Group 3: Product Showcase - The Xtep Champion Edition running shoes, particularly the new 160X 7.0 PRO model, attracted significant attention for their lightweight feel and eye-catching design [5]. - A product experience area showcased various running shoes, allowing participants to try them on and engage with the technology and design concepts [9]. Group 4: Community Engagement - Marathon champions interacted with participants, sharing their experiences and fostering a sense of community [7]. - Influencers and key runners documented the event, amplifying its reach on social media and generating significant online engagement [9]. Group 5: Collaborative Efforts - The event exemplified a collaborative model involving government guidance, corporate sponsorship, and multi-party cooperation, ensuring high-quality execution [11]. - This innovative approach aims to activate historical public spaces and promote the integration of culture, commerce, tourism, and sports [11]. Group 6: Future Aspirations - The event highlighted the potential for sports to empower urban environments and connect historical narratives, promoting a vision of a vibrant, active city life [12].