Group 1 - The core viewpoint of the article highlights that Xtep International (01368) has seen a stock price increase of over 5%, reaching HKD 6.77, with a trading volume of HKD 65.27 million [1] - Xtep International reported a revenue of RMB 6.838 billion for the first half of 2025, reflecting a year-on-year increase of 7.14% [1] - The profit attributable to ordinary shareholders was RMB 914 million, marking a year-on-year increase of 21.47% [1] Group 2 - The interim dividend declared is HKD 0.18 per share, compared to HKD 0.156 in the same period last year [1] - Revenue growth was primarily driven by the mass sports segment, which saw a 4.5% increase to RMB 6.1 billion, attributed to strong online channel performance and increased consumer engagement [1] - Goldman Sachs noted that Xtep's net profit for the first half of the year exceeded their forecast by 12%, mainly due to higher-than-expected other income and earnings, while core business revenue met expectations [1] Group 3 - The management indicated that the retail sales growth rate for the core Xtep brand and Saucony brand accelerated in July compared to the previous year [1] - CMB International believes that Xtep's performance in the first half of the year surpassed expectations, and the retail sales growth trend for the third quarter is promising [1] - Goldman Sachs maintains a constructive outlook on the long-term sales and profitability of the Saucony brand [1]

Core Viewpoint - Goldman Sachs has set a new target price of HKD 7.1 for Xtep International (01368), up from HKD 7, based on a projected price-to-earnings ratio of 13 times for 2025, maintaining a "Buy" rating due to attractive risk-reward dynamics [1] Financial Performance - Xtep International's net profit for the first half of the year exceeded Goldman Sachs' forecast by 12%, driven by higher-than-expected other income and revenue, while core business revenue met expectations [1] - The company has reiterated its guidance, expecting a net profit growth of over 10% year-on-year for 2025, supported by positive sales growth and a cautiously optimistic outlook for the consumer environment in the second half of 2025 [1] Market Outlook - Goldman Sachs remains encouraged by the robust growth in Xtep's core business, particularly in the running market, despite uncertainties related to non-functional products and the macroeconomic environment [1] - The firm holds a constructive view on the long-term sales and profitability of the Saucony brand [1] Profit Forecast Adjustments - Following the better-than-expected net profit in the first half of the year, Goldman Sachs has slightly adjusted its net profit forecasts for 2025 to 2027 by 0% to 1.5%, reflecting minor downward adjustments in sales forecasts for the Xtep brand due to macroeconomic factors and direct sales transformation [1] - Increased sales and management expenses for both brands in the second half of the year are expected to be offset by higher-than-expected other income and revenue [1]

高盛发布研报称，对特步国际(01368)的新目标价为7.1港元(此前为7港元)，基于2025年预测市盈率13 倍。鉴于高盛认为风险回报仍具吸引力，维持对公司的"买入"评级。该行预测特步国际2025年报表净利 润同比增长14%，2025年预估市盈率为11倍。 特步国际今年上半年净利润超出该行预测12%，主要得益于其他收入及收益高于预期，而核心业务收入 符合预期，毛利率、经常性营运利润率略高于高盛预测。特步国际重申指引，因基于正向销售增长，预 计2025年报表净利润同比增长超过10%，对2025年下半年消费环境持谨慎乐观态度。 该行表示，特步国际今年上半年的净利润超出预期后，将2025至2027年净利润预测微调0%至1.5%，主 要反映特步品牌销售预测因宏观及直营转型略有下调、两品牌下半年销售及管理费用投资增加等，这些 被高于预期的其他收入及收益所抵消。 该行表示，听取了特步国际的财报简报后，维持对其观点不变，对于特步核心业务，对跑步市场的稳健 增长感到鼓舞，尽管非功能性产品及宏观环境仍存在不确定性。对于Saucony品牌，高盛对其长期销 售、盈利能力保持建设性看法。 ...

高盛发表报告指出，特步国际上半年净利润超出该行预测12%，主要得益于其他收入及收益高于预期， 而核心业务收入符合预期，毛利率、经常性营运利润率略高于高盛预测。公司重申指引，因基于正向销 售增长，预计2025年报表净利润按年增长超过10%，对2025年下半年消费环境持谨慎乐观态度。 该行表示，听取了特步国际的财报简报后，维持对其观点不变。对于特步核心业务，对跑步市场的稳健 增长感到鼓舞。对于Saucony品牌，对其长期销售、盈利能力保持建设性看法。该行将其目标价从7港元 微升至7.1港元，基于2025年预测市盈率13倍，鉴于风险回报仍具吸引力，维持"买入"评级。 ...

Core Viewpoint - Xtep's FY25E guidance remains intact despite a slight miss in 2Q25, with expectations for sales growth to sustain into 2H25E due to low inventory levels and undemanding valuation, maintaining a BUY rating with a target price of HK$ 7.20 based on 14x FY25E P/E [1][4] Sales Performance - Retail sales growth for Xtep slowed in 2Q25 but remained on track for 1H25, with management maintaining FY25E guidance of positive group-level sales growth and 10%+ net profit growth [2][4] - Xtep's core brand is expected to achieve FY25E guidance, driven by robust growth in the running segment, which saw a 30%+ YoY increase in 1H25E [3][4] Inventory and Discounts - Xtep's inventory to sales ratio was about 4 to 4.5 months in 2Q25, indicating a healthy inventory level, while retail discounts remained stable at 25% to 30% off [5][4] - Management expects inventory and discount conditions to remain stable for FY25E, with the inventory to sales ratio projected to stay around 4 to 4.5 months [5][4] E-commerce and Offline Growth - E-commerce sales growth was around 10% in 2Q25, with offline sales growth lagging, but retail sales growth improved in July 2025, driven by increased summer demand and promotional activities [6][4] - Saucony brand is experiencing a re-acceleration in growth supported by offline SSSG and new store openings, despite a temporary slowdown in e-commerce [6][4] Direct-to-Consumer (DTC) Strategy - The DTC transformation is ongoing, with plans to repurchase 100 to 200 stores in 4Q25E and 300 to 400 stores in FY26E, funded by internal cash flow [7][8] - The company is also set to upgrade its management system for products and members to enhance efficiency under the DTC model [8]

Core Viewpoint - CICC maintains the EPS forecast for Xtep International at 0.50/0.55 HKD for 2025/26, with a target price of 6.90 HKD, indicating a 29% upside potential from the current stock price [1] Group 1: Xtep Brand Performance - In Q2 2025, Xtep's main brand retail revenue grew by a low single-digit percentage year-on-year, driven by professional categories [2] - The running and outdoor categories led overall growth, with running sales in the first half of 2025 increasing by double digits [2] - Retail discounts for the main brand remained stable at 70-75%, with channel inventory turnover at 4-4.5 months by the end of June [2] Group 2: Saucony and Merrell Growth - Saucony brand saw retail revenue growth of over 20% year-on-year in Q2 2025, focusing on high-end urban consumers and running categories [3] - The brand plans to accelerate offline channel expansion in the second half of 2025, targeting a 30-40% year-on-year revenue growth for the full year [3] - Merrell brand experienced over 50% retail revenue growth in Q2 2025, with a focus on online channel development [3] Group 3: Channel Transformation - The company plans to gradually reclaim 100-200 Xtep main brand stores for DTC transformation in Q4 2025, with a capital expenditure of approximately 400 million HKD [4] - The number of stores involved in the DTC transformation is relatively low, and the management expects limited impact on overall revenue for 2025-2026 [4] - Future plans include accelerating the layout of Xtep main brand in shopping centers and outlet channels, which currently account for about 30% [4]