公司發佈26Q2及26H1流水情況
26Q2特步主品牌零售同減中單位數，折扣7-75折；索康尼零售同增低單位數；
26H1特步主品牌零售同減低單位數，庫銷比4.5-5個月；索康尼零售同增低雙位數。
重視零售管理，成功提升品牌形象及強化競爭優勢
公司將卓越的顧客體驗放在首位，不斷鞏固消費者對品牌的信任，並推動可持續的銷售增長。全新推出的高端金標領跑店，有力印證特步對優秀零售管理的追求。25年10月公司首家金標快閃店亮相西安賽格國際購物中心，成為特步推進品牌高端化進程的關鍵舉措。
特步乘勢而上，於12月在上海開設金標領跑店，打造出融合產品銷售、跑者服務與社群互動的高端運動體驗空間。門店通過藝術裝置、專業腳型測量服務與主題動線設計，強化專業跑步品牌形象，並深化與消費者的連接，有效吸引高端消費者，提升門店店效。
為把握奧萊渠道快速發展的機遇，特步推出特步精選奧萊，標誌品牌進一步拓展優質奧萊渠道的戰略佈局。精選奧萊以”大、全、優”為核心特點，致力於為消費者提供沉浸式的購物體驗。產品類別全面覆蓋跑步、籃球、潮流、休閒及綜訓等核心品類，以具有競爭力的性價比，滿足不同消費者的多元化需求。
2025年索康尼在主要城市的核心商圈開設多家高端旗艦店，以深化品牌市場滲透，提升高端品牌形象。隨著零售網絡的擴張，品牌進一步豐富產品矩陣，推出專業跑步服裝以及多場景生活休閒系列，實現功能性與運動生活的完美融合。
此等品牌升級舉措，有效強化了索康尼兼具專業運動與潮流感的品牌形象，既是運動員信賴的專業性能之選，亦是高端運動生活的代表，精准觸達專業跑者及時尚消費群體。截至2025年底，索康尼在中國內地有175家門店。
While heavy discounting dragged Q2 sales at main brand XTEP, Saucony outperformed and expanded its H1 growth trend. The opening of new flagship stores was in line with the company’s premiumization shift and it deepened market penetration. We maintain our BUY call on the stock.
The gist: BUY
26Q2 and H1 revenues: Saucony outperformed in growth terms
XTEP: retail management focus to lift the brand and hone competitive edge
Saucony: premium stores widened retail network and brand penetration
26Q2 and H1 revenues: Saucony outperformed in growth terms
Xtep released a revenue growth update for 26Q2 and 26H1 on Friday. A breakdown shows main brand XTEP was dragged by discounting, while Saucony pulled up the total:
XTEP:
26Q2: Retail sales at the main brand fell by a mid-single-digit percentage yoy in the second quarter, due to discounting that ranged 25–30%.
26H1: Retail sales fell by a low-single-digit on the half-year basis, with inventory-to-sales at 4.5–5 months.
Saucony:
26Q2: Retail sales at its US brand rose by a low-single-digit in the second quarter.
26H1: Retail sales across the first half stepped up by a low-double-digit.
XTEP: prioritizing retail management to lift the brand and hone competitive edge
The main brand prioritized customer experience and sought to boost consumer confidence to drive a sustainable sales growth trajectory.
Gold Label: The newly launched Gold Label flagship store format signifies XTEP’s commitment to retail management excellence.
October 2025: The inauguration of XTEP’s premium Gold Label pop-up store—at Xian Saga International Shopping Center—signified a strategic shift to the high end.
December 2025: XTEP kept up the momentum by opening a Gold Label store in Shanghai 2 months later. The premium experience store integrated product sales, runner services, and community engagement. With art installations, professional foot scanning services, and themed layout designs, the store raised XTEP’s professional running cache through deeper engagement with its consumers, effectively drawing high-spending consumers and lifting the store performance.
XTEP Select: To capitalize on the fast growth of outlets, the company launched XTEP Select outlets, marking a strategic expansion into the premium outlet channel.
Store format: XTEP Select outlets—characterized by a large scale, comprehensive product coverage, and premium quality—offer an immersive shopping experience.
Product offerings: Their extensive range covers the key categories of running, basketball, fashion, casual wear, and general fitness training, thus fulfilling the diverse needs of different consumers and doing so at competitive prices.
Saucony: premium stores expanded retail network; deepened brand penetration
New premium stores: Saucony opened a number of premium flagship stores in the key business districts of major cities in 2025, deepening the brand’s penetration and elevating its premium brand presence.
Retail network: As the retail network expanded, the brand enriched its product portfolio by rolling out professional running apparel and multi-scenario lifestyle collections, hence perfecting the blend of functionality and active living. Saucony has 175 stores in the Chinese mainland as of end-2025.
Brand boost: These upgrades have strengthened Saucony’s profile as a brand that combines professional athleticism with trendiness. It is not only the trusted choice of performance athletes, but also a symbol of high-end active living, precisely targeting both professional runners and fashion-savvy consumers.
調整盈利預測，維持“買入”評級
公司持續深耕跑步領域，為長遠發展奠定堅實基礎。通過不斷提升創新能力，持續加大在產品研發、渠道拓展及品牌行銷方面的投入，已構建一個完善及市場領先的跑步生態圈，進一步鞏固作為中國跑步第一品牌的領導地位。公司旗下核心品牌矩陣——特步主品牌、索康尼及邁樂，有望實現優勢互補，產生更大的協同效應，並擴大在整個行業競爭優勢。
基於26Q2流水表現，我們調整盈利預測，預計公司2026-28年營收分別141億人民幣、155億人民幣、171億人民幣（前值為154億人民幣、165億人民幣、173億人民幣）；歸母淨利分別12.3億人民幣、13.6億人民幣、15.2億人民幣（前值為12.8億人民幣、14.5億人民幣、16.3億人民幣）；EPS分別為0.44元、0.48元、0.54元；PE分別為7x、7x、6x。
Valuation and risks
Running wear leader: Xtep continues to plow the running wear industry and strengthen its business fundamentals to sustain long-term growth. Its competitive strengths are maintained through innovation, matched by investments into product R&D, channel expansion, and brand marketing:
Runners ecosystem: The company’s market-leading comprehensive running ecosystem entrenches its position as China’s No. 1 running brand.
Brand pillars: Its brand portfolio is shored by three stalwarts: XTEP, Saucony, and Merrell. Their combined strengths deliver brand synergy to expand the company’s competitive advantage across the entire industry.
Valuation: To reflect 26Q2 sales trends, we lowered our 2026/27/28E forecasts to revenue of RMB14.1bn/15.5bn/17.1bn (previously RMB15.4bn/16.5bn/17.3bn) and net profit of RMB1.23bn/1.36bn/1.52bn (previously RMB1.28bn/1.45bn/1.63bn). Our revised estimates imply RMB0.44/0.48/0.54 EPS at 7x/7x/6x PE. We maintain our BUY rating on the stock.
風險提示
市場競爭加劇，新品市場接受度不及預期，終端消費不及預期，匯率波動等風險。
Risks include
intensifying competition; lower-than-expected market acceptance of new products; weaker-than-expected end-consumer demand; and FX fluctuations.
