24H1收入同增10.4%，歸母淨利潤同增13%。
公司發佈半年報，24H1收入72億同增10.4%，主要由主品牌穩健表現與新品牌中國內地的強勁增長帶動；其中特步主品牌57.9億同增6.6%，專業運動分部（索康尼、邁樂）收入5.9億同增72.2%，時尚分部收入（蓋世威、帕拉丁）8.2億同增9.7%，其中中國內地佔時尚分部收入39%，同增85.7%。
收入分品類，鞋履收入44.5億同增14.3%（佔比提升至61.7%），服裝收入26.1億同增4.3%，配飾收入1.5億同增11.8%。
24H1公司歸母淨利潤7.5億同增13%，其中專業運動分部貢獻0.32億；集團擬派發中期股息每股15.6港仙，派息率50%。
24H1E: revenue up 10.4% yoy and net profit up 13% yoy; HK15.6 cents DPS
Top line:
Xtep International released unaudited 24H1E results with revenue at RMB7.2bn, up 10.4% yoy, driven mostly by its XTEP core brands and other brands’ growth in the mainland of China market. Segmental revenue perspectives are as follows:
Brand revenues:
•XTEP brands contributed RMB5.79bn in H1E, up 6.6% yoy.
•Athleisure brands (K-Swiss and Palladium) generated RMB820m, up 9.7% yoy; mainland of China grew 85.7% yoy with an athleisure revenue share of 39%.
•Professional sports (Saucony and Merrell) brands shot up 72.2% yoy to RMB590m.
Product revenues:
•Footwear contributed RMB4.45bn in H1E, up 14.3% yoy (61.7% of the total).
•Apparel contributed RMB2.61bn, up 4.3% yoy.
•Accessories contributed RMB150m, up 11.8% yoy.
Bottom line:
net profit came to RMB750m in H1E, up 13% yoy, with professional sports brands contributing RMB32m.
DPS:
the company set H1 dividend per share at HK15.6 cents, a 50% payout ratio.
24H1毛利率46%同增3pct，淨利率10.4%同增0.2pct
24H1集團整體毛利率46%同增3.1pct，主要系DTC業務貢獻增加。分品牌來看，特步主品牌24H1毛利率43.9%同增0.8pct，主要系電商毛利率及收入佔比均有提升；專業運動分部毛利率56.8%同增14.8pct，主要系期內收購索康尼及邁樂合資公司全部權益；時尚運動分部毛利率53.4%同增11.4pct，主要系DTC模式更多的中國市場貢獻增加，且清庫存需求減少。
24H1集團經營溢利率15.2%同增0.1pct，淨利率10.4%同增0.2pct；各項費率中，主要員工成本佔收入比例提升較多，原因系業務擴張以及收購專業運動分部合資企業帶來的員工開支增長。
Profitability: gross margin up 3ppt yoy to 46%; net margin up 0.2ppt yoy to 10.4%
Gross margin
increased 3.1ppt yoy to 46% in 24H1E, mainly due to a bigger contribution from the higher-gross-margin direct-to-consumer (DTC) business. Gross margin performance by brand:
•Professional sports brands: 56.8% gross margin, up 14.8ppt yoy, mainly because the company acquired the entire stake of the Saucony and Merrell JV in H1.
•Athleisure brands: 53.4% gross margin, up 11.4ppt yoy, due to a bigger contribution from the DTC-model China market and less DTC inventory clearance.
•XTEP brands: 43.9% gross margin, up 0.8ppt yoy, mainly because ecommerce expanded in gross margin and revenue share.
Operating margin
was 15.2% in 24H1E, up 0.1ppt yoy, and net margin was 10.4%, up 0.2ppt yoy. Looking at expense ratios, key employee costs as a percentage of revenue showed a marked increase, as staff costs rose on business expansion and acquisitions of stakes in Saucony and Merrell JVs.
線下門店數基本保持穩定，新興電商平臺快速增長
線下門店數基本保持穩定，截至24H1末，特步成人在中國內地及海外共有6578家店鋪，較年初淨增7家；特步兒童在中國內地共有1706家店鋪，較年初淨增3家；索康尼在內地共有128家門店，淨增18家。
電商業務24H1同增超20%，佔特步主品牌收入超30%；直播與社交電商平臺發展迅速，抖音、得物及微信視頻號的零售額同增超80%。跑步產品帶動電商增長，618期間集團及特步主品牌的線上銷售額分別同增50%、40%。
Sales network: stable physical store count; growing ecommerce platforms
Retail stores:
the company maintained its physical store count:
•XTEP Adults: 6,578 stores around the world at end-24H1, a net increase of 7 from the beginning of the year.
•XTEP Kids: 1,706 stores in mainland of China, a net increase of 3 from the beginning of the year.
•Saucony: 128 stores in mainland of China, a net increase of 18.
Ecommerce
sales expanded more than 20% yoy in 24H1E, contributing over 30% of XTEP brand revenue. The growth areas were:
•Livestreaming and ecommerce social media platforms: retail sales via Douyin, Dewu and WeChat video accounts shot up more than 80% yoy.
•Running sports products: this year’s 618 promotions saw total online sales rising 50% yoy, while XTEP brand sales grew 40% yoy.
聚焦跑步，索康尼加強品牌建設
特步主品牌繼續鞏固跑步生態圈，強化研發能力，上半年推出360X等鞋款，消費者反饋良好；索康尼今年通過代言人簽約、產品創新、渠道升級與活動贊助等，多方面加強品牌推廣力度以推動增長，繼續擴充產品矩陣，加快高線城市新形象店開設；邁樂拓寬產品線，繼續強化越野跑與戶外屬性。
Fine-tuning running sports focus: XTEP ecosystem and Saucony brand building
•XTEP
brands consolidated the running sports ecosystem and strengthen R&D capabilities. New launches in H1 included the 360X carbon-fiber-plate shoe collection, which had positive feedback from consumers.
•
Saucony
stepped up brand promotions on top of product innovations, channel upgrades and event sponsorships in H1. It also signed on a brand ambassador in July. The brand aims to drive up growth, widen the product matrix and speed up the opening pace of its new-image stores in China’s upper-tier cities.
•
Merrell
expanded its product line with upgraded trail running and outdoor specs.
