Xtep International (Xtep) released its audited 2025 annual results.

• Revenue from continuing operations rose 4.2% year-on-year to RMB14.15 billion, driven by a 1.5% increase in the core Xtep brand to RMB12.52 billion and a 30.8% jump in the professional sports segment (Saucony and Merrell) to RMB1.64 billion.

• Gross margin slipped 0.4 percentage point to 42.8%; operating margin edged down 0.2 point to 14.3%.

• Profit attributable to ordinary equity holders climbed 10.8% to RMB1.37 billion, including a RMB67.1 million loss from the discontinued K-Swiss and Palladium operation booked in 2024.

• Net cash rose 73.4% to RMB1.71 billion, while net asset value per share increased 12.3% to RMB3.64.

• The Board proposed a final dividend of HK9.5 cents per share with an optional scrip alternative. Together with the interim dividend of HK18.0 cents, the full-year payout ratio stands at 50.4%.

• Store network (31 Dec 2025): 6,357 Xtep Adult, 1,488 X Young and 175 Saucony outlets on the Chinese mainland and overseas.

• Segment profit: operating profit from professional sports rose 46.4% to RMB114.5 million; group operating profit reached RMB2.02 billion.

• Working-capital metrics: inventory turnover lengthened to 77 days (2024: 68 days); trade-receivable days were unchanged at 120 days; trade-payable days shortened to 87 days (2024: 101 days).

• Capital structure: gearing ratio declined to 14.4% (2024: 18.1%).

The Audit Committee has reviewed the financial statements, and the AGM to approve the final dividend is scheduled for 8 May 2026.