1. What are the full-year performance expectations for XTEP INT'L? As of November 26, 2025, data from Choyang Yongxu's quarterly performance preview indicates: - Consensus revenue forecast for the full year is RMB14.28–14.60 billion, reflecting year-on-year growth of 5.2%–7.5%. - Consensus net profit forecast ranges between RMB1.35–1.44 billion, up 8.8%–16.2% YoY. - Adjusted net profit is projected at RMB1.37–1.39 billion. Investors should monitor whether actual results exceed expectations upon earnings release, with Choyang Yongxu's Hong Kong-listed quarterly performance preview data serving as a benchmark.
2. Analyst Views on XTEP INT'L Western Securities notes the following for the core brand: - Q3 sales grew at a low single-digit rate, flat compared to Q2. Monthly trends showed stronger performance in July and August than September, where unseasonably warm weather impacted autumn/winter product sales. Q4 sales are expected to improve with colder weather. - By category, children’s products outperformed adult lines, footwear outpaced apparel, and running/outdoor segments led growth with double-digit gains. - E-commerce maintained double-digit growth, while offline channels saw modest increases. - The company is expanding its outlet presence with two formats: - "Leading Outlets" (200+ sqm) in premium mall locations, featuring running-focused product mixes. - "Select Outlets" (600–800 sqm) offering broader assortments, averaging RMB1+ million per store. Plans include opening 30 stores in 2025 and 70–100 total by 2026.
For Saucony: - Q3 sales growth was impacted by e-commerce adjustments, with online growth lagging offline (+30%+ YoY) due to reduced discounting. - 16 new stores opened in Q3, bringing the total to 170+. Full-year targets remain 30–50 stores, focused on key urban hubs like Shenzhen Bay MixC and Shanghai MixC. - Q4 growth is expected to accelerate with promotional events (e.g., Double 11/12) and brand portfolio expansion. Saucony maintains its full-year 30%+ growth target.
Earnings Forecast: - 2025–27 revenue projected at RMB14.46/15.56/16.78 billion (+6.5%/+7.6%/+7.8% YoY). - Net profit estimated at RMB1.38/1.52/1.66 billion (+11.3%/+9.9%/+9.8% YoY). Western Securities maintains a "Buy" rating, citing core brand outlet expansion and Saucony’s growth leadership.
Risk Disclosure: The data or cases presented are for reference only and should not inform future investment decisions. Stock investments carry risks, including market volatility, corporate performance, and policy factors. Investors should assess their risk tolerance and conduct thorough research before investing.