Zheshang Securities has released a research report stating that XTEP INT'L (01368) possesses a clearly defined brand matrix. The XTEP brand, as a leader in the mass running sector, continues to win consumer favor due to its professionalism and cost-effectiveness. Notably, the 160X series, along with a wealth of running-related events and athlete resources, has driven the brand's popularity. Meanwhile, Saucony and Merrell, representing high-end and trail running brands, are continuously expanding their customer base. The firm remains optimistic about steady medium to long-term growth, forecasting a dividend payout ratio of 50% for 2025, translating to a dividend yield of 4.6%, while maintaining a "Buy" rating. The report highlighted that the company has disclosed its Q3 2025 operational status, indicating that the XTEP brand's revenue is experiencing low single-digit growth while maintaining a stable growth trajectory; Saucony's revenue has surged over 20% year-on-year, with offline channels continuing to grow rapidly. The adjustment phase for e-commerce is nearing completion. Zheshang Securities expects net profits attributable to shareholders for 2025, 2026, and 2027 to rise by 10.6%, 11.0%, and 11.0% to 1.37 billion, 1.52 billion, and 1.69 billion yuan respectively, corresponding to PE ratios of 11X, 10X, and 9X of the current market value.