汇丰环球研究报告指，维持特步国际(01368.HK) “持有”评级，预期其盈利前景将受制于行业竞争环境及自身渠道转型，由纯批发转向部分直营模式(D2C)。上半年持续经营业务净利润按年增6%，收入增7%，特步主品牌的营业利润仅按年增1.5%，收入升4.5%，主要因毛利率按年收缩。特步管理层维持2025年收入正增长及净利润双位数增长的指引。然而考虑到核心品牌增长势头减弱，加上D2C转型将于下半年对收入...
Source Link汇丰环球研究报告指，维持特步国际(01368.HK) “持有”评级，预期其盈利前景将受制于行业竞争环境及自身渠道转型，由纯批发转向部分直营模式(D2C)。上半年持续经营业务净利润按年增6%，收入增7%，特步主品牌的营业利润仅按年增1.5%，收入升4.5%，主要因毛利率按年收缩。特步管理层维持2025年收入正增长及净利润双位数增长的指引。然而考虑到核心品牌增长势头减弱，加上D2C转型将于下半年对收入...
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