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有负面影响，该行预期下半年特步主品牌的收入将按年升1%，并将全年主品牌收入增长预测由5%下调至3%。至于全年，料净利润按年增17%，以持续经营业务计算则增11%。目标价由5.9元微升至6.1元，维持“持有”评级。(ss/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-18 16:25。)
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