金吾财讯 | 兴业证券研报指出，特步国际(01368)公告截止2025年6月30日的2025年中期业绩：单看可持续经营业务，上半年收入同比+7.1%至68.4亿元，归母净利润同比+6.4%至9.1亿元。每股拟派发中期股息18.0港仙，派息比率50%。该机构指，消费环境疲弱，主品牌收入同比+4.5%至60.5亿元，儿童和电商驱动增长，电商收入同比增长双位数。童装业务占比提升以及电商折扣加深，拖累毛利率同比略下降0.3ppt至43.6%，经营利润率同比下滑0.6ppt至20.0%。公司规划下半年启动主品牌DTC转型，今年收回100-200家门店，明年收回300-400家门店。该机构续指，公司期末库存环比增加41.3%至22.5亿元，主要系主品牌为下半年马拉松和跑步旺季增加3个月内库存备货、以及索康尼为下半年新开店提前备货。公司指引2025年底库存将下降至20亿元以下。该机构表示，公司主品牌7月流水势头环比6月改善；索康尼沉淀有百年跑鞋基因，踏准菁英运动赛道，仍处于品牌成长扩张期，下半年将加速开店，公司维持全年指引，预计专业运动分部收入同比增长30-40%，第二成长曲线正推动公司迎来估值重塑。我们预计公司25/26/27年归母净利润分别为13.71/15.58/17.58亿元，同比+10.7%/+13.7%/+12.8%，首次覆盖，给予“增持”评级。
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