特步国际2026年中期业绩会核心内容纪要

发布时间：2026-08-26 一、AI总结内容 一、核心品牌业务 1. 主品牌特步（Xtep）：深耕跑步领域，2026年上半年在国内厦门、重庆等马拉松赛事整体着率持续第一，赛事着率超50%；东京马拉松助中国选手孙佩玉破纪录；上半年专业跑步鞋升级，上线160X 7.0 Pro环保款等，电商2000公里系列碳板跑鞋上半年销量同比增约70%；全国门店6308家，DTC店超200家实现盈利。 2. Saucony（索康尼）：百年跑步品牌，推行高端战略，上半年专业跑步鞋获积极反馈，渠道向高端化升级，香港首店运营超预期，全国门店180家；品牌着率保持行业领先。 3. Merrell（迈乐）：聚焦专业户外，抓户外品类增长机遇，发力徒步、越野跑、户外生活三个核心系列。 4. 特步儿童（Xtep Young）：核心策略为助力青少运动进阶，上半年A+跑鞋销量翻倍，7月发布新一代成长运动鞋；全球门店1455家，海外业务跨电商营收翻倍，新增东南亚13家旗舰店，下半年将续拓东南亚市场。 二、财务核心数据 1. 2026年上半年总营收67.95亿元，同比持平；其中大众体育板块营收59.2亿元（同比降2.2%），专业体育板块营收8.75亿元（同比增11.4%，占总营收12.9%）。 2. 毛利率46.4%，同比提升1.4个百分点；净利润8.18亿元，净利率12%；经营现金流8.47亿元（同比增9.5%），净现金23.26亿元（同比增36.3%）。 3. 每股中期股息0.18港元，派息率53.8%；成本管控优化，销售及行政开支占营收12%（同比降0.6个百分点），研发开支占2.7%（同比降0.1个百分点）。三、未来战略与运营方向 1. 品牌端：主品牌深耕跑步，专业带大众；Saucony推进高端化，圈粉精英；Merrell强化户外赛道；特步儿童以青少运动为核心，拓东南亚市场。 2. 渠道端：线下店升级高端化，重点布局高线城市核心商圈；优化渠道结构，提升商场、奥特莱斯门店占比；持续推进DTC模式，提升运营效率。 3. 产品端：持续研发专业跑鞋、户外装备；特步儿童推新一代成长鞋，强化差异化体验；Saucony丰富服饰、生活产品矩阵。 4. 可持续发展：上半年推出160X 7.0 Pro环保鞋款，每双减碳12.7克，回收92吨废弃纺织品；发布化学品管理手册，培训供应链ESG管理。四、风险与关注 1. 库存周转天数同比增28天至105天，主品牌为备赛事库存、配合DTC转型及门店扩张备货；特步儿童服装、生活类SKU增加。 2. 大众体育板块因电商物流、平台服务费增长，及主品牌DTC转型相关费用，利润同比降7.3%。 二、音频原文（转写） investors media friends good afternoon welcome t o istar international holdings limited's interimresults presentation webcast i am sophia from the ir department now our management including chairman and ceo mr ding shui boh president mr tian jung group cfo mr miss ding so in this webcastand conference call. Well, this will be conducted in Mandarin with English simultaneous interpretation. The management will first present the 2026 interim results, followed by Q&A session. Later on, I will explain the procedures for Q&A. Now I will pass the floor to our Group Chairman and CEO, Mr. Densher Boer. Please. Good afternoon, investors and media friends. Thank you for attending XTEP 2023. 26 interim results. Presentation, I'm Dingshui Bo. In the first half of 2026,the domestic macroeconomic environment was complex and volatile. Industry competition continued.We remain focused on our core strategy, concentrate on improving operational quality and consolidate our foundation for development. China's sports consumption continues to expand. Within thesports industry, running remains one of the fastest growing subsectors. Maintaining a strong performance in the first half of the year. Record-breaking registration numbers for top domestic marathons fully demonstrate the robust demand forsports consumption. Exa continues to expand itsleading advantage on the running sector. in major marathons across the country including Xiamen, Chongqing, Wuhan and Wuxi, except consistentlyranked first in overall wear rates maintainingleading position in the industry. In March of this year, Feng Peiyu wore excepts one six o. Series at the Tokyo Marathon setting a new speed record at leading Chinese marathons into. the two in an O five era. On twenty first august, the group also launched the new one six o x. EIGHT RACING SHOES and the top of the line cushioning flagship 0. series in Shanghai, realizing a full scenario layout from professional runners to running. for everyone excel main brand or core brand. We adhere to the strategy of focusing on runningand influencing the public with professionalismto consolidate market advantages and leadershipposition. saucony as a century old running heritage brand. It actively promotes a high end strategy, focusing on high end elites and investingheavily in brand products and channels to achieve long term high quality growth. twenty twenty six is the foundational year for the group we'llfocus on brand upgrades and then for overseas and cross border e commerce we achieved doubling growth so twenty twenty six is the foundation year for the group we'll focus on brand upgrades image renewal channel optimization and promotion of dtc to fully unleash operational efficiency and achieve high quality growth for all brands thank you Now I will hand over the time to Mr. Tianand Donna to give everyone a business and financial review. Welcome to EXPAP 2026 interim results presentation. In the first half of 2026, thedomestic macroeconomic environment was complex and volatile, and the sports industry cycle alsoexperienced some fluctuations. However, the group remains committed to its core strategy on focusing on running consolidating foundations for development and achieving long-term high-quality growth. Page two. the groups overall revenue remained stable. revenue was 6.795 billion in the first half of the year Mass sports segment saw a slight decrease of 2.2% to 5.92 billion. The Professional Sports segment performed relatively well, with revenue increasing by 11.4%. to eight hundred seventy five billion The group's spread momentum is steadily improving. Gross profit margin has achieved a high quality improvement of 1.4percentage point euro year to 46.4%. It Our group net profit was 818 million, with net profit margin of 12%. It The group has a solid financialposition with operating cash flow up 9.