特步國際主要從事體育用品（涵蓋成人及兒童鞋履、服裝和配飾）的設計、研發、製
造、銷售、營銷及品牌管理。憑藉多元化的品牌組合，包括特步主品牌、蓋世威、帕
拉丁、索康尼及邁樂，針對大眾運動、時尚運動和專業運動分部，擁有全球性分銷網
絡，在亞太地區、北美洲以及歐洲、中東和非洲擁有超過 8,000 家門店。
FY2022 收入增速優於市場預期、領先同業水平
FY2022 收入增加 29.1%至 12,930.4 百萬元（人民幣．下同），略優於市場預期，並且
領先同業水平；股東應佔溢利達 921.7 百萬元，按年輕微增加 1.5%；淨利潤率為 7.1%
（FY2021：9.1%）。每股基本盈利為 36.6 分（FY2021：36.4 分），末期股息每股 7.1
港仙（FY2021：13.5 港仙），連同中期股息每股 13.0 港仙（FY2021：11.5 港仙），年
內股息總額為 20.1 港仙（FY2021：25.0 港仙），相當於派息比率 50.0%（FY2021：
60.0%）。
期內毛利率減少 0.8%（FY2021：41.7%）至 40.9%，主要由於產品組合、不同品牌利
潤貢獻的變動；銷售及分銷開支約為 2,690.2 百萬元（FY2021：1,891.5 百萬元）佔總
收入約 20.8%（FY2021：18.9%），主要是由於廣告及推廣費用以及員工成本增加。
此外，由於廣告活動增加，年內廣告及推廣費用約 1,537.3 百萬元（FY2021：1,019.7
百萬元），佔總收入約 11.9%（FY2021：10.2%）。儘管年內經營溢利溫和上升 4.9%
至 1,464.3 百萬元（FY2021：1,396.2 百萬元），但因為大眾運動及時尚運動的經營溢
利率下降，導致整體營業利潤率減少 2.6 個百分點。

Xtep International principally engages in the design, development, manufacturing, sales,
marketing and brand management of sports products covering footwear, apparel and
accessories for adults and children. With a diverse brand portfolio encompassing the core
Xtep brand, K-Swiss, Palladium, Saucony and Merrell to strategically target the mass market,
athleisure and professional sports segments, has an extensive global distribution network and
more than 8,000 stores in Asia-Pacific, North America and EMEA.
Revenue growth in FY2022 better than market expectations and ahead of peers
In FY2022, Xtep’s revenue rose 29.1% to RMB12,930.4 million (FY2021: RMB10,013.2 million),
slightly better than market expectations, and ahead of peers. Profit attributable to ordinary
equity holders of reached RMB921.7 million (FY2021:RMB908.3 million), a slight increase of
1.5%. Net profit margin amounted to 7.1% (FY2021: 9.1%). Basic EPS was RMB36.6 cents
(FY2021:RMB36.4 cents). The total dividend for FY2022 is HK20.1 cents (FY2021: HK25.0
cents), equivalent to a dividend payout ratio of 50.0% (FY2021: 60.0%).
During the year, overall gross profit margin decreased by 0.8 percentage points to 40.9%
(FY2021: 41.7%). The decrease in the overall gross profit margin was mainly contributed by
the change in product mix, margin contributions from different brands and products sold.
Selling and distribution expenses amounted to RMB2,690.2 million (FY2021: RMB1,891.5
million), representing 20.8% (FY2021: 18.9%) of the total revenue. The increase mainly from
the increase in advertising and promotional costs and staff costs. Due to increase in
advertising campaigns, the advertising and promotional costs for the year amounted to
RMB1,537.3 million (FY2021: RMB1,019.7 million), representing 11.9% (FY2021: 10.2%) of the
total revenue. Although the operating profit for the year rose moderately by 4.9% to
RMB1,464.3 million (FY2021: RMB1,396.2 million), due to the decrease in operating profit
margin from mass market and athleisure during the year, caused the operating profit margin
decreased by 2.6 percentage points.
As of 31 December 2022, the turnover days for inventories and trade payables increased by
13 days and 1 day to 90 days and 121 days respectively, while the turnover days for trade
receivables decreased by 9 days to 98 days, resulting in an increase in overall working capital
turnover days by 3 days to 67 days

1H2022 業績預喜符合市場預期
特步國際（下稱「特步」）公布 2Q2022 內地業務營運狀況，特步主品牌零售銷售增
長（包括線上線下渠道）較 2021 年同期錄得中雙位數增長（1Q2022 為 30 % – 35
%），零售折扣水平在七折至七五折水平（1Q2022 約七五折）。累計上半年度，零售
銷售（包括線上線下渠道）同比增長 20 % – 25 %，零售存貨周轉約四個半月
（1H2021、1Q2022 皆約為四個月），估計與疫情衝擊有關。
特步預計 1H2022 股東應佔其未經審核綜合溢利將較 2021 年同期大幅增加不少於 35
%，期內綜合收入增長亦不少於 35 %，大致符合市場預期。收入增長主要由於：
（1）特步主品牌及特步兒童業務在產品創新、零售渠道升級及品牌知名度提升方面取
得突破，零售表現理想，從而帶來可觀的訂貨會訂單；及（2）專業運動分部的索康尼
零售銷售強勁，尤其是電子商務業務的零售表現，帶動收入錄得超過 100 %的同比增
長。

1H2022 Positive profit alert in line with consensus
Xtep announced the operation data of 2Q2022. Xtep core brand products retail sell-through
(including offline and online channels) grew by mid-teens (30 % – 35 % growth in 1Q2022),
retail discount level at 25% – 30% (25% discount at 1Q2022). For the six months ended 30
June 2022, core brand productsretail sell-through (including offline and online channels) grew
by 20 % – 25 %, and inventory turnover was around 4.5 months (about 4 months in 1H2021,
1Q2022), estimated to be related to the impact of the COVID.
Xtep also expected to record a significant increase of not less than 35% in its unaudited
consolidated profit attributable to shareholders for 1H2022 as compared to that for the
corresponding period in 2021, which is also in line with market consensus. Such increase was
primarily due to a not less than 35% growth in consolidated revenue mainly attributable to:
(1) remarkable sales fair orders resulting from encouraging retail performance of the core
Xtep brand and Xtep Kids’ business driven by their breakthrough in product innovation, retail
channel upgrade and increased brand awareness; and (2) an impressive YoY revenue growth
of over 100% for Saucony under the professional sports segment owing to its strong retail
sales particularly in its e-commerce business.

盈喜增長不低於 70%
特步國際（下稱「特步」）一月中時已發布 2021 年盈利預喜，預計歸母淨利潤同比增
長不低於 70%。此外，特步同時公佈 4Q2021 內地業務的運營數據。其中，特步主品
牌零售流水（包括線上線下渠道）增長 20%至 25%（3Q2021 為中雙位數增長），零
售折扣七五折至八折，存貨周轉約 4 個月，按季比較持平。全年度，主品牌零售流水
增長逾 30%，存貨周轉約 4 個月，優於去年同期的高單位數增長，及五個月以下的庫
存周轉。2021 年度綜合收入大幅增長，公司解釋主要由於：（1）主品牌於年內成功推
出標誌性功能性及休閑產品，以及零售渠道升級，導致代理商的銷售訂單強勁，主品
牌收入於 2021 年下半年增長逾 30 %；（2）特步主品牌的電子商務業務及兒童業務分
別在品牌、產品和運營方面完成重組後，收入增速加快。而毛利率能夠提升，主要由
於（1）產品的持續創新，提升產品組合；（2）1H2020 的一次性庫存回購導致比較基
數較低。
2022 年 1 月份零售流水延續去年 4Q 增長勢頭
管理層在電話會議上補充，去年業績增長強勁，也包括主品牌的渠道升級、推出第九
代門店，除了更加注重零售體驗、推出品牌故事外，還大幅提升連帶率和銷售坪效；
加上產品升級，包括推出最專業的碳纖板鞋 160x 和 260x，以及少林和 XDNA 等系
列，也帶動單價有所提升。另外，主品牌電商和童裝在過去的整改後也獲得不錯的增
長。

Positive profit alert with 2021 earnings up by no less than 70%
Xtep announced a positive profit alert, and is expected to record a significant increase of not
less than 70% in its consolidated profit attributable to ordinary equity holders for the year
2021 as compared to that for the year 2020.
In addition, Xtep also announced the operation data of 4Q2021. Xtep’s core brand products
retail sell-through (including offline and online channels) grew by 20%-25% (mid-teens growth
in 3Q2021), retail discount level stayed at 25%-20%, and inventory turnover was about 4
months, which was flat QoQ. The core brand products retail sell-through increased by more
than 30% in 2021, which was better than a high single-digit growth in the same period last
year. The inventory turnover was about ~4 months, better than ~5 months in 2020. A strong
increase in consolidated revenue for the 2021 driven by: (1) an over 30% growth in core Xtep
brand’s revenue in second half of 2021 due to robust sales orders from distributors following
our successful launch of signature functional and lifestyle products and retail channel upgrade
during the Year; (2) accelerated revenue growth of the core Xtep brand’s e-commerce and
kids’ businesses given the respective completed restructurings from branding, products to
operations. An expansion in the gross profit margin of the core Xtep brand primarily
attributable to (1) our continual effort in product innovations and better product offerings;
and (2) a lower base of comparison triggered by the one-off inventory buy-back in 1H2020.