Xtep International (F.Y. 2024-2025)

Executive Summary

Xtep International Limited is a leading sportswear company in China. The company is operating Xtep, Saucony, and Merrell Brands. The company makes and sells footwear, apparel, and accessories. During 2025, the company has a strong financial performance. The company focuses on innovation, product quality, and brand development. The company has strengthened its position as a leading in running brand through its product innovation. The company is expanding its business to e-commerce. The company focuses on innovation, sustainable. The company has achieved an MSCI ESG rating “A”.

Company Overview

Xtep International Limited was established in 1991 in China. The company is operating Xtep, Saucony, and Merrell Brands. The company has strengthened its position as a leading in running brand through its product innovation. The company operates in a large market. During 2025, the company has strong financial performance.

Industry overview

Xtep International Limited operates in the sportswear and athletic industry. The company makes and sells sports footwear, apparel, and accessories. The company is operating Xtep, Saucony, and Merrell Brands. The company has strengthened its position as a leading in running brand through its product innovation. The company operates in a large market. During 2025, the company has strong financial performance.

Financial Performance (year ended on 31 December 2025)

Particulars	2025 (RMB million)	2024 (RMB million)
Revenue	14,151,086	13,577,222
Cost of sales	(8,088,044)	(7,711,818)
Gross profit	6,063,042	5,865,404
Other income and gains, net	517,384	395,624
Selling and distribution expenses	(3,194,864)	(2,867,906)
General and administrative expenses	(1,366,758)	(1,427,583)
Net finance costs	(99,824)	(97,529)
Share of profits of associates	54,434	33,403
Profit before tax from continuing operations	1,973,414	1,901,413
Income tax expense	(601,843)	(595,909)
Profit for the year	1,371,571	1,305,504

Source: Annual Report Xtep International holdings Limited of 2025

Key Financial Ratio

Particulars	2025	2024
Gross profit margin	42.8	43.2
Operating profit margin	14.3	14.5
Net profit margin	9.7	9.1
Current ratio	2.4	2.1
Gearing ratio	14.4	18.1
ROE	14.5	14.1
Net asset value per share	3.66	3.24
Inventory turnover days	77	68
Trade payable turnover days	87	101

Source: Annual Report Xtep International Limited of 2025

SWOT Analysis

Strengths

1.Anta is a leading sportswear company in China.

2. This company has strong financial performance.

3. The company has a strong retail network.

4.The company has strong e-commerce.

Weaknesses

1.The company highly depends on the China market.

2.There are high operation and expansion costs.

Opportunities

1.The company’s demand is growing for the sports industry.

2. The company can expand its business.

3. The company’s sales are rising due to online.

Threats

1.The company has strong competition from global and domestic sportswear brands.

2.There can be economic slowdown and uncertainty in the market.

3.Change in consumer preferences.

Conclusion

Xtep International Limited is a leading sportswear company in China. The company is operating Xtep, Saucony, and Merrell Brands. The company makes and sells footwear, apparel, and accessories. During 2025,the company has strong financial performance. The company focuses on innovation, product quality, and brand development. The company has strengthened its position as a leading running brand through its product innovation. The company is expanding its business to e-commerce. The company focuses on innovation, sustainable. The company has achieved an MSCI ESG rating “A”. Xtep International Holdings Limited is a well-established company for future growth.