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Xtep International Holdings (1368 HK) 戰略聚焦，主品牌強化性價比，改善利潤率 Strategic refocus: main brand XTEP refines cost-effective directive, while profit margins get better BUY (maintain) 投資要點/Investment Thesis 投資要点/Investment Thesis 24Q2流水同增10%，零售折扣約75折 24H1零售銷售同比增長高單位數，渠道庫存週轉約4個月。 H1 operational update: Q2E turnover up 10% yoy with retail discounting at 25% Key metrics: Xtep released an update of 24H1 and 24Q2 operations on 11 July: retail sales increased by a high-single-digit yoy, while channel inventory turnover arrived at about 4 months. 剝離KP減輕負擔，改善盈利水平 公司此前發佈公告，蓋世威和帕拉丁品牌自2019年起持續虧損，2024年一季度虧損約900萬美元。因此，公司決定戰略性出售資產，以消除KP Global虧損對特步盈利能力及現金流的持續性影響。 KP divestiture: to recap, the company had announ
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