特步國際：索康尼亮眼，主牌穩健

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Xtep International Holdings  (1368 HK) 索康尼亮眼，主牌穩健 24Q3 operational update: Saucony kicked in a fine performance and main brand XTEP was stable BUY (maintain) 投資要點/Investment Thesis 投資要点/Investment Thesis 24Q3營運狀況良好 特步主品牌： 零售銷售增長（包括線上線下），同比增速位於中單位數；折扣約七五折；渠道庫存週轉，約四個月。 索康尼： 零售銷售增長（包括線上線下渠道），同比增長超50%。 Sound 24Q3 operating metrics: stable growth at XTEP main brand and Saucony Xtep International released its operational update for 24Q3 on 23 Oct, which shows sound growth in the quarter: Main brand XTEP : •Retail sales grew at a mid-single-digit yoy in the quarter, comprising both online and offline channels; •Retail discounting was at about 25%;  •Channel inventory turnover was about 4 months. Saucony: the company’s new brand posted a retail sales growth spike of over 50% yoy in ………………………………