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Chinese sportswear brand focused on running shoes, apparel and youth footwear, plus owns Saucony and Merrell in China.
Chinese sportswear brand focused on running shoes, apparel and youth footwear, plus owns Saucony and Merrell in China.
Sells mostly wholesale to distributors who run franchised stores, plus its own stores and online, so distributors' orders set much of its sales. The Xtep brand carries the business, while Saucony and Merrell add international running and outdoor labels for the China market.
In one line: A Chinese Asics/New Balance.
Moat: narrow (brand, distribution). Strong positioning in China's running category and multi-brand portfolio, but crowded domestic market.
Headquarters: Jinjiang, China · Founded: 2001 · Employees: 8,800
Size Xtep International (1368.HK) is a Hong Kong Consumer Discretionary company (Apparel/Footwear) with a market value of $1.27B, the 539th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.70 on 6 Nov 2026.
Performance Over six months the shares fell 15.9%, against -5.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +8.3%); the operating margin is 9.8% (peer median 7.9%).
Valuation It trades at 7.7× forward earnings against a peer median of 22.1× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points above its cost of capital (7.9% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$15.8B | HK$15.3B | HK$14.7B | HK$14.1B | HK$15.0B |
| Revenue growth | — | +4% | +5% | -6% | — |
| Gross profit | HK$6.86B | HK$6.57B | HK$6.36B | HK$5.89B | HK$6.14B |
| EBITDA | HK$1.94B | HK$1.95B | HK$2.02B | HK$1.77B | HK$1.62B |
| Net income | HK$1.43B | HK$1.49B | HK$1.34B | HK$1.14B | HK$1.07B |
| Free cash flow | n/a | HK$788M | HK$944M | HK$910M | HK$305M |
| Capital expenditure | n/a | HK$301M | HK$434M | HK$548M | HK$441M |
| Total debt | n/a | HK$3.08B | HK$3.31B | HK$4.22B | HK$3.92B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Xtep International 1368.HK | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% |
| Anta Sports 2020.HK | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% |
| Li Ning 2331.HK | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% |
| 361 Degrees International 1361.HK | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% |
| Nike NKE | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1368.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | -0.8% | 8th highest of 21 |
| 6-month return | -15.9% | -5.9% | 6th lowest of 21 |
| Distance from 52-week high | -38.8% | -29.0% | 8th lowest of 21 |
| Revenue growth (TTM) | +10.5% | +8.3% | 8th highest of 21 |
| Operating margin | 9.8% | 7.9% | 9th highest of 21 |
| Forward P/E | 7.7× | 22.1× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -10.3% | 3.3% | 3rd least demanding of 15 |
| Growth delivered (Del g) | +10.8% | +6.9% | 4th highest of 14 |
| Hurdle (Req g minus delivered) | -21.1 pp | -5.7 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +3.8 pp | +2.6 pp | 10th highest of 21 |
| EV / EBITDA | 4.4× | 8.5× | 3rd cheapest of 14 |
| Net debt / EBITDA | -0.8× | -0.8× | 6th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% | +10.8% |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 70.6× | 10.1% | +8.1% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | n/a | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 12.0× | n/a | n/a |
| Stella International 1836.HK | Hong Kong | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% | +6.8% |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | n/a | n/a | n/a |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 45.5× | 7.7% | n/a |
| Misto 081660.KS | South Korea | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% | +7.4% |
| Jiangsu Hongdou Industrial 600400.SS | China | $1.06B | +11% | +22% | -9% | 102.3× | 13.7% | -1.3% |
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | n/a | 51.6% | -9.4% |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 22.1× | -9.2% | -3.5% |