<p><em>该公司正在为其跑鞋建立海外市场，目标是在未来三年内实现该业务部分 50% 的年增长</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30063714/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_143623_thebambooworks.com_-1024x679.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30063714/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_143623_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>特步在马来西亚开设了六家新店，补充了最近在新加坡和印度尼西亚开设的商店</li>
<li>这家运动服装制造商正在东南亚积极扩张，计划在未来三年内将其海外收入每年提高 50%</li>
</ul>
<p>根据中国田径协会（CAA）的数据，中国的跑步热潮在早期繁荣后正在减缓，2025 年的马拉松数量从前一年的 696 场下降至 594 场。但尽管中国的繁荣正在减缓，东南亚的巨大跑步活动才刚刚开始，例如去年在吉隆坡举行的标准 Chartered 马拉松，吸引了 42,000 名跑者。</p>
<p>这一转变使得运动鞋制造商 <strong>特步国际控股</strong>（1368.HK）迅速向东南亚扩张，上周在马来西亚宣布开设首六家门店，此外还在 1 月份的雅加达和去年 11 月份的新加坡开设了其他区域门店。随着公司在中国以外的扩张，特步表示其目标是在未来三年内将海外收入从 2025 年的 2 亿人民币（约合 2930 万美元）每年增长 50%。</p>
<p>&#34;这六家（在马来西亚的）门店仅仅是开始，&#34; 该公司表示。&#34;特步计划进一步显著增长零售，以在马来西亚和东南亚建立一个完整的跑步生态系统。&#34; 除了马来西亚的门店，特步今年在印度尼西亚开设了三家门店，并计划在 2026 年继续在东南亚开设门店。</p>
<p>在门店数量方面，特步远远落后于本土竞争对手 <strong>安踏</strong>（2020.HK），后者在该地区已有 256 家门店，其中新加坡就有 60 家，并计划到 2028 年再开设 1000 家。中国第二大运动服装公司 <strong>李宁</strong>（2331.HK）早在 2000 年代就开始向东南亚扩张，但其海外收入仍不到 10%。</p>
<p>在国内，安踏和李宁是中国领先的运动服装品牌，而特步排名第三。许多人认为安踏是全球竞争者，有能力挑战 <strong>耐克</strong>（NKE.US）和 <strong>阿迪达斯</strong>（ADS.DE）的主导地位，安踏在今年 1 月开设了其第一家美国门店。但这三家中国领导品牌在其本土市场之外的品牌认知度仍然面临挑战。</p>
<p>特步的全球实验虽然仍处于初期阶段，但可能使其成为第一个在国际上广为人知的中国跑鞋品牌，其品牌形象已经传达出运动的气息。</p>
<h4><strong>高性能聚焦</strong></h4>
<p>与提供广泛运动鞋的安踏不同，特步在两年前出售了其网球和帆布休闲鞋品牌 K-Swiss 和 Palladium，现在专注于跑步和登山鞋。除了特步品牌外，该公司在 2023 年收购了其合资企业，获得了在香港、澳门和中国大陆的 Saucony 跑鞋和 Merrell 登山靴的权利，后者面向更有限的户外爱好者市场。</p>
<p>虽然 Saucony 和 Merrell 的权利不包括东南亚，但它们帮助提升了特步在更严肃运动员中的声誉，其自有品牌的 Xtep 160X 系列也赢得了尊重。该公司在其网站上表示，已帮助 107 名中国运动员在重要的跑步赛事中获得超过 500 个冠军。</p>
<p>在其 2025 年年报中，特步表示，其鞋子在连续四年中在中国前 100 名男性跑者中排名第一，在前 100 名女性跑者中连续三年排名第一。其品牌代言人冯培佑在 2026 年东京马拉松中打破了中国纪录，并在亚洲运动员中排名第一，成绩为 2:05.58，进一步巩固了特步作为 “超级鞋” 品牌的声誉。2025 年，该公司赞助了 23 场中国马拉松，其 71 个特步跑步俱乐部拥有超过 250 万名成员。</p>
<p>将特步定位为严肃运动员品牌的策略正在取得成效，至少在这一人群中。去年，其收入增长相对温和，增幅为 4.2%，达到 141 亿元人民币，其鞋类部门占销售的 60%，增幅略快，为 4.5%。其年度利润增长 10.8%，达到 13.7 亿元人民币。</p>
<p>但与其专业运动鞋部门的收入相比，这些增长相对较小，专业运动鞋部门包括 Saucony 和 Merrell，以及其特步高性能跑鞋。其专业运动鞋收入增长 30.8%，达到 16.4 亿元人民币，占总收入的 11.6%。其大众市场跑鞋的增长则缓慢得多，仅增长 1.5%，达到 125 亿元人民币。</p>
<h4><strong>增长势头持续</strong></h4>
<p>上周发布的第一季度 运营更新 延续了这一胜利势头。尽管特步的主品牌继续增长，但其 Saucony 品牌的收入同比增长 20%。特步品牌的平均渠道周转时间为 4.5 个月，零售折扣约为 25%-30%。包括国拓证券和申万宏源证券在内的分析师将这些描述为 “健康” 水平，并维持对该公司的 “买入” 评级。</p>
<p>Saucony 源自美国宾夕法尼亚州，仍然是特步品牌中最成功的品牌。该品牌在中国的第一家实体店于 2020 年在上海开业。2023 年 12 月，特步收购了与 <strong>Wolverine World Wide</strong> (NYSE: WWW) 的中国合资企业，后者是 Saucony 和 Merrell 品牌的拥有者。</p>
<p>特步计划在 5 月于香港开设首家 Saucony 专卖店，这是该品牌在中国大陆以外的首次谨慎尝试。迄今为止，特步在中国以外的其他举措，包括新开设的马来西亚店，均为其自有品牌，因为它在中国大陆、香港和澳门以外并不拥有 Saucony 的权益。</p>
<p>特步推广自身作为一个严肃运动品牌的重要工具之一是其跑者俱乐部。该概念已扩展至东南亚，预计到 2025 年，会员人数将超过 7,000 人。</p>
<p>尽管雅虎财经调查的 20 位分析师中有 19 位对特步给予了 “买入” 或 “强烈买入” 的评级，但特步在东南亚的进展和第一季度的更新并未令投资者感到惊艳。该公司的股票今年下跌了 17%，自上周季度更新以来下跌了 5%。其市盈率为 8 倍，远低于安踏和李宁，后者的市盈率均在 15 倍左右。</p>
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<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

特步国际

<p>特步国际正在东南亚积极扩张，在马来西亚开设六家新店，并计划在未来三年内实现海外收入年增长 50%。尽管中国的跑步热潮有所放缓，东南亚的跑步活动却在激增。特步专注于高性能跑步和登山鞋，已出售其休闲品牌。该公司去年报告的收入 modest 增长为 4.2%，其专业运动鞋细分市场（包括 Saucony 和 Merrell）实现了显著增长</p>

<p><em>The company is building an overseas market for its running shoes, targeting 50% annual growth for that part of its business over the next three years</em></p>
<div class="lb-trans"><p><em>该公司正在为其跑鞋建立海外市场，目标是在未来三年内实现该业务部分 50% 的年增长</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30063714/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_143623_thebambooworks.com_-1024x679.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30063714/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_143623_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Xtep has entered Malaysia with the opening of six new stores, complementing recently opened shops in Singapore and Indonesia</li>
<li>The sportswear maker is expanding aggressively in Southeast Asia, with plans to boost its overseas revenue by 50% annually over the next three years</li>
</ul>
<div class="lb-trans"><ul>
<li>特步在马来西亚开设了六家新店，补充了最近在新加坡和印度尼西亚开设的商店</li>
<li>这家运动服装制造商正在东南亚积极扩张，计划在未来三年内将其海外收入每年提高 50%</li>
</ul>
</div><p>The running craze in China is slowing after an earlier boom, with the number of marathons dropping to 594 in 2025 from 696 a year earlier, according to the Chinese Athletics Association (CAA). But while China's boom is slowing, Southeast Asia is just getting started with its own massive running events, such as the Kuala Lumpur Standard Chartered Marathon last year, which attracted 42,000 runners.</p>
<div class="lb-trans"><p>根据中国田径协会（CAA）的数据，中国的跑步热潮在早期繁荣后正在减缓，2025 年的马拉松数量从前一年的 696 场下降至 594 场。但尽管中国的繁荣正在减缓，东南亚的巨大跑步活动才刚刚开始，例如去年在吉隆坡举行的标准 Chartered 马拉松，吸引了 42,000 名跑者。</p>
</div><p>That shift has sent sports shoemaker <strong>Xtep International Holdings</strong> (1368.HK) on a sprint to Southeast Asia, where it announced the opening of its first six stores in Malaysia last week, adding to other regional openings in Jakarta in January and Singapore last November. As it expands outside China, the company said it's aiming to grow its overseas revenue by 50% annually over the next three years, from 200 million yuan ($29.3 million) in 2025.</p>
<div class="lb-trans"><p>这一转变使得运动鞋制造商 <strong>特步国际控股</strong>（1368.HK）迅速向东南亚扩张，上周在马来西亚宣布开设首六家门店，此外还在 1 月份的雅加达和去年 11 月份的新加坡开设了其他区域门店。随着公司在中国以外的扩张，特步表示其目标是在未来三年内将海外收入从 2025 年的 2 亿人民币（约合 2930 万美元）每年增长 50%。</p>
</div><p>&#34;The six stores (in Malaysia) mark only the start,&#34; the company said. &#34;Xtep plans significant further retail growth to build a full running ecosystem across Malaysia and Southeast Asia.&#34; In addition to the Malaysian stores, Xtep has opened three stores this year in Indonesia, with plans to continue opening stores in Southeast Asia throughout 2026.</p>
<div class="lb-trans"><p>&#34;这六家（在马来西亚的）门店仅仅是开始，&#34; 该公司表示。&#34;特步计划进一步显著增长零售，以在马来西亚和东南亚建立一个完整的跑步生态系统。&#34; 除了马来西亚的门店，特步今年在印度尼西亚开设了三家门店，并计划在 2026 年继续在东南亚开设门店。</p>
</div><p>In terms of store count, Xtep is far behind hometown rival <strong>Anta</strong> (2020.HK), which already has 256 stores in the region, including 60 in Singapore alone, and 1,000 more planned by 2028. China's second biggest sportswear company, <strong>Li Ning</strong> (2331.HK), started a push into Southeast Asia back in the 2000s, though it still gets less than 10% of its revenues from overseas.</p>
<div class="lb-trans"><p>在门店数量方面，特步远远落后于本土竞争对手 <strong>安踏</strong>（2020.HK），后者在该地区已有 256 家门店，其中新加坡就有 60 家，并计划到 2028 年再开设 1000 家。中国第二大运动服装公司 <strong>李宁</strong>（2331.HK）早在 2000 年代就开始向东南亚扩张，但其海外收入仍不到 10%。</p>
</div><p>Domestically, Anta and Li Ning are China's leading sportswear brands, with Xtep running third. Many see Anta as a global contender to challenge the dominance of <strong>Nike</strong> (NKE.US) and <strong>Adidas</strong> (ADS.DE), with Anta opening its first U.S. store in January this year. But the three Chinese leaders all still struggle with brand recognition outside their home market.</p>
<div class="lb-trans"><p>在国内，安踏和李宁是中国领先的运动服装品牌，而特步排名第三。许多人认为安踏是全球竞争者，有能力挑战 <strong>耐克</strong>（NKE.US）和 <strong>阿迪达斯</strong>（ADS.DE）的主导地位，安踏在今年 1 月开设了其第一家美国门店。但这三家中国领导品牌在其本土市场之外的品牌认知度仍然面临挑战。</p>
</div><p>Xtep's global experiment, while still in its fledgling stage, may make it the first Chinese running shoe that is widely known under its own international brand name, which already evokes an athletic image.</p>
<div class="lb-trans"><p>特步的全球实验虽然仍处于初期阶段，但可能使其成为第一个在国际上广为人知的中国跑鞋品牌，其品牌形象已经传达出运动的气息。</p>
</div><h4><strong>High-performance focus</strong></h4>
<div class="lb-trans"><h4><strong>高性能聚焦</strong></h4>
</div><p>Unlike Anta, which offers a wide range of sports shoes, Xtep sold its tennis and canvas leisure shoe brands, K-Swiss and Palladium, two years ago and now concentrates on running and hiking shoes. In addition to its Xtep brand, the company in 2023 bought out its joint venture that owns Hong Kong, Macao and Mainland China rights to Saucony running shoes and Merrell hiking boots that cater to a more limited market of outdoor enthusiasts.</p>
<div class="lb-trans"><p>与提供广泛运动鞋的安踏不同，特步在两年前出售了其网球和帆布休闲鞋品牌 K-Swiss 和 Palladium，现在专注于跑步和登山鞋。除了特步品牌外，该公司在 2023 年收购了其合资企业，获得了在香港、澳门和中国大陆的 Saucony 跑鞋和 Merrell 登山靴的权利，后者面向更有限的户外爱好者市场。</p>
</div><p>While the Saucony and Merrell rights do not extend to Southeast Asia, they have helped to bolster Xtep's reputation among more serious athletes, with its own branded Xtep 160X series also winning respect. The company says on its website it has enabled 107 Chinese athletes to claim more than 500 championships in prominent running events.</p>
<div class="lb-trans"><p>虽然 Saucony 和 Merrell 的权利不包括东南亚，但它们帮助提升了特步在更严肃运动员中的声誉，其自有品牌的 Xtep 160X 系列也赢得了尊重。该公司在其网站上表示，已帮助 107 名中国运动员在重要的跑步赛事中获得超过 500 个冠军。</p>
</div><p>In its 2025 annual report, Xtep said its shoes were ranked number one among the top 100 Chinese male runners for four consecutive years, and first among the top 100 female runners for three consecutive years. Its brand ambassador, Feng Peiyou, broke a Chinese record and was ranked first among Asian athletes in the 2026 Tokyo Marathon, with a time of 2:05.58, reinforcing Xtep's reputation as a &#34;super shoe&#34; brand. In 2025, the company sponsored 23 marathons in China, and its 71 Xtep Running Clubs had more than 2.5 million members.</p>
<div class="lb-trans"><p>在其 2025 年年报中，特步表示，其鞋子在连续四年中在中国前 100 名男性跑者中排名第一，在前 100 名女性跑者中连续三年排名第一。其品牌代言人冯培佑在 2026 年东京马拉松中打破了中国纪录，并在亚洲运动员中排名第一，成绩为 2:05.58，进一步巩固了特步作为 “超级鞋” 品牌的声誉。2025 年，该公司赞助了 23 场中国马拉松，其 71 个特步跑步俱乐部拥有超过 250 万名成员。</p>
</div><p>Its strategy of positioning Xtep as a brand for serious athletes is paying off, at least among that crowd. Its revenue last year rose by a relatively modest 4.2% to 14.1 billion yuan, with its footwear segment, which accounts for 60% of sales, up by a slightly faster 4.5%. Its profit for the year rose 10.8%, to 1.37 billion yuan.</p>
<div class="lb-trans"><p>将特步定位为严肃运动员品牌的策略正在取得成效，至少在这一人群中。去年，其收入增长相对温和，增幅为 4.2%，达到 141 亿元人民币，其鞋类部门占销售的 60%，增幅略快，为 4.5%。其年度利润增长 10.8%，达到 13.7 亿元人民币。</p>
</div><p>But those gains were small compared to revenue from its professional sports shoe segment, which includes Saucony and Merrell, as well as its Xtep high-performance running shoes. Its professional sports shoe revenue jumped by 30.8%, to 1.64 billion yuan, accounting for 11.6% of total revenue. Its mass market running shoes grew by a much slower 1.5%, to 12.5 billion yuan.</p>
<div class="lb-trans"><p>但与其专业运动鞋部门的收入相比，这些增长相对较小，专业运动鞋部门包括 Saucony 和 Merrell，以及其特步高性能跑鞋。其专业运动鞋收入增长 30.8%，达到 16.4 亿元人民币，占总收入的 11.6%。其大众市场跑鞋的增长则缓慢得多，仅增长 1.5%，达到 125 亿元人民币。</p>
</div><h4><strong>Growth streak continues</strong></h4>
<div class="lb-trans"><h4><strong>增长势头持续</strong></h4>
</div><p>A first quarter operational update released last week continued the winning streak. While Xtep's main brand continued to grow, its revenue from the Saucony brand rose 20% year-over- year. The Xtep brand's average channel turnover was 4.5 months and retail discounts stood at around 25%-30%. Analysts including Guotuo Securities and Shenwan Hongyuan Securities described these as &#34;healthy&#34; levels and maintained their &#34;buy&#34; ratings on the company.</p>
<div class="lb-trans"><p>上周发布的第一季度 运营更新 延续了这一胜利势头。尽管特步的主品牌继续增长，但其 Saucony 品牌的收入同比增长 20%。特步品牌的平均渠道周转时间为 4.5 个月，零售折扣约为 25%-30%。包括国拓证券和申万宏源证券在内的分析师将这些描述为 “健康” 水平，并维持对该公司的 “买入” 评级。</p>
</div><p>Saucony, which harkens from the U.S. state of Pennsylvania, remains the most successful of the Xtep brands. The brand's first brick-and-mortar store in China opened in 2020 in Shanghai. In December 2023, Xtep bought out its China joint venture with <strong>Wolverine World Wide</strong> (NYSE: WWW), owner of the Saucony and Merrell brands.</p>
<div class="lb-trans"><p>Saucony 源自美国宾夕法尼亚州，仍然是特步品牌中最成功的品牌。该品牌在中国的第一家实体店于 2020 年在上海开业。2023 年 12 月，特步收购了与 <strong>Wolverine World Wide</strong> (NYSE: WWW) 的中国合资企业，后者是 Saucony 和 Merrell 品牌的拥有者。</p>
</div><p>Xtep plans to open its first Saucony store in Hong Kong in May, in its first cautious step for the brand outside Mainland China. Its other steps outside China to date, including the new Malaysia store openings, have all been under its own brand, since it doesn't own rights to Saucony outside Mainland China, Hong Kong and Macao.</p>
<div class="lb-trans"><p>特步计划在 5 月于香港开设首家 Saucony 专卖店，这是该品牌在中国大陆以外的首次谨慎尝试。迄今为止，特步在中国以外的其他举措，包括新开设的马来西亚店，均为其自有品牌，因为它在中国大陆、香港和澳门以外并不拥有 Saucony 的权益。</p>
</div><p>One of Xtep's important tools for promoting itself as a serious athletic brand is its Runners Club. It has expanded that concept to Southeast Asia, where the number of members reached over 7,000 in 2025.</p>
<div class="lb-trans"><p>特步推广自身作为一个严肃运动品牌的重要工具之一是其跑者俱乐部。该概念已扩展至东南亚，预计到 2025 年，会员人数将超过 7,000 人。</p>
</div><p>Xtep's Southeast Asian advances and the first quarter update failed to wow investors, although 19 out of 20 analysts surveyed by Yahoo Finance rate the company a &#34;buy&#34; or &#34;strong buy.&#34; The company's stock is down 17% this year, including a 5% drop since the quarterly update last week. Its price to earnings (P/E) ratio of 8 times is also well below Anta and Li Ning, which both trade at around 15 times.</p>
<div class="lb-trans"><p>尽管雅虎财经调查的 20 位分析师中有 19 位对特步给予了 “买入” 或 “强烈买入” 的评级，但特步在东南亚的进展和第一季度的更新并未令投资者感到惊艳。该公司的股票今年下跌了 17%，自上周季度更新以来下跌了 5%。其市盈率为 8 倍，远低于安踏和李宁，后者的市盈率均在 15 倍左右。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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