Xtep announced 2023 interim results
On 23rd August, Xtep announced its 2023 interim results. The Group’s revenuewas up 14.8% to RMB6,522.4 million. Profit attributable to ordinary equityholders of the Company increased by 12.7% to RMB665.4 million. Possessingsolid product capability and synergy with the core Xtep brand, Saucony becamethe Group’s first new brand to realize profit. The professional sports segment recorded an operating profit of RMB19.1 million for the first time. The Board has declared an interim dividend of HK13.7 cents per Share, equivalent to adividend payout ratio of 50.0%.
Against a backdrop of increased public health awareness in the wake of thepandemic and ample government support for the sports industry to stimulatecontinued demand for sportswear, Xtep’s expertise in running andspecialization in functional products for mass market consumers seeking valuefor money will enable the Group to navigate the economic uncertaintysmoothly. The Group will remain committed to maintaining competitive edgeand strong governance to take the business to new heights.
On 18th August, Xtep organized an achievement conference at the Great Wall inBeijing to unveil the milestones of its “World-class Running Shoes of China Xtep” brand strategy upgrade and launched “160X 5.0 PRO” and “160X 5.0”, the latest additions to its championship running shoe series. The event was attended bynumber of heavyweight guests to witness how Xtep is leading China’s runningsector with its magnificent speed into the world and into the future.
Featuring the world-class “XTEP ACE” midsole technology, the new productunveiled at the event has achieved a 9.8% improvement in propulsion compared tothe previous generation after retuning. The T700 full-foot carbon plate and the newshoe upper technology “Light Flex Technology” provides enhanced stability andensures lasting breathability respectively. Such multiple upgrades allow runners toexperience a powerful propulsion while maintaining comfort and stability.
The announcement of the strategic new products reflects Xtep’s determinationas the “World-class Chinese Running Shoes” to continue to further develop its running business and fully promote the development of China’s running sector and the pursuit of nationwide fitness campaign. The Group will continue tosolidify its running ecosystem in Mainland China and strive to create the most suitable equipment for professional runners in China to boost the “China Speed”.