特步上半年营收67.95亿元 京东抖音平台业务增长20%

This article releases key half-year performance data for Xtep International for the first half of 2026. Key takeaways are as follows:

1. Overall performance: Xtep recorded total revenue of 6.795 billion yuan in the first half of the year, a slight 0.6% year-on-year decrease. Net profit fell 10.47% year-on-year to 818 million yuan, while gross margin improved 1.4 percentage points to 46.4%, indicating optimized profitability.

2. Category and brand performance: Footwear revenue grew 2.8% year-on-year, rising to 62.9% of total revenue, while apparel and accessories revenue both declined year-on-year. Revenue of the core Xtep brand edged down 2.2%, while the professional sports division led by Saucony and Merrell grew 11.4%.

3. Channel growth: E-commerce has emerged as the core growth engine, accounting for more than one-third of core Xtep brand revenue. Revenue on JD.com and Douyin both grew over 20%, cross-border e-commerce revenue doubled year-on-year, with Southeast Asian e-commerce platforms delivering standout performance.

Xtep's half-year report provides multi-dimensional operational insights for sports brand practitioners. Key takeaways are as follows:

1. Consumer and product side: Footwear consumption demand is still growing positively, with its share continuing to rise, while demand for apparel and accessories has declined. Brands can adjust their R&D and product layouts to prioritize investment in footwear categories.

2. Brand portfolio strategy: Professional sports niche brands have delivered double-digit growth. A differentiated multi-brand strategy can offset growth pressure on the core brand and unlock new growth spaces.

3. Channel development: E-commerce has become the core growth engine for brands, with JD.com and Douyin still offering over 20% growth space. Cross-border e-commerce, especially the Southeast Asian market, has huge growth potential and deserves strategic focus from brands.

4. Profitability: Xtep lifted its gross margin even as revenue edged down, showing that reasonable cost control and pricing strategies can improve profitability.

This earnings report provides clear market opportunities and risk alerts for sports apparel sellers. Key takeaways are as follows:

1. Category opportunities: The footwear track is still growing positively, and professional sports niche categories have strong growth performance. Sellers can adjust their category mix, enter these growing tracks, and reduce inventory share of apparel and accessories which face declining demand.

2. Domestic channel opportunities: Sports apparel business on JD.com and Douyin both maintained over 20% growth, with sufficient traffic and growth space. Sellers can increase investment and布局 on these two platforms.

3. Cross-border opportunities: Xtep's cross-border e-commerce revenue doubled year-on-year, with standout performance on Southeast Asian platforms including Shopee, TikTok and Lazada. Sellers can prioritize布局 in the Southeast Asian cross-border e-commerce market to capture new growth.

4. Risk alert: The overall sports apparel market is facing growth pressure, with core brand revenue declining overall. Sellers need to guard against the risk of slowing overall demand and adjust inventory and business strategies in a timely manner.

Xtep's half-year report reveals product demand trends and business opportunities for sportswear manufacturers. Key takeaways are as follows:

1. Production demand: Footwear demand is growing steadily, and its share of Xtep's total revenue has further increased, meaning footwear order demand is relatively more stable. Factories can adjust capacity布局 accordingly, and allocate more production capacity to footwear manufacturing.

2. Niche business opportunities: Revenue of professional sports brands represented by Saucony and Merrell grew 11.4%, and demand for professional sports categories continues to rise. Factories can adjust their production and design capabilities to match the order needs of professional sports brands and expand new business.

3. Insights for digital and e-commerce transformation: E-commerce has become the core growth engine for brands, and the share of online orders continues to rise. Factories need to improve flexible production capabilities to meet the "small batch, fast turnaround" requirement of e-commerce. They can also build capabilities to fulfill cross-border e-commerce orders for brands to unlock new growth.

Xtep's half-year report reveals changing demand in the sportswear industry and clarifies business directions for service providers. Key takeaways are as follows:

1. Industry development trend: The online penetration rate of sportswear brands continues to increase, and e-commerce has become the core growth engine for brands. Demand for e-commerce operation related services will continue to grow accordingly.

2. Niche market demand: Domestic sportswear brand business on Douyin and JD.com maintains over 20% growth, while Southeast Asian cross-border platforms have driven brands' revenue to double. Demand will increase significantly for related services in these two areas, including third-party operation, traffic management, cross-border supply chain and logistics.

3. Client pain points and solution directions: The overall sportswear market is facing growth pressure, so brands have strong demand to improve gross margin and optimize product structure. Service providers can develop targeted solutions for category planning, inventory management and cost control to help brands cope with slowing growth and meet their profitability improvement needs.

Xtep's half-year report reflects brands' demand for platforms and the growth performance of different platforms. Key takeaways are as follows:

1. Growth performance of existing platforms: Xtep's business on domestic JD.com and Douyin both grew more than 20%, proving that the sportswear category still has sufficient growth space on these two platforms. Platforms can increase recruitment efforts for sportswear brands and allocate more traffic and resources to this category.

2. Cross-border platform opportunities: Southeast Asian platforms including Shopee, TikTok and Lazada drove Xtep's cross-border e-commerce revenue to double, showing that the sportswear category has huge growth potential on Southeast Asian platforms. Relevant platforms can step up recruitment efforts targeting Chinese sportswear brands to attract more brands to enter.

3. Platform operation direction: Brands' reliance on e-commerce channels continues to increase, with online revenue accounting for more than one-third of total core brand revenue. Platforms need to optimize operation services for sportswear brands to meet their multi-category and multi-brand operation needs, while improving cross-border service capabilities to help brands unlock new cross-border growth.

Xtep's half-year performance reflects new trends in China's current sportswear industry, which provides reference for industry researchers. Key takeaways are as follows:

1. New overall industry trends: The overall growth of China's sportswear market has entered a plateau, with leading brands already seeing declines in both revenue and net profit. The industry as a whole has shifted from high-speed growth to a structural adjustment stage, with a clear trend of market divergence.

2. Structural characteristics: At the category level, footwear continues to grow while demand for apparel and accessories declines; at the brand level, mass-market core brands face growth pressure while niche professional sports brands maintain double-digit growth, proving that niche tracks remain the main growth driver of the industry.

3. New changes in channels: E-commerce has become the core growth engine for leading sportswear brands, accounting for more than one-third of core brand revenue. Domestic third-party platforms still maintain relatively high growth, while cross-border e-commerce, especially the Southeast Asian market, has delivered 100% year-on-year growth and become a new growth pole for brands. The new business model of multi-platform layout and cross-border expansion has taken shape and deserves in-depth research.