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Xtep International (1368): released its operating results for the fourth quarter and full year of 2025, with overall performance in line with expectations. Retail sales of the main brand were flat year-on-year in the fourth quarter, while recording low single-digit growth for the full year, demonstrating resilience. Inventory and discount levels remained healthy and stable, with channel inventory turnover at approximately four and a half months and retail discounts maintained in the 70-75% range. Management is confident in achieving its guidance of over 10% profit growth for the full year.
President Trump Threatens 100% Tariffs on Canada
President Trump's threat to impose 100% tariffs on Canada to block Chinese goods marks the expansion of "Trade War 2.0" from bilateral relations between China and the US to the multilateral supply chain level. Meanwhile, gold prices have historically broken through the $5,000 mark, precisely to hedge against this extreme trade protectionism and potential fiscal imbalances. The current optimism in the stock market and the pricing in the bond and gold markets present a strong divergence, suggesting the market is on the verge of misjudging risks. With the Federal Reserve's interest rate decision approaching this week, this geopolitical macroeconomic rift could quickly trigger sharp fluctuations in asset prices.
Hong Kong Stock Connect recorded a net outflow of HK$800 million on Monday, with Tencent Holdings (700) recording the largest net inflow at HK$1.02 billion, followed by Xiaomi Group (1810); China Mobile (941) recorded the largest net outflow at HK$1.18 billion, followed by Zijin Mining (2899).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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