CICC published a Research Report indicating that the main brand performance of Xtep improved quarter-on-quarter last season, which is believed to be related to the National Day Golden Week and festivals like Singles' Day Sales. The online channel maintained rapid growth, and retail discount levels showed slight improvement year-on-year during the period. Looking ahead to 2025, CICC believes that Xtep will continue to deepen its product and channel development for its two major running brands. In addition to upgrading existing products, more new products will also be launched. The management revealed that there are plans to consider adding new running stores and increasing investment in the Saucony brand. After the divestiture of the K-Swiss and Palladium brands, Xtep is expected to reduce its losses. CICC has raised the company's earnings per share forecast for last year by 4% to 0.46 yuan, while this year's earnings forecast remains at 0.52 yuan and next year's earnings per share estimate is 0.59 yuan. The firm maintains Xtep's "outperform industry" rating, with the Target Price slightly raised to 6.9 Hong Kong dollars.