股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安踏體育用品有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02020 | | 說明 | 不適用 | | | | | | | | 多櫃檯證券代號 | 82020 | RMB | 說明 | 不適用 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | 0 | | | | HKD | | 0 | | 本 ...

Core Insights - The company reported a revenue of 80.22 billion yuan for 2025, representing a year-over-year increase of 13.3%, while the net profit attributable to shareholders was 13.59 billion yuan, down 12.9% year-over-year. Excluding the impact of the Amer Sports listing and dilution from the previous year, the net profit increased by 13.9% year-over-year [1] Anta Brand - Anta's segment revenue reached 34.75 billion yuan in 2025, with a year-over-year growth of 3.7%. The revenue from DTC direct sales, DTC franchise, e-commerce, and traditional wholesale grew by 5.9%, declined by 3.4%, increased by 7.3%, and declined by 3.4% respectively, accounting for 35.4%, 18.4%, 37%, and 9.2% of Anta's total revenue [2] - By the end of 2025, Anta had 9,855 stores, a decrease of 64 stores year-over-year. The adult segment saw an increase of 68 stores to 7,203, while the children's segment decreased by 132 stores to 2,652 [2] - Anta is advancing channel reforms, opening or renovating approximately 300 flagship stores in 2025, which improved store efficiency by 25% year-over-year. Three flagship stores achieved monthly sales exceeding 3 million yuan [2] - The gross margin for Anta decreased by 0.9 percentage points to 53.6%, and the operating profit margin decreased by 0.3 percentage points to 20.7%, primarily due to increased costs in professional products and a higher proportion of e-commerce sales [2] - The company projects low single-digit revenue growth for the Anta brand in 2026, with an operating profit margin around 20% [2] FILA - FILA's segment revenue reached 28.47 billion yuan in 2025, with a year-over-year increase of 6.9%. The brand established the "ONE FILA" core strategy, focusing on high-end sports fashion [3] - The brand's performance in elite sports like tennis and golf, along with a focus on key products such as polo shirts and dad shoes, has enhanced its competitive edge. The sales of the tech dad shoe family reached nearly 10 million pairs [3] - FILA's gross margin decreased by 1.4 percentage points to 66.4%, while the operating profit margin increased by 0.8 percentage points to 26.1%, with the gross margin decline attributed to a higher proportion of e-commerce sales [3] - The company anticipates mid-single-digit revenue growth for the FILA brand in 2026, with an operating profit margin around 25% [3] Other Brands - The other brands segment reported revenue of 17 billion yuan in 2025, with a year-over-year increase of 59.2%. DESCENTE's revenue surpassed 10 billion yuan, with an average monthly store efficiency of approximately 2.7 million yuan [4] - KOLON emerged as the fastest-growing brand within the group, with nearly 70% year-over-year growth, surpassing 6 billion yuan in revenue [4] - The acquisition of the German outdoor brand JACK WOLFSKIN in May 2025 is expected to enhance the brand matrix from mass to premium outdoor segments. The company has set a five-year global revitalization plan for the brand [4] - The gross margin for other brands decreased by 0.4 percentage points to 71.8%, and the operating profit margin decreased by 0.7 percentage points to 27.9%, primarily due to the impact of the JACK WOLFSKIN consolidation [4] - The company projects over 20% revenue growth for other brands (excluding JACK WOLFSKIN) in 2026, with an operating profit margin exceeding 25% [4] Amer Sports - Amer Sports contributed a net profit of 1.203 billion yuan to the group in 2025, significantly up from 198 million yuan in 2024, indicating a notable enhancement in profitability [4] Profit Forecast and Investment Rating - Considering the consolidation of JACK WOLFSKIN in May 2025, the company expects to remain in an adjustment phase in 2026, which may continue to impact profitability. The company anticipates a one-time gain of approximately 1.6 billion yuan from the Amer Sports placement in 2026 [5] - The net profit forecasts for 2026 and 2027 have been adjusted to 15.6 billion yuan and 15.71 billion yuan respectively, with a projected profit of 17.48 billion yuan for 2028, corresponding to P/E ratios of 12/12/11X, maintaining a "buy" rating [5]

Core Viewpoint - Anta Sports is expected to achieve a revenue of 80.22 billion yuan in 2025, representing a year-on-year increase of 13%, with a net profit attributable to shareholders of 13.59 billion yuan, also up 14% when excluding the one-time impact of AMER [1] Group 1: Financial Performance - In the second half of 2025, Anta Sports achieved a revenue of 41.68 billion yuan, a year-on-year increase of 12%, and a net profit of 6.56 billion yuan, up 13% [1] - The company plans to distribute a final dividend of 2.66 billion yuan, with a total annual dividend of 6.2 billion yuan, accounting for 50.1% of the adjusted net profit attributable to shareholders [1] Group 2: Brand Performance - Major brands showed steady growth, with outdoor brands continuing to experience high growth. Revenue growth for Anta, FILA, and other brands in 2025 was +4%, +7%, and +59% respectively [1] - The overseas business is expected to grow approximately 70% year-on-year, indicating initial success in international expansion [1] - FILA's revenue is projected to increase by 7% in 2025, driven by strong performance in tennis and golf categories [1] Group 3: Margin and Operational Performance - Anta and FILA's gross margins decreased by 0.9 and 1.4 percentage points to 53.6% and 66.4% respectively, primarily due to increased investment in professional products and a higher online sales ratio [2] - Anta's operating profit margin (OPM) slightly declined by 0.3 percentage points to 20.7%, while FILA's OPM increased by 0.8 percentage points to 26.1%, attributed to better rent control [2] - Government subsidies increased by 560 million yuan to 2.8 billion yuan, contributing to the company's better-than-expected performance [2] Group 4: Future Outlook - The company is expected to face a transitional year in 2026, with short-term profit margins potentially under pressure. However, the mid-term outlook remains positive with the global expansion strategy showing initial results [2] - Projected net profits for 2026-2028 are estimated at 14 billion, 15.5 billion, and 17.3 billion yuan respectively, corresponding to current valuations of 13X, 12X, and 11X [2]

Investment Rating - The investment rating for Anta Sports is "Buy" and is maintained [8]. Core Views - Anta Sports is expected to achieve revenue of 80.22 billion yuan in 2025, representing a year-on-year increase of 13%, and a net profit attributable to shareholders of 13.59 billion yuan, up 14% year-on-year (adjusted for the one-time consolidation impact of AMER) [2][6]. - For the second half of 2025, the company anticipates revenue of 41.68 billion yuan, a 12% increase year-on-year, and a net profit of 6.56 billion yuan, reflecting a 13% year-on-year growth, indicating that revenue and performance have exceeded expectations [2][6]. - The company plans to distribute a final dividend of 2.66 billion yuan, with total annual dividends amounting to 6.2 billion yuan, which accounts for 50.1% of the adjusted net profit attributable to shareholders [2][6]. Summary by Sections Revenue and Profit Forecast - Anta Sports is projected to achieve revenues of 80.22 billion yuan in 2025, with a growth rate of 13%. The net profit attributable to shareholders is expected to be 13.59 billion yuan, reflecting a 14% increase year-on-year [12]. - The revenue for 2026 is estimated at 87.47 billion yuan, with a growth rate of 9%, and the net profit is forecasted to be 13.99 billion yuan, a 17% increase [12]. Brand Performance - The main brands of Anta, including Anta, FILA, and others, are expected to grow steadily, with revenues increasing by 4%, 7%, and 59% respectively in 2025. The outdoor brand is also expected to maintain high growth [10]. - The overseas business is projected to grow approximately 70% year-on-year, indicating initial success in international expansion [10]. Margin and Government Support - The operating profit margin (OPM) for Anta and FILA is expected to be 20.7% and 26.1% respectively, with slight declines for Anta and improvements for FILA attributed to better rent control [10]. - Government subsidies have increased by 560 million yuan to 2.8 billion yuan, contributing to the company's performance exceeding expectations [10].

Group 1: Liquor Industry Analysis - The report indicates that the pressure on the liquor industry has passed, with leading companies clarifying their long-term strategies and shifting from passive to proactive tactics [17][20] - The report highlights that the overall performance of the liquor industry during the Spring Festival was better than expected, with key products from leading companies showing good performance [20] - The report anticipates that the price of Moutai will stabilize above 1500 yuan, confirming the expectation of a turning point in the industry cycle [20] Group 2: Luzhou Laojiao (000568) Analysis - Luzhou Laojiao is recognized for its comprehensive competitive advantages in team capability, management level, incentive mechanisms, brand strength, product structure, and channel capabilities, positioning it as a "hexagonal warrior" in the liquor sector [3][11] - The company is expected to see its performance bottom out in the short term, with stable pricing strategies in place, aiming to reduce channel inventory and improve financial statements [11][13] - By 2030, the revenue potential for Luzhou Laojiao is projected to reach 40 billion yuan, with significant contributions from its high-end products [13][14] Group 3: Crystal International (02232) Analysis - Crystal International is positioned as a diversified international garment manufacturer, deeply integrated with top global brand clients, enhancing profitability through vertical integration [3][12] - The company is expected to benefit from a significant increase in customer orders, particularly from major clients like Uniqlo, Nike, and Adidas, while also expanding into the outdoor and sportswear sectors [12][16] - The report projects a steady increase in net profit for Crystal International from 2.5 billion to 3.0 billion USD from 2026 to 2028, with a "buy" rating assigned [16] Group 4: Shijia Photon (688313) Analysis - Shijia Photon is a leading domestic manufacturer of optical chips and devices, benefiting from the AI-driven demand for AWG and MPO products, with revenue reaching 1.56 billion yuan in the first three quarters of 2025, a year-on-year increase of 114% [3][15] - The company is expected to capitalize on the growing demand for high-density connections in AI data centers, with plans to enhance its supply chain through strategic acquisitions [15][16] - The report assigns a "buy" rating to Shijia Photon, anticipating significant revenue growth from 2.13 billion to 4.09 billion yuan from 2025 to 2027 [15][16] Group 5: Food and Beverage Industry Insights - The report concludes that the food and beverage sector is showing structural improvements, with competition shifting from price to quality, and a gradual balance in supply and demand [20] - The report emphasizes the potential for recovery in consumer prices, particularly in the liquor and food sectors, as companies adapt to changing market conditions [20] - Key recommendations include focusing on cyclical food and beverage companies with growth potential, such as Anjuke Food and Haitian Flavoring [20]

静安嘉里中心是上海静安寺商圈的地标建筑，也是上海最大的安踏体育用品展销中心。 商场三楼可谓群贤毕至，左转始祖鸟，右转萨洛蒙，往前有MAIA ACTIVE，往后有可隆，角落里还有个传闻要卖身给安踏的猛犸象。 若不是迪桑特于2024年搬离嘉里中心，此地的安踏含量还能更上一层楼。 基金经理下楼吃brunch的路上见此情景，晕着碳就赶回工位加仓安踏。 [1] 安踏的表现也的确不负众望。"中国第一、世界第三"的营收成绩在外，2025年财报出炉，安踏主品牌遭受中年压力，副品牌各个风生水起。 优等生FILA的收入继续增长6.9%至285亿，包含迪桑特、可隆、MAIA ACTIVE、狼爪在内的其它品牌争当后起之秀，共同干出了收入增长59.2%至170亿 的成绩，其中迪桑特还在年初传来步入"百亿级"品牌阵营的喜讯。 亚玛芬单独披露的财报也是形势一片大好，始祖鸟并未因舆论风波影响增长，萨洛蒙正狂奔着要成为下一个始祖鸟。 作为体育运动市场最大的人民币玩家，安踏通过收购陆续拿下了FILA、迪桑特（经营权）、亚玛芬（包括始祖鸟、萨罗蒙、Wilson等品牌）、可隆等品 牌，构建了一个壮观的安踏宇宙。 安踏的另一个身份是运动市场的协和医院 ...

Core Viewpoint - Anta's main brand revenue grew by 3.7% in 2025, while Fila's revenue increased by 6.1%. Other brands saw a significant revenue growth of 59.2%, with Descente and Kolon continuing their strong performance. The company's operating profit margin improved to 23.8%, a 0.4 percentage point increase. The net profit attributable to shareholders rose by 13.9% year-on-year, excluding one-time gains from the 2024 Amer listing [1] Group 1: Financial Performance - In 2025, Anta Sports reported a revenue of 80.22 billion yuan, a 13.3% increase, with an operating profit of 19.091 billion yuan, up 15%. The net profit attributable to shareholders was 13.59 billion yuan, down 12.9%, but up 13.9% when excluding the dilution effects from the 2024 Amer Sports listing. The net cash flow from operating activities was 20.996 billion yuan, a 25.4% increase [1][2] - The board proposed a final dividend of 1.08 HKD per share, totaling an annual dividend of 2.45 HKD per share, corresponding to a payout ratio of 50.1% [1] Group 2: Brand Performance - Anta's main brand revenue reached 34.75 billion yuan in 2025, growing by 3.7%. Direct-to-consumer (DTC), e-commerce, and wholesale revenues were 18.705 billion yuan, 12.863 billion yuan, and 3.186 billion yuan, respectively, with year-on-year changes of +2.6%, +7.3%, and -3.4%. The inventory turnover ratio remained around 5, indicating a healthy overall inventory level [2] - Fila's revenue was 28.469 billion yuan, up 6.9%, with a focus on high-end sports fashion and strong performance in tennis and golf. The brand's operating profit margin improved to 26.1%, a 0.8 percentage point increase [3] - Other brands, including Descente and Kolon, achieved a revenue of 16.996 billion yuan, a 59.2% increase, with Descente becoming the third brand to exceed 10 billion yuan in revenue [4] Group 3: Future Outlook - For 2026, the company expects low single-digit growth for Anta's main brand, mid-single-digit growth for Fila, and over 20% growth for other brands. The operating profit margins are projected to be around 20% for Anta, approximately 25% for Fila, and over 25% for other brands [7] - The company plans to continue optimizing online and offline channels and expand its Southeast Asia store network. Fila will deepen its focus on professional sports categories, while Descente and Kolon aim to increase their store counts [7]

Summary of Anta Sports Products Analyst Briefing Company Overview - **Company**: Anta Sports Products (2020.HK) - **Market Cap**: HK$211,846 million (US$27,066 million) [6] Industry Insights - **Retail Sales Growth**: - Anta business: Low single-digit (LSD) year-over-year (YoY) growth, representing 43% of group sales in 2025 [2] - Fila business: Mid single-digit (MSD) YoY growth, representing 36% of group sales [2] - Other brands (excluding Jack Wolfskin): Over 20% YoY growth, representing 21% of group sales [2] Financial Performance and Guidance - **Operating Profit Margin (OPM)**: - Anta: ~20% in 2026E (down from 20.7% in 2025) [2] - Fila: ~25% in 2026E (down from 26.1% in 2025) [2] - Other brands: OPM expected to be 25%+ [2] - **Management's Strategy**: - Emphasis on inventory health over aggressive revenue expansion for Anta [3] - Anticipation of increased advertising and promotion (A&P) expenses, offset by improved operational efficiency [3] Brand-Specific Insights - **Anta**: - Prudent growth strategy with no expected loss in market share [3] - **Fila**: - GPM contraction attributed to higher e-commerce sales contribution in 2025; expected stabilization through strict discount control [3] - **Jack Wolfskin**: - Anticipated turnaround in 2H26E with store reformats and new products; incurred ~RMB 300 million EBIT loss in 2025 [3] Recent Performance - **1Q26E Sales**: - Better-than-expected performance in January-February; Anta and Fila among the best-performing brands in the industry [4] - Sales growth momentum for Descente and Kolon remains decent [4] Shareholder Returns - **Dividend Policy**: - Maintained a 50% dividend payout ratio for 2026E, considering the capex for the Puma acquisition (~EUR 1.5 billion) [5][8] - Potential reassessment of dividend policy in 2027E post-Puma transaction [8] Investment Recommendation - **Target Price**: HK$107.00, reflecting a 41.3% expected share price return and a 3.9% expected dividend yield [6][10] - **Overall Rating**: Buy, with a total expected return of 45.2% [6] Risks and Opportunities - **Downside Risks**: - Increased competition, weaker performance from Fila, and potential cash flow issues due to top-line slowdown [11] - **Upside Risks**: - Faster recovery of Fila, stronger growth from Amer Sports (46%-owned associate), and quicker industry growth [11]

证券研究报告·海外公司点评·纺织及服饰(HS) 安踏体育（02020.HK） 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 70,826 | 80,219 | 88,614 | 97,488 | 107,135 | | 同比(%) | 13.58 | 13.26 | 10.47 | 10.01 | 9.90 | | 归母净利润（百万元） | 15,596 | 13,588 | 15,600 | 15,713 | 17,480 | | 同比(%) | 52.36 | (12.88) | 14.81 | 0.72 | 11.25 | | EPS-最新摊薄（元/股） | 5.58 | 4.86 | 5.58 | 5.62 | 6.25 | | P/E（现价&最新摊薄） | 11.93 | 13.69 | 11.93 | 11.84 | 10.64 | [Table_Tag] [Table_Summary] 投资要点 ...

| [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 70,826 | 80,219 | 88,614 | 97,488 | 107,135 | | 同比(%) | 13.58 | 13.26 | 10.47 | 10.01 | 9.90 | | 归母净利润（百万元） | 15,596 | 13,588 | 15,600 | 15,713 | 17,480 | | 同比(%) | 52.36 | (12.88) | 14.81 | 0.72 | 11.25 | | EPS-最新摊薄（元/股） | 5.58 | 4.86 | 5.58 | 5.62 | 6.25 | | P/E（现价&最新摊薄） | 11.93 | 13.69 | 11.93 | 11.84 | 10.64 | [Table_Tag] [Table_Summary] 投资要点 2026 年 03 月 30 日 证券分析师 赵艺原 证券研究报告·海外公司点评·纺织及服饰 ...