Investment Rating - The investment rating for Anta Sports (02020.HK) is "Outperform the Market" (maintained) [1][3][14] Core Views - In Q1 2025, Anta's main brand achieved high single-digit growth, while FILA also recorded high single-digit growth, and other brands saw a growth of 65-70%. The overall group revenue grew by double digits, indicating strong performance despite a high base [2][3][4] - The acquisition of the German outdoor brand Jack Wolfskin for a base price of $290 million is expected to enhance Anta's competitive position in the outdoor sports segment and align with its strategy of multi-brand globalization [3][9][14] - The report maintains profit forecasts for 2025-2027, expecting net profits of 134.8 billion, 154.6 billion, and 170.0 billion yuan respectively, with comparable profit growth rates of 13.0%, 14.7%, and 10.0% [3][14][16] Summary by Sections Q1 2025 Performance - Anta's Q1 2025 revenue growth was strong, with a healthy inventory level and stable discounts. The inventory-to-sales ratio was below 5, indicating good inventory management [3][4][5] - Breakdown of revenue growth showed high single-digit increases for Anta's main products and children's lines, with online sales growing in the low double digits and offline sales in the mid-single digits [5][6] Acquisition Details - The acquisition of Jack Wolfskin is valued at $290 million, with a price-to-sales ratio below 1. The deal is expected to close by the end of Q2 or early Q3 2025 [2][3][9] - Jack Wolfskin, known for its outdoor apparel and equipment, generated approximately €300 million in revenue in FY 2024, with a significant portion coming from Europe and China [10][13] Financial Projections - The report projects revenue growth for Anta from 62.36 billion yuan in 2023 to 96.21 billion yuan in 2027, with a compound annual growth rate of approximately 8.4% [16][19] - The expected net profit for 2025 is 134.8 billion yuan, reflecting a decrease of 13.6% compared to 2024, followed by a recovery in subsequent years [16][19]

Investment Rating - The investment rating for Anta Sports is "Buy" (maintained) [7] Core Views - Anta reported Q1 performance exceeding expectations, with the acquisition of German outdoor brand Wolfskin further enhancing its outdoor portfolio [2] - The main brand of Anta shows vitality with a high single-digit growth in Q1, driven by strong performance in children's products and online sales [2] - FILA brand also demonstrated robust growth, with high single-digit increases in revenue, particularly in children's and trendy products [3] - Other brands like Descente and KOLON experienced significant growth, with Descente's revenue growth nearing 60% [4] - The acquisition of Wolfskin, a professional outdoor brand, is expected to complement Anta's mid-range outdoor market presence and enhance its international footprint [5] - Revenue forecasts for Anta are projected to grow by 10% in 2025, 8% in 2026, and 7% in 2027, with net profit expected to reach 134 billion, 147 billion, and 161 billion RMB respectively [6] Summary by Sections Main Brand Performance - Anta's main brand revenue grew in high single digits in Q1, with children's products and online sales also showing strong growth [2] FILA Brand Performance - FILA's revenue growth was high single digits, with children's and trendy products leading the way, and online sales outpacing offline [3] Other Brands - Descente's revenue growth approached 60%, while KOLON's revenue nearly doubled, indicating strong performance across outdoor and women's sports segments [4] Acquisition of Wolfskin - The acquisition of Wolfskin for approximately 2.9 billion USD (about 21.2 billion RMB) is expected to enhance Anta's outdoor brand portfolio and market presence in Europe and China [5] Financial Forecasts - Revenue projections for Anta are 782 billion RMB in 2025, 846 billion RMB in 2026, and 909 billion RMB in 2027, with corresponding net profits of 134 billion, 147 billion, and 161 billion RMB [6]

安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

Group 1 - Meiji Holdings announced a leadership change with Katsuya Matsuda appointed as CEO, which may lead to strategic innovations and enhance competitiveness in the food and pharmaceutical sectors [1] - The company operates in two main segments: food products including dairy, ice cream, and chocolate, and pharmaceuticals focusing on infectious diseases and vaccines [1] Group 2 - Anta Sports plans to acquire the German outdoor brand "Jack Wolfskin" for $290 million, aiming to expand its international market presence and diversify its brand portfolio [2] - The acquisition is expected to enhance Anta's competitiveness in the global outdoor products market and may stimulate further cross-border M&A activities in the industry [2] Group 3 - IFBH Limited, the parent company of coconut water brand "if," has submitted an IPO application in Hong Kong, showcasing its leading position in the Chinese coconut water market with a 34% market share in 2024 [3] - The company reported revenues of $87.44 million in 2023 and $158 million in 2024, with coconut water accounting for 95.6% of its 2024 revenue [3] Group 4 - Angel Yeast reported a revenue of 15.197 billion yuan for 2024, reflecting an 11.86% year-on-year growth, with a net profit of 1.325 billion yuan, up 4.07% [4] - The total yeast fermentation output reached 415,400 tons in 2024, indicating a strong market demand and solidifying the company's position in the food additives sector [4]

Market Overview - US stock indices collectively declined, with the Nasdaq falling by 4.31%, S&P 500 down by 3.46%, and Dow Jones dropping by 1014.79 points, a decrease of 2.5% [4] - Major tech stocks also fell significantly, with Tesla down over 7%, Meta down over 6%, and Nvidia, Amazon, Apple, Google, and Microsoft all experiencing declines of more than 2% [4] - The Nasdaq Golden Dragon China Index decreased by 1.14%, with most Chinese concept stocks declining, while Li Auto and Xpeng Motors saw gains of over 5% and 3%, respectively [4] Economic Indicators - The US Consumer Price Index (CPI) for March showed a year-on-year increase of 2.4%, below the expected 2.6% and down from the previous 2.8% [4] - Month-on-month, the CPI decreased by 0.1%, contrasting with the expected increase of 0.1% and the previous increase of 0.2% [4] Commodity Market - Gold prices surged, with spot gold rising by 3.02% to $3175.03 per ounce, marking a new historical high, while COMEX gold futures increased by 3.73% to $3194.2 per ounce [5] - International oil prices saw significant declines, with WTI crude oil down by 3.40% to $60.23 per barrel and Brent crude down by 2.93% to $63.56 per barrel [5] Corporate Developments - CATL has been approved for listing on the Hong Kong Stock Exchange, which is expected to enhance its international visibility and support overseas business expansion [16][17] - IFBH Limited, a leading coconut water brand, has submitted an IPO application to list on the Hong Kong Stock Exchange, aiming to expand its market share [18][19] - Prada announced plans to acquire Versace for approximately $1.375 billion, which will strengthen its position in the fashion industry [20][21] - Anta Sports plans to fully acquire Jack Wolfskin for $290 million, aiming to expand its outdoor equipment market presence [22] - JD.com is launching a significant subsidy program for its food delivery service, investing over $1 billion to enhance market competitiveness [24][25] Regulatory and Policy Updates - The Chinese government is encouraging private enterprises to participate in the construction of new toll road mechanisms through various investment methods [9] - The State Administration of Foreign Exchange expressed confidence in the resilience of China's economic fundamentals and foreign exchange market, anticipating a stable outlook [8] International Relations - A study from Yale University indicated that tariffs could cost American households an average of $4,400, with the effective tariff rate reaching 25.3%, the highest since 1909 [13] - The US State Department announced the resignation of the US Ambassador to Ukraine, amid ongoing geopolitical tensions [13]

Core Viewpoint - Anta Group announced the acquisition of Jack Wolfskin for a cash consideration of $290 million, aiming to enhance its presence in the outdoor sports market and strengthen its multi-brand strategy [2][3]. Group 1: Acquisition Details - The acquisition is expected to be completed by the end of Q2 or early Q3 of 2025, subject to customary closing conditions [2]. - Jack Wolfskin has a strong presence in the outdoor lifestyle segment, with 495 stores globally, including 226 in Europe and 269 in Asia [2]. Group 2: Market Positioning - The addition of Jack Wolfskin will enhance Anta's brand matrix, focusing on the mass outdoor segment and mid-range market, allowing for a comprehensive layout in the outdoor sector [3]. - The global outdoor market is experiencing rapid growth, with China being a significant driver. Anta's subsidiary, Amer Sports, is projected to see an 18% revenue increase in 2024, with functional apparel growing by 36% [3]. Group 3: Operational Synergies - Anta's established supply chain and digital capabilities are expected to drive cost efficiency for Jack Wolfskin, leveraging its mature supply chain network in China and Southeast Asia [3]. - The collaboration between Jack Wolfskin's German engineering design team and Anta's Asian manufacturing capabilities is anticipated to create growth opportunities globally, including in China [3]. Group 4: Multi-Brand Strategy - Anta has been implementing a multi-brand strategy since acquiring the rights to the Italian brand FILA in 2009, covering various segments such as mass sports, fashion sports, and professional outdoor [4]. - The company has developed core competencies in multi-brand management, retail operations, and global resource integration, which will facilitate the rapid market positioning and brand revitalization of Jack Wolfskin [4][5]. Group 5: Future Growth Potential - The acquisition is expected to provide Anta with more market opportunities and share in the outdoor sector, reinforcing previous acquisitions in this market [5]. - Analysts predict that Anta's brands will continue to experience high growth rates in the outdoor segment through 2025, supported by increasing interest and engagement in outdoor activities [5].

Group 1: IF's IPO - IFBH Limited, a leading coconut water brand, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board [1] - IF is the second largest coconut water beverage company globally and has held the top position in the coconut water market in mainland China for five consecutive years since 2020, as well as in Hong Kong for nine years since 2016 [1] Group 2: Anta Sports Acquisition - Anta Sports announced a conditional agreement to acquire 100% equity of Callaway Germany Holdco GmbH for a base price of $290 million, plus adjustments for net working capital and other customary items [2] - The acquisition is expected to enhance Anta's international market presence and diversify its product line, with completion anticipated by the end of Q2 or early Q3 2025 [2] Group 3: Sunny Optical's Performance - Sunny Optical reported a 16.3% year-on-year decline in smartphone lens shipments for March 2025, totaling 94.316 million units [3] - In contrast, vehicle lens shipments increased by 16.5% year-on-year, and microscope shipments surged by 78.8% year-on-year, indicating strong growth in these segments [3] Group 4: Changjiang Life Science Suspension - Changjiang Life Science announced a temporary suspension of trading, effective from 9 AM on April 10, with the specific reason yet to be disclosed [4] - The suspension has drawn significant market attention due to the company's influence in the biotechnology sector, with potential implications for market volatility [4] Group 5: BYD Han L Launch - BYD officially launched its flagship sedan, the Han L, with prices starting at 209,800 yuan, offering two major series and various color options [5] - The launch reflects BYD's competitive positioning in the market, and investors are encouraged to monitor sales performance and market feedback [5] Group 6: Hong Kong Stock Market Performance - The Hang Seng Index closed at 20,681.78, with a daily increase of 2.06%, while the Hang Seng Tech Index rose by 2.66% [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported Q1 2025 operational data showing high single-digit growth for its main brand, FILA, and other brands, which aligns with market expectations. The acquisition of the German outdoor brand Jack Wolfskin for a base price of $290 million is expected to be completed by the end of Q2 or early Q3 2025 [2][3] Summary by Sections Q1 Performance - In Q1 2025, the main brand achieved high single-digit growth, consistent with the annual growth forecast. The growth rate remained stable compared to Q4 2024 and improved from Q1 2024. This growth is attributed to the continuous adjustment of store types, including the opening of new store formats like Super Anta and Anta Champion [3] - FILA also reported high single-digit growth in Q1 2025, exceeding annual growth expectations, with growth rates stable compared to Q4 2024 [3] - Other brands, including Descente, KOLON, and MAIA, experienced growth rates of 65-70% in Q1 2025, up from 50-55% in Q4 2024 and 25-30% in Q1 2024, indicating improvements in both year-on-year and quarter-on-quarter growth [3] Investment Recommendations - The impact of U.S. tax increases on the company is minimal, as overseas revenue accounts for less than 1%. The company anticipates high single-digit growth for the main brand and mid-single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30%. The company plans to have a total of 6,900-7,000 Anta stores, 2,600-2,700 Anta Kids stores, 2,100-2,200 FILA stores, and 260-270 DESCENTE stores by the end of 2025 [4] - In the medium to long term, the outdoor market is expected to improve, with KOLON and DESCENTE likely to enhance their core competitiveness and market share. The newly acquired Jack Wolfskin is expected to contribute additional revenue, although there may be short-term integration losses and cost pressures [4] - The company maintains revenue forecasts of 77 billion, 85.9 billion, and 96 billion yuan for 2025, 2026, and 2027, respectively, with net profit forecasts of 13.87 billion, 15.91 billion, and 17.88 billion yuan for the same years. The earnings per share (EPS) are projected to be 4.94, 5.67, and 6.37 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are expected to be 16, 14, and 12 times, respectively [4][7]

"买买买"战略下，安踏集团再下一城。4月10日，安踏集团宣布将全资收购起源于德国的户外服饰、鞋履及装备专业品牌Jack Wolfskin（狼爪），基础对价 为现金2.9亿美元。在满足其他惯常交割条件后，本次收购预计将于2025年二季末或三季初完成。 狼爪成立于1981年，总部位于德国伊德斯坦因（Idstein），从狼爪旗舰店来看，大部分冲锋衣单价在500—1500元之间，定位中高端户外市场，应用场景涵 盖徒步、自行车、滑雪以及露营等。 对于此次收购，安踏集团董事局主席丁世忠表示："安踏集团始终坚持'单聚焦、多品牌、全球化'战略不动摇。我们很期待狼爪品牌能够加入安踏集团多品 牌矩阵，强化集团在户外运动赛道的纵深布局。" 近两年，安踏集团一直在通过"买买买"战略来丰富自己的品牌阵容。如在2015年收购了在俄罗斯以及东欧市场的运动休闲品牌Sprandi（斯潘迪）；2016年以 1.5亿元与DESCENTE（迪桑特）子公司和伊藤忠公司成立合资业务，收购迪桑特在中国区独家经营、产品设计、销售及分销的业务；2017年收购韩国高端 户外品牌KOLON SPORT（可隆），同样也是成立合资企业，负责中国市场的运营和销售；20 ...