该行提醒，短期投资者需关注两点：一是Puma本身盈利状况对安踏报表的影响;二是品牌重振所需时 间。交易尚待多国反垄断机构及中国发改委批准，预计需时6至10个月。 摩根大通发布研报称，安踏体育(02020)收购Puma的29%股权，是实现全球多品牌运动服饰集团愿景的 关键战略步骤。该行维持对安踏增持评级，目标价141港元。 安踏以15亿欧元(约123亿人民币)收购Puma股权，该行认为，考虑Puma的品牌历史、在足球及跑步等专 业运动领域的优势，以及其欧洲、拉美等国际市场布局，作价属合理水平。报告强调，此次收购资金将 全部来自安踏内部资源，截至2025年上半年公司净现金达315亿元人民币，足以应付交易且有余力维持 股息政策，消除了市场对融资压力的忧虑。小摩估计，交易对安踏2026年净利润影响仅为低个位数百分 比。 ...

安踏以15亿欧元(约123亿人民币)收购Puma股权，该行认为，考虑Puma的品牌历史、在足球及跑步等专 业运动领域的优势，以及其欧洲、拉美等国际市场布局，作价属合理水平。报告强调，此次收购资金将 全部来自安踏内部资源，截至2025年上半年公司净现金达315亿元人民币，足以应付交易且有余力维持 股息政策，消除了市场对融资压力的忧虑。小摩估计，交易对安踏2026年净利润影响仅为低个位数百分 比。 该行提醒，短期投资者需关注两点：一是Puma本身盈利状况对安踏报表的影响; 二是品牌重振所需时 间。交易尚待多国反垄断机构及中国发改委批准，预计需时6至10个月。 智通财经APP获悉，摩根大通发布研报称，安踏体育(02020)收购Puma的29%股权，是实现全球多品牌 运动服饰集团愿景的关键战略步骤。该行维持对安踏增持评级，目标价141港元。 ...

以约15亿欧元现金收购PUMA SE29.06%股权，交易完成后将成PUMA单一最大股东 本文为IPO早知道原创 作者｜ 苏打 微信公众号｜ipozaozhidao 据IPO早知道消息，1月27日，安踏集团（02020.HK）发布《2025年第四季度及全年最新运营表 现》公告。 公告显示，在总营收近800亿的规模上，安踏集团第四季度流水实现高单位数增长，全年实现低双位 数增长。在复杂多变的宏观经济环境和激烈竞争的运动消费市场中，安踏凭借清晰的多品牌战略、全 球化布局以及对细分人群需求的精准把握，展现出强劲的增长韧性。 （来源：港交所公告文件） 公告数据显示，安踏集团2025年整体经营韧性凸显，核心安踏品牌全年零售金额录得低单位数正增 长，在跑步、篮球等专业品类及高端科技产品线的带动下，表现持续领先行业。 其中，FILA品牌全年实现中单位数正增长，通过"ONE FILA"战略深化高端运动时尚定位，品牌焕 新成效显著；迪桑特更是突破百亿流水，成为集团又一核心增长引擎。尽管第四季度受暖冬气候、春 节递延等短期因素影响，集团仍实现高单位数流水增长，库存健康度与零售折扣率维持合理水平，供 应链与全渠道运营能力进一步夯实 ...

1月27日，一纸公告震动全球体育产业。中国体育品牌巨头安踏拟以约123亿元人民币，收购德国运动老 牌彪马（PUMA）29.06%的股权，并有望成为其最大股东。溢价60%、标的资产2025年上半年净亏损约 2.5亿欧元——这看似矛盾的交易背后，是安踏一次深思熟虑的战略布局。 与传统的"鲸吞式"并购不同，安踏选择了另一条道路：成为最大股东，但承诺不发起全面收购要约，尊 重彪马作为德国上市公司的独立治理。这种"进可攻、退可守"的姿态，既规避了可能面临的跨境监管风 险，又为未来的深度整合埋下了伏笔。 当然，这一战略能否成功，核心考验在于安踏的"整合能力"，即能否将彪马的百年积淀与自身的供应链 管理、中国市场深度运营及多品牌协同经验相融合。 协议中暗藏"额外付款"条款——若安踏在15个月内发起全面收购，或引致第三方竞购等，需向原股东支 付额外费用。这既是为交易顺利落地设置"安全阀"，也微妙地暗示：此次29.06%的股权收购可能只是一 个序曲。 将彪马纳入麾下后，安踏将集齐构建"全品类运动帝国"的最后一块拼图：亚玛芬体育带来了户外与冰雪 赛道的王牌，撑起了时尚运动的大旗，而彪马填补了最关键的两块空白——足球与全球新兴市场 ...

1月26日，农历新年前夕的资本市场迎来一记"炸雷"。 中国第一大体育品牌安踏体育（HK02020，股价77.000港元，市值2153亿港元，以下或简称安踏）发布 公告，宣布与皮诺（Pinault）家族旗下的Artémis达成协议，将动用约15亿欧元（约合人民币122.8亿 元）的现金，收购德国知名运动品牌彪马（PUMA）29.06%股权。 这意味着，这家起步于福建晋江的企业，在成功收购FILA、亚玛芬体育后，再次将目光投向国际老牌 体育巨头，并有望成为彪马最大股东。 此次出手时机颇显魄力。在全球消费放缓的背景下，彪马2025年上半年净亏损约2.5亿欧元。安踏体育 仍以约60%的溢价果断出手。其掌门人丁世忠认为市场"低估了彪马的长期价值"。 "收购溢价不是关键，真正的考验在于，安踏能否将彪马的百年积淀融入其多品牌体系，打造一个覆盖 足球、篮球、跑步、户外、冬季运动及乒羽的全品类'超级运动集团'。只有当跨品牌的协同与能力嫁接 得以实现，安踏才能在全球市场真正获得与耐克、阿迪达斯正面叫板的底气。"一位不愿具名的资深行 业观察人士向《每日经济新闻》记者表示。 彪马处于亏损中 在本次交易中，最引人注目的无疑是安踏体育对 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][7]. Core Views - Anta Sports announced the acquisition of a 29.06% stake in PUMA from the Pinault family’s investment company Artémis, with a total transaction value of approximately €1.5 billion (around RMB 12.28 billion), reflecting a valuation of about 15 times PUMA's 2024 net profit [7]. - The acquisition is a strategic move to enhance Anta's multi-brand global strategy and is expected to strengthen its global presence [7]. - Anta will fund the acquisition entirely with its own resources, ensuring that dividend payments will not be affected [7]. - Anta's established consumer insights and operational capabilities in China are anticipated to aid PUMA in recovering growth in the Chinese market, where PUMA's revenue currently represents only about 7% of its global sales [7]. - PUMA's global brand strength and resources are expected to complement Anta's existing multi-brand strategy, facilitating Anta's global expansion [7]. - The report projects Anta's net profit for FY2025 to be RMB 132.0 billion, with a growth rate of 11% when excluding one-time gains from Amer Sports [7]. Financial Data and Profit Forecast - Revenue projections for Anta Sports are as follows: - FY2023: RMB 623.6 billion - FY2024: RMB 708.3 billion - FY2025E: RMB 799.8 billion - FY2026E: RMB 896.5 billion - FY2027E: RMB 970.0 billion - The corresponding year-on-year growth rates are 16%, 14%, 13%, 12%, and 8% respectively [6][17]. - Net profit forecasts are: - FY2023: RMB 102.4 billion - FY2024: RMB 156.0 billion - FY2025E: RMB 132.0 billion - FY2026E: RMB 140.0 billion - FY2027E: RMB 157.4 billion - The projected earnings per share (EPS) are: - FY2023: RMB 3.61 - FY2024: RMB 5.41 - FY2025E: RMB 4.60 - FY2026E: RMB 4.87 - FY2027E: RMB 5.48 [6][17].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The acquisition of a 29.06% stake in Puma is a significant strategic move for the company, positioning it as the largest shareholder and enhancing its global market presence [8] - The company aims to leverage its multi-brand strategy and global reach to revitalize Puma's brand value, despite recent performance challenges [8] - Earnings forecasts indicate a projected EPS of 4.70, 5.12, and 5.79 CNY per share for 2025, 2026, and 2027 respectively, with a target PE of 18 times for 2026, leading to a fair value estimate of 102.91 HKD per share [8] Financial Summary - Main revenue is expected to grow from 62,356 million CNY in 2023 to 94,684 million CNY in 2027, with growth rates of 16.2%, 13.6%, 9.4%, 10.0%, and 11.1% respectively [2] - EBITDA is projected to increase from 19,708 million CNY in 2023 to 29,797 million CNY in 2027 [2] - Net profit attributable to shareholders is forecasted to rise from 10,236 million CNY in 2023 to 16,198 million CNY in 2027, with a notable growth rate of 34.9% in 2023 [2][8]

Core Viewpoint - Anta Group has announced the acquisition of a 29.06% stake in Puma for €1.5 billion, becoming its largest single shareholder, while emphasizing respect for Puma's independent governance structure and brand identity [1][4]. Group 1: Acquisition Details - The acquisition will be financed through Anta's internal cash reserves and is expected to be completed by the end of 2026, pending regulatory approval [1]. - Following the announcement, Anta's stock rose over 3% in Hong Kong [1]. - Puma is currently facing operational challenges, with a 10.4% year-on-year decline in sales and a net loss of €62.3 million in Q3 2025 [1]. Group 2: Strategic Implications - The acquisition is seen as a strategic milestone in Anta's "single focus, multi-brand, globalization" strategy, aimed at enhancing its global competitiveness in the fashion sports sector [4]. - Experts believe that Puma's inclusion will complete Anta's brand pyramid, allowing for a broader customer base and product line [2]. - Anta aims to leverage its experience in direct-to-consumer operations and supply chain optimization to enhance Puma's performance [1][4]. Group 3: Historical Context - Anta has built a sports empire over 17 years through 11 major acquisitions, starting with the takeover of FILA in 2009 [3][5]. - The company has successfully integrated various brands, including Descente and Amer Sports, to diversify its offerings and meet consumer demands [5]. Group 4: Global Expansion Strategy - The acquisition of Puma is expected to accelerate Anta's international expansion, providing access to Puma's established global sales network [7]. - Anta's globalization strategy involves a dual approach of self-branded international expansion and the global operation of acquired brands [7]. - Analysts suggest that this partnership will enhance Anta's influence in the global sports market and help overcome barriers to brand recognition [7][8]. Group 5: Future Outlook - Anta's brand value is projected to rank fourth globally by 2025, following Nike, Adidas, and Lululemon, indicating its growing market presence [8]. - The company faces the challenge of balancing Puma's brand independence with achieving synergies to realize its vision of becoming a global brand [8].

Core Viewpoint - Anta Sports announced the acquisition of a 29% stake in Puma for €1.5 billion (approximately ¥12.3 billion), becoming the largest shareholder of the globally recognized sports brand [1] Group 1: Strategic Complementarity - The transaction is viewed as having long-term strategic value for both parties, with Puma's global business layout and product segmentation highly complementary to Anta [2] - Anta aims to enhance its market influence and brand recognition globally, while Puma is expected to benefit from Anta's experience in brand revitalization, particularly in the Chinese market where Puma's sales contribution was only about 7% in the first half of 2025 [2] Group 2: Transaction Details - The acquisition price is set at €35 per share, representing a 62% premium over Puma's recent closing price of €21.63, with an implied valuation of 0.7 times the expected 2026 sales, lower than the average of 2.9 times for global sportswear companies [3] - The funding for the acquisition will come entirely from Anta's internal resources, with a net cash position of ¥31.5 billion as of the first half of 2025, alleviating concerns about additional financing needs [3] - The transaction is subject to regulatory approvals, including antitrust clearance, and is expected to be completed within 6 to 10 months under normal circumstances [3] Group 3: Management's Strategic Intent - Anta's management indicated that the acquisition aims to secure a strategically significant minority stake and plans to seek representation on Puma's supervisory board to assist in brand revitalization [4] - The management does not anticipate any impact on dividends for 2025, aiming to maintain stable and healthy dividends depending on free cash flow [4] - Investors should monitor the financial impact, with expectations of a €195 million loss for Puma in 2026, and the duration required for Puma's revitalization remains a market focus [4]

国内体育用品龙头企业安踏体育全球扩张再落关键一子。1月27日，安踏公告披露，已与阿尔忒弥斯集 团达成协议，将以每股35欧元的价格收购德国运动品牌彪马约29.06%的股权，涉及资金约15.06亿欧元 （约合人民币122.8亿元）。交易预计在2026年底前完成，届时安踏将成为彪马第一大股东。 彪马近年业绩增长乏力。财报显示，其2023年至2025年上半年营收增速放缓，净利润由盈转亏，其中 2025年上半年净亏损约2.5亿欧元。尽管面临短期挑战，彪马在全球市场，特别是在足球、赛车及潮流 运动领域，仍拥有深厚的品牌积淀与渠道网络。 安踏在公告中表示，此次投资将有助于提升集团的全球市场地位与品牌影响力。集团董事局主席丁世忠 称，交易完成后将充分尊重彪马原有的企业治理与品牌战略，计划通过委派监事代表的方式参与治理， 并支持现有管理团队继续运营。 "此次收购对中国体育用品集团而言具有战略意义。"业内人士认为，彪马在欧美等成熟市场的零售渠 道，可为安踏旗下品牌提供现成的国际化平台，大幅缩减海外拓展的时间与成本。同时，彪马在专业运 动与时尚领域的资源，能够与安踏现有品牌矩阵形成互补，进一步丰富其产品布局。 2019年起，安踏通 ...