管理层表示，此次交易不影响其2025年预期股息。高盛指，对安踏当前的盈利预测尚未反映此项收购协 议的影响；而集团股价在昨日收盘上涨2%，认为可能部分反映了投资者对安踏并购活动担忧的缓解。 该股现价相当于2026年高盛预测13倍至14倍市盈率，估值具吸引力。 智通财经APP获悉，高盛发布研报称，安踏体育(02020) 昨日(27日)于盘前公布，已与Groupe Artemis达 成协议，收购其所持有的Puma29.06%股权。予该股维持"买入"评级，12个月目标价108港元。 ...

Core Viewpoint - Goldman Sachs reports that Anta Sports (02020) has reached an agreement to acquire a 29.06% stake in Puma from Groupe Artemis, maintaining a "Buy" rating with a 12-month target price of HKD 108 [1] Group 1: Acquisition Details - The acquisition is not expected to affect Anta's projected dividend for 2025 [1] - The stock price of Anta rose by 2% at the previous close, indicating a potential easing of investor concerns regarding the acquisition [1] Group 2: Financial Projections - Goldman Sachs notes that current earnings forecasts for Anta do not yet reflect the impact of this acquisition agreement [1] - The current stock price corresponds to a projected price-to-earnings ratio of 13 to 14 times for 2026, suggesting an attractive valuation [1]

安踏体育 2020 HK 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 1 月 28 日 中国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 战略布局 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 1 月 28 日发布的题为《Strategic move》 的报告，安踏体育股价在 1 月 27 日上涨 2%，此前公司宣布以每股 35 欧元的价格（含税总对价 15.05 亿欧元/122.8 亿元人民币）现金收购 Artémis（皮诺家族）持有的彪马（PUMA）SE 29.06%股权，其资金全部来自内部资源。此 次交易符合安踏"单聚焦、多品牌、全球化"战略，鉴于彪马在大中华区销售额占比仅 7%（显著低于同业 17%- 30%水平），未来市场空间拓展潜力巨大。安踏管理层确认交 ...

Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]

大摩表示，Puma在欧洲、拉丁美洲、非洲及印度市场有较高业务敞口，上述市场正是安踏目前业务占 比相对有限的地区，因此预计今次交易将对安踏的全球化发展带来积极贡献。交易估值相当于2027年预 测市销率0.8倍，考虑到Puma的品牌价值，大摩认为估值合理。 摩根士丹利发布研报称，安踏体育(02020)宣布拟以内部资源支付约15亿欧元，收购Puma约29.06%股 权，交易定位为战略投资，公司表明现阶段不考虑将Puma私有化。大摩认为，鉴于Puma拥有约90亿欧 元的营收规模及强大的品牌知名度，对安踏现有品牌组合可带来互补作用，相信是次交易将为安踏带来 益处。 ...

智通财经APP获悉，摩根士丹利发布研报称，安踏体育(02020)宣布拟以内部资源支付约15亿欧元，收购 Puma约29.06%股权，交易定位为战略投资，公司表明现阶段不考虑将Puma私有化。大摩认为，鉴于 Puma拥有约90亿欧元的营收规模及强大的品牌知名度，对安踏现有品牌组合可带来互补作用，相信是 次交易将为安踏带来益处。 大摩表示，Puma在欧洲、拉丁美洲、非洲及印度市场有较高业务敞口，上述市场正是安踏目前业务占 比相对有限的地区，因此预计今次交易将对安踏的全球化发展带来积极贡献。交易估值相当于2027年预 测市销率0.8倍，考虑到Puma的品牌价值，大摩认为估值合理。 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [7] Core Views - Anta Sports announced an agreement to acquire approximately 29.06% of PUMA's shares for €15.06 billion (approximately ¥122.8 billion), becoming PUMA's largest shareholder [1][2] - The acquisition is part of Anta's strategy of "single focus, multi-brand, and globalization," aiming to enhance its global brand matrix and leverage PUMA's strengths in professional sports and fashion [2][4] - The transaction is expected to be completed by December 31, 2026, pending regulatory approvals, and is anticipated to have no impact on Anta's dividend capacity for 2025 [3][4] Summary by Sections Acquisition Details - Anta Sports will pay €35 per share, representing a 63% premium over PUMA's closing price of €21.5 on January 27, 2026 [3] - The acquisition is valued at approximately 0.8 times the expected revenue for FY2027, indicating a reasonable valuation for a global brand [3] Financial Projections - Anta forecasts net profits of ¥130.2 billion, ¥140.1 billion, and ¥155.0 billion for 2025, 2026, and 2027 respectively [5] - The target price for Anta is set at HKD 109.21, based on a target PE of 20x for 2026 [5] Market Potential - PUMA's revenue in China is currently low, accounting for about 7% in the fiscal year 2024, indicating significant growth potential in the Chinese market [4] - Anta plans to utilize its established "brand + retail" business model to enhance PUMA's operations in China, aiming for growth above the industry average [4]

摩根士丹利发表研报指，安踏体育宣布拟以内部资源支付约15亿欧元，收购Puma约29.06%股权，交易 定位为战略投资，公司表明现阶段不考虑将Puma私有化。大摩认为，鉴于Puma拥有约90亿欧元的营收 规模及强大的品牌知名度，对安踏现有品牌组合可带来互补作用，相信是次交易将为安踏带来益处。 大摩表示，Puma在欧洲、拉丁美洲、非洲及印度市场有较高业务敞口，上述市场正是安踏目前业务占 比相对有限的地区，因此预计今次交易将对安踏的全球化发展带来积极贡献。交易估值相当于2027年预 测市销率0.8倍，考虑到Puma的品牌价值，大摩认为估值合理。 ...

晨星分析师Ivan Su报告称，安踏 体育计划收购彪马29%的股份，这为其中国业务的增长提供了上行空 间。他预计，得益于安踏在规模化运营国际品牌方面的良好往绩，彪马在中国的收入将有显著改善。虽 然彪马中国业务的好转可能需要时间，但Su认为这极有可能实现。他表示，安踏可以重整彪马的分销 策略，转向直营更高质量的门店，推出更多本土化产品，并利用其在足球领域的传统优势。Su还认 为，安踏决定用现金为此次收购提供资金是积极的，因为这解决了投资者对现金储备过多的担忧。晨星 维持对安踏122.00港元的合理价值估值，并计划在获得监管部门批准且有更多细节公布后，重新评估其 估值。 ...

Core Viewpoint - UBS reports that Anta Sports has announced the acquisition of over 29% stake in Puma for more than €1.5 billion, making it the largest shareholder of Puma [1] Group 1: Acquisition Details - Anta has no intention to privatize Puma, with the acquisition price reflecting approximately a 62% premium [1] - The purchase price corresponds to a projected price-to-earnings ratio of about 15 times and a price-to-sales ratio of approximately 0.6 times for 2024 [1] Group 2: Financial Position and Impact - UBS anticipates that this transaction is within expectations for investors, considering Anta's net cash of 31.5 billion yuan as of June last year [1] - The firm believes that the dividend policy will remain unaffected by this acquisition [1] Group 3: Growth Potential - UBS expects that the acquisition will create brand synergy, noting that only about 8% of Puma's sales currently come from China, which is below the 10% to 20% range of leading global sports brands [1] - There is significant growth potential for Puma in the Chinese market [1] Group 4: Investment Rating - UBS maintains a target price of HKD 117 for Anta and rates it as "Buy" [1]