Core Viewpoint - Anta Sports (02020) reported a 14.5% year-on-year increase in adjusted net profit for the first half of the year, meeting expectations [1] - The management has raised forecasts for Descente and Kolon, indicating confidence in the multi-brand strategy [1] - The recent business developments with Jack Wolfskin and Musinsa are expected to serve as long-term growth catalysts for the company [1] - The target price for Anta Sports has been raised from HKD 106 to HKD 114.7, maintaining a "buy" rating [1] Financial Performance - Adjusted net profit for Anta Sports increased by 14.5% year-on-year [1] Strategic Outlook - Management has adjusted forecasts for Descente and Kolon, reflecting a positive outlook on multi-brand strategy execution [1] - Recent partnerships with Jack Wolfskin and Musinsa are anticipated to drive long-term growth [1] Investment Rating - The investment bank maintains a "buy" rating for Anta Sports, with an increased target price of HKD 114.7 [1]

Core Viewpoint - Anta Sports (02020) reported a 14.5% year-on-year increase in adjusted net profit for the first half of the year, meeting expectations [1] - The management has raised forecasts for Descente and Kolon, indicating confidence in the multi-brand strategy [1] - The recent business developments related to Jack Wolfskin and Musinsa are expected to serve as long-term growth catalysts for the company [1] - The target price for Anta has been raised from HKD 106 to HKD 114.7, maintaining a "Buy" rating [1] Financial Performance - Adjusted net profit for the first half increased by 14.5% year-on-year, aligning with market expectations [1] Strategic Outlook - Management's upward revision of forecasts for Descente and Kolon reflects a positive outlook on the multi-brand strategy [1] - Anta's recent business developments with Jack Wolfskin and Musinsa are anticipated to drive long-term growth [1] Investment Rating - The investment bank maintains a "Buy" rating for Anta Sports, with an increased target price of HKD 114.7 from HKD 106 [1]

Core Viewpoint - Anta Sports (02020) reported a 14.3% year-on-year revenue growth in the first half of the year, reaching 38.54 billion RMB, driven by steady growth in the Anta brand and a recovery in FILA brand sales, while other brands continued to maintain high growth [1] Financial Performance - The company’s operating profit margin improved by 0.6 percentage points to 26.3% due to effective cost control [1] - Excluding one-time gains from the listing of Amer Sports, the net profit attributable to shareholders increased by 14.5% year-on-year to 7.03 billion RMB, exceeding market expectations [1] Revenue Forecast - The revenue forecast for the group from 2025 to 2027 has been slightly raised by 2% to 4%, while net profit estimates have been increased by 5% to 8% [1] - The management updated the full-year revenue guidance, expecting growth in the Anta, FILA, and other brands in the mid-single digits, mid-single digits, and over 40%, respectively [1] Target Price and Rating - The target price for Anta Sports has been raised to 117.9 HKD, with a rating of "Buy" [1]

Core Viewpoint - Anta Sports (02020) reported a 14.3% year-on-year revenue growth in the first half of the year, reaching 38.54 billion RMB, driven by stable growth in the Anta brand and a recovery in FILA brand sales, while other brands continued to maintain high growth [1] Financial Performance - The company’s operating profit margin improved by 0.6 percentage points to 26.3% due to effective cost control [1] - Excluding one-time gains from the listing of Amer Sports, the net profit attributable to shareholders increased by 14.5% year-on-year to 7.03 billion RMB, exceeding market expectations [1] Future Projections - The revenue forecast for the group from 2025 to 2027 has been slightly raised by 2% to 4%, while net profit estimates have been increased by 5% to 8% [1] - The management updated the full-year revenue guidance, expecting growth in the Anta and FILA brands in the mid-single digits, and over 40% for other brands [1] Target Price and Rating - The target price for Anta Sports has been raised to 117.9 HKD, with a rating of "Buy" [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company has shown strong performance in the first half of the year, achieving a revenue growth of 14.3% despite a relatively weak domestic consumption environment [9]. - The operating profit margin has improved by 0.6 percentage points year-on-year, attributed to refined operations and increased contributions from high-margin brands [9]. - The main brands, Anta and Fila, are expected to maintain steady growth, while other brands like Descente and Kolon are projected to grow rapidly, contributing significantly to overall revenue [9]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 4.80, 5.54, and 6.21 RMB respectively, with a target price of 135.86 HKD based on a 26x PE valuation for 2025 [4][10]. - Revenue projections for the company are as follows: 62,356 million RMB in 2023, growing to 97,528 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [4][12]. - The net profit attributable to the parent company is expected to reach 10,236 million RMB in 2023, with a forecasted increase to 17,427 million RMB by 2027 [4][12]. Company Performance Metrics - The company achieved a gross margin of 62.6% in 2023, with projections indicating a slight decline to 62.5% by 2027 [4][12]. - The net profit margin is expected to fluctuate from 16.4% in 2023 to 17.9% in 2027, reflecting stable profitability [4][12]. - Return on equity (ROE) is projected to decrease from 18.3% in 2023 to 17.3% in 2027, indicating a slight reduction in efficiency over the forecast period [4][12].

纺织服饰 2025 年 08 月 28 日 安踏体育 (02020) —— 中报表现超预期，多品牌发力再现高成长性 上 市 公 司 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 101.60 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 107.50/68.35 | | H 股市值（亿港币） | 2,852.13 | | 流通 H 股（百万股） | 2,807.21 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -5% 15% 35% 55% HSCEI 安踏体育 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 联系人 刘佩 (8621)23297818× liupei@swsresearch.com 投资要点： 财务数据及盈利预测 | 货币单位：人民币 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | ...

人民财讯8月28日电，安踏体育8月28日晚间在港交所公告，公司董事会谨此提及今日若干媒体关于公司 可能收购Canada Goose Holdings Inc.(潜在收购)的报告。公司谨此澄清，其并非该潜在收购的一方。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 安踏體育用品有限公司（「本公司」）董事會（「董事會」）謹此提及今日若干媒體關於本公司 可能收購 Canada Goose Holdings Inc.（「潛在收購」）的報告。本公司謹此澄清，其並非該潛在收 購的一方。 經就本公司作出在合理情況下屬合理的查詢後，我們確認並不知悉任何須為避免本公司證券出現 虛假市場而予以公佈的資料，或任何須根據《證券及期貨條例》第 XIVA 部披露的內幕消息。 本公告乃奉本公司之命而作出。董事會集體及個別地就本公告的準確性負責。 承董事會命 安踏體育用品有限公司 主席 丁世忠 中國香港，二零二五年八月二十八日 於本公告日期，本公司執行董事為丁世忠先生、丁世家先生、賴世賢先生、吳永華先生、鄭捷先 生及畢明偉先生；以及獨立非執行董事為姚建華先生、賴顯榮先生、王佳茜女士及夏蓮女士。 ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立 ...

Core Viewpoint - Goldman Sachs reports that Anta Sports (02020) has exceeded expectations for mid-term core operating profit and net profit, with management adjusting the sales guidance for the Anta core brand to a mid-single-digit growth [1] Group 1: Financial Performance - Anta's mid-term performance reflects the successful execution of its multi-brand strategy, with a focus on investing in existing businesses and exploring acquisition targets to enhance its portfolio [1] - The company maintains a stable dividend payout ratio and share buyback plan, which is expected to improve sales and profit visibility [1] Group 2: Market Outlook - Goldman Sachs has raised the target price for Anta from HKD 117 to HKD 121, reaffirming a "Buy" rating, indicating confidence in the company's growth potential [1] - The market share is anticipated to continue growing sustainably, supported by the company's strategic initiatives [1]

Core Viewpoint - Goldman Sachs reports that Anta Sports (02020) has exceeded expectations for mid-term core operating profit and net profit, with management adjusting sales guidance for the core brand to a mid-single-digit growth rate while maintaining the annual guidance for the Fila brand [1] Group 1: Financial Performance - Anta's mid-term performance reflects the successful execution of its multi-brand strategy, with a focus on investing in existing businesses and actively exploring acquisition targets to enhance its portfolio [1] - The target price for Anta has been raised from HKD 117 to HKD 121, with a reaffirmed "Buy" rating [1] Group 2: Management Strategy - The management's statements align with investor expectations, indicating a commitment to maintaining a stable dividend payout ratio and share buyback plans [1] - Anta is expected to see improved visibility in sales and profitability, with a positive outlook on sustainable market share growth [1]