FF305 表格類別： 股票 狀態： 新提交 公司名稱： 安踏體育用品有限公司 呈交日期： 2025年9月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 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 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | ...

Core Insights - Anta Sports made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month on September 22, 2023 [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 446.44 billion, accounting for 32.80% of the day's total trading amount, with a net buying amount of HKD 77.54 billion [2] - Alibaba-W led the trading volume with HKD 90.45 billion, followed by SMIC and Shankai Holdings with HKD 89.67 billion and HKD 55.25 billion respectively [2] Trading Activity Summary - Anta Sports had a trading volume of HKD 8.08 billion and a net buying amount of HKD 1.23 billion, with a closing price of HKD 94.65, reflecting a daily decline of 2.22% [2][3] - The most frequently listed stocks in the past month include Alibaba-W and Meituan-W, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect funds [2] - Other notable stocks on the active trading list include Tencent Holdings, Xiaomi Group W, and Huahong Semiconductor, with respective trading volumes of HKD 34.23 billion, HKD 28.92 billion, and HKD 7.91 billion [2][3]

Market Overview - On September 22, the Hang Seng Index fell by 0.76%, closing at 26,344.14 points, while southbound funds through the Stock Connect recorded a net purchase of 12.736 billion HKD [2][5]. Trading Activity - The total trading volume for the Stock Connect on September 22 was 136.093 billion HKD, with a net purchase of 12.736 billion HKD. Specifically, the Shanghai Stock Connect had a trading volume of 86.020 billion HKD and a net purchase of 8.154 billion HKD, while the Shenzhen Stock Connect had a trading volume of 50.073 billion HKD and a net purchase of 4.583 billion HKD [2][3]. Active Stocks - In the Shanghai Stock Connect, the top active stock was SMIC, with a trading volume of 5.839 billion HKD, followed by Alibaba-W and Shankai Holdings, with trading volumes of 5.349 billion HKD and 4.155 billion HKD, respectively. The largest net purchase was in the Yingfu Fund, amounting to 2.864 billion HKD, despite its closing price dropping by 0.88% [2][3]. - In the Shenzhen Stock Connect, Alibaba-W led with a trading volume of 3.696 billion HKD, followed by SMIC and Tencent Holdings, with trading volumes of 3.128 billion HKD and 1.823 billion HKD, respectively. Alibaba-W also had the highest net purchase of 1.063 billion HKD, while Meituan-W recorded the largest net sell of 180 million HKD, closing down by 2.26% [3][4]. Stock Performance - The performance of key stocks included: - SMIC: Trading volume of 5.839 billion HKD, net sell of 9.108 million HKD, with a daily increase of 5.16% [3]. - Alibaba-W: Trading volume of 5.349 billion HKD, net buy of 1.551 billion HKD, with a daily increase of 0.06% [3]. - Shankai Holdings: Trading volume of 4.154 billion HKD, net buy of 248.74 million HKD, with a daily increase of 29.76% [3]. - Meituan-W: Trading volume of 2.193 billion HKD, net sell of 20.462 million HKD, with a daily decrease of 2.26% [3][4].

Core Viewpoint - Anta Sports is facing a significant public relations crisis due to the "fireworks incident" involving its outdoor brand Arc'teryx, which has led to a decline in consumer trust and a drop in stock price, highlighting the challenges of balancing scale and brand values in a competitive outdoor market [1][9][10]. Group 1: Company Strategy and Acquisitions - Anta Sports has been actively building an outdoor brand empire through acquisitions, including the full acquisition of Jack Wolfskin for $290 million and the purchase of Amer Sports for €4.6 billion, which includes brands like Arc'teryx and Salomon [4][5]. - The company aims to establish a multi-brand universe with a focus on global expansion, adhering to a "single focus, multi-brand, globalization" strategy [4][5]. - In 2024, Anta's revenue is projected to exceed 70.826 billion yuan, marking a 13.6% year-on-year growth, making it the leading sports market player in China [5]. Group 2: Brand Performance and Marketing - Amer Sports, under Anta's ownership, reported a 23.46% revenue increase to $2.708 billion in the first half of 2025, with a net profit surge of 3047.06% [6]. - The marketing strategies employed by Anta have successfully positioned brands like Descente and Salomon as fashionable choices among middle-class consumers, expanding their market reach [7][8]. - The revenue from all other brands, including Descente and Kolon, reached 7.412 billion yuan in the first half of 2025, reflecting a 61.1% increase [7]. Group 3: Crisis and Brand Value - The fireworks incident has raised concerns about the dilution of Arc'teryx's brand values, which traditionally emphasize respect for nature and environmental sustainability [9][10]. - Experts suggest that the incident serves as a warning for Anta to protect and uphold the core values of its brands while pursuing aggressive growth strategies [10][11]. - The marketing approach that focuses on trendy labels and short-term gains may risk alienating core outdoor enthusiasts and undermine the long-term value of the brands [11].

Core Viewpoint - The controversy surrounding the firework display organized by the outdoor brand Arc'teryx and artist Cai Guo-Qiang in the Himalayas has sparked significant public discussion and backlash, leading to a decline in the stock price of Anta Sports, the parent company of Arc'teryx [2][3]. Group 1: Environmental Impact - Experts have criticized the notion that using biodegradable materials absolves the event from ecological responsibility, emphasizing that the degradation process is highly dependent on local biological activity, which is fragile in the area [2][3]. - The ecological restoration of alpine meadows can take decades or even centuries, highlighting the long-term impact of such events [2]. Group 2: Regulatory Oversight - The local government had previously approved the firework display, maintaining that the procedures were compliant and that the ecology was not harmed, despite the subsequent backlash [3][4]. - The environmental impact assessment law requires projects with minimal environmental impact to file a registration form, but the approval process for this event appears to have overlooked stricter regulations applicable to the Himalayas [3][5]. Group 3: Broader Implications - The event was part of Arc'teryx's "Upward to Beauty" series, which aimed to promote cultural tourism in the region, suggesting that economic incentives may have influenced the decision-making process [4]. - The investigation into the firework display should extend beyond this incident to examine other projects that may also be violating ecological regulations under the guise of compliance [5].

(本文来自第一财经) 港股安踏体育跌幅扩大，现跌超5%，安踏旗下始祖鸟品牌因"赞助艺术家在喜马拉雅山脉放烟花"致 歉。 ...

Core Viewpoint - The recent fireworks event held by Arc'teryx in the ecologically sensitive Himalayas has sparked significant environmental controversy, raising questions about Anta Group's commitment to its stated ESG principles and environmental responsibilities [4][5][9] Group 1: Event Overview - Arc'teryx collaborated with artist Cai Guoqiang to host a fireworks show titled "Cai Guoqiang: Ascending Dragon" in the Himalayas, aiming to explore local mountain culture [3] - The event has been criticized for potentially harming the fragile ecosystem of the region, which is home to sensitive wildlife and unique environmental conditions [4][5] Group 2: Environmental Concerns - The fireworks display may cause irreversible damage to local soil, water sources, and wildlife, contradicting Anta's ESG commitments to biodiversity and environmental protection [5][6] - Anta's 2024 ESG report emphasizes adherence to biodiversity protection goals and avoidance of activities that could harm ecosystems, yet the event's location raises concerns about compliance with these commitments [5][6] Group 3: Brand Image and Consumer Reaction - Anta has been positioning itself as a leader in sustainable fashion, with over 30% of its products being sustainable, but the fireworks incident starkly contrasts with its environmental promises [9] - Following the event, several outdoor and photography influencers have severed ties with Anta or expressed intentions to boycott the brand, indicating a potential backlash against its image [9] Group 4: Corporate Governance Issues - The differing statements from Arc'teryx regarding its involvement in the event have led to accusations of double standards, further complicating the brand's public relations [10][12] - Anta has not publicly addressed the incident, leading to increased consumer dissatisfaction and concerns about its governance capabilities, which may negatively impact its ESG ratings [12][13] Group 5: Financial Impact - Following the controversy, Anta's stock price fell by 2.22%, resulting in a market capitalization loss of approximately 6 billion HKD [13]

Core Viewpoint - The outdoor brand Arc'teryx faces a significant public relations crisis following a controversial fireworks event in the Himalayas, which has raised concerns about environmental protection and the brand's commitment to sustainability [2][9]. Group 1: Event and Response - On September 19, Arc'teryx collaborated with artist Cai Guoqiang for a fireworks display in Tibet, which quickly sparked global criticism regarding environmental impact [2]. - Following the backlash, Arc'teryx and Cai Guoqiang deleted related social media posts and issued apologies [3][4]. - The brand's official statement on Instagram expressed regret and indicated a need to adjust their working methods to prevent similar incidents in the future [6]. Group 2: Brand Image and Consumer Trust - Arc'teryx, known for its environmental technology, saw its "environmental pioneer" image severely damaged due to the fireworks sponsorship [7]. - The brand's dual apology letters, differing in tone for domestic and international audiences, led to further criticism, with some perceiving it as insincere [8]. - The incident has prompted discussions about the need for Arc'teryx to establish an ecological restoration fund to rebuild consumer trust [17]. Group 3: Financial Performance and Growth Challenges - Arc'teryx's parent company, Amer Sports, reported strong financial performance with a 23% year-over-year revenue increase to $1.236 billion in Q2 2025, driven by significant growth in the Greater China region [20][21]. - However, Arc'teryx is experiencing a slowdown in growth momentum, with declining same-store sales growth and a decrease in operating profit margin [22]. - The brand is transitioning from a "clothing brand" to a "full-category outdoor equipment retailer," with a focus on expanding its footwear line, which has shown over 60% growth [26][27]. Group 4: Market Position and Future Outlook - Arc'teryx's success has been tied to the middle-class consumer's environmental values, but the recent crisis has undermined this value system [15]. - The brand's identity as a premium outdoor label has been challenged, leading to questions about the authenticity of its environmental commitments [30]. - Despite the crisis, there is a belief that middle-class consumers will not abandon Arc'teryx entirely, but the brand must take decisive actions to restore trust [30].

目前，始祖鸟烟花争议事件也波及安踏集团。多个名称带有"安踏"的社交平台账号都有网友涌入留言， 其中安踏集团官方微博已设置关注及评论限制，用户无法关注或评论其以往发布内容；其抖音账号多条 视频也被隐藏。截至发稿，安踏集团尚未对上述事件公开表态。#安踏旗下不止始祖鸟# 转自：贝壳财经 【始祖鸟烟花争议持续发酵，#始祖鸟烟花争议波及母公司安踏#】在喜马拉雅山脉烟花秀争议后，蔡国 强工作室和户外品牌始祖鸟于9月21日分别发表声明致歉。不过也有网友称始祖鸟在海外社交媒体平台 发布的英文说明内容与国内版本存在差异。部分网友质疑，始祖鸟文中提到的"与中国团队沟通调整工 作方式"有"甩锅"的嫌疑。据了解，始祖鸟母公司亚玛芬体育已于2019年被安踏全资收购。 ...

Core Viewpoint - Anta Sports' stock price has declined significantly, influenced by the controversy surrounding its brand Arc'teryx's fireworks event in the Himalayas, leading to a market capitalization loss of 7.72 billion HKD [1][2][3] Company Performance - Anta Sports reported a revenue of 38.544 billion CNY for the first half of the year, representing a year-on-year growth of 14.3%, while the net profit attributable to shareholders decreased by 8.9% to 7.031 billion CNY [6] - Amer Sports, which is owned by Anta, achieved a revenue of 2.709 billion USD in the first half of the year, a year-on-year increase of 23.46%, with a net profit of 153 million USD [4][5] Market Reaction - On September 22, Anta Sports' stock opened at 92.35 HKD and fluctuated, reaching a low of 89.75 HKD, ultimately closing down 2.84% at 94.05 HKD, resulting in a total market value of 264.018 billion HKD [1][2] - The controversy surrounding the fireworks event has led to negative public sentiment, which has further impacted the stock performance of Anta Sports [3][4] Brand Strategy - Arc'teryx plans to continue its store expansion strategy, with a net addition of approximately 25 stores globally by 2025, focusing on North America while optimizing its store network in the Greater China region [5][6] - The brand aims to enhance its presence in high-quality and high-efficiency locations, despite a net closure of some historical partnership stores in the Greater China area this year [6]