15 亿欧元、29% 股权、不控股，这不是一次并购冲动，而是一场对全球经营权的下注。 作者 | 思岭 15 亿欧元、29% 股权、不控股，这不是一次并购冲动，而是一场对全球经营权的下注。安踏用少数股权，换取进入全球品牌治理与运营系统的入 口：产品节奏、渠道效率、库存纪律、品牌重启。它真正测试的不是彪马值不值钱，而是安踏式运营，能否在欧美成立。 2026 年 1 月 27 日，安踏体育宣布，以约 15 亿欧元现金，收购彪马（PUMA）母公司 PUMA SE 约 29.06% 股权，成为第一大股东，但不控股。 这不是一次传统意义上的并购。这是一次对"全球经营权"的下注。 29% 是一个极不浪漫、却极其理性的比例。 它有三层含义： · 足够大：可以进入董事会，进入核心治理半径； 1、全球经营权的入场券 当下全球运动行业的问题，从来不是"有没有品牌"，而是品牌还能不能被重新做成增长机器。而增长机器真正的零件，不在 Logo 上，而在治理系 统里： 29% 的股权，让安踏进入这个系统内部，却不把自己锁进一场长期、沉重、充满政治摩擦的整合战。它更像买了一张后台通行证，不急着上台， 但终于能看清剧本。 2、一个可验证的"全 ...

当前价：76.35 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 2026 年 1 月 27 日 公司研究 大手笔收购 PUMA29%股权，多品牌全球化布局再一里程碑 ——安踏体育（2020.HK）拟收购公告点评 买入（维持） 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 27.97 | | 总市值(亿港元)： | 2135.24 | | 一年最低/最高(港 | 73.55-106.30 | | 元)： | | | 近 3 月换手率： | 32.2% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.2 | -10.8 | -37.1 | | 绝 ...

China's biggest sportswear brand Anta Sports Products said on Tuesday it would buy a 29.06% stake in Puma from the Pinault family for 1.5 billion euros ($1.8 billion), making it the biggest sharehol... ...

Company News - Anta Sports plans to acquire a 29.06% stake in Puma for approximately 12.278 billion RMB, becoming its largest shareholder, with the transaction expected to complete by the end of 2026 pending regulatory approval, and the stock price rose over 3% [1] - Haike New Source signed a long-term cooperation agreement with BYD Lithium Battery Co., Ltd. on January 23, 2026, for a duration of three years, where Haike will supply at least 100,000 tons of four solvents annually to BYD's Hubei project via pipeline [1] - Joyson Safety Systems received the "Value Co-Creation Award" at the Changan Ford 2026 Supply Chain Partner Conference, with its products supporting both domestic and export models of Changan Ford [1] - Lihexing's investment in Cybertron Semiconductor is actively pursuing business cooperation with leading DRAM companies such as Samsung and SK Hynix, involving DRAM-related testing services and technical reserves [1] - Lianqi Technology has recently completed the development and system verification of a high-performance active electrical cable solution based on PCIe 6.x/CXL 3.x standards, supporting PCIe 6.0 x16 channel high-speed data transmission, suitable for AI servers and data center needs [1] - Lingbo Technology has released an open-source high-precision spatial perception model, LingBot-Depth, based on original data from the Orbbec Gemini 330 series dual-camera 3D chip, aimed at enhancing environmental depth perception and 3D spatial understanding for robots and autonomous vehicles [1] - ChipSource Microelectronics established a wholly-owned subsidiary, Wuhan Huachuang ChipSource Microelectronics Equipment Co., Ltd. in Wuhan [1]

花旗发布研报称，安踏体育(02020)今早(27日)宣布以15亿欧元收购运动品牌Puma的29%股权，交易完成 后将成为Puma最大股东。该行认为，由于市场对此次收购已有预期，故维持对安踏的"买入"评级，目 标价107港元。 花旗强调，随著Puma收购案及公司对2026年的审慎展望已充分与市场沟通，短期利空因素已基本释 放。行业选股依次为安踏>滔搏(06110)，均予"买入"评级。 报告指出，收购对价相当于每股35欧元，约为Puma2025年预测市销率的0.7倍。安踏管理层在电话会议 中表明，现阶段并无将Puma私有化的计划，且收购资金将全部来自内部资源，不会影响公司的股息分 派及股东现金回报。花旗认为，这缓解了市场对安踏可能进行股权融资或全面合并Puma的担忧。 该行分析，安踏过往在收购FILA及Amer Sports后展现出卓越的整合与营运赋能能力，对其未来协助 Puma拓展业务(特别是在中国市场)具有信心。管理层预期，双方在品牌、供应链、分销渠道及物流基础 设施等方面可产生显著协同效应。该交易尚需通过监管审批及股东大会批准。 ...

Core Viewpoint - Anta Sports (02020) announced the acquisition of a 29% stake in Puma for €1.5 billion, becoming the largest shareholder of Puma, which is expected to enhance its market position and operational capabilities [1] Group 1: Acquisition Details - The acquisition price is equivalent to €35 per share, approximately 0.7 times Puma's projected price-to-sales ratio for 2025 [1] - Anta's management confirmed there are no current plans to privatize Puma, and the acquisition will be funded entirely from internal resources, ensuring no impact on dividend distribution and shareholder cash returns [1] Group 2: Market Reaction and Analyst Insights - Citi maintains a "Buy" rating on Anta with a target price of HKD 107, citing that the market had already anticipated this acquisition [1] - The acquisition alleviates market concerns regarding potential equity financing or a full merger with Puma [1] Group 3: Strategic Implications - Anta has demonstrated strong integration and operational empowerment capabilities in past acquisitions, such as FILA and Amer Sports, which instills confidence in its ability to assist Puma in expanding its business, particularly in the Chinese market [1] - Management expects significant synergies in branding, supply chain, distribution channels, and logistics infrastructure between Anta and Puma [1] Group 4: Regulatory and Market Outlook - The transaction is subject to regulatory approval and shareholder meeting consent [1] - With the communication of the Puma acquisition and a cautious outlook for 2026, short-term negative factors have largely been addressed [1]

每经记者｜孙宇婷 赵李南 每经编辑｜陈旭 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）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、亚玛芬体育之后，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（以下简称每经记者）表示。 在本次交易中，最引人注目的无疑是安踏体育对PUMA给出的估值与 ...

Core Viewpoint - Anta Sports Products Limited has announced a strategic agreement to acquire a 29.06% stake in Puma SE for €1.5 billion, becoming its largest shareholder, marking a significant step in the globalization of Chinese sports brands [1][2]. Group 1: Strategic Investment and Globalization - The acquisition aligns with Anta's core strategy of "single focus, multi-brand, globalization," enhancing resource collaboration and value creation between Anta and Puma [2][10]. - This partnership is seen as a milestone for the globalization of the Chinese sports industry, transitioning from "brand going global" to "ecosystem going global" [2][10]. Group 2: Historical Context and Growth Strategy - Anta's globalization strategy consists of three phases: establishing international brands in China, managing global brands, and promoting Chinese brands internationally [3][4]. - The acquisition of the FILA brand in 2009 marked the beginning of Anta's multi-brand strategy, which has since proven successful, with FILA generating over ¥26.63 billion in revenue by 2024 [3][4]. Group 3: Operational Synergies and Market Expansion - The partnership with Puma will allow Anta to leverage Puma's established channels in mature markets while providing Puma with Anta's local operational expertise and digital capabilities [2][8]. - Anta's strategy includes a "three-year thousand stores plan" in Southeast Asia and the opening of flagship stores in North America, indicating aggressive market expansion [4][7]. Group 4: Core Competencies and Management Philosophy - Anta's success is underpinned by three core capabilities: multi-brand collaborative management, multi-brand retail operation, and global resource integration [8][9]. - The company employs a "consensus over control" strategy in managing acquisitions, respecting the existing management structures of acquired brands while injecting efficiency and strategic planning [10][11]. Group 5: Impact on Global Industry Landscape - The acquisition is expected to disrupt the existing duopoly of Nike and Adidas in the global sports market, potentially leading to a "three-legged" competitive landscape [11][12]. - Anta's approach to globalization emphasizes the importance of cultural respect and mutual empowerment, setting a new paradigm for Chinese enterprises in the global market [10][12].

Core Viewpoint - Anta Sports Products Limited has announced a strategic agreement to acquire a 29.06% stake in Puma SE for €1.5 billion, becoming its largest shareholder, marking a significant step in the globalization of Chinese sports brands [1][2]. Group 1: Strategic Investment and Globalization - The acquisition aligns with Anta's core strategy of "single focus, multi-brand, globalization," enhancing its position as a leading multi-brand sports group with a market value among the top three globally [2]. - The partnership with Puma is expected to create a mutually beneficial ecosystem, leveraging Anta's resources in Asia and Puma's established presence in mature markets like Europe and North America [2][8]. - This collaboration signifies a milestone in the globalization of the Chinese sports industry, transitioning from "brand going global" to "ecosystem going global" [2][12]. Group 2: Historical Context and Growth Strategy - Anta's globalization strategy consists of three phases: establishing international brands in China, managing global brands, and promoting Chinese brands internationally [3]. - The first phase involved acquiring the rights to FILA in 2009, which has since become a significant revenue contributor, showcasing Anta's ability to reconstruct international brand value [3][4]. - The second phase included the acquisition of Amer Sports in 2019 for €4.66 billion, allowing Anta to transition from a regional operator to a global holding company [4]. Group 3: Operational Synergies and Capabilities - Anta's success in globalization is supported by three core capabilities: multi-brand collaborative management, multi-brand retail operation, and global resource integration [9]. - The collaborative management model allows for distinct brand identities while sharing resources, avoiding internal competition and achieving economies of scale [9][10]. - The direct-to-consumer (DTC) model has proven effective, with Puma's DTC sales growing by 16.6% in the 2024 fiscal year, indicating potential for mutual learning and operational enhancement [10]. Group 4: Cultural and Management Philosophy - Anta's approach to globalization emphasizes respect and empowerment in cross-cultural management, maintaining the integrity of Puma's brand identity while integrating operational efficiencies [11][12]. - The "loose control" governance model focuses on key outcomes without interfering in daily operations, fostering innovation and ensuring strategic alignment across brands [12]. Group 5: Future Outlook and Industry Impact - The partnership with Puma is expected to reshape the global sports industry landscape, challenging the dominance of Nike and Adidas and potentially establishing a "three-legged" competitive structure [12][13]. - Anta's evolution from integrating into the global market to empowering it reflects a broader trend in Chinese enterprises, showcasing their ability to create value on a global scale [13].

多品牌体育用品集团安踏体育用品有限公司（02020.HK，以下称"安踏集团"）今日宣布，与Pinault家族 的投资公司Groupe Artémis达成购股协议，收购全球标志性运动品牌彪马（PUMA）所属公司PUMA SE 29.06%的股权，现金对价为15亿欧元。此举是安踏集团深入推进全球化战略的重要一步，将提升其在 全球体育用品市场的影响力、知名度以及竞争力。 本次交易预计于2026年底前完成，但仍需要得到相关监管部门批准及满足惯例交割条件。此次股权收购 资金全部来源于安踏集团的内部自有现金储备。 安踏集团董事局主席丁世忠表示，收购彪马的股权成为最大股东，是安踏集团深入推进"单聚焦、多品 牌、全球化"发展战略的重要里程碑。彪马是具有标志性意义的全球知名品牌，有着深厚的品牌资 产。"我们期待与彪马公司相互学习并分享经验，携手合作充分释放其品牌势能，这将有助于进一步推 动安踏集团的全球化进程，促进包括中国在内的全球体育产业繁荣，同时为全球消费者和利益相关者创 造长期价值。" 安踏集团深耕体育用品行业35年，以中国市场为根基和发展引擎，并在东南亚、中东、非洲、北美及欧 洲等多个关键市场拓展业务。集团成功运营多个 ...