Core Insights - Company reported Q3 2025 operational results on October 27, showing low single-digit growth in retail sales for the main brand Anta and FILA, while other brands experienced a significant increase in retail sales by 45%-50% year-on-year [1][2][3] Group 1: Main Brand Performance - Anta's Q3 retail sales remained stable compared to Q2, outperforming the overall industry despite a weak consumer environment and internal adjustments in franchise and e-commerce channels [1] - The company has improved over 100 franchise stores and is expected to continue this initiative, while the new e-commerce head is still in the process of product and channel adjustments [1] - The company has not set aggressive targets for the upcoming Double Eleven shopping festival [1] Group 2: FILA and Other Brands - FILA recorded low single-digit growth in Q3, with offline sales showing low single-digit growth and online sales achieving high single-digit growth [2] - FILA launched a tennis strategy and product plan in September, renewing its sponsorship of the China Open and announcing its first tennis ambassador [2] - Other brands, including Descente, KOLON, and MAIA ACTIVE, continued to drive group growth, with Q3 growth rates of 30%, 70%, and approximately 45% respectively [2] Group 3: Future Outlook and Adjustments - The company has lowered its full-year guidance for the Anta main brand to low single-digit growth due to short-term external pressures and internal adjustments, while maintaining growth targets of low single-digit for FILA and 40% for other brands [3] - The company anticipates that the impact of e-commerce and distributor channel adjustments will diminish by 2026, allowing for a potential release of growth momentum [3] - The company remains optimistic about its multi-brand strategy and expects continued strong performance from its brand matrix [3]

Core Insights - Anta's brand retail revenue growth in Q3 2025 was low single digits, while FILA's brand retail revenue also saw low single-digit growth, with all other brands experiencing a significant increase of 45%-50% [1][2] Group 1: Anta Brand Performance - Anta's brand retail revenue growth was below internal expectations, with online channel growth expected to outpace offline [1] - As of the end of Q3 2025, Anta's brand channel inventory turnover was slightly above 5 months, indicating a healthy inventory level [1] - Retail discounts for Anta remained stable, with offline discounts at 71% and online discounts around 50%, slightly increasing year-on-year [1] Group 2: FILA Brand Performance - FILA's brand retail revenue showed healthy growth, with e-commerce revenue expected to grow at a high single-digit rate [1] - FILA's channel inventory was approximately 6 months as of the end of Q3 2025, remaining stable year-on-year due to pre-stock for the "Double Eleven" shopping festival [1] - FILA renewed its partnership with the China Open, becoming the exclusive sportswear sponsor, and committed to supporting youth training in tennis [1] Group 3: Other Brands Performance - Other brands, including Descente and Kelong Sports, experienced retail revenue growth of 45%-50%, with Descente's brand revenue expected to grow by 30% [2] - Kelong's brand retail revenue grew by 70%, and it became the official partner of the Chinese national climbing team, enhancing its outdoor brand image [2] Group 4: Investment Outlook - The overall performance of Anta's main brand was affected by a weak external environment and intensified industry competition, while FILA and outdoor brands continued to show strong performance [2] - Earnings per share projections for the company from 2025 to 2027 are 4.85, 5.42, and 6.19 yuan, with corresponding PE ratios of 16.5, 14.8, and 12.9 times [2]

Core Viewpoint - The company reported a stable performance in retail sales for Q3 2025, with both Anta and FILA brands achieving low single-digit positive growth, while other brands saw a significant increase in retail sales by 40-50% year-on-year [1] Group 1: Retail Performance - Anta brand retail sales (calculated at retail value) achieved low single-digit positive growth year-on-year [1] - FILA brand retail sales also achieved low single-digit positive growth year-on-year [1] - All other brands (excluding those added after January 1, 2024) experienced retail sales growth of 40-50% year-on-year [1] Group 2: Future Outlook - The company is expected to perform well in the sports and outdoor apparel sector in 2025, with an expanding brand matrix likely to increase market share [1] - The company is anticipated to benefit from the ongoing boom in sports and outdoor activities, as well as new opportunities for domestic brands, indicating strong resilience in both short and long-term dimensions [1] Group 3: Financial Projections - The company maintains its original profit forecasts, expecting net profit attributable to shareholders to be 13.41 billion, 15.05 billion, and 17.28 billion yuan for 2025-2027, reflecting year-on-year changes of -14.0%, +12.2%, and +14.9% respectively [1] - The current stock price corresponds to a PE ratio of 16.8 times for 2025, and the company maintains a "strong buy" rating [1]

Core Insights - Anta Sports reported a low single-digit year-on-year growth in revenue for both Anta and FILA brands in Q3 2025, while other brands experienced a revenue growth of 45-50%, demonstrating resilience amid industry slowdowns and increased promotions [1][2] - The company is expected to maintain a strategy focused on healthy inventory levels and discount control, optimizing its structure around high-growth segments such as running, outdoor, and tennis [1] - The overall outlook remains positive, with potential benefits from new retail reforms, category upgrades, and overseas expansion, leading to a "Buy" rating [1] Anta Brand Performance - In Q3 2025, Anta brand revenue achieved low single-digit year-on-year growth, with expectations of low single-digit growth in offline and high single-digit growth in online channels [1] - The discount rates for offline and online channels were approximately 71% and 50%, respectively, with inventory turnover slightly above five months, indicating a healthy range [1] - Online performance is expected to gradually improve as organizational adjustments and content operations stabilize, while offline new retail formats continue to show strong performance [1] FILA Brand Performance - FILA brand revenue also saw low single-digit year-on-year growth in Q3 2025, with strong resilience in e-commerce expected to yield high single-digit growth [1] - The brand has solidified its position in tennis by renewing its sponsorship of the China Open and enhancing customer experience through new store formats [1] - Inventory turnover is projected to stabilize around five to six months by year-end, with discount control remaining steady [1] Other Brands Performance - Other brands reported a significant revenue growth of 45-50% in Q3 2025, with specific brands like Descente and KAILAS showing growth rates of approximately 30% and 70%, respectively [2] - The growth of other brands is attributed to high-end functional products and differentiated retail experiences, with a focus on outdoor and performance sports [2] - The company anticipates maintaining strong growth momentum in Q4 during the outdoor peak season [2] Profit Forecast and Valuation - Due to uncertainties in retail recovery and a competitive promotional environment, the company has adjusted its net profit forecasts for 2025-2027 down by 3.8%, 3.6%, and 4.0% to 13.03 billion, 14.63 billion, and 16.30 billion yuan, respectively [2] - The target price has been adjusted to 115.24 HKD, maintaining a "Buy" rating based on the company's multi-brand and retail operational advantages [2]

Core Viewpoint - Anta Group reported steady overall growth in Q3 2025, with the main brand and FILA achieving low single-digit growth, while other brands experienced a significant growth of 45-50% [1][2][4] Group Performance - In Q3 2025, Anta's main brand and FILA both recorded low single-digit growth, which is a slowdown compared to Q2. Other brands continued to show high growth [1][2] - The management has adjusted the annual revenue guidance for the Anta brand downwards but maintained the operating profit margin guidance for Anta and the revenue growth guidance for FILA and other brands [1][2] Brand Performance - Anta brand's revenue growth was low single-digit, with a healthy inventory level despite an increase in the inventory-to-sales ratio due to promotional stocking [3][4] - FILA's revenue growth was also low single-digit, with a healthy inventory level and stable discount rates [3][4] - Other brands, including Descente and Kolon, saw revenue growth of approximately 45-50%, with Descente growing around 30% and Kolon growing 70% [4] Market Conditions - The consumer market remained under pressure in Q3 2025, affecting the main brand's revenue growth, which was slightly below company expectations [2][4] - The management has lowered the annual guidance for the Anta brand to low single-digit growth due to uncertainties in the consumption environment for Q4 [2][4] Financial Forecast - The company has revised its profit forecast for 2025-2027, expecting net profits of 132.4 billion, 152.2 billion, and 171.6 billion yuan respectively, with comparable profit growth rates of 11.0%, 15.0%, and 12.7% [2][5] - The reasonable valuation range has been adjusted to 116-121 HKD, corresponding to a PE ratio of 23-24X for 2025 [2][5]

机构：中金公司 研究员：林骥川/陈婕/杨润渤/宋习缘 公司动态 公司近况 公司公布三季度经营情况：安踏品牌零售流水同比增长低单位数，FILA品牌零售流水同比增长低单位 数，其他品牌（不含2024 年1 月1 日以后新增品牌）零售流水同比增长45-50%。 评论 3Q25 面临整体零售环境波动和行业去库压力，安踏体育旗下品牌仍跑赢行业。 安踏品牌3Q25 零售流水同增低单位数，较2Q25 略有好转。 分渠道看，线上渠道虽然仍有挑战，但在团队架构调整后表现环比2Q25 有所好转。线下渠道方面， Arena/Palace/冠军等新店型仍旧表现出色，加盟商灯塔店项目有序推进，表现出安踏品牌在线下持续精 细化运营的努力。同时虽然3Q25 外部环境波动，但安踏品牌运营状况依旧稳定，截至9 月末安踏品牌 库销比保持在略超5x 的健康水平。 FILA 品牌3Q25 零售流水同增低单位数，其中我们估计FILA大货稳健增长，FILA 儿童及FUSION 则面 临一定压力。展望长期，随着FILA 在9 月底发布全新的网球战略，通过对网球顶尖资源的投入和新品 开发，在目前网球运动持续火热的背景下，我们认为FILA 有望在长期保持健康 ...

Core Insights - Anta Sports reported Q3 2025 operational results, with Anta brand revenue growth in low single digits, Fila brand revenue growth also in low single digits, and other brands experiencing revenue growth of 45% to 50%, overall performance in line with expectations [1][2]. Anta Brand - In Q3 2025, Anta brand revenue growth was in low single digits, indicating a healthy operational quality despite a volatile domestic consumption environment and ongoing brand adjustments [1]. - The company is optimizing its offline store structure and enhancing adjustments for franchise stores in lower-tier cities, while also restructuring its e-commerce operations, which may temporarily impact e-commerce sales [1]. - As of the end of Q3 2025, the inventory-to-sales ratio for Anta brand is slightly above 5, with stable discounts in offline stores, reflecting a healthy operational level [1]. Fila Brand - Fila brand revenue growth in Q3 2025 was also in low single digits, affected by high temperatures and fluctuations in the consumption environment impacting autumn and winter apparel sales [2]. - E-commerce sales for Fila are expected to significantly outperform offline sales, with the brand's operational capabilities in e-commerce being strong [2]. - The inventory-to-sales ratio for Fila is projected to be around 6 by the end of Q3 2025, with an increase due to preparations for the National Day holiday and major sales events [2]. - Fila is expected to leverage the Q4 sales peak to drive brand growth, with a projected revenue growth in mid-single digits for 2025 [2]. - A new tennis strategy was announced in September 2025, highlighting collaborations with notable tennis players and institutions, indicating a clear development plan for the sport [2]. Other Brands - Other brands under Anta Sports experienced a revenue growth rate of 45% to 50%, showcasing the company's strong new brand incubation capabilities [2]. - Brands like Descente and Kolon are growing rapidly due to improved product strength and store operational capabilities [2]. - Maia Active is also expected to show excellent growth performance in Q3 2025 following successful adjustments [2]. Financial Outlook - For 2025, the company anticipates a revenue growth of 10%, with a projected revenue of 78.181 billion yuan, and a net profit growth of 9% year-on-year, reaching 13 billion yuan [3]. - The outdoor brands Descente and Kolon are expected to maintain strong growth rates [3]. - The profit forecast has been adjusted, with net profits projected at 13.03 billion, 14.78 billion, and 16.74 billion yuan for 2025-2027, corresponding to a PE ratio of 17 times for 2025, maintaining a "buy" rating [3].

Core Viewpoint - Anta Sports' Q3 2025 performance was slightly below expectations due to external factors like weather, but the company continues to show growth potential through its multi-brand strategy and expansion of new retail formats [1][2][3] Group 1: Q3 Performance - Anta brand recorded low single-digit growth in retail sales for Q3 2025 [1] - FILA brand also achieved low single-digit growth in retail sales for Q3 2025 [1] - Other brands, including DESCENTE and KOLON SPORT, experienced a significant retail sales growth of 45-50% in Q3 2025, indicating a strong performance in the outdoor segment [1] Group 2: Retail Expansion - As of mid-2025, Anta's main brand operates 7,187 stores, with various new store formats contributing to growth [1] - The company has introduced multiple new retail formats, including Anta Arena and Anta Champion, which are expected to drive future growth [1] - FILA's store count remains stable, while DESCENTE and KOLON SPORT continue to expand rapidly [1] Group 3: Multi-Brand Strategy - Anta Group completed the acquisition of JACK WOLFSKIN in H1 2025 and is developing a 3-5 year revitalization plan for the brand [2] - A joint venture with South Korean fashion group MUSINSA has been established, with Anta holding a 40% stake, aimed at expanding MUSINSA's presence in the Chinese market [2] - Anta has partnered with two universities to establish a sports shoe design program, focusing on integrating design, materials, technology, and digitalization [2] Group 4: Profit Forecast - The company is expected to achieve net profits of 13.443 billion yuan, 15.453 billion yuan, and 17.626 billion yuan for 2025-2027, with year-on-year growth rates of -13.81%, 14.96%, and 14.06% respectively [3] - The multi-brand strategy is anticipated to provide operational stability and growth, particularly in the outdoor segment, while maintaining controllable costs and overseas expansion potential [3]

Core Viewpoint - Anta's Q3 2025 operational data shows stable performance for its main brands, with outdoor brands continuing strong growth despite a weakening retail environment [1][2][3] Group 1: Brand Performance - Anta and FILA brands both experienced low single-digit growth in Q3 2025, indicating stable performance [1] - Other brands saw a significant growth of 45-50%, maintaining strong momentum [1] - FILA's Q3 2025 revenue growth was low single digits, impacted by delayed sales of autumn and winter products, but still outperformed the industry average [2] Group 2: Operational Metrics - Anta's inventory-to-sales ratio is slightly above 5 months, indicating a healthy range [1] - FILA's inventory-to-sales ratio is approximately 6 months due to increased seasonal stocking, expected to return to 5-6 months by year-end [2] - Anta's operating profit margin is maintained in the range of 20%-25%, while FILA's is around 25% [3] Group 3: Strategic Initiatives - Anta is advancing new business formats, with the Anta Champion Store achieving over 100% completion rate and plans for accelerated development in 2026 [1] - FILA has launched a tennis strategy, signing a top Chinese tennis player as a spokesperson and becoming the exclusive sponsor of the China Open [2] - The company is expanding its overseas market presence, aiming to open approximately 1,000 stores in Southeast Asia within three years [3] Group 4: Financial Outlook - The company has slightly lowered its profit forecast for 2025-2027, expecting net profits of 13.22 billion, 14.66 billion, and 15.92 billion yuan respectively [4] - The anticipated profit growth for 2025 is 11% when excluding a one-time gain from Amer Sports [4] - The company maintains a "buy" rating due to its unique multi-brand matrix with significant growth potential [4]

机构：招商证券 研究员：刘丽/王梓旭 25Q3 安踏主品牌和FILA 流水均低单位数增长（线上增速更快），其他品牌45%-50%增长。公司持续探 索渠道新业态&优化运营效率；优化FILA 产品结构；拓展户外细分赛道&增加核心商圈覆盖范围，公 司下调安踏主品牌全年收入指引至低单位数增长（其他品牌不变），我们小幅下调盈利预测，预计25- 27 年公司净利润131.3 亿元、147.7 亿元、164.6 亿元，同比增速为-16%、12%、11%，当前市值对应 25PE16.5X、26PE15X，维持强烈推荐评级。 25Q3 安踏主品牌流水同比增长低单位数，FILA 流水同比增长低单位数，其他品牌流水增长45%-50% （不含2024 年1 月之后加入公司品牌）。 安踏主品牌流水表现不及预期： 1）流水：安踏线下低单位数增长，线上高单位数增长。 1）流水：FILA 大货中单位数增长，电商高单位数增长；2）折扣与库存：线下约74 折，线上约58 折， 基本与二季度持平。库存6个月（备货+天气偏暖），预计年底会维持在5-6 个月健康水平。 3）品牌营销：9 月正式发布网球战略和产品策略，续约中国网球公开赛并升级为独家官方 ...