Core Viewpoint - Anta Sports has demonstrated robust growth amidst a challenging retail environment, achieving high single-digit growth in Q4 and low double-digit growth for the entire year, highlighting its competitive advantages through a "single focus, multi-brand, globalization" strategy [1][2] Group 1: Industry Challenges - The sportswear industry is facing significant pressure due to macroeconomic factors, an unusually warm winter, and a late Spring Festival, leading to a "weak peak season" scenario [1] - Major brands like Li Ning and Nike have reported declines in sales, with Li Ning experiencing a low single-digit decrease in Q4 and Nike's Greater China revenue dropping approximately 17% due to reduced store traffic and inventory issues [1] Group 2: Anta's Performance - Anta achieved low single-digit positive growth in retail sales for the year, with core categories like running, basketball, and training products performing well despite the overall market challenges [2] - The brand's commitment to product innovation, particularly in running shoes, has driven sales of high-end performance products, helping to mitigate market volatility [2] Group 3: FILA and Other Brands - FILA has shown strong market resilience, achieving mid-single-digit growth in both Q4 and for the year, supported by product innovation and channel optimization [3] - Other brands under Anta, such as Descente, have also seen significant growth, with retail sales increasing by 45-50% for the year and 35-40% in Q4, indicating a successful multi-brand strategy [3] Group 4: Strategic Insights - Anta's multi-brand strategy is characterized by resource sharing, complementary positioning, and risk hedging, allowing it to cover a wide price range and meet diverse consumer needs [4] - The company is expected to maintain stable profitability, supporting ongoing multi-brand expansion [4] Group 5: Future Outlook - The industry faces uncertainties regarding consumer recovery and increased competition, but Anta's multi-brand advantages are anticipated to grow [5] - The company is implementing a three-year plan to open 1,000 stores in Southeast Asia, which will enhance its global presence and support long-term revenue goals [5] - Anta's growth amidst industry challenges serves as a valuable example, with its multi-brand matrix acting as both a risk buffer and a growth engine [5]

Core Viewpoint - Anta Sports has demonstrated robust growth amidst a challenging retail environment, achieving high single-digit growth in Q4 and low double-digit growth for the entire year, highlighting its competitive advantages through a "single focus, multi-brand, globalization" strategy [1][2] Group 1: Industry Context - The sportswear industry is experiencing a divergence, with major brands facing pressure due to macroeconomic factors, an unusually warm winter, and a late Spring Festival, leading to a "weak peak season" scenario [1] - Li Ning reported a low single-digit decline in Q4 revenue, with a net reduction of 41 sales points in the Chinese market [1] - Nike's revenue in the Greater China region fell approximately 17% in Q2 of FY2026, attributed to decreased store traffic and inventory buildup [1] Group 2: Anta's Performance - Anta achieved low single-digit growth in retail sales for the Anta brand in 2025, with core categories like running, basketball, and training products performing well despite a challenging winter sales environment [2] - The brand's strategy focuses on product innovation, with successful launches in professional running shoes that cater to market demands [2] - Anta's e-commerce performance during major sales events like "Double 11" and "Double 12" was strong, effectively mitigating some offline traffic pressures [2] Group 3: FILA and Other Brands - FILA achieved mid-single-digit growth in both Q4 and the full year, maintaining stable operations through product innovation and channel optimization [3] - Other brands under Anta's umbrella saw retail sales growth of 45-50% for the year and 35-40% in Q4, indicating a successful multi-brand strategy [3] - Descente has reportedly surpassed 10 billion in revenue, marking it as a significant contributor to Anta's growth [3] Group 4: Strategic Insights - Anta's multi-brand strategy is characterized by resource sharing, complementary positioning, and risk hedging, effectively covering a wide price range to meet diverse consumer needs [4] - The company benefits from shared supply chains and digital capabilities, which lower marginal costs and enhance operational efficiency compared to competitors [4] Group 5: Future Outlook - The industry faces challenges such as uncertain consumer recovery and intensified competition, but Anta's multi-brand advantages are expected to expand [5] - Short-term demand is anticipated to be released in Q1 due to the delayed winter, while long-term growth will be driven by technological advancements and global expansion [5] - Anta's ongoing overseas expansion, particularly in Southeast Asia, is expected to support its long-term revenue goals and solidify its position as a leading global sports brand [5]

安踏体育1月20日在港交所公告，2025年第四季度，安踏品牌产品之零售金额（按零售价值计算）与 2024年同期相比录得低单位数的负增长。2025年全年，安踏品牌产品之零售金额（按零售价值计算）与 2024年相比录得低单位数的正增长。 ...

安踏体育在港交所公告，2025年第四季度，安踏品牌产品零售金额同比录得低单位数的负增长，FILA 品牌产品零售金额同比录得中单位数的正增长。 （文章来源：第一财经） ...

2025年全年，安踏品牌产品的零售金额(按零售价值计算)与2024年相比取得低单位数的正增长。FILA品 牌产品的零售金额(按零售价值计算)与2024年相比取得中单位数的正增长。所有其他品牌产品的零售金 额(按零售价值计算)与2024年相比取得45-50%的正增长。 安踏体育(02020)公布，2025年第四季度，安踏品牌产品的零售金额(按零售价值计算)与2024年同期相比 取得低单位数的负增长。FILA品牌产品的零售金额(按零售价值计算)与2024年同期相比取得中单位数的 正增长。所有其他品牌产品的零售金额(按零售价值计算)与2024年同期相比取得35-40%的正增长。 ...

2025年全年，安踏品牌产品的零售金额(按零售价值计算)与2024年相比取得低单位数的正增长。FILA 品牌产品的零售金额(按零售价值计算)与2024年相比取得中单位数的正增长。所有其他品牌产品的零售 金额(按零售价值计算)与2024年相比取得 45-50%的正增长。 智通财经APP讯，安踏体育(02020)公布，2025年第四季度，安踏品牌产品的零售金额(按零售价值计算) 与2024年同期相比取得低单位数的负增长。FILA 品牌产品的零售金额(按零售价值计算)与2024年同期 相比取得中单位数的正增长。所有其他品牌产品的零售金额(按零售价值计算)与2024年同期相比取得 35-40%的正增长。 ...

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。 ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立之有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） 二零二五年第四季度及全年之最新營運表現 本公告乃安踏體育用品有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）董事會（「董事會」）自願發出，以提供本集團業務之最新營運表現。 本公告之披露只與本集團安踏、FILA 及所有其他品牌（包括 DESCENTE 及 KOLON SPORT）之業務有關，並未包括 Amer Sports（按本公司最新刊發的中 期報告所定義）之業務。 安踏品牌二零二五年第四季度零售表現 二零二五年第四季度，安踏品牌產品之零售金額（按零售價值計算）與二零二 四年同期相比錄得低單位數的負增長。 FILA 品牌二零二五年第四季度零售表現 二零二五年第四季度，FILA 品牌產品之零售金額（按零售價值計算）與二零二 四 ...

Core Viewpoint - Anta Sports (02020) demonstrated sales performance in Q4 last year that met expectations, with a revitalized online strategy for its core brand driving growth momentum [1] Group 1: Sales Performance and Growth Projections - Anta's core brand, FILA, and other brands are expected to achieve low single-digit, mid single-digit, and 50% growth respectively this year [1] - The company is anticipated to meet its revised sales guidance for 2025, with FILA having secured its annual target by mid-November last year [1] Group 2: Brand Resilience and Profitability - The resilience of the Anta brand is believed to be underestimated, with expectations for stable operating profit margins for its mature brands due to strict cost control [1] - The core brand is expected to inject new vitality through adjustments in online marketing strategies, including content updates and optimized product listing operations [1]

Core Viewpoint - Anta Sports (02020) demonstrated sales performance in Q4 last year that met expectations, with a new online strategy for its core brand revitalizing growth momentum [1] Group 1: Sales Performance and Growth Projections - Anta's core brand, FILA, and other brands are expected to achieve low single-digit, mid single-digit, and 50% growth respectively this year [1] - The firm maintains a target price of HKD 95 and a "Buy" rating for Anta [1] Group 2: Brand Resilience and Future Outlook - The resilience of the Anta brand is still underestimated, with expectations to meet the revised sales guidance for 2025 [1] - FILA has already locked in its annual target by mid-November last year, while outdoor brands (Descente/Kolon) continue to show steady growth [1] Group 3: Cost Control and Profitability - Looking ahead to 2026, Anta is expected to benefit from strict cost control, with stable operating profit margins for its mature brands [1] - The core brand is anticipated to inject new vitality through adjustments in online marketing strategies, content updates, and optimized product listing operations [1]

Core Insights - The Chinese footwear and apparel industry is experiencing significant differentiation in 2025 due to dual influences of market adjustment and industrial transformation, with the sports and outdoor segment leading the way [1][2] - Domestic brands are reshaping the market landscape through technological innovation and globalization, while traditional brands struggle with high inventory and rigid channels [1][2] Industry Performance - In the first three quarters, revenue for large apparel enterprises fell by 4.63% year-on-year, with total profits declining by 16.19%, reflecting severe industry pressure [1] - The sports footwear and apparel market is projected to reach a scale of 598.9 billion yuan, with predictions of exceeding 896.3 billion yuan by 2030 [1] Brand Dynamics - Traditional brands are facing significant growth challenges, with examples like Fuqiniaos declaring bankruptcy and Red Dragonfly reporting losses [2] - In contrast, domestic sports brands are rising, with local brands expected to hold about 60% of the market share among the top 20 brands by 2025 [2] Market Concentration - The market is shifting towards concentration, with the top 20 companies accounting for over 30% market penetration, leading to a widening gap between large and small enterprises [3] - Adidas reported a 10% year-on-year revenue increase in the Greater China region, while Nike faced a 17% decline in revenue, highlighting the contrasting fortunes of international brands [3] Channel Innovation - The industry is witnessing a shift towards deep exploration of niche markets and a reconstruction of channel models, with a focus on offline large stores and online instant retail [4][6] - Major brands are opening large stores, with Anta planning to add 160 new "super stores" by 2025, which can achieve 2-2.5 times the sales efficiency of regular stores [6] Globalization and High-End Trends - The industry is expected to see trends of high-end, global, and technological advancements, with brands needing to differentiate and operate finely to survive [7][8] - Domestic brands are increasingly expanding overseas, with companies like Semir and HLA establishing over 100 stores in Southeast Asia, although many are still in the early stages of international branding [7] Consumer Behavior - Consumers are becoming more mature and rational, seeking high-quality and precise consumption, which poses a threat to brands lacking innovation and differentiation [9] - There remains untapped potential in the mass and middle-aged markets in China, indicating areas for future growth [9]