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 全部或任何部分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 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） （於開曼群島註冊成立之有限公司） 上市規則的涵義 由於根據上市規則第14.07條有關收購事項的最高適用百分比率高於25%但 低 於100%，有 關 交 易 構 成 本 公 司 的 主 要 交 易，因 此 須 遵 守 上 市 規 則 第14章 項 下 的 申 報、公 告 及 股 東 批 准 規 定。 主要交易 收 購PUMA SE的29.06%股 權 收購事項 於 二 零 二 六 年 一 月 二 十 六 日（香 港 時 間，交 易 時 段 後），本 公 司 與 賣 方 訂 立 購 股 協 議，據 此 本 公 司 有 條 件 同 意 購 買，而 賣 方 有 條 件 同 意 出 售 合 共43,014,760 股 目 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

Investment Rating - The investment rating for Anta Sports (02020.HK) is "Buy" and is maintained [8]. Core Views - Anta's retail performance is under pressure, with the Anta brand experiencing a year-on-year decline in retail sales, while the FILA brand shows a moderate increase. Other brands have seen retail sales growth of 35%-40% year-on-year [2][6]. - The overall retail environment is expected to remain challenging, with operational profit margins (OPM) under pressure due to high marketing expenses in the Olympic year and a weak retail backdrop [8]. - FILA's brand restructuring is yielding positive results, with expected continued growth in 2026, although OPM may still face downward pressure due to ongoing channel adjustments [8]. - The company is projected to achieve net profits of 13 billion, 14 billion, and 15.1 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 14, and 13 times [8]. Summary by Sections Retail Performance - Anta brand retail sales have declined year-on-year, attributed to a warm winter affecting winter apparel sales and a late Spring Festival impacting children's clothing sales. However, discounting and inventory turnover ratios are expected to remain stable [8]. - FILA brand retail sales have shown a year-on-year increase, with stable discounting and inventory turnover ratios. The brand's restructuring efforts are beginning to show results, with positive growth anticipated in 2026 [8]. Financial Projections - Revenue projections for Anta Sports are as follows: 70.826 billion yuan for 2024, 79.384 billion yuan for 2025, 86.247 billion yuan for 2026, and 93.297 billion yuan for 2027, reflecting growth rates of 14%, 12%, 9%, and 8% respectively [10]. - Net profit forecasts are 11.927 billion yuan for 2024, 13.016 billion yuan for 2025, 14.028 billion yuan for 2026, and 15.123 billion yuan for 2027, with growth rates of 17%, 9%, 8%, and 8% respectively [10].

Core Viewpoint - Anta's main brand experienced a slight decline in revenue in Q4 2025, primarily due to fluctuating weather, misalignment of the Spring Festival, and weak consumer spending [1][2] Group 1: Anta Brand Performance - In Q4 2025, Anta's main brand revenue showed a low single-digit decline, transitioning from low single-digit growth in Q3 2025, with an estimated online growth and slight offline decline [2][4] - The inventory turnover ratio for Anta's main brand was slightly over 5 months, with stable offline discounts and a 2 percentage point reduction in online discounts year-on-year [2][3] - The company is focusing on differentiated store construction and new retail formats, such as Anta Champion Stores and Super Anta Stores, which are performing better than regular stores [2] Group 2: FILA Brand Performance - FILA's revenue in Q4 2025 showed a mid-single-digit year-on-year growth, accelerating from low single-digit growth in Q3 2025, with an estimated double-digit growth online [3][4] - The discount rates for FILA were approximately 73% offline and 55% online, with slight fluctuations due to seasonal promotions [3] - The "One FILA" strategy aims to drive brand growth through "brand elevation," "product innovation," and "retail upgrades," with effects gradually becoming evident in 2025 [3] Group 3: Other Brands Performance - Other brands collectively achieved a revenue growth of 35%-40% in Q4 2025 and 45%-50% for the entire year, with Kolon showing a growth rate of 55% in Q4 and nearly 70% for the year [3][4] - Descente is expected to grow by 25-30% in Q4 2025 and nearly 40% for the year, becoming the third brand under the group to exceed a retail scale of 10 billion [3] - Maia Active's revenue grew by 25-30% in Q4 2025, while the management team of Wolf Claw is focusing on revitalization strategies in key markets [3] Group 4: Future Outlook - For 2026, Anta's main brand is expected to continue channel innovation to boost brand performance, with anticipated improvements in e-commerce sales [4] - The operating profit margin is expected to slightly decline due to significant market investments in Anta and FILA, while Descente and Kolon are expected to maintain high profit margins [4] - Revenue forecasts for 2025-2027 are adjusted to 78.5 billion, 85.88 billion, and 93.29 billion respectively, with corresponding net profits of 13.23 billion, 14.08 billion, and 15.56 billion [4]

Core Viewpoint - Anta's main brand retail performance faced pressure in Q4 2025, while FILA showed recovery, and all other brands experienced significant growth [1][2] Group 1: Q4 2025 Performance - Anta's main brand retail amount decreased by a low single-digit percentage year-on-year in Q4 2025 [1] - FILA brand retail amount increased by a mid-single-digit percentage year-on-year in Q4 2025 [1] - Other brands saw retail amounts grow by 35-40% year-on-year in Q4 2025 [1] Group 2: Factors Influencing Performance - The pressure on Anta's main brand is attributed to weakening domestic consumption momentum and a warm winter affecting sales, along with a delayed peak sales season due to the late Chinese New Year in 2026 [1] - Anta's main brand did not resort to aggressive promotions to boost short-term scale [1] - FILA's recovery is supported by healthy e-commerce growth and a clear brand positioning with a stable management team [1] Group 3: Other Brands Performance - Other brands are expected to maintain high growth, with Descente anticipated to grow rapidly due to the popularity of winter sports and strong brand foundation in professional sports [1] - KAILAS is also expected to see strong growth driven by good outdoor consumption trends and ongoing national expansion efforts [1] Group 4: 2026 Outlook - The company is expected to maintain steady growth in 2026, with Anta's main brand benefiting from the Lighthouse Plan, continuous store renovations, and expansion into new business models [2] - FILA is projected to continue its growth momentum [2] - Other brands, despite increasing scale, are expected to maintain rapid growth due to competitive strength and industry conditions [2] Group 5: Earnings Forecast and Investment Recommendation - The company’s EPS is forecasted to be 4.70, 5.12, and 5.79 CNY per share for 2025, 2026, and 2027 respectively [2] - Given the company's strong competitive position as an industry leader, a PE ratio of 18 times for 2026 is suggested, leading to a target value of 102.81 HKD per share [2] - The company maintains a "Buy" rating based on these projections [2]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting the potential for growth in high-performance outdoor brands and the non-woven fabric sector [21]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 4.5% from January 19 to January 23, 2026, surpassing the SW All A index by 2.7 percentage points [3][4]. - The report anticipates a recovery in domestic demand in 2026, with a focus on high-growth areas such as high-performance outdoor brands and discount retail [16]. - The report notes a divergence in brand performance, with high-end outdoor and niche sports brands showing strong potential, while overall industry growth is expected to slow due to warm winter temperatures and delayed Spring Festival [10][12]. Summary by Sections Textile Sector - The report indicates that the demand for Australian wool is expected to rise due to a decrease in supply and an increase in demand for sports wool apparel, with prices reaching 1137 cents per kilogram, a 54% year-on-year increase [9][15]. - The non-woven fabric industry is projected to benefit from quality upgrades and expanding demand, with companies like Sturdy, Yanjiang, and Nuobang expected to maintain rapid growth [12][14]. Apparel Sector - Anta and Xtep reported their Q4 2025 operational data, with Anta's main brand experiencing a slight decline in retail sales, while FILA showed mid-single-digit growth, exceeding expectations [10][18]. - The report highlights that the overall apparel sector is facing challenges due to warm weather and the timing of the Spring Festival, but anticipates improved sales as temperatures drop and the holiday extends [10][11]. Industry Performance - The report provides insights into the overall performance of the textile and apparel industry, noting a 3.9% year-on-year increase in total retail sales of consumer goods in 2025, with the apparel and textile category growing by 3.2% [33]. - Exports of textiles and apparel saw a decline of 2.6% year-on-year, with December exports dropping by 7.4%, indicating a need for strategic adjustments in response to global market conditions [39]. Company-Specific Insights - Anta's overall revenue is expected to achieve double-digit growth, driven by a strong multi-brand strategy, despite some challenges in its main brand performance [21][18]. - The report emphasizes the potential for recovery in the women's apparel segment, with brands like Ge Li Si and Di Su showing signs of improvement after a period of adjustment [11][12].

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry, highlighting strong growth potential in specific segments such as high-performance outdoor brands and non-woven fabric manufacturing [24]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 4.5% from January 19 to January 23, 2026, surpassing the SW All A index by 2.7 percentage points [4][5]. - The report anticipates a recovery in domestic demand in 2026, with a focus on high-growth consumption areas, including high-performance outdoor brands and discount retail [19]. - The Australian wool price has reached a new high, driven by increased demand for sports wool apparel, which is expected to translate into revenue growth for companies in the supply chain [10][18]. Summary by Sections Industry Performance - The textile and apparel sector showed strong performance, with the SW apparel and home textiles index increasing by 4.4% and the SW textile manufacturing index rising by 2.1% during the same period [5]. - Retail sales of clothing, shoes, and textiles totaled 15.215 trillion yuan in 2025, reflecting a year-on-year growth of 3.2% [14]. Market Trends - The report notes a divergence in brand performance, with high-end outdoor and niche sports brands showing significant growth potential, while overall demand growth has slowed due to warmer winter temperatures and delayed holidays [11][14]. - The non-woven fabric industry is expected to benefit from quality upgrades and expanding demand, with companies like Sturdy, Yanjiang, and Nuobang projected to maintain rapid growth [16]. Company Insights - Anta Sports reported a slight decline in retail sales for its main brand in Q4 2025, but overall revenue growth for the group was in the double digits, driven by strong performance from other brands [21]. - The FILA brand achieved mid-single-digit growth in Q4 2025, indicating a positive trend for the brand moving into 2026 [22]. - The report highlights the potential for a rebound in the women's apparel sector, with companies like Ge Li Si and Di Su Shi showing signs of recovery after a period of adjustment [12]. Price Trends - The Australian wool price index reached 1137 cents per kilogram as of January 21, 2026, marking a year-on-year increase of 54.3% [52]. - Domestic cotton prices also saw a slight increase, with the national cotton price B index reported at 15,869 yuan per ton, up 0.6% week-on-week [49].

Investment Rating - The investment rating for the company is "Buy" with a current price of 77.05 HKD and a target value of 102.81 HKD [4]. Core Insights - In Q4 2025, the main brand of the company faced pressure, while the FILA brand showed signs of recovery, and other brands maintained high growth rates. The main brand's retail sales experienced a low single-digit decline year-on-year, whereas FILA's retail sales grew in the mid-single digits. Other brands saw retail sales growth of 35-40% year-on-year [8]. - The company is expected to maintain steady growth in 2026, driven by the "Lighthouse Plan," continuous store renovations, and new business models. The FILA brand is anticipated to continue its growth momentum, while other brands are expected to sustain rapid growth despite increasing competition [8]. - Earnings per share (EPS) forecasts for 2025-2027 are 4.70, 5.12, and 5.79 CNY, respectively. The company is assigned a price-to-earnings (P/E) ratio of 18 times for 2026, leading to a reasonable value of 102.81 HKD per share [8]. Financial Summary - Main revenue is projected to grow from 62,356 million CNY in 2023 to 94,684 million CNY in 2027, with growth rates of 16.2%, 13.6%, 9.4%, 10.0%, and 11.1% respectively [2]. - EBITDA is expected to increase from 19,708 million CNY in 2023 to 29,797 million CNY in 2027 [2]. - The net profit attributable to shareholders is forecasted to rise from 10,236 million CNY in 2023 to 16,198 million CNY in 2027, with a notable growth rate of 34.9% in 2023 followed by a 52.4% increase in 2024 [2]. - The company’s return on equity (ROE) is projected to be 19.9% in 2023, peaking at 25.3% in 2024, and stabilizing around 19.4% to 19.8% in the following years [2].

Investment Rating - The industry rating is "Recommended" [6] Core Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] Summary by Sections 1. Weekly Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] 2. Market Review - The Shanghai Composite Index rose by 0.84%, while the SW textile and apparel sector increased by 3.83%, outperforming the Shanghai Composite Index by 2.99% [14] - The top five stocks in the textile and apparel sector by weekly increase were Tianchuang Fashion, Yanjing Co., Mengjie Co., Tanshan Outdoor, and Sanfu Outdoor [14] 3. Industry Data Tracking 3.1. Raw Material Data - The Australian wool market index rose by 6.49% in the week ending January 15, 2026, and has increased by 38.49% since the beginning of 2025 [4][32] - The cotton price index in China decreased slightly, with a year-to-date increase of 1.83% as of January 23, 2026 [26] 3.2. Export Data - In 2025, textile and apparel exports totaled $267.79 billion, a year-on-year decrease of 2.26% [45] - In December 2025, the export value of oilcloth, tents, and sunshades decreased by 8.89% year-on-year [50] 3.3. End Consumer Data - In December 2025, the online retail sales of the apparel industry decreased by 11.93% year-on-year, with a total of 45.55 billion yuan [3.3.4] - The total retail sales of social consumer goods in 2025 grew by 0.9% year-on-year, while online retail sales increased by 8.6% [3.3.5]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese industries of sports apparel, beauty, and jewelry, highlighting the potential for experience-driven growth in 2026 amidst a backdrop of overall consumer trend sluggishness due to economic stability concerns, consumer confidence, and unemployment [1][3]. Core Insights and Arguments Experience-Driven Growth - There is a growing preference among Chinese consumers for experience-driven consumption, driven by: 1. A desire for healthier and emotionally fulfilling lifestyles 2. Strong demand for social relationships 3. Supportive government policies [3][7]. - Companies that successfully provide unique emotional resonance in consumer experiences are expected to capture greater market share and enjoy higher valuation premiums [1]. Key Success Factors for Sustainable Quality Experience - Three critical success factors for providing sustainable quality experiences in offline channels are identified: 1. Controlled store expansion to maintain service quality and avoid internal competition 2. Direct-to-consumer business models for better operational control and rapid feedback 3. Comprehensive employee management systems to ensure high service quality [3][68]. Jewelry Industry Insights - The ancient gold segment in the jewelry industry is projected to continue double-digit growth, with a compound annual growth rate (CAGR) exceeding 50% from 2018 to 2025. This growth is attributed to: 1. Improved craftsmanship leading to better designs 2. The rise of national trends 3. A combination of aesthetic and value preservation demands [3][47]. - Lao Pu Gold is expected to benefit significantly from experience-driven growth due to its controlled store count (47 stores compared to 2,000-6,000 for competitors), direct-to-consumer model, and a well-trained team providing differentiated service quality. The company is projected to achieve a 40% year-on-year profit growth in 2026 [3][76]. Beauty Industry Insights - The beauty industry is expected to grow at a low single-digit rate in 2026, with intense competition. Mao Geping is well-positioned to benefit from experience-driven consumption trends due to: 1. Higher offline presence compared to competitors (approximately 50% vs. less than 25%) 2. Unique value-added personalized beauty and skincare services supported by a large team of trained beauty consultants [3][40]. - Mao Geping is projected to achieve nearly 30% year-on-year profit growth in 2026 [3]. Sports Apparel Industry Insights - The sports apparel industry is expected to achieve low to mid-single-digit growth in 2026, benefiting from increasing health awareness and supportive government policies. Anta is highlighted for its strong multi-brand product portfolio and overseas expansion potential, with a forecasted profit growth of over 10% in 2026 [3][76]. Additional Important Insights - The report emphasizes the importance of emotional value in consumer decision-making, with over 80% of consumers prioritizing emotional value as the second most important factor after product quality [25][26]. - The government is focusing on enhancing consumer confidence and purchasing power through various measures, including promoting wage growth and expanding cultural and tourism consumption [34][32]. - The report also notes the increasing popularity of experience consumption among younger consumers, particularly in areas such as fitness, live music events, and outdoor activities [15][16]. This comprehensive analysis provides a detailed overview of the current state and future potential of the Chinese sports apparel, beauty, and jewelry industries, emphasizing the importance of experience-driven growth and consumer engagement strategies.