Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company plans to acquire a 29.06% stake in Puma for €1.506 billion (approximately RMB 12.28 billion), becoming Puma's largest shareholder [1] - Puma is currently undergoing a strategic adjustment phase, with expected long-term investment returns [4] - The acquisition price represents a 62% premium based on Puma's stock price as of January 26, 2026, indicating a strong long-term brand value despite short-term profitability challenges [4] - The company is focusing on a multi-brand strategy and global expansion, leveraging its experience to enhance Puma's profitability and support its own international business development [4] Financial Summary - The company's main business revenue is projected to grow from RMB 70.826 billion in 2024 to RMB 94.095 billion in 2027, with a compound annual growth rate (CAGR) of approximately 8.7% [2] - The net profit attributable to shareholders is expected to decrease from RMB 156.0 billion in 2024 to RMB 131.5 billion in 2025, before recovering to RMB 162.2 billion in 2027 [2] - The earnings per share (EPS) is forecasted to decline from RMB 5.52 in 2024 to RMB 4.66 in 2025, then gradually increase to RMB 5.74 by 2027 [2] - The price-to-earnings (PE) ratio is projected to be 16 in 2025, 15 in 2026, and 13 in 2027, reflecting a favorable valuation trend [2] Market Performance - The company's stock price has fluctuated between HKD 107.5 and HKD 65.6 over the past year, with a current price of HKD 85.3 [1] - The company's market capitalization stands at HKD 240.8 billion [1]

Group 1 - The core point of the article is that Anta Sports has received written approval from shareholders of Anta International and its wholly-owned subsidiary Anta Holdings for the acquisition of a 29.06% stake in PUMA SE [1] Group 2 - The acquisition agreement and related matters have been approved by all parties involved [1]

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） 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 主要交易 收 購PUMA SE的29.06%股 權 補充公告 股東書面批准 茲 提 述 本 公 司 日 期 為 二 零 二 六 年 一 月 二 十 六 日 有 關 收 購 事 項 的 公 告（「首份公 告」）。 除 非 文 義 另 有 所 指，未 在 本 公 告 定 義 的 詞 彙 具 有 與 首 份 公 告 賦 予 的 相 同 涵 義。 股東書面批准 誠 如 首 份 公 告 所 披 露，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1 ...

Core Viewpoint - The Hong Kong Consumption ETF (159735) has shown positive growth in both share count and fund size since the beginning of the year, indicating increased investor interest and market activity [1][2]. Group 1: Fund Performance - As of February 12, 2023, the Hong Kong Consumption ETF has a total share count of 1.09 billion and a total size of 941 million yuan [1]. - The fund's share count has increased by 18.49% and its size has grown by 29.67% since December 31, 2022, when the share count was 920 million and the size was 726 million yuan [1]. Group 2: Trading Activity - The cumulative trading amount for the Hong Kong Consumption ETF over the last 20 trading days is 1.973 billion yuan, with an average daily trading amount of 98.67 million yuan [1]. - In the year to date, the cumulative trading amount over 30 trading days is 2.655 billion yuan, with an average daily trading amount of 88.51 million yuan [1]. Group 3: Fund Management - The current fund manager of the Hong Kong Consumption ETF is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -12.98% during the management period [2]. - The fund's top holdings include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with varying ownership percentages [2].

冬奥赛场一直有两条"赛道"，一条比拼运动员竞技水平，另一条考验运动品牌科技含量。冰刀、冰鞋、 运动衣、雪杖、雪板……运动员在冰面雪道上每一次冲刺、腾空，都离不开装备的加持。 适合的才是最好的 冰上项目追求"快"与"硬"，雪上项目的挑战则是"冷"与"动"：运动员既要抵御零下30多摄氏度的严寒， 又要应对高强度运动带来的汗湿困扰。这种"冰火两重天"，极易导致湿热积聚后的骤然失温。 本届米兰冬奥会，中国冰雪健儿的装备里，就藏着不少国产体育品牌的"黑科技"。 "微小提升"与"身位超越" 短道速滑，风驰电掣，胜负往往在0.001秒之间决出。 怎么提速？设计师们用上航空航天领域的试验装置——风洞。"都是空气动力学。"安踏集团服配专业装 备部产品总监杨媚清告诉记者，经过1460个日夜、超200次风洞测试，今年中国队短道速滑比赛服的整 体减阻率，比2022年北京冬奥会时又有了1.49%的突破。"例如在短道速滑男子500米个人赛中，这看似 微小的提升，可能就是1.5个身位的超越。" 快，也要安全。冰刀锋利，一旦选手摔倒碰撞，冰刀就是致命威胁。为保护运动员，过去短道速滑服采 用双层结构，内层是防切割材料，强度高，但不吸色，必须搭 ...

Market Overview - The textile and apparel sector in A-shares has outperformed the broader market since February, with the textile manufacturing segment rising by 3.6% compared to a 2.0% increase in brand apparel [11] - The Hong Kong textile and apparel index has increased by 4.4% since February, also outperforming the market [11] - Notable companies with significant stock price increases include Under Armour (14.9%), Amer Sports (9.7%), and Jiangnan Buyi (9.6%) [11] Brand Apparel Insights - In December, the year-on-year growth of clothing retail sales was 0.6%, with a slowdown in growth compared to previous months [5] - January saw a 32.5% decline in operating income for sports retailer BaoSheng International, indicating pressure on overall clothing retail [5] - E-commerce sales rebounded in January, driven by promotional activities and pre-Spring Festival purchasing [5] - Outdoor apparel categories showed strong growth, with year-on-year increases of 17% for outdoor clothing and 5% for sports apparel [5] - Leading brands in growth include Lululemon (47%), Descente (29%), and Adidas (16%) in the sports apparel segment [5] Textile Manufacturing Insights - Vietnam's textile exports increased by 8.3% year-on-year in January, while footwear exports rose by 7.8% [5] - The macroeconomic environment shows mixed signals, with PMI in Indonesia and India rising, while Vietnam's PMI decreased slightly but remains above 50 [5] - Wool prices have increased by 15.3% since the beginning of the year, with a year-on-year increase of 54.9% as of February 5 [5] - Taiwanese companies are experiencing short-term revenue pressure but show optimistic growth prospects, particularly with the upcoming 2026 World Cup driving demand for football-related products [5] Company Performance Forecasts - Several companies in the textile and apparel sector, including Bailong Dongfang and Tianhong International, are expected to see net profit growth of over 40% [2] - Key drivers for profit growth include increased order volumes, improved capacity utilization, and lower raw material costs [2] - Le Xin Outdoor, a leading global fishing gear manufacturer, is projected to maintain a 23.1% market share in 2024 [2] Investment Recommendations - The report suggests focusing on brands that are likely to benefit from the Spring Festival sales surge and the performance elasticity of upstream suppliers [5] - High-end consumer recovery is anticipated, particularly in the light luxury sports and outdoor segments [5] - Companies such as Anta Sports, Li Ning, and Xtep International are recommended for their strong positioning in the market [5] - The report highlights the importance of the upcoming 2026 World Cup in driving orders for sports apparel and footwear [5]

Market Overview - The textile and apparel sector in A-shares has outperformed the broader market since February, with the textile manufacturing index rising by 3.6% and the brand apparel index by 2.0% [11] - The Hong Kong textile and apparel index has increased by 4.4% since February, also outperforming the market [11] - Notable companies with significant stock price increases include Under Armour (14.9%), Amer Sports (9.7%), and Jiangnan Buyi (9.6%) [11] Brand Apparel Insights - In December, the year-on-year growth of clothing retail sales was 0.6%, with a slowdown in growth compared to previous months [5] - January saw a 32.5% decline in operating income for sports retailer BaoSheng International, attributed to the timing of the Spring Festival [5] - E-commerce sales in January rebounded, driven by promotional activities and pre-holiday purchases, with outdoor apparel leading growth at 17% year-on-year [5] - Key brands showing strong growth in the sports apparel category include Lululemon (47%), Descente (29%), and Adidas (16%) [5] Textile Manufacturing Insights - Vietnam's textile exports increased by 8.3% year-on-year in January, while footwear exports rose by 7.8% [5] - The macroeconomic environment shows mixed signals, with PMI in Indonesia and India rising, while Vietnam's PMI slightly decreased but remains above 50 [5] - Wool prices have increased by 15.3% year-to-date, with a year-on-year increase of 54.9% as of February 5 [5] - Companies like RuHong and GuangYue are experiencing revenue growth due to order continuity and optimized production structures [5] Annual Performance Forecasts - Several companies in the textile and apparel sector, including Bailong Dongfang and Tianhong International, have issued profit forecasts indicating over 40% growth in net profit [2] - Factors contributing to this growth include full order books, improved capacity utilization, and declining raw material costs [2] Investment Recommendations - The report suggests focusing on brands that are likely to benefit from the Spring Festival sales surge and the performance elasticity of upstream suppliers [5] - High-end consumer recovery is anticipated, particularly in the light luxury sports and outdoor segments [5] - Key recommendations include Anta Sports, Li Ning, and Xtep International, which are well-positioned to capture market growth [5] Key Company Earnings Forecasts - Anta Sports is rated "Outperform" with an expected EPS of 4.72 for 2025 and 4.98 for 2026 [6] - Li Ning is also rated "Outperform" with an expected EPS of 1.01 for 2025 and 1.08 for 2026 [6] - Other companies such as Xtep International and 361 Degrees are similarly rated "Outperform" with positive earnings forecasts [6]

Core Viewpoint - Anta is officially entering the high-end shopping district of Beverly Hills, Los Angeles, marking a significant step in its strategy to enhance brand recognition in the U.S. market [1][3] Group 1: Store Opening and Strategy - Anta's first U.S. store, located in Beverly Hills, is positioned next to prominent brands and aims to establish itself as a "community cultural center" rather than just a retail outlet [3] - The store will host various activities, including running clubs and cultural events, to integrate into the local sports lifestyle [3][4] - The opening is part of Anta's broader strategy to shift consumer perception from a low-cost manufacturer to a premium sports lifestyle brand [4][8] Group 2: NBA Partnerships - Anta's entry into the U.S. market is supported by partnerships with NBA stars Klay Thompson and Kyrie Irving, who serve as brand ambassadors [4][6] - Thompson's successful collaboration has significantly contributed to Anta's brand image and sales growth, while Irving's recent signing is expected to enhance creative control over product design [6][8] - The influence of these athletes is seen as a key factor in penetrating the American sports culture and streetwear scene [8] Group 3: Market Challenges - Despite the potential of NBA partnerships, the effectiveness of celebrity endorsements is diminishing, as evidenced by Under Armour's struggles with Stephen Curry [9][11] - The global basketball market may have peaked, and consumer skepticism towards foreign brands paired with local athletes poses a challenge for Anta [11][12] - Anta must prove its genuine understanding of and integration into local sports culture to avoid being perceived as an outsider [11][12] Group 4: Globalization Strategy - Anta's globalization strategy is structured in three phases: establishing international brands in China, expanding global brand operations, and promoting the Anta brand worldwide [14][15] - The company has successfully launched stores in Southeast Asia, adapting products to local markets and cultures [17] - However, the brand faces internal challenges in China, where its identity and growth have become muddled due to a proliferation of store formats and marketing strategies [20][23] Group 5: Future Outlook - Anta's ambitious goal of becoming a global brand is under scrutiny, especially with its recent U.S. expansion [23] - The company must balance its domestic market focus with international ambitions, ensuring a clear brand narrative and sustainable local operations [23] - The Beverly Hills store will serve as a critical test for Anta's ability to establish a lasting presence in the U.S. market [23]

Group 1 - The core focus of the Milan Winter Olympics is the aesthetic competition of national team uniforms, with Li Ning's blue and white design for the Chinese team generating significant buzz on social media [1] - Li Ning has regained the partnership with the Chinese Olympic Committee after 22 years, taking over from Anta, which held the core resource for 16 years [1] - Anta, while no longer a partner of the Chinese Olympic Committee, continues to expand internationally as an official supplier to the International Olympic Committee [4] Group 2 - International brands like Adidas and Moncler are providing full Olympic gear for multiple countries, with Moncler emphasizing visual storytelling through design [7][16] - The Winter Olympics serve as a critical marketing platform for sports brands, creating a marketing loop that extends beyond the event itself [8][19] - Li Ning aims to leverage the historical participation scale of the Chinese team to enhance global exposure and brand recognition during the Winter Olympics [8] Group 3 - Anta's strategy includes focusing on Southeast Asia, with significant revenue growth reported from this region [12] - Other domestic brands like Decathlon are also gaining traction by becoming official suppliers for multiple countries, enhancing their international presence [13][14] - The marketing strategies of domestic brands are increasingly aligning towards professionalism, high-end positioning, and globalization [15] Group 4 - The Winter Olympics, while generating substantial exposure, face challenges in translating this into long-term consumer engagement compared to the Summer Olympics [29] - The technical and cost barriers associated with winter sports limit broader public participation, making winter sports gear perceived more as professional tools than everyday items [29][32] - The design constraints imposed by cold weather and functional requirements can diminish the aesthetic appeal of winter sports apparel [29][32]

Core Viewpoint - The Hang Seng Index (HSI) closed at 27,071.73, down 194.65 points or 0.71% from the previous close, indicating a decline in market performance [1]. Group 1: Market Performance - The HSI reached a high of 27,213.46 and a low of 26,949.38 during the trading session, with a trading volume of 40 million shares [1]. - The average price for the HSI was 27,081.42, while the 52-week high and low were 27,964.68 and 19,335.70, respectively [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 139.794, unchanged from the Hong Kong close, while Tencent Holdings closed at HKD 543.262, down 0.86% [2]. - Among the major stocks, Alibaba (HKD 160.100, down 0.25%), and Xiaomi (HKD 37.100, up 4.27%) showed varied performance [3]. - Notable gainers included BYD Company, which rose by 3.50% to HKD 99.150, while Pop Mart International fell by 5.49% to HKD 255.000 [3].