安踏體育用品有限公司 於開曼群島註冊成立的有限公司 股份代號：2020（港幣櫃台）及82020（人民幣櫃台） 2025 中期報告 公司簡介 安踏於一九九一年創立，而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））在二零零七年於香港交易所主板上市，是著名的全球體育用品公司。本公司的使命是將 「超越自我」的體育精神融入每個人的生活。安踏體育主要從事研發、設計、製造、營銷和銷售專 業體育用品，包括鞋類、服裝及配飾。透過多元化的品牌組合，包括安踏、FILA、DESCENTE、 KOLON SPORT、JACK WOLFSKIN、MAIA ACTIVE等，安踏體育旨在發掘大眾及高端體育用品市 場的潜力。安踏體育亦為Amer Sports, Inc.的最大股東，Amer Sports, Inc.是一個全球的標誌性體 育和戶外品牌集團，包括Arc'teryx、Salomon、Wilson、Peak Performance和Atomic，其股票於 紐約證券交易所(NYSE: AS）上市。 願景 成為世界領先的多品牌 體育用品集團 使命 將「超越自我」的體育精神 融入每個人的生活 三大文化核心 ...

Group 1: Company Performance - Company reported H1 2025 revenue of 38.5 billion, a year-on-year increase of 14% [1] - Operating profit margin increased by 0.6 percentage points to 26%, with Anta's margin rising by 1.5 percentage points to 23% and FILA's margin decreasing by 0.9 percentage points to 28% [1] - Adjusted net profit attributable to shareholders was 6.6 billion, up 7% year-on-year; excluding dilution from Amer Sports listing, net profit was 7 billion, a 15% increase [1] - Net cash inflow from operating activities was 10.9 billion, with free cash flow of 7.5 billion, indicating stable cash generation capability [1] - The board declared an interim dividend of HKD 1.37 per share for the six months ending June 30, 2025 [1] Group 2: Product Innovation and Brand Strategy - Anta is driving product upgrades through technology, launching new running shoes and apparel lines, and enhancing brand reputation in professional circles [2] - FILA is focusing on high-end sports fashion, targeting middle-class consumers, and enhancing its influence in golf and tennis through sponsorships and product innovation [3] - DESCENTE is expanding its product offerings in professional running shoes and children's market, while enhancing retail networks in high-end urban areas [4] - KOLON SPORT is optimizing its product structure to increase the proportion of footwear and expanding its strategic network from major cities to broader regions [4] Group 3: Financial Forecast Adjustments - Based on strong performance from FILA and outdoor brands, the company adjusted its profit forecasts for 2025-2027, expecting revenues of 79.6 billion, 88.7 billion, and 99.4 billion respectively [4] - Projected net profits for the same period are 14.5 billion, 16.3 billion, and 17.7 billion respectively, with corresponding P/E ratios of 17x, 15x, and 14x [4]

Summary of Anta Sports Products Conference Call Company Overview - **Company**: Anta Sports Products (2020.HK) - **Market Cap**: HK$262.8 billion / $33.7 billion - **Enterprise Value**: HK$302.7 billion / $38.8 billion - **3m ADTV**: HK$892.0 million / $113.8 million Key Industry Insights - **Market Sentiment**: The market has largely absorbed the mediocre trading performance of Anta and Fila in the third quarter to date (3QTD) [1] - **Growth Drivers**: Strengthened product offerings are identified as the key growth pillar for the Anta brand, with visible changes in Fila expected by early 2026 [1] - **Smaller Brands Performance**: Smaller brands experienced natural growth moderation in 3QTD compared to 2Q25, but still showed robust performance against peers [1] Financial Performance and Projections - **Revenue Growth**: Anta and Fila reported positive year-over-year growth in July and August, despite challenges such as unfavorable weather and a low season in July [2] - **Management Outlook**: The management expressed cautious optimism regarding the consumption environment, anticipating weak consumer willingness in September [2] - **Cost Control**: The company demonstrated industry-leading cost control capabilities, with a confident tone regarding achieving operating profit margin (OPM) targets across brands [1] Strategic Initiatives - **M&A Exploration**: Anta is actively exploring new mergers and acquisitions in various sports verticals globally, with a thoughtful decision-making process focusing on product quality and reasonable valuations [1][20] - **Product Focus**: Significant efforts have been made to enhance product offerings, particularly in running and outdoor products, which are expected to benefit from seasonal trends [20] Financial Forecasts - **Revenue Projections**: - 2024: Rmb 70,826 million - 2025E: Rmb 80,548 million - 2026E: Rmb 89,250 million - 2027E: Rmb 98,183 million [7] - **EBITDA Projections**: - 2024: Rmb 19,658 million - 2025E: Rmb 22,611 million - 2026E: Rmb 25,869 million - 2027E: Rmb 28,933 million [7] - **EPS Projections**: - 2024: Rmb 5.55 - 2025E: Rmb 4.82 - 2026E: Rmb 5.48 - 2027E: Rmb 6.23 [7] Risks and Challenges - **Key Risks**: Potential risks include weaker growth for Anta and Fila, discount pressures, and challenges in operating expense control [22] Conclusion - **Investment Rating**: The company maintains a "Buy" rating, with a price target of HK$121 based on a 21x 2027E P/E ratio [21]

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Brands**: Anta, Fila, Descente, and others - **Fiscal Year**: 2025 Key Points Anta Brand Performance - Anta expects to maintain mid-single-digit growth for the full year, with a 23.3% operating profit margin in the first half. Despite increased expenses in the second half, the company aims to achieve a 20-25% operating profit margin through strict cost control [2][3] - New store formats such as Champion Stores and Super Anta Stores are being rolled out, with average store efficiencies exceeding 500,000 yuan [2][8] - The company plans to reduce capital expenditures to 2.5-3 billion yuan for the year while maintaining a dividend payout ratio above 50% [4][27] Fila Brand Performance - Fila's revenue grew in the high single digits in the first half, with an expected mid-single-digit growth in the second half. The operating profit margin reached 27.7% [2][3] - The increase in online sales has led to a decline in gross margin, but product structure optimization is expected to stabilize margins [2][11] Other Brands - Other brands under Anta saw a 60% increase in revenue in the first half, with an annual forecast raised from 30% to 40% [3][4] - The Wolf Claw brand is expected to incur a loss of approximately 300 million yuan due to restructuring and platform development costs [2][6][28] Market Strategy - Anta is focusing on the running category, which is performing well, while the basketball category remains stable, outperforming the industry average [4][19][20] - The company is also exploring opportunities in the outdoor market, with plans to enhance product offerings in high-end outdoor and trail running segments [10][19] Financial Guidance - Anta aims to maintain a net profit margin of 20-25% for the year, factoring in government subsidies [3][5] - The company is cautious about the third quarter, with inventory levels stable and retail discounts under control [3] Descente Brand Performance - Descente's single-store sales reached approximately 2.7 million yuan, with a target of 260-270 stores by year-end [22][26] - The brand's VIP membership contribution is at 90%, with membership numbers increasing from 4 million to 6 million [24][25] Future Outlook - Anta is considering acquisitions without a specific size limit, focusing on both small and large-scale opportunities [29] - The company is also adjusting its e-commerce strategy, with expectations for improved performance during major sales events like Double Eleven [18] Additional Insights - The company is actively managing its store count, with a target of 7,000-7,100 stores by year-end [13] - Anta's overseas expansion is gradual, with current operations in Southeast Asia and plans for further growth in North Africa and the Middle East [14][15] This summary encapsulates the key insights and financial expectations from Anta Sports' conference call, highlighting the performance of its various brands and strategic initiatives moving forward.

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [11][40]. Core Insights - Lululemon's FY2025Q2 revenue grew by 7% year-on-year to $2.5 billion, which was below the company's expectations, primarily due to weak performance in the U.S. market [1][16]. - The report highlights a continued recovery in the consumer environment for apparel, with a focus on the long-term growth potential of the sports footwear and apparel segment [3][24]. - The report emphasizes the importance of product differentiation and brand strength in the jewelry sector, predicting that companies with clear product differentiation will outperform the industry in 2025 [4][24]. Summary by Sections Lululemon's Performance - Lululemon's Q2 revenue was $2.5 billion, with a 7% year-on-year increase, and a 6% increase on a currency-neutral basis. The Americas segment saw a 1% increase, while international revenue grew by 22% [1][16]. - The gross profit increased by 5% to $1.5 billion, but the gross margin decreased by 1.1 percentage points to 58.5% [1][16]. - The company adjusted its FY2025 revenue growth forecast to 2%-4%, with a potential 4%-6% growth on a comparable 52-week basis [1][16]. Regional Analysis - In the U.S., Q2 revenue was flat, with a 1% increase in the Americas segment. The company noted that consumer response to new product colors was below expectations, indicating a potential issue with product lifecycle [20]. - In China, Q2 revenue grew by 24%, driven by the opening of five new stores and various brand-building activities. The company expects a 20%-25% revenue growth in FY2025 for the Chinese market [20][21]. Apparel and Footwear Sector - The report indicates that the sports footwear segment is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][24]. - Key recommendations include Anta Sports, Li Ning, and Xtep International, which are expected to show strong performance due to their operational capabilities and market positioning [27][40]. Jewelry Sector - The report notes that the jewelry market is facing weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2, respectively. Companies with strong product and brand capabilities are expected to perform better [39][24]. Manufacturing Sector - The textile manufacturing sector is experiencing changes due to new tariff policies, which may impact profit expectations for 2025-2026. Companies with integrated and international supply chains are expected to gain market share [8][25]. - Recommendations include Shenzhou International and Huayi Group, which are seen as having strong performance and competitive advantages [25][40].

Core Viewpoint - Anta Group, in collaboration with Donghua University, has launched Aerovent Zero, China's first self-developed high-performance fluorine-free waterproof and breathable material, marking a significant breakthrough in the field of high-performance waterproof and breathable fabrics in China [1][3]. Group 1: Product Innovation - The Aerovent Zero material significantly enhances moisture permeability through self-developed high-conductivity bio-based polymers and micro-nano structural adjustments, while ensuring waterproofing without adding organic fluorine compounds [3][5]. - Third-party testing has confirmed that the material meets international advanced standards, achieving a static water pressure of 18,000 mmH₂O and a moisture permeability rate of 7,000 g/m²·24h, thus overcoming the global challenge of "fluorine-free high performance" [5]. - The material incorporates 20% bio-based content, making it more environmentally friendly compared to international brands' fluorine-free solutions [5]. Group 2: Market Strategy and Pricing - Anta Group has managed to control the product price at one-third of similar international fabric products, making high-performance waterproof and breathable fabric technology accessible [5]. - The new generation of "Storm Armor" featuring Aerovent Zero is set to launch in the fall and winter of this year, with an estimated price around 1,000 yuan and projected sales exceeding 500,000 units by 2026 [5]. Group 3: Research and Development Commitment - Anta Group has established a global open innovation ecosystem involving seven design and research centers, over 70 universities and research institutions, and more than 800 suppliers [7]. - The company has invested 20 billion yuan in innovation-related activities over the past decade and plans to invest another 20 billion yuan in the next five years to enhance consumer experience [7]. Group 4: Sustainability Goals - Anta Group aims to increase the proportion of sustainable products to 50% and achieve 50% usage of sustainable raw materials by 2030 [7]. - The company has improved its MSCI ESG rating to "A" within two years and ranks in the top 6% among 190 global textile, apparel, and luxury goods companies in the S&P Global Corporate Sustainability Assessment [7].

Core Viewpoint - Anta Sports achieved a revenue of 38.54 billion yuan in H1 2025, representing a year-on-year increase of 14.3%, with a net profit of 7.03 billion yuan, also up by 14.5%, exceeding expectations [1][2] Group 1: Financial Performance - The company plans to distribute a mid-term dividend of 3.53 billion yuan, with a payout ratio of 50% [1] - Anta's operating profit margin (OPM) reached 26.3%, an increase of 0.6 percentage points year-on-year [1] - The revenue breakdown for H1 2025 shows Anta brand at 16.9 billion yuan (+5%), FILA at 14.2 billion yuan (+9%), and other brands at 7.4 billion yuan (+61%) [1] Group 2: Brand Performance - FILA and outdoor brands showed strong performance, with FILA's new CEO enhancing brand and retail channel strategies [1][2] - Descente and Kolon maintained high-quality growth due to favorable market conditions and refined operations [1] Group 3: Margin Analysis - Gross profit margins (GPM) for Anta and FILA decreased by 1.7 percentage points and 2.2 percentage points respectively, attributed to increased costs in professional categories and a higher proportion of online sales [2] - Despite GPM pressure, Anta's OPM improved due to increased government subsidies, with OPM expected to remain healthy through refined expense management [2] Group 4: Future Outlook - The company anticipates net profits of 13.4 billion yuan, 15 billion yuan, and 16.8 billion yuan for 2025-2027, reflecting year-on-year growth of 13%, 12%, and 12% respectively [2] - Anta's brand expansion overseas is accelerating, with plans for increased investment in FILA and recent acquisition of the Wolf Paw brand to enhance its brand matrix [2]

Group 1 - The Hong Kong stock market experienced a slight rebound after three consecutive days of decline, with the Hang Seng Index rising 0.35% to 25,145 points and the Hang Seng Tech Index increasing 0.52% to 5,608 points [1] - The textile and apparel sector showed overall strength, with notable gains from companies such as Li Ning (up over 3.5%), Anta Sports, and others [1] - The State Council issued an opinion aimed at enhancing sports consumption potential and promoting high-quality development in the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030 [1] Group 2 - Goldman Sachs raised its target price for Hong Kong Exchanges and Clearing (HKEX) from 509 HKD to 524 HKD, maintaining a "Buy" rating, reflecting confidence in the company's strategic direction and long-term growth potential [2] - Despite a recent weak performance in the Hong Kong stock market, analysts believe that the market remains undervalued globally, with significant inflows from southbound funds exceeding 112.1 billion HKD in August [2] - Analysts from Guotai Junan Securities (Hong Kong) and Guoyuan Hong Kong express optimism about the structural opportunities in the Hong Kong market, particularly in the technology, consumer, and pharmaceutical sectors [2]

Group 1 - The core viewpoint of the article highlights a positive market response in the sportswear sector, with notable stock price increases for companies like Li Ning, Anta Sports, and Xtep International following government policy announcements aimed at boosting the sports industry [1] - The State Council has issued a directive to accelerate the construction of a modern sports industry system, aiming to significantly enhance sports consumption and the overall strength and competitiveness of the sports industry by 2030, with a target total scale exceeding 7 trillion yuan [1] - Shanghai Securities emphasizes that the sports industry is becoming a crucial driver for economic growth and transformation, suggesting that the high demand for sports apparel is likely to continue due to favorable policies aimed at expanding domestic demand and boosting consumer confidence [1] Group 2 - The article notes that the outdoor economy is stimulating high demand for sports apparel, indicating a robust market environment for this segment [1] - The government’s focus on reform and innovation is expected to empower high-quality development in the sports sector, further supporting the growth of sportswear sales [1] - The sports industry is recognized as an important contributor to the new economic development momentum, highlighting its role in the broader economic landscape [1]

Core Viewpoint - The Chinese sports goods sector is experiencing a positive market response following the government's push to enhance the sports industry and consumer spending, with significant growth expected by 2030 [1] Industry Summary - The State Council has issued a directive to accelerate the construction of a modern sports industry system, aiming to boost sports consumption and enhance the overall strength and competitiveness of the sports industry [1] - By 2030, the goal is to cultivate a number of globally influential sports enterprises and events, with the total scale of the sports industry expected to exceed 7 trillion yuan [1] - The sports industry is recognized as a vital force in driving economic growth and facilitating the transformation and upgrading of the economy [1] Company Summary - Major sports companies such as Li Ning, Anta Sports, Xtep International, and Tabo have seen their stock prices rise, indicating strong market sentiment [1] - Shanghai Securities highlights the outdoor economy's role in boosting sales of sports apparel, suggesting a focus on high-certainty opportunities and high-growth segments within the industry [1] - The government's emphasis on reform and innovation is expected to empower high-quality development in the sports sector, sustaining the high demand for sports apparel [1]