国信证券发布研报称，维持安踏体育(02020)"优于大市"评级。该行维持盈利预测，预计公司2025-2027 年归母净利润分别为132.1/139.3/155.8亿元，可比口径的利润增长分别为+10.7%/5.5%/11.9%(2024年剔除 Amer上市和配售权益摊薄所得的可比口径利润为119.3亿元)。维持107-112港元目标价，对应2026年20- 21XPE。 国信证券主要观点如下： 此次安踏对PUMA的收购，是公司全球化战略的进一步深化，PUMA在全球运动鞋服市场份额领先，在 多个专业运动项目以及欧洲等重点市场具有领先地位和先进经验与安踏集团品牌矩阵有协同性和互补 性；PUMA虽然短期增长乏力、盈利承压，但现管理层正推动品牌复苏，致力于2027年恢复增长，安踏 加入后更有望焕发品牌新增长活力。 1月26日，公司公告与Pinault家族的投资公司Groupe Artémis达成购股协议，以每股35欧元的价格收购 PUMASE共计43,014,760股普通股(占其全部已发行股本约29.06%)，总对价15.05亿欧元(约合人民币 122.78亿元)。 风险提示 标的概况 关税政策不确定性;品牌形象受损 ...

1月26日，公司公告与Pinault家族的投资公司Groupe Artémis达成购股协议，以每股35欧元的价格收购 PUMASE共计43,014,760股普通股(占其全部已发行股本约29.06%)，总对价15.05亿欧元(约合人民币 122.78亿元)。 智通财经APP获悉，国信证券发布研报称，维持安踏体育(02020)"优于大市"评级。该行维持盈利预测， 预计公司2025-2027年归母净利润分别为132.1/139.3/155.8亿元，可比口径的利润增长分别为 +10.7%/5.5%/11.9%(2024年剔除Amer上市和配售权益摊薄所得的可比口径利润为119.3亿元)。维持107- 112港元目标价，对应2026年20-21XPE。 国信证券主要观点如下： 近期事件 看好集团多品牌全球化运营下，持续好于行业的成长潜力 此次安踏对PUMA的收购，是公司全球化战略的进一步深化，PUMA在全球运动鞋服市场份额领先，在 多个专业运动项目以及欧洲等重点市场具有领先地位和先进经验与安踏集团品牌矩阵有协同性和互补 性；PUMA虽然短期增长乏力、盈利承压，但现管理层正推动品牌复苏，致力于2027年恢复增长，安踏 加 ...

Summary of Key Points from Anta's Acquisition of Puma Stake Company Involved - Anta Sports Products Limited (安踏) - Puma SE (Puma) Core Points and Arguments - Anta has acquired a 29.06% stake in Puma for approximately €1.5 billion (RMB 12.3 billion), with the funding sourced entirely from the company's cash reserves [1] - The transaction is subject to review by national authorities, with an expected completion timeline of 6 to 10 months [1] - There are currently no plans for privatization; Anta will not take full operational control but will appoint representatives to collaborate with Puma's management team [1] - Puma's revenue in China is currently small, and Anta aims to leverage its channels, supply chain resources, and operational capabilities to help Puma expand in the Chinese market [1] Important but Potentially Overlooked Content - Risks associated with the acquisition include fluctuations in the consumer environment, potential delays in the acquisition process, and macro-political uncertainties [2]

Summary of Anta Sports' Acquisition of PUMA Company and Industry Overview - **Company Involved**: Anta Sports - **Target Company**: PUMA - **Industry**: Sportswear and Footwear Key Points and Arguments Transaction Details - Anta Sports acquired approximately 29.06% of PUMA's shares, becoming the largest single shareholder [1] - The transaction price is approximately €1.5055 billion (around ¥12.278 billion) [1] - The share price of €35 represents a 61.8% premium over the closing price prior to the announcement [1] Payment Method - The entire payment will be made using Anta's cash reserves, with no new debt incurred [2] PUMA's Financial Status - PUMA's projected net profits for 2022-2024 are €354 million, €305 million, and €282 million respectively, with a loss of €309 million expected in the first three quarters of 2025 [3] Strategic Rationale for Acquisition 1. **Long-term Brand Value**: - Anta values PUMA's nearly 80-year history and its established position in core sports areas like football and running, viewing it as a long-term investment opportunity [3] - Current stock price and valuation do not reflect PUMA's intrinsic brand value, indicating a window for long-term investment [3] 2. **Market Potential in China**: - PUMA's revenue in China currently accounts for only about 7% of its global income, suggesting significant growth potential compared to other international brands with higher market shares in China [4] - Anta plans to leverage its successful "brand + retail" model and consumer insights to support PUMA's growth in the Chinese market [4] 3. **Globalization and Multi-brand Strategy**: - The acquisition is a key step in Anta's "single focus, multi-brand, globalization" strategy [4] - PUMA's strong influence in Europe, North America, and Africa will directly support Anta's global expansion efforts [4] Financial and Valuation Insights - The brand value cannot be accurately measured by current market capitalization [5] - The acquisition price is based on an enterprise value/2027 expected revenue ratio of approximately 0.8 times, which is considered reasonable [5] - The use of cash reserves for the transaction will not affect Anta's dividend policy for 2025, ensuring a healthy and stable dividend outlook [5] Synergy Plans and Path to Profitability 1. **Role Definition**: - As the largest shareholder, Anta aims to gain sufficient representation on PUMA's supervisory board, collaborating as an "advisor and supporter" rather than directly managing operations [6] 2. **Empowerment**: - Anta will share its successful experiences to help PUMA improve in areas such as branding, product development, and retail efficiency, with a primary focus on the Chinese market [6] 3. **Collaboration**: - Anta acknowledges PUMA's management's transformation plan and emphasizes that revitalization will require time [6] - Building trust is crucial for collaboration while maintaining PUMA's operational independence [7] Approval Risks and Next Steps - The transaction requires approval from regulatory authorities in China, Germany, the United States, and other regions, with an expected timeline of 6-10 months [7] - If the deal fails to complete, Anta will incur a €100 million exclusivity commitment fee [7] - The agreement includes an "additional payment mechanism," where Anta must compensate the sellers for any price difference if PUMA is acquired or delisted at a higher price within 15 months [7]

中金主要观点如下： Puma是国际领先运动品牌，与安踏体育多维度互补 Puma拥有超70年历史沉淀，在足球、跑步、赛车、篮球和综合训练领域都优势突出，拥有丰富的历史 产品数据库，在专业及潮流运动领域拥有广泛的全球影响力，在欧洲、拉丁美洲、非洲和印度根基深 厚，目前中国市场占Puma收入仍较低。该行认为Puma能丰富安踏体育的品牌组合，并与旗下多个品牌 在产品组合、区域等多维度高度互补，也有望进一步提升安踏体育的整体国际竞争力。 安踏体育单聚焦、多品牌、全球化布局更进一步，有望重新激活Puma品牌价值 此前，安踏体育在中国将FILA、迪桑特和可隆等发展成为声誉良好的知名品牌，并加速亚玛芬体育旗 下品牌在全球体育用品市场的发展。该行认为，安踏体育已构建支撑全球发展的品牌建设、零售与供应 链体系，积累了经市场验证的成功经验。安踏体育公告将在交易结束后寻求向Puma监事会委派代表， 支持Puma管理层推动计划，助力Puma重新激活品牌价值。 智通财经APP获悉，中金发布研报称，维持安踏体育(02020)2025年EPS预测4.71元，2026/2027年EPS预 测为4.76/5.04元，当前对应2026/2027年 ...

（文章来源：21世纪经济报道） 1月27日，安踏集团发布公告，拟出资约122.78亿元收购德国运动品牌彪马29.06%的股权，成为其最大 股东。 ...

国信纺服观点： 1、标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 年恢复增长； 4、风险提示：关税政策不确定性；品牌形象受损；市场的系统性风险。 5、投资建议：看好集团多品牌全球化运营下，持续好于行业的成长潜力。此次安踏对 PUMA 的收购，是公司全 球化战略的进一步深化，PUMA 在全球运动鞋服市场份额领先，在多个专业运动项目以及欧洲等重点市场具有领 先地位和先进经验与安踏集团品牌矩阵有协同性和互补性；PUMA 虽然短期增长乏力、盈利承压，但现管理层正 推动品牌复苏，致力于 2027 年恢复增长，安踏加入后更有望焕发品牌新增长活力。我们维持盈利预测，预计公 司 2025-2027 年归母净利润分别为 132.1/139.3/155.8 亿元，可比口径的利润增长分别为+10.7%/5.5%/11.9% （2024 年剔除 Amer 上市和配售权益摊薄所得的可比口径利润为 119.3 亿元）。维持 107-112 港元目标价，对应 2026 年 20-21X PE，维持"优于大市"评级。 评论： 标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 ...

研究报告 Research Report 28 Jan 2026 安踏体育 ANTA SPORTS (2020 HK) 战略性收购 Puma 29.06%股权，继续推进单聚焦+多品牌+全球化战略 Strategic Acquisition of a 29.06% Stake in Puma to Further Advance the Strategy of Single Focus, Multi-Brand and Globalization [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.90 目标价 HK$91.40 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$217.86bn / US$27.94bn 日交易额 (3 个月均值) US$93.59mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年 ...

安踏体育版图再添一员。 1月27日早间，安踏体育用品有限公司（02020.HK，安踏体育）在港交所公告称，1月26日，公司与 Pinault家族的投资公司Groupe Artémis达成购股协议，收购全球运动品牌PUMA（彪马）所属公司 PUMA SE 29.06%的股权。交易对价为15.055亿欧元（不含税），约合人民币122.78亿元。 公告指出，收购彪马股权后，安踏将成为其最大股东。交易预计有望于2026年底前完成，但仍需要得到 相关监管部门批准及满足惯例交割条件。此次股权收购资金全部来源于安踏集团的内部自有现金储备。 交易完成后，安踏集团拟寻求向监事会委派合适的代表，后者将与其他监事会成员及员工代表密切协 作，同时致力于保持彪马深厚的品牌身份与基因。集团未来将审慎评估双方是否有进一步深化合作关系 的可能性。集团目前没有对彪马发起要约收购的计划。 近年来，安踏集团执行"单聚焦、多品牌、全球化"的发展战略。从一家立足本土的运动品牌起步，通 过"买买买"，目前安踏集团已成为拥有十多个全球品牌、市值全球前三的多品牌体育用品集团，并进入 全球化"深水区"。 截至1月27日收盘，安踏体育股价报77.9港元/股，涨 ...

研究报告 Research Report 28 Jan 2026 安踏体育 ANTA SPORTS (2020 HK) [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.90 目标价 HK$91.40 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$217.86bn / US$27.94bn 日交易额 (3 个月均值) US$93.59mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年股价最高最低值 HK$104.40-HK$75.50 注：现价 HK$77.90 为 2026 年 01 月 27 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -7.2% -13.3% -0.1% 绝对值（美元） -7.4% -13.6% -0.2% 相对 MSCI China -10.3% -11.6% -33.7% [Table_Profit] Rmb mn Dec ...