同时，可隆成为中国国家攀岩队官方合作伙伴，进一步强化其专业户外形象。通过举办主题线下活动， 品牌持续传递"链接人与自然"的理念，巩固其在高端户外市场的定位。MAIA ACTIVE 品牌坚持为亚洲 女性身形设计的差异化战略，经典单品和新推出的Creamy 瑜伽生活方式系列均获得市场良好反响。门 店升级效果显著，已升级的6 家门店流水增幅最高达90%。未来，MAIA 将继续深耕一线城市，强化 DTC 渠道建设，打造具有社区互动感的零售生态。 投资建议与盈利预测：展望2026 年，我们预期运动鞋服行业整体将同比加速增长，一方面运动鞋服和 用品渗透率将持续提升，另一方面预期行业客单价和折扣压力将有所缓解，尤其是龙头品牌去库存基本 接近尾声。安踏体育是少有的拥有强渠道能力和成功运营多品牌的运动鞋服品牌，我们看好优质管理团 队和高效运营能力对各品牌持续增长且获取市场份额的支持， 我们预期安踏体育2025-2027 年收入分别 为783.5/868.1/951.1 亿元，同比增长10.6%/10.8%/9.6%；2025-2027 年归母净利润分别为136.8/155.0/ 172.3 亿元，同比增长-12.3%/13.3 ...

研究报告 Research Report 17 Nov 2025 安踏体育 ANTA SPORTS (2020 HK) 近况更新：随着天气转冷运动鞋服流水压力明显缓解，2026 年行业增长或加速 Recent Updates: Update: Sportswear and Footwear Sell-Through Pressure Eases as Weather Cools; Industry Growth Could Accelerate in 2026 [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$82.10 目标价 HK$103.00 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$230.47bn / US$29.66bn 日交易额 (3 个月均值) US$135.10mn 发行股票数目 2,807mn 自由流通股 (% ...

FILA 零售偏弱，库存水位偏高。2025Q3 FILA 品牌零售同比低单增长相对偏弱，预计线下折扣保持稳 定，预计库销比有所提升。当前FILA 双十一电商销售排名靠前，双十一预计增加折扣以清理库存。 短期来看，预计折扣进一步加大情况下，品牌GPM 及OPM 延续承压。中期安踏品牌需调改店和出海逻 辑贡献增量，FILA 品牌重塑仍有待进一步释放动能。此前收购狼爪等品牌，后续仍有望通过收购进一 步丰富品牌矩阵，长期公司成长路径相对清晰。综合预计2025-2027 年公司归母净利润分别为 131/146/161 亿元，对应PE 分别为17/15/14X，此外公司回购计划仍延续，股价短期向下仍有支撑，维 持"买入"评级。 风险提示 1、零售恢复不及预期； 机构：长江证券 研究员：于旭辉/柯睿 事件描述 安踏体育发布2025Q3 零售数据，安踏品牌同比低单增长，FILA 品牌同比低单增长，其他品牌同比增长 45%-50%。 事件评论 安踏零售稳健，折扣短期承压。2025Q3 安踏品牌零售同比低单增长，预计表现与大众运动市场趋势一 致，后续渠道调改预计仍为增长核心驱动。预计终端折扣有所走弱，库销比保持健康。 2、多品牌 ...

Investment Rating - The investment rating for Anta Sports is "Buy" and is maintained [6]. Core Views - Anta Sports reported Q3 2025 retail data, showing low single-digit growth for the Anta and FILA brands, while other brands experienced a growth of 45%-50% [2][4]. - The retail performance of Anta is under pressure, with expectations of a decline in terminal discounts, although the inventory-to-sales ratio remains healthy [6]. - FILA's retail performance is relatively weak, with high inventory levels, and it is anticipated that discounts will increase during the upcoming Double Eleven sales to clear stock [6]. - Short-term pressures are expected to continue affecting gross profit margin (GPM) and operating profit margin (OPM), while mid-term growth will rely on store adjustments and international expansion [6]. - The company forecasts net profits for 2025, 2026, and 2027 to be 131 billion, 146 billion, and 161 billion respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 14 [6][8]. Summary by Sections Retail Performance - Anta brand retail shows low single-digit growth, aligning with market trends, while other brands are performing significantly better [2][4]. - FILA brand retail is underperforming with high inventory levels, and adjustments are expected to improve inventory turnover [6]. Financial Forecast - Revenue projections for Anta Sports are 70.83 billion for 2024, 78.63 billion for 2025, 86.40 billion for 2026, and 93.76 billion for 2027, with growth rates of 14%, 11%, 10%, and 9% respectively [8]. - The expected earnings per share (EPS) are 4.25 for 2024, increasing to 5.74 by 2027 [8].

Core Insights - Anta's retail sales for its main brands, including Anta and FILA, showed low single-digit year-on-year growth, while other brands experienced a significant increase in retail sales by 45% to 50% [1] - The company opened over 300 new stores nationwide during the National Day holiday, including various specialized store formats to enhance its market presence [1] - Anta has made technological advancements with the launch of a new high-performance waterproof material and a new warming technology derived from aerospace technology, aiming for sustainability in its product offerings [2] Retail Performance - Anta brand products' retail sales grew at a low single-digit percentage year-on-year - FILA brand products also saw low single-digit year-on-year growth in retail sales - Other brands under Anta experienced a retail sales increase of 45% to 50% [1] Store Expansion - Anta opened over 300 new stores during the National Day period, including: - 39 Anta flagship stores - 30 Anta champion stores focused on outdoor sports - 24 super Anta stores covering a full range of products - 41 Anta lighthouse stores offering professional sports products - 8 Anta outlet stores creating a scene-based outlet experience - 4 Anta collection stores for cross-style branding - 11 Anta children's stores for youth sports - 4 ANTA KIDS PARKs designed as scene-based outlet children's sports parks - 55 ANTA Linglong stores dedicated to children's exclusive IP [1] Technological Innovations - Anta launched China's first self-developed high-performance fluorine-free waterproof and moisture-permeable material, "Fluorine-Free Anta Membrane," in collaboration with Donghua University - The new generation of "Storm Armor" was also introduced, marking a breakthrough in the global high-performance waterproof fabric sector - Anta aims to increase the proportion of sustainable products to 50% by 2030 and plans to sell over 500,000 units of the new "Storm Armor" by 2026 [1] Market Strategy - Anta partnered with Wuhan Textile University to launch a new warming technology, "Anta Six-Degree Core Technology," which has been successfully commercialized for consumer use [2] - The HLSTYLED global tour reached major cities like New York, Shanghai, and Paris, with a successful event held in Paris, indicating Anta's strategic expansion into the European market - Anta is collaborating with JD Sports for offline sales and expanding its online presence across five European countries [2] Financial Outlook - The company adjusted its profit forecast but maintains a "buy" rating, citing long-term value supported by multi-brand strategies, operational efficiency improvements, and global expansion - Projected net profits for 2025-2027 are estimated at 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, with corresponding PE ratios of 16x, 14x, and 12x [2]

Core Viewpoint - Anta Sports' ESG rating was upgraded from A to AA by MSCI, despite facing ecological damage claims related to its subsidiary, Arc'teryx, for an event in Tibet [2][3][4]. Group 1: ESG Rating and Environmental Issues - Anta Sports' MSCI ESG rating was upgraded to AA on October 17, 2023, following a previous downgrade to B in January 2023 [2][7]. - The upgrade comes amidst controversy over the ecological impact of a fireworks event sponsored by Arc'teryx, which has been labeled as "mountain blasting" by netizens [3][4]. - Anta Sports has not publicly detailed its plans for ecological compensation and restoration following the incident [5]. Group 2: Financial Performance - In Q3 2025, Anta and FILA brand products recorded low single-digit growth in retail sales compared to the same period in 2024 [9]. - Anta Sports' revenue grew from 355.12 billion to 708.26 billion from 2020 to 2024, nearly doubling in four years, while net profit increased by approximately 202% during the same period [8]. - Sales expenses grew significantly, reaching approximately 1,087.4 billion over five and a half years, accounting for 35% of total revenue of 3,102.17 billion [11]. Group 3: Inventory and Operational Challenges - Anta Sports is experiencing inventory buildup and operational challenges, with an average inventory turnover period of 136 days in the first half of 2025, compared to 61 days for Li Ning [11][12]. - The company's direct-to-consumer (DTC) reform initiated in 2020 has led to increased inventory levels as it transitioned inventory management from distributors to the brand [12].

Core Viewpoint - Anta Sports has faced ecological criticism due to its subsidiary Arc'teryx's involvement in an environmentally damaging fireworks event, yet its MSCI ESG rating has been upgraded from A to AA, raising questions about the company's commitment to ecological responsibility [2][3][5]. Group 1: ESG Rating and Environmental Issues - Anta Sports' MSCI ESG rating was upgraded from A to AA on October 17, 2023, despite ongoing ecological concerns related to its subsidiary Arc'teryx [3][5]. - The company has not publicly detailed its plans for ecological compensation and restoration following the environmental damage caused by the fireworks event [7]. - The fireworks event, held at a high-altitude location, has been deemed a human-induced disturbance with potential ecological risks that require monitoring [6]. Group 2: Financial Performance - In Q3 2025, Anta and FILA brands recorded low single-digit growth in retail sales compared to the same period in 2024, indicating a slowdown in growth [11]. - Over the past five years, Anta Sports' sales expenses have significantly increased, totaling approximately 1,087.4 billion, which is 35% of its total revenue of 3,102.17 billion [13]. - The company's revenue growth has slowed, with a reported revenue of 385.44 billion in the first half of 2025, reflecting a year-on-year increase of 14.3% [12].

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price not specified [7]. Core Insights - Anta's retail sales for its main brand and FILA brand showed low single-digit year-on-year growth, while other brands experienced a significant retail sales increase of 45% to 50% [1]. - The company opened over 300 new stores nationwide during the National Day holiday, including various specialized store formats to cater to different market segments [2]. - Anta has made technological advancements, launching China's first self-developed high-performance fluorine-free waterproof and moisture-permeable material, with plans to increase the proportion of sustainable products to 50% by 2030 [3]. - The HÉLÀ STYLED global tour has expanded Anta's presence in Europe, with successful events in major cities and a strategy to enhance online and offline market penetration [4]. - The profit forecast has been adjusted, with expected net profits for 2025-2027 at 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, reflecting a slight downward revision from previous estimates [5]. Summary by Sections Retail Performance - Anta's main brand and FILA brand retail sales showed low single-digit growth, while other brands saw a 45%-50% increase [1]. Store Expansion - Over 300 new stores were opened, including various specialized formats such as champion stores and children's stores [2]. Technological Innovation - Anta launched a new fluorine-free waterproof material and plans to increase sustainable product usage significantly by 2030 [3]. International Strategy - The HÉLÀ STYLED global tour has enhanced Anta's brand visibility in Europe, with a focus on both online and offline sales channels [4]. Financial Forecast - Adjusted profit forecasts for 2025-2027 indicate net profits of 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, with a PE ratio of 16/14/12x respectively [5].

截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安踏體育用品有限公司 呈交日期: 2025年11月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02020 | | 說明 | 不適用 | | | | | | | | 多櫃檯證券代號 | 82020 | RMB | 說明 | 不適用 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | 0 | | | | HKD | | 0 | | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Insights - The company has shown resilience in a fluctuating retail environment, with its main brands maintaining stable performance while the outdoor brand matrix continues to grow significantly [8] - The company is expected to benefit from ongoing reforms in both online and offline channels, alongside the positive momentum of its FILA and outdoor brand matrix [4] Summary by Sections Brand Performance - FILA brand experienced a slight deceleration in growth with a Q3 revenue increase in low single digits, attributed to higher September temperatures affecting autumn apparel sales timing. The offline discount rate was 7.4, and online was 5.8, with inventory turnover increasing to 6X due to preparations for Double Eleven [2] - Other brands within the outdoor segment showed impressive growth, with Descente achieving a 30% revenue increase and KOLON achieving a 70% increase in Q3. Both brands maintained a healthy discount rate of 90% [3] Financial Forecast and Valuation - The revenue forecast for the company has been slightly adjusted downwards due to retail environment pressures and the impact of the integration of the Wolf Claw brand. Expected revenues for 2025, 2026, and 2027 are projected to be 793 billion, 875 billion, and 948 billion respectively, with net profits of 131 billion, 145 billion, and 160 billion [4] - The company’s current P/E ratios are projected at 15.8, 14.3, and 13.0 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [4] Financial Summary - The company’s total revenue for 2024 is projected at 70,826 million, with a growth rate of 13.58%. The net profit for the same year is expected to be 15,596 million, reflecting a significant increase of 52.36% [9]