[Table_Rank] 评级：买入 [Table_Title] 收购 Puma 股权，全球化进程持续推进 [Table_ReportDate] 安踏体育（2020.HK）公司简评报告 | 2026.02.13 郭琦 分析师 SAC 执证编号：S0110525060001 guoqi@sczq.com.cn 电话：010-81152677 [Table_Chart] 市场指数走势（最近 1 年） [Table_BaseData] 公司基本数据 | 最新收盘价（港元） | 85.3 | | --- | --- | | 一年内最高/最低价（港 元） | 107.5/65.6 | | 市盈率（当前） | 16.6 | | 市净率（当前） | 3.8 | | 总股本（亿股） | 28.2 | | 总市值（亿港元） | 2408 | 资料来源： Wind 相关研究 2025 年第二季度运营数据点评：主品 牌推进渠道调整，户外贡献亮眼表现 核心观点 ⚫ 事件：公司公告拟以现金形式，以每股 35 欧元价格，合计 15.06 亿欧元 （约合人民币 122.8 亿元）收购 PUMA 公司 29.06%的股权，成为 PUMA 公 ...

来源：滚动播报 安踏体育(02020.HK)：公司已收到安踏国际及其全资附属公司安达控股与安达投资的股东书面批准；据 此，收购PUMA SE的29.06%股权各方均已批准购股协议及收购事项。 ...

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 ...

智通财经APP获悉，花旗发布研报称，自安踏体育(02020)宣布收购Puma后，投资者的问题主要集中在 这次收购会对安踏的中国业务产生助力还是拖累。花旗维持对安踏目标价107港元，予以买入评级。 参考安踏过往收购的不同模式以及该行与中国零售商的讨论，该行预计，除了可能因重塑Puma中国业 务而快速增长的品牌收入外，安踏可能对Puma中国的零售/分销业务进行合并，即使安踏仅持有Puma 29%的股权，这将带来惊喜的上行潜力。考虑到安踏在中国强大的零售专长，预计Puma中国的分销/零 售业务将迅速增长。花旗认为，投资者可能低估了Puma中国业务在交易完成后对安踏带来的正面影 响。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company announced the acquisition of a 29.06% stake in PUMA SE for €1.5 billion, becoming the largest shareholder, which is expected to enhance its global competitiveness and support its "single focus, multi-brand, globalization" strategy [2] - The company anticipates steady growth in 2026, with projected net profits of 12.977 billion, 14.560 billion, and 15.822 billion yuan for 2025, 2026, and 2027 respectively, reflecting a slight downward adjustment from previous estimates [2] - The company remains optimistic about its core categories and channel reforms, with potential growth driven by the upcoming Paris Olympics and strong performance from its FILA brand [2] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: 62.356 billion yuan in 2023, 70.826 billion yuan in 2024, 78.234 billion yuan in 2025, 85.959 billion yuan in 2026, and 94.151 billion yuan in 2027, with year-over-year growth rates of 16.2%, 13.6%, 10.5%, 9.9%, and 9.5% respectively [5] - Net profit estimates are 10.236 billion yuan for 2023, 15.596 billion yuan for 2024, 12.977 billion yuan for 2025, 14.560 billion yuan for 2026, and 15.822 billion yuan for 2027, with a notable decline of 16.8% in 2025 [5] - The company's EPS (Earnings Per Share) is projected to be 3.6 yuan in 2023, 5.5 yuan in 2024, 4.6 yuan in 2025, 5.2 yuan in 2026, and 5.7 yuan in 2027, with corresponding P/E ratios of 19.0, 13.1, 15.7, 13.4, and 12.3 [5]

Group 1 - The core viewpoint of the report is that Anta Sports (02020) is expected to see revenue growth from FY25E to FY27E, with projected revenues of 785.3 billion, 860.3 billion, and 942.0 billion yuan, representing year-on-year growth of +10.9%, +9.6%, and +9.5% respectively [1] - The net profit attributable to the parent company is forecasted to be 132.4 billion, 144.1 billion, and 162.0 billion yuan for FY25E to FY27E, showing a year-on-year decline of -15.1% (excluding equity investment income, it is +11.1%), +8.8%, and +12.4% respectively [1] - The report maintains a "buy" rating with a target price of 98.0 HKD, corresponding to a PE ratio of approximately 18.8 times for FY25E and a static PE of about 16.0 times, indicating an expected price increase of 25.8% from the current price [1] Group 2 - The company plans to acquire a 29% stake in PUMA for approximately 1.5 billion euros, equivalent to 122.8 billion yuan, which would make it the largest shareholder of PUMA if the transaction is completed [2] - This acquisition is expected to leverage PUMA's strong global brand value and enhance the company's brand operation capabilities, further advancing its globalization strategy [2] Group 3 - In Q4 FY25, the overall retail sales of the group met expectations, with FILA showing mid-single-digit growth and a quarter-on-quarter acceleration, while other brands achieved a growth rate of 35% to 40%, with Descente growing by 25% to 30% and becoming the third brand in the group to exceed 10 billion yuan in retail scale [3] - Other brands also performed well, with overall growth exceeding expectations, achieving 45% to 50% growth [3] Group 4 - For FY25, the operating profit margin (OPM) of various brands met initial guidance, with Anta achieving an OPM of 20% to 25% and FILA maintaining an OPM of around 25% despite brand and product promotions [4] - Descente and KELON contributed positively to profit margins, while the new brand Wolf Claw maintained an OPM range of 25% to 30% [4] Group 5 - In FY26, assuming a stable macro environment, Anta aims for positive revenue growth, while FILA seeks to sustain its growth momentum from FY25 [5] - Other brands may experience a slowdown in growth due to a higher revenue base, and the operating profit margins are expected to remain relatively stable, excluding the Wolf Claw brand [5]

Core Viewpoint - Company Anta Sports (02020) is expected to see revenue growth from FY25E to FY27E, with projected revenues of 785.3 billion, 860.3 billion, and 942.0 billion yuan, representing year-on-year growth of +10.9%, +9.6%, and +9.5% respectively. Net profit attributable to shareholders is projected to be 132.4 billion, 144.1 billion, and 162.0 billion yuan, with a year-on-year decrease of -15.1% (an increase of +11.1% after excluding equity investment income), +8.8%, and +12.4% respectively. The buy rating is maintained with a target price of 98.0 HKD, implying a potential upside of 25.8% from the current price [1] Group 1 - The company plans to acquire a 29% stake in PUMA for approximately 1.5 billion euros, equivalent to 122.8 billion yuan, which would make it the largest shareholder of PUMA if completed. This acquisition is expected to enhance the company's global strategy and leverage PUMA's strong brand value [1] Group 2 - For Q4 FY25, the overall retail sales of the group met expectations, with FILA achieving mid-single-digit growth and significant increases in various segments. Other brands saw a growth of 35-40%, with Descente growing by 25-30%, becoming the third brand in the group to exceed 10 billion yuan in retail scale [2] Group 3 - In FY25, the operating profit margin (OPM) for various brands met initial guidance, with Anta achieving an OPM of 20-25% and FILA maintaining around 25% OPM despite promotional activities. Other brands like Descente and KELON contributed positively to profit margins, with the new brand Wolf Claw maintaining an OPM range of 25-30% [3] Group 4 - In FY26, assuming a stable macro environment, Anta aims for positive revenue growth, while FILA seeks to sustain its growth momentum. Other brands may experience slower growth due to high revenue bases. The operating profit margins are expected to remain stable, with continued investments in sports resources and consumer experience to support growth [4]

Group 1: Anta Sports Acquisition of Puma - Anta Sports has signed an agreement to acquire 29.06% of Puma's shares, totaling €1.5055 billion (approximately ¥12.2776 billion), making it the largest shareholder of Puma [1][16][19] - The acquisition aims to collaborate with the Puma team to reshape the brand strategy, enhance its value, and fully unlock Puma's growth potential [2][17][19] - Anta believes that Puma has strong brand value and genetic traits that are rare and cannot be measured solely by short-term profitability or current acquisition prices [2][17] Group 2: Market Potential and Strategic Support - The Chinese market is one of the largest sports goods markets globally, yet Puma's revenue from China accounts for less than 7%, indicating significant development potential [2][17] - Anta's insights into Chinese consumers and its comprehensive operational capabilities are expected to provide strong strategic support for Puma's growth in China, aiming for growth above the industry average [2][17] - Anta has demonstrated strong organizational capabilities over the past decade, successfully growing brands like FILA and Salomon from obscurity to billion-dollar brands [2][17] Group 3: Operational Independence and Collaboration - Despite becoming the largest shareholder, Anta is not a controlling shareholder and recognizes the importance of maintaining operational independence while fostering deep collaboration with Puma [3][18] - The success of the partnership relies on building deep trust and forming a strong alliance, with Anta planning to appoint suitable representatives to work alongside Puma's management team [3][18] Group 4: Financial Performance and Growth Outlook - Anta's acquisition is expected to enhance its financial performance, with a focus on leveraging its strengths to support Puma's recovery and growth in the Chinese market [2][17] - The company has a clear understanding of the operational challenges ahead and has developed internal plans to address Puma's current losses and product line issues [2][17]

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 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 截至月份: 2026年1月31日 狀態: 新提交 | 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 | | 本月底結存 | | | | 5,000,000,000 | ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (stock code: 2020.HK) [6][35]. Core Insights - Anta Sports plans to acquire a 29.06% stake in PUMA SE for €1.5 billion, which will make it the largest single shareholder of PUMA. This acquisition is aimed at enhancing its global footprint and brand matrix, following previous acquisitions of Amer Sports and Jack Wolfskin [6][8]. - The acquisition is expected to strengthen Anta's position in the mid-to-high-end professional sports sector and create new growth opportunities through global resource integration and synergy effects [6][8]. - PUMA is currently undergoing a strategic reset, which has led to a decline in its revenue and profits. The company reported a revenue of €5.974 billion in the first three quarters of 2025, down 8.5% year-on-year, and a net loss of €308 million [9][6]. - The report highlights that PUMA's footwear segment remains resilient, contributing approximately 53.7% of its revenue, and is expected to drive future growth despite current challenges [17][9]. Financial Projections - Anta Sports' projected total revenue for 2024 is ¥70.826 billion, with a growth rate of 13.58%. The net profit is expected to be ¥15.596 billion, reflecting a profit growth rate of 52.36% [2][36]. - The earnings per share (EPS) forecast for 2025 is adjusted to ¥4.66, with a corresponding price-to-earnings (PE) ratio of 15 [36][35]. - The report anticipates a gradual recovery in PUMA's performance post-acquisition, with long-term benefits expected from the integration of PUMA into Anta's operations [35][34].