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。 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」），以 及 本 公 司 日 期 為 二 零 二 六 年 二 月 十 三 日 的 公 告（「第二份公告」），內 容 有 關（其 中 包 括）由 於 需 要 額 外 時 間 審 定 將 載 入 通 函 的 若 干 資 料，本 公 司 向 聯 交 所 申 請 豁 免（「豁 免」）嚴 格 遵 守 上 市 規 則 第14.41(a)條 的 規 定，以 延 長 期 限 並 於 二 零 二 六 年 四 月 二 十 四 日 或 之 前 寄 發 通 函。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 及 第 二 份 公 司 賦 予 的 相 同 涵 義。 安踏體育用品有限公司 股份代號：2 ...

ANTA Sports Products Limited 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。 獲授予豁免 及 延 遲 發 送 有 關 主 要 交 易－ 收 購PUMA SE的29.06%股權的通函 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」），以 及 本 公 司 日 期 為 二 零 二 六 年 二 月 十 三 日 的 公 告（「第二份公告」），內 容 有 關（其 中 包 括）由 於 需 要 額 外 時 間 審 定 將 載 入 通 函 的 若 干 資 料，本 公 司 向 聯 交 所 申 請 豁 免（「豁 免」）嚴 格 遵 守 上 市 規 則 第14.41(a)條 的 規 定，以 延 長 ...

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2月28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: 2026年3月2日 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 | | 本 ...

Core Viewpoint - The report from Daiwa Capital Markets indicates a positive trend in domestic consumption during the recent Spring Festival holiday, suggesting an initial recovery in the consumer market, particularly in tourism, culture, and dining sectors [1] Industry Summary - The sectors expected to benefit from structural consumption growth, potential policy support, and overseas growth opportunities include dining, services, and experiential consumption [1] - The domestic consumption industry is maintained at an "overweight" rating by Daiwa Capital Markets [1] Company Summary - Preferred stocks include Anta Sports (02020), China Resources Beer (00291), China Duty Free Group (601888.SH), Haidilao (06862), Midea Group (000333.SZ), and Yum China (09987), all rated as "buy" [1] - Target prices have been adjusted based on consumption and travel data during the Spring Festival, with Haidilao's target price raised to HKD 19.7, Li Ning's to HKD 21.6, Kweichow Moutai's to RMB 1,682, and Wuliangye's slightly increased to RMB 115.1 [1]

Group 1 - The core viewpoint of the article indicates that the domestic consumption market in China is showing signs of recovery, particularly during the Spring Festival holiday from February 15 to 23, with notable performance in tourism, culture, and dining sectors [1] - The company is optimistic about industries that are experiencing initial recovery, driven by structural consumption growth, potential policy support, and overseas growth opportunities, including dining, services, and experiential consumption [1] - The company has assigned a "buy" rating to several stocks, including Anta Sports (02020), China Resources Beer (00291), China Duty Free Group (601888.SH), Haidilao (06862), Midea Group (000333.SZ), and Yum China (09987), while maintaining an "overweight" rating for the domestic consumption sector [1] Group 2 - Based on consumption and travel data during the Spring Festival holiday, the company has adjusted target prices for certain stocks, raising Haidilao's target price to HKD 19.7, Li Ning (02331) to HKD 21.6, Kweichow Moutai (600519.SH) to RMB 1,682, and Wuliangye (000858.SZ) to RMB 115.1 [1]

Summary of Anta Sports Products Research Call Company and Industry Overview - **Company**: Anta Sports Products (2020.HK) - **Industry**: Sportswear and Athletic Equipment Key Points from the Call Financial Performance and Guidance - Amer Sports reported a 4Q EPS of $0.31, exceeding consensus estimates of $0.28, driven by strong performance across all segments [1] - However, the adjusted EBIT margin of 12.5% fell short of expectations (GS/consensus at 13.3%/12.9%) due to increased investments in the Salomon brand [1] - For FY26, Amer expects revenue growth of 16-18%, slightly above GS/consensus estimates of 15.9%/16.3%, but adjusted EPS guidance of $1.10-$1.15 is below the consensus of $1.21/$1.16 [1] Market Performance in Greater China - In 4Q25, Greater China growth for Amer Sports was strong at 42% year-over-year, consistent with 3Q growth of 47% [2] - Management noted positive performance during the Chinese New Year, which is encouraging for the overall sports market, although post-holiday trends need monitoring [2] Implications for Anta Sports - The reported net income from Amer suggests that Anta's investment income from Amer will be approximately 3% lower than previous estimates for 2H25 [3] - Despite the lower EPS guidance from Amer, the solid performance in China and strategic investments in SG&A could support long-term growth for the Salomon brand [3] - Anta's multi-brand platform and effective cost control are expected to support its long-term growth outlook, maintaining a "Buy" rating [4] Competitive Landscape - Amer's revenue growth in Greater China outpaced many peers, indicating a strong competitive position [11] - The performance of various brands under Amer, including Arc'teryx and Salomon, showed strong double-digit growth across regions, with plans for continued store expansion in China [11] Risks and Valuation - Key risks include weaker growth for Anta and Fila, discount pressures, and challenges in operational expense control [19] - Anta's price target is set at HK$108, with a current price of HK$84.55, indicating a potential upside of 27.7% [21] Financial Metrics - Anta's market cap is HK$238.7 billion ($30.5 billion), with projected revenues of Rmb 70.83 billion for 2025 [21] - The company is expected to maintain a P/E ratio of 13.1 for 2025, with a dividend yield of 3.0% [21] Additional Insights - The strong performance of Amer Sports in Greater China reflects positively on Anta's market position and potential for growth in the region [11] - The strategic focus on brand expansion and cost management is crucial for sustaining competitive advantage in the volatile sportswear market [4][11]

Core Viewpoint - Anta Sports (02020) has announced plans to acquire a 29.06% stake in PUMA for approximately €1.5 billion, equivalent to ¥12.28 billion, which would make Anta the largest shareholder of PUMA if the transaction is completed [1] Group 1: Acquisition Details - The acquisition price for the 29.06% stake in PUMA is about €1.5 billion, or ¥12.28 billion [1] - If the acquisition is finalized, Anta will become the largest shareholder of PUMA [1] Group 2: Market Reaction - Anta Sports' stock rose over 4%, specifically by 4.44%, reaching HK$88.3 with a trading volume of HK$476 million [1] Group 3: Analyst Insights - Citigroup has noted that investors are questioning whether the acquisition will enhance or hinder Anta's business in China [1] - The bank anticipates that the acquisition could lead to rapid growth in PUMA's brand revenue in China, as well as potential synergies in retail and distribution, despite Anta only holding a 29% stake [1] - Citigroup believes that investors may be underestimating the positive impact of PUMA's Chinese operations on Anta post-acquisition [1]

Core Viewpoint - Anta Sports plans to acquire a 29.06% stake in PUMA for approximately €1.5 billion, equivalent to ¥12.28 billion, which would make Anta the largest shareholder of PUMA if the transaction is completed [2][5]. Group 1: Acquisition Details - Anta Sports' stock price rose by 4.38% to HK$88.25, with a trading volume of HK$684 million following the announcement of the acquisition [2][5]. - The acquisition is seen as a strategic move to enhance Anta's position in the Chinese market and potentially reshape PUMA's business in China [2][5]. Group 2: Market Analysis - Citigroup believes that investors are questioning whether the acquisition will benefit or hinder Anta's Chinese operations [2][5]. - The bank anticipates that the restructuring of PUMA's Chinese business could lead to rapid growth in brand revenue, and that Anta may integrate PUMA's retail and distribution operations in China [2][5]. - Citigroup emphasizes that Anta's strong retail expertise in China is likely to drive significant growth in PUMA's distribution and retail business post-acquisition, suggesting that investors may be underestimating the positive impact of PUMA's Chinese operations on Anta [2][5].

Core Viewpoint - Anta Sports (02020) has announced plans to acquire a 29.06% stake in PUMA for approximately €1.5 billion, equivalent to ¥12.28 billion, which would make Anta the largest shareholder of PUMA if the transaction is completed [1] Group 1: Acquisition Details - The acquisition price for the 29.06% stake in PUMA is about €1.5 billion, or ¥12.28 billion [1] - If the acquisition is finalized, Anta will become the largest shareholder of PUMA [1] Group 2: Market Reaction - Anta Sports' stock rose over 4%, specifically by 4.44%, reaching HK$88.3 with a trading volume of HK$476 million [1] Group 3: Analyst Insights - Citigroup has noted that investor concerns revolve around whether the acquisition will enhance or hinder Anta's business in China [1] - The bank anticipates that the acquisition could lead to rapid growth in PUMA's brand revenue in China, as well as potential synergies in retail and distribution, even with Anta holding only a 29% stake [1] - Citigroup believes that investors may be underestimating the positive impact of PUMA's Chinese operations on Anta post-transaction [1]

Core Viewpoint - Anta Sports (02020) plans to acquire a 29.06% stake in PUMA for approximately €1.5 billion, equivalent to ¥12.28 billion, which would make Anta the largest shareholder of PUMA if the transaction is completed [1] Group 1: Acquisition Details - Anta Sports' acquisition of PUMA is valued at about €1.5 billion, or ¥12.28 billion [1] - The acquisition would result in Anta becoming PUMA's largest shareholder [1] Group 2: Market Reaction - Following the announcement, Anta Sports' stock rose over 4%, specifically by 4.44%, reaching HK$88.3 with a trading volume of HK$476 million [1] Group 3: Analyst Insights - Citi believes that investors are questioning whether the acquisition will benefit or hinder Anta's business in China [1] - The firm anticipates that the restructuring of PUMA's business in China could lead to rapid growth in brand revenue [1] - Citi expects that Anta's strong retail expertise in China will significantly enhance PUMA's distribution and retail operations, potentially leading to underestimated positive impacts on Anta post-acquisition [1]