安踏体育 20260626 摘要 安踏体育 2025 年下半年利润率预计同比改善，主要受益于 2024 年下 半年较低的利润率基数。FILA 品牌 2025 年全年指引为中单位数增长， 且有信心达成目标。FILA KIDS 和 FILA Fusion 子品牌增长速度快于 FILA 主品牌。 2024 年安踏体育鞋类产品营收占比约为 44%，显著高于 2021 年约 20%的占比，得益于 FILA 鞋类产品的战略部署，包括潮流鞋款和功能 性鞋类的推出。FILA 品牌计划加大力度对现有门店进行装修升级，并已 开设 ICONA 店和 FILA Box 店等新形象门店。 安踏冠军店店效达到 50 多万至近 60 万元，是安踏所有门店平均店效的 两倍以上。SNEAKERVERSE 概念店店效超过 150 万元，表现可观。超 级安踏门店数量已增至超过 80 家，但上海门店效果相对一般，仍在调 试统一的开店模型。 安踏线上业务增速预计全年快于线下，盈利能力表现良好，尽管线上打 折活动较多导致毛利率较低，但销售及管理费用占比更低。跑步品类在 鞋类销售中占比最高，达到 40%以上，篮球品类近期面临挑战，增长表 现不佳。 Q&A ...

2 June 2025 | 9:22PM HKT Anta Sports Products (2020.HK): Consumer & Leisure Corporate Day: Guidance reiterated; Jack Wolfskin deal complete; Fila reforms on the Bottom line: We hosted Anta group at our Consumer & Leisure Corporate Day on Jun 2. Key investors focus are Fila reform under new CEO's strategies, margin puts and takes by brand and plans for Jack Wolfskin/future M&A. Our positive view on Anta group is reinforced by its solid trading YTD and strong execution across its brand portfolio, though we no ...

Core Viewpoint - Anta Sports (02020.HK) shows a bullish technical trend, with various indicators suggesting potential for continued price increases, supported by market optimism [1][2]. Technical Analysis - The current price of Anta Sports is HKD 95.6, which is above key moving averages (MA10: 94.77, MA30: 93.13, MA60: 91.5), indicating a positive short to medium-term trend [1]. - The first support level is at HKD 92.3 and the second at HKD 88.4, suggesting limited downside potential. Initial resistance is at HKD 98.8, with a higher resistance level at HKD 102.8 [1]. - The stock recently experienced a single-day increase of 1.76%, indicating active buying interest in the market [1]. Volatility and Momentum Indicators - Anta's 5-day volatility is 9%, reflecting active trading and supporting upward price momentum [2]. - The Relative Strength Index (RSI) is at 57, indicating a neutral to strong position without overheating, suggesting further upward potential [2]. - Technical indicators collectively signal a "strong buy" with a signal strength of 17 points, indicating a high-intensity bullish signal [2]. Derivative Products Performance - During the period from June 2 to 4, Anta Sports' stock price increased by 1.43%, with various derivative products showing different performances. Notably, the Societe Generale bull certificates (53978) and JPMorgan bull certificates (54458) recorded gains of 12% [4]. - Call options such as Huatai's (13440) and Macquarie's (15902) also showed positive performance, with increases of 6% and 5% respectively, reflecting stability in slightly fluctuating stock prices [4]. Investment Products Overview - Anta Sports offers a range of derivative products for investors, including call options with leverage ranging from 2.8x to 4.4x and bull certificates with leverage of 7x to 7.2x [7][8]. - Investors can choose from various products based on market expectations, considering factors such as leverage, exercise price, and premium [7]. Conclusion - Overall, Anta Sports exhibits strong technical advantages, with moving averages, momentum indicators, and market sentiment aligning to suggest potential for upward price challenges in the near term. Close attention should be paid to the resistance level at HKD 98.8 for potential breakout opportunities [1][2][4].

Asia Pacific Equity Research 28 May 2025 Anta Sports (2020) Overweight Global China Summit 2025 takeaways: 2025 guidance maintained; channel checks; maintain OW ▲ Anta joined our China Summit on 22 May, and we also conducted channel checks in Shanghai Grand Gateway 66. Our key takeaways: 1) 2Q-to-date continued the solid 1Q trend (see our 1Q report) with healthy inventory (Anta/Fila at c5 months), though discounts are likely to deepen in May (vs. Apr) due to the 18 Jun events. 2) 2025 retail sell-through gu ...

Core Viewpoint - Anta Sports has successfully completed the acquisition of Jack Wolfskin, enhancing its portfolio in the outdoor apparel market [1] Group 1: Acquisition Details - The acquisition of Jack Wolfskin is expected to strengthen Anta's position in the global outdoor sportswear market [1] - This move aligns with Anta's strategy to diversify its brand offerings and expand its market reach [1] Group 2: Market Implications - The integration of Jack Wolfskin is anticipated to provide synergies in product development and marketing strategies [1] - The acquisition may lead to increased competition in the outdoor apparel segment, impacting other players in the industry [1]

Investment Rating - The report maintains an "Overweight" rating for Anta Sports [1] Core Insights - Anta Sports has continued the stable trend observed in the first quarter of this year, supported by healthy inventory levels and optimistic sales and performance [1] - The target price for Anta Sports has been raised from HKD 140 to HKD 142 [1] - The retail sales guidance for Anta Sports remains unchanged, with expected growth rates of high single digits for Anta, mid single digits for Fila, and over 30% for other brands [1] - The operating profit margin guidance is maintained, with expected margins of 20% to 25% for Anta, approximately 25% for Fila, and 25% to 30% for other brands [1] - Due to increased investment in MaiaActive and the planned acquisition of JackWolfskin to be completed in June, the earnings forecast for Anta Sports for 2025 to 2027 has been raised by 1% to 2% [1]

Group 1 - Morgan Stanley raised the target price for Anta Sports (02020.HK) from HKD 140 to HKD 142, maintaining an "Overweight" rating [1] - The company has shown a stable trend in Q2, continuing from Q1, with healthy inventory levels and optimistic sales and performance outlook [1] - Retail sales guidance for the year remains unchanged, with Anta, Fila, and other brands expected to achieve high single-digit, mid-single-digit, and over 30% growth, respectively [1] Group 2 - Operating profit margin guidance is maintained, with expected margins for Anta, Fila, and other brands at 20%-25%, approximately 25%, and 25%-30%, respectively [1] - However, the first half of the year may see operating profit margins impacted by inventory impairment reversals, normalization of government subsidies, and declining interest rates [1]

Investment Rating - The report assigns a "Buy" rating to Anta Sports, with a target price raised from HKD 115.7 to HKD 122.3 [1] Core Insights - UBS has increased its net profit forecasts for Anta Sports for the years 2025 to 2027 due to better-than-expected earnings contributions from AmerSports [1] - The management indicated that several factors will influence the overall profit margin of the group this year, including strong sales from Descente and Kolon, reduced inventory provisions, and better-than-expected performance from AmerSports [2] - The management also stated that the restructuring of the FILA brand is ongoing, with guidance suggesting that its growth rate will exceed economic growth, maintaining an annual operating profit margin target of 25% [2] Summary by Sections - **Store Performance**: By the end of 2024, SuperAnta and Anta Champion stores are expected to have 45 and 80 locations respectively. In the first five months of 2025, sales from Champion stores doubled, with average monthly sales reaching RMB 550,000. The operating profit margin of Champion stores is reported to be better than the group average [1] - **Sales Strategy**: The SuperAnta stores typically achieve monthly sales two to three times higher than regular stores, with 80% of products being newly developed. The business model aims to sell core products through larger store formats, reducing product costs and providing competitively priced products [1] - **New Store Impact**: Although these new store formats only account for 1% to 2% of the total number of stores, they are expected to help attract new customers [1]

21 May 2025 | 1:39AM HKT Anta Sports Products (2020.HK): Positive read from Amer: 1Q beat and guidance raised; solid China momentum continued; Buy Amer Sports (AS, Buy, covered by our US Consumer analyst Brooke Roach) reported 1Q25 adjusted EBITDA (incl. IFRS depreciation) of $299mn, above GS/FactSet consensus at $228mn/$227mn. Revenue grew 23% Y/Y, well above GS/consensus at 16%, with the beat largely driven by strong sales momentum across Arcteryx and Salomon. Adjusted gross margin expanded ~330bps Y/Y to ...

Group 1 - The Hong Kong stock market's sportswear sector is experiencing a strong performance, with Anta Sports rising over 6%, and Bosideng International increasing by more than 4%, while Li Ning and Xtep International also saw gains [1] - The overall positive trend in the sportswear sector indicates growing investor confidence and potential for further growth in this industry [1] Group 2 - A-share accounts can now facilitate T+0 trading for Hong Kong stocks without the need for the Hong Kong Stock Connect, potentially increasing accessibility for investors [2] - This development may lead to increased trading volume and liquidity in the Hong Kong stock market, particularly for stocks in the sportswear sector [2]