Investment Rating - The investment rating for Anta Sports is "Buy" with a target price not specified [1] Core Views - The report indicates that Anta's main brand experienced a slight decline in revenue in Q4 2025, while FILA and other brands showed varying growth rates [2][3] - The company plans to open a total of 7,000-7,100 Anta stores, 2,600-2,700 Anta Children stores, and 2,100-2,200 FILA stores by the end of 2025 [4] - The report maintains revenue and net profit forecasts for 2025, 2026, and 2027, with expected revenues of 770 billion, 859 billion, and 960 billion respectively, and net profits of 138.74 billion, 159.07 billion, and 178.76 billion [4] Summary by Sections Event Overview - In Q4 2025, Anta's main brand and FILA experienced low single-digit negative growth, while other brands saw mid-single-digit positive growth [2] Analysis and Judgment - Anta's brand saw a decline in Q4 2025 due to delayed Spring Festival affecting children's sales, while FILA's revenue showed mid-single-digit growth [3] - Other brands like Descente, KOLON, and MAIA experienced growth rates of 35-40%, which is a slowdown compared to previous quarters [3] Investment Recommendations - Short-term outlook suggests pressure on Anta's children's segment and e-commerce, but a potential recovery in 2026 for the main brand [4] - Mid-term growth is expected for KOLON and DESCENTE due to favorable outdoor market conditions [4] - Long-term growth drivers include brands like Jack Wolfski, MUSINS, and MAYA ACTIVE [4] Financial Forecasts and Valuation - Revenue projections for 2025, 2026, and 2027 are 770.45 billion, 859.48 billion, and 959.63 billion respectively, with net profit forecasts of 138.74 billion, 159.07 billion, and 178.76 billion [6][9] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for the respective years [6][9]

Core Viewpoint - Anta Sports reported its operational performance for Q4 and the full year of 2025, indicating positive growth across its brands compared to 2024 [1] Group 1: Brand Performance - Anta brand products achieved low single-digit positive growth in retail value for the full year of 2025 compared to the same period in 2024 [1] - FILA brand products experienced mid single-digit positive growth in retail value year-on-year [1] - Other brands, including DESCENTE and KOLON SPORT, saw a significant retail value increase of 45%-50% year-on-year [1]

Core Viewpoint - Anta Sports has demonstrated robust growth amidst a challenging retail environment, achieving high single-digit growth in Q4 and low double-digit growth for the entire year, highlighting its competitive advantages through a "single focus, multi-brand, globalization" strategy [1][2] Group 1: Industry Context - The sportswear industry is experiencing a divergence, with major brands facing pressure due to macroeconomic factors, an unusually warm winter, and a late Spring Festival, leading to a "weak peak season" scenario [1] - Li Ning reported a low single-digit decline in Q4 revenue, with a net reduction of 41 sales points in the Chinese market [1] - Nike's revenue in the Greater China region fell approximately 17% in Q2 of FY2026, attributed to decreased store traffic and inventory buildup [1] Group 2: Anta's Performance - Anta achieved low single-digit growth in retail sales for the Anta brand in 2025, with core categories like running, basketball, and training products performing well despite a challenging winter sales environment [2] - The brand's strategy focuses on product innovation, with successful launches in professional running shoes that cater to market demands [2] - Anta's e-commerce performance during major sales events like "Double 11" and "Double 12" was strong, effectively mitigating some offline traffic pressures [2] Group 3: FILA and Other Brands - FILA achieved mid-single-digit growth in both Q4 and the full year, maintaining stable operations through product innovation and channel optimization [3] - Other brands under Anta's umbrella saw retail sales growth of 45-50% for the year and 35-40% in Q4, indicating a successful multi-brand strategy [3] - Descente has reportedly surpassed 10 billion in revenue, marking it as a significant contributor to Anta's growth [3] Group 4: Strategic Insights - Anta's multi-brand strategy is characterized by resource sharing, complementary positioning, and risk hedging, effectively covering a wide price range to meet diverse consumer needs [4] - The company benefits from shared supply chains and digital capabilities, which lower marginal costs and enhance operational efficiency compared to competitors [4] Group 5: Future Outlook - The industry faces challenges such as uncertain consumer recovery and intensified competition, but Anta's multi-brand advantages are expected to expand [5] - Short-term demand is anticipated to be released in Q1 due to the delayed winter, while long-term growth will be driven by technological advancements and global expansion [5] - Anta's ongoing overseas expansion, particularly in Southeast Asia, is expected to support its long-term revenue goals and solidify its position as a leading global sports brand [5]

安踏体育1月20日在港交所公告，2025年第四季度，安踏品牌产品之零售金额（按零售价值计算）与 2024年同期相比录得低单位数的负增长。2025年全年，安踏品牌产品之零售金额（按零售价值计算）与 2024年相比录得低单位数的正增长。 ...

安踏体育在港交所公告，2025年第四季度，安踏品牌产品零售金额同比录得低单位数的负增长，FILA 品牌产品零售金额同比录得中单位数的正增长。 （文章来源：第一财经） ...

2025年全年，安踏品牌产品的零售金额(按零售价值计算)与2024年相比取得低单位数的正增长。FILA品 牌产品的零售金额(按零售价值计算)与2024年相比取得中单位数的正增长。所有其他品牌产品的零售金 额(按零售价值计算)与2024年相比取得45-50%的正增长。 安踏体育(02020)公布，2025年第四季度，安踏品牌产品的零售金额(按零售价值计算)与2024年同期相比 取得低单位数的负增长。FILA品牌产品的零售金额(按零售价值计算)与2024年同期相比取得中单位数的 正增长。所有其他品牌产品的零售金额(按零售价值计算)与2024年同期相比取得35-40%的正增长。 ...

2025年全年，安踏品牌产品的零售金额(按零售价值计算)与2024年相比取得低单位数的正增长。FILA 品牌产品的零售金额(按零售价值计算)与2024年相比取得中单位数的正增长。所有其他品牌产品的零售 金额(按零售价值计算)与2024年相比取得 45-50%的正增长。 智通财经APP讯，安踏体育(02020)公布，2025年第四季度，安踏品牌产品的零售金额(按零售价值计算) 与2024年同期相比取得低单位数的负增长。FILA 品牌产品的零售金额(按零售价值计算)与2024年同期 相比取得中单位数的正增长。所有其他品牌产品的零售金额(按零售价值计算)与2024年同期相比取得 35-40%的正增长。 ...

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份 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 安踏體育用品有限公司 （於開曼群島註冊成立之有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） 二零二五年第四季度及全年之最新營運表現 本公告乃安踏體育用品有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）董事會（「董事會」）自願發出，以提供本集團業務之最新營運表現。 本公告之披露只與本集團安踏、FILA 及所有其他品牌（包括 DESCENTE 及 KOLON SPORT）之業務有關，並未包括 Amer Sports（按本公司最新刊發的中 期報告所定義）之業務。 安踏品牌二零二五年第四季度零售表現 二零二五年第四季度，安踏品牌產品之零售金額（按零售價值計算）與二零二 四年同期相比錄得低單位數的負增長。 FILA 品牌二零二五年第四季度零售表現 二零二五年第四季度，FILA 品牌產品之零售金額（按零售價值計算）與二零二 四 ...

Group 1: Company Strategy and Performance - Anta Group's core growth engine is a differentiated and complementary multi-brand combination, focusing on a "single focus, multi-brand, globalization" strategy to enhance global expansion and steady growth [1] - The company has integrated AI technology into its shoe supply chain, promoting business innovation and green transformation, establishing a VR technology platform for efficient collaboration across the supply chain [1] - Anta's revenue projections for 2025-2027 are estimated at 78.4 billion, 87 billion, and 96.3 billion RMB, with net profits of 13.2 billion, 14.2 billion, and 16.8 billion RMB respectively, reflecting a slight adjustment due to external uncertainties [3] Group 2: Market Environment and Consumer Trends - The Chinese macroeconomic environment remains stable with a GDP growth of 5.2% in the first three quarters of 2025, and retail sales of consumer goods reaching 45.6 trillion RMB, a 4% increase [1] - Despite challenges, the Chinese sports goods market shows resilience, particularly in the outdoor sports segment, which is expected to maintain a favorable growth trend [2] - High-quality lifestyle demands from Chinese consumers are driving growth for premium sports brands, with DESCENTE achieving satisfactory growth through product innovation and effective membership systems [2]

Core Viewpoint - Anta Sports (02020.HK) announced that its board of directors will hold a meeting on March 25, 2026, to approve the group's annual performance for the year ending December 31, 2025, and to consider the proposal for dividend distribution [1]. Group 1 - The board meeting is scheduled for March 25, 2026 [1] - The meeting will focus on approving the annual performance for the year ending December 31, 2025 [1] - The board will also consider a proposal for dividend distribution [1]