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。 承董事會命 安踏體育用品有限公司 主席 丁世忠 中國香港，二零二六年一月十六日 於本公告日期，本公司執行董事為丁世忠先生、丁世家先生、賴世賢先生、吳永華先生、 鄭捷先生及畢明偉先生；以及獨立非執行董事為姚建華先生、賴顯榮先生、王佳茜女士 及夏蓮女士。 董事會會議召開日期 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」）謹此宣佈，董事會將於二零二六年三月二十五日（星期三）舉 行會議，藉以（其中包括）批准本集團截至二零二五年十二月三十一日止年度的 全年業績，並考慮建議派付股息。 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） ...

Summary of ANTA Sports Products Conference Call Company Overview - **Company**: ANTA Sports Products Limited - **Ticker**: 2020 HK - **Industry**: Retail (Sportswear) Key Points Potential Acquisition of Puma - ANTA has reportedly offered to purchase a 29% stake in Puma, which is currently facing challenges in its China operations, including a sales decline of over 20% from 2023 to 2025 [1][7] - The acquisition is seen as a strategic move to enhance ANTA's brand portfolio, which currently focuses more on running and outdoor segments, by integrating Puma's strengths in sports-leisure, football, and basketball [7] Financial Performance and Projections - ANTA maintains a target price of HKD 117.00, indicating a potential upside of 46% from the current trading price of HKD 80.30 [2][4] - Revenue projections for FY24 are set at CNY 70,826 million, with a normalized net profit of CNY 11,729 million [3][9] - The company is expected to achieve a normalized EPS growth of 13.2% in FY24, despite a slight decline in FY25 [3] Market Position and Competitive Landscape - ANTA is recognized for having solid fundamentals in the China sportswear sector, trading at a forward P/E of 17.0x compared to the industry average [2] - The company is well-positioned to improve Puma's operations in China, leveraging its multi-brand management experience [7] Risks and Challenges - Potential risks to achieving the target price include intensified competition from domestic and global players, slower-than-expected sales growth, and weaker macroeconomic conditions [12][20] - Puma's reliance on key retail operators for over 50% of its sales and its underperformance in online channels are significant challenges that could impact the acquisition's success [7] Financial Ratios and Metrics - ANTA's projected dividend yield is expected to increase from 3.0% in FY24 to 4.0% by FY27 [3] - The company is in a net cash position, indicating strong liquidity and financial health [10] ESG Initiatives - ANTA is actively addressing climate change risks and has launched initiatives to promote environmental protection and product innovation using eco-friendly materials [13] Conclusion - The potential acquisition of Puma represents a significant opportunity for ANTA to expand its market presence and enhance its brand portfolio, while the company continues to demonstrate strong financial performance and a solid market position in the competitive sportswear industry [1][2][7]

Core Viewpoint - Nomura Securities analysts indicate that Anta Sports is expected to benefit from a potential acquisition of Puma, as Puma's established brand advantages in global sports leisure, football, and basketball can complement Anta's current brand matrix, which is more focused on running and outdoor segments [1] Group 1: Anta Sports - Anta has demonstrated strong operational capabilities and extensive multi-brand management experience in the Chinese sportswear market [1] - If the acquisition is successful, there is significant potential for Anta to enhance Puma's localized operations, positioning Puma as another core brand under Anta [1] - Nomura maintains a "Buy" rating on Anta with a target price of HKD 117 [1] Group 2: Puma - Puma is currently facing significant challenges in its business operations, particularly in the Chinese market [1] - The brand has accumulated advantages in the global sports leisure, football, and basketball sectors over the long term [1]

Group 1 - Anta Sports, listed in Hong Kong, has proposed to acquire 29% of Puma shares held by the Pinault family [1][2] - The acquisition offer was made a few weeks ago, and although Anta has secured financing for the purchase, the situation has stalled [3] - Artemis, the investment holding company of the Pinault family, expects any offer for its Puma shares to exceed €40 per share (approximately $46.70) [3] Group 2 - Puma's stock price closed up 8.6% at €24.37 [4]

Group 1 - Anta Sports has proposed to acquire a 29% stake in Puma from the French Pinault family [1] - The acquisition offer was made a few weeks ago, and Anta has secured funding for the transaction [1] - However, the progress of the acquisition is currently stalled according to sources [1]

Summary of Anta Sports Products Conference Call Company Overview - **Company**: Anta Sports Products (2020.HK) - **Industry**: Consumer & Leisure Key Takeaways 1. **4Q25 Demand Trends**: - Overall demand was soft in 4Q25, with December sales impacted by warm weather and a late start to Chinese New Year shopping. Despite these challenges, Anta met its lowered full-year sell-through target. [1][2][6] - Fila performed well during the Double-11 shopping festival but faced challenges in down apparel sales due to unfavorable weather. [1][6][7] - Descente and Kolon brands showed solid growth and opportunities for product expansion. [1][7] 2. **FY26 Outlook**: - Anta aims for quality topline growth in FY26, with stable brand-level margins year-over-year supported by strong cost control. However, losses from Jack Wolfskin and other non-operating items may impact overall profitability. [1][14] - Specific numerical guidance for FY26 has not been provided, but the focus will be on high-quality growth. [1][14] 3. **M&A Pipeline**: - The company is actively evaluating acquisition targets across various categories, both in China and globally. Key criteria for evaluation include valuation, execution potential, and strategic fit. [1][12] 4. **Multi-Brand Portfolio Strategy**: - Management emphasized the importance of a multi-brand portfolio as a strategic necessity to capture market share in a de-consolidating environment. The company aims to differentiate brands within the same category to meet segmented demand and minimize cannibalization risks. [1][11] 5. **Jack Wolfskin Update**: - The integration of Jack Wolfskin is in early stages, with the brand contributing seven months of losses in FY25. Losses are expected to widen in FY26 due to significant investments in brand and supply chain. Management believes Jack Wolfskin can serve the mass-outdoor segment in China. [1][10] 6. **Super ANTA Retail Format**: - The new retail format, Super ANTA, is meeting store productivity targets but is underperforming on profitability metrics due to a lack of economies of scale. [1][9] Financial Metrics - **Market Cap**: HK$233.3 billion / $30.0 billion - **Revenue Forecasts**: - FY24: Rmb 70,826 million - FY25E: Rmb 79,471 million - FY26E: Rmb 87,200 million - FY27E: Rmb 94,868 million [1][15] Risks and Considerations - Key risks include weaker growth for Anta and Fila, discount pressures, and challenges in operating expense control. [1][13] Conclusion Anta Sports Products is navigating a challenging retail environment with a focus on quality growth and strategic acquisitions. The company is committed to maintaining brand differentiation and managing profitability amidst ongoing investments in new brands and retail formats.

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: 2025年12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: 2026年1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 | | ...

安踏體育用品有限公司 可持續發展委員會職權範圍 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） 可持續發展委員會職權範圍 本 職 權 範 圍 生 效 日 期： 經 董 事 會 於 二 零 二 五 年 十 二 月 二 十 二 日 修 訂 並 生 效。 – 1 – 1. 設立及職能 1.1 董 事 會 組 成 和 設 立 本 委 員 會，其 權 限、責 任 和 具 體 職 責 如 下 文 所 述。 1.2 本 委 員 會 目 的 旨 在 協 助 董 事 會： (1) 就ESG事 宜 作 有 效 管 治 和 監 督； (2) 制 定 及 檢 討 本 集 團 可 持 續 發 展 戰 略 目 標； (3) 帶領及推動各部門以可持續發展角度提升各業務環節思維及營 運 舉 措； (4) 識 別、評 估 及 管 控 重 大ESG風 險 及 議 題； (5) 統籌及規範ESG相關數據信息收集以提高ESG信 息 披 露 質 量；及 (6) 開展相關培訓以確保董事會具備應對ESG議 題 的 能 力。 1.3 ...

Core Viewpoint - Anta Sports (02020) maintains a high level of prosperity in outdoor apparel, professional sports, and women's apparel sectors, with unique brand operation and growth planning, suggesting continued attention to the company. The buy rating is maintained with a target price of HKD 98.0 [1] Group 1: Sales Performance - Anta's sales revenue achieved single-digit positive growth year-on-year, with a stable performance during the Double Eleven shopping festival [2] - The company revised its full-year revenue expectation for the Anta brand from +MSD to +LSD, while maintaining FILA's target at +MSD and other brands at +40% [2] - Other brands experienced significant growth, with a combined year-on-year increase of approximately 55%, including Descente at 30%, Kolon at 70%, and MAIA at 45% [2] Group 2: Profitability and Brand Matrix - The profitability contribution from professional and outdoor brands is increasing, with operating profit margins continuing to rise [3] - Operating profit for other brands turned positive in 2020 and is expected to reach 28.6% in 2024, increasing to 33.2% in H1 2025 (up 3.3 percentage points year-on-year) [3] - The operating profit share rose from 2.1% in 2020 to 18.4% in 2024, with further growth to 24.3% in H1 2025 [3] - The acquisition of the Wolf Paw brand in April and the establishment of a joint venture with Musinsa in September are expected to enrich the brand matrix and expand opportunities in the fashion sector [3] Group 3: Revenue Forecast - The company forecasts revenues of RMB 783.1 billion, 867.2 billion, and 942.3 billion for FY25E to FY27E, with year-on-year growth rates of 10.6%, 10.7%, and 8.7% respectively [4] - The expected net profit attributable to shareholders is projected to be RMB 132.5 billion, 152.3 billion, and 168.9 billion for the same period, with growth rates of 11.2%, 14.9%, and 10.9% (excluding equity investment income) [4] - The target price of HKD 98.0 corresponds to a PE ratio of approximately 18.8 times for FY25E and a static PE of about 16 times, indicating an expected price increase of 21.8% from the current price [4]

Core Viewpoint - Anta Sports (02020) maintains a high level of prosperity in outdoor apparel, professional sports, and women's apparel sectors, with unique brand operation and growth strategies, suggesting continued attention to the company [1] Group 1: Sales Performance - Anta's sales achieved single-digit positive growth year-on-year, with a stable performance during the Double Eleven shopping festival [2] - The company revised its full-year revenue forecast for the Anta brand from +MSD to +LSD, while maintaining FILA's growth target at +MSD and other brands at +40% [2] - Other brands experienced significant growth, with a combined year-on-year increase of approximately 55%, including Descente at 30%, Kolon at 70%, and MAIA at 45% [2] Group 2: Profitability and Brand Matrix - The profitability contribution from professional and outdoor brands is increasing, with operating profit margins expected to rise from 2.1% in 2020 to 18.4% in 2024, and further to 24.3% by H1 2025 [3] - The company acquired the Jack Wolfskin brand to expand its outdoor brand matrix and plans to revitalize it over the next 3-5 years [3] - A joint venture with the Korean fashion platform Musinsa was established to explore opportunities in the fashion sector, enhancing the overall brand matrix [3] Group 3: Revenue Forecast - The company is projected to achieve revenues of 783.1 billion, 867.2 billion, and 942.3 billion yuan for FY25E to FY27E, with year-on-year growth rates of +10.6%, +10.7%, and +8.7% respectively [4] - Expected net profit attributable to shareholders for the same period is 132.5 billion, 152.3 billion, and 168.9 billion yuan, with growth rates of +11.2%, +14.9%, and +10.9% (excluding equity investment income) [4] - The target price is set at 98.0 HKD, corresponding to a PE ratio of approximately 18.8 times for FY25E and a static PE of about 16 times, indicating a projected price increase of 21.8% from the current price [4]