智通财经APP获悉，花旗发布研报称，尽管维持安踏体育(02020)盈利预测不变，但已将估值基准调整至 26年预期市盈率，先前为25年，与该行对其他中国运动服饰公司估值更新保持一致。以20倍目标2026年 市盈率计算，将安踏目标价由109.7港元上调至112.7港元，维持"买入"评级。中国运动服饰板块偏好维 持不变，首选安踏 。 ...

Group 1 - Anta Sports (02020) announced the cancellation of 10.5598 million shares that have been repurchased, effective December 10, 2025 [1]

Core Viewpoint - Anta Sports (02020.HK) announced the cancellation of 10.5598 million shares that were repurchased between September 22 and September 30, 2025, on December 10, 2025 [1] Summary by Category - **Company Actions** - Anta Sports has completed the cancellation of 10.5598 million shares [1]

Group 1 - The company Anta Sports (02020) announced the cancellation of 10.5598 million shares that have been repurchased, effective December 10, 2025 [1]

表格類別： 股票 狀態： 新提交 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 安踏體育用品有限公司 呈交日期： 2025年12月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 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 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股 ...

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11月30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: 2025年12月1日 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,807,213,100 | | 0 | | 2,807,213,100 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 2,807,213,100 | ...

Core Viewpoint - Puma's stock price has increased by 13%, indicating positive market sentiment and potential growth opportunities for the company following news of Anta Sports considering a bid for acquisition [1] Company Summary - Puma's stock price rose by 13%, reflecting investor confidence and market interest in the brand [1] - Anta Sports is reportedly contemplating a bid to acquire Puma, which could lead to significant changes in the competitive landscape of the sportswear industry [1] Industry Summary - The potential acquisition of Puma by Anta Sports highlights ongoing consolidation trends within the sportswear industry, as companies seek to enhance their market positions and expand their product offerings [1]

Summary of ANTA Sports Conference Call Company Overview - **Company**: ANTA Sports Products (2020.HK) - **Industry**: China/Hong Kong Consumer - **Market Cap**: US$30,594 million - **Current Stock Price**: HK$81.40 - **Price Target**: HK$128.00, implying a 57% upside Key Points Sales Performance - **Sales Trend**: Sales in 4QTD are on track with management's guidance, with expectations for group sales growth to accelerate in 4Q25 compared to 3Q25, driven by a higher base [2][10] - **E-commerce Growth**: ANTA's e-commerce sales growth is expected to accelerate in 2026 following adjustments [4] Brand Performance - **ANTA Brand**: Retail GMV has surpassed Rmb40 billion, with running category contributing ~45% of total sales, growing at over 10% [4] - **FILA Brand**: Retail GMV has exceeded Rmb30 billion, with sales growth driven by product assortment adjustments and a focus on tennis and golf, which together account for ~10% of sales [5] - **Descente**: Growth is expected to moderate after approaching Rmb10 billion retail GMV but remains robust [6] Product Strategy - **New Formats**: Introduction of new store formats such as Guanjun, Superstore, and Sneakerverse is anticipated to drive growth [4] - **FILA's Marketing**: Increased marketing efforts around tennis events and collaborations with FILA Global are planned [5] Financial Outlook - **Revenue Projections**: Expected revenue growth from Rmb70,826 million in 2024 to Rmb93,086 million by 2027 [8] - **EBITDA Growth**: Projected EBITDA growth from Rmb17,837 million in 2024 to Rmb24,770 million by 2027 [8] - **Earnings Per Share (EPS)**: EPS expected to increase from Rmb4.27 in 2024 to Rmb5.62 by 2027 [8] Market Dynamics - **Competitive Landscape**: FILA ranked no.1 in e-commerce channels, with strong growth in livestream channels [10] - **Discounting Strategy**: FILA has implemented deeper discounts in 2025 for destocking, with potential pricing improvements to drive operating profit growth [5] Risks - **Upside Risks**: Stronger economic growth, continued FILA growth momentum, and successful reengineering of the ANTA brand [13] - **Downside Risks**: Weak sales and earnings growth in 1H24, continued macroeconomic weakness, and unfavorable shifts in fashion trends [13] Valuation - **Valuation Methodology**: Base case value based on a 23x target P/E multiple on the 2026 EPS estimate, indicating continued market share gains [11] Additional Insights - **Market Cap and Trading**: Average daily trading value is US$120 million, with a stable product return rate year-over-year [10] - **Stock Ratings**: ANTA Sports is rated as "Overweight" by Morgan Stanley, indicating a positive outlook compared to the industry average [8][29] This summary encapsulates the key insights from the conference call regarding ANTA Sports, highlighting its performance, strategic initiatives, financial outlook, and market dynamics.

Group 1: Amer Sports Performance - Amer Sports reported a strong Q3 performance with a 30% year-on-year revenue growth and a 22% increase in operating profit, exceeding market expectations [1] - All four major regional markets achieved double-digit revenue growth, with the Greater China region seeing a remarkable 47% increase [1] - Amer has raised its full-year revenue growth forecast for 2025 from 20%-21% to 23%-24%, reflecting its effective global multi-brand operational capabilities [1] Group 2: Anta Brand Outlook - The market has adjusted its expectations for Anta's main brand revenue growth, leading to a decline in stock price since August [2] - Revenue growth for Anta's main brand has decreased from high single digits in Q1 to low single digits in Q2 and Q3, prompting downward revisions of annual revenue forecasts [2] - Despite short-term pressures due to overall consumer sluggishness and adjustments in offline channels and e-commerce teams, improvements in the main brand's performance are anticipated starting in 2026 [2] Group 3: Fila and Other Brands - Fila has shown robust growth, ranking first in Tmall's sports and outdoor sales, while Descente and KOLON are expected to continue their high growth momentum [3] - The recent Double Eleven sales event indicated strong performance for Fila, Descente, and KOLON, with Fila projected to achieve mid-single-digit growth for the year [3] - Earnings forecasts have been adjusted, with expected earnings per share for 2025-2027 being 4.69, 5.29, and 6.02 RMB respectively, and a target price of 112.89 HKD based on a 22x PE valuation for 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company has demonstrated strong operational resilience through its multi-brand strategy, with Amer Sports reporting a 30% year-on-year revenue growth in Q3 2025, exceeding market expectations [8] - The company has adjusted its earnings forecasts for 2025-2027, projecting earnings per share of 4.69, 5.29, and 6.02 RMB respectively, down from previous estimates [3][9] - The target price is set at 112.89 HKD, based on a 22x PE valuation for 2025 [3][9] Financial Performance Summary - Revenue (in million RMB): - 2023A: 62,356 - 2024A: 70,826 - 2025E: 78,573 - 2026E: 86,489 - 2027E: 95,347 - Year-on-year growth rates: 16.2%, 13.6%, 10.9%, 10.1%, 10.2% [3][12] - Operating Profit (in million RMB): - 2023A: 15,367 - 2024A: 16,595 - 2025E: 18,143 - 2026E: 20,123 - 2027E: 22,545 - Year-on-year growth rates: 36.8%, 8.0%, 9.3%, 10.9%, 12.0% [3][12] - Net Profit Attributable to Parent Company (in million RMB): - 2023A: 10,236 - 2024A: 15,596 - 2025E: 13,175 - 2026E: 14,846 - 2027E: 16,886 - Year-on-year growth rates: 34.9%, 52.4%, -15.5%, 12.7%, 13.7% [3][12] - Earnings Per Share (in RMB): - 2023A: 3.65 - 2024A: 5.56 - 2025E: 4.69 - 2026E: 5.29 - 2027E: 6.02 [3][12] - Gross Margin: - 2023A: 62.6% - 2024A: 62.2% - 2025E: 61.9% - 2026E: 62.2% - 2027E: 62.6% [3][12] - Net Margin: - 2023A: 16.4% - 2024A: 22.0% - 2025E: 16.8% - 2026E: 17.2% - 2027E: 17.7% [3][12] - Return on Equity (ROE): - 2023A: 18.3% - 2024A: 23.4% - 2025E: 17.3% - 2026E: 17.1% - 2027E: 17.0% [3][12]