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8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: 2025年9月1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 ...

Group 1 - The company reported a revenue of 38.54 billion yuan for H1 2025, representing a year-on-year increase of 14.3%, while the net profit attributable to shareholders was 7.03 billion yuan, down 8.9% year-on-year. Excluding the previous year's listing gains from Amer Sports, the net profit increased by 14.5% year-on-year [1] - A dividend of 1.37 HKD per share was declared, with a payout ratio of 50.2% [1] - The company established a joint venture with MUSINSA, the largest fashion platform in South Korea, to operate Korean fashion business in Greater China, with Anta holding a 40% stake [1] Group 2 - Anta brand revenue reached 16.95 billion yuan in H1 2025, up 5.4% year-on-year, with direct-to-consumer (DTC), e-commerce, and traditional wholesale revenues growing by 5.3%, 10.1%, and declining by 10.6% respectively [2] - The strategic focus on "mass positioning, professional breakthroughs, and brand elevation" has shown significant results, with new retail formats like "Anta Champion Store" and "Super Anta" enhancing channel efficiency and brand image [2] - As of the end of H1 2025, Anta had 7,187 adult stores and 2,722 children's stores, reflecting an increase of 114 and a decrease of 109 stores respectively compared to the end of H1 2024 [2] Group 3 - FILA's revenue for H1 2025 was 14.18 billion yuan, up 8.6% year-on-year, with strong performance in elite sports like tennis and golf [3] - The brand is shifting from "rapid new product launches" to "in-depth management," successfully creating hero products like POLO and dad shoes [3] - As of H1 2025, FILA had 2,054 stores, an increase of 73 stores compared to H1 2024 [3] Group 4 - Other brands generated revenue of 7.41 billion yuan in H1 2025, a significant increase of 61.1%, with KOLONG being the fastest-growing brand in the group [3] - The acquisition of the German outdoor brand JACKWOLFSKIN is expected to enhance the outdoor brand matrix, with a brand revival plan set for three to five years [3] - The revenue growth guidance for other brands has been raised from over 30% to over 40% for the year [3] Group 5 - Amer Sports showed positive trends, contributing a profit of 434 million yuan to Anta, compared to a loss of 1.9 million yuan in H1 2024 [3] - Amer Sports reported a revenue of 19.39 billion yuan in H1 2025, up 23.46% year-on-year, and a net profit of 1.09 billion yuan, up 10,814% year-on-year [3] - The company's gross margin slightly decreased to 63.4%, while the operating profit margin increased to 26.3% [3] Group 6 - The profit forecast for the company has been adjusted upwards for 2025-2027, with net profit estimates raised to 13.55 billion, 15.31 billion, and 17.17 billion yuan respectively [4] - The corresponding price-to-earnings ratios are projected to be 18, 16, and 14 times for the respective years [4]

Core Insights - Anta Sports reported a mid-year revenue of 38.544 billion yuan for 2025, a year-on-year increase of 14.3%, with a net profit attributable to shareholders of 7.031 billion yuan, up 14.5% [1] - The company plans to distribute a dividend of 1.37 Hong Kong cents per share, with a payout ratio of 50.2% [1] Brand Performance - The main brand showed steady growth, FILA regained momentum, and outdoor brands continued strong growth [1] - Revenue from the main brand reached 16.95 billion yuan, up 5.4% year-on-year; FILA's revenue was 14.18 billion yuan, up 8.6%; other brands generated 7.41 billion yuan, up 61.1% [1] - Operating profit margins for Anta, FILA, and other brands were 23.3%, 27.7%, and 33.2%, respectively, with changes of +1.5pp, -0.9pp, and +3.3pp year-on-year [1] Channel Analysis - Online sales maintained high growth, with e-commerce revenue for the main brand at 6.131 billion yuan, a 10.1% increase year-on-year [2] - Offline sales showed mixed results, with direct sales up 5.3% to 9.413 billion yuan and wholesale down 10.6% to 1.406 billion yuan [2] - The number of stores for various brands as of June 2025 included 7,187 for Anta Adult, 2,722 for Anta Kids, 2,054 for FILA, and others [2] Operational Efficiency - The company's gross margin slightly decreased by 0.7pp to 63.4%, influenced by product mix and cost strategies [3] - Employee costs, advertising, and R&D expenses were 15.7%, 6.6%, and 2.6% of revenue, respectively, with advertising costs effectively controlled [3] - Operating profit margin increased by 0.6pp to 26.3%, with a stable profit margin of 18.2% after excluding one-time items [3] Future Outlook - Anta is positioned as a leading player in the domestic sportswear market, successfully leveraging opportunities in the outdoor sports sector [4] - The main brand and FILA are expected to maintain steady growth, while outdoor brands like DESCENTE and KOLON are projected to continue strong growth [4] - Forecasted net profits for 2025-2027 are 13.9 billion, 15.5 billion, and 17.3 billion yuan, respectively [4]

Core Insights - Anta Sports achieved a revenue of 38.544 billion yuan in H1 2025, representing a year-on-year growth of 14.3% [1] - The net profit attributable to shareholders, excluding the dilution from Amer Sports' listing, was 7.031 billion yuan, also up 14.5% year-on-year, with a net profit margin of 18.2% [1] - The company plans to distribute an interim dividend of 1.37 HKD per share, with a stable payout ratio of 50.2% [1] Brand Performance - Anta's main brand revenue grew by 5.4% to 16.95 billion yuan in H1 2025, with a gross margin decrease of 1.7 percentage points to 54.9% due to increased investment in professional products and a higher proportion of lower-margin e-commerce sales [2] - FILA's revenue increased by 8.6% to 14.18 billion yuan, with a gross margin decline of 2.2 percentage points to 68.0% [2] - Other brands saw a significant revenue increase of 61.1% to 7.41 billion yuan, with a gross margin and operating profit margin rising to 73.9% and 33.2%, respectively, driven by high-end outdoor brands like DESCENTE and Kolon Sport [2] Channel Performance - Online sales grew by 17.6%, with online revenue accounting for 34.8% of total revenue, an increase of 2.0 percentage points year-on-year [2] - As of mid-2025, Anta's main brand operated 7,187 stores, with various new store formats being introduced [3] - FILA's store count remained stable, while DESCENTE and KOLON SPORT continued to expand rapidly [3] Strategic Initiatives - The multi-brand strategy remains central to the company's operations, with the acquisition of JACK WOLFSKIN and the establishment of a joint venture with MUSINSA to enhance market presence in China [3] - The company is expected to see net profits of 13.814 billion yuan, 15.738 billion yuan, and 17.747 billion yuan from 2025 to 2027, with year-on-year growth rates of -11.43%, 13.93%, and 12.77%, respectively [3] Outlook - The company is expected to maintain stable contributions from its main brand and FILA, while outdoor segments are anticipated to drive growth [4] - The scalability of operations and overseas expansion prospects are viewed positively, leading to a "buy" rating [4]

机构：中信建投证券 研究员：叶乐/黄杨璐 核心观点 新收购规划：狼爪和Maia 仍在早期阶段、短期对于业绩暂无正面贡献，25 年8 月与MUSINSA 成立合 资公司探索时尚体育领域。公司于25H1 完成对于狼爪的收购，今年将制定具体的3-5 年的复兴计划； Maia 目前处于产品测试阶段，将推出新品类。此外，2025 年8 月27 日，公司宣布和韩国时尚平台 Musinsa 成立合资公司（安踏持股40%），探索体育+时尚结合的全新领域。 元/-8.9%，若不包括Amer 上市及配售事项权益摊薄所致的非现金会计利得约16 亿元， 归母净利为70.3 亿元/+14.5%；经营活动现金流净额为109.3 亿元/+15.9%。公司拟派发中期股息每股1.37 港元、分红率 为50.2%。 简评 安踏主品牌：25H1 稳健增长，折扣加深下毛利率略降，营销费率下降和政府补助助力营业利润率提 升。安踏品牌25H1 营收为169.5 亿元/+5.4%, H1 流水同比增长中单位数。其中DTC、电商、批发业务营 收分别为94.13、61.31、14.06 亿元，同比+5.3%、+10.1%、-10.6%。库销比维持在5 左右， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4][8] Core Views - Anta Sports reported a mid-year revenue of 38.544 billion yuan, a year-on-year increase of 14.3%. The net profit attributable to shareholders was 7.031 billion yuan, up 14.5% year-on-year, aligning with expectations [4] - The main brand of Anta achieved a revenue of 16.95 billion yuan, growing by 5.4% year-on-year, while the FILA brand generated 14.18 billion yuan, increasing by 8.6% year-on-year. Other brands saw a significant revenue increase of 61.1% [4] - The company is expanding its global presence, having completed the acquisition of the German outdoor brand Jack Wolfskin and established a joint venture with MUSINSA to enhance its fashion business in South Korea [4] Financial Performance Summary - Revenue Forecast: - 2023A: 62.356 billion yuan - 2024A: 70.826 billion yuan (growth rate: 16%) - 2025E: 79.199 billion yuan (growth rate: 12%) - 2026E: 87.632 billion yuan (growth rate: 11%) - 2027E: 96.254 billion yuan (growth rate: 10%) [3][4] - Net Profit Forecast: - 2023A: 10.236 billion yuan - 2024A: 15.596 billion yuan (growth rate: 35%) - 2025E: 13.906 billion yuan (growth rate: -11%) - 2026E: 15.539 billion yuan (growth rate: 12%) - 2027E: 17.327 billion yuan (growth rate: 12%) [3][4] - Earnings Per Share (EPS): - 2023A: 3.65 yuan - 2024A: 5.56 yuan - 2025E: 4.95 yuan - 2026E: 5.54 yuan - 2027E: 6.17 yuan [3][4] - Return on Equity (ROE): - 2023A: 24% - 2024A: 28% - 2025E: 20% - 2026E: 19% - 2027E: 17% [3][4] - Price-to-Earnings (P/E) Ratio: - 2023A: 23.9 - 2024A: 15.7 - 2025E: 17.6 - 2026E: 15.7 - 2027E: 14.1 [3][4] - Price-to-Book (P/B) Ratio: - 2023A: 4.8 - 2024A: 4.0 - 2025E: 3.2 - 2026E: 2.7 - 2027E: 2.3 [3][4]

Core Viewpoint - Anta Sports reported a record high revenue of 38.54 billion RMB for the first half of 2025, marking a 14.3% year-on-year increase, but the net profit attributable to shareholders decreased by 8.9% due to dilution from the Amer Sports listing [1][2] Financial Performance - Anta Sports achieved a revenue of 38.54 billion RMB, a 14.3% increase year-on-year, with net profit attributable to shareholders at 7.031 billion RMB, a 14.5% increase excluding the impact of Amer Sports [1][2] - The gross profit margin declined by 0.7 percentage points to 63.4%, with Anta brand's margin down 1.7 percentage points to 54.9% and FILA's margin down 2.2 percentage points to 68% [2][3][4] Brand Performance - Revenue growth for major brands included Anta brand at 16.95 billion RMB (5.4% increase), FILA at 14.18 billion RMB (8.6% increase), and other brands like Descente and Kolon at 7.41 billion RMB (61.1% increase) [2][4] - The share of revenue from other brands increased from 13.6% to 19.2% year-on-year [2] Store and Channel Strategy - Anta maintained its store count at 9,909, a decrease of 10 stores from the end of 2024, while other brands like Descente and Kolon saw an increase in store numbers [5] - FILA's store count decreased to approximately 2,054, despite a 30% coverage of new image stores [4][5] Acquisition Strategy - Anta completed the acquisition of Jack Wolfskin for 2.1 billion RMB and is developing a 3-5 year revitalization plan for the brand [7] - The company announced a joint venture with South Korean fashion group MUSINSA to explore the integration of fashion and sports industries [7][8] Investment in Technology and Innovation - Anta plans to increase investment in AI technology and has initiated a strategic layout for AI applications across its operations [8][9] - The company has invested a total of 20 billion RMB in innovation over the past decade and plans to invest another 20 billion RMB by 2030 [9] Advertising and R&D Expenditure - Anta's advertising expenditure remained stable at 2.5 billion RMB for the first half of 2025, with the advertising expense ratio decreasing from 7.5% to 6.6% [10] - R&D expenditure for the first half of 2025 reached 1 billion RMB, maintaining a ratio of 2.6% [10]

Core Viewpoint - Zhaoyin International has raised the target price for Anta Sports (02020) to HKD 118.55, indicating that the company's performance in the first half of the year met expectations [1] Group 1: Company Performance - Anta Sports' first-half performance aligns with expectations, with FILA's growth guidance maintained in the single digits [1] - The growth guidance for other brands has been revised upward from over 30% to over 40%, which is largely in line with Zhaoyin International's expectations [1] Group 2: Industry Outlook - The industry is anticipated to experience a recovery, positioning Anta Sports favorably within the market [1] - Zhaoyin International maintains a "Buy" rating for Anta Sports, reflecting confidence in the company's future performance [1] Group 3: Financial Projections - The target price for Anta Sports has been increased from HKD 111.54 to HKD 118.55 [1] - Net profit forecasts for 2025 to 2027 have been raised by 2% each [1]

Core Viewpoint - Jianyin International has raised the target price for Anta Sports (02020) to HKD 108, reflecting a positive outlook based on the company's performance in the first half of the year [1] Financial Performance - Anta Sports reported a net profit increase of 15% year-on-year, driven by a revenue growth of 14%, which aligns with expectations [1] - The revenue from the Anta brand specifically grew by 5% [1] - The operating profit margin for the Anta brand improved by 1.5 percentage points to 23.3%, aided by an increase in government subsidies [1] Strategic Developments - The group has announced a joint venture with the South Korean fashion platform Musinsa, which is expected to help tap into market opportunities among the younger generation in the long term [1] Target Price Adjustment - The target price for Anta Sports has been increased from HKD 106 to HKD 108, while maintaining an "outperform" rating [1]

Core Viewpoint - Anta Sports (02020) reported a 15% year-on-year increase in net profit for the first half of the year, driven by a 14% revenue growth, which largely met expectations [1] Financial Performance - Revenue growth of 14% contributed to the increase in net profit [1] - Anta brand revenue increased by 5% [1] - Operating profit margin for Anta brand improved by 1.5 percentage points to 23.3% due to increased government subsidies [1] Strategic Developments - The group announced a joint venture with South Korean fashion platform Musinsa, which is expected to help tap into market opportunities among the younger generation in the long term [1] Target Price and Rating - The target price for Anta Sports was raised from HKD 106 to HKD 108, maintaining an "outperform" rating [1]