香 港 交 易 及 結 算 所 有 限 公 司 和 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 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 之 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 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） 二零二五年中期業績公告 安 踏 體 育 用 品 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（合 稱「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 業 績。本 公 告 列 載 本 公 司《二 零 二 五 年 中 期 報 告》全 文，並 符 合《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》中 有 關 中 期 業 績 初 步 ...

Summary of Anta Sports Products Research Call Company and Industry Overview - **Company**: Anta Sports Products (2020.HK) - **Industry**: Sportswear and Outdoor Equipment Key Points and Arguments 1. **Amer Sports Performance**: Amer Sports reported a solid 2Q performance with an adjusted EPS of $0.06, exceeding consensus estimates of $0.02/$0.03. Revenue grew by 23.5% year-over-year, surpassing expectations of 17.8%/17.9% [1][3] 2. **Guidance Update**: Amer Sports raised its FY25 adjusted EPS guidance to $0.67-$0.72 from a previous range of $0.64-$0.69, indicating strong revenue growth expectations of 20%-21% year-over-year [1][3] 3. **Greater China Growth**: The Greater China market for Amer Sports showed robust growth of 42% year-over-year, maintaining momentum from the previous quarter [2][8] 4. **Positive Outlook for Anta**: The strong performance and guidance from Amer Sports are expected to positively impact Anta's investment income, with an anticipated associate income contribution of approximately RMB1,046 million, representing about 8% of Anta's net income [3][7] 5. **Market Dynamics**: The outdoor segment in China remains strong, attracting younger consumers and luxury shoppers, which is beneficial for Anta's brands like Descente and Kolon [3][8] 6. **Internal Competition**: There are discussions regarding internal competition within Anta's outdoor brand portfolio; however, the company is expected to leverage consumer insights to differentiate its brands and capture segmented demand [3][8] 7. **Tariff Management**: Amer Sports management expressed confidence in managing higher tariffs due to strong pricing power and a diverse global footprint, expecting negligible impact on their business in 2025 [9] 8. **Salomon's Growth**: Salomon's footwear revenue accelerated by 35% year-over-year, indicating positive implications for Original Equipment Manufacturers (OEMs) like Yue Yuen and Feng Tay [10] Additional Important Insights 1. **Retail Strategy**: Amer Sports plans to optimize its retail footprint by closing less productive stores and focusing on high-quality direct-to-consumer (DTC) locations [11] 2. **Sales Trends**: Anta's retail sales growth has shown fluctuations, with e-commerce growth rates between 20-25% in previous quarters, while offline sales have been more variable [12] 3. **Valuation and Risks**: Anta is rated as a Buy with a 12-month price target of HK$117, reflecting a potential upside of 20%. Key risks include weaker brand growth and discount pressures [17][18][20] This summary encapsulates the critical insights from the research call regarding Anta Sports Products and the broader sportswear market dynamics, highlighting both opportunities and risks for investors.

Core Viewpoint - The report from Credit Lyonnais highlights Anta Sports (02020) as the top pick in the sportswear sector, with slight upward adjustments to sales and net profit forecasts for 2025-2027, and an increase in target price from HKD 114 to HKD 116, maintaining an "outperform" rating [1] Company Summary - Anta Sports is identified as the largest market share winner in the domestic sportswear market, with expectations that domestic brands will surpass international sports retailers in revenue and profitability [1] - The sales forecast for Anta Sports has been slightly increased by 2%, while net profit forecasts have been raised by 1% for the years 2025-2027 [1] Industry Summary - The report notes that domestic sportswear brands are continuing to expand their market share, with a year-on-year sales growth of 4.2% in the first half of the year, outperforming the apparel and accessories sector's growth of 3.1%, but still lagging behind the overall consumer goods growth of 5% [1] - The third quarter is expected to show improved retail sales on a quarterly basis due to a lower base, although discount pressures remain a concern [1] - Xtep International (01368) has seen a downward adjustment in sales forecasts by 1% to 2% and profit forecasts reduced by 3% to 5% for 2025-2027, but its target price has been raised from HKD 5.9 to HKD 6.3, maintaining an "outperform" rating based on risk-reward ratio [1]

Core Viewpoint - The report from Credit Lyonnais highlights Anta Sports (02020) as the top pick in the sportswear sector, with slight upward adjustments to sales and net profit forecasts for 2025-2027, and an increase in target price from HKD 114 to HKD 116, maintaining an "outperform" rating [1] Company Summary - Anta Sports is identified as the largest market share winner in the domestic sportswear market, with expectations that domestic brands will surpass international sports retailers in revenue and profitability [1] - The sales forecast for Xtep International (01368) has been slightly downgraded by 1% to 2% for 2025-2027, with earnings estimates reduced by 3% to 5%, although the target price has been raised from HKD 5.9 to HKD 6.3, maintaining an "outperform" rating based on risk-reward ratio [1] Industry Summary - The domestic sportswear brand market has seen a year-on-year sales growth of 4.2% in the first half of the year, outperforming the apparel and accessories sector's growth of 3.1%, but lagging behind the overall consumer goods growth of 5% [1] - The report notes that the third quarter will have a low base, suggesting potential quarter-on-quarter improvement in retail sales for brands, although discount pressures remain a concern [1]

责任编辑：王翔 近期有传闻称，安踏体育即将完成收购美国运动鞋品牌Reebok锐步。对此，安踏体育向新浪财经回应 称："我们不对市场传闻发表评论。我们建议以公司官方发布的信息为准，感谢您的理解。 " ...

金十数据8月4日讯，近期有市场传言称，安踏体育即将完成收购美国运动鞋品牌Reebok锐步。安踏体 育(02020.HK)企业传播部门就此消息表示："我们不对市场传闻发表评论。我们建议以公司官方发布的 信息为准。" （界面） 安踏回应收购锐步 ...

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7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8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 - The company is experiencing stable growth in its main brand and FILA, while all other brands are showing rapid growth driven by the outdoor sports trend [1][2]. Group 1: Company Performance - In Q2 2025, the main brand recorded low single-digit year-on-year growth, while FILA achieved mid single-digit growth, and all other brands saw a significant increase of 50-55% [1]. - For the first half of 2025, the main brand achieved mid single-digit year-on-year growth, FILA recorded high single-digit growth, and all other brands experienced a growth rate of 60-65% [1]. - The main brand's retail growth in Q2 was slightly below expectations, prompting a focus on the effectiveness of online and offline channel enhancement plans [1]. Group 2: Brand Performance - FILA's Q2 retail growth was in line with expectations, achieving mid single-digit year-on-year growth [2]. - The outdoor industry is thriving, with high demand for premium outdoor brands like Descente and KOLON, contributing to the rapid growth of all other brands [2]. - Maia Active is gaining momentum, with a new endorsement deal and the launch of a Yoga Studio store format expected to enhance brand visibility [2]. Group 3: Profit Forecast and Rating - The company is recognized as a leading player in the sports footwear and apparel industry, with a strong competitive edge and significant growth potential through multi-brand operations and overseas expansion [3]. - Projected net profits for 2025-2027 are 13.5 billion, 15.567 billion, and 17.163 billion respectively, with year-on-year growth rates of -13.44%, 15.31%, and 10.25% [3]. - The company maintains a "buy" rating due to the stability provided by its main brand and FILA, along with growth potential in the outdoor segment [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The outdoor trend is driving high growth for the company's other brands, while the main brand's efficiency improvements are being monitored [5] - The company has shown stable performance from its main brand and FILA, with all other brands experiencing rapid growth [7] - The company is expected to maintain a strong growth trajectory due to its multi-brand strategy and overseas expansion potential [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 62,356 million RMB - 2024: 70,826 million RMB (growth of 16.23%) - 2025E: 78,944.69 million RMB (growth of 11.46%) - 2026E: 87,795.88 million RMB (growth of 11.21%) - 2027E: 96,556.82 million RMB (growth of 9.98%) [6] - Net profit projections for the same period are: - 2023: 10,236 million RMB - 2024: 15,596 million RMB (growth of 52.36%) - 2025E: 13,500.18 million RMB (decline of 13.44%) - 2026E: 15,567.18 million RMB (growth of 15.31%) - 2027E: 17,163.18 million RMB (growth of 10.25%) [6] - Earnings per share (EPS) are projected to be: - 2023: 3.69 RMB - 2024: 5.55 RMB - 2025E: 4.81 RMB - 2026E: 5.55 RMB - 2027E: 6.11 RMB [6] Brand Performance Summary - In Q2 2025, the main brand recorded low single-digit growth, while FILA achieved mid-single-digit growth, and all other brands saw growth of 50-55% [7] - The main brand's growth is expected to improve in the second half of the year due to operational efficiency initiatives [7] - The outdoor segment remains strong, with high demand for premium outdoor brands like Descente and Kolon [7]

Investment Rating - The investment rating for Anta Sports (2020.HK) is "Buy" and is maintained [8]. Core Views - Anta's retail performance in Q2 2025 showed low single-digit growth for the Anta brand, while FILA brand experienced mid-single-digit growth, and other brands grew by 50%-55% year-on-year [2][6]. - The company is facing short-term operational pressure due to intensified competition and discounting, but the long-term outlook remains stable with expected healthy growth in revenue and net profit for H1 2025 [8]. - The forecast for net profit from 2025 to 2027 is projected at 134 billion, 150 billion, and 166 billion respectively, with year-on-year growth rates of 13%, 11%, and 11% [8]. Summary by Sections Retail Performance - Anta's retail performance in Q2 2025 was slightly below expectations, primarily due to adjustments in offline franchise stores and pressure from the 618 sales event [8]. - FILA's performance met expectations, with stable discounts in offline channels and a slight increase in e-commerce discounts [8]. Financial Projections - Total revenue projections for Anta are 70,826 million in 2024, 77,975 million in 2025, 85,282 million in 2026, and 92,167 million in 2027, reflecting growth rates of 13.58%, 10.09%, 9.37%, and 8.07% respectively [10]. - The projected net profit for 2025 is 13,420 million, showing a decrease of 13.95% compared to 2024, followed by increases of 11.47% and 10.93% in the subsequent years [10].