Core Viewpoint - Anta Sports demonstrates resilience and robust growth in the Chinese sportswear market, achieving a revenue of 38.54 billion RMB in the first half of 2025, marking a 14.3% year-on-year increase, while maintaining its position as the industry leader in China [1][3] Financial Performance - Anta Sports' operating profit increased by 17% to 10.131 billion RMB, with an operating profit margin of 26.3%, exceeding market expectations [3] - The company reported a net cash inflow of 10.93 billion RMB and a free cash flow of 7.55 billion RMB, indicating strong cash generation capabilities [3] - As of June 30, 2025, Anta Sports held cash and cash equivalents totaling 55.58 billion RMB, providing a solid foundation for future investments [3] Brand Performance - Anta's multi-brand strategy is yielding results, with revenue from the Anta brand reaching 16.95 billion RMB (up 5.4%), FILA brand at 14.18 billion RMB (up 8.6%), and other brands, including Kolon and Descente, achieving 7.41 billion RMB (up 61.1%) [4][5][7] - The PG7 running shoes have sold over 4 million pairs, showcasing Anta's ability to meet consumer demand effectively [4] Strategic Initiatives - Anta Sports is focused on becoming a leading multi-brand sports goods group, leveraging its unique business model that emphasizes brand synergy, retail operations, and global resource integration [4][9] - The company completed the acquisition of the German outdoor brand Jack Wolfskin, enhancing its presence in the outdoor segment and tapping into new revenue growth opportunities [7] Retail and Innovation - Anta's direct-to-consumer (DTC) strategy has improved retail efficiency, with revenue growth achieved despite a stable number of physical stores [10][12] - The company invested nearly 1 billion RMB in R&D in the first half of 2025, with a total of 20 billion RMB allocated over the past decade, and plans to invest another 20 billion RMB in the next five years [14][15] Global Expansion - Anta's global strategy is progressing, with Amer Sports reporting a 23.5% revenue increase to 2.709 billion USD, and Greater China revenue up 42.4% to 856 million USD [15][16] - The brand is expanding into North America, Southeast Asia, and the Middle East, adapting its approach to local market characteristics [16]

Group 1 - Anta Sports has entered into a joint venture agreement with MUSINSA Co., Ltd. to operate Korean fashion businesses in mainland China, Hong Kong, and Macau, with Anta holding 40% and MUSINSA holding 60% of the equity [1] - The collaboration reflects Anta's core strategy of "single focus, multi-brand, globalization" and aims to explore the integration of sports and fashion to meet the diverse consumption needs of young consumers [1] - Anta plans to leverage its unique advantages in "brand + retail" and extensive experience in the footwear and apparel industry to empower the joint venture's business development [1] Group 2 - MUSINSA is one of the largest fashion platform companies in South Korea, with a diverse brand portfolio including MUSINSA, 29CM, EMPTY, and SOLDOUT [2] - MUSINSA's own brand, MUSINSA STANDARD, has been selected to design and supply uniforms for the South Korean delegation at the 2024 Paris Olympics [2] - Since 2021, MUSINSA has expanded its offline retail presence in South Korea to enhance consumer interaction and shopping experience, leading to rapid growth [2]

Core Viewpoint - Anta Sports demonstrates resilience and strong growth in a challenging market, reaffirming its position as a leading player in the Chinese sportswear industry with a revenue of 38.54 billion RMB in the first half of 2025, marking a 14.3% year-on-year increase [1][3] Financial Performance - Anta Sports achieved an operating profit of 10.131 billion RMB, a 17% increase, with an operating profit margin of 26.3%, exceeding market expectations [3] - The company reported a net cash inflow from operations of 10.93 billion RMB and a free cash flow of 7.55 billion RMB, indicating strong cash generation capabilities [3] - As of June 30, 2025, Anta held cash and cash equivalents totaling 55.58 billion RMB, providing a solid foundation for future investments [3] Brand Performance - Anta's multi-brand strategy is yielding results, with revenue from the Anta brand reaching 16.95 billion RMB (up 5.4%), FILA brand at 14.18 billion RMB (up 8.6%), and other brands, including Kolon and Descente, achieving 7.41 billion RMB (up 61.1%) [4][5][7] - The Anta brand's PG7 running shoes have sold over 4 million pairs, showcasing the brand's ability to meet consumer demand effectively [4] Strategic Initiatives - Anta Sports is focused on becoming a world-leading multi-brand sports goods group, leveraging its unique business model that emphasizes brand synergy, retail efficiency, and global resource integration [4][10] - The company completed the acquisition of the German outdoor brand Jack Wolfskin, enhancing its presence in the outdoor segment and tapping into new revenue growth opportunities [7][9] Innovation and R&D - Anta invested nearly 1 billion RMB in R&D in the first half of 2025, with a total of 20 billion RMB allocated to innovation over the past decade [14] - The establishment of seven global design and R&D centers reflects Anta's commitment to technological advancement and product innovation [14] Global Expansion - Anta's international strategy is gaining traction, with Amer Sports reporting a 23.5% revenue increase to 2.709 billion USD in the first half of 2025, and the Greater China region seeing a 42.4% rise to 856 million USD [15] - The brand is actively expanding in Southeast Asia and the Middle East, establishing retail networks in countries like the UAE, Saudi Arabia, and Egypt [15][16]

Core Viewpoint - Anta Sports (02020) announced a share subscription agreement involving its indirect wholly-owned subsidiary, Anka Holdings, which will dilute its stake in Anka Holdings from 100% to 80% following the issuance of 2,500 subscription shares [1] Group 1: Share Subscription Agreement - Anka Holdings has entered into a conditional share subscription agreement with Ruiyuan and Shangtai, agreeing to issue a total of 2,500 subscription shares [1] - The completion of the subscription will result in a dilution of Anta's indirect beneficial interest in Anka Holdings from 100% to 80%, effectively constituting a sale of 20% equity in Anka Holdings [1] Group 2: Purpose of Anka Holdings - Anka Holdings was established as a special purpose company to hold the "Jack Wolfskin" business [1] - Following the successful acquisition of the "Jack Wolfskin" business earlier this year, the company is planning the next phase of development [1] Group 3: Strategic Benefits - The board believes that the subscription will enhance the capital base of Anka Holdings, aligning with the growth strategy for the "Jack Wolfskin" business [1] - Issuing subscription shares to Shangtai, which will be held by a trust primarily for the benefit of the group's senior management and employees, aims to incentivize management and align their financial interests with the group [1]

Core Viewpoint - Anta Sports (02020) reported a revenue of RMB 38.544 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.3% [1] Financial Performance - Shareholder profit attributable to the company was RMB 7.031 billion, a decrease of 8.9% year-on-year [1] - Adjusted shareholder profit increased by 7.1% to RMB 6.597 billion [1] - Basic earnings per share were RMB 2.53, with an interim dividend proposed at HKD 1.37 per share [1] Operational Efficiency - The company maintained high operational efficiency, with an overall operating profit margin rising by 0.6 percentage points to 26.3% [1] - The operating profit margin for the Anta segment increased by 1.5 percentage points to 23.3% [1] - The operating profit margin for the FILA segment decreased by 0.9 percentage points to 27.7% [1] - The operating profit margin for all other brands increased by 3.3 percentage points to 33.2% [1] Cash Flow - The company achieved a net cash inflow from operating activities of RMB 10.931 billion [1] - Free cash inflow was RMB 7.548 billion, indicating stable cash generation capability [1]

Core Viewpoint - Anta Sports (02020) reported a revenue of RMB 38.544 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.3% [1] Financial Performance - The company's net profit attributable to shareholders was RMB 7.031 billion, a decrease of 8.9% year-on-year [1] - Adjusted net profit attributable to shareholders increased by 7.1% to RMB 6.597 billion [1] - Basic earnings per share were RMB 2.53, with an interim dividend proposed at HKD 1.37 per share [1] Operational Efficiency - The overall operating profit margin increased by 0.6 percentage points to 26.3% [1] - Anta segment's operating profit margin rose by 1.5 percentage points to 23.3% [1] - FILA segment's operating profit margin decreased by 0.9 percentage points to 27.7% [1] - Operating profit margin for all other brands increased by 3.3 percentage points to 33.2% [1] Cash Flow - The company achieved a net cash inflow from operating activities of RMB 10.931 billion [1] - Free cash inflow was RMB 7.548 billion, indicating stable cash generation capability [1]

Group 1 - Anta Sports announced a conditional share subscription agreement involving its indirect wholly-owned subsidiary, Anka Holdings, with Ruiyuan and Shangtai, for a total of 2,500 subscription shares [1] - Following the completion of the subscription, Anta's indirect beneficial interest in Anka Holdings will be diluted from 100% to 80% [1] - Anka Holdings was established as a special purpose company to hold the "Jack Wolfskin" business [1] Group 2 - The company plans to expand Anka Holdings' capital base, aligning with the growth strategy for the "Jack Wolfskin" business [2] - Issuing subscription shares to Shangtai, which will be held in trust primarily for senior management and employees, aims to align their financial interests with the group and incentivize contributions to the long-term growth of "Jack Wolfskin" [2]

Core Viewpoint - Anta Sports has entered into a joint venture agreement with MUSINSA Co., Ltd. to operate Korean fashion business in mainland China, Hong Kong, and Macau, with Anta holding 40% and MUSINSA holding 60% of the equity [1] Group 1 - The collaboration with MUSINSA reflects the company's strategic exploration in the fashion industry under its core strategy of "single focus, multi-brand, globalization" [1] - The integration of "sports and fashion" is becoming a lifestyle trend, and the company aims to meet the diverse consumption needs of young consumers through various approaches [1] - The company will leverage its unique advantages in "brand + retail" and extensive experience in the footwear and apparel industry to empower the joint venture's business development [1] Group 2 - MUSINSA will oversee and manage the joint venture's business operations through its management team, while the company will exercise strategic and financial oversight through representatives on the joint venture's board [1]

Core Insights - Anta Sports reported a robust performance in the first half of 2025, with revenue increasing by 14.3% year-on-year to RMB 38.544 billion and adjusted net profit rising by 7.1% to RMB 6.597 billion [1] - The company declared an interim dividend of HKD 1.37 per share for the six months ending June 30, 2025 [1] - Anta's core brands, Anta and FILA, contributed significantly to revenue growth, while DESCENTE and KOLONSPORT captured market share in specialized segments [1] Group Performance - Anta's segment revenue grew by 5.4% year-on-year to RMB 16.95 billion, with an operating profit margin increase of 1.5 percentage points to 23.3% [2] - FILA's segment revenue increased by 8.6% year-on-year to RMB 14.18 billion, although its operating profit margin decreased by 0.9 percentage points to 27.7% due to strategic investments in product functionality and quality [2] Strategic Initiatives - Anta is focusing on innovation in professional products and targeting high-growth niche markets to expand its scale [2] - The company is advancing its "globalization" strategy, achieving significant results in overseas market expansion, which enhances its brand image [2] - Anta aims to maintain a "single focus, multi-brand, globalization" strategy to drive sustainable development amid market opportunities and challenges [2]

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。 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（港元櫃台）及 82020（人民幣櫃台） 自願性公告 與 MUSINSA 成立合資公司 本公告乃由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」）自願性發 出。 與 MUSINSA 成立合資公司 本公司董事會（「董事會」）欣然宣布，本公司的一家附屬公司（「安踏」）已與 MUSINSA Co., Ltd.（「MUSINSA」）訂立一份合資協議（「合資協議」）。根據該合資協議，安踏與 MUSINSA 同意成立合資公司（「合資公司」），共同在中國內地、香港特別行政區及澳門特別行政區營運 韓國時裝業務（「合資安排」）。安踏及 MUSINSA 將分別持有合資公司 40%及 60%的股本權 益。 承董事會命 安踏體育用品有限公司 主席 丁世忠 1 有關 MUSINSA ...