Investment Rating - The report maintains a "Buy" rating for Anta Sports [4][5][13] Core Viewpoints - Anta Sports is focusing on enhancing its product lines, particularly the Kyrie series, while also introducing the PG7 technology aimed at the general public for running shoes [1][2] - The company is expected to benefit from the growing sports and outdoor market, with projected revenues of RMB 78.6 billion, RMB 88.3 billion, and RMB 101.1 billion for the years 2025 to 2027 [4] - The report highlights the innovative features of the PG7 technology, including a G value of 7.8 for shock absorption and a design tailored for East Asian foot shapes, which has led to global sales of over 3 million pairs by March 2025 [2][3] Summary by Sections Product Development - Anta has launched the Kyrie 2, featuring high-quality leather, nitrogen technology insoles, and a lightweight exoskeleton material for enhanced performance [1] - The PG7 technology, designed for the general public, emphasizes shock absorption and comfort, with a price point around RMB 300, making it accessible [2][3] Financial Projections - The report forecasts net profits of RMB 13.5 billion, RMB 15.7 billion, and RMB 17.9 billion for the years 2025 to 2027, with EPS expected to be RMB 4.82, RMB 5.60, and RMB 6.39 respectively [4] - The PE ratios are projected to be 18, 15, and 13 for the same period [4] Market Position - Anta Sports is positioned as a leading player in the non-essential consumer goods sector, particularly in textiles and apparel, benefiting from a robust brand matrix [4][5]

安踏体育 20250509 摘要 • 安踏体育二季度零售端折扣稳定，库存可控，预计 618 大促将推动销售增 长，对二季度业绩持乐观态度，但需关注国内经济形势对后续月份的影响。 • 狼爪品牌收购预计 2025 年二季度末至三季度中完成，整合期预计半年至 一年，中国区业务将优先发展，采用 DTC 模式增加直营店铺，并调整产品 结构以吸引年轻消费群体。 • 安踏预计狼爪品牌在中国和德国市场有较大改善空间，2025-2026 上半 年为过渡期，新商品开发需 12-18 个月，但预计扭亏为盈速度快于以往小 品牌。 • FILA 品牌表现稳健，江燕总上任后，公司对其未来发展充满期待，FILA 将延续时尚线和专业线，减少 SKU 数量，集中于核心商品，打造爆品。 • 安踏 2025 年将延续投资者战略，重点调整商品端，新商品预计 2026 年 Q1 推出，强调多场景消费，保持 VIP 顾客粘性，渠道方面进行品牌重塑， 保持折扣管控良好。 • 安踏主品牌通过超级安踏新店型贡献市场增量，冠军店客单价高，选址核 心高端商场，超级安踏则进行多维度测试，年底目标 180 家，并逐步减少 普通安踏门店数量。 • 安踏集团计划回购 1 ...

Group 1 - Anta Sports announced an adjustment to the conversion price of its €1.5 billion zero-coupon guaranteed convertible bonds due in 2029, changing the conversion price from HKD 104.02 to HKD 102.62 [1] - The adjustment will take effect on May 14, 2025, immediately following the dividend record date [1] - Following the adjustment, if all bonds are converted, they will convert into 119,188,755 shares, representing approximately 4.25% of the issued shares as of the announcement date and about 4.07% of the issued shares after the conversion [1]

11 April 2025 | 12:58AM HKT Anta Sports Products (2020.HK): 1Q25 update: Positive surprises from Fila/small brands, announced acquisition of Jack Wolfskin; Buy Anta reported 1Q25 operational update with Anta core/Fila/other brands (Descente, Kolon, MAIA) delivering HSD/HSD/close to 70% yoy despite relatively high base, which we believe is above investor expectations, especially on Fila (though the market expectation gradually moved up recently) and other brands, including first discussion on MAIA which grew ...

安踏体育 20250324 摘要 • 安踏集团 2024 年各品牌表现强劲，安踏品牌贡献 266 亿元，同比增长 6.1%，其他品牌增长超过 40%，整体毛利率维持在 62.2%，净利率 23.4%。 预计 2025 年安踏主品牌流水高单位数增长，碧迪品牌中单位数增长，其他 品牌增速超 30%，集团整体流水维持双位数增长。 • 安踏将 ESG 融入企业战略核心，通过供应链能源转型、节能减排等投入， 提高运营效率和企业韧性。多品牌战略针对不同消费群体，以价值主张打 动消费者，如安踏零碳门店和 Design V3 产品序列，提升企业竞争力并为 股东创造长期价值。 • 安踏品牌采取品牌向上、价格向下的策略应对市场竞争，通过技术创新打 造高性价比商品如 PG7，并推出安踏冠军店、超级安踏店等新业态提升品 牌影响力。超级安踏店针对下沉市场，目前处于调试阶段，计划开设更多 门店以确定最优模式。 • 安踏电商渗透率约为 35%，策略是在线上线下之间取得平衡，新品和爆品 主要在线下渠道销售，线上销售常规商品。斐乐品牌电商占比约为 40%， 流水占比约为 30%，今年希望线下也能贡献更多增长。 • 安踏和迪桑特品牌不依赖大规模 ...

安踏体育 20250319 摘要 Q&A 2024 年安踏体育的整体销售表现如何？各品牌的具体增长情况如何？ 2024 年，安踏体育实现了 708 亿元的销售额，其中安踏品牌占比 47.3%，实现 了 10.6%的双位数增长。Fila 品牌继续坚持高端时尚定位，流水接近 300 亿， 从报表口径来看为 260 多亿元，占比 37.6%。迪桑特品牌占比接近 10%，增长超 过 40%。Kolon Sport 尽管占比中单位数，但增速超过 60%。此外，安踏大货和 儿童系列分别实现了低双位数和高单位数的增长。潮牌在第四季度表现明显好 转，实现中单位数增长。 • 安踏体育 2024 年净利润达 155.91 亿元，若不含一次性收益为 119 亿元， 符合市场预期。多品牌策略下，各品牌定位差异化，整体盈利水平稳定， 其中迪桑特和 Kolon Sport 表现突出，净利率分别超过 30%和 25%。 • Fila 品牌流水接近 300 亿，报表口径 260 多亿元，占比 37.6%，虽体量大， 仍保持健康增长。2024 年调整策略，增加功能性面料和科技感，并扩大儿 童产品线，预计 2025 年将推出更多新品以满足市场需 ...

ANTA Sports Products (02020) H2 2024 Earnings Call March 18, 2025 08:00 PM ET Moderator Honorable Investors, good afternoon. Welcome to the Investor Presentation of ANTA Sports Products Limited. We have just announced our annual results for 2024, in which the group achieved a record performance and high quality growth, widening our lead despite the challenging external environment. And we succeeded in achieving our strategic goal of number one in terms of market share. Now let me introduce our management in ...

Industry and Company Overview * **Industry**: The company operates in the sports apparel and footwear industry, with a focus on outdoor and sports-related products. * **Company**: The company is a leading player in the Chinese sports apparel and footwear market, with a diverse portfolio of brands including Anta, Fila, Descente, and others. Key Points Q4 Performance * **Overall Performance**: The company's Q4 performance was better than Q3, with a year-over-year growth in GMV. However, the growth was not as strong as expected, and the company did not exceed its Q4 targets. * **Inventory and Discounts**: The company's inventory levels were within expectations, and there was no significant increase in discounts compared to previous quarters. * **Online vs. Offline**: Online sales performed better than offline sales, with the company's online channels driving growth. Brand Performance * **Anta**: The Anta brand maintained its market share and profitability, with a focus on product innovation and channel expansion. * **Fila**: Fila continued to grow, with a focus on professional sports categories such as tennis and golf. The brand also aimed to increase its share of the sports apparel market. * **Descente**: Descente's performance was stable, with a focus on maintaining its position in the premium sports market. * **Other Brands**: The company's other brands, including Vela, Veera, and Antara, showed mixed performance, with some brands experiencing growth while others faced challenges. Future Outlook * **Market Environment**: The company expects the market environment to remain uncertain in 2025, with potential challenges from new policies and economic factors. * **Growth Strategy**: The company aims to focus on product innovation, channel expansion, and brand building to drive growth in the coming years. * **Investment**: The company plans to continue its share buyback program and explore M&A opportunities to expand its business. Additional Points * **Cost Control**: The company has implemented measures to control costs and improve efficiency. * **Brand Expansion**: The company is exploring opportunities to expand its brands internationally, with a focus on emerging markets. * **Online Growth**: The company is investing in its online channels to drive growth and improve customer experience. Conclusion The company's Q4 performance was mixed, with some brands performing well while others faced challenges. The company is focused on driving growth through product innovation, channel expansion, and brand building. The company expects the market environment to remain uncertain in 2025, but it is confident in its ability to navigate the challenges and achieve its growth targets.

Investment Rating - ANTA Sports Products is rated **Overweight** with a price target of HK$117.00, implying a 17% upside from the current price of HK$100.10 [5] Core Views - The market reaction to 3Q24 earnings is expected to be neutral to negative due to FILA's sales miss, partially offset by strong Golden Week sales [2] - ANTA brand's new initiatives are showing positive results, with Descente and Kolon continuing strong growth [2] - Management remains confident in achieving its 2024 profit target, contingent on 4Q sales performance [3] Financial Performance - ANTA brand saw mid-single-digit% retail sales growth in 3Q24, with ANTA Core and Kids both growing by mid-single-digit% [4] - FILA brand's 3Q retail sales declined by low-single-digit%, with FILA Classic flat but dragged down by FILA Kids and Fusion [8] - Outdoor brands (Descente and Kolon) grew 45-50%, with Descente up 35-40%+ and Kolon up 65-70% [8] Sales Channels and Inventory - ANTA's offline sales declined by low-single-digit%, while e-commerce grew over 20% [4] - FILA's online sales grew by high-single-digit%, but offline sales declined by mid-to-high-single-digit% [8] - Inventory levels for both ANTA and FILA were below 5 months [4][8] Golden Week Performance - Golden Week sales exceeded management's target, with ANTA and FILA both achieving above teens levels of growth [9] - ANTA's performance was driven by strong same-store sales growth and new store openings (~300 new stores before Golden Week) [9] Full-Year Guidance - Management sees uncertainties in achieving full-year sales targets (10% growth for ANTA and high-single-digit% for FILA) due to 3Q sales miss, but remains focused on inventory and business quality [9] 4Q Outlook and Growth Drivers - The company does not anticipate significant discounting pressure in 4Q due to healthy inventory levels [10] - ANTA Superstore is expected to be a new growth driver, with plans to open ~50 stores by year-end, targeting Rmb20mn+ annual store productivity [10] Valuation and Market Share - The base case valuation assumes a 25x target P/E multiple on 2024 EPS estimates, supported by market share gains through a diversified brand portfolio [12]