Investment Rating - The investment rating for ANTA Sports is maintained at OUTPERFORM with a target price of HK$109.40, representing a potential upside of 21.8% from the current price of HK$89.80 [2][8]. Core Insights - In 2Q25, the retail revenue of ANTA Sports' brands met market expectations, with the company maintaining its annual revenue guidance. The ANTA brand achieved low single-digit positive growth year-on-year, while FILA brand saw medium single-digit growth [3][13]. - The company is optimistic about achieving high single-digit growth for the full year, supported by the implementation of the offline lighthouse plan and optimization of e-commerce management [3][16]. - The performance of other brands, such as Descente and Kolon, showed significant growth, with retail revenue increasing by 50-55% year-on-year [5][15]. Summary by Sections Retail Performance - ANTA brand's retail revenue showed low single-digit growth, with offline adult and children's sales increasing by low single digits, while online sales grew by medium single digits. The growth was lower than expected due to intensified competition and channel upgrades [3][13]. - FILA brand's retail revenue achieved medium single-digit growth, with strong performance in categories like golf and tennis [3][14]. New Business Development - ANTA's new business model has improved store efficiency, with champion stores showing 70-80% higher efficiency than traditional stores. The company is also focusing on younger consumers through smaller, more efficient store formats [4][14]. - The online team has been integrated to enhance e-commerce performance, with expectations of recovery in the second half of the year [4][16]. Financial Forecast - Revenue projections for ANTA Sports are set at RMB 79.17 billion, RMB 88.06 billion, and RMB 97.66 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.8%, 11.2%, and 10.9% [8][16]. - The net profit forecast for the same period is RMB 13.56 billion, RMB 15.53 billion, and RMB 17.66 billion, with corresponding P/E ratios of 16.9X, 14.8X, and 13.0X [8][16].

Investment Rating - The investment rating for Anta Sports is "Buy" [6] Core Views - Anta Sports reported a short-term adjustment in its main brand, with FILA meeting expectations and other brands performing strongly [1] - The main brand's revenue in Q2 showed a low single-digit year-on-year growth, while H1 revenue grew in the mid-single digits [1] - FILA's Q2 revenue grew in the mid-single digits year-on-year, with H1 revenue increasing in the high single digits, aligning with expectations [2] - Other brands, including Descente and Maia Active, exhibited significant growth, with Descente's revenue increasing over 40% and Maia Active's over 30% [3] - The acquisition of the German outdoor brand Wolfskin for approximately 2.9 billion USD (about 21.2 billion RMB) is expected to enhance Anta's outdoor segment and market presence in Europe [4] - Revenue forecasts for 2025, 2026, and 2027 are projected to grow by 12%, 9%, and 8% respectively, with net profit expected to be 134 billion RMB, 148 billion RMB, and 161 billion RMB [5] Summary by Sections Main Brand Performance - Q2 revenue for the main brand grew in low single digits year-on-year, with H1 showing mid-single-digit growth; children's products performed slightly better than bulk products [1] - The company is implementing a store efficiency improvement plan for offline franchises and has appointed a new e-commerce head to enhance product strategy [1] FILA Brand Performance - FILA's Q2 revenue increased in the mid-single digits year-on-year, with strong performance in bulk and kids' categories [2] Other Brands Performance - Descente's revenue grew over 40%, KOLON over 70%, and Maia Active over 30%, with continued improvements in store efficiency and product line expansion [3] Acquisition Impact - The acquisition of Wolfskin is expected to strengthen Anta's position in the mid-range outdoor market and enhance its international presence [4] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 796 billion RMB, 868 billion RMB, and 937 billion RMB respectively, with corresponding net profits of 134 billion RMB, 148 billion RMB, and 161 billion RMB [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 2025 operational data shows that the main brand achieved low single-digit growth, while FILA and other brands recorded mid to high single-digit growth [2][3] - The report anticipates high single-digit growth for the main brand and mid single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30% [4] - The report highlights the potential for KOLON and DESCENTE to enhance their market share and product competitiveness due to favorable outdoor market conditions [4] Summary by Sections Event Overview - In Q2 2025, the main brand, FILA, and other brands recorded low single-digit, mid single-digit, and 50-55% growth respectively [2] - For H1 2025, retail sales for Anta, FILA, and other brands showed mid single-digit, high single-digit, and 60-65% growth year-on-year [2] Analysis and Judgment - The main brand's growth in Q2 2025 slowed compared to Q1 2025 and Q2 2024, attributed to a slowdown in both online and offline sales [3] - FILA's growth in Q2 2025 was driven by improvements in children's and trendy brands, although it showed a slight slowdown compared to Q1 2025 [3] - Other brands like DESCENTE, KOLON, and MAIA experienced 50-55% growth in Q2 2025, which is a decrease from Q1 2025 but an improvement from Q2 2024 [3] Investment Recommendations - The report projects revenue forecasts of 770 billion, 859 billion, and 960 billion for 2025, 2026, and 2027 respectively, with net profit estimates of 138.74 billion, 159.07 billion, and 178.76 billion for the same years [4] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 15, and 13 [4]

安踏体育公告称，二季度安踏品牌产品之零售金额同比录得低单位数的正增长。 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports Products with a target price of HK$117, based on a 21x 2027E PE discounted back to 2025E, implying a 26% upside from the current price [2][30][22]. Core Insights - Anta Group's performance in June was mixed, with solid group-level topline growth driven by smaller brands and Fila, while the core Anta brand missed expectations. The projected retail sales growth for Anta is expected to decelerate to low single digits (LSD%) year-over-year in 2Q25, while Fila is anticipated to achieve high single digits (HSD%) growth [1][2][21]. - For 1H25, the report projects a 13% year-over-year increase in group sales to RMB 38.2 billion, with smaller brands and Fila performing ahead of the full-year guidance, despite a weaker core performance from Anta [1][3][21]. - The report anticipates a reported net profit of RMB 6.85 billion for Anta Group in 1H25, reflecting an 11% year-over-year decline, but a 12% increase in recurring net profit when excluding non-cash gains from the Amer listing [20][21]. Summary by Sections Sales and Growth Projections - Anta Group is expected to achieve a 13% year-over-year sales growth in 1H25, with specific brand growth rates projected as follows: Anta at 5.5%, Fila at 8.4%, Descente at 44%, and other brands at 69% [3][24][27]. - The gross profit margin (GPM) is projected to contract for Anta and Fila by -0.6 percentage points and -3.7 percentage points year-over-year, respectively, while GPM for smaller brands is expected to remain largely flat [3][20]. Financial Forecasts - The net income forecast for 2025-2027 remains broadly unchanged, reflecting a better outlook for Fila and smaller brands, despite a lower gross profit margin [2][22]. - The report includes detailed financial projections for revenue, EBITDA, and EPS for the years 2025 to 2027, with total revenue expected to reach RMB 80.4 billion in 2025, RMB 89.2 billion in 2026, and RMB 97.8 billion in 2027 [7][29]. Operational Metrics - The report highlights operational metrics such as operating profit margin (OPM) for Anta at 18% and for Fila at 23% in 1H25, with expectations of margin contraction due to lower gross profit margins [20][24]. - The anticipated operating expenses for 1H25 are projected to grow by 13.3%, while operating income is expected to grow by 7.5% [24][27].

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Key Brands**: Anta, FILA, Descente, and others - **Recent Developments**: Integration of the Jack Wolfskin brand into Anta's financials Key Points Industry Performance - Anta's main brand performance during the 618 shopping festival was slightly below expectations due to controlled inventory strategies and increased competition from international brands [2][4] - FILA and Descente performed exceptionally well, with FILA ranking highly on both traditional and interest e-commerce platforms [2][5][7] Financial Performance - Overall revenue for the first half of the year met or exceeded expectations, with FILA's operating profit margin slightly down but better than market predictions [2][8][20] - Interest income is expected to decrease this year due to the overall decline in interest rates [9] - The financial impact of the Jack Wolfskin brand, which is currently in a loss position, is being managed through personnel restructuring and strategic planning [10] Strategic Initiatives - Anta plans to enhance its e-commerce channels and invest in new store formats (Arena, Super Anta) to improve performance, despite high initial costs [2][6] - The company aims to increase the proportion of high-end city stores and diversify its product lines, including launching black label products and Super Anta champion stores, with a goal to surpass Nike in three years [2][14] Marketing and Consumer Engagement - Anta is adjusting its marketing strategy to focus on core retail business and strengthen connections with female consumers [3][19] - The company is optimizing its supply chain and differentiating its outdoor brands to address market competition effectively [3][23] Future Outlook - Anta expects significant improvement in the second half of the year, with plans to recruit a new e-commerce head to streamline product matching across platforms [6] - The company is cautious about its future buyback plans due to recent acquisitions and aims to reassess in February 2026 [17] Brand Differentiation - Anta's outdoor brands are positioned with clear differentiation in pricing and target markets, ensuring they complement rather than compete with each other [23][24] - The company is focusing on enhancing its supply chain capabilities to support rapid response to market demands [26] Sales and Marketing Investments - Sales expenses this year are concentrated on trendy brands, children's series, and FILA Classic, with expectations of continued double-digit growth [22] Inventory Management - Current inventory levels are reported to be stable, with specific data to be released soon [12] Competitive Landscape - Anta is closely monitoring the competitive landscape, particularly the impact of international brands' promotions on its market performance [5][16] This summary encapsulates the key insights from the Anta Sports conference call, highlighting the company's performance, strategic initiatives, and future outlook in the competitive sportswear industry.

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Industry**: Sportswear and Footwear Key Points Financial Performance and Projections - Anta Sports expects profit margins to improve year-on-year in the second half of 2025, benefiting from a low profit margin base in the second half of 2024 [2] - The brand's guidance for 2025 indicates high single-digit growth, with an EBITDA margin target of 20% and a net profit margin target of 25% [3] - The footwear segment is projected to account for approximately 44% of total revenue in 2024, significantly up from about 20% in 2021, driven by strategic deployments in FILA footwear products [2][7] Brand Performance - FILA's full-year guidance for 2025 is mid-single-digit growth, with confidence in achieving this target [5] - FILA KIDS and FILA Fusion sub-brands are growing faster than the main FILA brand, indicating a shift in consumer preference [6] - The average sales price (ASP) for FILA remains stable, with marketing investments primarily focused on celebrity endorsements and limited sponsorships in functional sports [9] Store Performance and Expansion - Anta's Champion stores achieve sales efficiency of over 500,000 to nearly 600,000 yuan, more than double the average for all Anta stores [2][10] - The SNEAKERVERSE concept stores have shown impressive performance, with sales efficiency exceeding 1.5 million yuan [10] - FILA currently operates around 2,000 stores in China, with plans to upgrade existing stores rather than expand into lower-tier cities [8] E-commerce and Online Sales - Anta's online business is expected to grow faster than offline sales, with good profitability despite lower gross margins due to frequent discounting [17] - The Douyin channel accounts for over 30% of Anta's e-commerce sales, benefiting from a strong offline store network [21] Strategic Acquisitions - Anta completed the acquisition of Jack Wolfskin in June 2025, with plans to enhance product offerings and brand promotion [22][23] - Jack Wolfskin's market size is approximately 300 million euros globally, with a significant contribution from the Chinese market [23] Market Trends and Competitive Advantages - The outdoor segment is expected to maintain double-digit growth in the coming years, with Anta's competitive advantages lying in its strong investment capabilities and operational efficiency [24][25] - Anta aims to balance online and offline channel investments, recognizing the importance of physical stores in brand sustainability [26] Future Plans - FILA plans to strengthen its apparel category and expand women's outdoor series to fill market gaps [19][20] - Descente and KOLON brands aim for approximately 10% annual store growth, with performance improvements from existing stores [27][29] Shareholder Returns - Anta Group maintains a stable dividend payout ratio of no less than 50% due to strong cash flow, with a completed share buyback of 2 billion yuan [30] Additional Insights - The basketball category faces challenges with recent growth performance, attributed to a lack of new iconic stars in the global basketball market [18] - The company is focused on enhancing the operational efficiency of Jack Wolfskin, particularly in the Chinese market, while also addressing brand perception issues [24]

Investment Rating - The report assigns a "Buy" rating to Anta Sports Products with a 12-month price target of HK$117, indicating an upside potential of 24.1% from the current price of HK$94.25 [14][15]. Core Insights - The report emphasizes the positive outlook for Anta Group, supported by solid year-to-date trading performance and effective execution across its brand portfolio. The completion of the Jack Wolfskin acquisition is noted, although its impact on forecasts has not yet been incorporated [7][14]. - The management's focus on Fila's reform under the new CEO aims for sustainable growth rather than immediate margin improvements, with specific strategies including enhanced product functionality and targeted marketing efforts [9][10]. - The report highlights the importance of the upcoming 618 shopping festival, with expectations of increased online sales and a healthy inventory level across most brands, although discounts are anticipated due to a higher online sales mix [7][11]. Summary by Sections Recent Trends - May online sales benefited from the early start of the 618 shopping festival, while offline sales faced challenges due to unfavorable weather conditions. The company expects to see more discounts leading into the festival [7][11]. Brand Performance - Anta brand's performance aligns with expectations, with new initiatives showing promise. The running category remains strong, accounting for over 40% of footwear volume, while basketball performance is still challenging [11]. Margin Outlook - The report indicates that the operating profit margin (OPM) for Anta and Fila brands is expected to remain relatively flat, with Descente's margin at approximately 30%. There is room for improvement for Kolon and MAIA brands [10][11]. Fila Reform - Fila's new CEO is committed to a mid-single-digit percentage growth target by 2025, focusing on product refinement and marketing strategies to enhance brand positioning [9][10]. Jack Wolfskin and Future M&A - The management anticipates that the Jack Wolfskin acquisition will have a limited impact in the first half of 2025 but will be margin-dilutive for the full year. Future M&A opportunities are identified in brands specializing in female products and premium running [12][13].

Core Viewpoint - Anta Sports (02020.HK) shows a bullish technical trend, with various indicators suggesting potential for continued price increases, supported by market optimism [1][2]. Technical Analysis - The current price of Anta Sports is HKD 95.6, which is above key moving averages (MA10: 94.77, MA30: 93.13, MA60: 91.5), indicating a positive short to medium-term trend [1]. - The first support level is at HKD 92.3 and the second at HKD 88.4, suggesting limited downside potential. Initial resistance is at HKD 98.8, with a higher resistance level at HKD 102.8 [1]. - The stock recently experienced a single-day increase of 1.76%, indicating active buying interest in the market [1]. Volatility and Momentum Indicators - Anta's 5-day volatility is 9%, reflecting active trading and supporting upward price momentum [2]. - The Relative Strength Index (RSI) is at 57, indicating a neutral to strong position without overheating, suggesting further upward potential [2]. - Technical indicators collectively signal a "strong buy" with a signal strength of 17 points, indicating a high-intensity bullish signal [2]. Derivative Products Performance - During the period from June 2 to 4, Anta Sports' stock price increased by 1.43%, with various derivative products showing different performances. Notably, the Societe Generale bull certificates (53978) and JPMorgan bull certificates (54458) recorded gains of 12% [4]. - Call options such as Huatai's (13440) and Macquarie's (15902) also showed positive performance, with increases of 6% and 5% respectively, reflecting stability in slightly fluctuating stock prices [4]. Investment Products Overview - Anta Sports offers a range of derivative products for investors, including call options with leverage ranging from 2.8x to 4.4x and bull certificates with leverage of 7x to 7.2x [7][8]. - Investors can choose from various products based on market expectations, considering factors such as leverage, exercise price, and premium [7]. Conclusion - Overall, Anta Sports exhibits strong technical advantages, with moving averages, momentum indicators, and market sentiment aligning to suggest potential for upward price challenges in the near term. Close attention should be paid to the resistance level at HKD 98.8 for potential breakout opportunities [1][2][4].

Group 1 - Anta Sports has completed the acquisition of Jack Wolfskin, making it an indirect wholly-owned subsidiary, enhancing its outdoor sports segment [1] - The acquisition was finalized for approximately $290 million (around 2.1 billion RMB), marking a significant step in Anta's global expansion strategy [1] - Jack Wolfskin, established in 1981, focuses on outdoor activities and has a strong presence in Europe and China, utilizing advanced sustainable technologies [1] Group 2 - Anta Sports has a history of strategic acquisitions, including FILA, DESCENTE, and Amer Sports, which have diversified its product offerings [2] - The company's brand portfolio now includes five major segments: mass sports (Anta), fashion sports (FILA), professional outdoor (DESCENTE, Kolon), high-end outdoor (Arc'teryx), and global brands (Salomon, Wilson) [2] - In 2024, Anta's revenue is projected to grow by 13.58% to 70.83 billion RMB, with a combined revenue exceeding 100 billion RMB when including Amer Sports [3] Group 3 - Anta's net profit attributable to shareholders is expected to increase by 52.4% to 15.596 billion RMB in 2024 [3] - The company has accelerated its international expansion, particularly in Southeast Asia, with operations established in multiple countries [3] - As of the end of 2024, Anta's total assets are projected to reach 112.615 billion RMB, reflecting a year-on-year growth of 22.11% [3]