从指数持仓来看，中证香港上市可交易内地消费指数十大权重分别为：比亚迪股份（13.04%）、阿里 巴巴-W（12.18%）、京东集团-SW（8.91%）、美团-W（7.74%）、携程集团-S（7.59%）、小鹏汽车- W（4.05%）、理想汽车-W（3.86%）、泡泡玛特（3.85%）、百胜中国（3.77%）、安踏体育 （3.69%）。 金融界4月21日消息，上证指数低开高走，中证香港上市可交易内地消费指数 (HKT内地消费，H11144) 平盘报收，报0.0点，成交额0.0亿元。 数据统计显示，中证香港上市可交易内地消费指数近一个月下跌15.25%，近三个月上涨9.27%，年至今 上涨6.83%。 从中证香港上市可交易内地消费指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港上市可交易内地消费指数持仓样本的行业来看，乘用车及零部件占比29.13%、消费者服务 占比23.62%、零售业占比22.30%、食品、饮料与烟草占比10.26%、纺织服装与珠宝占比6.91%、耐用消 费品占比6.14%、家庭与个人用品占比1.65%。 据了解，中证香港上市可交易主题指数系列包括HKT香港地产、HKT内地 ...

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 ...

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Fiscal Year**: 2024 - **Sales Revenue**: 70.8 billion RMB, with a strong performance across brands [3][2] Key Financial Performance - **Anta Brand Contribution**: 33.5 billion RMB, 47.3% of total revenue, up 10.6% YoY [3][2] - **FILA Brand Contribution**: 26.6 billion RMB, 37.6% of total revenue, up 6.1% YoY [3][2] - **Other Brands Contribution**: 10.7 billion RMB, with growth exceeding 40% [3][2] - **Overall Gross Margin**: 62.2%, Net Margin: 23.4% [2][3] - **2025 Revenue Growth Projections**: High single-digit growth for Anta, mid-single-digit for FILA, and over 30% for other brands [2][3] Strategic Initiatives - **ESG Integration**: ESG is central to corporate strategy, focusing on energy transformation and operational efficiency [2][4] - **Multi-Brand Strategy**: Targets different consumer segments with value propositions, including zero-carbon stores and Design V3 product series [2][4] - **Retail Network Optimization**: Closing inefficient stores while opening high-efficiency ones to support revenue growth [15][16] Market Positioning and Competition - **Pricing Strategy**: Anta adopts a strategy of brand elevation with lower pricing to counter market competition [5][2] - **New Retail Formats**: Introduction of Champion Stores and Super Anta Stores aimed at enhancing brand influence, particularly in lower-tier markets [5][2] - **E-commerce Strategy**: Anta's e-commerce penetration is approximately 35%, with a balanced approach between online and offline sales [8][2] Brand-Specific Developments - **FILA Brand Leadership**: New CEO Jiang Yan to reassess brand positioning and product strategy, focusing on tennis and golf segments [10][2] - **Store Expansion Plans**: Anta aims to increase flagship stores to 190-200, while FILA will selectively open new stores [9][2][15] Supply Chain and Taxation - **Supply Chain Collaboration**: High autonomy for brands with shared services in procurement to enhance efficiency [13][2] - **Effective Tax Rate**: Expected to remain between 26%-27%, influenced by one-time non-cash items and project-specific tax rates [14][2] International Expansion - **Overseas Market Strategy**: Focus on Southeast Asia, Middle East, and North Africa for business expansion, with plans to enter the North American market through partnerships [18][21] - **Local Product Development**: Introduction of products tailored to local climates in overseas markets [19][21] Long-term Outlook - **Growth Potential**: Anta emphasizes long-term value creation, focusing on product quality and a multi-brand global strategy [22][23] - **Market Ceiling Concerns**: Anta does not set market ceilings but continuously redefines brand value propositions to meet consumer needs [24][2] - **Competitive Advantage**: Maintains a cautious yet optimistic outlook, leveraging product innovation and brand activities to enhance market presence [25][2]

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 ...

Revenue and Profitability - Revenue increased by 13.6% year-on-year to RMB 70,826 million[4] - Net profit attributable to shareholders rose by 16.5% to RMB 11,927 million, excluding non-cash accounting gains from Amer Sports[7] - The overall operating profit increased by 8.0% to RMB 16,595 million[24] - Net profit for the year surged by 50.7% to RMB 16,989 million, compared to RMB 11,277 million in 2023[47] - Basic earnings per share rose by 50.4% to RMB 5.55, up from RMB 3.69 in the previous year[47] - Shareholders' profit attributable to the company was RMB 15,596 million, up 52.3% from RMB 10,236 million in 2023[50] - Shareholders' profit increased by 16.5% to RMB 11,927 million, with a profit margin of 16.8% compared to 16.4% in 2023[196] Dividends and Shareholder Returns - Proposed final dividend for the fiscal year 2024 is HKD 1.18 per share, subject to shareholder approval[7] - A total of HKD 118 cents per share was proposed as the final dividend, with a payout ratio of 51.4% of the attributable profit[55] - The proposed final dividend for the fiscal year is HKD 1.18 per share, totaling RMB 6,134 million, which is 51.4% of the shareholders' profit, up from 50.9% in 2023[197] E-commerce and Market Performance - E-commerce business accounted for 35.1% of total revenue, up from 32.8% in 2023[32] - E-commerce business revenue increased by 21.8% year-on-year, accounting for 35.1% of the group's total revenue in 2024[94] - The online retail sales in China reached RMB 13.1 trillion in 2024, growing by 6.5% year-on-year, representing 26.8% of total retail sales[94] - Anta's e-commerce business grew by 20.7% year-on-year, showcasing strong brand competitiveness and market influence[114] Brand Performance - ANTA brand revenue increased by 10.6% to RMB 33,522 million, while FILA brand revenue grew by 6.1% to RMB 26,626 million[47] - Anta's segment contributed 47.3% to the group's total revenue, with segment revenue increasing by 10.6% to RMB 33,522 million compared to RMB 30,306 million in 2023[168] - FILA's segment contributed 37.6% to the group's total revenue, with segment revenue growing by 6.1% to RMB 26,626 million from RMB 25,103 million in 2023[169] - Revenue from all other brands surged by 53.7% to RMB 10,678 million, driven by DESCENTE and KOLON SPORT, outperforming internal management targets[170] Operational Efficiency and Investments - Operating profit margin decreased by 1.2 percentage points to 23.4%, with Anta's margin at 21.0% and FILA's at 25.3%[4] - The company maintained a high level of operational efficiency despite increased investments in brand, channel, and product development[4] - The company maintained a debt ratio of 18.5%, a slight increase from 16.2% in 2023[50] - Total employee costs rose by 12.8% to RMB 10,491 million, reflecting ongoing investments in human resources and talent development[177] Sustainability and Corporate Responsibility - The company aims for carbon neutrality by 2050, focusing on a "1+3+5" strategy for long-term social commitment[58] - 30% of Anta's products are sustainable, with 34 products assessed for carbon footprint, including 26 carbon-neutral certified products[135] - Anta donated a total of RMB 37 million in cash and over RMB 340 million in sports products to various charities during the fiscal year[137] - The group emphasizes sustainable material sourcing and supply chain transparency, planning to disclose more information related to materials and supply chains in the future[132] Market Expansion and Innovation - The company is strategically expanding into Southeast Asia and other international markets, with over 240 stores outside of China[75] - The group invested approximately RMB 20 billion in R&D in 2024, up from RMB 16 billion in 2023, representing 2.8% of total revenue[99] - The company has established six design and R&D centers globally, collaborating with over 70 universities and research institutions to enhance product innovation[65] - Anta's new retail formats, such as "Anta Collection" and "Super Anta," are designed to enhance consumer experience and meet personalized demands[87] Challenges and Risks - The company faces risks related to external investment policies, particularly concerning regulations in China and overseas markets[148] - There is a significant risk of brand counterfeiting affecting the company's reputation and profitability, despite efforts to protect intellectual property[151] - The company is exposed to operational risks due to the increasing costs of physical retail and e-commerce channels, which may impact profitability[154]

Financial Data and Key Metrics Changes - The total revenue of ANTA Sports Products exceeded JPY 100 billion for the first time, achieving a year-on-year growth of 13.6% [4] - Operating profit attributable to shareholders increased by 15% [4] - Free cash flow was reported at JPY 13.5 billion, indicating stable cash generation ability [4] - The final dividend for the year was JPY 123, up 20% year on year [5] Business Line Data and Key Metrics Changes - ANTA brand revenue reached JPY 60 billion, growing by 10.6% year on year [6] - FILA brand revenue was JPY 30 billion, up 6.1% year on year [6] - Other brands, particularly Dessence and Colin, saw significant growth of 53.7% year on year [6] - Online sales grew by 20%, while offline sales also achieved double-digit growth [7] Market Data and Key Metrics Changes - The overall gross profit margin was 62.2%, a slight decline of 0.4 percentage points [7] - FILA's gross profit margin decreased by 1.2 percentage points due to increased investment in merchandise [8] - The consumer market in China grew at a low rate of 3.5% in 2024, with a consumer confidence index of 86.2% [21][22] Company Strategy and Development Direction - The company aims to maintain its number one market share in China and expand its multi-brand strategy [3][50] - ANTA is focusing on brand breakthroughs and enhancing product quality, particularly in performance sports [27][51] - The company plans to replicate its successful strategies in China to international markets [51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a gradual rebound in the consumer market supported by government policies [22] - The global sports industry is expected to grow steadily, with opportunities in running, outdoor, and tennis categories [22] - The company is committed to low carbon innovation and sustainable practices to enhance brand influence [52] Other Important Information - The company has invested JPY 2 billion in R&D, representing a 20% increase [11] - ANTA's inventory turnover days are at a healthy level of 123 days, with a sellout rate of 87% [14][17] - The company has made significant strides in ESG performance, including a reduction in water consumption intensity by 2.5% [46][48] Q&A Session Summary Question: What are the key growth drivers for ANTA in 2025? - The company will focus on brand breakthroughs for ANTA and FILA, aiming for high-quality development in footwear and apparel [51] Question: How is ANTA addressing sustainability? - ANTA is committed to low carbon innovation and sustainable materials, with a goal of 50% sustainable products in the order book [48][52] Question: What is the outlook for the consumer market? - Management anticipates a gradual recovery in consumer confidence and spending, supported by government initiatives [22]

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price of HKD 104.50, indicating a potential upside of 27.2% from the current price of HKD 82.15 [1][6][13] Core Insights - The company experienced a recovery in retail sales in Q4 2024, with the main brand, Anta, achieving high single-digit growth year-on-year. The FILA brand also showed a strong recovery, exceeding expectations [4][12] - For 2025, Anta Sports is focusing on expanding its main brand's business model, introducing new series such as Super Anta and Anta Champion to enhance its competitive edge in various market segments [5][10] - The overall outlook for 2025 remains positive, driven by new business models and strong performance in the outdoor segment, which is expected to continue its high growth trajectory [11][12] Summary by Sections Financial Performance - The company reported a revenue of RMB 62.36 billion in 2023, with a year-on-year growth of 16.2%. Projections for 2024 and 2025 are RMB 69.66 billion and RMB 77.17 billion, respectively, with expected growth rates of 11.7% and 10.8% [7][16] - The net profit attributable to the parent company for 2023 was RMB 10.24 billion, reflecting a significant year-on-year increase of 34.9%. Forecasts for 2024 and 2025 are RMB 13.12 billion and RMB 13.70 billion, with growth rates of 28.1% and 4.4% [7][16] Brand Performance - The main brand, Anta, achieved nearly double-digit growth for the year, while the FILA brand also performed well, with a year-on-year growth in Q4 despite a high base from the previous year [4][9] - Other brands under Anta, such as Descente and KOLON, reported impressive growth rates of 50% and 60-65%, respectively, contributing to an overall growth of 40-45% for these brands [4][9] Market Strategy - Anta Sports is set to continue exploring new business models in 2025, aiming to enhance its market share and brand influence through innovative product offerings and marketing strategies [5][10] - The company is expected to leverage its established brand marketing and product development capabilities to drive future growth [11][12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is actively transforming its brand strategy to break through the limitations of a single brand, focusing on differentiated store formats and a multi-brand operational capability [4][8] - The company aims to expand its market presence both domestically and internationally, with specific plans for store openings and revenue growth projections [68] Summary by Sections 1. Company Overview - The company has over 80% of its stores operating under a Direct-to-Consumer (DTC) model, enhancing its control over channel operations and inventory management [8] - The company is restructuring its store types into five levels: Arena, Palace, Elite, Standard, and Non-standard, to diversify its retail strategy [54][56] 2. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 704.70 billion, 781.21 billion, and 864.19 billion CNY, respectively, with year-on-year growth rates of +13.0%, +10.9%, and +10.6% [4][68] - Net profit estimates for the same years are 137.33 billion, 140.12 billion, and 156.73 billion CNY, with growth rates of +34.2%, +2.0%, and +11.9% [4][68] 3. Brand Strategy - The company is launching new store concepts such as "Super Anta," "Champion Store," and "0 Carbon Mission Store," each targeting different consumer segments and emphasizing unique product offerings [12][41][49] - The "Super Anta" concept aims to create a one-stop shopping experience for sports products, focusing on high-quality, cost-effective items [12][13] 4. International Expansion - The company has made strides in international markets, particularly in North America and Southeast Asia, with plans to open stores in the U.S. and expand its presence in Southeast Asia [61][66] - The partnership with Kyrie Irving has helped the company gain traction in the global sneaker market, with successful product launches and collaborations [11][65] 5. Competitive Positioning - The company is positioned as a potential leader in the market, akin to Uniqlo and Decathlon, leveraging its supply chain advantages and brand recognition [23][68] - The report highlights the importance of Olympic sponsorships and collaborations with high-profile athletes in enhancing brand image and market reach [11][23]

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a current price of HKD 78.10 and a fair value of HKD 93.67 [5]. Core Views - Anta Sports has demonstrated high operational quality in Q4, with Fila's sales recovery exceeding expectations. The main brand's revenue growth is driven by e-commerce channels and store renovations, maintaining a healthy inventory turnover ratio [8]. - The multi-brand strategy of Anta Group is showing robust development, with strong performance from brands like Descente and Kolon, indicating strong consumer purchasing power in the outdoor market [8]. - The earnings forecast for Anta Sports predicts EPS of RMB 4.70, RMB 4.81, and RMB 5.38 for 2024, 2025, and 2026 respectively, with a PE valuation of 18 times for 2025, leading to a fair value of HKD 93.67 per share [8]. Financial Summary - Revenue is projected to grow from RMB 53,651 million in 2022 to RMB 81,594 million in 2026, with growth rates of 8.8%, 16.2%, 8.1%, 9.7%, and 10.4% respectively [4][10]. - EBITDA is expected to increase from RMB 12,483 million in 2022 to RMB 26,330 million in 2026 [4]. - Net profit attributable to shareholders is forecasted to rise from RMB 7,590 million in 2022 to RMB 15,187 million in 2026, with growth rates of -1.68%, 34.86%, 29.60%, 2.26%, and 11.94% [4][10]. - The report indicates a stable gross margin, with projections of 58.2% in 2022 and increasing to 62.9% by 2026 [10]. Operational Insights - The main brand's operational quality is expected to remain stable, with online discounts maintained and a healthy inventory turnover ratio [8]. - The report highlights the successful adjustment of Fila's brand positioning, contributing to overall brand growth and maintaining healthy operational quality [8]. Market Position - Anta Sports is positioned to benefit from its strong channel management capabilities and cost control, which are expected to support steady growth in an uncertain retail environment [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 106.4, representing a potential upside of 35.6% from the current price of HKD 78.5 [2][4]. Core Insights - The company's fourth-quarter performance in 2024 exceeded expectations, with significant growth in retail sales across its main brand and FILA, driven by various store formats and targeted products [4]. - The company is optimistic about 2025, projecting low double-digit growth for both the ANTA and FILA brands, with a long-term revenue target for FILA set at RMB 40-50 billion [4]. - The overall retail performance for 2024 showed high single-digit growth for the ANTA brand and mid-single-digit growth for FILA, with other brands experiencing a remarkable 50-55% increase [4]. Financial Summary - Revenue is projected to grow from RMB 62,356 million in 2023 to RMB 69,600 million in 2024, reflecting a year-on-year increase of 11.6% [3]. - The net profit is expected to rise from RMB 10,236 million in 2023 to RMB 13,050 million in 2024, marking a growth of 27.5% [3]. - The basic earnings per share (EPS) is forecasted to increase from RMB 3.69 in 2023 to RMB 4.70 in 2024, representing a growth of 27.5% [3]. Operational Performance - In Q4 2024, the ANTA brand's retail sales recorded high single-digit growth, with e-commerce sales increasing nearly 20% [4]. - The inventory turnover ratio is maintained at around 5, indicating efficient inventory management [4]. - The discount rate for online sales improved by 1 percentage point compared to the previous year, while offline discounts remained stable [4]. Market Outlook - The company plans to expand its presence in Southeast Asia and aims to open its first direct store in Los Angeles by 2025, along with plans for cross-border e-commerce [4]. - Despite fluctuations in the domestic consumption sector, the company continues to demonstrate high-quality growth, showcasing the advantages of its "single focus, multi-brand, and all-channel" development strategy [4].