智通财经APP获悉，中银国际发布研究报告称，维持安踏体育(02020)“买入”评级，2024财年营业收入增长14%的预测不变，并预期公司可于今年下半年实现更多销量，同时预计核心品牌将有约10%同比增长，目标价97.5港元。鉴于公司去年的高基数，公司2024财年第一季的经营业绩表现，在一定程度上符合市场预期。该行认为安踏旗下主要品牌于2024年第一季仍实现到温和增长，但数字低于10%至15%的年度成长目标。 该行预计，安踏的零售销售或于往后数季加速增长，主要由于公司将于巴黎奥运临近之际加大旗下产品的发布力度。该行因而认为安踏未能达到业绩指引的风险应该可控，但须一段时间才能看到结果。该行对安踏仍持有乐观态度，并预计公司凭借自身强大的产品供应能力，将可继续跑赢同业。此外，中银国际提及安踏营运指标改善，奠定了公司良好的基础。并认为安踏对自身的预期合理，主要由于公司2024财年首季成功将库存降至更合理水平，并提供更佳零售折扣。 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of HKD 135.00, indicating a potential upside of 65.4% from the current price of HKD 81.60 [1][5]. Core Insights - Anta's sales growth in Q1 2024 was softer than expected, but a reacceleration is anticipated starting from Q2 as the high base effect diminishes. The sales growth for Anta brand was in the low single digits year-on-year, while FILA experienced high single-digit growth. Descente and Kolon brands showed a robust growth of 25-30% [1]. - The report highlights that the Chinese sportswear market is showing signs of differentiation, with lower-tier brands demonstrating resilience compared to international brands. Anta's performance is noted to be weaker than 361 Degrees but better than Nike and Adidas [1]. - The report emphasizes the importance of brand renewal for FILA, as its performance has been mixed, particularly in high-tier cities where consumer spending is soft. The need for continuous investment in brand innovation is highlighted [1]. Financial Summary - Revenue projections for Anta are as follows: - 2022: RMB 53,651 million - 2023: RMB 62,356 million (16.2% YoY growth) - 2024E: RMB 71,151 million (14.1% YoY growth) [2][6]. - Net profit estimates are: - 2022: RMB 7,590 million - 2023: RMB 10,236 million (30.8% YoY growth) - 2024E: RMB 13,571 million (36.2% YoY growth) [2][6]. - The report projects a compound annual growth rate (CAGR) of 22% for earnings per share from 2024 to 2026 [1]. Market Performance - Anta's stock has shown a year-to-date change of +7.72% and has a market capitalization of approximately HKD 229.41 billion [3][5]. - The stock's 52-week high and low are HKD 100.70 and HKD 64.15, respectively [3]. Brand Performance - Anta's brand performance in Q1 2024 showed a mixed picture, with the core brand experiencing high single-digit growth, while FILA's performance was affected by brand-specific issues and a decline in its fashion line [1][4]. - The report notes that the children's segment for Anta is expected to see a negative growth trend, while online sales remain strong with mid-single-digit growth [1][4]. Conclusion - The report concludes with a positive long-term outlook for Anta, driven by its strong brand positioning and execution capabilities, alongside its expansion into fast-growing segments like winter sports and outdoor markets [1].

智通财经APP获悉，高盛发布研究报告称，予安踏体育(02020)“买入”评级，目标价115港元。 报告中称，首季安踏核心品牌、FILA及其他品牌的增长分别为中单位数、高单位数及25%至30%，大致符合市场预期，其中安踏品牌略高于预期，主要受惠于3月下半月新产品推动销售加快。就渠道而言，安踏品牌及FILA得益于新产品、强劲的线上执行力及基数效应，其线上表现较线下优秀。同时，各品牌的库存及折扣水平进一步改善，显示出健康的成长路径。 该行表示，管理层强调全年增长目标，安踏品牌及FILA为10%至15%，并预计今年剩余时间将比首季增长加速，推出更多产品，开展更多市场推广活动，以及基数较佳;各品牌与前几季相比下库存水平较低，加上健康的折扣水平，增强管理层以可持续增长达到全年目标的信心;管理层寻求有序的门市扩张计划，并将店铺生产力放在首位。另指，扎实的线上执行力也有助FILA等品牌有效渗透到低线城市客户。 ...

公 纺织服装 司 2024年04月 18日 报 安踏体育(2020.HK) 告 一季度营运表现符合预期 强烈推荐（维持） 事项： 公司发布2024年一季度营运公告：相较2023Q1，2024Q1安踏品牌零售金额 股价：81.6 港元 （按零售价值计算）同比实现中单位数正增长；FILA品牌同比实现高单位数正 增长；其他所有品牌（不包括 2023 年1 月1 日之后新加入集团的品牌）同比 公 主要数据 实现25%-30%的正增长。 司 行业 纺织服装 平安观点： 季 公司网址 www.anta.com;ir.anta.com 大股东/持股 安踏国际集团控股有限公司/42.4%  安踏品牌：流水稳增长，库存表现健康。1）从流水表现看，安踏品牌24Q1 报 实际控制人 丁世忠 流水实现同比正的中单位数增长。2）从存货表现看，安踏品牌 24Q1 存 点 总股本(百万股) 2832.62 货周转低于5个月，处于健康水平。 流通A股(百万股) 评 流通B/H股(百万股)  FILA 品牌：持续保持高质量增长。1）从流水表现看，FILA 品牌 24Q1 总市值（亿元） 2096.23 流水实现同比正的高单位数增长。2）从 ...

M N 18 Apr 2024 CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) An inline 1Q24 plus an improving outlook Retail sales growth in 1Q24 was slow, but it was widely expected. We see Target Price HK$101.73 FY24E growth supported by: 1) healthy momentum in late Mar, 2) an exciting (Previous TP HK$101.73) product launch pipeline, 3) further segmentation by Anta in terms of products Up/Downside 24.7% and store format, and 4) gradual improvement in retail discounts (rather C ...

智通财经APP获悉，里昂发布研究报告称，予安踏体育(02020)“买入”评级，预计下半年安踏及FILA品牌开店策略更集中，相信今年在产品、推广及销售网络方面，已作好最佳化的准备，支持中期增长前景，目标价116港元。 报告中称，公司首季零售销售符合市场预期，实现增长之外，库存及折扣水平健康，同比及按季皆改善，户外用品业务仍然强劲，由第二季开始，核心品牌推出更多产品，包括第二季推出奥运相关产品，及下半年推出与Kyrie Irving合作的球鞋。 ...

智通财经APP获悉，中金发布研究报告称，维持安踏体育(02020)“跑赢行业”评级，2024/25年EPS预测4.63/4.94元不变，目标价109.19港元。公司公布一季度经营情况：安踏品牌零售流水同比增长中单位数，FILA品牌零售流水同比增长高单位数，其他品牌(不含2023年以来新增品牌)零售流水同比增长25-30%。 中金主要观点如下： 虽然去年零售环境好转带来较高基数，1Q24公司继续实现高质量增长。 安踏品牌在1Q22冬奥、1Q23零售环境好转带来两年较高基数下，1Q24零售流水仍同比增长中单位数(1Q22/1Q23分别同比增长10-20%高段、中单位数)。分渠道看，线上流水同比增长20-25%，好于线下渠道表现。截至3月末，安踏品牌库销比维持在5x以下，环比改善继续保持健康水平。虽然行业竞争较为激烈，以及季内春节等传统促销节日，得益于安踏品牌持续提升的品牌力、产品力及健康的库存，季内线下折扣同比保持稳定，线上折扣有所改善。 FILA品牌1Q24零售流水同比增长高单位数，其中FILA大货得益于产品组合及门店布局优化，继续实现较快增长;FILA 儿童及FUSION因短期门店调整增长相对较慢。分渠道看， ...

Investment Rating - The report maintains a "BUY" rating for Anta Sports with a target price of HK$128.8, indicating an upside potential of 51.3% from the current price of HK$85.15 [5][3]. Core Insights - Anta Sports reported FY23 results that exceeded expectations, with revenue of RMB62.4 billion and net profit of RMB10.236 billion, reflecting year-on-year growth of 16.2% and 34.9% respectively. This growth was attributed to improved store productivity, disciplined retail discounting, and increased interest income [1][3]. - The company has set ambitious targets for FY24, aiming for revenue growth of 10-15% for both Anta and Fila brands, and over 20% for Descente and Kolon brands. Operating profit margins are expected to be around 20% for Anta and 25% for Fila [3][5]. Financial Performance - FY23 key highlights include: - Overall online sales increased by 11% year-on-year, with FILA and Descente brands growing by over 10% and 30-40% respectively [2]. - Monthly store productivity reached RMB280-290k, up more than 10% year-on-year, with Fila and Descente nearing RMB1 million and RMB2 million respectively [2]. - Operating cash flow grew by 61% to RMB19.6 billion, driven by a reduction in inventory turnover days from 138 to 123 [2][3]. Future Outlook - The management anticipates a retail sales value (RSV) growth of 4-5% year-on-year for Q1 2024, despite facing some pressure due to a high base and unfavorable weather conditions post-Chinese New Year [2]. - The company plans to maintain inventory levels at 5 times or below for various brands and has set modest store expansion targets, prioritizing productivity [3][5]. - The payout ratio is targeted at 50% for FY24 onwards, supporting continuous expansion through a multi-branded strategy [3][5]. Market Position - Anta Sports is recognized as a leading player in the PRC sporting goods market, with a retail network comprising 9,831 ANTA brand points of sale and 1,972 FILA stores as of December 2023 [6].

Financial Performance - Revenue increased by 16.2% to RMB 62.4 billion[7] - Gross profit margin rose by 2.4 percentage points to 62.6%[7] - Net profit attributable to shareholders surged by 34.9% to RMB 10.2 billion[8] - Basic earnings per share grew by 30.9% to RMB 3.69[11] - Dividend payout ratio was 50.7% of net profit attributable to shareholders[11] - Revenue for the year ended December 31, 2023, reached RMB 62,356 million, a 16.2% increase from RMB 53,651 million in 2022[14] - Gross profit increased by 20.8% to RMB 39,028 million in 2023 from RMB 32,318 million in 2022[14] - Operating profit surged by 36.8% to RMB 15,367 million in 2023 compared to RMB 11,230 million in 2022[14] - Net profit attributable to shareholders rose by 44.9% to RMB 10,954 million in 2023 from RMB 7,562 million in 2022[14] - Free cash flow increased significantly by 71.1% to RMB 17,823 million in 2023 from RMB 10,415 million in 2022[14] - Earnings per share (basic) grew by 30.9% to RMB 3.69 in 2023 from RMB 2.82 in 2022[14] - Gross margin improved to 62.6% in 2023, up 2.4 percentage points from 60.2% in 2022[14] - Operating margin increased to 24.6% in 2023, up 3.7 percentage points from 20.9% in 2022[14] - Net margin rose to 18.1% in 2023, up 2.7 percentage points from 15.4% in 2022[14] - Advertising and promotion expenses as a percentage of revenue decreased to 8.2% in 2023 from 10.3% in 2022[14] - Revenue for 2023 reached RMB 62,356 million, a 16.2% increase from 2022[16] - Gross profit for 2023 was RMB 39,028 million, with a gross margin of 62.6%[16] - Operating profit for 2023 stood at RMB 15,367 million, a 36.8% increase from 2022[16] - Net profit attributable to shareholders for 2023 was RMB 10,236 million, a 34.9% increase from 2022[16] - Total assets for 2023 increased to RMB 92,228 million, up 33.3% from 2022[16] - Revenue reached a record high of RMB 62.36 billion, a 16.2% increase year-over-year[26] - Gross margin rose to 62.6%, up 2.4 percentage points from the previous year[26] - Operating profit margin increased to 24.6%, up 3.7 percentage points year-over-year[26] - Shareholders' net profit excluding joint ventures surged 44.9% to RMB 10.95 billion[26] - FILA's revenue grew 16.6% to RMB 25.1 billion, with a gross margin of 69.0%[29] - Other brands' combined revenue soared 57.7% to RMB 6.95 billion, with a gross margin of 72.9%[30] - Amer Sports' revenue increased 30.1% to RMB 31.25 billion, with EBITDA up 45.4% to RMB 3.75 billion[30] - Operating cash flow surged to RMB 19.63 billion, a significant increase from RMB 12.15 billion in the previous year[27] - Free cash flow reached RMB 17.82 billion, up from RMB 10.42 billion in 2022[27] - Cash and cash equivalents totaled RMB 48.52 billion as of December 31, 2023[27] - Total revenue for 2023 increased by 16.2% to RMB 62,356 million compared to RMB 53,651 million in 2022[117][120] - Revenue from the Anta brand grew by 9.3% to RMB 30,306 million, contributing 48.6% of total revenue[119][121] - FILA brand revenue increased by 16.6% to RMB 25,103 million, accounting for 40.3% of total revenue[119][121] - Revenue from all other brands surged by 57.7% to RMB 6,947 million, driven by DESCENTE and KOLON SPORT[122] - Gross margin improved by 2.4 percentage points to 62.6% in 2023, up from 60.2% in 2022[123][125] - Anta brand's gross margin rose by 1.3 percentage points to 54.9%, attributed to DTC model transformation[126] - FILA brand's gross margin increased by 2.6 percentage points to 69.0%, due to improved retail discounts[126] - E-commerce revenue grew by 11.0% in absolute terms, contributing 32.8% of total revenue[122] - DTC revenue for Anta brand surged by 24.2% to RMB 17,005 million, representing 56.1% of Anta's total revenue[121] - Employee costs increased by 14.6% to RMB 9,304 million, reflecting continued investment in human resources[128] - Inventory write-back of RMB 20 million was recorded in the current fiscal year, compared to a write-down of RMB 414 million in 2022[129] - Other net income for the fiscal year was RMB 1,705 million, down from RMB 2,128 million in 2022[130] - Operating profit margin increased by 3.7 percentage points to 24.6% in 2023, driven by revenue growth and improved operating leverage[132] - FILA's operating profit margin rose by 7.6 percentage points to 27.6%, attributed to reduced operating expenses as a percentage of revenue[134] - Total interest income surged to RMB 1,470 million in 2023, up from RMB 609 million in 2022, due to higher average bank deposit balances and interest rates[141] - Proposed final dividend of HK$1.15 per share, bringing total ordinary dividends to RMB 5,188 million, representing 50.7% of the year's attributable profit[142] - Cash and cash equivalents totaled RMB 15,228 million as of December 31, 2023, with net cash position increasing to RMB 33,573 million[145] - Operating cash inflow reached RMB 19,634 million, reflecting strong cash generation capabilities[146] - Free cash inflow for the year was RMB 17,823 million, up from RMB 10,415 million in 2022[146] - Actual tax rate for the fiscal year was 26.7%, returning to normal levels compared to 27.5% in 2022[136] - Net cash inflow from financing activities was RMB 3,471 million, including net proceeds of RMB 10,497 million from the April 2023 placement and top-up subscription, and RMB 4,022 million paid for the final dividend of fiscal year 2022 and interim dividend of this fiscal year[147] - Total assets of the group as of December 31, 2023, were RMB 92,228 million, with current assets amounting to RMB 52,140 million, and total liabilities and non-controlling interests totaling RMB 40,768 million[148] - The group's debt ratio as of December 31, 2023, was 16.2%, a decrease from 18.3% on December 31, 2022[148] - Average inventory turnover days decreased by 15 days, and the inventory balance at the end of the fiscal year was reduced compared to December 31, 2022, indicating improved retail market conditions and the group's ability to manage excess inventory[149] - The group's investment in AS Holding had a carrying value of RMB 9,283 million as of December 31, 2023, representing 10.1% of the group's total assets[158] - AS Holding recorded a net loss of RMB 1,367 million for the fiscal year, primarily due to an impairment loss of RMB 1,131 million on goodwill and trademarks related to the Peak Performance business[157] - AS Holding's revenue for the fiscal year was RMB 31,248 million, with EBITDA of RMB 3,745 million, reflecting improved operational profitability[156] - Amer Sports, Inc. completed its IPO on February 1, 2024, issuing 105,000,000 common shares at an initial offering price of $13.00 per share, with an additional 15,750,000 shares issued under an over-allotment option[159] - The company invested $220 million (equivalent to RMB 1,595 million) to purchase 16,923,076 ordinary shares of Amer Sports, Inc. as a cornerstone investor[160] - After the completion of Amer Sports' IPO and related restructuring, the company holds 218,915,443 ordinary shares, representing approximately 43.33% of Amer Sports, Inc.'s total issued shares[160] - The company expects to record a non-cash accounting gain of approximately RMB 1.6 billion in its consolidated financial statements for the year ending December 31, 2024, due to the equity dilution from Amer Sports' IPO[160] - The company acquired a 75.13% equity stake in MAIA ACTIVE, a sportswear brand designed for Asian women, to strengthen its brand portfolio and enhance its product offerings for female customers[161] - The company issued €1 billion zero-coupon convertible bonds due in 2025, with a total outstanding principal amount of €1 billion (equivalent to RMB 8,071 million) as of December 31, 2023[163] - The convertible bonds can be converted into 86,682,707 shares at a conversion price of HKD 99.75 per share[164] - The company completed a placement and subscription of 119,000,000 shares at HKD 99.18 per share, raising a total of HKD 11,802 million (equivalent to RMB 10,497 million)[166] - As of December 31, 2023, HKD 4,571 million (equivalent to RMB 4,211 million) of the net proceeds from the subscription remained unused[167] - The company allocated HKD 9,121 million for repaying financial liabilities, with HKD 4,550 million used and HKD 4,571 million remaining, expected to be utilized by December 31, 2025[168] - The company's capital commitments amounted to RMB 3,187 million, primarily for the construction of Anta's Shanghai headquarters and logistics center, as well as retail store renovations[169] - AS Holding fully utilized a EUR 1,300 million (equivalent to RMB 10,492 million) term loan facility, which was subsequently fully repaid after the fiscal year-end[171][172] - The company's profit attributable to shareholders (before dividends) was RMB 10,236 million in 2023, up from RMB 7,590 million in 2022[200] Store Operations and Expansion - Number of ANTA stores in Mainland China and overseas reached 7,053, up from 6,924[12] - Number of FILA stores in Mainland China, Hong Kong, Macau, and Singapore totaled 1,972, down from 1,984[12] - Number of DESCENTE stores in Mainland China, Hong Kong, and Macau reached 187, down from 191[12] - Number of KOLON SPORT stores in Mainland China and Hong Kong increased to 164 from 161[12] - ANTA has 12,000 offline stores globally, covering multiple brands including ANTA, FILA, DESCENTE, and KOLON SPORT[40] - As of December 31, 2023, Anta operated 7,053 stores in mainland China and overseas, with 44% of its 5,400 Anta stores and 64% of its 2,200 Anta Kids stores directly operated[59] - As of December 31, 2023, Anta Kids operated 2,778 stores in mainland China and overseas[64] - FILA operates 1,972 stores across Mainland China, Hong Kong, Macau, and Singapore, including FILA KIDS and FILA FUSION standalone stores[71] - DESCENTE operated 187 stores in Mainland China, Hong Kong, and Macau as of December 31, 2023[75] - KOLON SPORT operated 164 stores in Mainland China and Hong Kong as of December 31, 2023[80] - Anta plans to expand its Anta and Anta Kids stores in mainland China and overseas to 7,100-7,200 and 2,800-2,900 respectively by the end of 2024[181] - FILA stores, including FILA KIDS and FILA FUSION, are expected to reach 2,100-2,200 in mainland China, Hong Kong, Macau, and Singapore by the end of 2024[181] - DESCENTE stores in mainland China, Hong Kong, and Macau are projected to be 220-230 by the end of 2024[181] - KOLON SPORT stores in mainland China and Hong Kong are expected to reach 180-190 by the end of 2024[181] Brand and Product Development - The company established the Southeast Asia International Business Department in February 2023 to advance its "multi-brand" and "globalization" strategy[20] - Anta opened its first direct-operated store in Singapore in April 2023, marking a significant milestone in its expansion into the Southeast Asian market[22] - Anta signed NBA star Kyrie Irving as a brand ambassador for its basketball products in July 2023[23] - The company joined the Science Based Targets initiative (SBTi) in January 2023 to set scientifically validated carbon reduction targets[19] - Anta launched the second phase of the "Anta Membrane" R&D project in April 2023, focusing on green and low-carbon sustainable development[22] - ANTA's e-commerce accounted for 32.8% of the company's total revenue[40] - ANTA's self-produced footwear accounted for 15.0% of total sales volume, while self-produced apparel accounted for 4.3%[37] - ANTA operates 6 global design centers located in China, the US, Japan, South Korea, Italy, and the Netherlands[38] - ANTA upgraded its Global Research and Innovation Center, covering product performance testing, sports science experiments, material R&D, and product development[37] - ANTA implemented a "5+N" logistics network strategy in China and established regional warehouses overseas to support global operations[39] - The company's multi-brand strategy focuses on professional sports, fashion sports, and outdoor sports groups[41] - ANTA's digital platform leverages big data to drive digital transformation across the entire value chain, from product development to delivery[40] - The company has strategically deployed a full-scenario, full-crowd, and full-track coverage and layout, with significant multi-brand synergy value[46] - The company's three major brand groups include the professional sports brand group led by Anta, the fashion sports brand group led by FILA, and the outdoor sports brand group composed of DESCENTE and KOLON SPORT[47] - The company has over 30 years of channel management and terminal operation experience in the Chinese retail market, with leading retail operation efficiency in their respective fields[48] - The company has established R&D and design studios in the US, Europe, Japan, and South Korea, collaborating with global research institutions and suppliers[49] - The company has established a Southeast Asia International Business Division and is actively expanding in strategic markets such as Singapore and the Philippines[50] - Anta has extended its contract with the International Olympic Committee until 2027, enhancing its global influence[55] - The company has developed the "Tanding" weightlifting shoe with five patented technologies, showcasing its commitment to R&D and product quality[55] - The company is leveraging its mature supply chain, cost-effective products, and extensive channel expansion experience to advance its globalization strategy[51] - The company is focusing on high-growth potential vertical sports fields, achieving breakthroughs in brand positioning and consumer cognition[47] - The company is targeting the Southeast Asian market, where the rising middle class and increasing consumer demand present significant opportunities[50] - Anta signed NBA star Kyrie Irving as the latest spokesperson and Chief Creative Officer for its basketball products, who participated in the design of exclusive logos and personal product lines[56] - Anta partnered with Ethiopian long-distance runner Kenenisa Bekele and launched the "Anta Plateau C Plan" to establish a high-altitude training base in Africa for Chinese athletes[56] - Anta developed the high-performance waterproof and breathable material "Anta Membrane" in collaboration with Donghua University, used in the "Storm Armor" and "Ice Armor" outdoor product series[58] - Anta expanded its Southeast Asian market by opening its first directly operated store in Singapore and a flagship store in Thailand[58] - Anta Kids launched the "Anta Youth" series targeting teenagers, covering sports categories such as figure skating, artistic gymnastics, and skiing[62] - Anta Kids organized events like the "527 Children's Balance Bike Festival" and sponsored top balance bike competitions to promote children's interest in cycling[63] - Anta Kids introduced the "Storm Armor" two-piece set with water-repellent technology for outdoor activities[63] - Anta Kids promoted green sustainability by increasing the use of eco-friendly materials, such as recycled polyester fibers in its Heat Return Tech IV down jackets[64] - FILA's shoe product sales exceeded 10 billion yuan for the first time, with the "Cat Claw" and "Mars" shoes each selling over 1 million pairs annually[65] - FILA expanded its e-commerce business and achieved significant growth in online sales, ranking high in Tmall's "Double 11" shoe category sales[66] - FILA KIDS strengthened its presence in the tennis and skiing markets by sponsoring events like the FILA KIDS Diamond Cup and national youth skiing championships[68] - FILA FUSION launched collaborations with international brands like TEAM WANG design and BEAMS, enhancing its trendy and innovative image[70] - DESCENTE's retail sales surpassed 5 billion yuan for the first time, driven by its focus on professional sports like skiing, triathlon, and golf[74] - DESCENTE partnered with China's national skiing teams and launched the "Everything Starts with Skiing"

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 91.64 per share, compared to the current price of HKD 88.80 [4]. Core Insights - The company reported a revenue increase of 16.2% to RMB 62.36 billion for 2023, with net profit attributable to shareholders rising by 44.9% to RMB 10.24 billion, exceeding expectations [2]. - The group's profitability showed significant improvement, particularly in the FILA brand. The main brand Anta's revenue grew by 9.3% to RMB 30.31 billion, driven primarily by DTC channels, with DTC, wholesale, and e-commerce revenues changing by +24.2%, -22.7%, and +2.6% respectively. The gross margin increased by 1.3 percentage points to 54.9% due to effective cost control and reduced marketing expenses, leading to an operating profit margin (OPM) increase of 0.8 percentage points to 22.2% [2]. - FILA's revenue increased by 16.6% to RMB 25.10 billion, with OPM rising by 7.7 percentage points to 27.6% due to improved operational efficiency from revenue growth [2]. - Other brands saw a revenue increase of 57.7% to RMB 6.95 billion, with OPM increasing by 6.6 percentage points to 27.1% [2]. - The report expresses optimism about the long-term development of the group's multi-brand strategy, highlighting Anta's focus on professional sports and brand elevation, alongside FILA's positioning in premium products and channels. The outdoor brands under the group are also expected to leverage operational efficiency to capture growth opportunities in the outdoor market [2]. Financial Forecasts - The company is projected to have EPS of RMB 4.53, RMB 4.87, and RMB 5.59 for 2024, 2025, and 2026 respectively. Excluding one-time gains from Amer's listing in 2024, the company is assigned a 2024 PE valuation of 20 times [2].