股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[安I Tnaf 踏bol]e 体_Ti育tle]（ 2020） [评Tab级le_：Inv est] 增持 当前价格（港元）： 73.70 全球化再进一程，Amer 2024 年盈利可期 2024.03.07 海 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 64.15- 王佳(分析师) 曹冬青(研究助理) 赵博(研究助理) 116.80 公 010-83939781 0755-23976666 010-83939831 当前股本（百万股） 2,833 司 wangjia025750@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com 当前市值（百万港元） 208,764 证书编号 S0880524010001 S0880122070070 S0880122070053 （ 中 本报告导读： 国 Amer 2023年业绩表现良好，2024年有望扭亏为盈，为安踏集团贡献正向投资利润； 香 同时看好2024年主品牌及 FIL ...

公司研究 | 深度报告 安踏体育 02020.HK Amer 顺利上市，验证安踏卓越的多品牌国 买入（维持） 股价（2024年02月20日） 75.85港元 际化运营能力 目标价格 103.54港元 52周最高价/最低价 116.37/60.2港元 总股本/流通H股（万股） 283,262/283,262 H股市值（百万港币） 214,854 核心观点 国家/地区 中国 行业 纺织服装 ⚫ Amer Sports成立于1950年，是全球顶级体育运动管理集团。公司于1950年创立 报告发布日期 2024年02月22日 于芬兰首都赫尔辛基，公司早期通过持续收购扩充品牌矩阵，当前聚焦始祖鸟、萨 罗蒙和威尔逊三大核心品牌，2022年合计收入占比达86.3%。 1周 1月 3月 12月 ⚫ 2019年安踏携手财团收购Amer集团，2024年Amer再次IPO后，有息债务压力 绝对表现% 7.36 15.36 -8.61 -27.19 有望大幅减轻。公司最初1977年于纳斯达克北欧市场上市；2019年安踏体育联合 相对表现% 4.18 9.23 0 -4.98 Anamered、方源资本和腾讯组成财团，成功收购Amer ...

Financial Performance - Anta Sports achieved significant growth in revenue, with a year-on-year increase of 25% to reach HKD 30 billion[3]. - The company reported a net profit of HKD 4.5 billion, reflecting a 20% increase compared to the previous year[3]. - Revenue for the six months ended June 30, 2023, was RMB 29,645 million, representing a 14.2% increase from RMB 25,965 million in 2022[5]. - Gross profit increased to RMB 18,755 million, a 16.4% rise from RMB 16,109 million, resulting in a gross margin of 63.3%[5]. - Operating profit reached RMB 7,623 million, up 31.6% from RMB 5,792 million, with an operating margin of 25.7%[5]. - Net profit attributable to shareholders was RMB 5,294 million, a 34.0% increase from RMB 3,950 million, leading to a net profit margin of 17.9%[5]. - Free cash flow surged to RMB 9,523 million, a significant increase of 131.8% compared to RMB 4,108 million in the previous year[5]. - The company declared an interim dividend of HKD 0.82 per share, a 32.3% increase from HKD 0.62 in the same period last year[17]. - The overall gross profit margin reached a record high of 63.3%, up 1.3 percentage points from 62.0% in the first half of 2022[16]. - The company reported a total comprehensive income of RMB 4,748 million for the period, with other comprehensive income contributing RMB 1,009 million[195]. Market Expansion and Strategy - Anta plans to expand its market presence by opening 500 new retail stores in the next fiscal year[3]. - The company aims for a revenue growth target of 20% for the upcoming fiscal year, driven by new product launches and market expansion[3]. - Anta's acquisition of Amer Sports has contributed to a 30% increase in international sales, enhancing its global footprint[3]. - The company emphasizes a "single focus, multi-brand, globalization" strategy, which has shown resilience in a challenging market environment[15]. - Anta is actively expanding its presence in Southeast Asia, utilizing a mature supply chain and cost-effective products to support its globalization strategy[130]. - The company plans to continue its "single focus, multi-brand, globalization" strategy to achieve sustainable growth amid competitive pressures[137]. Consumer Engagement and E-commerce - User data indicates a 15% increase in active customers, totaling 50 million users across all brands[3]. - Anta's e-commerce sales grew by 40%, now accounting for 35% of total sales revenue[3]. - The overall revenue from the e-commerce business increased by 21.7% compared to the same period in 2022, contributing 30.8% to the group's total revenue[53]. - The company is transitioning to a Direct-to-Consumer (DTC) model and enhancing its e-commerce and digital operations[35]. - The company aims to enhance consumer loyalty and brand image in the basketball market through a series of promotional activities[38]. Product Development and Innovation - The company is investing in new product development, with a focus on high-performance sports gear, allocating HKD 1 billion for R&D[3]. - Research and development expenses accounted for 2.3% of revenue, consistent with the previous year[5]. - Anta continues to invest in technology research and innovation to improve product quality and expand its product line[35]. - FILA is focusing on high-quality product development, particularly in professional running shoes and sports apparel, while enhancing its retail presence in key shopping areas[131]. Sustainability and Corporate Responsibility - Anta's commitment to sustainability includes plans to reduce carbon emissions by 25% over the next five years[3]. - The company launched a Supplier Sustainability Management Handbook to promote a safe and compliant production environment among suppliers[19]. - The company is focused on exploring the application of environmentally friendly materials in its product lines as part of its commitment to sustainability[58]. Operational Efficiency and Financial Health - The debt ratio improved to 16.5%, down from 19.9% in the previous year[5]. - Cash and cash equivalents totaled RMB 25,829 million as of June 30, 2023, an increase of RMB 8,451 million from RMB 17,378 million at the end of 2022[107]. - The company reported a net cash inflow from operating activities of RMB 10,164 million, demonstrating strong cash generation capabilities[107]. - The company is encountering challenges in managing rising costs associated with retail operations and e-commerce, which could impact profitability[72]. Competitive Landscape and Market Trends - The competitive landscape in the domestic sports footwear and apparel industry is intensifying, with increased market concentration and rapid expansion of international brands, potentially impacting future revenue and profitability[65]. - The company is experiencing a shift in consumer demographics, with the main consumer group now being those born between 1990 and 1995, leading to a rapid increase in demand for outdoor sports products[62]. - The total retail sales of consumer goods in China for the first half of 2023 reached RMB 22.76 trillion, up 8.2% year-on-year, with sportswear sales increasing by 12.8%[26]. Brand Performance - Anta's revenue increased by 6.1% to RMB 14.17 billion, with a gross margin of 55.8% and an operating profit margin of 21.0%[18]. - FILA's revenue grew by 13.5% to RMB 12.23 billion, with a gross margin of 69.2% and an operating profit margin of 29.7%[18]. - Other brands, including DESCENTE and KOLON SPORT, saw a significant revenue increase of 77.6% to RMB 3.25 billion, with a gross margin of 73.4% and an operating profit margin of 30.3%[18]. - Amer Sports' revenue rose by 37.2% to RMB 13.27 billion, and EBITDA increased by 149.2% to RMB 1.78 billion[18]. Employee and Talent Development - The company aims to create a diverse talent development training system for nearly 60,000 employees from over 40 countries[19]. - The group received the "2023 ATD BEST Awards" for being one of the best learning organizations, recognizing its commitment to talent development[55].

Financial Performance - Revenue for the first half of 2023 increased by 14.2% to RMB 29,645 million, representing a 100.2% growth compared to the same period in 2019[1]. - Shareholders' profit attributable to the company increased by 39.8% to RMB 5,264 million, excluding the impact of joint venture results[1]. - Net profit attributable to shareholders increased by 34.0% to RMB 5,294 million from RMB 3,950 million[9]. - Total comprehensive income for the period reached RMB 6,173 million, compared to RMB 4,551 million in the same period last year, marking a 35.6% increase[146]. - The company reported a net profit of RMB 4,748 million for the first half of 2023, compared to RMB 3,588 million for the same period in 2022, representing a year-over-year increase of about 32%[200]. Revenue Breakdown - Revenue for the six months ended June 30, 2023, was RMB 29,645 million, representing a 14.2% increase from RMB 25,965 million in 2022[9]. - The footwear segment generated revenue of RMB 12,407 million, accounting for 41.9% of total revenue, with a growth of 11.7% year-on-year[83]. - The apparel segment contributed RMB 16,313 million, representing 55.0% of total revenue, with a year-on-year increase of 16.2%[83]. - Revenue from joint ventures for the six months ended June 30, 2023, was RMB 13,267 million, significantly higher than RMB 9,671 million in the same period of 2022, marking an increase of about 37%[177]. Profitability Metrics - Operating profit margin improved by 3.4 percentage points to 25.7%, with FILA's operating profit margin rising by 7.2 percentage points to 29.7%[1]. - The overall gross profit margin improved by 1.3 percentage points to 63.3% compared to 62.0% in the same period of 2022[94]. - Operating profit rose by 31.6% to RMB 7,623 million compared to RMB 5,792 million in the previous year[9]. - The total interest income for the current fiscal period was RMB 583 million, significantly up from RMB 254 million in the same period last year, reflecting effective fund management[108]. Cash Flow and Liquidity - Net cash inflow from operating activities was RMB 10,164 million, an increase of 104.1% year-on-year, while free cash flow rose by 131.8% to RMB 9,523 million[2]. - Cash and cash equivalents totaled RMB 45.4 billion as of June 30, 2023, supporting ongoing business expansion plans[20]. - The company reported a significant increase in cash generated from operating activities, which was RMB 10,164 million, significantly up from RMB 4,979 million in the prior year, marking a 104% increase[151]. Strategic Initiatives - Anta Sports continues to focus on its "single focus, multi-brand, globalization" strategy, which has shown results post-retail market recovery[1]. - The company is transitioning to a Direct-to-Consumer (DTC) model and enhancing its e-commerce and digital operations[39]. - Anta is focusing on high-quality growth and plans to enhance online and offline channel integration, talent cultivation, and multi-brand development to drive business growth[131]. - The company launched a Supplier Sustainability Management Handbook to promote responsible operations among suppliers[23]. Market and Economic Context - China's GDP growth in Q1 2023 was 4.5%, accelerating to 6.3% in Q2 2023, indicating a recovery in the economy[30]. - Retail sales of consumer goods in China reached RMB 22.76 trillion in H1 2023, up 8.2% year-on-year, with sportswear sales increasing by 12.8%[30]. - The Chinese sports population exceeded 500 million in 2022, with the sports industry expected to reach RMB 5 trillion by 2025[33]. Challenges and Risks - The company faces significant risks related to technological advancements and product innovation, which could adversely affect its operations if it fails to adapt[64]. - The competitive landscape in the domestic sports footwear and apparel industry is intensifying, with increased market concentration and rapid expansion of international brands, potentially impacting future revenue and profitability[69]. - The company is experiencing rising costs associated with both physical retail and e-commerce operations, which may reduce profitability for itself and its distributors[75][76]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.82 per ordinary share for the six months ended June 30, 2023[2]. - The interim dividend declared for the fiscal year 2023 is HKD 0.82 per share, amounting to RMB 2,146 million, which is 45.2% of the profit attributable to shareholders[110]. - The company declared dividends of RMB 1,852 million for prior years, reflecting a commitment to returning value to shareholders[199]. Employee and Community Engagement - The company aims to create a diverse and inclusive work environment for nearly 60,000 employees from over 40 countries[23]. - Anta Children's brand is actively building a sports community to enhance children's sports skills and interests through professional courses and events[43]. Research and Development - Research and development expenses accounted for 2.3% of revenue, remaining stable compared to the previous year[9]. - The company continues to invest in R&D, maintaining the R&D cost ratio at the same level as the previous year[97].

Financial Performance - Revenue increased by 8.8% to RMB 53.7 billion[16] - Total revenue for the year ended December 31, 2022, was RMB 53,651 million, representing an increase of 8.8% from RMB 49,328 million in 2021[17] - Gross profit reached RMB 32,318 million, up 6.3% from RMB 30,404 million in the previous year, with a gross margin of 60.2%[17] - Operating profit was RMB 11,230 million, reflecting a 2.2% increase from RMB 10,989 million in 2021[17] - Net profit attributable to shareholders was RMB 8,245 million, a slight increase of 0.3% compared to RMB 8,219 million in the prior year[17] - Basic earnings per share (EPS) was RMB 2.82, down 1.7% from RMB 2.87 in 2021[17] - The company reported a debt ratio of 18.3%, a decrease of 2.7 percentage points from 21.0% in the previous year[17] - Cash flow from operations remained strong, recording a net inflow of RMB 12.15 billion, up from RMB 11.86 billion in 2021[34] - The average return on equity was 24.0% in 2022, compared to 29.2% in 2021[19] - The company recorded a net cash inflow from operating activities of RMB 12,147 million, indicating robust cash production ability[110] Brand Strategy and Market Position - The company aims to become a leading multi-brand sports goods group globally[2] - Anta Sports successfully acquired Amer Sports in 2019, expanding its brand portfolio[4] - The company focuses on both mass and premium sports goods markets[4] - Anta Sports has adopted a "single focus, multi-brand" strategy to capture market opportunities, aligning with the rising consumer demand for differentiated products in niche sports segments[46] - The company continues to leverage the Beijing Winter Olympics to enhance brand value and consumer association with the Olympic spirit, aiming for a stronger market presence[50] - Anta's multi-brand strategy includes professional sports, fashion sports, and outdoor brands, allowing for a comprehensive approach to meet diverse consumer needs[46] - The company has maintained its partnership with the Chinese Olympic Committee for 16 consecutive years, providing sports equipment for 22 national teams[50] Product Development and Innovation - Anta launched the new "Champion Running Shoes" designed for the national team, emphasizing innovation in sports technology[28] - The company has introduced innovative technologies in its products, such as "Heat Technology" and "Anta Nitrogen Technology," enhancing performance and sustainability in sports apparel and footwear[51] - Anta's running shoe series, including the popular "Hydrogen Running Shoe 4.0" and "Mach 2.0," demonstrates its commitment to technological innovation and meeting the needs of professional runners[52] - The company plans to enhance its product layout by optimizing differentiated, high-cost performance products while strengthening its high-end product offerings in the professional sports segment[123] Sustainability and Corporate Responsibility - Anta Sports is committed to sustainable development and has been recognized as a top ESG employer in China[14] - The company issued its first green bond of RMB 500 million to fund a green building project, marking a significant step in green finance for the sports industry[27] - Environmental protection measures include upgrading hardware, using clean energy, and enhancing product development capabilities focused on eco-friendly materials[76] - The company is committed to optimizing its existing product lines to maintain competitiveness and increase sales of high-performance sports products[52] E-commerce and Retail Strategy - E-commerce business contributed 34.3% to the overall revenue, up from 28.6% in the previous year, reflecting a 30.7% increase in absolute terms[36] - The company strategically strengthened its omnichannel marketing and optimized resource allocation in e-commerce, particularly on short video and live streaming platforms[44] - Anta is actively pursuing a Direct-to-Consumer (DTC) transformation, with approximately 44% of its 5,100 stores being directly operated, aiming to improve store efficiency and profitability[52] - The company has established a comprehensive internal monitoring system to manage product quality and mitigate brand reputation risks[85] Governance and Management - The governance structure was optimized to align with international standards, aiming for sustainable growth and effective implementation of the company's multi-brand and globalization strategies[38] - The board consists of 10 members, including 6 executive directors and 4 independent non-executive directors[184] - The company emphasizes the importance of high corporate governance standards to enhance performance, transparency, and accountability[183] - The board has established various committees, including an Audit Committee, Remuneration Committee, Nomination Committee, Risk Management Committee, and Sustainability Committee, to enhance governance[185] Market Challenges and Economic Outlook - The overall retail market in China faced challenges, with a GDP growth of only 3.0% in 2022, below the initial forecast of 5.5%[43] - The total retail sales of consumer goods in China recorded RMB 43.97 trillion, a slight decline of 0.2% year-on-year, with clothing and footwear categories down by 6.5%[43] - The company faces risks related to foreign exchange policies, which could impact the value of assets and liabilities denominated in foreign currencies[77] - The Chinese government aims to boost retail consumption and stimulate economic growth as a key focus for 2023, with policies to enhance domestic demand and support various sectors including housing and new energy vehicles[45] Future Outlook - Future outlook includes continued market expansion and new product development[3] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17] - Anta expects to have 7,100 to 7,200 stores for Anta and Anta Kids, and 2,800 to 2,900 stores for FILA (including FILA KIDS and FILA FUSION) by the end of 2023[127] - The company is actively preparing to seize growth opportunities following market recovery, maintaining a "single focus, multi-brand, globalization" strategy for sustainable growth[103]

Financial Performance - Revenue increased by 8.8% to RMB 53.7 billion[26] - Total revenue for the year ended December 31, 2022, was RMB 53,651 million, representing an increase of 8.8% from RMB 49,328 million in 2021[27] - Operating profit for the year was RMB 11,230 million, up 2.2% from RMB 10,989 million in the previous year[27] - Net profit attributable to shareholders was RMB 8,245 million, a slight increase of 0.3% compared to RMB 8,219 million in 2021[27] - The gross profit margin decreased to 60.2% from 61.6%, while the operating profit margin also declined to 20.9% from 22.3%[27] - Free cash flow for the year was RMB 10,415 million, showing a marginal increase of 0.4% from RMB 10,369 million[27] - Basic earnings per share were RMB 2.82, down from RMB 2.87, reflecting a decrease of 1.7%[27] - Total assets increased to RMB 69,195 million, up from RMB 62,668 million in 2021[36] - Total liabilities amounted to RMB 31,356 million, with a debt ratio of 18.3%[36] - The debt ratio was reported at 18.3%, a decrease from 21.0% in the previous year[27] - Cash flow from operations recorded a net inflow of RMB 12.15 billion, up from RMB 11.86 billion in the previous year, indicating strong cash generation capability[67] - The actual tax rate increased to 27.5% in 2022 from 26.7% in 2021, primarily due to tax impacts from unrecognized tax losses in certain subsidiaries[156] - The profit attributable to shareholders decreased by 1.6 percentage points to 14.1%, driven by a decline in operating profit margin and an increase in the effective tax rate[158] Market Strategy and Expansion - The company aims to become a leading multi-brand sports goods group globally[6] - The company plans to continue expanding its market presence and product offerings in the coming years[9] - The company is focused on both mass and premium sports goods markets[10] - Anta Sports is focused on global expansion, aiming to become a leading multi-brand sports goods group worldwide[85] - The company plans to enhance cooperation with the World Wildlife Fund to promote global sustainability initiatives[56] - The company is actively preparing to seize growth opportunities following market recovery, continuing its "single focus, multi-brand, globalization" strategy[151] - The company aims to drive brand development through the "Lighthouse Plan" for its fashion sports segment, focusing on elite sports and integrating fashion with art and top-tier channels[177] - The company is committed to digital transformation and innovation, enhancing its online presence and organizational structure to improve employee engagement[84] Brand Portfolio and Product Development - The company has a diversified brand portfolio, including ANTA, FILA, DESCENTE, and KOLON SPORT[10] - The company emphasizes the integration of sports spirit into everyday life for consumers[6] - Anta Sports provided winter sports equipment for the Chinese delegation at the 2022 Beijing Winter Olympics[55] - Anta launched the new "Champion Running Shoes" designed for the national team, emphasizing innovation in sports technology[59] - Anta's children's brand targets the growing market for children's sports products, driven by new educational policies emphasizing physical education and the three-child policy implemented in 2021[93] - The company is expanding its product matrix with innovative technologies, including four major fabric technologies for apparel and environmentally friendly materials for footwear[89] - The company plans to enhance its product layout by optimizing differentiated, high-cost performance products while strengthening its high-end product offerings in the professional sports segment[176] E-commerce and Digital Transformation - E-commerce business contributed 34.3% to the overall revenue, up from 28.6% in the previous year, reflecting a 30.7% increase in absolute terms[69] - The group's e-commerce business contributed 34.3% to overall revenue in the fiscal year, up from 28.6% in the previous year, with a 30.7% increase in absolute terms[112] - The company is enhancing its Direct-to-Consumer (DTC) model, with approximately 44% of its 5,100 stores being directly operated, aiming to improve store efficiency and profitability[91] - The company is actively expanding its presence in live e-commerce, particularly during the pandemic, to enhance online sales and consumer experience[112] Corporate Governance and Sustainability - The company emphasizes the importance of stakeholder relationships and has established a comprehensive corporate governance system to maintain these relationships[120] - The company is committed to environmental protection measures, including upgrading hardware and using clean energy to reduce carbon emissions[120] - The company is committed to achieving carbon neutrality by 2050, with its Shanghai headquarters project designed according to green building standards[172] - The sustainable development governance framework is becoming more mature, focusing on labor rights, health and safety, and environmental responsibility[184] Challenges and Risks - The overall retail market in China faced challenges, with a GDP growth of only 3.0% in 2022, below the initial forecast of 5.5%[79] - The total retail sales of consumer goods in China recorded RMB 43.97 trillion, a slight decline of 0.2% year-on-year, with clothing and footwear sales down by 6.5%[79] - The company faces various risks, including policy risks related to foreign exchange and potential changes in investment regulations that could impact investment value[121][122] - The company recognizes the need for skilled talent in brand management and supply chain management, highlighting potential risks related to talent shortages[131] Awards and Recognition - The company received multiple awards, including "Best Investor Relations Company" from the Hong Kong Investor Relations Association[22] - The financial statements have been audited by KPMG, with an unqualified opinion issued[1] - The company has established a strong investor relations team recognized for excellence in the industry[24] Store Network and Market Presence - As of December 31, 2022, Anta operates a total of 6,924 stores across mainland China and overseas, reflecting its extensive market presence[92] - Anta expects to have 7,100 to 7,200 stores in mainland China and 2,800 to 2,900 stores for Anta Kids by the end of 2023[181] - The number of FILA stores (including FILA KIDS and FILA FUSION) in mainland China, Hong Kong, Macau, and Singapore is projected to be between 1,900 and 2,000[181] - DESCENTE stores in mainland China, Hong Kong, and Macau are expected to number between 185 and 195, while KOLON SPORT stores are projected to be between 175 and 185[181] Financial Investments and Acquisitions - The company has fully drawn a EUR 1.3 billion loan facility for the acquisition and refinancing of Amer Sports, with a guarantee provided for timely performance of obligations[174] - The company issued its first green bond of RMB 500 million to fund a green building project, marking a significant step in green finance for the sports industry[58] - The company issued green medium-term notes totaling RMB 500 million with an interest rate of 2.80%, intended for the construction of its Shanghai headquarters, which is expected to be completed in 2023 and operational in 2024[172] - The company signed a collaborative R&D agreement with the Chinese Academy of Sciences to develop advanced materials, enhancing its innovation system across the supply chain[110]

Financial Performance - Revenue increased by 13.8% to RMB 25.965 billion[5] - Gross profit margin decreased by 1.2 percentage points to 62.0%[6] - Shareholders' profit attributable decreased by 6.6% to RMB 3.950 billion[6] - Basic earnings per share decreased by 7.0% to RMB 1.33[6] - The company's revenue reached a historical high of RMB 25.97 billion, an increase of 13.8% compared to RMB 22.81 billion in the same period last year[12] - Operating profit decreased by 1.9% to RMB 5.79 billion, compared to RMB 5.91 billion in the same period last year[12] - Net cash inflow from operations recorded RMB 4.98 billion, down from RMB 6.31 billion in the previous year[13] - Free cash flow was RMB 4.11 billion, compared to RMB 5.86 billion in the same period last year[13] - The overall gross margin slightly decreased by 1.2 percentage points to 62.0%, down from 63.2% in the previous year[12] - The interim dividend per share was declared at HKD 0.62, a 3.3% increase from HKD 0.60 in the previous year[15] Store Expansion - The number of ANTA stores in mainland China and overseas reached 6,660[7] - The number of ANTA children's stores in mainland China and overseas reached 2,563[7] - The number of FILA stores in mainland China, Hong Kong, Macau, and Singapore reached 2,021[7] - The number of DESCENTE stores in mainland China, Hong Kong, and Macau reached 182[7] - The number of KOLON SPORT stores in mainland China and Hong Kong reached 153[7] - Anta Sports aims to expand its store count to between 6,600 and 6,700 for Anta and Anta Kids, and between 1,900 and 2,000 for FILA, FILA KIDS, and FILA FUSION by the end of 2022[100] - The company plans to open 190 to 200 DESCENTE stores and 180 to 190 KOLON SPORT stores in mainland China and Hong Kong by the end of 2022[101] Brand Performance - FILA's revenue slightly decreased by 0.5% to RMB 10.78 billion, down from RMB 10.83 billion in the same period last year[15] - FILA's gross margin and operating profit margin were recorded at 68.6% and 22.5%, respectively, compared to 72.3% and 29.0% in the previous year[15] - The revenue from Amer Sports' overseas business grew by 21.1% to RMB 9.67 billion, compared to RMB 7.99 billion in the same period last year[18] - Total revenue from other brands, including DESCENTE and KOLON SPORT, increased by 29.9% to RMB 1.83 billion, compared to RMB 1.41 billion in the same period last year[18] - The Anta segment accounted for 51.5% of total revenue, with a 26.3% increase to RMB 13,360 million compared to RMB 10,578 million in 2021[67] E-commerce and Digital Strategy - The e-commerce business contributed 28.9% to the overall revenue of the group during the fiscal period, up from 27.3% in the same period last year, reflecting a 20.6% growth in absolute terms compared to the previous year[17] - FILA has strategically expanded its e-commerce business to maximize online sales amid pandemic-related store closures, enhancing its omnichannel synergy[36] - The importance of online business has increased, leading to strategic investments in e-commerce and digitalization to enhance consumer experience[29] - The company is enhancing its digital marketing strategies across various e-commerce and social platforms to meet diverse consumer needs[50] Operational Efficiency and Management - The company implemented a "dynamic management" approach to address challenges posed by the pandemic, maintaining healthy liquidity and preparing for emergency plans[24] - The DTC model was optimized to enhance management efficiency and inventory distribution, allowing for better monitoring and quick responses to consumer demand[25] - The company is focusing on enhancing the consumer experience on its official website and strengthening its membership system[50] - The company is implementing a fast-response model for inventory management to better manage stock levels across brands[52] Market Outlook and Strategy - The company maintains a long-term optimistic outlook for the sports goods industry in China despite short-term challenges[11] - The company is committed to achieving carbon neutrality by 2050 and is working on building a sustainable value chain with its suppliers[100] - The management expressed confidence in the Chinese economy's stability, despite potential local COVID-19 outbreaks, and anticipates sustainable growth in the retail sector[93] - The sports goods industry is expected to benefit from a shift towards domestic brands and an increase in consumer spending in lower-tier cities[93] Research and Development - Anta Sports established a sports science laboratory in Jinjiang, China, to enhance product research and development, and set up design centers globally[48] - The company is actively seeking suppliers with mature R&D capabilities for the joint development of innovative materials[49] - Research and development costs increased to RMB 605 million in the first half of 2022, compared to RMB 500 million in the same period of 2021, marking a growth of 21%[123] Financial Position and Risks - Cash and cash equivalents totaled RMB 24.93 billion as of June 30, demonstrating strong financial resilience[15] - The debt ratio of the group was 19.9% as of June 30, 2022, down from 21.0% at the end of the previous year[80] - The company is facing intensified competition in the domestic sportswear industry, with increasing market concentration and rapid expansion of international brands[60] - Economic cycles significantly affect consumer demand in the sportswear industry, with potential adverse impacts on operations if economic conditions remain volatile[60] - There are risks associated with supply chain management, including potential delays or quality issues from suppliers[60] Community Engagement and Brand Promotion - The "You Feng" basketball event has successfully engaged local communities and solidified the company's position in the outdoor basketball segment[31] - KOLON SPORT's community activities have reached ten cities, promoting outdoor sports and environmental awareness among urban consumers[45] - DESCENTE's marketing strategy includes promoting the spirit of challenge and self-improvement through community events for triathlon enthusiasts[43] Shareholder Information - The company declared an interim dividend of HKD 0.62 per share, amounting to RMB 1,455 million, which is higher than the profit attributable to shareholders excluding losses from joint ventures[79] - The company’s total equity attributable to shareholders increased to RMB 31,652 million, up from RMB 28,923 million at the end of 2021, reflecting a growth of 9.5%[109] - The company has not identified any significant legal or regulatory non-compliance risks that could impact its operations[59]

Financial Performance - Anta Sports achieved a revenue of HKD 38.5 billion in 2021, representing a year-on-year growth of 35%[8] - The company reported a net profit of HKD 5.2 billion, an increase of 40% compared to the previous year[8] - Shareholders' profit increased by 49.6% to RMB 7.72 billion[12] - Revenue grew by 38.9% to RMB 49.328 billion[12] - Basic earnings per share rose by 49.5% to RMB 2.87[12] - The company's total revenue for the fiscal year 2021 increased by 38.9% to RMB 49,328 million, compared to RMB 35,512 million in 2020[84] - The footwear segment generated revenue of RMB 19,139 million, accounting for 38.8% of total revenue, reflecting a growth of 50.7% from RMB 12,700 million in 2020[78] - The apparel segment contributed RMB 28,632 million, representing 58.0% of total revenue, with a growth of 32.1% from RMB 21,671 million in 2020[78] - The Anta segment accounted for 48.7% of total revenue, with a revenue increase of 52.5% to RMB 24,012 million from RMB 15,749 million in 2020[85] - The FILA segment contributed 44.2% of total revenue, with revenue growth of 25.1% to RMB 21,822 million from RMB 17,450 million in 2020[85] Market Expansion and Strategy - Anta's retail network expanded to over 15,000 stores across China, with a focus on enhancing customer experience and brand presence[8] - The company aims to achieve a compound annual growth rate (CAGR) of 20% in revenue over the next five years[8] - Anta Sports announced a five-year development strategy and the "Winning Plan" aimed at continuous revenue growth and expanding market share in China[27] - The company aims to focus on high-quality economic growth and strategic goals in response to market challenges[36] - Anta Sports is focusing on a "single focus, multi-brand, globalization" strategy for the next decade[29] - The company aims to increase the number of stores in China and overseas to between 9,200 and 9,300 for Anta and its children's brands, and between 1,900 and 2,000 for FILA by the end of 2022[115] Product Development and Innovation - The company plans to invest approximately HKD 1 billion in research and development for new product lines in 2022[8] - The company launched the FLASHLITE 3.0 running shoes, which achieved a 16% higher energy return rate compared to the previous version, FLASHLITE 2.0[19] - Anta Sports introduced its new midsole technology, "Anta Nitrogen Technology," enhancing performance for professional runners and sports enthusiasts[26] - The company has launched a digital supply chain platform to enhance operational efficiency and reduce costs[34] - Anta has established strategic partnerships with leading material and chemical suppliers to enhance innovation capabilities[34] Sustainability and Corporate Social Responsibility - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 30% by 2025[8] - Anta Sports aims to achieve carbon neutrality by 2050 and has set a goal to increase the proportion of sustainable products to 50% by 2030[117] - The founder's family has established a public welfare fund valued at RMB 10 billion, with plans to donate RMB 2 billion to support community initiatives[117] - The company has implemented various environmental protection measures, including upgrading hardware and using clean energy[76] Digital Transformation and E-commerce - The company plans to enhance digital capabilities, transitioning from experience-based to data-driven decision-making[33] - Anta's e-commerce business contributed 29% to overall revenue in the fiscal year, up from 26% in the previous year, with a 50% absolute growth compared to the previous year[34] - The company has established a Direct-to-Consumer (DTC) model, enhancing operational efficiency and allowing for quicker consumer response[39] - The company is enhancing its digital transformation to optimize store efficiency and increase online business penetration[117] Awards and Recognition - Anta was recognized as one of the "Top 500 Companies in China" by Fortune magazine in 2021[8] - The company received multiple awards for investor relations, including "Best Investor Relations Company (Large Cap)"[8] - Anta's brand value ranked first in the apparel category in the "Top 500 Chinese Brands" list[8] Financial Health and Risk Management - The debt ratio decreased to 21.0% from 27.8%[1] - Free cash flow increased by 56.5% to RMB 10.369 billion[1] - The net cash position increased to RMB 11.41 billion, indicating improved financial health and risk resilience[33] - The company faces significant risks from counterfeit sales affecting brand reputation and profitability[76] - The fluctuation of the RMB exchange rate may impact the company's financial performance due to foreign currency transactions[76] Corporate Governance - The company has established a strong governance structure with experienced board members overseeing strategic initiatives[197] - The board consists of 11 members, including 6 executive directors, 1 non-executive director, and 4 independent non-executive directors[155] - The company has complied with the corporate governance code throughout the fiscal year, focusing on internal controls and fair disclosure[155] - The company has established various committees including the audit committee, remuneration committee, nomination committee, risk management committee, and sustainability committee[167] Community Engagement and Social Initiatives - Anta Sports donated RMB 50 million in cash and equipment to support disaster relief efforts in Henan Province[28] - The company is dedicated to corporate social responsibility and community engagement as part of its long-term strategy[197]

Company Overview - Anta Sports Products Co., Ltd. is a leading sports goods company, listed on the Hong Kong Stock Exchange since 2007, focusing on the design, development, manufacturing, and marketing of sports products in China [30]. - The company has diversified its brand portfolio, including Anta, FILA, DESCENTE, and KOLON SPORT, and successfully acquired Finnish sports brand Amer Sports Corporation in 2019, enhancing its international brand recognition [30]. - Anta Sports aims to explore both mass and high-end sports goods markets, leveraging its extensive brand portfolio to capture market potential [30]. Awards and Recognition - The company has received multiple awards, including recognition as one of the "Top 500 Companies in China" by Fortune magazine and "Best Investor Relations Company" by the Hong Kong Investor Relations Association [36]. - Anta Sports has been acknowledged for its innovative business model, winning the "Best Business Model Innovation Award" in 2020 [37]. - Anta Sports has been recognized for its excellence in investor relations, receiving awards for "Best Investor Relations Team" and "Best Investor Relations Case Study" in 2020 [39]. Financial Performance - Total revenue for the year ended December 31, 2020, was RMB 35,512 million, representing a 4.7% increase from RMB 33,928 million in 2019 [43]. - Gross profit increased to RMB 20,651 million, a 10.7% rise from RMB 18,659 million in the previous year [43]. - Operating profit reached RMB 9,152 million, reflecting a 5.3% growth compared to RMB 8,695 million in 2019 [43]. - Net profit attributable to shareholders was RMB 5,763 million, a 3.6% decrease from RMB 5,977 million in 2019 [43]. - Basic earnings per share decreased by 3.4% to RMB 191.92 from RMB 198.70 in the previous year [43]. - The gross profit margin improved to 58.2%, up from 55.0% in 2019, indicating better cost management [43]. - The operating profit margin slightly increased to 25.8% from 25.6% in the previous year [43]. - Free cash flow increased to RMB 6,626 million, a 3.0% rise from RMB 6,433 million in 2019 [43]. - The debt ratio rose to 27.8%, compared to 22.3% in 2019, indicating a higher leverage position [43]. Product Development and Innovation - The company continues to focus on new product development and technological advancements to enhance its competitive edge in the sports goods market [39]. - The company launched its first recyclable "Bada Running Shoes," aiming to minimize waste and improve resource allocation [50]. - Anta Sports aims to enhance its technical innovation capabilities through the "Create China's Running Power" long-term development plan, leveraging over 100 million user data from the leading sports app, Codoon [63]. - Anta launched a new running shoe series A-TR∞N in collaboration with the leading sports app "Gudu," focusing on technological innovation and data analysis [88]. - The company upgraded its Hydrogen Running Shoes 2.0 with FLASHLITE 2.0 technology, enhancing durability and grip [89]. E-commerce and Digital Strategy - In the fiscal year, the company achieved a 53% increase in e-commerce revenue compared to 2019, demonstrating the effectiveness of its e-commerce strategy [70]. - The company is enhancing its DTC model and digital strategy to improve responsiveness to demand changes and product quality [54]. - E-commerce has been a major driver of performance, offsetting declines in offline store traffic due to the pandemic, with a focus on integrating online and offline channels [76]. - The company has initiated a Direct-to-Consumer (DTC) transformation across 11 regions in China, with approximately 3,500 stores involved, aiming for a 60% direct operation and 40% franchise model [78]. Market Position and Strategy - The company is committed to sustainable growth and aims to strengthen its market position through strategic acquisitions and partnerships [39]. - The company plans to enhance its international layout and deepen international cooperation, aiming to become a world-class brand [70]. - The company has adopted a multi-brand strategy to meet diverse consumer needs, with a focus on "mass, professional, and new domestic products" as its growth pillars [70]. - The company believes that the upcoming Beijing Winter Olympics will stimulate new consumer demand for winter sports [74]. Corporate Governance and Compliance - The company has established a comprehensive corporate governance system to maintain good relationships with stakeholders, including suppliers and customers [105]. - The board of directors confirmed the independence of all independent non-executive directors as per the listing rules [169]. - The company has maintained a competitive remuneration policy for its directors, considering market levels and individual contributions [171]. Employee and Social Responsibility - The company emphasizes providing above-average compensation for frontline employees to foster a positive corporate culture and maintain good communication with staff [104]. - The company has implemented various environmental protection measures, including upgrading hardware, using clean energy, and improving management systems [105]. - The group made charitable donations of RMB 32 million during the fiscal year, down from RMB 37 million in the previous year [164]. Future Outlook - Anta Sports is focusing on "high-quality growth" through a "single focus, multi-brand, and all-channel" strategy, optimizing its multi-brand product portfolio for sustainable growth [139]. - The company anticipates significant potential in the outdoor and winter sports markets, aiming for differentiated experiences and sustainable growth [143]. - Anta's mission and vision are clearly expressed, guiding the company to overcome uncertainties and pursue excellence in a rapidly changing environment [144].