Core Viewpoint - Anta Sports has faced ecological criticism due to its subsidiary Arc'teryx's involvement in an environmentally damaging fireworks event, yet its MSCI ESG rating has been upgraded from A to AA, raising questions about the company's commitment to ecological responsibility [2][3][5]. Group 1: ESG Rating and Environmental Issues - Anta Sports' MSCI ESG rating was upgraded from A to AA on October 17, 2023, despite ongoing ecological concerns related to its subsidiary Arc'teryx [3][5]. - The company has not publicly detailed its plans for ecological compensation and restoration following the environmental damage caused by the fireworks event [7]. - The fireworks event, held at a high-altitude location, has been deemed a human-induced disturbance with potential ecological risks that require monitoring [6]. Group 2: Financial Performance - In Q3 2025, Anta and FILA brands recorded low single-digit growth in retail sales compared to the same period in 2024, indicating a slowdown in growth [11]. - Over the past five years, Anta Sports' sales expenses have significantly increased, totaling approximately 1,087.4 billion, which is 35% of its total revenue of 3,102.17 billion [13]. - The company's revenue growth has slowed, with a reported revenue of 385.44 billion in the first half of 2025, reflecting a year-on-year increase of 14.3% [12].

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price not specified [7]. Core Insights - Anta's retail sales for its main brand and FILA brand showed low single-digit year-on-year growth, while other brands experienced a significant retail sales increase of 45% to 50% [1]. - The company opened over 300 new stores nationwide during the National Day holiday, including various specialized store formats to cater to different market segments [2]. - Anta has made technological advancements, launching China's first self-developed high-performance fluorine-free waterproof and moisture-permeable material, with plans to increase the proportion of sustainable products to 50% by 2030 [3]. - The HÉLÀ STYLED global tour has expanded Anta's presence in Europe, with successful events in major cities and a strategy to enhance online and offline market penetration [4]. - The profit forecast has been adjusted, with expected net profits for 2025-2027 at 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, reflecting a slight downward revision from previous estimates [5]. Summary by Sections Retail Performance - Anta's main brand and FILA brand retail sales showed low single-digit growth, while other brands saw a 45%-50% increase [1]. Store Expansion - Over 300 new stores were opened, including various specialized formats such as champion stores and children's stores [2]. Technological Innovation - Anta launched a new fluorine-free waterproof material and plans to increase sustainable product usage significantly by 2030 [3]. International Strategy - The HÉLÀ STYLED global tour has enhanced Anta's brand visibility in Europe, with a focus on both online and offline sales channels [4]. Financial Forecast - Adjusted profit forecasts for 2025-2027 indicate net profits of 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, with a PE ratio of 16/14/12x respectively [5].

截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安踏體育用品有限公司 呈交日期: 2025年11月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02020 | | 說明 | 不適用 | | | | | | | | 多櫃檯證券代號 | 82020 | RMB | 說明 | 不適用 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | 0 | | | | HKD | | 0 | | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Insights - The company has shown resilience in a fluctuating retail environment, with its main brands maintaining stable performance while the outdoor brand matrix continues to grow significantly [8] - The company is expected to benefit from ongoing reforms in both online and offline channels, alongside the positive momentum of its FILA and outdoor brand matrix [4] Summary by Sections Brand Performance - FILA brand experienced a slight deceleration in growth with a Q3 revenue increase in low single digits, attributed to higher September temperatures affecting autumn apparel sales timing. The offline discount rate was 7.4, and online was 5.8, with inventory turnover increasing to 6X due to preparations for Double Eleven [2] - Other brands within the outdoor segment showed impressive growth, with Descente achieving a 30% revenue increase and KOLON achieving a 70% increase in Q3. Both brands maintained a healthy discount rate of 90% [3] Financial Forecast and Valuation - The revenue forecast for the company has been slightly adjusted downwards due to retail environment pressures and the impact of the integration of the Wolf Claw brand. Expected revenues for 2025, 2026, and 2027 are projected to be 793 billion, 875 billion, and 948 billion respectively, with net profits of 131 billion, 145 billion, and 160 billion [4] - The company’s current P/E ratios are projected at 15.8, 14.3, and 13.0 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [4] Financial Summary - The company’s total revenue for 2024 is projected at 70,826 million, with a growth rate of 13.58%. The net profit for the same year is expected to be 15,596 million, reflecting a significant increase of 52.36% [9]

Core Insights - Company reported Q3 2025 operational results on October 27, showing low single-digit growth in retail sales for the main brand Anta and FILA, while other brands experienced a significant increase in retail sales by 45%-50% year-on-year [1][2][3] Group 1: Main Brand Performance - Anta's Q3 retail sales remained stable compared to Q2, outperforming the overall industry despite a weak consumer environment and internal adjustments in franchise and e-commerce channels [1] - The company has improved over 100 franchise stores and is expected to continue this initiative, while the new e-commerce head is still in the process of product and channel adjustments [1] - The company has not set aggressive targets for the upcoming Double Eleven shopping festival [1] Group 2: FILA and Other Brands - FILA recorded low single-digit growth in Q3, with offline sales showing low single-digit growth and online sales achieving high single-digit growth [2] - FILA launched a tennis strategy and product plan in September, renewing its sponsorship of the China Open and announcing its first tennis ambassador [2] - Other brands, including Descente, KOLON, and MAIA ACTIVE, continued to drive group growth, with Q3 growth rates of 30%, 70%, and approximately 45% respectively [2] Group 3: Future Outlook and Adjustments - The company has lowered its full-year guidance for the Anta main brand to low single-digit growth due to short-term external pressures and internal adjustments, while maintaining growth targets of low single-digit for FILA and 40% for other brands [3] - The company anticipates that the impact of e-commerce and distributor channel adjustments will diminish by 2026, allowing for a potential release of growth momentum [3] - The company remains optimistic about its multi-brand strategy and expects continued strong performance from its brand matrix [3]

Core Insights - Anta's brand retail revenue growth in Q3 2025 was low single digits, while FILA's brand retail revenue also saw low single-digit growth, with all other brands experiencing a significant increase of 45%-50% [1][2] Group 1: Anta Brand Performance - Anta's brand retail revenue growth was below internal expectations, with online channel growth expected to outpace offline [1] - As of the end of Q3 2025, Anta's brand channel inventory turnover was slightly above 5 months, indicating a healthy inventory level [1] - Retail discounts for Anta remained stable, with offline discounts at 71% and online discounts around 50%, slightly increasing year-on-year [1] Group 2: FILA Brand Performance - FILA's brand retail revenue showed healthy growth, with e-commerce revenue expected to grow at a high single-digit rate [1] - FILA's channel inventory was approximately 6 months as of the end of Q3 2025, remaining stable year-on-year due to pre-stock for the "Double Eleven" shopping festival [1] - FILA renewed its partnership with the China Open, becoming the exclusive sportswear sponsor, and committed to supporting youth training in tennis [1] Group 3: Other Brands Performance - Other brands, including Descente and Kelong Sports, experienced retail revenue growth of 45%-50%, with Descente's brand revenue expected to grow by 30% [2] - Kelong's brand retail revenue grew by 70%, and it became the official partner of the Chinese national climbing team, enhancing its outdoor brand image [2] Group 4: Investment Outlook - The overall performance of Anta's main brand was affected by a weak external environment and intensified industry competition, while FILA and outdoor brands continued to show strong performance [2] - Earnings per share projections for the company from 2025 to 2027 are 4.85, 5.42, and 6.19 yuan, with corresponding PE ratios of 16.5, 14.8, and 12.9 times [2]

Core Viewpoint - The company reported a stable performance in retail sales for Q3 2025, with both Anta and FILA brands achieving low single-digit positive growth, while other brands saw a significant increase in retail sales by 40-50% year-on-year [1] Group 1: Retail Performance - Anta brand retail sales (calculated at retail value) achieved low single-digit positive growth year-on-year [1] - FILA brand retail sales also achieved low single-digit positive growth year-on-year [1] - All other brands (excluding those added after January 1, 2024) experienced retail sales growth of 40-50% year-on-year [1] Group 2: Future Outlook - The company is expected to perform well in the sports and outdoor apparel sector in 2025, with an expanding brand matrix likely to increase market share [1] - The company is anticipated to benefit from the ongoing boom in sports and outdoor activities, as well as new opportunities for domestic brands, indicating strong resilience in both short and long-term dimensions [1] Group 3: Financial Projections - The company maintains its original profit forecasts, expecting net profit attributable to shareholders to be 13.41 billion, 15.05 billion, and 17.28 billion yuan for 2025-2027, reflecting year-on-year changes of -14.0%, +12.2%, and +14.9% respectively [1] - The current stock price corresponds to a PE ratio of 16.8 times for 2025, and the company maintains a "strong buy" rating [1]

Core Insights - Anta Sports reported a low single-digit year-on-year growth in revenue for both Anta and FILA brands in Q3 2025, while other brands experienced a revenue growth of 45-50%, demonstrating resilience amid industry slowdowns and increased promotions [1][2] - The company is expected to maintain a strategy focused on healthy inventory levels and discount control, optimizing its structure around high-growth segments such as running, outdoor, and tennis [1] - The overall outlook remains positive, with potential benefits from new retail reforms, category upgrades, and overseas expansion, leading to a "Buy" rating [1] Anta Brand Performance - In Q3 2025, Anta brand revenue achieved low single-digit year-on-year growth, with expectations of low single-digit growth in offline and high single-digit growth in online channels [1] - The discount rates for offline and online channels were approximately 71% and 50%, respectively, with inventory turnover slightly above five months, indicating a healthy range [1] - Online performance is expected to gradually improve as organizational adjustments and content operations stabilize, while offline new retail formats continue to show strong performance [1] FILA Brand Performance - FILA brand revenue also saw low single-digit year-on-year growth in Q3 2025, with strong resilience in e-commerce expected to yield high single-digit growth [1] - The brand has solidified its position in tennis by renewing its sponsorship of the China Open and enhancing customer experience through new store formats [1] - Inventory turnover is projected to stabilize around five to six months by year-end, with discount control remaining steady [1] Other Brands Performance - Other brands reported a significant revenue growth of 45-50% in Q3 2025, with specific brands like Descente and KAILAS showing growth rates of approximately 30% and 70%, respectively [2] - The growth of other brands is attributed to high-end functional products and differentiated retail experiences, with a focus on outdoor and performance sports [2] - The company anticipates maintaining strong growth momentum in Q4 during the outdoor peak season [2] Profit Forecast and Valuation - Due to uncertainties in retail recovery and a competitive promotional environment, the company has adjusted its net profit forecasts for 2025-2027 down by 3.8%, 3.6%, and 4.0% to 13.03 billion, 14.63 billion, and 16.30 billion yuan, respectively [2] - The target price has been adjusted to 115.24 HKD, maintaining a "Buy" rating based on the company's multi-brand and retail operational advantages [2]

Core Viewpoint - Anta Group reported steady overall growth in Q3 2025, with the main brand and FILA achieving low single-digit growth, while other brands experienced a significant growth of 45-50% [1][2][4] Group Performance - In Q3 2025, Anta's main brand and FILA both recorded low single-digit growth, which is a slowdown compared to Q2. Other brands continued to show high growth [1][2] - The management has adjusted the annual revenue guidance for the Anta brand downwards but maintained the operating profit margin guidance for Anta and the revenue growth guidance for FILA and other brands [1][2] Brand Performance - Anta brand's revenue growth was low single-digit, with a healthy inventory level despite an increase in the inventory-to-sales ratio due to promotional stocking [3][4] - FILA's revenue growth was also low single-digit, with a healthy inventory level and stable discount rates [3][4] - Other brands, including Descente and Kolon, saw revenue growth of approximately 45-50%, with Descente growing around 30% and Kolon growing 70% [4] Market Conditions - The consumer market remained under pressure in Q3 2025, affecting the main brand's revenue growth, which was slightly below company expectations [2][4] - The management has lowered the annual guidance for the Anta brand to low single-digit growth due to uncertainties in the consumption environment for Q4 [2][4] Financial Forecast - The company has revised its profit forecast for 2025-2027, expecting net profits of 132.4 billion, 152.2 billion, and 171.6 billion yuan respectively, with comparable profit growth rates of 11.0%, 15.0%, and 12.7% [2][5] - The reasonable valuation range has been adjusted to 116-121 HKD, corresponding to a PE ratio of 23-24X for 2025 [2][5]

Company Dynamics - The company reported third-quarter operating results, with Anta brand retail sales increasing by a low single-digit percentage year-on-year, FILA brand retail sales also increasing by a low single-digit percentage, while other brands (excluding new brands added after January 1, 2024) saw retail sales growth of 45-50% [1] - Despite overall retail environment fluctuations and industry destocking pressures in Q3 2025, Anta Sports' brands outperformed the industry, with Anta brand retail sales showing slight improvement compared to Q2 2025 [1] - Online channels faced challenges, but performance improved sequentially from Q2 2025 after team restructuring; offline channels, including new store formats like Arena/Palace/Champion, performed well, and the franchisee lighthouse store project progressed smoothly, indicating Anta's efforts in refined offline operations [1] FILA Brand Performance - FILA brand retail sales in Q3 2025 increased by a low single-digit percentage, with stable growth in FILA's bulk sales, while FILA Kids and FUSION faced some pressure [2] - Looking long-term, FILA aims to maintain healthy growth trends following the launch of a new tennis strategy at the end of September, leveraging top tennis resources and new product development amid the ongoing popularity of tennis [2] Other Brands Performance - Other brands experienced retail sales growth of 45-50% in Q3 2025, continuing a high growth trend, with Kolon and Descente growing approximately 70% and 30% respectively, maintaining high growth while keeping discounts shallow and opening high-quality flagship stores [2] - Operational improvements for other brands like MaiaActive and Jack Wolfskin are ongoing [2] Management Outlook - Considering the macroeconomic environment in Q4 2025, management has lowered the full-year retail sales guidance for Anta to low single-digit growth, while maintaining the growth guidance for FILA in the mid-single digits and over 40% for other brands [2] - Despite short-term pressures, confidence remains in Anta Group's multi-brand strategy and efficient management capabilities [2] Earnings Forecast and Valuation - Due to the challenging retail environment, the EPS forecasts for 2025 and 2026 have been reduced by 3% and 4% to 4.67 and 5.24 yuan respectively, with the current stock price corresponding to 17/15 times the earnings ratio [2] - The target price has been lowered by 4% to 116.11 yuan, corresponding to 23/20 times the earnings ratio for 2025/2026, indicating a 32% upside potential [2]