证券研究报告 | 年报点评报告 2024年03月27日 安踏体育（02020.HK） 2023 年业绩表现超预期，2024 年预计高质量增长 2023年营收/业绩增长16%/35%，业绩表现超预期。公司披露2023 买入（维持） 年年报，全年实现营收623.56亿元，同比增长16.2%，受益于终端折扣 股票信息 的改善以及公司良好成本管控措施，集团毛利率同比提升 2.4pcts 至 行业 服装 62.6%，销售费用率同比降低 1.8pcts 至 34.8%，管理费用率同比降低 前次评级 买入 0.8pcts 至 5.9%，费用管控高效，综上归母净利率同比提升 2.3pcts 至 16.4%，归母净利润同比增长34.9%至102.36亿元（剔除分担合营公司 3月26日收盘价(港元) 83.55 亏损后，归母净利润增长44.9%至109.54亿元），业绩表现超预期，2023 总市值(百万港元) 236,665.69 年公司分红率为50.7%，长期来看我们预计公司分红率保持稳定。 总股本(百万股) 2,832.62 其中自由流通股(%) 100.00 安踏品牌:2023年收入稳健增长，利润率保持稳定，长期产品&渠道 ...

业绩简评 3月 26日公司披露年报，全年实现收入623.56 亿元（+16.2%）， 实现归母净利润 102.36 亿元（+34.9%），剔除合营公司亏损后归 母净利109.54 亿元（+44.9%）；派息率50.7%，好于市场预期。 经营分析 亮点1：商品运营的灵活性、精准性提升，店效驱动收入、OPM 双 增。23 年安踏品牌收入突破 300 亿元大关（同增 9.3%至 303.06 亿元）、FILA 快速增长16.6%至 251.03 亿元，同时两个品牌的OPM 分别提升0.8pct\7.6pct 至22.2%\27.6%，主要由于：1）门店模 型优化、零售能力提升，店效、坪效提升双位数带来正向经营杠 杆增强，租售比下降；2）商品运营效率提升，管理层评价 23 年 为库存管理最好的一年，各个品牌折扣均有改善，存货减值减少， 各品牌库销比均回归 5 以下。我们认为品牌收入增长快于行业的 是反映品牌势能向上的最直接指标，叠加公司内生性管理优化， 港币(元) 成交金额(百万元) 增强了我们对于公司继续扩张品牌份额，灵活应对复杂环境，以 124.00 18,000 更轻的库存实现更大生意规模的信心。 114.00 ...

Financial Performance - Revenue increased by 16.2% to RMB 62,356 million, with Anta segment revenue growing by 9.3% to RMB 30,306 million, FILA segment revenue increasing by 16.6% to RMB 25,103 million, and other brands' revenue rising by 57.7% to RMB 6,947 million[1]. - Shareholders' profit attributable increased by 44.9% to RMB 10,954 million, and including the share of joint venture losses, it increased by 34.9% to RMB 10,236 million[2]. - The company's revenue for 2023 reached RMB 62,356 million, representing a 16.2% increase from RMB 53,651 million in 2022[20]. - Gross profit for 2023 was RMB 39,028 million, up 20.8% from RMB 32,318 million in 2022[20]. - The net profit attributable to shareholders for 2023 was RMB 10,236 million, a 34.9% increase compared to RMB 7,590 million in 2022[20]. - The basic earnings per share for 2023 was RMB 3.69, reflecting a growth of 30.9% from RMB 2.82 in 2022[20]. - The gross margin improved to 62.6% in 2023, up from 60.2% in 2022, indicating a 2.4 percentage point increase[20]. - Operating profit increased to RMB 15,367 million, with an operating margin of 24.6%, compared to 20.9% in the previous year[22]. - The company reported a debt ratio of 16.2%, a slight improvement from 18.3% in the previous year[20]. Cash Flow and Dividends - Net cash inflow from operating activities was RMB 19,634 million, up 61.6% year-on-year, while free cash flow increased by 71.1% to RMB 17,823 million[4]. - The board proposed a final dividend of HKD 1.15 per share, subject to approval at the upcoming annual general meeting[4]. - The company has set a dividend payout ratio of 50.7% of the profit attributable to shareholders, up from 44.3% in the previous year[33]. - Free cash flow for 2023 was RMB 17,823 million, a significant increase of 71.1% from RMB 10,415 million in 2022[20]. Store Operations and Expansion - The company operated a total of 7,053 stores in mainland China and overseas as of December 31, 2023, compared to 6,924 stores in the previous year[18]. - The company plans to continue expanding its store network, particularly in the children's segment, which saw an increase to 2,778 stores in 2023 from 2,679 in 2022[18]. - The company is actively expanding in strategic markets with growth potential, including direct retail operations in Singapore and the Philippines[57]. - By the end of 2024, the number of Anta and Anta Kids stores in mainland China is expected to be between 7,100 and 7,200, while overseas stores are projected to be between 2,800 and 2,900[187]. - The number of FILA stores (including FILA KIDS and FILA FUSION) in mainland China, Hong Kong, Macau, and Singapore is expected to reach between 2,100 and 2,200 by the end of 2024[187]. Strategic Initiatives and Partnerships - The company established a Southeast Asia International Business Department to enhance its global strategy and market influence[26]. - Anta signed a partnership with NBA champion Kyrie Irving to promote its basketball products, enhancing brand visibility[29]. - The company signed a partnership with the United Nations High Commissioner for Refugees to support education and sports programs for displaced children and youth[31]. - The company has established strategic partnerships with several universities and research institutions, enhancing its talent pool in sports science and new technologies[91]. Innovation and Sustainability - The "Donghua-Anta Joint Innovation Research Institute" initiated the second phase of the "Anta Membrane" R&D project, focusing on green and low-carbon development[28]. - Anta is committed to sustainability, increasing the use of eco-friendly materials and engaging in environmental protection initiatives[70]. - The group received the "2023 Annual Chinese Brand Innovation Case" award, recognizing its efforts in promoting sustainable development under China's dual carbon strategy[92]. - The MSCI ESG rating for the group improved by two levels to "BBB," making it the highest-rated sportswear company in China[188]. Market Trends and Consumer Insights - The company is focusing on the growing demand for outdoor sports and children's sportswear, supported by government policies promoting sports participation[51]. - The company recognizes the increasing consumer spending power of women in sports, which is expected to drive growth in the sportswear market[51]. - The company is focusing on the high-end and mass market segments, with a noticeable trend of consumer polarization towards premium and mass products[52]. Risks and Challenges - The company faces globalization risks due to the need to comply with local regulations and standards in overseas markets, which could adversely affect its operations if violated[102]. - The company is at risk of not fully understanding local cultural and consumer behavior differences during global market expansion, potentially hindering its globalization process[103]. - The company must adapt to rapid technological advancements and product innovations; failure to do so may negatively impact its operations[104]. - The company is experiencing increased competition in the domestic sportswear industry, with competition shifting from quantity and price to new technologies and high-value products[107]. Workforce and Talent Development - The workforce increased to approximately 60,500 employees by December 31, 2023, up from 59,000 at the end of 2022[96]. - The group emphasizes employee development through a comprehensive training system, focusing on various talent categories to support long-term growth[95]. Digital Transformation and E-commerce - The company is leveraging big data to enhance its digital platform and drive digital transformation across the entire value chain[46]. - The group is actively developing artificial intelligence applications in e-commerce to enhance customer engagement and content personalization[94]. - E-commerce business contributed 32.8% to the group's overall revenue, a decrease from 34.3% in the previous year, but an absolute growth of 11.0% compared to the same period last year[94]. Acquisitions and Investments - The company has successfully acquired Amer Sports, which includes internationally recognized brands, but faces risks related to changing regulations in China and abroad that could impact investment value[111]. - The company completed the acquisition of 75.13% equity in MAIA ACTIVE, a sportswear brand designed for Asian women, enhancing its brand portfolio and expanding its women's business segment[167].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨安踏体育（ 2020.HK） [Table_业Ti绩tle符] 合指引， 强劲增长 AMER DTC 报告要点 [ATMabEleR_发Su布mm20a2ry3]年业绩公告，全年实现营收43.7亿美元，同比+23%，归母净利润为亏损2.09 亿美元，摊簿每股收益为亏损0.54美元。 ...

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]