证券研究报告 安踏体育 (2020 HK) 港股通 拟收购PUMA股权助力全球化再下一城 2026 年 1 月 28 日│中国香港 服装 安踏体育于 2026 年 1 月 26 日公告与 Pinault 家族（Artémis）签署购股协 议，收购 PUMA 29.06%的股权：交易对价为每股 35 欧元，总金额约 15.06 亿欧元（约 122.8 亿人民币），全部由公司自有现金支付。公司凭借"单聚 焦、多品牌及全球化"战略，通过此次收购成为 PUMA 最大股东，进一步完 善全球品牌矩阵。PUMA 在足球、跑步及赛车等专业领域的深厚积淀，与公 司现有品牌形成较强互补，此外依托安踏在中国市场的渠道与零售运营优 势，有望助力 PUMA 挖掘中国市场潜力。我们认为此次收购后公司将拥有 覆盖大众到高端、时尚到专业的全方位多品牌组合，进一步增强国际竞争力， 收购估值合理且公司预计不影响 25 年派息能力，看好协同效应有望支撑公 司长期价值提升，维持"买入"评级。 收购后成为 Puma 最大股东，推进单聚焦、多品牌及全球化战略 2026 年 1 月 26 日，安踏体育公告与卖方 Artémis 订立协议，同意以每股 35 ...

晨星分析师Ivan Su报告称，安踏 体育计划收购彪马29%的股份，这为其中国业务的增长提供了上行空 间。他预计，得益于安踏在规模化运营国际品牌方面的良好往绩，彪马在中国的收入将有显著改善。虽 然彪马中国业务的好转可能需要时间，但Su认为这极有可能实现。他表示，安踏可以重整彪马的分销 策略，转向直营更高质量的门店，推出更多本土化产品，并利用其在足球领域的传统优势。Su还认 为，安踏决定用现金为此次收购提供资金是积极的，因为这解决了投资者对现金储备过多的担忧。晨星 维持对安踏122.00港元的合理价值估值，并计划在获得监管部门批准且有更多细节公布后，重新评估其 估值。 ...

股票研究 /[Table_Date] 2026.01.28 收购 PUMA 29%股权，全球化布局注入 新动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 安踏出资 15 亿欧元收购 PUMA 29%股份，成为最大股东。PUMA 业绩面临短期压 力，当前正处清货节奏。我们认为此次收购是安踏推进"单聚焦、多品牌、全球化" 战略的关键一步。 投资要点： | 财务摘要(百万人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 70826 | 78410 | 85846 | 95707 | | (+/-)% | 13.6% | 10.7% | 9.5% | ...

Group 1 - The core viewpoint of the report is that Anta Sports (02020) maintains its EPS forecast of 4.71 yuan for 2025, with projections of 4.76 and 5.04 yuan for 2026 and 2027 respectively, corresponding to P/E ratios of 14x and 13x for those years, and maintains an outperform rating for the industry [1] - Anta Sports announced the acquisition of a 29.06% stake in Puma SE for 35 euros per share, totaling approximately 1.506 billion euros (about 12.278 billion yuan), fully funded by its cash reserves, positioning Anta as the largest shareholder of Puma upon completion of the transaction [2] - The transaction price is considered reasonable based on Puma's long-term brand value, with the acquisition price representing 0.8 times the enterprise value to the expected revenue for 2027 [3] Group 2 - Puma is an internationally leading sports brand with over 70 years of history, excelling in football, running, racing, basketball, and cross-training, and has a strong global influence, particularly in Europe, Latin America, Africa, and India, while its revenue from the Chinese market remains relatively low [4] - The acquisition is expected to enhance Anta Sports' brand portfolio and improve its overall international competitiveness through complementary product offerings and regional strengths [4] - Anta Sports has successfully developed brands like FILA, Descente, and Kolon in China and aims to leverage its established global brand-building, retail, and supply chain systems to reactivate Puma's brand value post-acquisition [5]

国信纺服观点： 1、标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 年恢复增长； 4、风险提示：关税政策不确定性；品牌形象受损；市场的系统性风险。 5、投资建议：看好集团多品牌全球化运营下，持续好于行业的成长潜力。此次安踏对 PUMA 的收购，是公司全 球化战略的进一步深化，PUMA 在全球运动鞋服市场份额领先，在多个专业运动项目以及欧洲等重点市场具有领 先地位和先进经验与安踏集团品牌矩阵有协同性和互补性；PUMA 虽然短期增长乏力、盈利承压，但现管理层正 推动品牌复苏，致力于 2027 年恢复增长，安踏加入后更有望焕发品牌新增长活力。我们维持盈利预测，预计公 司 2025-2027 年归母净利润分别为 132.1/139.3/155.8 亿元，可比口径的利润增长分别为+10.7%/5.5%/11.9% （2024 年剔除 Amer 上市和配售权益摊薄所得的可比口径利润为 119.3 亿元）。维持 107-112 港元目标价，对应 2026 年 20-21X PE，维持"优于大市"评级。 评论： 标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 ...

研究报告 Research Report 28 Jan 2026 安踏体育 ANTA SPORTS (2020 HK) 战略性收购 Puma 29.06%股权，继续推进单聚焦+多品牌+全球化战略 Strategic Acquisition of a 29.06% Stake in Puma to Further Advance the Strategy of Single Focus, Multi-Brand and Globalization [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.90 目标价 HK$91.40 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$217.86bn / US$27.94bn 日交易额 (3 个月均值) US$93.59mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年 ...

研究报告 Research Report 28 Jan 2026 安踏体育 ANTA SPORTS (2020 HK) [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.90 目标价 HK$91.40 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$217.86bn / US$27.94bn 日交易额 (3 个月均值) US$93.59mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年股价最高最低值 HK$104.40-HK$75.50 注：现价 HK$77.90 为 2026 年 01 月 27 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -7.2% -13.3% -0.1% 绝对值（美元） -7.4% -13.6% -0.2% 相对 MSCI China -10.3% -11.6% -33.7% [Table_Profit] Rmb mn Dec ...

Group 1 - Anta Sports reported a decline in retail sales for its Anta brand in Q4 2025, attributed to warm winter weather affecting winter apparel sales and a late Spring Festival impacting children's clothing, while FILA brand retail sales showed a mid-single-digit growth [1] - The overall retail environment remains weak, leading to expected downward pressure on Operating Profit Margin (OPM) for Anta brand, despite stable discount and inventory turnover ratios [1] - FILA brand's retail sales growth is attributed to effective brand restructuring and channel adjustments, with expectations for continued strong growth into 2026, although OPM may also face downward pressure due to ongoing channel adjustments [1] Group 2 - The outlook for Anta brand in 2026 is conservative, with a high probability of growth during the Olympic year, but increased marketing expenses and potential discount pressures may lead to significant OPM challenges [2] - FILA brand is expected to maintain a stable growth trajectory, with a more manageable OPM contraction anticipated [2] - Overall, the company is projected to achieve a net profit attributable to shareholders of 13 billion, 14 billion, and 15.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 15, 14, and 13 times [2]

Core Viewpoint - Anta Group has reached an agreement to acquire 29.06% of PUMA SE shares from the Pinault family’s investment company Groupe Artémis at a price of €35 per share, totaling €1.505 billion (approximately RMB 12.278 billion) [1][4] Group 1: Company Overview - PUMA's current management is focused on brand recovery, which may incur one-time costs, with a goal to restore growth by 2027 [2][5] - PUMA's management has confirmed that the company expects a low double-digit decline in sales for 2025, with anticipated losses in reported EBIT [3][4] - The company is undergoing a reset to establish itself as one of the top three sports brands globally, aiming for healthier profit margins and growth above industry levels [3][4] Group 2: Acquisition Details - The acquisition price of €1.505 billion corresponds to approximately 0.7x PUMA's projected price-to-sales (PS) ratio for 2027 [4][5] - Although the acquisition price is at a premium to PUMA's current stock price, Anta is focused on the long-term brand value rather than short-term financial metrics [4][5] Group 3: Strategic Significance - This acquisition marks a significant step in Anta's globalization strategy, aiming to develop into a world-class multi-brand sports goods group [5][6] - PUMA holds a leading position in various sports categories and key markets, which complements Anta's existing brand portfolio [5][6] - There is significant potential for PUMA in the Chinese market, where its revenue currently represents only 7% of global income, compared to 17-30% for leading global sports brands [6] Group 4: Investment Outlook - The acquisition is expected to enhance Anta's multi-brand global operations, with PUMA's management working towards brand revitalization and growth by 2027 [2][5] - Anta maintains its profit forecasts, projecting net profits of RMB 13.21 billion, RMB 13.93 billion, and RMB 15.58 billion for 2025-2027, with respective growth rates of +10.7%, +5.5%, and +11.9% [2][5] - The target price for Anta is maintained at HKD 107-112, corresponding to a 20-21X PE for 2026, with an "outperform" rating [2][7]

Company Dynamics - Anta Sports announced the acquisition of a 29.06% stake in Puma SE for €35 per share, totaling approximately €1.506 billion (around RMB 12.278 billion), fully funded by cash reserves [1] - Upon completion of the transaction, Anta Sports will become the largest shareholder of Puma, which is considered strategically significant [1] Comments - The transaction price is deemed reasonable when considering the long-term brand value, with Puma's projected revenue, net profit, and total assets for 2024 estimated at €8.82 billion, €340 million, and €7.14 billion respectively [1] - Anta Sports stated that the acquisition price represents 0.8 times the enterprise value to the expected revenue for 2027, reinforcing the rationale behind the price [1] Brand Synergy - Puma, with over 70 years of history, excels in various sports sectors and has a strong global presence, particularly in Europe, Latin America, Africa, and India, while its revenue from the Chinese market remains relatively low [2] - The acquisition is expected to enhance Anta Sports' brand portfolio and improve its international competitiveness through complementary product offerings and regional strengths [2] - Anta Sports has successfully developed brands like FILA and Descente in China, and aims to leverage its experience to revitalize Puma's brand value post-acquisition [2] Earnings Forecast and Valuation - The EPS forecast for 2025 is maintained at RMB 4.71, while the forecasts for 2026 and 2027 have been adjusted downwards by 5% and 8% to RMB 4.76 and RMB 5.04 respectively [2] - The current P/E ratios for 2026 and 2027 are projected at 14x and 13x, with a maintained outperform rating for the industry [2] - The target price is set at HKD 110.91, corresponding to 21x and 19x P/E for 2026 and 2027, indicating a potential upside of 45% [2]