Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Industry**: Sportswear and Footwear Key Points Financial Performance and Projections - Anta Sports expects profit margins to improve year-on-year in the second half of 2025, benefiting from a low profit margin base in the second half of 2024 [2] - The brand's guidance for 2025 indicates high single-digit growth, with an EBITDA margin target of 20% and a net profit margin target of 25% [3] - The footwear segment is projected to account for approximately 44% of total revenue in 2024, significantly up from about 20% in 2021, driven by strategic deployments in FILA footwear products [2][7] Brand Performance - FILA's full-year guidance for 2025 is mid-single-digit growth, with confidence in achieving this target [5] - FILA KIDS and FILA Fusion sub-brands are growing faster than the main FILA brand, indicating a shift in consumer preference [6] - The average sales price (ASP) for FILA remains stable, with marketing investments primarily focused on celebrity endorsements and limited sponsorships in functional sports [9] Store Performance and Expansion - Anta's Champion stores achieve sales efficiency of over 500,000 to nearly 600,000 yuan, more than double the average for all Anta stores [2][10] - The SNEAKERVERSE concept stores have shown impressive performance, with sales efficiency exceeding 1.5 million yuan [10] - FILA currently operates around 2,000 stores in China, with plans to upgrade existing stores rather than expand into lower-tier cities [8] E-commerce and Online Sales - Anta's online business is expected to grow faster than offline sales, with good profitability despite lower gross margins due to frequent discounting [17] - The Douyin channel accounts for over 30% of Anta's e-commerce sales, benefiting from a strong offline store network [21] Strategic Acquisitions - Anta completed the acquisition of Jack Wolfskin in June 2025, with plans to enhance product offerings and brand promotion [22][23] - Jack Wolfskin's market size is approximately 300 million euros globally, with a significant contribution from the Chinese market [23] Market Trends and Competitive Advantages - The outdoor segment is expected to maintain double-digit growth in the coming years, with Anta's competitive advantages lying in its strong investment capabilities and operational efficiency [24][25] - Anta aims to balance online and offline channel investments, recognizing the importance of physical stores in brand sustainability [26] Future Plans - FILA plans to strengthen its apparel category and expand women's outdoor series to fill market gaps [19][20] - Descente and KOLON brands aim for approximately 10% annual store growth, with performance improvements from existing stores [27][29] Shareholder Returns - Anta Group maintains a stable dividend payout ratio of no less than 50% due to strong cash flow, with a completed share buyback of 2 billion yuan [30] Additional Insights - The basketball category faces challenges with recent growth performance, attributed to a lack of new iconic stars in the global basketball market [18] - The company is focused on enhancing the operational efficiency of Jack Wolfskin, particularly in the Chinese market, while also addressing brand perception issues [24]

Investment Rating - The report assigns a "Buy" rating to Anta Sports Products with a 12-month price target of HK$117, indicating an upside potential of 24.1% from the current price of HK$94.25 [14][15]. Core Insights - The report emphasizes the positive outlook for Anta Group, supported by solid year-to-date trading performance and effective execution across its brand portfolio. The completion of the Jack Wolfskin acquisition is noted, although its impact on forecasts has not yet been incorporated [7][14]. - The management's focus on Fila's reform under the new CEO aims for sustainable growth rather than immediate margin improvements, with specific strategies including enhanced product functionality and targeted marketing efforts [9][10]. - The report highlights the importance of the upcoming 618 shopping festival, with expectations of increased online sales and a healthy inventory level across most brands, although discounts are anticipated due to a higher online sales mix [7][11]. Summary by Sections Recent Trends - May online sales benefited from the early start of the 618 shopping festival, while offline sales faced challenges due to unfavorable weather conditions. The company expects to see more discounts leading into the festival [7][11]. Brand Performance - Anta brand's performance aligns with expectations, with new initiatives showing promise. The running category remains strong, accounting for over 40% of footwear volume, while basketball performance is still challenging [11]. Margin Outlook - The report indicates that the operating profit margin (OPM) for Anta and Fila brands is expected to remain relatively flat, with Descente's margin at approximately 30%. There is room for improvement for Kolon and MAIA brands [10][11]. Fila Reform - Fila's new CEO is committed to a mid-single-digit percentage growth target by 2025, focusing on product refinement and marketing strategies to enhance brand positioning [9][10]. Jack Wolfskin and Future M&A - The management anticipates that the Jack Wolfskin acquisition will have a limited impact in the first half of 2025 but will be margin-dilutive for the full year. Future M&A opportunities are identified in brands specializing in female products and premium running [12][13].

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports Products Ltd - **Industry**: Sportswear - **Market Share**: 23% in 2024 according to Euromonitor [11][17] Key Takeaways 1. **Sales and Inventory Trends**: - 2Q 2025 continued the solid trend from 1Q 2025 with healthy inventory levels (Anta/Fila at approximately 5 months) [1] - Anticipation of deeper discounts in May due to upcoming events on June 18 [1] 2. **2025 Guidance**: - Retail sell-through guidance maintained for Anta/Fila/other brands at high single digits (HSD), mid single digits (MSD), and over 30% respectively [1] - Operating profit margin (OPM) guidance for 2025 remains at 20-25% for Anta, around 25% for Fila, and 25-30% for other brands [1] 3. **Operational Adjustments**: - Normalization of inventory impairment reversal expected to impact 1H OPM (approximately RMB 300 million reversal) [1] - Anticipated normalization of government grants (RMB 732 million in 1H24) and lower interest income due to reduced interest rates [1] 4. **Store Optimization**: - Ongoing optimization of Super Anta with a target of 100 stores by 2025, up from the current 60-70 [1] - Introduction of refreshed product offerings (approximately 90% exclusive products) and thematic displays [1] 5. **Fila Brand Reforms**: - New management leading Fila reforms, including refreshed product offerings and new branding initiatives [1][6] - Expected launch of enhanced professional elements in products by early 2026 [6] 6. **Investment in Maia Active**: - Increased investments in Maia Active focusing on refined product offerings and supply chain enhancements [1] 7. **Acquisition Plans**: - Acquisition of Jack Wolfskin expected to complete in June, focusing on retaining core assets for business transition [1] 8. **Earnings Forecast**: - Earnings for 2025-2027 adjusted upwards by 1-2% [1] - New DCF-based price target for December 2025 set at HK$142, implying a 23x 12-month forward P/E [1][12] Financial Highlights - **Revenue Growth**: Expected revenue growth of 13.6% for FY24, with projections of RMB 70,826 million [10] - **Margins**: Gross margin projected to improve from 62.2% in FY24 to 63.2% in FY27 [10] - **Earnings Per Share (EPS)**: Adjusted EPS expected to decline by 13.5% in FY25 before recovering in subsequent years [10] Risks and Opportunities - **Downside Risks**: - Slower-than-expected performance from Fila [20] - Increased competition and challenges in integrating acquired businesses [20] - Potential downturn in the retail environment and rising raw material costs [20] - **Upside Opportunities**: - Better-than-expected consumer sentiment and Fila performance [21] - Potential synergies from acquired brands and earlier profitability improvements in emerging brands [21] Conclusion Anta Sports is positioned as a leading player in the Chinese sportswear market with a robust multi-brand strategy and significant growth potential. The company is focusing on operational improvements, brand reforms, and strategic acquisitions to enhance its market position and drive future growth.

21 May 2025 | 1:39AM HKT Anta Sports Products (2020.HK): Positive read from Amer: 1Q beat and guidance raised; solid China momentum continued; Buy Amer Sports (AS, Buy, covered by our US Consumer analyst Brooke Roach) reported 1Q25 adjusted EBITDA (incl. IFRS depreciation) of $299mn, above GS/FactSet consensus at $228mn/$227mn. Revenue grew 23% Y/Y, well above GS/consensus at 16%, with the beat largely driven by strong sales momentum across Arcteryx and Salomon. Adjusted gross margin expanded ~330bps Y/Y to ...

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Date**: May 9, 2025 Key Points Industry and Market Performance - Anta Sports maintains stable discount levels at retail, with manageable inventory, expecting sales growth driven by the 618 shopping festival, while remaining cautious about the domestic economic situation's impact on future months [2][4] - The company reported good revenue growth in Q1 2025, with a positive outlook for Q2 despite slight early July fatigue, supported by strong performance during the May Day holiday [4] Brand Acquisition and Strategy - The acquisition of the Jack Wolfskin brand is expected to be completed between Q2 and Q3 of 2025, with a focus on integrating operations over the next six months to a year, prioritizing the Chinese market and adopting a Direct-to-Consumer (DTC) model [2][5][6] - Anta anticipates significant improvement potential for Jack Wolfskin in both the Chinese and German markets, with a transition period expected in 2025-2026 [2][7] FILA Brand Performance - FILA has shown stable performance, with expectations for continued growth under the new leadership of Jiang Yan, focusing on core products and reducing SKU counts to create best-sellers [2][8][9] Future Product and Channel Strategy - Anta plans to continue its investor strategy in 2025, with new products expected to launch in Q1 2026, emphasizing multi-scenario consumption and maintaining VIP customer loyalty [2][9] - The company is optimizing its online channel strategy to increase the online sales proportion of its main brand [3][14] Store Expansion and Innovation - Anta is expanding its store formats, with plans to increase the number of Champion stores from 80 to 120 and Super Anta stores from 50 to 100 by the end of 2025 [11] - The Super Anta stores are designed to attract high-end consumers, while the regular Anta stores will gradually decrease in number [13] Stock Buyback and Market Confidence - Anta Group plans to repurchase HKD 10 billion worth of shares, having completed HKD 2 billion so far, indicating confidence in market prospects [3][18] Pricing and Sales Strategy - The pricing strategy for FILA remains stable, with adjustments made to certain series to attract more customers, particularly in children's apparel [10] - Anta is focusing on reducing return rates during major sales events by optimizing promotional strategies and prioritizing low-return products [15][16] Urban Market Dynamics - Profitability varies by city tier, with second and third-tier cities showing the highest profitability, while first-tier cities face lower single-store profitability due to high rent [21] - Anta plans to close 100 to 200 outdated stores in lower-tier cities due to reduced foot traffic [21] Sales Performance During Holidays - During the May Day holiday, high-end small brands performed well, while Anta and FILA met expectations overall [22]

11 April 2025 | 12:58AM HKT Anta Sports Products (2020.HK): 1Q25 update: Positive surprises from Fila/small brands, announced acquisition of Jack Wolfskin; Buy Anta reported 1Q25 operational update with Anta core/Fila/other brands (Descente, Kolon, MAIA) delivering HSD/HSD/close to 70% yoy despite relatively high base, which we believe is above investor expectations, especially on Fila (though the market expectation gradually moved up recently) and other brands, including first discussion on MAIA which grew ...

安踏体育 20250324 摘要 • 安踏集团 2024 年各品牌表现强劲，安踏品牌贡献 266 亿元，同比增长 6.1%，其他品牌增长超过 40%，整体毛利率维持在 62.2%，净利率 23.4%。 预计 2025 年安踏主品牌流水高单位数增长，碧迪品牌中单位数增长，其他 品牌增速超 30%，集团整体流水维持双位数增长。 • 安踏将 ESG 融入企业战略核心，通过供应链能源转型、节能减排等投入， 提高运营效率和企业韧性。多品牌战略针对不同消费群体，以价值主张打 动消费者，如安踏零碳门店和 Design V3 产品序列，提升企业竞争力并为 股东创造长期价值。 • 安踏品牌采取品牌向上、价格向下的策略应对市场竞争，通过技术创新打 造高性价比商品如 PG7，并推出安踏冠军店、超级安踏店等新业态提升品 牌影响力。超级安踏店针对下沉市场，目前处于调试阶段，计划开设更多 门店以确定最优模式。 • 安踏电商渗透率约为 35%，策略是在线上线下之间取得平衡，新品和爆品 主要在线下渠道销售，线上销售常规商品。斐乐品牌电商占比约为 40%， 流水占比约为 30%，今年希望线下也能贡献更多增长。 • 安踏和迪桑特品牌不依赖大规模 ...

安踏体育 20250319 摘要 Q&A 2024 年安踏体育的整体销售表现如何？各品牌的具体增长情况如何？ 2024 年，安踏体育实现了 708 亿元的销售额，其中安踏品牌占比 47.3%，实现 了 10.6%的双位数增长。Fila 品牌继续坚持高端时尚定位，流水接近 300 亿， 从报表口径来看为 260 多亿元，占比 37.6%。迪桑特品牌占比接近 10%，增长超 过 40%。Kolon Sport 尽管占比中单位数，但增速超过 60%。此外，安踏大货和 儿童系列分别实现了低双位数和高单位数的增长。潮牌在第四季度表现明显好 转，实现中单位数增长。 • 安踏体育 2024 年净利润达 155.91 亿元，若不含一次性收益为 119 亿元， 符合市场预期。多品牌策略下，各品牌定位差异化，整体盈利水平稳定， 其中迪桑特和 Kolon Sport 表现突出，净利率分别超过 30%和 25%。 • Fila 品牌流水接近 300 亿，报表口径 260 多亿元，占比 37.6%，虽体量大， 仍保持健康增长。2024 年调整策略，增加功能性面料和科技感，并扩大儿 童产品线，预计 2025 年将推出更多新品以满足市场需 ...

Financial Data and Key Metrics Changes - The total revenue of ANTA Sports Products exceeded JPY 100 billion for the first time, achieving a year-on-year growth of 13.6% [4] - Operating profit attributable to shareholders increased by 15% [4] - Free cash flow was reported at JPY 13.5 billion, indicating stable cash generation ability [4] - The final dividend for the year was JPY 123, up 20% year on year [5] Business Line Data and Key Metrics Changes - ANTA brand revenue reached JPY 60 billion, growing by 10.6% year on year [6] - FILA brand revenue was JPY 30 billion, up 6.1% year on year [6] - Other brands, particularly Dessence and Colin, saw significant growth of 53.7% year on year [6] - Online sales grew by 20%, while offline sales also achieved double-digit growth [7] Market Data and Key Metrics Changes - The overall gross profit margin was 62.2%, a slight decline of 0.4 percentage points [7] - FILA's gross profit margin decreased by 1.2 percentage points due to increased investment in merchandise [8] - The consumer market in China grew at a low rate of 3.5% in 2024, with a consumer confidence index of 86.2% [21][22] Company Strategy and Development Direction - The company aims to maintain its number one market share in China and expand its multi-brand strategy [3][50] - ANTA is focusing on brand breakthroughs and enhancing product quality, particularly in performance sports [27][51] - The company plans to replicate its successful strategies in China to international markets [51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a gradual rebound in the consumer market supported by government policies [22] - The global sports industry is expected to grow steadily, with opportunities in running, outdoor, and tennis categories [22] - The company is committed to low carbon innovation and sustainable practices to enhance brand influence [52] Other Important Information - The company has invested JPY 2 billion in R&D, representing a 20% increase [11] - ANTA's inventory turnover days are at a healthy level of 123 days, with a sellout rate of 87% [14][17] - The company has made significant strides in ESG performance, including a reduction in water consumption intensity by 2.5% [46][48] Q&A Session Summary Question: What are the key growth drivers for ANTA in 2025? - The company will focus on brand breakthroughs for ANTA and FILA, aiming for high-quality development in footwear and apparel [51] Question: How is ANTA addressing sustainability? - ANTA is committed to low carbon innovation and sustainable materials, with a goal of 50% sustainable products in the order book [48][52] Question: What is the outlook for the consumer market? - Management anticipates a gradual recovery in consumer confidence and spending, supported by government initiatives [22]