EF001 EF001 其他信息 其他信息 不適用 發行人董事 本公司執行董事為丁世忠先生、丁世家先生、賴世賢先生、吳永華先生、鄭捷先生及畢明偉先生；以及獨立非執行董事為姚建華先 第 2 頁 共 2 頁 v 1.1.1 生、賴顯榮先生、王佳茜女士及夏蓮女士。 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 安踏體育用品有限公司 | | 股份代號 | 02020 | | 多櫃檯股份代號及貨幣 | 82020 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 建議截至二零二五年十二月三十一日止年度的末期股息 | | | 公告日期 | 2026年3月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息 ...

A n n u a l R e s u l t s P r e s e n t a t i o n 2025 二零二五年全年業績發佈會 Results Highlights – Steadily advancing mid-to-long term strategy Revenue topped RMB80 billion Excellent cash 1 generating capability 4 Maintained high operating efficiency 2 3 RMB ANTA FILA Profit attributable to Equity Shareholders 1 RMB 13.9% 13.59 billion All other brands 17.00 billion ANTA FILA Revenue Operating Profit Margin 28.47 billion 6.9% 26.1% 0.8 ppts 80.22 billion 13.3% 23.8% 0.4 ppts 34.75 billion 3.7% 20.7% 0.3 ppts All othe ...

Financial Performance - The group's revenue increased by 13.3% year-on-year to RMB 80,219 million[4] - Shareholders' profit increased by 13.9% to RMB 13,588 million, excluding the dilution effects from the Amer Sports listing and placement[7] - The company's revenue for the year ended December 31, 2025, reached RMB 80,219 million, representing a 13.3% increase from RMB 70,826 million in 2024[45] - The company's revenue for 2025 reached RMB 80.219 billion, marking a 13.5% increase from RMB 70.826 billion in 2024[51] - The company's total revenue for the fiscal year 2025 increased by 13.3% to RMB 80,219 million, compared to RMB 70,826 million in 2024[158] Profitability and Margins - The overall operating margin rose by 0.4 percentage points to 23.8%, with Anta's operating margin decreasing by 0.3 percentage points to 20.7% and FILA's operating margin increasing by 0.8 percentage points to 26.1%[4] - The operating profit margin improved to 23.8% from 23.4% in the previous year[45] - Operating profit increased to RMB 19.091 billion, resulting in an operating margin of 23.8%, up from 23.4% in 2024[51] - Shareholders' profit attributable to the company was RMB 13.588 billion, a decrease from RMB 15.596 billion in 2024, leading to a profit margin of 16.9%[51] - The overall gross profit margin slightly decreased by 0.2 percentage points to 62.0% due to increased e-commerce business share[74] Cash Flow and Liquidity - Net cash inflow from operating activities was RMB 20,996 million, with free cash flow of RMB 16,106 million, indicating stable cash generation capability[7] - The company achieved a free cash flow of RMB 16,106 million, a 21.5% increase compared to RMB 13,254 million in 2024[45] - Cash and cash equivalents increased by RMB 791 million to RMB 12,181 million compared to the previous year[191] - Operating cash inflow for the year ended December 31 was RMB 20,996 million, demonstrating strong cash generation capability[193] - Free cash flow for the year was RMB 16,106 million, up from RMB 13,254 million in the prior year[192] Investment and Acquisitions - The company has completed the acquisition of the German outdoor brand JACK WOLFSKIN and plans to acquire a 29.06% stake in the global sports brand PUMA, becoming its largest single shareholder[61] - The investment in Amer Sports, Inc. was valued at RMB 16,275 million, representing 13.1% of the company's total assets[200] - Net cash outflow from investing activities amounted to RMB 7,046 million, primarily due to the acquisition of JACK WOLFSKIN for RMB 2,170 million and capital expenditures of RMB 2,716 million[193] Market Position and Strategy - The company aims to become a leading multi-brand sports goods group globally, focusing on consumer-oriented strategies and high standards[10] - The company's market share in the Chinese sports goods market rose to 21.8% in 2025, up from 20.8% in 2024, maintaining industry leadership[56] - Anta Sports operates over 460 single-brand stores outside of China, focusing on Southeast Asia as a key market for global expansion[68] - The company aims to build a globally influential and sustainable enterprise over the next 10 to 30 years, focusing on long-term value creation[53] - The group aims to establish 1,000 retail outlets in Southeast Asia by 2028 as part of its globalization strategy, while also investing in local digital and logistics infrastructure[106] Research and Development - Research and development investment increased from approximately RMB 350 million in 2016 to RMB 2.2 billion in 2025, a growth of over 5 times[36] - The group holds 4,569 valid patents as of the end of 2025, with several core technologies achieving industrial application and enhancing market competitiveness[93] - AI-assisted design has driven product innovation with order amounts exceeding RMB 9 billion, while AI technology has improved customer service response speed by over 50% and increased customer satisfaction by 11%[94] E-commerce and Digital Strategy - The e-commerce business accounted for 35.8% of the total revenue, up from 35.1% in 2024[32] - E-commerce business revenue grew by 15.5% year-on-year, accounting for 35.8% of total group revenue[86] - The group has achieved over 100,000 hours of live streaming, generating GMV exceeding RMB 300 million through digital marketing efforts[94] Brand Development and Marketing - Anta Sports has achieved over 30 billion RMB in revenue for the FILA brand, which has grown significantly over the past decade[58] - FILA's sales and brand awareness in the tennis sector have significantly increased since the launch of its new tennis strategy, which includes becoming the exclusive sportswear sponsor for the China Tennis Open[120] - FILA's "hero products" such as polo shirts, down jackets, and dad shoes have driven sales, with the FILA Vetta dad shoes achieving nearly 10 million pairs sold throughout the year[121] Challenges and Risks - The company acknowledges the impact of economic cycles on consumer demand, particularly in the sportswear industry, which may adversely affect operations if demand weakens[139] - The company faces intensified competition in the domestic sportswear market, with a shift from quantity and price competition to competition based on new technologies and high-value-added products[143] - The company is exposed to risks from supply chain management, including potential quality issues and delivery delays from suppliers[155] - The company is aware of the risks associated with currency fluctuations, which could affect the value of assets and liabilities denominated in foreign currencies[144]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 茲 提 述 本 公 司 日 期 為 二 零 二 六 年 一 月 二 十 六 日 有 關 收 購 事 項 的 公 告（「首份公 告」），以 及 本 公 司 日 期 為 二 零 二 六 年 二 月 十 三 日 的 公 告（「第二份公告」），內 容 有 關（其 中 包 括）由 於 需 要 額 外 時 間 審 定 將 載 入 通 函 的 若 干 資 料，本 公 司 向 聯 交 所 申 請 豁 免（「豁 免」）嚴 格 遵 守 上 市 規 則 第14.41(a)條 的 規 定，以 延 長 期 限 並 於 二 零 二 六 年 四 月 二 十 四 日 或 之 前 寄 發 通 函。除 非 文 義 另 有 所 指，未 在 本 公 告 定 義 的 詞 彙 具 有 與 首 份 公 告 及 第 二 份 公 司 賦 予 的 相 同 涵 義。 安踏體育用品有限公司 股份代號：2 ...

ANTA Sports Products Limited 安踏體育用品有限公司 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） （於開曼群島註冊成立之有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 獲授予豁免 及 延 遲 發 送 有 關 主 要 交 易－ 收 購PUMA SE的29.06%股權的通函 茲 提 述 本 公 司 日 期 為 二 零 二 六 年 一 月 二 十 六 日 有 關 收 購 事 項 的 公 告（「首份公 告」），以 及 本 公 司 日 期 為 二 零 二 六 年 二 月 十 三 日 的 公 告（「第二份公告」），內 容 有 關（其 中 包 括）由 於 需 要 額 外 時 間 審 定 將 載 入 通 函 的 若 干 資 料，本 公 司 向 聯 交 所 申 請 豁 免（「豁 免」）嚴 格 遵 守 上 市 規 則 第14.41(a)條 的 規 定，以 延 長 ...

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 截至月份: 2026年2月28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: 2026年3月2日 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 | | 本 ...

Core Viewpoint - The report from Daiwa Capital Markets indicates a positive trend in domestic consumption during the recent Spring Festival holiday, suggesting an initial recovery in the consumer market, particularly in tourism, culture, and dining sectors [1] Industry Summary - The sectors expected to benefit from structural consumption growth, potential policy support, and overseas growth opportunities include dining, services, and experiential consumption [1] - The domestic consumption industry is maintained at an "overweight" rating by Daiwa Capital Markets [1] Company Summary - Preferred stocks include Anta Sports (02020), China Resources Beer (00291), China Duty Free Group (601888.SH), Haidilao (06862), Midea Group (000333.SZ), and Yum China (09987), all rated as "buy" [1] - Target prices have been adjusted based on consumption and travel data during the Spring Festival, with Haidilao's target price raised to HKD 19.7, Li Ning's to HKD 21.6, Kweichow Moutai's to RMB 1,682, and Wuliangye's slightly increased to RMB 115.1 [1]

Group 1 - The core viewpoint of the article indicates that the domestic consumption market in China is showing signs of recovery, particularly during the Spring Festival holiday from February 15 to 23, with notable performance in tourism, culture, and dining sectors [1] - The company is optimistic about industries that are experiencing initial recovery, driven by structural consumption growth, potential policy support, and overseas growth opportunities, including dining, services, and experiential consumption [1] - The company has assigned a "buy" rating to several stocks, including Anta Sports (02020), China Resources Beer (00291), China Duty Free Group (601888.SH), Haidilao (06862), Midea Group (000333.SZ), and Yum China (09987), while maintaining an "overweight" rating for the domestic consumption sector [1] Group 2 - Based on consumption and travel data during the Spring Festival holiday, the company has adjusted target prices for certain stocks, raising Haidilao's target price to HKD 19.7, Li Ning (02331) to HKD 21.6, Kweichow Moutai (600519.SH) to RMB 1,682, and Wuliangye (000858.SZ) to RMB 115.1 [1]

Summary of Anta Sports Products Research Call Company and Industry Overview - **Company**: Anta Sports Products (2020.HK) - **Industry**: Sportswear and Athletic Equipment Key Points from the Call Financial Performance and Guidance - Amer Sports reported a 4Q EPS of $0.31, exceeding consensus estimates of $0.28, driven by strong performance across all segments [1] - However, the adjusted EBIT margin of 12.5% fell short of expectations (GS/consensus at 13.3%/12.9%) due to increased investments in the Salomon brand [1] - For FY26, Amer expects revenue growth of 16-18%, slightly above GS/consensus estimates of 15.9%/16.3%, but adjusted EPS guidance of $1.10-$1.15 is below the consensus of $1.21/$1.16 [1] Market Performance in Greater China - In 4Q25, Greater China growth for Amer Sports was strong at 42% year-over-year, consistent with 3Q growth of 47% [2] - Management noted positive performance during the Chinese New Year, which is encouraging for the overall sports market, although post-holiday trends need monitoring [2] Implications for Anta Sports - The reported net income from Amer suggests that Anta's investment income from Amer will be approximately 3% lower than previous estimates for 2H25 [3] - Despite the lower EPS guidance from Amer, the solid performance in China and strategic investments in SG&A could support long-term growth for the Salomon brand [3] - Anta's multi-brand platform and effective cost control are expected to support its long-term growth outlook, maintaining a "Buy" rating [4] Competitive Landscape - Amer's revenue growth in Greater China outpaced many peers, indicating a strong competitive position [11] - The performance of various brands under Amer, including Arc'teryx and Salomon, showed strong double-digit growth across regions, with plans for continued store expansion in China [11] Risks and Valuation - Key risks include weaker growth for Anta and Fila, discount pressures, and challenges in operational expense control [19] - Anta's price target is set at HK$108, with a current price of HK$84.55, indicating a potential upside of 27.7% [21] Financial Metrics - Anta's market cap is HK$238.7 billion ($30.5 billion), with projected revenues of Rmb 70.83 billion for 2025 [21] - The company is expected to maintain a P/E ratio of 13.1 for 2025, with a dividend yield of 3.0% [21] Additional Insights - The strong performance of Amer Sports in Greater China reflects positively on Anta's market position and potential for growth in the region [11] - The strategic focus on brand expansion and cost management is crucial for sustaining competitive advantage in the volatile sportswear market [4][11]

Core Viewpoint - Anta Sports (02020) has announced plans to acquire a 29.06% stake in PUMA for approximately €1.5 billion, equivalent to ¥12.28 billion, which would make Anta the largest shareholder of PUMA if the transaction is completed [1] Group 1: Acquisition Details - The acquisition price for the 29.06% stake in PUMA is about €1.5 billion, or ¥12.28 billion [1] - If the acquisition is finalized, Anta will become the largest shareholder of PUMA [1] Group 2: Market Reaction - Anta Sports' stock rose over 4%, specifically by 4.44%, reaching HK$88.3 with a trading volume of HK$476 million [1] Group 3: Analyst Insights - Citigroup has noted that investors are questioning whether the acquisition will enhance or hinder Anta's business in China [1] - The bank anticipates that the acquisition could lead to rapid growth in PUMA's brand revenue in China, as well as potential synergies in retail and distribution, despite Anta only holding a 29% stake [1] - Citigroup believes that investors may be underestimating the positive impact of PUMA's Chinese operations on Anta post-acquisition [1]