运营效率出色，营业利润率同比持续提升 费用方面，1H24奥运费用使基数较高，1H25广宣费用率同降0.9ppt至6.6%，同时公司加大终端零售员 工薪酬预算，员工成本率同增0.2ppt至15.7%，公司研发费用率保持稳定。由于费用的有效管控和1H25 收到政府补贴的增加，公司营业利润率同增0.6ppt至26.3%。 智通财经APP获悉，中金发布研报称，基本维持安踏体育(02020)2025/26年EPS预测4.82/5.47元，当前股 价对应19/17倍 2025/26年市盈率，维持跑赢行业评级和目标价120.92港元不变，对应23/20倍2025/26年 市盈率，有19%的上行空间。 中金主要观点如下： 1H25业绩好于该行预期 公司公布1H25业绩：收入同增14%至385亿元，不包括Amer上市收益的股东应占溢利同增14.5%至70.3 亿元，业绩好于该行预期，主因其他品牌高增长及政府补助增加。公司宣布派发中期股息1.37港币/ 股，对应派息率约50%。 FILA及其他品牌均表现亮眼 1H25安踏主品牌继续聚焦大众专业运动领域，收入同增5.4%。1H25安踏的专业产品IP矩阵表现出色， PG7系列1H25 ...

中金主要观点如下： 1H25业绩好于该行预期 公司公布1H25业绩：收入同增14%至385亿元，不包括Amer上市收益的股东应占溢利同增14.5%至70.3 亿元，业绩好于该行预期，主因其他品牌高增长及政府补助增加。公司宣布派发中期股息1.37港币/ 股，对应派息率约50%。 FILA及其他品牌均表现亮眼 中金发布研报称，基本维持安踏体育(02020)2025/26年EPS预测4.82/5.47元，当前股价对应19/17倍 2025/26年市盈率，维持跑赢行业评级和目标价120.92港元不变，对应23/20倍2025/26年市盈率，有19% 的上行空间。 费用方面，1H24奥运费用使基数较高，1H25广宣费用率同降0.9ppt至6.6%，同时公司加大终端零售员 工薪酬预算，员工成本率同增0.2ppt至15.7%，公司研发费用率保持稳定。由于费用的有效管控和1H25 收到政府补贴的增加，公司营业利润率同增0.6ppt至26.3%。 Amer大幅转盈 期内公司合并Amer相较1H24的亏损0.2亿元变为贡献利润4.3亿元，始祖鸟在全球范围内延续高增长的同 时，萨洛蒙和威尔逊的高增长又一次印证安踏集团打造品牌的能力 ...

Summary of Anta Sports Products Earnings Call Company Overview - **Company**: Anta Sports Products (2020.HK) - **Market Cap**: HK$286.8 billion / $36.8 billion - **Enterprise Value**: HK$326.7 billion / $41.9 billion - **Current Price**: HK$101.60 - **Target Price**: HK$121.00 (Upside: 19.1%) [7][19] Key Industry Insights - **Sales Guidance**: Anta has lowered its core sales guidance from high single digits (HSD%) to mid single digits (MSD%) for the Anta brand, while maintaining MSD% growth for the Fila brand. Other smaller brands have increased their growth guidance from over 30% to over 40% year-on-year [1][25]. - **Sales Trends**: Retail sales growth from July to August was slower than Q2 and below internal expectations, but there is hope for improvement in September [22][21]. - **Brand Strategy**: The company is focusing on a multi-brand strategy, with smaller brands helping to stabilize overall sales and margins [2][19]. Financial Performance - **Earnings Performance**: Anta reported a healthy core operating profit (OP) and net profit (NP) for 1H25, but the share price retreated by 2% due to mixed messages from the analyst briefings [1]. - **Revenue Forecasts**: Adjustments to net income forecasts for 2025-2027 reflect a slight decrease of -2% to 0% [2]. - **2025 Revenue Estimates**: - New: Rmb 80,548.1 million - Old: Rmb 80,435.6 million - Growth Rate: 13.7% [29] Brand-Specific Updates - **Anta Brand**: Operating profit margin (OPM) is expected to be maintained at 20-25% [25]. - **Fila Brand**: OPM is projected at around 25% [25]. - **Jack Wolfskin**: The brand is undergoing a 3-5 year revitalization plan, with expected losses exceeding Rmb 100 million in 2025 [1][28]. - **Other Brands**: - Descente's monthly sales per store increased to approximately Rmb 2.7 million in 1H25 [28]. - Kolon sports store count target increased from 190-200 to 200-210 [28]. Capital Allocation and M&A Strategy - **Investment Focus**: The company will prioritize investments in existing businesses and actively explore M&A targets to enhance its portfolio [1]. - **Buyback Plan**: Anta plans to maintain a stable payout ratio alongside its buyback strategy [1]. Risks and Challenges - **Market Volatility**: The company acknowledges potential volatility in gross profit margins (GPM) due to industry headwinds [26]. - **Discount Pressures**: There are concerns regarding discount levels and their impact on margins [31]. Conclusion - **Investment Recommendation**: Goldman Sachs maintains a "Buy" rating on Anta Sports Products, citing the company's strong execution of its multi-brand strategy and potential for sustainable market share gains [2][19].

证券研究报告|港股公司点评报告 公司公告与韩国潮流电商平台 Musinsa 成立合资企业，在合资企业中持有 40%股权，此次与 MUSINSA 合作 拓展中国市场，是公司在坚持'单聚焦、多品牌、全球化'战略的前提下，通过战略投资方式探索运动与时尚 的结合，更好地满足年轻消费者多元化的消费需求。 [Table_Date] 2025 年 08 月 27 日 [Table_Title] 主品牌批发承压，其他品牌维持高增 [Table_Title2] 安踏体育(2020.HK) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 2020 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 106.3/69.4 | | 目标价格(港元)： | | 总市值(亿港元) | 2,852.13 | | 最新收盘价(港元)： | 101.6 | 自由流通市值(亿港元) | 2,852.13 | | | | 自由流通股数(百万) | 2,807.21 | [Table_Summary] 事件概述 2025H1 公司实现收入/经调整归母 ...

Core Insights - Anta Sports achieved record high performance in the first half of 2025, with revenue increasing by 14.3% year-on-year to RMB 38.54 billion, marking 12 consecutive years of growth and maintaining the top position in the Chinese market for four years [1] - The company emphasizes a strategy of "single focus, multi-brand, globalization" to meet diverse consumer needs and accelerate its global expansion [1] Group Performance - Anta brand revenue grew by 5.4% year-on-year to RMB 16.95 billion, outperforming the industry average [1] - The brand's strategy focuses on "mass positioning, professional breakthroughs, and brand elevation," enhancing its influence among younger consumers [1] Retail Innovation - Anta is advancing retail innovation by upgrading five new store formats and deepening its presence in Southeast Asia, with plans for a flagship store in Beverly Hills, Los Angeles [2] - FILA brand revenue increased by 8.6% year-on-year to RMB 14.18 billion, leading industry growth and enhancing retail service and channel image [2] Multi-Brand Strategy - Other brands under Anta saw a significant revenue increase of 61.1% year-on-year to RMB 7.41 billion, showcasing the company's strong multi-brand management capabilities [3] - Descente and Kolon performed exceptionally well, with Descente maintaining the top brand power in the high-end skiing segment [3] Strategic Partnerships - Anta announced a joint venture with South Korean fashion group MUSINSA, with Anta holding 40% and MUSINSA 60%, to develop the MUSINSA brand in China [4] Acquisition Strategy - Anta's acquisition strategy focuses on brands with strong value and potential, aiming to enhance brand value through strategic restructuring and investing in high-potential emerging brands [5]

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。 本公告僅供作提供資料目的，概不構成收購、購買或認購證券之邀請或要約，亦不計劃 招攬任何該等要約或邀請。尤其是，本公告並不構成亦並非在香港、美國或其他地方進 行證券銷售或邀請或招攬購買或認購證券之要約。 ANLLIAN Capital 2 Limited （於英屬維爾京群島註冊成立之有限公司） ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立之有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） 於二零二九年到期 1,500,000,000 歐元零息有擔保可換股債券 換股價調整 根據債券的條款及條件及由於董事會於二零二五年八月二十七日宣派股息，換 股價將由港幣 102.62 元調整為港幣 101.13 元。債券的換股價調整將會自二零 二五年九月十一日起生效。除調整外，債券的所有其他條款及條件維持不變。 謹此提述 (i) 安踏體育用品有限 ...

Financial Performance - The company's total revenue increased by 14.3% to RMB 38.54 billion [3, 50] - Profit attributable to equity shareholders increased by 14.5% to RMB 7.03 billion [6, 96] - The company's overall gross profit margin was 63.4%, a 0.7 percentage point decrease [54] - Free cash inflow amounted to RMB 7.55 billion [7] - The company declared an interim dividend per share of HK 137 cents, a 16.1% increase [71, 96] Brand Performance - ANTA brand revenue increased by 5.4% to RMB 16.95 billion [3, 52] - FILA brand revenue increased by 8.6% to RMB 14.18 billion [3, 52] - All other brands revenue increased significantly by 61.1% to RMB 7.41 billion [3, 52] E-commerce and Digitalization - E-commerce revenue increased by 17.6% year-over-year [35] - E-commerce contributed 34.8% to the Group's overall revenue, compared to 32.8% in the first half of 2024 [37] Market Review - Total Retail Sales of Consumer Goods increased by 5.0% from January to June 2025 [12] - The Consumer Confidence Index in June 2025 was 87.9 [12]

Core Viewpoint - Anta Sports reported a record high revenue of 38.54 billion yuan for the first half of 2025, marking a year-on-year increase of 14.3% [1][2]. Financial Performance - Adjusted net profit attributable to shareholders increased by 7.1% to 6.597 billion yuan [1][2]. - The operating profit margin rose by 0.6 percentage points to 26.3%, with Anta's segment margin increasing by 1.5 percentage points to 23.3% [2]. - The revenue from the Anta brand was 16.95 billion yuan (up 5.4%), while FILA brand revenue reached 14.18 billion yuan (up 8.6%) [1][2]. Inventory Management - Average inventory turnover days increased by 22 days, from 114 days in the first half of 2024 to 136 days in the first half of 2025 [3]. - The rise in inventory turnover days is attributed to an increase in inventory and the impact of business acquisitions [3]. Strategic Expansion - Anta Sports continued its global expansion through strategic acquisitions and joint ventures in the first half of 2025 [4]. - The acquisition of outdoor brand Jack Wolfskin for 2.164 billion yuan was highlighted, enhancing Anta's brand portfolio and extending its outdoor product line [5]. - A joint venture with South Korean fashion platform MUSINSA was established, with Anta holding 40% equity, aimed at integrating sports and fashion industries [6].

Core Viewpoint - Anta Sports reported a 14% year-on-year revenue growth in the first half of the year, exceeding market expectations, but net profit declined by nearly 9% [1][4]. Financial Performance - Revenue reached 38.5 billion RMB, a 14% increase compared to the previous year, surpassing the market expectation of 38.1 billion RMB [4]. - Net profit was 7.03 billion RMB, down 8.9% year-on-year, slightly above the forecast of 6.93 billion RMB [4]. - Operating profit margin increased by 0.6 percentage points to 26.3% [4]. - Anta brand revenue grew by 5.4% to 16.95 billion RMB, with an operating profit margin up by 1.5 percentage points to 23.3% [4]. - FILA brand revenue increased by 8.6% to 14.18 billion RMB, but its operating profit margin decreased by 0.9 percentage points to 27.7% [4]. - Other brands (DESCENTE, KOLON SPORT, etc.) saw a revenue increase of 61.1% to 7.41 billion RMB, with an operating profit margin up by 3.3 percentage points to 33.2% [4]. Business Developments - Anta's Q2 revenue grew by 14.3% to 38.54 billion RMB, although overall gross margin fell by 0.7 percentage points to 63.4% due to increased contributions from lower-margin e-commerce and footwear segments [6]. - E-commerce accounted for 34.8% of total revenue, showing a 17.6% increase in absolute terms compared to the same period in 2024 [6]. - Anta announced a joint venture with South Korean fashion e-commerce platform Musinsa, holding a 40% stake, to target the youth market in mainland China, Hong Kong, and Macau [6]. - The company is accelerating global brand acquisitions, including the purchase of German outdoor brand Jack Wolfskin from Topgolf Callaway, aiming to strengthen its outdoor sports segment [7]. - Anta is pursuing a "multi-brand matrix" strategy to cover a wide range of consumers, from budget-friendly options to high-end professional outdoor brands [7]. - Analysts suggest that Anta aims to narrow the revenue gap with Nike and Adidas by 2030, focusing on innovative products and strategic acquisitions for growth [7].

Core Viewpoint - Anta Sports reported a robust performance for the first half of 2025, with revenue increasing by 14.3% year-on-year to RMB 38.544 billion, and adjusted net profit attributable to shareholders rising by 7.1% to RMB 6.597 billion, or 14.5% to RMB 7.031 billion when excluding the dilution effect from the listing of Amer Sports [1] Group Performance - Anta and FILA brands contributed significantly to the revenue growth, while DESCENTE and KOLONSPORT achieved strong growth in specialized segments, collectively driving double-digit revenue growth and expanding market share [1] - Anta segment revenue grew by 5.4% year-on-year to RMB 16.95 billion, with an operating profit margin increase of 1.5 percentage points to 23.3%, driven by innovative products and a global strategy [1] - FILA segment revenue increased by 8.6% to RMB 14.18 billion, with an operating profit margin of 27.7%, particularly excelling in tennis, golf, women's, and outdoor sports categories [1] Strategic Focus - Anta Sports will continue to adhere to its "single focus, multi-brand, globalization" strategy to achieve sustainable development [1]