Group 1 - Anta Sports announced a joint venture agreement with South Korean fashion platform MUSINSA to operate Korean fashion business in mainland China, Hong Kong, and Macau [1] - Anta will hold 40% and MUSINSA will hold 60% of the equity in the joint venture [1] - The collaboration reflects Anta's strategic focus on "single focus, multi-brand, globalization" and aims to explore the integration of sports and fashion [1] Group 2 - The partnership aims to meet the diverse consumption needs of young consumers as the trend of "sports and fashion integration" becomes a lifestyle [1] - Anta plans to leverage its unique "brand + retail" advantages and extensive experience in the footwear and apparel industry to empower the joint venture's business development [1] - MUSINSA will oversee the joint venture's operations through its management team, while Anta will exercise strategic and financial oversight through representatives on the joint venture's board [1]

Group 1 - Anta Sports (02020) announced a joint venture agreement with MUSINSA Co., Ltd. to establish a company operating Korean fashion business in mainland China, Hong Kong, and Macau [1] - Anta and MUSINSA will hold 40% and 60% equity interests in the joint venture, respectively [1] - The collaboration reflects Anta's strategic focus on "single focus, multi-brand, globalization" and aims to explore the integration of sports and fashion to meet the diverse consumer needs of young customers [1] Group 2 - MUSINSA is one of the largest fashion platform companies in South Korea, with a diverse brand portfolio including MUSINSA, 29CM, EMPTY, and SOLDOUT [2] - MUSINSA's own brand, MUSINSA STANDARD, has been selected to design and supply uniforms for the South Korean delegation at the 2024 Paris Olympics [2] - Since 2021, MUSINSA has expanded its offline retail presence in South Korea to enhance consumer interaction and shopping experience, leading to rapid growth [2]

安踏体育上半年营收385.4亿元人民币，同比增长14.3%；上半年净利润70.3亿元，同比增长14.5%。 ...

Core Viewpoint - Anta Sports demonstrates resilience and robust growth in the Chinese sportswear market, achieving a revenue of 38.54 billion RMB in the first half of 2025, marking a 14.3% year-on-year increase, while maintaining its position as the industry leader in China [1][3] Financial Performance - Anta Sports' operating profit increased by 17% to 10.131 billion RMB, with an operating profit margin of 26.3%, exceeding market expectations [3] - The company reported a net cash inflow of 10.93 billion RMB and a free cash flow of 7.55 billion RMB, indicating strong cash generation capabilities [3] - As of June 30, 2025, Anta Sports held cash and cash equivalents totaling 55.58 billion RMB, providing a solid foundation for future investments [3] Brand Performance - Anta's multi-brand strategy is yielding results, with revenue from the Anta brand reaching 16.95 billion RMB (up 5.4%), FILA brand at 14.18 billion RMB (up 8.6%), and other brands, including Kolon and Descente, achieving 7.41 billion RMB (up 61.1%) [4][5][7] - The PG7 running shoes have sold over 4 million pairs, showcasing Anta's ability to meet consumer demand effectively [4] Strategic Initiatives - Anta Sports is focused on becoming a leading multi-brand sports goods group, leveraging its unique business model that emphasizes brand synergy, retail operations, and global resource integration [4][9] - The company completed the acquisition of the German outdoor brand Jack Wolfskin, enhancing its presence in the outdoor segment and tapping into new revenue growth opportunities [7] Retail and Innovation - Anta's direct-to-consumer (DTC) strategy has improved retail efficiency, with revenue growth achieved despite a stable number of physical stores [10][12] - The company invested nearly 1 billion RMB in R&D in the first half of 2025, with a total of 20 billion RMB allocated over the past decade, and plans to invest another 20 billion RMB in the next five years [14][15] Global Expansion - Anta's global strategy is progressing, with Amer Sports reporting a 23.5% revenue increase to 2.709 billion USD, and Greater China revenue up 42.4% to 856 million USD [15][16] - The brand is expanding into North America, Southeast Asia, and the Middle East, adapting its approach to local market characteristics [16]

Group 1 - Anta Sports has entered into a joint venture agreement with MUSINSA Co., Ltd. to operate Korean fashion businesses in mainland China, Hong Kong, and Macau, with Anta holding 40% and MUSINSA holding 60% of the equity [1] - The collaboration reflects Anta's core strategy of "single focus, multi-brand, globalization" and aims to explore the integration of sports and fashion to meet the diverse consumption needs of young consumers [1] - Anta plans to leverage its unique advantages in "brand + retail" and extensive experience in the footwear and apparel industry to empower the joint venture's business development [1] Group 2 - MUSINSA is one of the largest fashion platform companies in South Korea, with a diverse brand portfolio including MUSINSA, 29CM, EMPTY, and SOLDOUT [2] - MUSINSA's own brand, MUSINSA STANDARD, has been selected to design and supply uniforms for the South Korean delegation at the 2024 Paris Olympics [2] - Since 2021, MUSINSA has expanded its offline retail presence in South Korea to enhance consumer interaction and shopping experience, leading to rapid growth [2]

Core Viewpoint - Anta Sports demonstrates resilience and strong growth in a challenging market, reaffirming its position as a leading player in the Chinese sportswear industry with a revenue of 38.54 billion RMB in the first half of 2025, marking a 14.3% year-on-year increase [1][3] Financial Performance - Anta Sports achieved an operating profit of 10.131 billion RMB, a 17% increase, with an operating profit margin of 26.3%, exceeding market expectations [3] - The company reported a net cash inflow from operations of 10.93 billion RMB and a free cash flow of 7.55 billion RMB, indicating strong cash generation capabilities [3] - As of June 30, 2025, Anta held cash and cash equivalents totaling 55.58 billion RMB, providing a solid foundation for future investments [3] Brand Performance - Anta's multi-brand strategy is yielding results, with revenue from the Anta brand reaching 16.95 billion RMB (up 5.4%), FILA brand at 14.18 billion RMB (up 8.6%), and other brands, including Kolon and Descente, achieving 7.41 billion RMB (up 61.1%) [4][5][7] - The Anta brand's PG7 running shoes have sold over 4 million pairs, showcasing the brand's ability to meet consumer demand effectively [4] Strategic Initiatives - Anta Sports is focused on becoming a world-leading multi-brand sports goods group, leveraging its unique business model that emphasizes brand synergy, retail efficiency, and global resource integration [4][10] - The company completed the acquisition of the German outdoor brand Jack Wolfskin, enhancing its presence in the outdoor segment and tapping into new revenue growth opportunities [7][9] Innovation and R&D - Anta invested nearly 1 billion RMB in R&D in the first half of 2025, with a total of 20 billion RMB allocated to innovation over the past decade [14] - The establishment of seven global design and R&D centers reflects Anta's commitment to technological advancement and product innovation [14] Global Expansion - Anta's international strategy is gaining traction, with Amer Sports reporting a 23.5% revenue increase to 2.709 billion USD in the first half of 2025, and the Greater China region seeing a 42.4% rise to 856 million USD [15] - The brand is actively expanding in Southeast Asia and the Middle East, establishing retail networks in countries like the UAE, Saudi Arabia, and Egypt [15][16]

安踏体育(02020)发布公告，于2025年8月27日，本公司的间接全资附属公司安卡控股与锐源及赏泰各自 订立股份认购协议，锐源及赏泰有条件同意认购而安卡控股有条件同意按相关对价配发及发行合共2500 股认购股份。 待认购事项完成后，由于安卡控股的已发行股份总额为发行认购股份所扩大，本公司透过安卡体育于安 卡控股持有的间接实益权益将会由100%摊薄至80%。因此，认购事项构成视作出售本公司所持有安卡 控股的20%股权。 安卡控股是为了持有"Jack Wolfskin"业务而设立的特殊目的公司。 继本集团于今年较早时间成功完成收购"Jack Wolfskin"业务后，本公司正规划下一阶段发展。董事认为 认购事项将扩大安卡控股的资本基础，符合并有利于"Jack Wolfskin"业务的增长策略。 此外，向赏泰(待于交割前完成架构重组后其将由主要为本集团高级管理层及僱员的利益而设的信托所 持有)发行相关认购股份，可激励本集团高级管理层及雇员并将彼等的财务利益与本集团保持一致，及 推动彼等继续为"Jack Wolfskin"业务的长远成长及发展作出贡献。 ...

Core Viewpoint - Anta Sports (02020) reported a revenue of RMB 38.544 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.3% [1] Financial Performance - Shareholder profit attributable to the company was RMB 7.031 billion, a decrease of 8.9% year-on-year [1] - Adjusted shareholder profit increased by 7.1% to RMB 6.597 billion [1] - Basic earnings per share were RMB 2.53, with an interim dividend proposed at HKD 1.37 per share [1] Operational Efficiency - The company maintained high operational efficiency, with an overall operating profit margin rising by 0.6 percentage points to 26.3% [1] - The operating profit margin for the Anta segment increased by 1.5 percentage points to 23.3% [1] - The operating profit margin for the FILA segment decreased by 0.9 percentage points to 27.7% [1] - The operating profit margin for all other brands increased by 3.3 percentage points to 33.2% [1] Cash Flow - The company achieved a net cash inflow from operating activities of RMB 10.931 billion [1] - Free cash inflow was RMB 7.548 billion, indicating stable cash generation capability [1]

Core Viewpoint - Anta Sports (02020) reported a revenue of RMB 38.544 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.3% [1] Financial Performance - The company's net profit attributable to shareholders was RMB 7.031 billion, a decrease of 8.9% year-on-year [1] - Adjusted net profit attributable to shareholders increased by 7.1% to RMB 6.597 billion [1] - Basic earnings per share were RMB 2.53, with an interim dividend proposed at HKD 1.37 per share [1] Operational Efficiency - The overall operating profit margin increased by 0.6 percentage points to 26.3% [1] - Anta segment's operating profit margin rose by 1.5 percentage points to 23.3% [1] - FILA segment's operating profit margin decreased by 0.9 percentage points to 27.7% [1] - Operating profit margin for all other brands increased by 3.3 percentage points to 33.2% [1] Cash Flow - The company achieved a net cash inflow from operating activities of RMB 10.931 billion [1] - Free cash inflow was RMB 7.548 billion, indicating stable cash generation capability [1]

Group 1 - Anta Sports announced a conditional share subscription agreement involving its indirect wholly-owned subsidiary, Anka Holdings, with Ruiyuan and Shangtai, for a total of 2,500 subscription shares [1] - Following the completion of the subscription, Anta's indirect beneficial interest in Anka Holdings will be diluted from 100% to 80% [1] - Anka Holdings was established as a special purpose company to hold the "Jack Wolfskin" business [1] Group 2 - The company plans to expand Anka Holdings' capital base, aligning with the growth strategy for the "Jack Wolfskin" business [2] - Issuing subscription shares to Shangtai, which will be held in trust primarily for senior management and employees, aims to align their financial interests with the group and incentivize contributions to the long-term growth of "Jack Wolfskin" [2]