集团将充分发挥"品牌+零售"的独特优势，以及丰富的鞋服行业全价值链管理经验，全面赋能合资公司 的业务发展，为热爱运动与时尚的年轻消费者提供更具个性化和差异化的选择。MUSINSA将通过合资 公司的管理团队监督和管理合资公司业务运营，而集团将通过合资公司董事会的代表行使战略和财务监 督职能。 此次与MUSINSA的合作，体现集团在"单聚焦、多品牌、全球化"的核心战略的前提下，通过战略投资 对时尚产业的一次建设性探索。随着"运动与时尚融合"正在成为当下的生活方式，集团致力以多种途径 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。 格隆汇8月27日丨安踏体育(02020.HK)公告，公司的一家附属公司("安踏")已与MUSINSA Co.,Ltd.订立一 份合资协议。根据该合资协议，安踏与MUSINSA同意成立合资公司，共同在中国内地、香港特别行政 区及澳门特别行政区营运韩国时装业务。安踏及MUSINSA将分别持有合资公司40%及60%的股本权 益。 ...

Core Insights - Anta Sports reported a robust performance in the first half of 2025, with revenue increasing by 14.3% year-on-year to RMB 38.544 billion and adjusted net profit rising by 7.1% to RMB 6.597 billion [1] - The company declared an interim dividend of HKD 1.37 per share for the six months ending June 30, 2025 [1] - Anta's core brands, Anta and FILA, contributed significantly to revenue growth, while DESCENTE and KOLONSPORT captured market share in specialized segments [1] Group Performance - Anta's 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% [2] - FILA's segment revenue increased by 8.6% year-on-year to RMB 14.18 billion, although its operating profit margin decreased by 0.9 percentage points to 27.7% due to strategic investments in product functionality and quality [2] Strategic Initiatives - Anta is focusing on innovation in professional products and targeting high-growth niche markets to expand its scale [2] - The company is advancing its "globalization" strategy, achieving significant results in overseas market expansion, which enhances its brand image [2] - Anta aims to maintain a "single focus, multi-brand, globalization" strategy to drive sustainable development amid market opportunities and challenges [2]

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。 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（港元櫃台）及 82020（人民幣櫃台） 自願性公告 與 MUSINSA 成立合資公司 本公告乃由安踏體育用品有限公司（「本公司」，連同其附屬公司統稱為「本集團」）自願性發 出。 與 MUSINSA 成立合資公司 本公司董事會（「董事會」）欣然宣布，本公司的一家附屬公司（「安踏」）已與 MUSINSA Co., Ltd.（「MUSINSA」）訂立一份合資協議（「合資協議」）。根據該合資協議，安踏與 MUSINSA 同意成立合資公司（「合資公司」），共同在中國內地、香港特別行政區及澳門特別行政區營運 韓國時裝業務（「合資安排」）。安踏及 MUSINSA 將分別持有合資公司 40%及 60%的股本權 益。 承董事會命 安踏體育用品有限公司 主席 丁世忠 1 有關 MUSINSA ...

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） 關連交易 股份認購協議 視作出售一間附屬公司的股權 股份認購協議 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。 於 二 零 二 五 年 八 月 二 十 七 日，本 公 司 的 間 接 全 資 附 屬 公 司 安 卡 控 股 與 銳 源 及 賞 泰 各 自 訂 立 股 份 認 購 協 議，據 此，銳 源 及 賞 泰 有 條 件 同 意 認 購 而 安 卡 控 股有條件同意按相關對價配發及發行合共2,500股 認 購 股 份。對 價 的 釐 定 基 準 詳 情 概 述 於 本 公 告 下 文「股 份 認 購 協 議－認 購 股 份 及 對 價」一 節。 待 認 購 事 項 完 成 後，由 於 安 卡 控 股 的 已 發 行 股 ...

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 1 頁 共 2 頁 v 1.1.1 EF001 EF001 免責聲明 | 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。 | 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 | | --- | --- | | 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 | 宣派截至二零二五年六月三十日止六個月的中期股息 | | 公告日期 | 2025年8月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | ...

香 港 交 易 及 結 算 所 有 限 公 司 和 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 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 之 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 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） 二零二五年中期業績公告 安 踏 體 育 用 品 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（合 稱「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 業 績。本 公 告 列 載 本 公 司《二 零 二 五 年 中 期 報 告》全 文，並 符 合《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》中 有 關 中 期 業 績 初 步 ...

Summary of Anta Sports Products Research Call Company and Industry Overview - **Company**: Anta Sports Products (2020.HK) - **Industry**: Sportswear and Outdoor Equipment Key Points and Arguments 1. **Amer Sports Performance**: Amer Sports reported a solid 2Q performance with an adjusted EPS of $0.06, exceeding consensus estimates of $0.02/$0.03. Revenue grew by 23.5% year-over-year, surpassing expectations of 17.8%/17.9% [1][3] 2. **Guidance Update**: Amer Sports raised its FY25 adjusted EPS guidance to $0.67-$0.72 from a previous range of $0.64-$0.69, indicating strong revenue growth expectations of 20%-21% year-over-year [1][3] 3. **Greater China Growth**: The Greater China market for Amer Sports showed robust growth of 42% year-over-year, maintaining momentum from the previous quarter [2][8] 4. **Positive Outlook for Anta**: The strong performance and guidance from Amer Sports are expected to positively impact Anta's investment income, with an anticipated associate income contribution of approximately RMB1,046 million, representing about 8% of Anta's net income [3][7] 5. **Market Dynamics**: The outdoor segment in China remains strong, attracting younger consumers and luxury shoppers, which is beneficial for Anta's brands like Descente and Kolon [3][8] 6. **Internal Competition**: There are discussions regarding internal competition within Anta's outdoor brand portfolio; however, the company is expected to leverage consumer insights to differentiate its brands and capture segmented demand [3][8] 7. **Tariff Management**: Amer Sports management expressed confidence in managing higher tariffs due to strong pricing power and a diverse global footprint, expecting negligible impact on their business in 2025 [9] 8. **Salomon's Growth**: Salomon's footwear revenue accelerated by 35% year-over-year, indicating positive implications for Original Equipment Manufacturers (OEMs) like Yue Yuen and Feng Tay [10] Additional Important Insights 1. **Retail Strategy**: Amer Sports plans to optimize its retail footprint by closing less productive stores and focusing on high-quality direct-to-consumer (DTC) locations [11] 2. **Sales Trends**: Anta's retail sales growth has shown fluctuations, with e-commerce growth rates between 20-25% in previous quarters, while offline sales have been more variable [12] 3. **Valuation and Risks**: Anta is rated as a Buy with a 12-month price target of HK$117, reflecting a potential upside of 20%. Key risks include weaker brand growth and discount pressures [17][18][20] This summary encapsulates the critical insights from the research call regarding Anta Sports Products and the broader sportswear market dynamics, highlighting both opportunities and risks for investors.

Core Viewpoint - The report from Credit Lyonnais highlights Anta Sports (02020) as the top pick in the sportswear sector, with slight upward adjustments to sales and net profit forecasts for 2025-2027, and an increase in target price from HKD 114 to HKD 116, maintaining an "outperform" rating [1] Company Summary - Anta Sports is identified as the largest market share winner in the domestic sportswear market, with expectations that domestic brands will surpass international sports retailers in revenue and profitability [1] - The sales forecast for Anta Sports has been slightly increased by 2%, while net profit forecasts have been raised by 1% for the years 2025-2027 [1] Industry Summary - The report notes that domestic sportswear brands are continuing to expand their market share, with a year-on-year sales growth of 4.2% in the first half of the year, outperforming the apparel and accessories sector's growth of 3.1%, but still lagging behind the overall consumer goods growth of 5% [1] - The third quarter is expected to show improved retail sales on a quarterly basis due to a lower base, although discount pressures remain a concern [1] - Xtep International (01368) has seen a downward adjustment in sales forecasts by 1% to 2% and profit forecasts reduced by 3% to 5% for 2025-2027, but its target price has been raised from HKD 5.9 to HKD 6.3, maintaining an "outperform" rating based on risk-reward ratio [1]

Core Viewpoint - The report from Credit Lyonnais highlights Anta Sports (02020) as the top pick in the sportswear sector, with slight upward adjustments to sales and net profit forecasts for 2025-2027, and an increase in target price from HKD 114 to HKD 116, maintaining an "outperform" rating [1] Company Summary - Anta Sports is identified as the largest market share winner in the domestic sportswear market, with expectations that domestic brands will surpass international sports retailers in revenue and profitability [1] - The sales forecast for Xtep International (01368) has been slightly downgraded by 1% to 2% for 2025-2027, with earnings estimates reduced by 3% to 5%, although the target price has been raised from HKD 5.9 to HKD 6.3, maintaining an "outperform" rating based on risk-reward ratio [1] Industry Summary - The domestic sportswear brand market has seen a year-on-year sales growth of 4.2% in the first half of the year, outperforming the apparel and accessories sector's growth of 3.1%, but lagging behind the overall consumer goods growth of 5% [1] - The report notes that the third quarter will have a low base, suggesting potential quarter-on-quarter improvement in retail sales for brands, although discount pressures remain a concern [1]

责任编辑：王翔 近期有传闻称，安踏体育即将完成收购美国运动鞋品牌Reebok锐步。对此，安踏体育向新浪财经回应 称："我们不对市场传闻发表评论。我们建议以公司官方发布的信息为准，感谢您的理解。 " ...