Investment Rating - The report indicates a positive investment sentiment towards Anta Sports, particularly following its acquisition of a 29.06% stake in Puma SE, which aligns with its strategic focus on "single focus, multi-brand, globalization" [5]. Core Insights - Anta Sports' stock price increased by 2% on January 27, 2026, after the announcement of the acquisition, which was priced at €35 per share, totaling €1.505 billion (approximately 12.28 billion RMB) [5]. - The acquisition is expected to enhance Anta's market position, especially given Puma's relatively low sales share in Greater China, which stands at 7%, compared to industry peers at 17%-30% [5]. - The management confirmed that the transaction will not affect the dividend for 2025, and Anta will become the largest shareholder of Puma, indirectly becoming one of Shenzhou International's largest clients [5]. Summary by Sections Strategic Layout - The acquisition is fully funded by internal resources, with no external financing required [6]. - The deal is expected to complete regulatory approval by the end of 2026 [6]. - Anta will take over two board seats at Puma, enhancing collaboration in product, channel, and membership operations [6]. Market Dynamics - Anta is positioned to expand its market share in the growing outdoor sports market and benefit from its multi-brand strategy [7]. - The company emphasizes product innovation and athlete collaborations, such as a five-year partnership with Kyrie Irving [7]. - Major sporting events, including the Olympics, are expected to boost brand exposure and consumer engagement [7]. Company Overview - Anta Sports is a leading sports goods company in China, with a comprehensive brand matrix including Anta, Fila, Descente, KOLON Sports, and MAIA [9]. - The company primarily operates in the mass market in China, focusing on the design, development, production, and marketing of sports apparel and accessories [9]. Financial Metrics - As of January 27, 2026, Anta's stock price was HKD 77.9, with a market capitalization of USD 28.8 billion [12]. - The average daily trading volume over the past three months was USD 0.928 million [12]. - The consensus target price from Refinitiv is HKD 107.25 [12].

Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]

智通财经APP获悉，摩根士丹利发布研报称，安踏体育(02020)宣布拟以内部资源支付约15亿欧元，收购 Puma约29.06%股权，交易定位为战略投资，公司表明现阶段不考虑将Puma私有化。大摩认为，鉴于 Puma拥有约90亿欧元的营收规模及强大的品牌知名度，对安踏现有品牌组合可带来互补作用，相信是 次交易将为安踏带来益处。 大摩表示，Puma在欧洲、拉丁美洲、非洲及印度市场有较高业务敞口，上述市场正是安踏目前业务占 比相对有限的地区，因此预计今次交易将对安踏的全球化发展带来积极贡献。交易估值相当于2027年预 测市销率0.8倍，考虑到Puma的品牌价值，大摩认为估值合理。 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [7] Core Views - Anta Sports announced an agreement to acquire approximately 29.06% of PUMA's shares for €15.06 billion (approximately ¥122.8 billion), becoming PUMA's largest shareholder [1][2] - The acquisition is part of Anta's strategy of "single focus, multi-brand, and globalization," aiming to enhance its global brand matrix and leverage PUMA's strengths in professional sports and fashion [2][4] - The transaction is expected to be completed by December 31, 2026, pending regulatory approvals, and is anticipated to have no impact on Anta's dividend capacity for 2025 [3][4] Summary by Sections Acquisition Details - Anta Sports will pay €35 per share, representing a 63% premium over PUMA's closing price of €21.5 on January 27, 2026 [3] - The acquisition is valued at approximately 0.8 times the expected revenue for FY2027, indicating a reasonable valuation for a global brand [3] Financial Projections - Anta forecasts net profits of ¥130.2 billion, ¥140.1 billion, and ¥155.0 billion for 2025, 2026, and 2027 respectively [5] - The target price for Anta is set at HKD 109.21, based on a target PE of 20x for 2026 [5] Market Potential - PUMA's revenue in China is currently low, accounting for about 7% in the fiscal year 2024, indicating significant growth potential in the Chinese market [4] - Anta plans to utilize its established "brand + retail" business model to enhance PUMA's operations in China, aiming for growth above the industry average [4]

晨星分析师Ivan Su报告称，安踏 体育计划收购彪马29%的股份，这为其中国业务的增长提供了上行空 间。他预计，得益于安踏在规模化运营国际品牌方面的良好往绩，彪马在中国的收入将有显著改善。虽 然彪马中国业务的好转可能需要时间，但Su认为这极有可能实现。他表示，安踏可以重整彪马的分销 策略，转向直营更高质量的门店，推出更多本土化产品，并利用其在足球领域的传统优势。Su还认 为，安踏决定用现金为此次收购提供资金是积极的，因为这解决了投资者对现金储备过多的担忧。晨星 维持对安踏122.00港元的合理价值估值，并计划在获得监管部门批准且有更多细节公布后，重新评估其 估值。 ...

股票研究 /[Table_Date] 2026.01.28 收购 PUMA 29%股权，全球化布局注入 新动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 安踏出资 15 亿欧元收购 PUMA 29%股份，成为最大股东。PUMA 业绩面临短期压 力，当前正处清货节奏。我们认为此次收购是安踏推进"单聚焦、多品牌、全球化" 战略的关键一步。 投资要点： | 财务摘要(百万人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 70826 | 78410 | 85846 | 95707 | | (+/-)% | 13.6% | 10.7% | 9.5% | ...

Group 1 - The core viewpoint of the report is that Anta Sports (02020) maintains its EPS forecast of 4.71 yuan for 2025, with projections of 4.76 and 5.04 yuan for 2026 and 2027 respectively, corresponding to P/E ratios of 14x and 13x for those years, and maintains an outperform rating for the industry [1] - Anta Sports announced the acquisition of a 29.06% stake in Puma SE for 35 euros per share, totaling approximately 1.506 billion euros (about 12.278 billion yuan), fully funded by its cash reserves, positioning Anta as the largest shareholder of Puma upon completion of the transaction [2] - The transaction price is considered reasonable based on Puma's long-term brand value, with the acquisition price representing 0.8 times the enterprise value to the expected revenue for 2027 [3] Group 2 - Puma is an internationally leading sports brand with over 70 years of history, excelling in football, running, racing, basketball, and cross-training, and has a strong global influence, particularly in Europe, Latin America, Africa, and India, while its revenue from the Chinese market remains relatively low [4] - The acquisition is expected to enhance Anta Sports' brand portfolio and improve its overall international competitiveness through complementary product offerings and regional strengths [4] - Anta Sports has successfully developed brands like FILA, Descente, and Kolon in China and aims to leverage its established global brand-building, retail, and supply chain systems to reactivate Puma's brand value post-acquisition [5]

国信纺服观点： 1、标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 年恢复增长； 4、风险提示：关税政策不确定性；品牌形象受损；市场的系统性风险。 5、投资建议：看好集团多品牌全球化运营下，持续好于行业的成长潜力。此次安踏对 PUMA 的收购，是公司全 球化战略的进一步深化，PUMA 在全球运动鞋服市场份额领先，在多个专业运动项目以及欧洲等重点市场具有领 先地位和先进经验与安踏集团品牌矩阵有协同性和互补性；PUMA 虽然短期增长乏力、盈利承压，但现管理层正 推动品牌复苏，致力于 2027 年恢复增长，安踏加入后更有望焕发品牌新增长活力。我们维持盈利预测，预计公 司 2025-2027 年归母净利润分别为 132.1/139.3/155.8 亿元，可比口径的利润增长分别为+10.7%/5.5%/11.9% （2024 年剔除 Amer 上市和配售权益摊薄所得的可比口径利润为 119.3 亿元）。维持 107-112 港元目标价，对应 2026 年 20-21X PE，维持"优于大市"评级。 评论： 标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for ANTA Sports, with a target price of HK$91.40, representing a potential upside of 17.4% from the current price of HK$77.90 [2][14]. Core Insights - ANTA Group plans to acquire a 29.06% stake in PUMA SE for €1.5 billion (approximately RMB 12.278 billion), becoming its largest shareholder. The acquisition price of €35 per share represents a 60% premium over the market price, but management believes it is justified based on enterprise value assessments [3][11]. - The acquisition is part of ANTA's strategy to enhance its "Single Focus, Multi-Brand, Globalization" approach, aiming to fill gaps in its global presence and validate its multi-brand management model [4][12]. - The transaction is expected to be completed by the end of 2026, subject to various regulatory approvals, including antitrust and foreign direct investment approvals [3][11]. Financial Summary - Revenue forecasts for ANTA Sports from 2025 to 2027 are projected at RMB 78.26 billion, RMB 85.00 billion, and RMB 92.04 billion, reflecting year-on-year growth rates of 10.5%, 8.6%, and 8.3% respectively [7][14]. - Net profit attributable to the parent company is expected to be RMB 12.98 billion in 2025, with a decline in 2026 to RMB 14.34 billion, and an increase to RMB 16.24 billion in 2027, showing a year-on-year change of -16.6%, 10.0%, and 12.6% [7][14]. - The projected P/E ratios for 2025, 2026, and 2027 are 15.0x, 13.6x, and 12.1x respectively [7][14]. Market Context - PUMA's revenue is expected to decline in 2025, with a consensus forecast of a net loss of €620 million. The brand's sales are primarily through franchising, which accounts for 72.5% of its revenue [5][13]. - PUMA has strong brand recognition in segments such as running, football, and motorsports, particularly in markets where ANTA has a weaker presence, such as Europe and Latin America [5][13].

Investment Rating - The report maintains an OUTPERFORM rating for ANTA Sports [2][7]. Core Views - ANTA Group plans to acquire a 29.06% stake in PUMA SE for €1.5 billion (approximately RMB 12.278 billion), becoming its largest shareholder. The acquisition price of €35 per share represents a 60% premium over the market price, but management emphasizes that this is within a reasonable valuation range based on enterprise value assessments [3][11]. - The acquisition is a strategic investment aimed at advancing ANTA's "Single Focus, Multi-Brand, Globalization" strategy, which will help address the company's global layout shortcomings and validate its multi-brand management model [4][12]. - The expected completion of the transaction is between 6 to 10 months, pending various approvals, including antitrust and shareholder approvals [3][11]. Financial Summary - Revenue forecasts for ANTA Sports for 2025-2027 are maintained at RMB 78.26 billion, RMB 85.00 billion, and RMB 92.04 billion, representing year-on-year growth of 10.5%, 8.6%, and 8.3% respectively [7][14]. - The net profit attributable to the parent company for 2025-2027 is projected to be RMB 12.98 billion, RMB 14.34 billion, and RMB 16.24 billion, with year-on-year changes of -16.6%, 10.0%, and 12.6% respectively [7][14]. - The corresponding P/E ratios for 2025-2027 are expected to be 15.0x, 13.6x, and 12.1x [7][14]. Market Context - PUMA's revenue is expected to decline by double digits in 2025, with a consensus forecast of a net loss of €620 million for the year. The brand's sales are primarily through franchising, which accounts for 72.5% of its revenue [5][13]. - PUMA has strong brand recognition in segments such as running, football, basketball, training, and motorsports, particularly in markets where ANTA has a weaker presence, such as Europe and Latin America [5][13].