Core Viewpoint - The company reported its Q2 2025 operational data, showing performance in line with expectations, with a double-digit revenue growth overall, while the main brand Anta experienced low single-digit growth [1][2]. Group 1: Anta Brand Performance - In Q2 2025, Anta's brand revenue growth was low single-digit, while the first half of the year showed mid single-digit growth, which was below internal expectations due to several factors [2]. - The company accelerated store upgrades in lower-tier cities, impacting short-term sales but laying a foundation for future growth [2]. - The competitive landscape during the online 618 shopping festival led to a cautious approach on discounts to maintain brand health [2]. - A new e-commerce head was appointed to enhance product differentiation across platforms, with expectations for improved sales performance in the second half of the year [2]. Group 2: New Retail Formats and Other Brands - Anta's new retail formats, such as champion stores and SV collection stores, have shown significant effectiveness, with champion stores achieving 80% higher sales efficiency than regular stores [3]. - FILA continued its steady growth with mid single-digit revenue growth in Q2, driven by a recovery in main products and strong e-commerce performance [3]. - New brands like Descente, KOLON, and Maia Active showed exceptional growth, with Descente exceeding 40% and KOLON over 70% in Q2 [3]. Group 3: Inventory and Financial Outlook - Inventory levels remained healthy, with a stock-to-sales ratio of around five months for Anta and FILA [4]. - The company maintained effective cost control, which is beneficial for stabilizing overall operating profit margins [4]. - The multi-brand matrix is seen as a valuable asset, with expectations for continued growth potential, maintaining a "buy" rating and profit forecasts for 2025-2027 [4].
安踏体育(02020.HK):多品牌发力集团流水依然亮眼 新业态探索成效显著