坚持单聚焦、多品牌、全球化战略 安踏集团上半年收入385.4亿元

Core Insights - Anta Group reported a 14.3% year-on-year revenue growth to 38.54 billion yuan in the first half of 2025, with a 14.5% increase in profit attributable to shareholders reaching 7.031 billion yuan, and a 17% rise in operating profit to 10.131 billion yuan, exceeding market expectations [1][2] Group Performance - The operating profit margin improved to 26.3%, reflecting the effectiveness of the company's multi-brand strategy and "brand + retail" business model [1][2] - Anta brand revenue grew by 5.4% to 16.95 billion yuan, while FILA brand revenue increased by 8.6% to 14.18 billion yuan, showcasing strong brand performance [2] Brand Strategy - The company emphasizes a "single focus, multi-brand, globalization" strategy to meet diverse consumer needs across different categories and scenarios [1][2] - Other brands under Anta, including DESCENTE and KOLON SPORT, saw a remarkable 61.1% revenue growth to 7.41 billion yuan, indicating successful differentiation in specialized sports segments [2] Mergers and Acquisitions - Anta completed the acquisition of the German outdoor brand JACKWOLFSKIN, aiming to revitalize the brand over the next 3 to 5 years [2][3] - The company announced a joint venture with South Korean fashion group MUSINSA to develop the "MUSINSA China" brand, with Anta holding a 40% stake [3] Financial Health - Anta's operating cash inflow reached 10.93 billion yuan, with free cash flow of 7.55 billion yuan, demonstrating strong cash generation capabilities [4] - The company invested nearly 1 billion yuan in R&D in the first half of the year, with a plan to invest an additional 20 billion yuan over the next five years [4] Retail Strategy - The DTC (Direct-to-Consumer) strategy allows Anta to quickly respond to consumer demands and market trends, enhancing operational efficiency [5] - New retail formats, such as "Anta Arena Level" and "Anta Hall Level," have shown significant growth in store revenue, contributing to overall brand enhancement [5]