安踏集团股价连跌两日，下半年主品牌怎么走？

Core Viewpoint - Anta Group's stock price has dropped 7.45% to HKD 95.6 after the release of its mid-year financial report for 2025, highlighting uncertainties in its development despite a revenue increase of 14.3% year-on-year [1][2]. Financial Performance - For the first half of 2025, Anta Group reported revenue of CNY 38.544 billion, a year-on-year increase of 14.3%, and a net profit of CNY 7.031 billion, up 14.5% [1]. - The FILA brand saw an 8.6% increase in revenue to CNY 14.18 billion, while the "all other brands" segment, including Descente and Kolon, experienced a significant revenue surge of 61.1% to CNY 7.41 billion [1]. Brand Performance - Anta's main brand revenue growth was only 5.4%, falling short of the high single-digit growth guidance set at the beginning of the year, attributed to poor performance from franchisees and insufficient online sales during the 618 shopping festival [2][4]. - The operating profit for the main brand increased by 12.6%, with an operating profit margin rising by 1.7%, although the gross profit margin declined by 1.7% due to increased costs and a higher proportion of online sales [4]. Strategic Initiatives - Anta plans to enhance its online channels and encourage franchisees to open collection stores and "lighthouse stores" to capture market share from competitors [6]. - Over 1,200 Anta stores have joined Meituan's flash purchase platform, with a goal of 5,000 stores by the end of the year, aiming to improve inventory turnover and meet consumer demand for instant online shopping [6]. Inventory Management - The average inventory turnover days increased by 22 days to 136 days, primarily due to the acquisition of Jack Wolfskin and pressure on sales from major brands [6][9]. - Anta's new store formats, such as "Super Anta," are designed to improve inventory turnover and increase customer spending [8]. International Expansion - Anta has initiated an "outbound" strategy to mitigate risks associated with the domestic market, with significant growth observed in Southeast Asia and the Middle East [9][10]. - The company plans to implement various marketing strategies in the U.S. market starting in 2024, including collaborations and flagship store openings [10][13]. Investment Strategy - Anta's recent acquisition of Jack Wolfskin and potential acquisition of Reebok reflect a shift in investment strategy towards mid-range outdoor brands and fashion sectors [13][14]. - The partnership with South Korean fashion group MUSINSA aims to establish a joint venture, with Anta holding a 40% stake, pending regulatory approval [14].