安踏强势反腐背后：毛利率下滑，营销、采购是重灾区丨消费一线

Core Viewpoint - Anta Group is intensifying its anti-corruption efforts, focusing on systemic improvements and strict enforcement of compliance measures to combat corruption within the organization and its supply chain [1][3][4]. Group 1: Anti-Corruption Measures - As of August 2025, Anta has dismissed 74 employees for serious misconduct and transferred 46 individuals to judicial authorities for criminal offenses, including one at the president level and 14 at the director level [1]. - The company has established a "career tracing mechanism" to hold employees accountable for misconduct regardless of their employment status [1]. - Anta has published a list of 10 suppliers banned from future cooperation due to violations, indicating a proactive stance in managing supplier integrity [1][4]. Group 2: Systemic Enhancements - Anta is enhancing its internal control systems through organizational restructuring, management system improvements, and employee education [3]. - The establishment of the "Integrity and Ethics Committee" and the revision of six core regulations, including anti-corruption and supplier compliance management, are part of the systemic reforms [3]. - A "three-line defense" system has been created to cover 58 risk modules and 208 risk responsibilities, ensuring accountability at all management levels [3]. Group 3: Supply Chain Compliance - Anta is conducting regular compliance training for supply chain partners and implementing a tiered management system to enhance supplier compliance [4]. - The company has identified procurement, engineering, and marketing as high-risk areas for corruption, leading to stricter oversight in these domains [4]. - Notable cases of corruption within the procurement department have been highlighted, emphasizing the need for ongoing vigilance [4]. Group 4: Financial Performance Context - In the first half of the year, Anta's revenue grew by 14.3% to 38.544 billion yuan, while net profit decreased by 8.9% to 7.031 billion yuan [7]. - Compared to competitors, Anta's performance is relatively strong, although it faces challenges in maintaining profit margins amid a competitive market [9][10]. - The company's gross margin has declined by 0.7 percentage points to 63.4%, with specific brands experiencing more significant drops [10]. Group 5: Market Environment and Strategic Focus - The current market environment is challenging, with increased competition and pressure on profit margins, prompting Anta to prioritize profitability and operational efficiency [10][11]. - Anta's strategic focus includes investing in existing businesses, particularly in innovation and digital transformation, while also seeking high-quality acquisition opportunities [11]. - The ongoing anti-corruption efforts are seen as a necessary response to the pressures of the competitive landscape, indicating a shift towards more refined operational practices [11].