智通财经网·2025-10-06 02:16Core Viewpoint - Tianfeng Securities has slightly adjusted the profit forecast for Anta Sports, expecting net profit attributable to shareholders to be 13.6 billion RMB, 15.5 billion RMB, and 17.3 billion RMB for the upcoming years, with corresponding PE ratios of 18x, 15x, and 14x, while maintaining a "Buy" rating [1] Brand Performance - Mature Brand: Anta brand is projected to achieve revenue of 17 billion RMB in H1 2025, a year-on-year increase of 5.4%, accounting for approximately 44% of total revenue, with a gross margin of 54.9% [2] - Growth Brand: FILA brand is expected to generate revenue of 14.2 billion RMB in H1 2025, a year-on-year increase of 8.6%, representing about 37% of total revenue, with a gross margin of 68% [2] - Emerging Brand Portfolio: Other brands, including DESCENTE and KOLON SPORT, are anticipated to achieve revenue of 7.4 billion RMB in H1 2025, a significant year-on-year increase of 61.1%, accounting for about 19% of total revenue, with a gross margin of 73.9% [2] Channel Performance - DTC: Direct-to-Consumer channel is expected to generate revenue of 9.4 billion RMB in H1 2025, a year-on-year increase of 5.3%, making up about 56% of total revenue [3] - E-commerce: Projected revenue of 6.1 billion RMB in H1 2025, a year-on-year increase of 10.1%, accounting for approximately 36% of total revenue [3] - Traditional Wholesale and Others: Expected to achieve revenue of 1.4 billion RMB in H1 2025, representing about 8% of total revenue [4] Strategy and Outlook - The company aims to continue its strategy of "single focus, multiple brands, globalization" in H1 2025, driven by its dual core brands [5] - Anta brand will deepen its transformation and promote innovation, while FILA will focus on golf and tennis to build a core product matrix [5] - The company is advancing its global layout across Asia, Europe, and America, enhancing digital integration and launching AI strategies for material research and process innovation [5] - Sustainability efforts include expanding eco-friendly product lines and improving supply chain responsibility management [5] - The organization is enhancing decision-making flexibility and building a diverse talent pool, with a revival plan for the JACK WOLFSKIN brand over the next 3-5 years [5]