Ge Long Hui·2025-10-29 19:44Core Insights - Anta Sports reported Q3 2025 operational results, with Anta brand revenue growth in low single digits, Fila brand revenue growth also in low single digits, and other brands experiencing revenue growth of 45% to 50%, overall performance in line with expectations [1][2]. Anta Brand - In Q3 2025, Anta brand revenue growth was in low single digits, indicating a healthy operational quality despite a volatile domestic consumption environment and ongoing brand adjustments [1]. - The company is optimizing its offline store structure and enhancing adjustments for franchise stores in lower-tier cities, while also restructuring its e-commerce operations, which may temporarily impact e-commerce sales [1]. - As of the end of Q3 2025, the inventory-to-sales ratio for Anta brand is slightly above 5, with stable discounts in offline stores, reflecting a healthy operational level [1]. Fila Brand - Fila brand revenue growth in Q3 2025 was also in low single digits, affected by high temperatures and fluctuations in the consumption environment impacting autumn and winter apparel sales [2]. - E-commerce sales for Fila are expected to significantly outperform offline sales, with the brand's operational capabilities in e-commerce being strong [2]. - The inventory-to-sales ratio for Fila is projected to be around 6 by the end of Q3 2025, with an increase due to preparations for the National Day holiday and major sales events [2]. - Fila is expected to leverage the Q4 sales peak to drive brand growth, with a projected revenue growth in mid-single digits for 2025 [2]. - A new tennis strategy was announced in September 2025, highlighting collaborations with notable tennis players and institutions, indicating a clear development plan for the sport [2]. Other Brands - Other brands under Anta Sports experienced a revenue growth rate of 45% to 50%, showcasing the company's strong new brand incubation capabilities [2]. - Brands like Descente and Kolon are growing rapidly due to improved product strength and store operational capabilities [2]. - Maia Active is also expected to show excellent growth performance in Q3 2025 following successful adjustments [2]. Financial Outlook - For 2025, the company anticipates a revenue growth of 10%, with a projected revenue of 78.181 billion yuan, and a net profit growth of 9% year-on-year, reaching 13 billion yuan [3]. - The outdoor brands Descente and Kolon are expected to maintain strong growth rates [3]. - The profit forecast has been adjusted, with net profits projected at 13.03 billion, 14.78 billion, and 16.74 billion yuan for 2025-2027, corresponding to a PE ratio of 17 times for 2025, maintaining a "buy" rating [3].