Zhi Tong Cai Jing·2025-11-03 09:35Core Insights - The report from Zheshang Securities expresses optimism about Anta Sports' (02020) ongoing online and offline reforms, as well as the strong performance of its FILA and outdoor brand matrix, maintaining a "buy" rating for the stock [1] Group 1: Anta Sports Performance - Anta's Q3 revenue growth is in the low single digits, showing slight acceleration compared to Q2, with online growth in the high single digits [1] - Offline discounts are at 71%, remaining stable year-on-year, while online discounts have deepened to 50% [1] - The inventory-to-sales ratio has slightly exceeded 5X due to increased stocking for the Double Eleven shopping festival [1] - Adjustments in the e-commerce organizational structure are ongoing, focusing on inventory management and enhancing content on social media platforms like Douyin [1] - New store formats such as Champion, SV, and Palace are performing well, and the Super Anta store format is being actively refined [1] Group 2: FILA and Other Brands - FILA's Q3 revenue growth is in the low single digits, with a slight deceleration compared to previous months, attributed to delayed sales of autumn apparel due to higher temperatures in September [1] - Offline discounts for FILA are at 74%, while online discounts are stable at 58%, with the inventory-to-sales ratio increasing to 6X due to Double Eleven preparations, expected to return to 5-6X by year-end [1] - FILA held a strategic launch event in Q3, announcing Yun Chaoke as the brand ambassador and collaborating with Beijing Sport University and Beijing Institute of Fashion Technology to create a closed-loop ecosystem [1] - FILA is also the exclusive sports footwear and apparel sponsor for the China Open Tennis Tournament [1] Group 3: Outdoor Brands Performance - The outdoor brand matrix continues to thrive, with Descente achieving a 30% revenue growth in Q3, and KOLON seeing a 70% increase, both maintaining a healthy discount rate of 90% [2] - Maia Active, a women's sports brand, reported a 45% revenue growth in Q3, enhancing its brand influence and channel layout [2] - The global business of Wolf Claw has been consolidated since June, with an active brand revitalization strategy being developed [2]