Ge Long Hui·2025-11-12 03:52Core Insights - Anta Sports reported Q3 2025 retail data showing low single-digit growth for Anta and FILA brands, while other brands experienced a growth of 45%-50% [1] Group 1: Retail Performance - Anta brand retail showed low single-digit growth year-on-year, aligning with trends in the mass sports market, with channel adjustments expected to drive future growth [1] - FILA brand retail performance was relatively weak with low single-digit growth year-on-year, and inventory levels were noted to be high [1] Group 2: Discount and Inventory Management - Anta is expected to face weaker terminal discounts in the short term, but the inventory-to-sales ratio remains healthy [1] - For FILA, offline discounts are expected to remain stable, with an anticipated improvement in the inventory-to-sales ratio [1] Group 3: Future Outlook - The company is expected to enhance its brand matrix through acquisitions, with previous acquisitions like Jack Wolfskin contributing to long-term growth potential [1] - Projected net profits for the company from 2025 to 2027 are estimated at 13.1 billion, 14.6 billion, and 16.1 billion yuan, with corresponding P/E ratios of 17, 15, and 14 times [1] - The company's share buyback plan continues, providing short-term support for the stock price, maintaining a "buy" rating [1]