Ge Long Hui·2025-11-18 19:53Core Insights - Anta's brand has lowered its full-year revenue guidance to low single-digit growth due to a combination of factors including weak consumer confidence and increased competition [1] - FILA and other brands maintain their full-year guidance, driven by a multi-brand strategy focusing on specialization and high-end growth [2] - The overall sportswear industry is expected to accelerate growth in 2026, with rising penetration rates and easing discount pressures [4] Group 1: Anta Brand Performance - In Q3 2025, Anta's main brand achieved low single-digit revenue growth, showing slight improvement from Q2 2025, with offline and children's lines growing in low single digits and online sales growing in high single digits [1] - The inventory-to-sales ratio for Anta's brand was slightly above five months at the end of the quarter, indicating a healthy level [1] - Anta's management has adopted a conservative strategy for the upcoming Double Eleven shopping festival, leading to a downward revision of the full-year revenue expectation from mid-single-digit to low single-digit growth [1] Group 2: FILA and Other Brands - FILA brand achieved low single-digit revenue growth in Q3 2025, with online sales showing high single-digit growth while offline sales faced low single-digit declines [2] - The inventory-to-sales ratio for FILA was approximately six months at the end of the quarter, expected to return to a healthy level of five to six months post-promotional events [2] - Other brands under the company saw an overall growth rate of about 50% in Q3 2025, with DESCENTE and KOLON SPORT achieving significant growth rates of over 30% and 70% respectively [2] Group 3: Market Trends and Future Outlook - The Southeast Asian market for Anta has seen nearly 80%-90% growth this year, primarily driven by same-store sales growth, despite not opening many new stores [1] - The company plans to increase its store count in Southeast Asia to 1,000 within three years, aiming for overseas revenue contribution to reach 15% within five years [1] - The overall sportswear industry is projected to see accelerated growth in 2026, with expectations of improved customer spending and reduced discount pressures [4]