Ge Long Hui·2026-01-12 03:58Core Viewpoint - Nomura Securities analysts indicate that Anta Sports is expected to benefit from a potential acquisition of Puma, as Puma's established brand advantages in global sports leisure, football, and basketball can complement Anta's current brand matrix, which is more focused on running and outdoor segments [1] Group 1: Anta Sports - Anta has demonstrated strong operational capabilities and extensive multi-brand management experience in the Chinese sportswear market [1] - If the acquisition is successful, there is significant potential for Anta to enhance Puma's localized operations, positioning Puma as another core brand under Anta [1] - Nomura maintains a "Buy" rating on Anta with a target price of HKD 117 [1] Group 2: Puma - Puma is currently facing significant challenges in its business operations, particularly in the Chinese market [1] - The brand has accumulated advantages in the global sports leisure, football, and basketball sectors over the long term [1]