ANTA SPORTS(HK:02020) Zhi Tong Cai Jing·2026-01-20 10:57Core Viewpoint - Anta Sports has demonstrated robust growth amidst a challenging retail environment, achieving high single-digit growth in Q4 and low double-digit growth for the entire year, highlighting its competitive advantages through a "single focus, multi-brand, globalization" strategy [1][2] Group 1: Industry Challenges - The sportswear industry is facing significant pressure due to macroeconomic factors, an unusually warm winter, and a late Spring Festival, leading to a "weak peak season" scenario [1] - Major brands like Li Ning and Nike have reported declines in sales, with Li Ning experiencing a low single-digit decrease in Q4 and Nike's Greater China revenue dropping approximately 17% due to reduced store traffic and inventory issues [1] Group 2: Anta's Performance - Anta achieved low single-digit positive growth in retail sales for the year, with core categories like running, basketball, and training products performing well despite the overall market challenges [2] - The brand's commitment to product innovation, particularly in running shoes, has driven sales of high-end performance products, helping to mitigate market volatility [2] Group 3: FILA and Other Brands - FILA has shown strong market resilience, achieving mid-single-digit growth in both Q4 and for the year, supported by product innovation and channel optimization [3] - Other brands under Anta, such as Descente, have also seen significant growth, with retail sales increasing by 45-50% for the year and 35-40% in Q4, indicating a successful multi-brand strategy [3] Group 4: Strategic Insights - Anta's multi-brand strategy is characterized by resource sharing, complementary positioning, and risk hedging, allowing it to cover a wide price range and meet diverse consumer needs [4] - The company is expected to maintain stable profitability, supporting ongoing multi-brand expansion [4] Group 5: Future Outlook - The industry faces uncertainties regarding consumer recovery and increased competition, but Anta's multi-brand advantages are anticipated to grow [5] - The company is implementing a three-year plan to open 1,000 stores in Southeast Asia, which will enhance its global presence and support long-term revenue goals [5] - Anta's growth amidst industry challenges serves as a valuable example, with its multi-brand matrix acting as both a risk buffer and a growth engine [5]