智通财经网·2026-01-21 06:41Core Viewpoint - Citigroup's report indicates that Anta Sports (02020) is expected to meet market expectations for retail sales in 2025, with Fila and other brands showing slightly better-than-expected growth in the fourth quarter [1] Group 1: Retail Performance - In Q4 2025, Fila's retail sales recorded a mid-single-digit year-on-year growth, aligning with market expectations for the year [1] - Fila's Classic business experienced high single-digit growth in Q4, while Kids and Fusion segments saw low single-digit growth [1] - Other brands achieved a year-on-year retail sales growth of 35% to 40% in Q4, with an annual growth rate of 45% to 50%, exceeding the guidance of over 40% [1] Group 2: Overall Company Outlook - Overall, the performance of Fila and other brands exceeded expectations, while Anta's main brand sales were affected by a warm winter [1] - Anta's management displayed a cautious and pragmatic outlook for 2026, focusing on healthy inventory management and control of retail discounts [1]