Zhi Tong Cai Jing·2026-01-21 06:42Core Viewpoint - Citigroup's report indicates that Anta Sports (02020) is expected to meet market expectations for retail sales performance in 2025, with the Fila brand and other brands showing slightly better-than-expected growth in the fourth quarter [1] Group 1: Retail Sales Performance - In Q4, Fila's retail sales recorded a low single-digit growth year-on-year, aligning with market expectations for the full 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 full-year growth reaching 45% to 50%, exceeding the guidance of over 40% [1] Group 2: Overall Company Performance - 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] Group 3: Investment Rating - Citigroup reiterated a "Buy" rating for Anta and set a target price of HKD 112.7, considering the current valuation attractive [1]