Ge Long Hui·2026-01-22 20:40Core Viewpoint - Anta Sports reported a decline in brand revenue for Q4 2025, while Fila and other brands showed growth, indicating a mixed performance across its portfolio [1][2]. Anta Brand - In Q4 2025, Anta brand revenue decreased by a low single-digit percentage year-on-year, attributed to a weak domestic consumption environment and the delayed timing of the Chinese New Year [1]. - E-commerce sales are expected to show slight growth, while offline sales, particularly in children's apparel, face more significant pressure due to holiday consumption patterns [1]. - The inventory turnover ratio for Anta brand is projected to be slightly above 5, indicating a healthy inventory level [1]. - Looking ahead to 2026, improvements in e-commerce sales and differentiated store development are anticipated to enhance Anta's brand performance [1]. Fila Brand - Fila brand revenue grew in the mid-single digits year-on-year in Q4 2025, with an acceleration compared to Q3 [2]. - Despite external challenges affecting consumer demand, Fila achieved strong growth due to multi-faceted optimizations in branding, channels, and products [2]. - E-commerce is expected to see double-digit growth driven by major promotional events [2]. - The inventory turnover ratio for Fila is also projected to be slightly above 5, indicating a healthy state [2]. - For 2026, Fila aims to continue high-quality operations and optimize product structure to drive steady growth [2]. Other Brands - Other brands within the group experienced a revenue growth rate of 35% to 40% in Q4 2025, showcasing strong performance [2]. - Descente and KOLON are establishing strong brand power in the high-end outdoor segment, with market share expected to increase amid rapid growth in the domestic outdoor sports market [2]. - Maia Active is also anticipated to perform well in Q4 2025 following successful adjustments [2]. Financial Projections - For 2025, the company is expected to achieve a net profit of approximately 13.2 billion yuan, with a revenue growth of 10.9% to 78.564 billion yuan [3]. - The net profit for 2026 is projected to grow by 6.4% to 14 billion yuan, considering ongoing uncertainties in the consumption environment and costs associated with the acquisition of Jack Wolfskin [3]. - The company maintains a "buy" rating with adjusted profit forecasts for 2025-2027, estimating net profits of 13.194 billion, 14.035 billion, and 15.937 billion yuan respectively [3].