Ge Long Hui·2026-01-22 20:40Core Viewpoint - Anta Group's overall performance remains stable, with the main brand experiencing slight declines while FILA and other brands show positive growth in Q4 2025 [1][2][6] Group Performance Summary - In Q4 2025, Anta's main brand recorded low single-digit negative growth, while FILA achieved mid-single-digit positive growth, and other brands saw growth of 35-40% [1][2] - The overall growth of Anta Group is steady, with other brands continuing to show high growth, while the main brand's growth has slowed [2][6] - Anta and FILA have improved online discounts and maintained healthy inventory levels, with channel upgrades and overseas expansion progressing simultaneously [1][3] Brand-Specific Insights - Anta's Q4 revenue declined slightly, with a channel upgrade and overseas expansion ongoing; the online growth was low single-digit, slightly better than offline [3][4] - FILA's Q4 revenue grew in the mid-single digits, with healthy inventory levels and improved online discounts; offline sales showed high single-digit growth [4][5] - Other brands, including Descente and KOLON, continued to show high growth, with Descente growing approximately 25-30% in Q4 and KOLON growing 55% [5][6] Financial Projections - Due to uncertainties in the macro consumption environment and expected increases in marketing expenses for 2026, profit forecasts have been adjusted; projected net profits for 2025-2027 are 13.21 billion, 13.93 billion, and 15.58 billion yuan respectively [7] - The reasonable valuation range has been adjusted to 107-112 HKD, corresponding to a PE of 20-21X for 2026, maintaining an "outperform" rating [7]