Ge Long Hui·2026-01-22 20:40Core Viewpoint - The company reported its operational performance for Q4 2025 and the full year 2025, showing mixed results across its brands, with Anta experiencing a decline, FILA showing growth, and other brands performing strongly, aligning with previous guidance [1][2] Group 1: Anta Brand Performance - In Q4 2025, Anta brand revenue declined by a low single-digit percentage year-on-year, attributed to a weakening retail environment, warm winter weather, a later Spring Festival, and intensified industry competition [1] - The company expects healthy inventory levels for the Anta brand, with online sales anticipated to outperform offline sales, and adult apparel expected to perform better than children's wear [1] - Despite current challenges, the company anticipates steady development for the Anta brand in 2026 [1] Group 2: FILA Brand Performance - FILA brand revenue grew in the mid-single digits in Q4 2025, showing improvement compared to Q3, demonstrating resilience despite a challenging retail environment [1] - The company expects continued positive effects from internal team and product reforms, with online sales expected to outperform offline sales, particularly benefiting from Q4 e-commerce shopping festivals [1] - The outlook for 2026 is optimistic, with expectations for sustained positive development for the FILA brand [1] Group 3: Other Brands Performance - Other brands, including Descente and KOLON, showed strong revenue growth in Q4 2025, while MAIA ACTIVE is progressing well in consumer mindset building [2] - The company is strategically positioned in the outdoor market with a multi-brand approach, which is expected to leverage first-mover advantages amid increasing competition in the Greater China region [2] - The long-term potential of the multi-brand strategy is expected to continue to be released [2] Group 4: Financial Projections - The company forecasts revenues of 78.48 billion, 86.25 billion, and 94.4 billion yuan for 2025-2027, representing year-on-year growth rates of 10.8%, 9.9%, and 9.4% respectively [2] - Projected net profits attributable to the parent company are 13.14 billion, 14.14 billion, and 15.85 billion yuan for the same period, with year-on-year changes of -15.8%, +7.6%, and +12.1% respectively [2] - Based on the closing price of 79.1 HKD per share on January 21, 2026, the corresponding price-to-earnings ratios are projected to be 15, 14, and 13 times [2]