Ge Long Hui·2026-01-22 20:40Core Viewpoint - The company reported a double-digit growth in overall revenue for Q4 2025, with all brands meeting their annual guidance, although the main brand Anta experienced a slight decline in retail sales due to weaker performance in children's business and e-commerce [1][2][3] Group 1: Anta Brand Performance - Anta's Q4 retail sales saw a slight year-on-year decline, primarily impacted by the children's segment and online sales growth being low single digits [1] - The brand achieved low single-digit growth for the entire year, aligning with company guidance, while the children's business faced challenges due to high base effects and seasonal factors [1][3] - Anta's store expansion includes approximately 150 new stores by the end of 2025, with a revenue surpassing 1 billion yuan [1] Group 2: FILA Brand Performance - FILA experienced mid-single-digit growth in Q4, accelerating from Q3, and maintained a healthy inventory turnover ratio slightly above 5 times [2] - The brand's discount levels remained controlled, with offline discounts around 7.3 and online at approximately 5.5 [2] - For 2026, FILA is expected to continue its growth trend with the introduction of new products and channels [2][3] Group 3: Other Brands Performance - Other brands showed strong performance in Q4, with Descente achieving a retail scale exceeding 10 billion yuan and growing 25%-30% despite high base effects [2] - KOLONSPORT and MAIA ACTIVE also reported significant growth rates of 55% and 25%-30% respectively, indicating a strong momentum in the women's sports segment [2] - The outdoor brand Wolf Claw is still in the incubation phase but is expected to have substantial future potential [2] Group 4: Financial Projections - The company expects revenues for 2025-2027 to be 79.98 billion, 89.65 billion, and 97 billion yuan respectively, with net profits projected at 13.2 billion, 14 billion, and 15.74 billion yuan [4] - The company maintains a positive outlook on its multi-brand matrix, which is seen as having significant growth potential in the long term [4]