Ge Long Hui·2026-01-27 20:45Group 1 - Anta Sports reported a decline in retail sales for its Anta brand in Q4 2025, attributed to warm winter weather affecting winter apparel sales and a late Spring Festival impacting children's clothing, while FILA brand retail sales showed a mid-single-digit growth [1] - The overall retail environment remains weak, leading to expected downward pressure on Operating Profit Margin (OPM) for Anta brand, despite stable discount and inventory turnover ratios [1] - FILA brand's retail sales growth is attributed to effective brand restructuring and channel adjustments, with expectations for continued strong growth into 2026, although OPM may also face downward pressure due to ongoing channel adjustments [1] Group 2 - The outlook for Anta brand in 2026 is conservative, with a high probability of growth during the Olympic year, but increased marketing expenses and potential discount pressures may lead to significant OPM challenges [2] - FILA brand is expected to maintain a stable growth trajectory, with a more manageable OPM contraction anticipated [2] - Overall, the company is projected to achieve a net profit attributable to shareholders of 13 billion, 14 billion, and 15.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 15, 14, and 13 times [2]