Ge Long Hui·2026-01-29 12:46Core Viewpoint - Anta Group plans to acquire a 29.06% stake in PUMA SE for €1.5 billion (approximately RMB 12.278 billion), becoming its largest single shareholder, with a share price premium of 60% over the market price [1] Group 1: Acquisition Details - The acquisition price is set at €35 per share, which is a 60% premium over the current market price, but management emphasizes that the valuation is reasonable based on enterprise value assessments [1] - The funding for the acquisition will come entirely from the group's internal cash reserves, and management has stated that it will not affect the dividend distribution in 2025 [1] - The transaction is subject to several conditions, including antitrust approvals and shareholder meetings, with an expected completion timeline of 6 to 10 months [1] Group 2: Strategic Importance - This acquisition is a significant milestone in Anta Group's strategy of "single focus, multi-brand, globalization," aimed at addressing the group's global expansion shortcomings and validating its multi-brand management model [2] - Anta Group intends to seek full representation on PUMA's supervisory board post-transaction, collaborating closely with other board members to leverage its multi-brand management and supply chain expertise [2] - The core participation of Anta in PUMA's governance will focus on enabling collaboration while maintaining PUMA's operational independence [2] Group 3: PUMA's Current Performance - PUMA's revenue from 2021 to 2024 is projected to be €68.1 billion, €84.7 billion, €86.0 billion, and €88.2 billion, with a fixed exchange rate year-on-year growth of 31.7%, 18.9%, 6.2%, and 3.9% respectively [3] - For the first nine months of 2025, PUMA reported revenue of €5.65 billion, a year-on-year decline of 13.2%, with market consensus predicting a net loss of €620 million for 2025 [3] - PUMA's sales are primarily through franchises, accounting for 72.5% of revenue, with footwear, apparel, and accessories contributing 56.4%, 33.4%, and 10.2% respectively [3] Group 4: Financial Projections - Anta Group maintains its revenue forecasts for 2025-2027 at RMB 78.26 billion, RMB 85 billion, and RMB 92.04 billion, reflecting year-on-year growth of 10.5%, 8.6%, and 8.3% respectively [4] - The net profit forecast for 2025 is maintained, while projections for 2026 and 2027 have been lowered due to the impact of the acquisition on interest income and PUMA's expected net loss [4] - The adjusted net profit for Anta Group for 2025-2027 is projected at RMB 12.98 billion, RMB 14.34 billion, and RMB 16.24 billion, with corresponding PE ratios of 15.0X, 13.6X, and 12.1X [4]