高盛：安踏体育用品 2025 年上半年前瞻_小品牌表现稳健，斐乐抵消安踏核心业务的疲软；买入

3 July 2025 | 11:21PM HKT Anta Sports Products (2020.HK) | | | Anta group's Jun performance came as a mixed bag - group level topline remained solid fueled by smaller brands and Fila delivered positive surprise, yet Anta brand missed expectations. We expect Anta brand's 2Q25 retail sales to decelerate to LSD% yoy (vs. HSD% in 1Q) and Fila brand to deliver HSD% (vs.HSD% in 1Q) yoy in 2Q25 retail sales growth. Into 1H25 print (mid to late Aug), we project 13% yoy group sales growth to RMB 38.2bn with smaller ...