ZHESHANG SECURITIES·2025-07-15 15:12Investment Rating - The investment rating for Anta Sports is "Buy" [6] Core Views - Anta Sports reported a short-term adjustment in its main brand, with FILA meeting expectations and other brands performing strongly [1] - The main brand's revenue in Q2 showed a low single-digit year-on-year growth, while H1 revenue grew in the mid-single digits [1] - FILA's Q2 revenue grew in the mid-single digits year-on-year, with H1 revenue increasing in the high single digits, aligning with expectations [2] - Other brands, including Descente and Maia Active, exhibited significant growth, with Descente's revenue increasing over 40% and Maia Active's over 30% [3] - The acquisition of the German outdoor brand Wolfskin for approximately 2.9 billion USD (about 21.2 billion RMB) is expected to enhance Anta's outdoor segment and market presence in Europe [4] - Revenue forecasts for 2025, 2026, and 2027 are projected to grow by 12%, 9%, and 8% respectively, with net profit expected to be 134 billion RMB, 148 billion RMB, and 161 billion RMB [5] Summary by Sections Main Brand Performance - Q2 revenue for the main brand grew in low single digits year-on-year, with H1 showing mid-single-digit growth; children's products performed slightly better than bulk products [1] - The company is implementing a store efficiency improvement plan for offline franchises and has appointed a new e-commerce head to enhance product strategy [1] FILA Brand Performance - FILA's Q2 revenue increased in the mid-single digits year-on-year, with strong performance in bulk and kids' categories [2] Other Brands Performance - Descente's revenue grew over 40%, KOLON over 70%, and Maia Active over 30%, with continued improvements in store efficiency and product line expansion [3] Acquisition Impact - The acquisition of Wolfskin is expected to strengthen Anta's position in the mid-range outdoor market and enhance its international presence [4] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 796 billion RMB, 868 billion RMB, and 937 billion RMB respectively, with corresponding net profits of 134 billion RMB, 148 billion RMB, and 161 billion RMB [5]