安踏体育：积势蓄能

Investment Rating - The report aligns with the views of CITIC Securities and maintains a positive outlook on Anta Sports, indicating a strong potential for growth in the consumer goods sector [4]. Core Insights - Anta Sports is optimizing its e-commerce marketing and product launch strategies to better meet the demands of various platforms. The "Lighthouse Store Plan" has covered approximately 300 stores, with plans to upgrade more stores in lower-tier cities in 2026, which is expected to enhance single-store efficiency while potentially reducing the total number of stores [4]. - The FILA brand will focus on "core categories" in 2026, emphasizing product upgrades and targeted marketing activities. Short-term profitability may be pressured due to store renovations and product upgrades [4]. - Descente and Kolon will continue to expand their footwear and spring/summer product lines, while Jack Wolfskin will focus on inventory clearance and restructuring, which may lead to an increase in losses year-on-year [4]. - Despite facing short-term pressures from intense competition and consumer sentiment, the initiatives taken by Anta Sports are believed to strengthen its multi-brand matrix and lay a foundation for sustainable mid-term development [4]. Summary by Sections Company Overview - Anta Sports is a leading sports goods company in China, with a comprehensive brand portfolio including Anta, FILA, Descente, Kolon Sports, and Maia Active. Since its establishment in 1991, Anta has focused on the design, development, production, and marketing of sports products for the mass market in China [7]. Revenue Breakdown - Revenue by Product: - Anta: 47.3% - FILA: 37.6% - Other Brands: 15.1% [8] - Revenue by Region: - Americas: 0.0% - Middle East and Africa: 0.0% - Asia: 100.0% - Europe: 0.0% [8] Market Catalysts - Market share expansion: Anta Sports continues to gain market share and demonstrates competitiveness in the rapidly growing outdoor market [5]. - International expansion: The multi-brand portfolio supports overseas growth [5]. - Product innovation and collaboration: The company emphasizes product innovation and partnerships with athletes, such as a five-year collaboration with Kyrie Irving, with the ANTA x Kyrie Irving series expected to launch in late 2024 [5]. - Major sporting events: Associations with international events like the Olympics enhance brand exposure and consumer engagement [5]. Stock Information - Stock price as of January 26, 2026: 76.35 HKD - Market capitalization: 28.81 billion USD - Consensus target price: 107.23 HKD [10].