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Core Viewpoint - Anta Sports is rumored to be acquiring the American sneaker brand Reebok, which has sparked significant market interest [3][4]. Group 1: Anta's Acquisition Strategy - Anta Sports has a history of strategic acquisitions since 2009, which have significantly boosted its performance [5][8]. - The acquisition of FILA in 2009 for 600 million HKD transformed the brand from a struggling entity into a major revenue contributor, with 2021 revenues reaching 21.8 billion CNY [8][9]. - Following the success with FILA, Anta accelerated its acquisition strategy, including the purchase of Amer Sports for 4.6 billion euros in 2019, which added several high-profile brands to its portfolio [9][10]. - As of now, Anta has built a diverse brand matrix, including Anta, FILA, Descente, Kolon, and Jack Wolfskin, contributing to a revenue of 70.83 billion CNY in 2024, a 13.58% increase year-on-year [10][11]. Group 2: Financial Performance and Challenges - Despite impressive revenue growth, the wealth of Anta's leaders, Ding Shizhong and Ding Shijia, has decreased from a peak of 116.97 billion CNY in 2021 to 71.01 billion CNY in 2025, a drop of 45.96 billion CNY [6][18]. - Anta's revenue growth rate slowed to 13.58% in the last year, down from 16.23% the previous year, indicating potential fatigue in growth momentum [21]. - The company's gross margins have also declined, with the main brands showing a decrease in gross margin percentages compared to the previous year [21]. - Financial pressures are evident, with cash reserves dropping by approximately 25% year-on-year and current liabilities increasing by 38.86%, reaching a high of 28.59 billion CNY [21][22]. - Anta's brand integration faces challenges due to the independent operation of its various brands, complicating marketing and channel strategies [21][22].