国内体育用品龙头企业安踏体育全球扩张再落关键一子。1月27日，安踏公告披露，已与阿尔忒弥斯集 团达成协议，将以每股35欧元的价格收购德国运动品牌彪马约29.06%的股权，涉及资金约15.06亿欧元 （约合人民币122.8亿元）。交易预计在2026年底前完成，届时安踏将成为彪马第一大股东。 彪马近年业绩增长乏力。财报显示，其2023年至2025年上半年营收增速放缓，净利润由盈转亏，其中 2025年上半年净亏损约2.5亿欧元。尽管面临短期挑战，彪马在全球市场，特别是在足球、赛车及潮流 运动领域，仍拥有深厚的品牌积淀与渠道网络。 安踏在公告中表示，此次投资将有助于提升集团的全球市场地位与品牌影响力。集团董事局主席丁世忠 称，交易完成后将充分尊重彪马原有的企业治理与品牌战略，计划通过委派监事代表的方式参与治理， 并支持现有管理团队继续运营。 "此次收购对中国体育用品集团而言具有战略意义。"业内人士认为，彪马在欧美等成熟市场的零售渠 道，可为安踏旗下品牌提供现成的国际化平台，大幅缩减海外拓展的时间与成本。同时，彪马在专业运 动与时尚领域的资源，能够与安踏现有品牌矩阵形成互补，进一步丰富其产品布局。 2019年起，安踏通 ...

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Core Viewpoint - Anta Sports has announced a significant strategic move by entering into a share purchase agreement with Artémis to acquire 43.0148 million shares of Puma SE, representing approximately 29.06% of its total issued share capital, for a cash consideration of €35 per share, totaling €1.506 billion (approximately RMB 12.278 billion) [1][2]. Group 1: Acquisition Details - The acquisition is expected to be completed by the end of 2026, pending regulatory approvals and customary closing conditions [2]. - The funding for this acquisition will be sourced entirely from Anta Group's internal cash reserves [2]. Group 2: Market Impact - Following the announcement, Anta's stock opened with a rise of over 3%, bringing its total market capitalization to HKD 219.5 billion [2]. Group 3: Puma's Current Situation - Puma has been facing significant challenges, with a cumulative loss of €309 million reported for the first three quarters of 2025, and a net loss for three consecutive quarters [4][5]. - The company's sales in the Greater China region for 2024 are projected to be only €604 million, with a market share of less than 7%, indicating a substantial gap compared to competitors like Nike and Adidas [4]. Group 4: Historical Context of Anta - Anta has a history of rapid business development and acquisitions, including the purchase of FILA's Greater China business in 2009 for RMB 332 million, which has since become a core growth driver for the group [5][6]. - The company has successfully entered high-end sports and outdoor segments through joint ventures and acquisitions, including the full acquisition of Amer Sports for €4.6 billion in 2019 [6]. Group 5: Financial Performance - Anta's revenue and net profit have seen significant growth, with revenues reaching RMB 70.826 billion and net profits of RMB 15.596 billion by 2024, marking approximately 21 times and 28 times growth since 2007, respectively [7]. - As of the end of 2024, Anta's total assets surpassed RMB 112.6 billion for the first time [8].

管理层表示，此次交易不影响其2025年预期股息。高盛指，对安踏当前的盈利预测尚未反映此项收购协 议的影响；而集团股价在昨日收盘上涨2%，认为可能部分反映了投资者对安踏并购活动担忧的缓解。 该股现价相当于2026年高盛预测13倍至14倍市盈率，估值具吸引力。 智通财经APP获悉，高盛发布研报称，安踏体育(02020) 昨日(27日)于盘前公布，已与Groupe Artemis达 成协议，收购其所持有的Puma29.06%股权。予该股维持"买入"评级，12个月目标价108港元。 ...

Core Viewpoint - Goldman Sachs reports that Anta Sports (02020) has reached an agreement to acquire a 29.06% stake in Puma from Groupe Artemis, maintaining a "Buy" rating with a 12-month target price of HKD 108 [1] Group 1: Acquisition Details - The acquisition is not expected to affect Anta's projected dividend for 2025 [1] - The stock price of Anta rose by 2% at the previous close, indicating a potential easing of investor concerns regarding the acquisition [1] Group 2: Financial Projections - Goldman Sachs notes that current earnings forecasts for Anta do not yet reflect the impact of this acquisition agreement [1] - The current stock price corresponds to a projected price-to-earnings ratio of 13 to 14 times for 2026, suggesting an attractive valuation [1]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [7] Core Views - Anta Sports has signed a share purchase agreement with the Pinault family (Artémis) to acquire approximately 29.06% of PUMA's shares for a total consideration of about €1.506 billion (approximately ¥12.28 billion), fully funded by the company's own cash [1][2] - This acquisition is a significant step in advancing Anta's "single focus, multi-brand, and globalization" strategy, positioning Anta as the largest shareholder of PUMA, which is the sixth largest sports brand globally [2] - The acquisition is expected to enhance Anta's international competitiveness and improve its brand matrix, leveraging PUMA's strengths in professional sports and fashion [1][4] Summary by Relevant Sections Acquisition Details - Anta Sports will pay €35 per share, representing a 63% premium over PUMA's closing price of €21.5 on January 27, 2026 [3] - The transaction is subject to antitrust and regulatory approvals, expected to be completed by December 31, 2026 [2] Financial Implications - The acquisition valuation is considered reasonable, with an enterprise value (EV)/FY2027 revenue ratio of approximately 0.8 times [3] - PUMA's projected revenues for FY2023/24 are €8.6 billion and €8.8 billion, reflecting year-on-year growth of 6.6% and 4.4% respectively, while net profits are expected to decline [3] - Anta expects the acquisition will not affect its dividend capacity for 2025 [3] Market Potential - PUMA's current revenue contribution from the Chinese market is relatively low, at about 7%, indicating significant growth potential [4] - Anta plans to utilize its established "brand + retail" business model to enhance PUMA's operations in China, aiming for growth above the industry average [4] Profit Forecast and Valuation - The report maintains profit forecasts for Anta Sports at ¥130.2 billion, ¥140.1 billion, and ¥155.0 billion for 2025-2027 [5] - The target price is set at HKD 109.21, based on a PE ratio of 20x for 2026 [5]

Investment Rating - The report indicates a positive investment sentiment towards Anta Sports, particularly following its acquisition of a 29.06% stake in Puma SE, which aligns with its strategic focus on "single focus, multi-brand, globalization" [5]. Core Insights - Anta Sports' stock price increased by 2% on January 27, 2026, after the announcement of the acquisition, which was priced at €35 per share, totaling €1.505 billion (approximately 12.28 billion RMB) [5]. - The acquisition is expected to enhance Anta's market position, especially given Puma's relatively low sales share in Greater China, which stands at 7%, compared to industry peers at 17%-30% [5]. - The management confirmed that the transaction will not affect the dividend for 2025, and Anta will become the largest shareholder of Puma, indirectly becoming one of Shenzhou International's largest clients [5]. Summary by Sections Strategic Layout - The acquisition is fully funded by internal resources, with no external financing required [6]. - The deal is expected to complete regulatory approval by the end of 2026 [6]. - Anta will take over two board seats at Puma, enhancing collaboration in product, channel, and membership operations [6]. Market Dynamics - Anta is positioned to expand its market share in the growing outdoor sports market and benefit from its multi-brand strategy [7]. - The company emphasizes product innovation and athlete collaborations, such as a five-year partnership with Kyrie Irving [7]. - Major sporting events, including the Olympics, are expected to boost brand exposure and consumer engagement [7]. Company Overview - Anta Sports is a leading sports goods company in China, with a comprehensive brand matrix including Anta, Fila, Descente, KOLON Sports, and MAIA [9]. - The company primarily operates in the mass market in China, focusing on the design, development, production, and marketing of sports apparel and accessories [9]. Financial Metrics - As of January 27, 2026, Anta's stock price was HKD 77.9, with a market capitalization of USD 28.8 billion [12]. - The average daily trading volume over the past three months was USD 0.928 million [12]. - The consensus target price from Refinitiv is HKD 107.25 [12].

为切实回应高空户外作业需求，并在新春佳节向"云端建设者"们致以敬意，京东服饰美妆联合13家品牌，特 别为他们准备了有品质、又暖心的年货礼包。礼包内含大家户外作业需要的海澜之家马年贺岁系列羽绒服、 鸭鸭防寒羽绒马甲、超级安踏热能软甲保暖内衣、有棵树骐骥红品套装等实用保暖衣物；以及日常防护所需 的温碧泉与丸美保湿面霜、足力健与OPP舒适鞋靴、康舒防护护膝；同时还为他们的家人准备了海德双肩包 等好礼，饱含满满心意。 "桥面风大，气温低，京东送来的这些羽绒服、护膝和内衣等，特别实用，颜色也喜庆，谢谢大家。"一位桥 梁工人表示。据贵州六盘水水城京东快递站站长谢宏介绍，这些年货历经三个多小时山路颠簸，安全、准时 地送达了工地。目前，京东物流已实现全国县域全覆盖及行政村基本覆盖，即便在偏远山区，也能提供高效 可靠的送达服务。 目前，京东"我给老家送年货"活动正在进行中，京东服饰美妆汇聚海量暖心年货，不仅带来官方直降不止5折 的优惠，更推出"天天抽免单"等互动玩法。即日起登录京东APP，搜索"服饰美妆年货节"，即可挑选实用好 礼，将心意送往每一个牵挂的角落，共享一个温暖团圆年。 春节临近，京东携手数百家知名品牌及明星大咖，发 ...

Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]

大摩表示，Puma在欧洲、拉丁美洲、非洲及印度市场有较高业务敞口，上述市场正是安踏目前业务占 比相对有限的地区，因此预计今次交易将对安踏的全球化发展带来积极贡献。交易估值相当于2027年预 测市销率0.8倍，考虑到Puma的品牌价值，大摩认为估值合理。 摩根士丹利发布研报称，安踏体育(02020)宣布拟以内部资源支付约15亿欧元，收购Puma约29.06%股 权，交易定位为战略投资，公司表明现阶段不考虑将Puma私有化。大摩认为，鉴于Puma拥有约90亿欧 元的营收规模及强大的品牌知名度，对安踏现有品牌组合可带来互补作用，相信是次交易将为安踏带来 益处。 ...