安踏体育拟收购德国运动品牌Puma逾29%股权一事有了最新进展。 2月13日，安踏体育公布，已收到安踏国际及其全资附属公司安达控股与安达投资的股东书面批准，各方均已 批准购股协议及收购事项。 安踏体育称，安踏国际、安达控股及安达投资目前分别持有约12.01亿股股份、1.61亿股股份及1.16亿股股份， 合共持有约14.78亿股股份，占已发行股份总数约52.83%。 由于上市守则所载条件已获达成，公司将不会召开股东大会以批准购股协议及收购事项。 收购国际知名品牌 安踏1月26日公布，与法国皮诺（Pinault）家族的投资公司Groupe Artémis达成协定，收购德国运动品牌Puma 所属公司Puma SE的29.06%股权，现金对价为每股普通股35欧元，共15.06亿欧元，以内部资源支付，交易完 成后安踏成为Puma大股东。 安踏体育表示，收购事项是深入推进"单聚焦、多品牌及全球化"战略的重要举措。PUMA作为享誉全球、拥有 深厚历史沉淀的国际领先运动品牌，在专业运动及潮流运动领域具有广泛的全球影响力。其全球业务及运动品 类细分定位，与本集团现有的多品牌、专业化布局高度互补。 安踏体育表示，收购具有重大战略 ...

In January alone, the volume of outbound mergers and acquisitions from Greater China approached $12 billion, the most for the first month of a year since 2017. The shopping list included high-profile names like German sports brand The turnaround is gathering momentum after a prolonged lull that began in the mid to late 2010s, when China capped outbound investment to rein in exuberant spending. One particularly high-profile case was HNA Group Co., which went on a debt-fueled international binge into names s ...

Group 1 - Chinese firms are resuming overseas acquisitions after a decade of restrictions, with outbound M&A volume from Greater China reaching nearly $12 billion in January, the highest for the first month since 2017 [1] - The renewed interest in outbound M&A is driven by increased competition and limited domestic opportunities, alongside improved confidence and financial strength among local brands [2] - Chinese companies are expected to target markets with lower regulatory hurdles, particularly in consumer and retail sectors, as they seek to expand internationally [3] Group 2 - Luckin Coffee Inc., a leading Chinese coffee chain, is considering acquisitions such as Nestle SA's Blue Bottle Coffee to enhance its international presence and expand in the premium coffee market [5] - China has significant stakes in Chile's electricity market, with companies like China Southern Power Grid Corp. and State Grid Corp. of China involved in major power companies [4]

By Satviki Sanjay   Japanese shoemaker Asics Corp. expects its India business to grow as much as 35 per cent annually for the next five years as it gains favour with marathoners and recreational runners pursuing healthier lifestyles in the world’s most populous country.  The Kobe, Japan-based manufacturer of sports shoes and athleisure wear is seeking to become the top seller of running shoes in India by 2029, Rajat Khurana, managing director at Asics India Pvt., said in an interview.     “I aim to be n ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in the retail and e-commerce sector, including new store openings, strategic partnerships, and innovative service offerings that indicate growth potential in various segments of the market Sector Review Internet & E-commerce - Douyin is developing a group buying app called 'Dou Sheng Sheng' to enhance user convenience in in-store group buying, indicating a strategic move into local lifestyle services [5] - JD.com has launched national 'consumer goods trade-in' subsidies in 15 provinces, offering a 15% discount on select consumer electronics, which is expected to boost sales [6] - Tmall Global reported that 2,415 new overseas brands opened their first stores in 2025, reflecting a double-digit growth in store openings and a diverse global supply chain [7] Supermarkets & Hypermarkets - Freshippo's budget community supermarket, Chaohesuan NB, has opened its first store in South China, with plans to surpass 400 stores by the end of 2025, marking a significant expansion [8] Apparel - Anta has agreed to acquire a 29.06% stake in Puma, becoming its largest single shareholder, which is part of Anta's strategy to enhance its global influence in the sporting goods market [9] Food & Beverage - Starbucks opened its first intangible cultural heritage concept store in Guangdong, integrating local cultural elements into its brand experience [10] - JD 7Fresh Kitchen is expanding nationwide, focusing on quality dining with transparency in operations and addressing industry pain points [11] - Tiki Easy Coffee has surpassed 1,800 stores, marking its growth as a leading travel coffee brand in China [12] - Starbucks China reported an 11% revenue growth in the December quarter, with same-store sales increasing for three consecutive quarters [13] Miscellaneous - Pop Mart has launched Pop Bakery, venturing into the dessert market and expanding its product offerings beyond toys [14] - IKEA has entered the instant retail market by launching services on JD NOW, covering multiple cities and offering promotional discounts [15] Market Overview - The China Chain Store and Franchise Association (CCFA) reported that over 60% of convenience store operators experienced year-on-year sales growth in 2025, although the growth rate has slowed compared to previous years [16]

Group 1 - The core viewpoint of the report is that Anta Sports (02020) maintains its EPS forecast of 4.71 yuan for 2025, with projections of 4.76 and 5.04 yuan for 2026 and 2027 respectively, corresponding to P/E ratios of 14x and 13x for those years, and maintains an outperform rating for the industry [1] - Anta Sports announced the acquisition of a 29.06% stake in Puma SE for 35 euros per share, totaling approximately 1.506 billion euros (about 12.278 billion yuan), fully funded by its cash reserves, positioning Anta as the largest shareholder of Puma upon completion of the transaction [2] - The transaction price is considered reasonable based on Puma's long-term brand value, with the acquisition price representing 0.8 times the enterprise value to the expected revenue for 2027 [3] Group 2 - Puma is an internationally leading sports brand with over 70 years of history, excelling in football, running, racing, basketball, and cross-training, and has a strong global influence, particularly in Europe, Latin America, Africa, and India, while its revenue from the Chinese market remains relatively low [4] - The acquisition is expected to enhance Anta Sports' brand portfolio and improve its overall international competitiveness through complementary product offerings and regional strengths [4] - Anta Sports has successfully developed brands like FILA, Descente, and Kolon in China and aims to leverage its established global brand-building, retail, and supply chain systems to reactivate Puma's brand value post-acquisition [5]

Company Dynamics - Anta Sports announced the acquisition of a 29.06% stake in Puma SE for €35 per share, totaling approximately €1.506 billion (around RMB 12.278 billion), fully funded by cash reserves [1] - Upon completion of the transaction, Anta Sports will become the largest shareholder of Puma, which is considered strategically significant [1] Comments - The transaction price is deemed reasonable when considering the long-term brand value, with Puma's projected revenue, net profit, and total assets for 2024 estimated at €8.82 billion, €340 million, and €7.14 billion respectively [1] - Anta Sports stated that the acquisition price represents 0.8 times the enterprise value to the expected revenue for 2027, reinforcing the rationale behind the price [1] Brand Synergy - Puma, with over 70 years of history, excels in various sports sectors and has a strong global presence, particularly in Europe, Latin America, Africa, and India, while its revenue from the Chinese market remains relatively low [2] - The acquisition is expected to enhance Anta Sports' brand portfolio and improve its international competitiveness through complementary product offerings and regional strengths [2] - Anta Sports has successfully developed brands like FILA and Descente in China, and aims to leverage its experience to revitalize Puma's brand value post-acquisition [2] Earnings Forecast and Valuation - The EPS forecast for 2025 is maintained at RMB 4.71, while the forecasts for 2026 and 2027 have been adjusted downwards by 5% and 8% to RMB 4.76 and RMB 5.04 respectively [2] - The current P/E ratios for 2026 and 2027 are projected at 14x and 13x, with a maintained outperform rating for the industry [2] - The target price is set at HKD 110.91, corresponding to 21x and 19x P/E for 2026 and 2027, indicating a potential upside of 45% [2]

Group 1 - Anta Sports has confirmed a deal to acquire a 29.06 percent stake in Puma SE for $1.8 billion, making it the largest shareholder of the brand [1] - Analysts speculate that under Anta's guidance, Puma could see significant market amplification and enhanced marketing efforts, including new endorsements and store openings in key markets [2] - Puma is expected to adopt a more premium positioning globally, inspired by Salomon's successful strategy, which has included expanding offerings and opening flagship stores in prime locations [2] Group 2 - Salomon has experienced steady growth, supported by Anta's acquisition of Amer Sports in 2019 and Amer's IPO on the New York Stock Exchange in 2024, with a reported net income of $143.1 million in Q3 2024, up from $55.8 million in the same quarter the previous year [3] - Amer Sports CEO highlighted strong demand for Salomon's footwear across all regions, particularly in Asia, with growth in related products such as bags and socks [4] - The acquisition by Anta provides Puma with additional financial resources to address its ongoing "reset program," aimed at reducing high inventory levels and rethinking distribution strategies in key markets including Europe, the Middle East, Africa, China, and the U.S. [4]

1月27日，安踏体育发布公告，拟以现金支付方式收购德国运动品牌Puma（彪马）所属公司Puma SE的29.06%股权，涉及4301万股普通股，交易对价为每 股35欧元，总额达15.06亿欧元（约合122.78亿元人民币）。交易完成后，安踏将成为彪马的最大股东。消息公布后，安踏体育股价早盘一度涨超3%。截 至1月27日收盘，安踏体育报77.9港元/股，涨2.03%，总市值约2180亿港元。 安踏在公告中表示，本次收购是集团推进"单聚焦、多品牌及全球化"战略的重要举措，有望进一步提升其全球市场地位与品牌知名度，增强国际竞争力。 交易预计于2026年底前完成，仍需相关监管批准与交割条件满足，资金全部来源于安踏内部自有现金储备。 资料显示，彪马约80%营收来自欧洲、美洲及中东等高消费市场。此举被视为安踏打通全球高端市场、拓展国际渠道的关键一步。 近年来，安踏通过持续并购构建品牌矩阵，旗下已拥有FILA、迪桑特、可隆体育等品牌，并通过持有亚玛芬体育股份间接运营始祖鸟、萨洛蒙、威尔胜 等知名户外与运动品牌。2009年，安踏收购FILA中国运营权，奠定多品牌基础，并逐步超越李宁成为国内运动品牌龙头。业内人士指出，安踏此次 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 安踏表示，透过收购具有重大战略意义的少数股权，成为Puma的最大股东，集团有望进一步提升其于 全球体育用品市场的地位及品牌知名度，从而增强其整体国际竞争力。集团拟于交易完结后尽快寻求于 监事会获得充分代表席位。安踏还称，收购事项是集团深入推进"单聚焦、多品牌及全球化"战略的重要 举措。Puma作为享誉全球、拥有深厚历史沉淀的国际领先运动品牌，在专业运动及潮流运动领域具有 广泛的全球影响力。其全球业务及运动品类细分定位，与集团现有的多品牌、专业化布局高度互补。 超过75年来，Puma积极为全球身手最迅捷的运动健将打造打破速度纪录的产品，推动运动和文化的发 展。Puma生产足球、跑步和训练、篮球、高尔夫球以及赛车运动等类别的机能型或运动启发型日常单 品。Puma Group旗下品牌包括Puma、Cobra Golf以及stichd。该公司的产品远销至120多个国家，在全球 约有2万名员工，总部位于德国黑佐根奥拉赫。 1月27日，安踏体育(2020.HK)盘初拉升涨3.41%报78.95港元。消息面上，公司宣布与法国皮诺(Pinault) 家族的投资公司 ...