股票研究 /[Table_Date] 2026.01.28 收购 PUMA 29%股权，全球化布局注入 新动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 安踏出资 15 亿欧元收购 PUMA 29%股份，成为最大股东。PUMA 业绩面临短期压 力，当前正处清货节奏。我们认为此次收购是安踏推进"单聚焦、多品牌、全球化" 战略的关键一步。 投资要点： | 财务摘要(百万人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 70826 | 78410 | 85846 | 95707 | | (+/-)% | 13.6% | 10.7% | 9.5% | ...

股票研究 /[Table_Date] 2026.01.28 收购 PUMA 29%股权，全球化布局注入 新动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 安踏出资 15 亿欧元收购 PUMA 29%股份，成为最大股东。PUMA 业绩面临短期压 力，当前正处清货节奏。我们认为此次收购是安踏推进"单聚焦、多品牌、全球化" 战略的关键一步。 投资要点： | 财务摘要(百万人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 70826 | 78410 | 85846 | 95707 | | (+/-)% | 13.6% | 10.7% | 9.5% | ...

Core Viewpoint - Anta Group has reached an agreement to acquire a 29.06% stake in Puma SE for €1.5 billion, positioning itself as Puma's largest single shareholder, with the transaction expected to complete by the end of 2026, pending regulatory approvals [1][2]. Group 1: Acquisition Details - The acquisition will be funded entirely from Anta Group's internal cash reserves [1]. - Anta Group aims to enhance its global competitiveness and broaden its customer base and product lines through this acquisition [2][3]. Group 2: Puma's Current Performance - Puma is facing significant operational challenges, with a 10.4% year-on-year decline in sales to €1.9557 billion for Q3 2025, and a net loss of €62.3 million [3]. - The gross margin has decreased to 45.2%, and inventory has increased by 17.3% to €2.1241 billion [3]. Group 3: Strategic Implications - The acquisition is seen as a strategic move to optimize Anta Group's brand matrix and reflects its ambition for international expansion [2][3]. - Anta Group respects Puma's management culture and governance structure, planning to appoint a representative to Puma's supervisory board post-transaction [4].

Investment Rating - The investment rating for Anta Sports is "Buy" [4] Core Views - Anta Sports plans to acquire 29.06% of PUMA SE shares at a cash price of €35 per share, representing a 62% premium over PUMA's previous closing price, with a total transaction value of €1.506 billion (approximately ¥12.278 billion) [1] - The acquisition aims to enhance Anta's brand matrix and strengthen its global presence, particularly in markets where PUMA has significant influence, such as Europe, Latin America, Africa, and India [1] - PUMA is currently experiencing a performance downturn, with a projected revenue decline of low double digits for the full year 2025, and a reported EBIT loss of €10.7 million for the first three quarters of 2025 [2] - Despite short-term challenges, the long-term outlook for PUMA is positive due to its strong brand assets and global influence, with expectations for performance improvement post-acquisition [2] Financial Performance Summary - Anta's main brand experienced slight fluctuations in performance due to a weak consumer environment, with Q4 revenue declining in low single digits, while Fila and other brands showed strong growth [3] - For 2025, Anta expects a revenue growth of 10.9% to ¥78.564 billion and a net profit of approximately ¥13.2 billion, reflecting an 11% increase compared to 2024 [3] - The company anticipates a revenue growth of over 10% for 2026, with a slight decrease in net profit margin [3] Financial Projections - Revenue projections for Anta Sports are as follows: - 2025: ¥78.564 billion - 2026: ¥87.019 billion - 2027: ¥96.465 billion [9] - Net profit projections are as follows: - 2025: ¥13.194 billion - 2026: ¥14.035 billion - 2027: ¥15.937 billion [9] - The expected P/E ratio for 2026 is 14 times [8]

2026年1月27日，中国体育用品龙头企业安踏体育（股票代码：2020.HK）正式公告，已与法国皮诺 （Pinault）家族旗下投资公司Artémis签订协议，以15.06亿欧元（约合人民币122.78亿元）收购德国运 动品牌彪马（PUMA SE）29.06%的股权。交易完成后，安踏将成为彪马的单一最大股东，但暂不发起 要约收购。 本次交易对价为每股35欧元，总金额15.06亿欧元，资金全部来源于安踏自有现金储备。交易预计于 2026年底前完成，仍需通过中国、欧盟等多地反垄断审查及股东大会批准。若未在2026年12月31日前完 成交割，安踏需向卖方支付1亿欧元补偿金。安踏控股股东（持股52.83%）已承诺支持此项交易。 此举是安踏"单聚焦、多品牌、全球化"战略的关键推进。彪马作为全球领先的运动品牌，在足球、跑 步、篮球等细分领域及欧洲、拉美、亚洲市场拥有深厚根基，与安踏现有品牌矩阵形成互补。安踏集团 董事局主席丁世忠表示，收购将助力安踏"提升全球市场影响力"，并强调尊重彪马的品牌独立性与管理 团队。 此外，安踏近期资本动作频繁（如收购狼爪、投资Musinsa平台），其现金流压力值得关注。尽管2025 年旗下品 ...

Core Viewpoint - Anta Group has reached a share purchase agreement with Groupe Artémis to acquire 29.06% of Puma SE for €1.5 billion, funded entirely by Anta's internal cash reserves [1][3]. Group 1: Transaction Details - The transaction is expected to be completed by the end of 2026, pending regulatory approvals and customary closing conditions [2]. - Anta will pay a total of €1,505,516,600 (approximately ¥12.4 billion) for 43,014,760 shares of Puma, at a price of €35 per share [3][4]. Group 2: Strategic Importance - The acquisition is a significant milestone in Anta's strategy of "single focus, multi-brand, globalization," enhancing its position in the global sports goods market and brand recognition [3]. - Puma, founded in 1948 and headquartered in Germany, is a leading global sports brand with a wide influence in professional and lifestyle sports [6]. Group 3: Puma's Financial Performance - Puma has experienced declining performance, with a net profit of €360 million in 2023, dropping to €342 million in 2024, and a net loss of €247 million in the first half of 2025 [6]. - In Q3 2025, Puma reported a net loss of €62.3 million, and plans to cut approximately 900 white-collar jobs globally by the end of 2026 as part of cost-reduction measures [6]. Group 4: Anta's Recent Acquisitions - Anta has previously acquired international brands, including the full acquisition of German outdoor brand Jack Wolfskin for $290 million (approximately ¥2.1 billion) in April 2025 [7]. - Anta is also the largest shareholder of Amer Sports Inc., having completed its acquisition in 2019, which includes brands like Arc'teryx and Salomon [8]. Group 5: Anta's Financial Performance - Anta reported a revenue increase of 14.3% to ¥38.54 billion in the first half of 2025, achieving a historical high, with adjusted net profit rising by 7.1% to ¥6.597 billion [9].

Core Viewpoint - Anta Group has reached an agreement to acquire a 29.06% stake in Puma SE from the Pinault family's investment company Groupe Artémis for €1.5 billion, funded entirely by Anta's internal cash reserves. The transaction is expected to be completed by the end of 2026, pending regulatory approvals and customary closing conditions [1][2]. Group 1: Acquisition Details - The acquisition involves the purchase of 43,014,760 ordinary shares of Puma, representing approximately 29.06% of the total issued share capital, at a price of €35 per share, totaling €1,505,516,600 (approximately ¥12.4 billion) [2]. - Anta Group's Chairman, Ding Shizhong, stated that becoming the largest shareholder of Puma is a significant milestone in advancing the company's "single focus, multi-brand, globalization" strategy [2]. Group 2: Strategic Importance - The acquisition is seen as a strategic move to enhance Anta's position in the global sports goods market and increase brand recognition, as Puma is a globally recognized brand with a strong historical presence in professional and lifestyle sports [2]. - Anta aims to leverage Puma's global business and product segmentation to complement its existing multi-brand and specialized layout [2]. Group 3: Financial Performance of Puma - Puma has experienced a decline in performance, with a net profit of €360 million in 2023, dropping to €342 million in 2024, and reporting a net loss of €247 million in the first half of 2025, along with a net loss of €62.3 million in Q3 2025 [8]. - In response to high operational costs, Puma plans to streamline approximately 900 white-collar jobs globally by the end of 2026, following a previous layoff of 500 employees as part of a cost-cutting initiative announced in March 2025 [8]. Group 4: Anta's Recent Activities - Anta has been active in acquiring foreign brands, including the full acquisition of the German outdoor brand Jack Wolfskin for a base price of $290 million (approximately ¥2.1 billion) in April 2025 [10]. - Anta Sports, a subsidiary of Anta Group, was listed on the Hong Kong Stock Exchange in 2007 and focuses on the research, design, manufacturing, marketing, and sales of professional sports goods, including various brands such as Anta, FILA, DESCENTE, and others [10][11]. Group 5: Anta's Financial Performance - Anta Sports reported a revenue increase of 14.3% to ¥38.54 billion in the first half of 2025, achieving a historical high, with adjusted net profit rising by 7.1% to ¥6.597 billion [12].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 记者 赵心怡 【导读】安踏集团斥资15亿欧元（约合123亿元人民币）收购彪马29.06%股权 市场传言终于"靴子落地"，安踏集团宣布将收购彪马29.06%股权。 1月27日，中国体育用品巨头安踏集团宣布，以15亿欧元现金收购德国运动品牌彪马（PUMA）29.06% 的股权，交易对手为法国皮诺家族（Pinault）旗下投资公司Groupe Artémis。 若交易于2026年底前完成，安踏将成为彪马最大股东。但安踏明确表示，暂不发起全面要约收购。 对于此次收购，安踏集团董事局主席丁世忠表示："收购彪马的股权成为其最大股东，是安踏集团深入 推进'单聚焦、多品牌、全球化'发展战略的重要里程碑。彪马是具有标志性意义的全球知名品牌，有着 深厚的品牌资产。我们期待与彪马公司相互学习并分享经验，携手合作充分释放其品牌势能。" 丁世忠还提到："这将有助于进一步推动安踏集团的全球化进程，促进包括中国在内的全球体育产业繁 荣，同时为全球消费者和利益相关者创造长期价值。" 资料显示，彪马成立于1948年，是德国运动品牌的标志性代表，以深厚的 ...

新京报记者 王真真 编辑 陈莉 校对 刘军 1月27日，安踏集团与Pinault家族的投资公司Groupe Artémis 达成购股协议，收购全运动品牌彪马 （PUMA）所属公司PUMA SE 29.06%的股权。现金对价为15亿欧元，此次股权收购资金全部来源于安 踏集团的内部自有现金储备。 安踏集团透露，本次交易预计有望于2026年底前完成，但仍需要得到相关监管部门批准及满足惯例交割 条件。 安踏集团董事局主席丁世忠表示：收购彪马的股权成为最大股东，是安踏集团深入推进"单聚焦、多品 牌、全球化"发展战略的重要里程碑。 ...

Group 1 - Anta Sports (2020.HK) shares rose by 3.41% to HKD 78.95 following the announcement of a share purchase agreement with Groupe Artémis to acquire 29.06% of Puma SE for a cash consideration of EUR 15.06 billion (approximately RMB 12.278 billion) at EUR 35 per share [1] - The transaction is expected to be completed by the end of 2026, pending regulatory approvals and customary closing conditions [1] - Anta aims to enhance its global market position and brand recognition through this strategic minority stake acquisition, becoming the largest shareholder of Puma [1] Group 2 - Puma has been creating products for elite athletes for over 75 years, focusing on categories such as football, running, training, basketball, golf, and motorsports [2] - The Puma Group includes brands like Puma, Cobra Golf, and stichd, with products sold in over 120 countries and approximately 20,000 employees globally [2] - The company's headquarters is located in Herzogenaurach, Germany [2]