21世纪经济报道记者贺泓源 1月27日，安踏集团宣布，与Pinault家族的投资公司Groupe Artémis 达成购股协议，收购全球标志性运动品牌彪马（PUMA）所 属公司PUMA SE 29.06%的股权。现金对价为15亿欧元。 该次交易预计有望于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。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。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。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。" 此外，安踏集团强调，其充分尊重彪马的管理文化，以及彪马作为德国上市公司的独立治理架构。交易完成后，安踏体育拟寻 求向监事会委派合适的代表，后者将与其他监事会成员及员工代表密切协作，同时致力于保持彪马深厚的品牌身份与基因。集 团未来将审慎评估双方是否有进一步深化合作关 ...

1月27日，安踏体育用品有限公司（股份代号：港币柜台2020.HK、人民币柜台82020.HK及其附属公司 统称"安踏集团"或"集团"）今日宣布，与Pinault家族的投资公司Groupe Artémis 达成购股协议，收购全 球标志性运动品牌彪马（PUMA）所属公司PUMA SE 29.06%的股权。现金对价为15亿欧元。 安踏集团充分尊重彪马的管理文化，以及彪马作为德国上市公司的独立治理架构。交易完成后，安踏集 团拟寻求向监事会委派合适的代表，后者将与其他监事会成员及员工代表密切协作，同时致力于保持彪 马深厚的品牌身份与基因。集团未来将审慎评估双方是否有进一步深化合作关系的可能性。集团目前没 有对彪马发起要约收购的计划。 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。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。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。" 责任编辑： ...

根据这份购股协议，安踏将以每股35欧元的对价从法国亿万富翁皮诺家族的控股公司Artémis手中购买 约4300万股彪马的股份。彪马周一的收盘价为21.63欧元。过去12个月，彪马的股价下跌了32%，公司 市值为32亿欧元。 过去12个月，总部位于福建的安踏在香港的股价下跌了7%，市值达273亿美元。安踏在提交给香港联交 所的文件中表示，此次收购是公司"单聚焦、多品牌及全球化"战略的重要举措。 媒体曾于11月报道称，安踏是考虑潜在竞购彪马的公司之一，并表示该公司一直在与顾问合作，评估 对彪马的竞购方案。该消息公布后，彪马股价创下多年来最大涨幅。 责任编辑：王永生 中国运动服装公司安踏体育已同意以15亿欧元（18亿美元）购买彪马公司约29%的股份，从而成为这家 德国运动品牌的最大股东。 根据这份购股协议，安踏将以每股35欧元的对价从法国亿万富翁皮诺家族的控股公司Artémis手中购买 约4300万股彪马的股份。彪马周一的收盘价为21.63欧元。过去12个月，彪马的股价下跌了32%，公司 市值为32亿欧元。 过去12个月，总部位于福建的安踏在香港的股价下跌了7%，市值达273亿美元。安踏在提交给香港联交 所的文件中 ...

智通财经APP讯，安踏体育(02020)发布公告，2026年1月26日，公司与Artémis(作为卖方)订立购股协 议，据此公司有条件同意购买，而卖方有条件同意出售合共4301.476万股目标公司普通股(占截至本公 告日期目标公司全部已发行股本约29.06%)，对价为每股普通股35欧元，合共约15.06亿欧元(不含税)(相 当于约人民币122.78亿元)。 目标公司(即Puma SE)为一家根据德国法律组织的欧洲公司(Societas Europaea )。其股份获准于法兰克福 证券交易所受规管市场(Regulierter Markt)及其主要标准板(Prime Standardsegment)上市交易，同时亦于 德国其他多个受规管市场及公开市场(Freiverkehr)进行交易，特别是在柏林、杜塞尔多夫、汉堡、汉诺 威、慕尼黑及斯图加特的证券交易所。该公司主要从事各类体育及运动生活产品的开发及销售，产品涵 盖PUMA品牌的鞋类、服装及配饰。截至本公告日期，目标公司已发行股份总数为约1.48亿股。卖方为 一家法国简易股份公司(société par actions simplifiée)，其为Pinault家 ...

格隆汇1月27日丨安踏体育(02020.HK)发布公告，2026年1月26日，公司与Artémis(作为卖方)订立购股协 议，据此公司有条件同意购买，而卖方有条件同意出售合共4301.476万股目标公司普通股(占截至本公 告日期目标公司全部已发行股本约29.06%)，对价为每股普通股35欧元，合共约15.06亿欧元(不含税)(相 当于约人民币122.78亿元)。 公告表示，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。透过收购具有重大战略意义 的少数股权，成为目标公司的最大股东，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。 目标公司(即Puma SE)为一家根据德国法律组织的欧洲公司(Societas Europaea )。其股份获准于法兰克福 证券交易所受规管市场(Regulierter Markt)及其主要标准板(Prime Standardsegment)上市交易，同时 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 109.21 [1][10]. Core Views - The report highlights that despite short-term fluctuations, the company remains a leader in the industry. The main brand experienced a slight decline in revenue, while other brands, particularly FILA, showed positive growth. The overall strategy focuses on a multi-brand approach and global expansion, with expectations for continued double-digit growth in overall revenue [6][10]. Summary by Sections Operational Performance - In Q4 2025, the main brand's revenue saw a low single-digit negative growth, while FILA achieved a mid-single-digit positive growth. Other brands experienced a revenue increase of 35-40%. External factors such as a warm winter and the timing of the Spring Festival impacted the main brand's performance [6][7]. - The overall inventory turnover ratio remains healthy, and the company is expected to continue its multi-brand strategy, enhancing product development and sports resource acquisition [6][10]. Financial Forecasts - Revenue projections for the company are as follows: - 2024: RMB 70,826 million - 2025E: RMB 77,953 million (+10.06%) - 2026E: RMB 85,110 million (+9.18%) - 2027E: RMB 92,865 million (+9.11%) [5]. - Net profit attributable to the parent company is forecasted to be: - 2024: RMB 15,596 million - 2025E: RMB 13,021 million (-16.51%) - 2026E: RMB 14,011 million (+7.60%) - 2027E: RMB 15,495 million (+10.59%) [5]. Valuation Metrics - The report adjusts the target price to HKD 109.2, reflecting a 20x PE for 2026E, down from a previous target of HKD 115.24. The adjusted target price corresponds to a PE of 23.2x for 2025E [10]. - Key valuation ratios include: - PE for 2026E: 14.87 - PB for 2026E: 2.52 - Dividend yield for 2026E: 3.46% [5][10].

Core Viewpoint - Anta Sports is facing significant challenges in brand management despite its rapid expansion and success in the sportswear market, highlighted by recent public relations crises involving its acquired brands [5][10][27]. Brand Management Challenges - Recent incidents involving Fila and Arc'teryx have raised concerns about Anta's ability to manage its diverse brand portfolio effectively, indicating potential issues in consumer relationship management and brand social responsibility [10][30]. - The Fila incident involved a store employee labeling customers as "too expensive" in a membership system, leading to public backlash and damage to the brand's image [8][10]. - The Arc'teryx controversy stemmed from a fireworks event in the Himalayas, criticized for environmental impact, which further strained the brand's reputation [10][30]. Acquisition Strategy - Anta's acquisition strategy has been pivotal in its growth, starting with the purchase of Fila in 2009 for 332 million yuan, which transformed the brand from a loss-making entity to a significant revenue contributor [12][13]. - By 2023, Fila accounted for 41.3% of Anta's total revenue, showcasing the success of the acquisition and operational strategy [13]. - Anta's expansion includes acquiring various international brands, with a focus on creating a multi-brand matrix that covers different market segments [22][24]. Financial Performance - As of December 19, 2023, Anta's stock price was 81.5 HKD per share, with a market capitalization of approximately 227.9 billion HKD (around 206.2 billion RMB) [6]. - The company's revenue reached 1,075.76 billion RMB in 2024, making it the third-largest sportswear group globally, following Nike and Adidas [22]. Future Outlook - Anta aims to balance its acquisition-driven growth with internal innovation and brand management, emphasizing the need for a cohesive strategy across its diverse brands [40][41]. - The company's recent integration into e-commerce platforms like Taobao Flash Sale reflects its strategic shift towards enhancing consumer engagement and operational efficiency [4][41].

Core Viewpoint - The company is building long-term advantages through multi-brand collaboration, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with the latter achieving significant sales on the first day of announcement [2] Group 2: Sales Strategy - The company is focusing on profit and core products during the Double Eleven promotion, leveraging partnerships with influencers like Li Jiaqi to promote high-end series [3] - The X peptide series is reinforced by Jackson Wang's endorsement, while the "Red Luck" concept aligns with the festive season, aiming to boost the cosmetics segment [3] Group 3: Competitive Advantages - The company has a strong brand presence and consumer recognition, benefiting from extensive marketing coverage [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to market changes [4] - The company has significant negotiation power due to its large sales volume, allowing it to secure resources effectively [4] - The supply chain is vertically integrated, enabling rapid product launches and maintaining high profit margins [4] Group 4: Growth Strategy - The company achieved an online GMV of 4.5 billion yuan in the first half of 2025, with multiple products exceeding 100 million yuan in sales [5] - Three new brands are set to launch in 2025, with positive performance from existing brands, supporting a long-term revenue target of 30 billion yuan by 2030 [5] - The company is expanding globally, with a factory investment of 300 million yuan in Southeast Asia and plans for further expansion into North America and Europe [5]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has announced Wang Jiaer as its global spokesperson, enhancing its brand's global positioning. This partnership is expected to leverage Wang's international fan base and high-end brand associations [2] - The company has shown strong sales performance, with significant revenue generated from collaborations with popular influencers, indicating robust consumer purchasing power [2] - The company is focusing on a multi-brand strategy and global expansion, with plans to enter Southeast Asia and eventually North America and Europe, aiming for a long-term revenue target of 30 billion by 2030 [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 4,191 million - 2024: 6,793 million - 2025E: 8,513 million - 2026E: 10,641 million - 2027E: 12,786 million - Year-on-year growth rates are projected at 57% for 2023, 62% for 2024, and 25% for 2025 and 2026, with a 20% growth rate expected in 2027 [4] - Net profit forecasts are as follows: - 2023: 461 million - 2024: 781 million - 2025E: 1,149 million - 2026E: 1,496 million - 2027E: 1,806 million - The net profit growth rates are projected at 213% for 2023, 69% for 2024, and 47% for 2025, with 30% and 21% expected for 2026 and 2027 respectively [4] - Earnings per share are expected to increase from 1.16 in 2023 to 4.54 in 2027, with a net asset return rate projected to be 36% in 2025 [4] Strategic Initiatives - The company is implementing a robust strategy for the Double Eleven shopping festival, focusing on high-margin products and leveraging influencer marketing [7] - The company is enhancing its competitive edge through brand development, talent acquisition, and supply chain integration, allowing for rapid product launches and cost control [7] - The multi-brand strategy includes the introduction of new brands and IP collaborations, with a clear path for expansion into various product categories [7]

Core Viewpoint - Anta Sports reported a solid performance in the first half of 2025, with revenue growth driven by multiple brands and strategic acquisitions, despite challenges in the retail environment and rising tax rates [1][5][7] Financial Performance - In the first half of 2025, Anta achieved revenue of 38.54 billion yuan, a year-on-year increase of 14.3% [1] - The net profit attributable to shareholders was 7.03 billion yuan, up 14.5% year-on-year, while the main business net profit was 6.60 billion yuan, reflecting a 7.1% increase [1] - Earnings per share (EPS) stood at 2.53 yuan, with a proposed interim cash dividend of 1.37 HKD, resulting in a payout ratio of 50.2% [1] Profitability Metrics - Gross margin for the first half of 2025 was 63.4%, a decrease of 0.7 percentage points year-on-year [3] - Operating profit margin improved to 26.3%, an increase of 0.6 percentage points year-on-year [4] - The effective tax rate rose to 28.4%, primarily due to an increase in dividend tax [1] Brand Performance - Amer, a newly acquired brand, reported revenue of 19.26 billion yuan, a year-on-year increase of 23.5%, and a net profit of 1.09 billion yuan [2] - Revenue growth for main brands in the first half included Anta at 5.4%, FILA at 8.6%, and other brands at 61.1% [2] - Online sales increased by 17.6%, contributing to 34.8% of total revenue, with offline sales growing approximately 13% [3] Strategic Initiatives - The acquisition of the German outdoor brand Wolfskin was completed in May 2025, enhancing Anta's presence in the professional outdoor sports market [5] - Anta established a joint venture with MUSINSA to operate Korean fashion business in mainland China and Hong Kong, aiming to strengthen its position in the sports fashion segment [6] Future Outlook - For the full year 2025, Anta's retail revenue guidance for its main brand was adjusted from high single digits to mid-single digits, while FILA maintained its mid-single-digit growth forecast [6] - The company plans to expand its store count significantly, targeting 7,000-7,100 for Anta and 2,100-2,200 for FILA by the end of 2025 [6] - As of June 2025, Anta had a strong cash reserve of 31.54 billion yuan, indicating robust financial health [6]