Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong performance in Q1, with several brands exceeding expectations, and the acquisition of Jack Wolfskin is expected to stabilize and enhance its multi-brand strategy [5][7] - The company is positioned as a leading player in the sportswear industry in China, with significant growth potential through multi-brand operations and overseas expansion [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 62,661 million RMB - 2024: 70,826 million RMB (growth of 16.37%) - 2025E: 78,944.69 million RMB (growth of 11.46%) - 2026E: 87,795.88 million RMB (growth of 11.21%) - 2027E: 96,556.82 million RMB (growth of 9.98%) [6] - Net profit attributable to the parent company is projected as follows: - 2023: 10,236 million RMB - 2024: 15,596 million RMB (growth of 52.36%) - 2025E: 13,500.18 million RMB (decline of 13.44%) - 2026E: 15,559.12 million RMB (growth of 15.25%) - 2027E: 17,142.09 million RMB (growth of 10.17%) [6] - Earnings per share (EPS) are expected to be: - 2023: 3.69 RMB - 2024: 5.55 RMB - 2025E: 4.81 RMB - 2026E: 5.54 RMB - 2027E: 6.11 RMB [6] Brand Performance - The Anta brand recorded high single-digit growth in Q1 2025, maintaining stable operations - The FILA brand also showed high single-digit growth, continuing the improvement trend from Q4 2024 - Other brands experienced a significant growth rate of 65-70% in Q1 2025, benefiting from a high demand in the outdoor sports sector [7] Acquisition Impact - The acquisition of Jack Wolfskin for USD 290 million is expected to enhance the company's outdoor product matrix and broaden its customer base - Jack Wolfskin's established presence in Europe is anticipated to support the company's global expansion strategy [7]

Investment Rating - The investment rating for Anta Sports is "Buy" (maintained) [7] Core Views - Anta reported Q1 performance exceeding expectations, with the acquisition of German outdoor brand Wolfskin further enhancing its outdoor portfolio [2] - The main brand of Anta shows vitality with a high single-digit growth in Q1, driven by strong performance in children's products and online sales [2] - FILA brand also demonstrated robust growth, with high single-digit increases in revenue, particularly in children's and trendy products [3] - Other brands like Descente and KOLON experienced significant growth, with Descente's revenue growth nearing 60% [4] - The acquisition of Wolfskin, a professional outdoor brand, is expected to complement Anta's mid-range outdoor market presence and enhance its international footprint [5] - Revenue forecasts for Anta are projected to grow by 10% in 2025, 8% in 2026, and 7% in 2027, with net profit expected to reach 134 billion, 147 billion, and 161 billion RMB respectively [6] Summary by Sections Main Brand Performance - Anta's main brand revenue grew in high single digits in Q1, with children's products and online sales also showing strong growth [2] FILA Brand Performance - FILA's revenue growth was high single digits, with children's and trendy products leading the way, and online sales outpacing offline [3] Other Brands - Descente's revenue growth approached 60%, while KOLON's revenue nearly doubled, indicating strong performance across outdoor and women's sports segments [4] Acquisition of Wolfskin - The acquisition of Wolfskin for approximately 2.9 billion USD (about 21.2 billion RMB) is expected to enhance Anta's outdoor brand portfolio and market presence in Europe and China [5] Financial Forecasts - Revenue projections for Anta are 782 billion RMB in 2025, 846 billion RMB in 2026, and 909 billion RMB in 2027, with corresponding net profits of 134 billion, 147 billion, and 161 billion RMB [6]

安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020) with a target price based on the last closing price of 93.15 HKD [1][11]. Core Insights - Anta Sports reported a revenue of 70.83 billion CNY for 2024, representing a year-on-year increase of 13.6%. The net profit attributable to shareholders was 15.6 billion CNY, up 52% year-on-year, excluding one-time gains from Amer Sports' listing [4][11]. - The company plans to distribute a dividend of 2.36 HKD per share, with a payout ratio of 51.4% [4]. Summary by Sections Financial Performance - Anta's revenue growth exceeded expectations, with a notable performance from its outdoor brands [4]. - The revenue breakdown shows Anta brand grew by 10.6% to 33.5 billion CNY, while FILA increased by 6.1% to 26.63 billion CNY. Other brands saw a significant growth of 54% to 10.7 billion CNY [5][6]. Brand Performance - Anta brand maintained a double-digit growth, while FILA focused on high-quality growth. Other brands continued to show strong growth [5]. - The introduction of new retail formats and successful product launches, such as the PG7 running shoes, contributed to the brand's performance [5]. Channel Performance - Online sales increased by 21.8%, accounting for 35.1% of total revenue. The offline channel also saw growth with a net increase in store count [6]. - Amer Sports turned profitable, with a revenue increase of 18% to 5.18 billion USD, led by strong performance in the Greater China region [6]. Operational Efficiency - The gross margin slightly decreased to 62.2%, attributed to changes in product and channel mix. Marketing and R&D expenses increased, reflecting the company's commitment to innovation and brand promotion [7]. - The company maintained a healthy cash flow with a net cash position of approximately 31.4 billion CNY [7]. Future Outlook - The company expects continued growth in 2025, with Anta brand projected to grow in high single digits, FILA in mid-single digits, and other brands over 30% [10]. - The management's confidence is reflected in a 10 billion HKD share buyback plan, with 2 billion HKD already executed [10]. Earnings Forecast - The forecast for 2025 indicates a net profit of 13.6 billion CNY, with a projected PE ratio of 18 times [12].

Financial Data and Key Metrics Changes - In 2023, total revenue grew by 10.9% to JPY 14.346 billion, marking a historical high [11] - Core Xtep brand revenue increased by 7.4% to JPY 11.947 billion, while new brands, including Saucony and Merrell, saw revenue growth of nearly 100% at almost JPY 800 million [12] - The group's profit reached a historical high of JPY 1.03 billion, up 11.8% year on year, with a net profit margin of 7.2% [13][17] - Inventory decreased significantly by 21.6% to JPY 1.794 billion, indicating improved inventory management [14][21] Business Line Data and Key Metrics Changes - The core Xtep brand achieved a retail sell-through growth of 20% year on year, with inventory turnover days at a healthy level of 4 to 4.5 months [6][10] - The Professional Sports segment, including Saucony and Merrell, reported nearly 100% revenue growth, with Saucony becoming the first profitable brand among the four brands [12][26] - The Athletia segment experienced a revenue growth of 14.3% [12] Market Data and Key Metrics Changes - In the China region, Saucony's revenue growth exceeded 200%, reaching JPY 465 million [12] - The athleisure segment, including K Swiss and Palladium, saw a revenue growth of 14.3%, primarily driven by the Chinese market [27] - The gross margin for the athleisure segment improved from 37.6% to 44.8% due to increased direct-to-consumer (DTC) sales [28] Company Strategy and Development Direction - The company aims to maintain its position as the number one running brand in China, focusing on product innovation and expanding its market segment [35][50] - The strategy includes leveraging synergies between core and new brands, with a focus on high-end markets for new brands [8][51] - The company plans to continue enhancing its offline store experience while expanding its online presence [50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2023 was a challenging year but expressed confidence in achieving considerable growth despite a difficult economic environment in 2024 [17][24] - The target for 2024 is a revenue growth of no less than 10%, with a focus on maintaining healthy inventory levels [18][24] - Management noted that the consumption situation remains uncertain, but they are prepared to react quickly to market changes [24] Other Important Information - The company has maintained a consistent dividend payout ratio of 50% since its listing in 2008 [15] - Operating cash net inflow grew by 1.2 times to JPY 1.255 billion, exceeding net profit [15] - The company has successfully remitted JPY 1 billion to Hong Kong for dividend payouts and debt repayment [20] Q&A Session Summary Question: What are the growth prospects for Saucony and Merrell? - Management indicated that Saucony and Merrell are expected to achieve significant growth in 2024, with sales targets set at 30% to 40% growth [26] Question: How does the company plan to manage inventory levels? - The company emphasized the importance of maintaining healthy inventory levels and has successfully reduced inventory by 21.6% [14][21] Question: What are the expectations for the athleisure segment in 2024? - Management stated that while the athleisure segment will continue to incur losses, they will control the amount of loss to ensure it does not exceed previous years [30]