Core Viewpoint - Anta Sports Products Co., Ltd. has officially integrated its brand Anta into Taobao Flash Purchase, enhancing its omnichannel retail strategy and meeting consumer demand for immediate delivery of sports equipment [1][2] Group 1: Company Developments - Anta has launched its products on Taobao Flash Purchase, covering 174 cities including Shanghai, Beijing, and Guangzhou, with plans to expand to over 4,000 stores by 2026 [1] - The product offerings on Taobao Flash Purchase include essential winter items such as down jackets, windbreakers, cotton shoes, and running shoes, featuring Anta's proprietary warming technology and collaborations with NBA star Kyrie Irving [1] Group 2: Industry Trends - The demand for sports equipment has shifted towards immediate consumption triggered by various sports scenarios, prompting local sports brands to quickly establish a presence in instant retail through platforms like Taobao Flash Purchase [2] - The integration of online and offline operations by local sports brands on platforms like Tmall is providing consumers with a new shopping experience [2]

Core Viewpoint - Anta has officially integrated with Taobao Flash Purchase, enhancing its omnichannel retail strategy and aiming for extensive coverage of over 4,000 stores by 2026 [1][3] Group 1: Integration with Taobao Flash Purchase - Anta has connected its products to Taobao Flash Purchase, allowing consumers in 174 cities, including Shanghai, Beijing, and Guangzhou, to order from over 1,000 offline stores [1] - The integration is expected to meet consumer demands for timely delivery, particularly for urgent needs in scenarios like travel and fitness [3] Group 2: Product Offering - The products available through Taobao Flash Purchase include essential winter items such as down jackets, windbreakers, cotton shoes, and running shoes [3] - This move is part of Anta's strategy to enhance its online and offline channel integration, creating a distributed fulfillment network where stores act as warehouses [3]

Group 1 - Anta officially integrates with Taobao Flash Purchase, covering 174 cities including Shanghai, Beijing, and Guangzhou, with over 1,000 offline stores now available on the platform [1][4] - The integration is expected to expand to over 4,000 stores by 2026, allowing consumers to order from nearby stores for quick delivery [1] - Products available through Taobao Flash Purchase include essential winter items such as down jackets, windbreakers, cotton shoes, and running shoes, including Anta's proprietary "Six Degrees Core" winter gear and NBA star Kyrie Irving's merchandise [2][3] Group 2 - The integration is a key step in Anta's strategy to deepen its omnichannel retail approach, enhancing the "online + offline" strategy to cover more consumer scenarios, particularly for urgent needs and instant delivery [6] - This move aims to meet consumer demands for timely purchases in situations like travel and fitness, with a focus on creating a distributed fulfillment network where stores act as warehouses [6] - The rise of instant retail through Taobao Flash Purchase reflects a shift in consumer behavior, emphasizing immediate consumption needs alongside traditional bulk purchasing during promotional events [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set for the next six months [7]. Core Insights - The company reported a revenue of 12.3 billion RMB for FY26H1, a year-on-year decrease of 5.8%, and a net profit attributable to shareholders of 789 million RMB, down 9.7% year-on-year. The gross margin stood at 41.0%, reflecting a slight decrease of 0.1 percentage points [1]. - The company is implementing a "1+N" model to enhance its retail strategy, expanding offline stores into various online scenarios, resulting in a total of 4,688 stores, a decrease of 19.4% year-on-year. However, online retail sales have seen double-digit growth, alleviating some pressure on offline traffic [2]. - The company is focusing on high-potential segments, particularly in running and outdoor sports, by partnering with brands like nordaTM and Norrøna for exclusive operations in China [3]. - The membership economy is showing significant value, with a total user base of 89 million and membership contributing 92.9% to total retail sales. High-value members contribute nearly 35% to sales, with average transaction values significantly higher than non-members [4]. Financial Projections - The report maintains its profit forecast, expecting revenues of 26.5 billion RMB, 27.3 billion RMB, and 28.6 billion RMB for FY26-28, with net profits projected at 1.3 billion RMB, 1.5 billion RMB, and 1.7 billion RMB respectively. The expected EPS is 0.21 RMB, 0.24 RMB, and 0.27 RMB for the same period [5].