Investment Rating - The investment rating for Anta Sports (2020.HK) is "Buy" (maintained) [1] Core Views - Anta Sports achieved a revenue of 70.83 billion RMB in 2024, representing a year-on-year growth of 13.6%. The net profit attributable to shareholders, including the impact of the joint venture AMER, was 15.60 billion RMB, a significant increase of 52.4% [5][6] - The company continues to leverage its multi-brand strategy, with expectations for high-quality growth across its brands in 2025 [14] Financial Performance Summary - Revenue and Profit: In 2024, Anta Sports reported a revenue of 70.83 billion RMB, with a net profit of 15.60 billion RMB, reflecting a 52.4% increase when including AMER's impact [5][6] - Earnings Per Share (EPS): The EPS for 2024 was 5.55 RMB, with a proposed final cash dividend of 1.18 HKD per share, leading to an annual payout ratio of 51.4% [5] - Profit Margins: The gross margin for 2024 decreased by 0.4 percentage points to 62.2%, while the operating profit margin was 23.4%, down 1.2 percentage points [9][11] Brand Performance Summary - Brand Revenue Growth: In 2024, the main brand Anta grew by 10.6%, FILA by 6.1%, and other brands by 53.7%. Online sales increased by 21.8% [7][8] - Retail Performance: The retail performance of Anta and FILA showed resilience, with Anta's revenue growth in the first half of 2024 at 13.5% and 8.1% in the second half [7][8] Future Outlook - Revenue Projections: For 2025, Anta expects retail revenue growth of high single digits for the Anta brand, mid-single digits for FILA, and over 30% for other brands [14] - Store Expansion Plans: The company plans to expand its store count significantly, targeting 6,900-7,000 stores for the Anta brand and 2,100-2,200 for FILA by 2025 [14] - Cash Position: As of the end of 2024, Anta had a net cash position of 31.40 billion RMB, indicating strong liquidity and risk resilience [14]