Core Viewpoint - Anta Group plans to acquire a 29.06% stake in PUMA SE for €1.5 billion (approximately RMB 12.278 billion), becoming its largest single shareholder, with a share price premium of 60% over the market price [1] Group 1: Acquisition Details - The acquisition price is set at €35 per share, which is a 60% premium over the current market price, but management emphasizes that the valuation is reasonable based on enterprise value assessments [1] - The funding for the acquisition will come entirely from the group's internal cash reserves, and management has stated that it will not affect the dividend distribution in 2025 [1] - The transaction is subject to several conditions, including antitrust approvals and shareholder meetings, with an expected completion timeline of 6 to 10 months [1] Group 2: Strategic Importance - This acquisition is a significant milestone in Anta Group's strategy of "single focus, multi-brand, globalization," aimed at addressing the group's global expansion shortcomings and validating its multi-brand management model [2] - Anta Group intends to seek full representation on PUMA's supervisory board post-transaction, collaborating closely with other board members to leverage its multi-brand management and supply chain expertise [2] - The core participation of Anta in PUMA's governance will focus on enabling collaboration while maintaining PUMA's operational independence [2] Group 3: PUMA's Current Performance - PUMA's revenue from 2021 to 2024 is projected to be €68.1 billion, €84.7 billion, €86.0 billion, and €88.2 billion, with a fixed exchange rate year-on-year growth of 31.7%, 18.9%, 6.2%, and 3.9% respectively [3] - For the first nine months of 2025, PUMA reported revenue of €5.65 billion, a year-on-year decline of 13.2%, with market consensus predicting a net loss of €620 million for 2025 [3] - PUMA's sales are primarily through franchises, accounting for 72.5% of revenue, with footwear, apparel, and accessories contributing 56.4%, 33.4%, and 10.2% respectively [3] Group 4: Financial Projections - Anta Group maintains its revenue forecasts for 2025-2027 at RMB 78.26 billion, RMB 85 billion, and RMB 92.04 billion, reflecting year-on-year growth of 10.5%, 8.6%, and 8.3% respectively [4] - The net profit forecast for 2025 is maintained, while projections for 2026 and 2027 have been lowered due to the impact of the acquisition on interest income and PUMA's expected net loss [4] - The adjusted net profit for Anta Group for 2025-2027 is projected at RMB 12.98 billion, RMB 14.34 billion, and RMB 16.24 billion, with corresponding PE ratios of 15.0X, 13.6X, and 12.1X [4]

研究报告 Research Report 28 Jan 2026 安踏体育 ANTA SPORTS (2020 HK) 战略性收购 Puma 29.06%股权，继续推进单聚焦+多品牌+全球化战略 Strategic Acquisition of a 29.06% Stake in Puma to Further Advance the Strategy of Single Focus, Multi-Brand and Globalization [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.90 目标价 HK$91.40 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$217.86bn / US$27.94bn 日交易额 (3 个月均值) US$93.59mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年 ...

研究报告 Research Report 28 Jan 2026 安踏体育 ANTA SPORTS (2020 HK) [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.90 目标价 HK$91.40 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$217.86bn / US$27.94bn 日交易额 (3 个月均值) US$93.59mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年股价最高最低值 HK$104.40-HK$75.50 注：现价 HK$77.90 为 2026 年 01 月 27 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -7.2% -13.3% -0.1% 绝对值（美元） -7.4% -13.6% -0.2% 相对 MSCI China -10.3% -11.6% -33.7% [Table_Profit] Rmb mn Dec ...