1月26日，公司公告与Pinault家族的投资公司Groupe Artémis达成购股协议，以每股35欧元的价格收购 PUMASE共计43,014,760股普通股(占其全部已发行股本约29.06%)，总对价15.05亿欧元(约合人民币 122.78亿元)。 智通财经APP获悉，国信证券发布研报称，维持安踏体育(02020)"优于大市"评级。该行维持盈利预测， 预计公司2025-2027年归母净利润分别为132.1/139.3/155.8亿元，可比口径的利润增长分别为 +10.7%/5.5%/11.9%(2024年剔除Amer上市和配售权益摊薄所得的可比口径利润为119.3亿元)。维持107- 112港元目标价，对应2026年20-21XPE。 国信证券主要观点如下： 近期事件 看好集团多品牌全球化运营下，持续好于行业的成长潜力 此次安踏对PUMA的收购，是公司全球化战略的进一步深化，PUMA在全球运动鞋服市场份额领先，在 多个专业运动项目以及欧洲等重点市场具有领先地位和先进经验与安踏集团品牌矩阵有协同性和互补 性；PUMA虽然短期增长乏力、盈利承压，但现管理层正推动品牌复苏，致力于2027年恢复增长，安踏 加 ...

机构：国信证券 研究员：丁诗洁/刘佳琪 事项： 1 月20 日，公司公告第四季度及全年最新营运表现，2025 第四季度，安踏主品牌录得低单位数负增 长，FILA 录得中单位数正增长，其他品牌录得35-40%正增长；2025 全年安踏主品牌录得低单位数正增 长，FILA录得中单位数正增长，其他品牌录得45-50%正增长。 国信纺服观点： 1、2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安踏品牌增长环比放缓， FILA品牌增长环比提速；安踏与FILA 线上折扣改善、库存健康；安踏品牌渠道升级与海外拓展同步推 进；各品牌全年流水增速符合管理层此前指引。 2、风险提示：关税政策不确定性；品牌形象受损；市场的系统性风险。 3、投资建议：看好集团多品牌全球化运营下，持续好于行业的成长潜力2025 年四季度社零增速放缓、 气温回升、春节旺季时间延后，叠加行业整体去库和价格竞争加剧，服装消费持续承压。集团整体表现 稳健，定位大众市场的安踏主品牌受大环境影响较大，四季度流水出现同比小幅下滑；FILA 品牌增长 逆势提速，其他品牌（迪桑特、可隆等）延续高增，所有品牌全年流水增速符合管理层此前指引；中长 ...

安踏体育（02020.HK） 四季度安踏集团增长稳健，各品牌全年增速达成管理层指引 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | | 执证编码：S0980523070003 | 事项： 1 月 20 日，公司公告第四季度及全年最新营运表现，2025 第四季度，安踏主品牌录得低单位数负增长， FILA 录得中单位数正增长，其他品牌录得 35-40%正增长；2025 全年安踏主品牌录得低单位数正增长，FILA 录得中单位数正增长，其他品牌录得 45-50%正增长。 国信纺服观点： 证券研究报告 | 2026年01月21日 1、2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安 ...

证券研究报告 | 2026年01月21日 安踏体育（02020.HK） 四季度安踏集团增长稳健，各品牌全年增速达成管理层指引 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | | 执证编码：S0980523070003 | 事项： 评论： 2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安踏品牌增长环比放缓，FILA 品牌增长环比提速；安踏与 FILA 线上折扣改善、库存健康；安踏品牌渠道升级与海外拓展同步推进； 各品牌全年流水增速符合管理层此前指引。 1、安踏品牌 2025 第四季度流水下滑低单位数，季末库销比略高于 5 个月，线上折扣同比收窄，渠道升级 与海外拓展同步推进 ...

Core Viewpoint - Anta Group reported steady overall growth in Q3 2025, with the main brand and FILA achieving low single-digit growth, while other brands experienced a significant growth of 45-50% [1][2][4] Group Performance - In Q3 2025, Anta's main brand and FILA both recorded low single-digit growth, which is a slowdown compared to Q2. Other brands continued to show high growth [1][2] - The management has adjusted the annual revenue guidance for the Anta brand downwards but maintained the operating profit margin guidance for Anta and the revenue growth guidance for FILA and other brands [1][2] Brand Performance - Anta brand's revenue growth was low single-digit, with a healthy inventory level despite an increase in the inventory-to-sales ratio due to promotional stocking [3][4] - FILA's revenue growth was also low single-digit, with a healthy inventory level and stable discount rates [3][4] - Other brands, including Descente and Kolon, saw revenue growth of approximately 45-50%, with Descente growing around 30% and Kolon growing 70% [4] Market Conditions - The consumer market remained under pressure in Q3 2025, affecting the main brand's revenue growth, which was slightly below company expectations [2][4] - The management has lowered the annual guidance for the Anta brand to low single-digit growth due to uncertainties in the consumption environment for Q4 [2][4] Financial Forecast - The company has revised its profit forecast for 2025-2027, expecting net profits of 132.4 billion, 152.2 billion, and 171.6 billion yuan respectively, with comparable profit growth rates of 11.0%, 15.0%, and 12.7% [2][5] - The reasonable valuation range has been adjusted to 116-121 HKD, corresponding to a PE ratio of 23-24X for 2025 [2][5]

Investment Rating - The investment rating for Anta Sports is "Outperform the Market" [2][5][10] Core Views - In Q3 2025, Anta's main brand and FILA achieved low single-digit growth, while other brands experienced a significant growth of 45-50%. The overall growth of the Anta Group remains stable, but the growth rate has slowed compared to Q2 [3][4][6] - The management has lowered the annual revenue guidance for the Anta brand but maintained the operating profit margin guidance and revenue growth guidance for FILA and other brands [4][5][10] - The consumer market continues to face pressure, and the management has adjusted the annual guidance to low single-digit growth due to uncertainties in the fourth quarter [5][10] Summary by Sections Q3 Performance - Anta's main brand recorded low single-digit revenue growth, while FILA also achieved low single-digit growth. Other brands continued their high growth trajectory [3][4] - The inventory turnover ratio is healthy, influenced by promotional stock preparations, with the end-of-quarter inventory turnover ratio approaching six months [4][6] Brand Performance - Anta brand's Q3 revenue growth was low single-digit, with online discounts slightly increasing and stable offline discounts. The performance of running shoes and technological new products was notable [6][7] - FILA's Q3 revenue growth was also low single-digit, with a healthy inventory turnover ratio and stable discount rates [8] - Other brands, including Descente and KOLON, saw revenue growth of 45-50%, with Descente growing approximately 30% and KOLON growing 70% [9][10] Financial Forecasts - The forecast for net profit for Anta from 2025 to 2027 is adjusted to 13.24 billion, 15.22 billion, and 17.16 billion yuan respectively, with comparable profit growth rates of 11.0%, 15.0%, and 12.7% [5][12] - The reasonable valuation range is adjusted to 116-121 HKD, corresponding to a PE ratio of 23-24X for 2025 [5][10]

Investment Rating - The investment rating for Anta Sports is "Outperform the Market" (maintained) [1] Core Views - Anta Sports Group achieved double-digit revenue growth in the first half of the year, with healthy and controllable discount inventory levels [1][4] - In Q2 2025, Anta's main brand recorded low single-digit growth, while FILA achieved mid-single-digit growth, and other brands saw a remarkable 50-55% growth [2][4] - The management maintains its annual guidance for all brands despite the overall market pressure [4][5] Summary by Sections Retail Performance - In Q2 2025, Anta's overall revenue growth was double digits, with FILA and other brands performing well. The main brand's low single-digit growth was impacted by channel adjustments [3][5] - The online discount levels were influenced by the extended 618 promotional period, and inventory levels remained healthy [3][5] Brand Performance - Anta's main brand recorded low single-digit revenue growth in Q2 2025, with a sell-through ratio of five months at the end of the quarter. The running shoe series performed exceptionally well [6][9] - FILA's revenue growth was in the mid-single digits, with strong performance in golf and tennis categories [9][14] - Other brands, particularly KOLON, saw revenue growth exceeding 70%, while Descente grew over 40% [10] Financial Forecasts - The forecast for Anta's net profit for 2025-2027 is estimated at 134.8 billion, 154.6 billion, and 170.0 billion respectively, with comparable profit growth rates of 13.0%, 14.7%, and 10.0% [4][15] - The reasonable valuation range is maintained at 113-118 HKD, corresponding to a 2025 PE of 22-23X [4][15]

Investment Rating - The investment rating for Anta Sports (02020.HK) is "Outperform the Market" (maintained) [1][3][14] Core Views - In Q1 2025, Anta's main brand achieved high single-digit growth, while FILA also recorded high single-digit growth, and other brands saw a growth of 65-70%. The overall group revenue grew by double digits, indicating strong performance despite a high base [2][3][4] - The acquisition of the German outdoor brand Jack Wolfskin for a base price of $290 million is expected to enhance Anta's competitive position in the outdoor sports segment and align with its strategy of multi-brand globalization [3][9][14] - The report maintains profit forecasts for 2025-2027, expecting net profits of 134.8 billion, 154.6 billion, and 170.0 billion yuan respectively, with comparable profit growth rates of 13.0%, 14.7%, and 10.0% [3][14][16] Summary by Sections Q1 2025 Performance - Anta's Q1 2025 revenue growth was strong, with a healthy inventory level and stable discounts. The inventory-to-sales ratio was below 5, indicating good inventory management [3][4][5] - Breakdown of revenue growth showed high single-digit increases for Anta's main products and children's lines, with online sales growing in the low double digits and offline sales in the mid-single digits [5][6] Acquisition Details - The acquisition of Jack Wolfskin is valued at $290 million, with a price-to-sales ratio below 1. The deal is expected to close by the end of Q2 or early Q3 2025 [2][3][9] - Jack Wolfskin, known for its outdoor apparel and equipment, generated approximately €300 million in revenue in FY 2024, with a significant portion coming from Europe and China [10][13] Financial Projections - The report projects revenue growth for Anta from 62.36 billion yuan in 2023 to 96.21 billion yuan in 2027, with a compound annual growth rate of approximately 8.4% [16][19] - The expected net profit for 2025 is 134.8 billion yuan, reflecting a decrease of 13.6% compared to 2024, followed by a recovery in subsequent years [16][19]