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]

事项： 4 月 10 日，公司公告 2025 第一季度零售表现，2025 第一季度，安踏主品牌录得高单位数正增长，FILA 录 得高单位数正增长，其他品牌录得 65-70%正增长；此外，公司公告收购世界领先户外服饰、鞋履及装备专 业品牌德国狼爪（Jack Wolfskin)，基础对价为现金 2.9 亿美元。在满足其他惯常交割条件后，本次收购 预计将于 2025 年第二季末或第三季初完成。 国信纺服观点： 1、2025 第一季度：较高基数上各品牌流水增长出色，集团整体流水增长双位数，库存水平健康、折扣稳 定； 证券研究报告 | 2025年04月11日 安踏体育（02020.HK） 第一季度集团流水增长双位数，收购德国户外品牌狼爪 |  | 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 | 010-88005 ...