机构：长江证券 研究员：于旭辉/魏杏梓 公司作为中国设计师品牌龙头企业，强设计力、粉丝经济与多品牌矩阵构成公司护城河，逆势凸显韧 性、顺势展现弹性，领先的全渠道运营能力与高黏性的庞大会员体系持续贡献零售额，为公司业绩的稳 健增长奠定基础。预计公司FY2026-FY2028 年归母净利润为9.6/10.3/11.0 亿元，对应PE 11/10/10X，假 设75%分红比例下FY2026 股息率达7.1%，高分红、低估值兼具成长性标的，维持"买入"评级。 风险提示 江南布衣FY2026H1 实现营收33.8 亿元，同比+7%，归母净利润6.7 亿元，同比+12.5%，收入及业绩表 现符合预期。此外，公司中期派息每股0.52 港元，合计派息2.5 亿人民币，FY2026H1分红比例约37%。 事件评论 1、终端消费波动风险； 2、店效爬坡不及预期； 3、品牌孵化不及预期。 线上拉动&线下扩店，全品牌均录得营收增长。分品牌，FY2026H1 JNBY/速写/jnby byJNBY/LESS/新 兴品牌及其他品牌收入分别同比+5.7%/+0.4%/+4.1%/+16.3%/+22.4%至18.6/3.9/5.0/3.9 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨江南布衣（03306.HK） [Table_Title] 江南布衣 FY2026H1 点评：弱市兑现较优增长， 顺周期下优选的低估值&高股息标的 报告要点 [Table_Summary] 公司作为中国设计师品牌龙头企业，强设计力、粉丝经济与多品牌矩阵构成公司护城河，逆势 凸显韧性、顺势展现弹性，领先的全渠道运营能力与高黏性的庞大会员体系持续贡献零售额， 为公司业绩的稳健增长奠定基础。预计公司 FY2026-FY2028 年归母净利润为 9.6/10.3/11.0 亿 元，对应 PE 11/10/10X，假设 75%分红比例下 FY2026 股息率达 7.1%，高分红、低估值兼具 成长性标的，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 江南布衣（03306.HK） cjzqd ...

亚玛芬体育 (AS US) 证券研究报告 基本数据 | 收盘价 (美元 截至 2 月 24 日) | 38.24 | | --- | --- | | 市值 (美元百万) | 21,207 | | 6 个月平均日成交额 (美元百万) | 160.69 | | 52 周价格范围 (美元) | 20.21-42.76 | 股价走势图 (28) (10) 9 28 46 Feb-25 Jun-25 Oct-25 Feb-26 (%) 亚玛芬体育 标普500 资料来源：S&P 4Q25 强劲势头有望延续 2026 年 2 月 25 日│美国 服装 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 25 日│美国 | | 服装 | 目标价(美元): | 44.46 | | 公司公布 | 4Q25 业绩：4Q25 | 营收 21.0 亿美元，同比增长 | 28%（固定汇率 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | | | ...

2026 年 2 月 25 日│美国 服装 证券研究报告 亚玛芬体育 (AS US) 4Q25 强劲势头有望延续 经营预测指标与估值 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 25 日│美国 | | 服装 | 目标价(美元): | 44.46 | | 公司公布 | 4Q25 业绩：4Q25 | 营收 21.0 亿美元，同比增长 | 28%（固定汇率 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | | | 计算同比+26%），由技术服装和户外性能板块引领增长，调整后 | OPM 同 | SFC No. BDO986 | +(852) 3658 6000 | 张霜凝* 研究员 SAC No. S0570525070015 zhangshuangning@htsc.com +(86) 755 8249 2388 | 杨耀* | 联系人 | | --- | --- | | SAC No. S057012407005 ...

Core Viewpoint - The company expects a significant improvement in net profit for the fiscal year 2025, projecting a range of 160 million to 210 million yuan, driven by ongoing business and capital structure optimization [1] Group 1: Business Performance - The profit recovery is primarily attributed to the company's strategic measures, including cost reduction and efficiency enhancement, which involved downsizing underperforming overseas operations and closing inefficient stores [1][2] - The multi-brand matrix has shown robust development, with strong performance from brands like Self-Portrait, Laurèl, and IRO, leading to a 6% year-on-year revenue increase in the domestic market for the first three quarters of 2025 [2] - The overseas business has also benefited from cost-cutting measures, particularly in the IRO brand, resulting in significant profit growth [2] Group 2: Sales Channels - The company has established a comprehensive "offline efficiency and online acceleration" operational system, with online revenue growing by 15.4% year-on-year to 369 million yuan, accounting for 18.6% of total revenue [3] - Brands like Self-Portrait and IRO have achieved substantial online revenue growth of 41.4% and 50.8%, respectively, through platforms such as Tmall, Douyin, and Xiaohongshu [3] - The investment in Baichu Shangmei is expected to provide considerable returns, potentially enhancing the company's financial resources for business expansion [3] Group 3: Cost Control and Efficiency - The company's profit improvement is also driven by systematic cost control and operational efficiency, with sales and management expense ratios decreasing by 2.55 and 1.50 percentage points to 48.3% and 7.1%, respectively [4] - AI technology is being integrated across the business chain, enhancing design efficiency, supply chain management, and marketing processes, thereby reducing costs [4][5] - Inventory turnover has improved from 0.72 times to 0.88 times year-on-year, indicating better inventory management alongside sales growth [5] Group 4: Future Outlook - The company's cost reduction and efficiency enhancement measures are expected to significantly support profit improvement in 2025, establishing a solid foundation for sustainable profitability [6] - The macroeconomic environment is favorable for high-end women's apparel companies, with predictions of a 4.5% increase in retail sales growth by 2026, providing a supportive backdrop for the company's development [6] - The company is well-positioned to benefit from the recovery in consumer demand, supported by its multi-brand strategy and AI-driven operations, indicating a sustainable growth trajectory [6]

Core Viewpoint - Anta Sports has announced a strategic investment in Puma, acquiring a 29.06% stake for €1.5 billion (approximately ¥12.278 billion), positioning itself as Puma's largest shareholder while maintaining the brand's independence [4][5]. Group 1: Strategic Rationale - The acquisition aligns with Anta's "single focus, multi-brand, globalization" strategy, aiming to enhance brand appeal and leverage Puma's established global sales network [5][9]. - Puma's current low valuation presents a cost-effective opportunity for Anta, which seeks to tap into new growth avenues in professional sports markets [5][11]. - Analysts suggest that Anta may continue to increase its stake in Puma, as the brand fits well within Anta's global strategy despite current sales pressures [4][11]. Group 2: Financial Performance - Puma's sales increased from €8.6 billion to €8.82 billion from 2023 to 2024, but net profit declined by 13.7% to €305 million in 2023 and further by 7.6% to €282 million in 2024 [11]. - In the first three quarters of 2025, Puma's sales dropped by 4.3%, with a net loss of €309 million, indicating ongoing financial challenges [11][21]. - The company has initiated multiple rounds of layoffs, including a plan to cut 13% of its workforce by the end of 2026 [11]. Group 3: Market Position and Challenges - Anta's main brand has seen a revenue growth of only 5.4% in the first half of 2025, facing challenges from consumer downgrading and increased competition [19]. - Puma's struggles include a lack of standout products compared to competitors like Nike and Adidas, which have successfully launched popular product lines [19][20]. - The partnership aims to address inventory and channel optimization issues, as Puma's inventory increased by 17.3% to €2.124 billion by the end of Q3 2025 [21]. Group 4: Brand Independence and Future Collaboration - Anta emphasizes respect for Puma's brand independence post-acquisition, planning to appoint representatives to Puma's supervisory board while maintaining operational autonomy [9][21]. - The collaboration is seen as a potential solution for both companies, with Anta providing financial support and market experience to help Puma navigate its current challenges [20][21].

Investment Rating - The report aligns with the views of CITIC Securities and maintains a positive outlook on Anta Sports, indicating a strong potential for growth in the consumer goods sector [4]. Core Insights - Anta Sports is optimizing its e-commerce marketing and product launch strategies to better meet the demands of various platforms. The "Lighthouse Store Plan" has covered approximately 300 stores, with plans to upgrade more stores in lower-tier cities in 2026, which is expected to enhance single-store efficiency while potentially reducing the total number of stores [4]. - The FILA brand will focus on "core categories" in 2026, emphasizing product upgrades and targeted marketing activities. Short-term profitability may be pressured due to store renovations and product upgrades [4]. - Descente and Kolon will continue to expand their footwear and spring/summer product lines, while Jack Wolfskin will focus on inventory clearance and restructuring, which may lead to an increase in losses year-on-year [4]. - Despite facing short-term pressures from intense competition and consumer sentiment, the initiatives taken by Anta Sports are believed to strengthen its multi-brand matrix and lay a foundation for sustainable mid-term development [4]. Summary by Sections Company Overview - Anta Sports is a leading sports goods company in China, with a comprehensive brand portfolio including Anta, FILA, Descente, Kolon Sports, and Maia Active. Since its establishment in 1991, Anta has focused on the design, development, production, and marketing of sports products for the mass market in China [7]. Revenue Breakdown - Revenue by Product: - Anta: 47.3% - FILA: 37.6% - Other Brands: 15.1% [8] - Revenue by Region: - Americas: 0.0% - Middle East and Africa: 0.0% - Asia: 100.0% - Europe: 0.0% [8] Market Catalysts - Market share expansion: Anta Sports continues to gain market share and demonstrates competitiveness in the rapidly growing outdoor market [5]. - International expansion: The multi-brand portfolio supports overseas growth [5]. - Product innovation and collaboration: The company emphasizes product innovation and partnerships with athletes, such as a five-year collaboration with Kyrie Irving, with the ANTA x Kyrie Irving series expected to launch in late 2024 [5]. - Major sporting events: Associations with international events like the Olympics enhance brand exposure and consumer engagement [5]. Stock Information - Stock price as of January 26, 2026: 76.35 HKD - Market capitalization: 28.81 billion USD - Consensus target price: 107.23 HKD [10].

Core Viewpoint - Anta's main brand experienced a slight decline in retail revenue in Q4 2025, while FILA showed mid-single-digit growth, and other brands recorded a significant 35-40% growth [1][2]. Group 1: Performance Analysis - Anta's main brand Q4 retail revenue saw a low single-digit decline, attributed to external demand and competitive pressures, with e-commerce still in an adjustment phase [1]. - The overall performance for 2025 indicates a low single-digit growth for Anta's main brand, mid-single-digit growth for FILA, and a robust 45-50% growth for other brands [1][2]. - The discount rates for offline sales remained stable at approximately 71%, while online discounts narrowed by 2 percentage points to about 55% [1]. Group 2: Brand Performance - FILA achieved mid-single-digit growth in Q4, with offline sales showing high single-digit growth and online sales experiencing low double-digit growth [2]. - Other brands within the portfolio, such as Descente and KOLON, are expected to maintain strong growth, with Descente growing by 25-30% and KOLON achieving a 55% increase [2]. Group 3: Future Outlook - The company aims to prioritize inventory health and operational quality in 2026, with expectations for the main brand to continue expanding through various channels [3]. - The multi-brand matrix and direct-to-consumer (DTC) model are anticipated to support the company's growth resilience moving forward [3].

Core Viewpoint - The company reported a double-digit growth in overall revenue for Q4 2025, with all brands meeting their annual guidance, although the main brand Anta experienced a slight decline in retail sales due to weaker performance in children's business and e-commerce [1][2][3] Group 1: Anta Brand Performance - Anta's Q4 retail sales saw a slight year-on-year decline, primarily impacted by the children's segment and online sales growth being low single digits [1] - The brand achieved low single-digit growth for the entire year, aligning with company guidance, while the children's business faced challenges due to high base effects and seasonal factors [1][3] - Anta's store expansion includes approximately 150 new stores by the end of 2025, with a revenue surpassing 1 billion yuan [1] Group 2: FILA Brand Performance - FILA experienced mid-single-digit growth in Q4, accelerating from Q3, and maintained a healthy inventory turnover ratio slightly above 5 times [2] - The brand's discount levels remained controlled, with offline discounts around 7.3 and online at approximately 5.5 [2] - For 2026, FILA is expected to continue its growth trend with the introduction of new products and channels [2][3] Group 3: Other Brands Performance - Other brands showed strong performance in Q4, with Descente achieving a retail scale exceeding 10 billion yuan and growing 25%-30% despite high base effects [2] - KOLONSPORT and MAIA ACTIVE also reported significant growth rates of 55% and 25%-30% respectively, indicating a strong momentum in the women's sports segment [2] - The outdoor brand Wolf Claw is still in the incubation phase but is expected to have substantial future potential [2] Group 4: Financial Projections - The company expects revenues for 2025-2027 to be 79.98 billion, 89.65 billion, and 97 billion yuan respectively, with net profits projected at 13.2 billion, 14 billion, and 15.74 billion yuan [4] - The company maintains a positive outlook on its multi-brand matrix, which is seen as having significant growth potential in the long term [4]

Core Viewpoint - Anta Sports has demonstrated robust growth amidst a challenging retail environment, achieving high single-digit growth in Q4 and low double-digit growth for the entire year, highlighting its competitive advantages through a "single focus, multi-brand, globalization" strategy [1][2] Group 1: Industry Challenges - The sportswear industry is facing significant pressure due to macroeconomic factors, an unusually warm winter, and a late Spring Festival, leading to a "weak peak season" scenario [1] - Major brands like Li Ning and Nike have reported declines in sales, with Li Ning experiencing a low single-digit decrease in Q4 and Nike's Greater China revenue dropping approximately 17% due to reduced store traffic and inventory issues [1] Group 2: Anta's Performance - Anta achieved low single-digit positive growth in retail sales for the year, with core categories like running, basketball, and training products performing well despite the overall market challenges [2] - The brand's commitment to product innovation, particularly in running shoes, has driven sales of high-end performance products, helping to mitigate market volatility [2] Group 3: FILA and Other Brands - FILA has shown strong market resilience, achieving mid-single-digit growth in both Q4 and for the year, supported by product innovation and channel optimization [3] - Other brands under Anta, such as Descente, have also seen significant growth, with retail sales increasing by 45-50% for the year and 35-40% in Q4, indicating a successful multi-brand strategy [3] Group 4: Strategic Insights - Anta's multi-brand strategy is characterized by resource sharing, complementary positioning, and risk hedging, allowing it to cover a wide price range and meet diverse consumer needs [4] - The company is expected to maintain stable profitability, supporting ongoing multi-brand expansion [4] Group 5: Future Outlook - The industry faces uncertainties regarding consumer recovery and increased competition, but Anta's multi-brand advantages are anticipated to grow [5] - The company is implementing a three-year plan to open 1,000 stores in Southeast Asia, which will enhance its global presence and support long-term revenue goals [5] - Anta's growth amidst industry challenges serves as a valuable example, with its multi-brand matrix acting as both a risk buffer and a growth engine [5]