Investment Rating - The investment rating for Anta Sports (02020.HK) is "Buy" (maintained) [1] Core Views - Anta Sports is advancing channel upgrades for its brand, with outdoor brands leading growth [1] - The company aims for high single-digit growth in overall retail sales for the year, despite short-term impacts from store renovations and online competition [8] Financial Forecasts - Total revenue projections (in million RMB) are as follows: - 2023A: 62,356 - 2024A: 70,826 (up 16.23% YoY) - 2025E: 78,173 (up 10.37% YoY) - 2026E: 86,079 (up 10.11% YoY) - 2027E: 94,239 (up 9.48% YoY) [1] - Net profit attributable to shareholders (in million RMB) is projected as: - 2023A: 10,236 - 2024A: 15,596 (up 52.36% YoY) - 2025E: 13,232 (down 15.16% YoY) - 2026E: 14,763 (up 11.57% YoY) - 2027E: 16,431 (up 11.30% YoY) [1] - Earnings per share (EPS) forecast (in RMB) is: - 2023A: 3.65 - 2024A: 5.56 - 2025E: 4.71 - 2026E: 5.26 - 2027E: 5.85 [1] - Price-to-earnings (P/E) ratios are projected as: - 2024A: 14.71 - 2025E: 17.34 - 2026E: 15.54 - 2027E: 13.96 [1] Retail Performance - In Q2 2025, retail sales for Anta brand grew low single digits, while FILA and other brands saw mid single-digit and 50-55% growth respectively [8] - The company is implementing a "lighthouse store plan" to enhance store image in lower-tier cities, which may temporarily affect sales [8] - FILA's performance met expectations with mid single-digit growth in Q2 2025, and other brands maintained rapid growth, particularly benefiting from seasonal trends [8]