Group 1 - The core viewpoint of the report is that Anta Sports (02020) maintains its EPS forecast for 2025/26 at 4.81/5.42 HKD, with a current stock price corresponding to 17/15 times the 2025/26 P/E ratio, and a target price of 120.92 HKD, indicating a 35% upside potential from the current price [1] - Anta and FILA brands achieved low single-digit and mid single-digit revenue growth respectively in Q2 2025, while all other brands saw revenue growth of 50-55% year-on-year [1] - The company is expected to achieve high single-digit and mid single-digit revenue growth targets for Anta and FILA brands in 2025, supported by adjustments in offline stores and online channel management, as well as a low base effect [1] Group 2 - The report indicates that the mid-to-high-end outdoor segment continues to show strong growth, with Anta brand achieving low single-digit revenue growth in Q2 2025, and FILA brand achieving mid single-digit revenue growth [2] - FILA's performance remains stable, with new categories like golf and tennis becoming growth highlights, and the company strategically increasing discount rates online to accelerate inventory turnover and drive revenue growth [2] - Other brands such as DESCENTE and KOLON experienced revenue growth of over 40% and 70% respectively, while the new brand Maia Active achieved over 30% year-on-year growth, indicating a strong expansion of new store types [2]