Core Viewpoint - The era of "technological sovereignty" has fundamentally changed the logic of global industrial competition, making technological innovation a necessity for survival and development rather than an option [1][6]. Group 1: Industry Innovation and Collaboration - The establishment of the "Sports Goods Industry Innovation Consortium" led by Anta aims to create an open and collaborative innovation platform to overcome common technological bottlenecks in the industry [3][5]. - The consortium has provided continuous R&D support and resource sharing, forming a technology innovation system that integrates enterprises, markets, and research [5][6]. - Anta's approach not only represents a technological revolution but also a development path that addresses how Chinese companies can systematically provide "innovation certainty" across the entire industry chain in a highly competitive global environment [6][18]. Group 2: Technological Advancements and Market Position - Anta achieved a historical revenue high in the first half of 2025, with a 14.3% year-on-year increase to RMB 38.54 billion, marking 12 consecutive years of growth and maintaining the top position in the Chinese market for four years [8]. - Over the past decade, Anta has invested more than RMB 20 billion in R&D innovation, establishing a strong foundation for market leadership through continuous technological investment [9][48]. - The gap between domestic brands and international giants is rapidly closing, with both sides now in a position of coexistence and competition rather than mere following [11][51]. Group 3: Material Science and Product Innovation - Anta's "fluorine-free membrane technology" and "six-degree core warming technology" represent significant advancements in material science, with the former achieving international advanced levels at one-third the price of international brands [13][16]. - The application of basalt fiber technology in outdoor apparel demonstrates a breakthrough in material innovation, with potential applications extending beyond sportswear to aerospace and medical fields [15][16]. - The innovation in core materials is expected to accelerate the localization of key materials in the industry, helping China's textile and apparel industry transition from a participant in the global value chain to a standard setter [18][54]. Group 4: AI Integration and Future Strategy - Anta has expanded its AI capabilities significantly, launching the "AI365 Strategy" to integrate AI across all business functions, including marketing, design, and supply chain [35][41]. - The introduction of the "Linglong Design Model" aims to enhance design efficiency, reducing development cycles by over 50% and increasing selection rates for design proposals by 30% [37][39]. - Anta plans to achieve over 50% internal AI usage coverage within three years, aiming to create value exceeding RMB 5 billion, thereby building a systematic competitive advantage centered on intelligent technology [42][43]. Group 5: Value Reassessment and Competitive Edge - Anta's role as a leader in the industry is reshaping its valuation logic, transitioning from a focus on acquisitions to building a technology-driven ecosystem [49][51]. - The company's deepening R&D investments and systematic ecological layout are critical drivers of its competitive edge, enabling it to break free from homogeneous competition and move towards higher-dimensional value competition [52][54]. - The establishment of a mature technological ecosystem allows Anta to efficiently connect R&D with market needs, promoting effective technology transfer and reducing reliance on external technologies [53][54].