8月27日，安踏集团发布半年报。财报显示，上半年营收385.44亿元，同比增加14.3%，净利润70.31亿 元，同比增加14.5%；经营利润101.31亿元，同比增长17%；经营利润率26.3%，高于市场预期。 安踏集团董事局主席丁世忠发布致股东的一封信中谈到，"2025年上半年，全球市场风云激荡。在不确 定性当中，我们迎难而上，沉淀企业价值，淬炼长期主义。集团收入再创新高，增长高于行业平均增 速，超市场预期，扩大领先优势，连续12年正增长，连续4年在国内体育行业领先。" 他表示，我们坚定"单聚焦、多品牌、全球化"的战略不动摇，聚焦主业，以多品牌满足不同圈层、不同 场景的消费需求；全球化为安踏带来广阔新空间，在东南亚、中东、北非、北美、欧洲等重要市场深 探。安踏和FILA两大支柱品牌均在超人民币300亿流水的大基数之上，保持超出行业平均水平的韧性增 长；其他品牌包括迪桑特（DESCENTE）、可隆（KOLON SPORT）实现强劲高质量增长。 他还提到，"我们将投资MUSINSA中国，安踏集团持股40%，这并非偏离主赛道，而是更好地贴近年轻 消费趋势，探索大时尚产业与体育产业的融合边界，为运动赛道带来新的启 ...

Core Viewpoint - Anta is facing a critical question regarding the continuation of its Direct-to-Consumer (DTC) strategy as both Nike and Adidas are reassessing their own DTC approaches amid slowing growth for Anta [1][3]. Group 1: Anta's Performance and Market Context - Anta's growth has begun to slow down, with its main brand and FILA showing only low to mid-single-digit growth in retail sales for Q2 2025, while emerging brands have seen growth rates of 50% to 65% [6][8]. - The overall sports goods market has been a growth highlight, with retail sales growth of 25.7% in the first five months of the year, compared to 15.2% the previous year [11]. - FILA's performance has been particularly disappointing, with a reported 6.8% growth in H1 2024, significantly lower than the main brand's 13.5% growth [7][10]. Group 2: DTC Strategy Insights - DTC, which allows brands to sell directly to consumers, was initially seen as a way to enhance growth and profitability, but its effectiveness is now under scrutiny as major brands like Nike and Adidas face challenges related to inventory and channel management [9][10]. - The DTC model can significantly increase gross margins by eliminating middlemen, allowing brands to retain a larger share of sales revenue [16][21]. - However, transitioning to a DTC model also increases operational costs, as brands must now cover expenses traditionally borne by distributors, which can pressure net profits if not managed efficiently [22][23]. Group 3: Anta's Unique DTC Approach - Anta's DTC strategy began in 2020 during a challenging market environment, allowing for a smoother transition and testing phase [29][30]. - FILA served as a successful testing ground for DTC, enabling Anta to validate its model with lower costs and risks [31][32]. - Unlike Nike and Adidas, Anta has maintained a higher number of franchise stores compared to direct stores, indicating a more integrated approach to DTC that does not completely abandon distributors [35][36].

Core Viewpoint - The company is experiencing stable growth in its main brand and FILA, while all other brands are showing rapid growth driven by the outdoor sports trend [1][2]. Group 1: Company Performance - In Q2 2025, the main brand recorded low single-digit year-on-year growth, while FILA achieved mid single-digit growth, and all other brands saw a significant increase of 50-55% [1]. - For the first half of 2025, the main brand achieved mid single-digit year-on-year growth, FILA recorded high single-digit growth, and all other brands experienced a growth rate of 60-65% [1]. - The main brand's retail growth in Q2 was slightly below expectations, prompting a focus on the effectiveness of online and offline channel enhancement plans [1]. Group 2: Brand Performance - FILA's Q2 retail growth was in line with expectations, achieving mid single-digit year-on-year growth [2]. - The outdoor industry is thriving, with high demand for premium outdoor brands like Descente and KOLON, contributing to the rapid growth of all other brands [2]. - Maia Active is gaining momentum, with a new endorsement deal and the launch of a Yoga Studio store format expected to enhance brand visibility [2]. Group 3: Profit Forecast and Rating - The company is recognized as a leading player in the sports footwear and apparel industry, with a strong competitive edge and significant growth potential through multi-brand operations and overseas expansion [3]. - Projected net profits for 2025-2027 are 13.5 billion, 15.567 billion, and 17.163 billion respectively, with year-on-year growth rates of -13.44%, 15.31%, and 10.25% [3]. - The company maintains a "buy" rating due to the stability provided by its main brand and FILA, along with growth potential in the outdoor segment [3].

Core Viewpoint - Anta Sports reported mixed performance for Q2 2025, with the main brand showing low single-digit growth, while FILA and other brands experienced higher growth rates, indicating a diversified brand performance strategy [1][2] Group 1: Brand Performance - Anta's main brand recorded low single-digit growth in Q2 2025, slightly below expectations, with children's products performing better than bulk goods [1] - FILA achieved mid-single-digit growth in Q2 2025, meeting expectations, with children's and Fusion products showing strong performance [1] - Other brands experienced a significant growth of 50-55% in Q2 2025, with Descente and KOLON showing over 40% and 70% growth respectively [2] Group 2: Financial Projections - The company forecasts EPS for 2025-2027 to be 4.72, 5.26, and 5.88 CNY respectively, with a target price of 113.6 HKD based on a 22x PE ratio for 2025 [2] Group 3: Strategic Developments - The acquisition of Jack Wolfskin, a German outdoor brand, was completed in Q2 2025, which is expected to enhance Anta's presence in the outdoor market in China [2] - The company is implementing a "lighthouse store plan" to strengthen its offline presence while enhancing online sales strategies [1]

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]

Core Viewpoint - Anta Sports is aggressively expanding into the outdoor market, aiming to build a "outdoor empire" by leveraging its brand matrix and channel advantages, following its acquisition of the German outdoor brand Jack Wolfskin for $290 million [1][7]. Group 1: Market Position and Strategy - Anta Sports has achieved a significant milestone by becoming the third global sports goods group to surpass 100 billion yuan in annual revenue, following Nike and Adidas [1]. - The company is focusing on capturing a larger share of the outdoor market in China, directly competing with international giants like The North Face and Columbia, as well as local competitors like Toread and Mobi [1][2]. - The outdoor market is characterized by intense competition, with various brands vying for dominance in both the mid-range and high-end segments [2][13]. Group 2: Acquisition and Brand Development - The acquisition of Jack Wolfskin is seen as a strategic move to fill gaps in Anta's outdoor portfolio, with the potential to replicate the success of brands like FILA and Arc'teryx [8][9]. - Anta has successfully built a brand matrix through acquisitions, including Amer Sports (which owns Salomon and Arc'teryx), and has seen significant revenue growth from these brands [5][11]. - The company is also focusing on localizing the operations of acquired brands to better cater to the Chinese market, addressing past shortcomings in marketing and product offerings [8][9]. Group 3: Competitive Landscape - The outdoor market in China is projected to exceed 240 billion yuan by 2025, with segments like camping, skiing, and hiking driving growth [16]. - Anta faces challenges from both established international brands and emerging local players, with competitors like KAILAS and The North Face gaining market share [15][16]. - The trend among consumers is shifting from "professional hardcore" outdoor gear to more casual and fashionable outdoor apparel, prompting brands to balance functionality with style [17]. Group 4: Sales and Distribution Channels - Anta employs a dual-channel strategy, establishing high-end brand presence in major cities while targeting lower-tier markets with affordable outdoor products [12]. - Online sales channels are rapidly growing, with significant year-on-year increases in GMV on platforms like Tmall and Douyin [12][15]. - The company is enhancing its marketing efforts through social media campaigns and experiential marketing to engage younger consumers [12][17].

Core Viewpoint - Anta Sports is aggressively expanding into the outdoor market, aiming to build a "outdoor empire" and compete with both international giants and local brands [2][4][18]. Group 1: Company Strategy - Anta Sports' stock price increased by 11.43% following the announcement of the acquisition of the German outdoor brand Jack Wolfskin [1]. - The acquisition of Jack Wolfskin for $290 million signifies Anta's commitment to the outdoor sector, targeting the mass market [3][8]. - Anta aims to leverage its brand matrix and channel advantages to capture a larger share of the outdoor market, directly competing with brands like The North Face and Columbia [2][4]. Group 2: Market Dynamics - The outdoor market is highly competitive, with numerous brands vying for market share, particularly in the mid-range segment [4][14]. - The domestic outdoor market is characterized by intense competition, with both international and local brands such as Decathlon and Camel competing aggressively [7][15]. - The outdoor consumer base is shifting from "professional hardcore" to "casual outdoor leisure," necessitating a balance between functionality and fashion [17]. Group 3: Financial Performance - Anta's revenue from its subsidiary Amer Sports in Greater China reached $1.298 billion in the 2024 fiscal year, marking a 53.7% year-on-year increase [6]. - Other brands under Anta, such as Descente and Kolon, have also seen significant revenue growth, with some surpassing the 10 billion yuan mark [6][9]. Group 4: Competitive Landscape - Competitors like Tmall and Decathlon are also expanding their presence in the outdoor market, with Tmall reporting a 14.5% increase in GMV for outdoor apparel [13][15]. - Brands like KAILAS and The North Face are gaining market share, with KAILAS experiencing a 90% year-on-year growth in revenue [15][16]. - The outdoor market is projected to exceed 240 billion yuan by 2025, with camping, skiing, and hiking being the main growth drivers [16].

Core Viewpoint - The article discusses the potential of Jack Wolfskin (狼爪) as the next popular sports brand following its acquisition by Anta for $290 million, highlighting Anta's expertise in transforming struggling brands into market successes [3][4][5]. Group 1: Acquisition and Brand Transformation - Anta's acquisition of Jack Wolfskin represents a significant discount, nearly 40% lower than the $476 million paid by Topgolf in 2019, reflecting the brand's declining performance [6]. - Anta has a track record of successfully revitalizing struggling brands, such as FILA, Descente, and Kolon, turning them into popular and profitable entities through strategic marketing and repositioning [8][18][19]. - The brand matrix of Anta positions Jack Wolfskin as a mid-range option, appealing to consumers seeking a balance between high-end and affordable outdoor products [10][11]. Group 2: Market Dynamics and Consumer Sentiment - Despite the potential for Jack Wolfskin to become a trendy brand, there is a growing discontent among younger consumers regarding Anta's acquisition and marketing strategies, as they prefer the perceived authenticity of the acquired brands [13][14][15]. - Anta's marketing emphasizes the European heritage of its acquired brands, distancing them from the Anta brand itself, which indicates an understanding of consumer preferences [15][16]. Group 3: Financial Performance and Growth Strategy - Anta's revenue has significantly increased from 4.63 billion yuan in 2008 to 70.83 billion yuan in 2024, with the main brand contributing 47.3% and FILA 37.6% to the total revenue [21][22]. - The growth of Anta's revenue is largely attributed to the success of acquired brands, which have outperformed the original Anta brand in terms of contribution to revenue [23]. - However, there are concerns about the sustainability of Anta's growth model, which heavily relies on acquisitions rather than enhancing its own brand image [24][44]. Group 4: Competitive Landscape and Strategic Choices - Anta's strategy contrasts with that of its competitor Li Ning, which has focused on internal brand development rather than acquisitions, leading to different outcomes in market positioning and financial performance [26][28]. - The article suggests that foreign brands are more readily accepted by Chinese consumers, making acquisitions a more effective strategy for Anta compared to developing domestic brands [35]. - Anta's focus on high-end outdoor segments has been successful, but it has not captured significant market share in other popular sports categories like cycling and running [36][38]. Group 5: Operational Challenges and Future Outlook - Anta's aggressive acquisition strategy has led to increased debt, rising from 7.9 billion yuan in 2019 to 20.2 billion yuan, alongside a doubling of SKU numbers, resulting in higher inventory pressure [51][52]. - The reliance on acquisitions raises questions about the long-term viability of Anta's growth strategy, especially if acquired brands face challenges similar to those of FILA [44][55]. - The article concludes that while Anta has achieved significant scale, its brand identity and recognition on the global stage remain limited compared to competitors like Nike and Adidas [54][55].

Group 1: Internationalization Stages - Anta Group's internationalization consists of three stages, starting with acquiring the trademark rights for the international brand FILA in 2009, demonstrating its capability to operate international brands in the domestic market [1] - The second stage involved acquiring brands like Descente and Kolon, culminating in the successful acquisition and operation of the Finnish sports group Amer Sports, showcasing Anta's diversified management, global resource allocation, and brand operation capabilities [1][2] Group 2: Brand Management and Empowerment - Anta adjusts management teams of acquired brands and empowers them with its foundational capabilities, including channels, logistics, production, marketing, and digitalization, particularly through the Direct-to-Consumer (DTC) model [2] - The core of brand operation is finding brand positioning, where Anta evaluates the role of the brand within its multi-brand strategy before and after acquisition, ensuring alignment with the group's overall brand positioning [3] Group 3: Brand Value and Scarcity - The process of acquiring and operating brands reflects Anta's deep understanding of brand value, which is built on long-term connections between products and consumers, emphasizing the importance of brand memory [5] - The essence of overseas mergers and acquisitions for Chinese companies is to acquire scarcity, whether in qualifications, channels, markets, technologies, or brands, requiring a profound understanding of the market [6] Group 4: Globalization Challenges and Strategies - The third step in Anta's globalization is the internationalization of its main brand, which involves a lengthy investment period without immediate revenue increases, testing its ability to establish brand recognition from scratch in international markets [7][8] - Entering overseas markets requires building local teams to understand market ecosystems and consumer habits, which is a complex task beyond merely finding agents to sell products [10] Group 5: Long-term Investment and Learning - The journey from "0 to 1" in globalization involves a long trial-and-error process that may last several years, often resulting in initial losses but potentially leading to significant revenue growth as experience and model validation accumulate [12] - The Middle East market is identified as a potential second foothold for Anta's globalization efforts [13] Group 6: Organizational Structure and Entrepreneurial Spirit - Anta employs a brand responsibility system for globalization, balancing the roles of headquarters and regional companies while addressing the challenges of management structure adjustments during the initial phase of globalization [15][16] - The entrepreneurial spirit is crucial in the globalization process, with successful global companies treating globalization as a new venture, driven by a culture of risk-taking and a deep-rooted global mindset [16]

Core Insights - Anta Sports has successfully crossed the 100 billion RMB revenue mark, significantly aided by acquisitions, including the recent purchase of the German outdoor brand Jack Wolfskin for approximately 2.9 billion USD (around 21.29 billion RMB) [2][3][11] - The acquisition aligns with Anta's strategy to diversify its brand portfolio and cater to the growing demand for differentiated outdoor products in the global sports consumption market [3][4][5] Acquisition Details - Anta announced the full acquisition of Jack Wolfskin on April 10, with the deal expected to close by the second or third quarter of 2025, pending customary conditions [3][4] - The acquisition is part of Anta's broader strategy to enhance its presence in the outdoor market, which has seen a 15.8% growth in China, reaching a market size of 248 billion RMB in 2022, and is projected to exceed 400 billion RMB by 2025 [4][5] Brand Positioning - Jack Wolfskin is positioned as a mass-market outdoor brand, which complements Anta's existing high-end outdoor brands, allowing for a broader consumer reach [5][6] - The brand's established technology and environmental initiatives, such as the TEXAPORE membrane technology and the Ecosphere series, will enhance Anta's competitive edge in the outdoor segment [6][8] Market Penetration - Jack Wolfskin has a significant presence in Europe, with 495 stores globally, including 226 in Europe and 269 in Asia, which will provide Anta with valuable distribution channels [8][9] - The acquisition marks a milestone in Anta's globalization efforts, transitioning from merely acquiring foreign brands to establishing a foothold in international markets [8][10] Operational Strategy - Anta plans to leverage its strong operational capabilities to reposition and revitalize Jack Wolfskin, drawing from its successful track record with other brands like FILA [10][11] - The company has developed a robust multi-brand management system that will facilitate the integration and growth of Jack Wolfskin within its portfolio [10][11] Historical Context - Jack Wolfskin has experienced multiple ownership changes and operational challenges in China, which have diluted its brand value [13][14] - The brand's previous struggles highlight the importance of Anta's strategic management and localization efforts to restore its market position [14][15]