Group 1 - The core viewpoint of the report is that Anta Sports is expected to achieve a net profit attributable to shareholders of 13.01 billion, 14.48 billion, and 16.16 billion yuan in 2025, 2026, and 2027 respectively, driven by its strong multi-brand operational capabilities and growth in outdoor brands [1] - The company reported a year-on-year revenue growth of approximately 45%-50% for other brands in Q3 2025, indicating robust performance across its portfolio [1] - The offline discount rate remains around 71%, while the online discount rate has deepened to about 50%, with an overall inventory turnover ratio slightly above 5 months, indicating a healthy inventory management [1] Group 2 - The report highlights that the other brands of the company maintain a strong growth rate, with an annual revenue growth rate of over 40% [2] - The revenue of Descente and Kelong in Q3 increased by approximately 30% and 70% year-on-year, respectively, continuing their strong performance [2] - The women's sports brand MAIA, designed specifically for Asian women's body shapes, saw a year-on-year revenue growth of about 45%, targeting urban female elites [2]

Core Viewpoint - Anta Sports (02020) is expected to achieve a net profit attributable to shareholders of 13.01 billion, 14.48 billion, and 16.16 billion yuan in 2025, 2026, and 2027 respectively, driven by strong multi-brand operational capabilities and growth in outdoor brands [1][2] Group 1: Financial Performance - The company is projected to maintain over 40% growth in annual revenue, with other brands showing strong performance [2] - Q3 revenue for Descente and KOLON increased by approximately 30% and 70% year-on-year, respectively, indicating sustained strong momentum [2] - The women's sports brand MAIA, designed for Asian women's body shapes, reported a year-on-year revenue growth of about 45% [2] Group 2: Operational Data - The offline discount rate remains around 71%, while the online discount rate has slightly deepened to about 50% [1] - The overall inventory turnover ratio is slightly above 5 months, indicating a healthy inventory level [1] - The company launched several key new products in Q3, including the PG7 series and a new generation of down jackets utilizing aerospace technology [1] Group 3: Channel Performance - Offline sales achieved low single-digit growth, while online sales experienced high double-digit growth [1] - The performance of flagship stores and high-end sports experience stores has steadily improved, with the "Lighthouse Plan" continuing to advance [1] - During the National Day period, 41 new stores were added, bringing the total to over 100, with significant same-store growth following store upgrades [1]