盈利预测与投资建议 智通财经APP获悉，东方证券发布研报称，维持安踏体育(02020)"买入"评级和目标价112.89港币，其联 营企业Amer Sports, Inc(亚玛芬体育)三季度业绩优异，公司旗下Fila、迪桑特、可隆等品牌在双十一表现强 劲，增长动力充足，体现了公司多品牌全球化的运营能力。 东方证券主要观点如下： 业绩表现 公司联营企业Amer(公司是其第一大股东)近日公布25年第三季度的经营业绩，营收同比增长30%，营业 利润同比增长22%，整体超过之前市场的预计。第三季度亚玛芬在全球四大区域市场均实现双位数营收 增长。其中，亚玛芬大中华区实现营收同比增长47%。伴随三季报，Amer同时上调25年全年的收入增 速由之前的20%-21%至23%-24%。该行认为Amer优异的三季报再次展现了公司收购其以后在全球化、 多品牌方面优秀的运营能力(除了始祖鸟，Amer旗下的萨洛蒙和威尔胜也开始焕发强劲的增长潜能)，同 时也部分反映之前的烟花事件对实际的销售影响相对有限。从财务角度，Amer业绩优异为安踏公司投 资收益提供了良好的保障。 Fila保持稳健增长，以迪桑特和可隆为首的其他品牌有望延续高增态势， ...

Core Viewpoint - Anta Group is committed to a global strategy that emphasizes local market adaptation while maintaining brand identity, aiming to open 1,000 stores in Southeast Asia over the next three years [2][3]. Group 1: Global Strategy and Market Expansion - Anta Group has established its Southeast Asia headquarters in Singapore, using it as a base to strengthen market advantages and expand into South Asia, Australia, and New Zealand [3]. - The company employs a direct-to-consumer (DTC) approach, utilizing a "single platform, multiple brands, all-channel" model to operate various brands, including Anta, Fila, Descente, Salomon, and Wilson [3][4]. - In Southeast Asia, Anta Group is leveraging sports resources by collaborating with local sports organizations to host events and create job opportunities, with over 400 local positions created at the Singapore headquarters [3]. Group 2: Financial Performance and Growth - Anta's revenue in the Southeast Asian market is projected to grow nearly 100% year-on-year by the first half of 2025, while overseas business revenue has increased by over 150% due to new operations in the U.S. and the Middle East [5]. - The company has adopted a strategy of acquiring high-end brands to penetrate competitive markets in Europe and North America, establishing a strong global brand image from the outset [5][6]. Group 3: Strategic Focus and Future Outlook - Anta Group maintains a strategic focus on "single focus, multiple brands, globalization," aiming to meet diverse consumer needs across various categories and scenarios [6]. - The global sports goods market presents significant growth potential for Anta's multi-brand strategy, which is expected to drive long-term performance and open up broader premium pricing opportunities [6].

Core Viewpoint - Anta Group announced its goal to implement a thousand-store plan for the Anta brand in Southeast Asia over the next three years, aiming for nearly double year-on-year revenue growth by the first half of 2025 [1] Group 1: Globalization Strategy - Anta Group's globalization process is divided into three phases: establishing international brand presence in China, expanding global brand operations, and promoting Chinese brands globally [1] - The company is currently focused on the third phase of its globalization strategy [1] Group 2: Southeast Asia Operations - Anta Group has established its Southeast Asia headquarters in Singapore to strengthen its market position and plans to expand into South Asia, Australia, and New Zealand [1] - The company employs a "single platform, multiple brands, all-channel" model to operate various brands under Anta Group and Amer Sports, including Anta, Fila, Descente, Salomon, and Wilson [1] - This model aims to create a seamless online and offline sales ecosystem for each brand [1]

Core Viewpoint - The potential sale of Puma shares by the Pinault family is being evaluated, with interest from Chinese sports brands like Anta and Li Ning, as well as American companies and Middle Eastern sovereign wealth funds [1][2] Group 1: Puma's Financial Performance - In 2023, Puma's sales increased by 6.6% year-on-year to €8.6017 billion, but net profit fell by 13.7% to €304.9 million [5] - For 2024, sales are projected to grow by 4.4% to €8.82 billion, while net profit is expected to decline by 7.6% to €282 million [5] - In Q2 2025, Puma's sales dropped by 2.0% year-on-year to €1.9422 billion, with declines in the EMEA and Americas regions [5][6] Group 2: Li Ning's Position - Li Ning reported a 3.3% increase in revenue to ¥14.82 billion in the first half of the year, but net profit decreased by 11.0% to ¥1.74 billion [8] - The company acknowledges challenges in offline customer traffic and competitive pressures in the sports brand sector [8][9] - Li Ning's strategy focuses on targeted investments and strict cost control, with an emphasis on managing inventory effectively [9] Group 3: Anta's Acquisition Strategy - Anta has a history of successful acquisitions, including FILA and Amer Sports, and continues to pursue a multi-brand strategy [11][12] - In 2024, Anta's revenue grew by 13.6% to ¥70.826 billion, with Amer Sports contributing significantly to this growth [12] - Anta's systematic advantages in retail and supply chain management have led to successful brand performance, particularly for the Arc'teryx brand [14][15] Group 4: Competitive Landscape - The competitive environment for sports brands is intensifying, with both Anta and Li Ning facing challenges in maintaining market share [8][18] - Anta's FILA brand is experiencing fluctuations in performance, with sales declining in certain segments [18] - The potential acquisition of Puma may not align with Anta's strategic interests due to competition with the FILA brand [17][18]

Core Insights - Anta Sports has appointed Yao Jian as the new president of the Jack Wolfskin brand, effective July 1, 2025, to align with the group's strategic development plan [1] - Anta Sports completed the acquisition of Jack Wolfskin on June 2, 2023, for a base price of $290 million (approximately 2.115 billion RMB), with adjustments for net working capital and other customary items [1] - Jack Wolfskin, founded in Germany in 1981, specializes in outdoor products and has a strong presence with 495 stores globally, including 226 in Europe and 269 in Asia [2] Company Strategy - The acquisition of Jack Wolfskin reflects Anta's ambition to penetrate the mass outdoor market in China, as it previously lacked a professional outdoor brand targeting the mid-range market [2] - Anta Sports has a diverse portfolio, including brands like Descente and KOLON, and previously acquired Amer Sports, which includes brands such as Arc'teryx and Salomon [2] Financial Performance - In 2024, Anta Sports reported a revenue increase of 13.58% to 70.83 billion RMB, marking its first revenue surpassing 70 billion RMB [3] - Combined revenues of Anta and its subsidiary Amer Sports exceeded 100 billion RMB for the first time, making it the third-largest sports goods group globally after Nike and Adidas [3] - In the first quarter of the current year, retail sales for Anta and FILA brands showed high single-digit growth compared to the same period last year [3]

Core Viewpoint - The major shareholder of Amer Sports, FountainVest Partners, is planning to sell half of its stake in the company, raising concerns about the sustainability of growth for the high-end outdoor brand Arc'teryx, especially after the company's stock price has reached new highs [2][6]. Company Overview - Amer Sports, known for its high-end brands like Arc'teryx, Salomon, and Wilson, has seen significant growth in the Chinese outdoor sports market, although it remains less known in China compared to other brands [3]. - The acquisition of Amer Sports in 2018 by a consortium led by Anta Sports and FountainVest Partners was a landmark case of Chinese capital globalization, with a total purchase price of €4.6 billion [4][5]. Financial Performance - Amer Sports reported a revenue of $5.183 billion in 2024, a year-on-year increase of 18%, with outdoor functional apparel, particularly Arc'teryx, contributing significantly to this growth [5][11]. - The company's market capitalization has surged from approximately €4.6 billion at the time of acquisition to over $20 billion by June 2025, reflecting nearly a fourfold increase [6]. Market Dynamics - The high-end consumer market is undergoing structural changes post-pandemic, with consumers becoming more critical of product quality and value for money, leading to increased scrutiny of premium brands like Arc'teryx [7][10]. - Complaints regarding product quality have risen, with numerous reports of durability issues, which could impact brand reputation and consumer trust [9]. Competitive Landscape - The competitive environment in the high-end outdoor apparel sector is intensifying, with brands like Lululemon and Descente ramping up marketing efforts to capture market share [12]. - Amer Sports is initiating a multi-faceted transformation, including the launch of a footwear division and targeting the female market to drive future growth [13][14].

Core Viewpoint - The article discusses the significant share reduction by FountainVest, a major shareholder of Amer Sports, which is seeking to sell half of its stake for approximately $1.3 billion, highlighting the company's growth and investment opportunities in the sports goods sector [4][20]. Group 1: Company Background - Amer Sports, known as the "Rolls-Royce of sports goods," owns high-end brands such as Arc'teryx and Salomon, and has gained popularity in China, being referred to as a new social currency among the middle class [4]. - The company was originally founded in 1950 as a tobacco company and transitioned to the sports goods industry in 1974 after acquiring a hockey equipment brand [7][9]. - Amer Sports has expanded through a series of acquisitions, now owning 13 brands across various sports, focusing on mid to high-end markets [10][12]. Group 2: Financial Performance - In 2024, Amer Sports reported total revenue of $5.183 billion, with Arc'teryx generating over $2 billion, making it a key asset for the company [13]. - Following a major acquisition in 2018, Amer Sports underwent significant restructuring, leading to a compound annual growth rate of 20.4% from 2020 to 2022 [13]. - The company went public in 2024, achieving a market capitalization of $6.492 billion, and has seen its stock price increase significantly since its IPO [13][19]. Group 3: Shareholder Actions - FountainVest's decision to sell half of its stake comes after a substantial increase in Amer Sports' market value, allowing the firm to realize significant profits from its initial investment [20]. - After the sale, FountainVest will still hold 6.2% of Amer Sports, valued at approximately $1.267 billion [21]. - The recent surge in consumer interest in outdoor sports has positively impacted Amer Sports' performance, leading to a notable increase in both revenue and stock price [17][18].

Core Viewpoint - FountainVest is seeking to sell half of its stake in Amer Sports for approximately $1.3 billion, marking a significant cash-out opportunity for the investor after a successful investment in the company [1][9]. Group 1: Company Background - Amer Sports, known as the "Rolls-Royce of sports goods," owns high-end brands such as Arc'teryx, Salomon, Wilson, and Atomic, and has gained popularity in China, being referred to as the "new social currency" alongside Lululemon [1][5]. - The company was originally founded in 1950 as a tobacco company and transitioned to the sports goods industry after acquiring a hockey equipment brand in 1974 [3][4]. - Amer Sports has undergone significant mergers and acquisitions, acquiring brands like Wilson and Atomic, and fully divested its tobacco business in 2004 [4][5]. Group 2: Financial Performance - In 2024, Amer Sports reported annual revenue of $5.183 billion, with Arc'teryx generating over $2 billion, making it a key asset for the company [5]. - The company experienced a compound annual growth rate of 20.4% from 2020 to 2022, following a strategic focus on core brands and divestitures of non-core assets [5][9]. - By 2025, Amer Sports reported a revenue of $1.473 billion in Q1, a 23% increase year-over-year, with net profit soaring over 25 times compared to the previous year [9]. Group 3: Investment and Market Activity - FountainVest's initial investment in Amer Sports was part of a consortium led by Anta Sports, which acquired the company for €4.6 billion in 2018, marking the largest outbound acquisition by Chinese capital that year [1][5]. - Following the IPO in 2024, Amer Sports' market capitalization reached $6.492 billion, and its stock price has significantly increased since its listing [5][9]. - FountainVest's recent decision to sell half of its stake not only allows for a profitable exit but also provides liquidity for further investments in the consumer sector, as the market for consumer goods is heating up [10][11].