在近日举办的第三届亚洲愿景论坛上，安踏体育用品有限公司（以下简称"安踏集团"）副总裁、安踏集 团东南亚区域董事长兼总裁王华友表示，真正的全球化，是在坚持品牌基因的前提下，实现每个市场的 本地化。"我们要将品牌优势和优质服务带给当地消费者，有信心未来三年在东南亚市场拥有1000家安 踏品牌的门店，实现千店计划。" 记者从安踏集团方面了解到，目前集团正全力推进全球化战略。其中，把东南亚总部设在新加坡，以该 区域为"桥头堡"强化市场优势，并逐步向南亚、澳大利亚及新西兰等周边市场扩展。在此过程中，集团 通过直面消费者（DTC）的方式，通过"单平台、多品牌、全渠道"模式，运营安踏、斐乐、迪桑特、萨 洛蒙、威尔胜等多个品牌，实现线上线下全渠道链接，并为每个品牌构建完整的销售生态。 在东南亚市场中，安踏集团积极发挥体育资源优势，联合本地体育组织举办赛事，推动体育事业发展， 聘用大量本地人才，创造就业机会。例如，新加坡总部已创造400多个本地岗位，本地员工占比近八 成。 同时，集团还在当地投资数字化、物流等基础建设，以"品牌+零售"的商业模式及直营门店模式获得消 费者关注度，通过全球化资源整合和物流体系搭建提高整体运营效率， ...

安踏集团9月11日出席在新加坡举行的第三届亚洲愿景论坛，安踏在论坛上宣布未来三年的目标是实现 安踏品牌在东南亚的千店计划。2025年上半年，安踏品牌东南亚业务流水同比增长接近翻倍，其高价值 商品、本地化和数字化策略初见成效。纵观安踏集团的全球化进程，可分为三个阶段：在中国做好国际 品牌，重塑品牌价值，释放发展潜力；走出去经营全球品牌，将安踏经验赋能全球；让中国的品牌走出 去，做世界的安踏。目前，集团正全力推进第三阶段的全球化战略。安踏集团把东南亚总部设在新加 坡，以东南亚为桥头堡来不断强化市场优势地位，并逐步拓展至南亚、澳大利亚及新西兰等周边市场， 通过"单平台、多品牌、全渠道"模式，运营安踏集团与亚玛芬集团旗下多个品牌，包括安踏、斐乐、迪 桑特、萨洛蒙、威尔胜等，实现线上线下全渠道无缝链接，为每个品牌构建完整的销售生态。 ...

Core Viewpoint - Anta Group reported strong financial results for the first half of the year, with revenue reaching 38.544 billion yuan, a year-on-year increase of 14.3%, and net profit of 7.031 billion yuan, up 14.5% [1][4] Financial Performance - Revenue for the first half of the year was 38.544 billion yuan, representing a 14.3% increase year-on-year [1] - Net profit reached 7.031 billion yuan, marking a 14.5% increase compared to the previous year [1] - Operating profit was 10.131 billion yuan, with a year-on-year growth of 17% [1] - Operating profit margin stood at 26.3%, exceeding market expectations [1] Strategic Focus - The company maintains a "single focus, multi-brand, globalization" strategy, aiming to meet diverse consumer needs across different segments and scenarios [1][4] - Anta and FILA, the two main brands, both achieved revenue exceeding 30 billion yuan, demonstrating resilience and growth above industry averages [4] - Other brands, including Descente and Kolon Sport, also reported strong and high-quality growth [4] Investment and Acquisition Strategy - Anta Group plans to invest in MUSINSA China, holding a 40% stake, to align with young consumer trends and explore the integration of the fashion and sports industries [2][7] - The acquisition strategy focuses on two types of opportunities: acquiring brands with strong value and genes, and investing in high-potential emerging brands [8] - The company emphasizes the importance of not only acquiring well but also managing and collaborating effectively to enhance market competitiveness [8] Long-term Vision - Anta aims to become a world-leading multi-brand sports goods group, contributing to the construction of a strong sports nation in China [6][7] - The company has signed contracts to support 36 Chinese national teams, reflecting its commitment to social responsibility and value creation for stakeholders [6] - Anta's stock has appreciated nearly 20 times since its listing in Hong Kong in 2007, indicating a focus on long-term stakeholder benefits rather than short-term gains [7]

Group 1 - Morgan Stanley maintains Anta Sports' target price at HKD 117 and an "Overweight" investment rating [1] - Anta's sales in May showed better growth compared to April, attributed to factors such as the earlier 6.18 shopping festival, increased holidays, and normalized weather [1] - Anta indicated that if demand weakens post the 6.18 shopping festival, it will consider offering more online discounts in June to boost sales [1] Group 2 - The retail sales growth for Anta and FILA is expected to reach 5-9% by Q2 2025, with FILA's growth anticipated to be stronger than Anta's [1] - Morgan Stanley maintains the operating profit margin guidance for Anta/FILA at 20-25%/~25% for 2025, while noting that Descente and KOLON currently have operating profit margins of over 30% and over 20% respectively [1]

Group 1 - Morgan Stanley raised the target price for Anta Sports (02020.HK) from HKD 140 to HKD 142, maintaining an "Overweight" rating [1] - The company has shown a stable trend in Q2, continuing from Q1, with healthy inventory levels and optimistic sales and performance outlook [1] - Retail sales guidance for the year remains unchanged, with Anta, Fila, and other brands expected to achieve high single-digit, mid-single-digit, and over 30% growth, respectively [1] Group 2 - Operating profit margin guidance is maintained, with expected margins for Anta, Fila, and other brands at 20%-25%, approximately 25%, and 25%-30%, respectively [1] - However, the first half of the year may see operating profit margins impacted by inventory impairment reversals, normalization of government subsidies, and declining interest rates [1]