Core Insights - Anta's retail sales for its main brands, including Anta and FILA, showed low single-digit year-on-year growth, while other brands experienced a significant increase in retail sales by 45% to 50% [1] - The company opened over 300 new stores nationwide during the National Day holiday, including various specialized store formats to enhance its market presence [1] - Anta has made technological advancements with the launch of a new high-performance waterproof material and a new warming technology derived from aerospace technology, aiming for sustainability in its product offerings [2] Retail Performance - Anta brand products' retail sales grew at a low single-digit percentage year-on-year - FILA brand products also saw low single-digit year-on-year growth in retail sales - Other brands under Anta experienced a retail sales increase of 45% to 50% [1] Store Expansion - Anta opened over 300 new stores during the National Day period, including: - 39 Anta flagship stores - 30 Anta champion stores focused on outdoor sports - 24 super Anta stores covering a full range of products - 41 Anta lighthouse stores offering professional sports products - 8 Anta outlet stores creating a scene-based outlet experience - 4 Anta collection stores for cross-style branding - 11 Anta children's stores for youth sports - 4 ANTA KIDS PARKs designed as scene-based outlet children's sports parks - 55 ANTA Linglong stores dedicated to children's exclusive IP [1] Technological Innovations - Anta launched China's first self-developed high-performance fluorine-free waterproof and moisture-permeable material, "Fluorine-Free Anta Membrane," in collaboration with Donghua University - The new generation of "Storm Armor" was also introduced, marking a breakthrough in the global high-performance waterproof fabric sector - Anta aims to increase the proportion of sustainable products to 50% by 2030 and plans to sell over 500,000 units of the new "Storm Armor" by 2026 [1] Market Strategy - Anta partnered with Wuhan Textile University to launch a new warming technology, "Anta Six-Degree Core Technology," which has been successfully commercialized for consumer use [2] - The HLSTYLED global tour reached major cities like New York, Shanghai, and Paris, with a successful event held in Paris, indicating Anta's strategic expansion into the European market - Anta is collaborating with JD Sports for offline sales and expanding its online presence across five European countries [2] Financial Outlook - The company adjusted its profit forecast but maintains a "buy" rating, citing long-term value supported by multi-brand strategies, operational efficiency improvements, and global expansion - Projected net profits for 2025-2027 are estimated at 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, with corresponding PE ratios of 16x, 14x, and 12x [2]

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price not specified [7]. Core Insights - Anta's retail sales for its main brand and FILA brand showed low single-digit year-on-year growth, while other brands experienced a significant retail sales increase of 45% to 50% [1]. - The company opened over 300 new stores nationwide during the National Day holiday, including various specialized store formats to cater to different market segments [2]. - Anta has made technological advancements, launching China's first self-developed high-performance fluorine-free waterproof and moisture-permeable material, with plans to increase the proportion of sustainable products to 50% by 2030 [3]. - The HÉLÀ STYLED global tour has expanded Anta's presence in Europe, with successful events in major cities and a strategy to enhance online and offline market penetration [4]. - The profit forecast has been adjusted, with expected net profits for 2025-2027 at 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, reflecting a slight downward revision from previous estimates [5]. Summary by Sections Retail Performance - Anta's main brand and FILA brand retail sales showed low single-digit growth, while other brands saw a 45%-50% increase [1]. Store Expansion - Over 300 new stores were opened, including various specialized formats such as champion stores and children's stores [2]. Technological Innovation - Anta launched a new fluorine-free waterproof material and plans to increase sustainable product usage significantly by 2030 [3]. International Strategy - The HÉLÀ STYLED global tour has enhanced Anta's brand visibility in Europe, with a focus on both online and offline sales channels [4]. Financial Forecast - Adjusted profit forecasts for 2025-2027 indicate net profits of 13.2 billion RMB, 15.2 billion RMB, and 17.1 billion RMB, with a PE ratio of 16/14/12x respectively [5].