特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 安踏体育公告拟收购PUMA29.06%股权。公司于2026年1月27日公告，拟按每股普通股35欧元的价格收购 目标公司PUMA SE29.06%股权，交易总对价为15.06亿欧元（折合人民币约122.8亿元），按目标公司24年 净利润计算PE为15倍。相较PUMA1月26日收盘价21.63欧元，交易对价溢价率为62%。交易完成后公司将 成为PUMA的少数股东、对其确认投资损益，交易所需资金将由公司自有资金拨付。 点评： 标的公司PUMA：享誉全球、历史沉淀深厚的全球领先运动品牌 点击注册小程序 查看完整报告 PUMA品牌成立为1948年，为享誉全球、历史沉淀深厚的国际领先运动品牌。2024年PUMA实现营业收入 88.2亿欧元（折合人民币约727. ...

Core Viewpoint - Anta Sports announced its intention to acquire a 29.06% stake in PUMA SE for €1.506 billion, translating to approximately ¥12.28 billion, with a price per share of €35, representing a 62% premium over PUMA's closing price on January 26 [1] Group 1: Acquisition Details - The acquisition will make Anta a minority shareholder in PUMA, allowing it to recognize investment gains and losses [1] - The transaction is based on PUMA's projected net profit for 2024, which implies a price-to-earnings (PE) ratio of 15 times [1] Group 2: PUMA's Current Performance - PUMA faced challenges in 2025, with a revenue decline of 8.5% year-on-year to €5.97 billion and a net loss of €310 million [2] - The management has initiated a series of reform plans, including category focus, channel transformation, and layoffs, aiming for inventory normalization by the end of 2026 and a return to growth in 2027 [2] Group 3: Strategic Importance of the Acquisition - This acquisition marks a significant milestone in Anta's multi-brand globalization strategy, enhancing its brand portfolio alongside existing brands like Fila and Amer Sports [2][3] - PUMA's strong brand presence and historical significance will complement Anta's diverse sports offerings, including football, athletics, and basketball [3] - The acquisition is expected to enhance Anta's market influence and collaboration opportunities with international sports brands, particularly in the Chinese market where PUMA's sales are currently low [3] Group 4: Future Outlook - Anta maintains a positive outlook on its multi-brand and globalization strategy, with earnings per share (EPS) forecasts of ¥4.69, ¥5.10, and ¥5.67 for 2025 to 2027, respectively, and a low valuation PE of 15, 13, and 12 times [4]

Core Viewpoint - Anta Group has reached an agreement to acquire a 29.06% stake in Puma SE from Groupe Artémis for €1.5 billion, reflecting the company's confidence and strategic vision in the sportswear market [1][3][14]. Group 1: Acquisition Details - The acquisition is expected to be completed by the end of 2026, pending regulatory approvals and customary closing conditions [1]. - The funding for the acquisition will come entirely from Anta's internal cash reserves, indicating a strong financial position [1]. - Anta has no plans to launch a takeover bid for Puma, emphasizing respect for Puma's management culture and governance structure [1][16]. Group 2: Puma's Current Performance - Puma's sales decreased by 10.4% to €1.9557 billion in Q3 2025, primarily due to currency impacts and a reset plan affecting sales across all regions [2]. - The wholesale business saw a decline of approximately 15.4% to €1.3857 billion, while direct-to-consumer (DTC) sales grew by 4.5% to €570 million, driven by e-commerce [2]. - DTC's share of total sales increased significantly from 25.1% in Q3 2024 to 29.1% [2]. Group 3: Strategic Rationale for Acquisition - Anta views the acquisition as a strategic milestone in its "single focus, multi-brand, globalization" development strategy, recognizing Puma's long-term brand value and potential [3][4]. - The acquisition aligns with Anta's historical approach of prioritizing brands with strong value and potential for strategic transformation [4]. - Anta aims to leverage its experience in brand management and retail to enhance Puma's market position and global reach [4][12]. Group 4: Anta's Globalization Strategy - Anta has been executing a "three-step" strategy for globalization, focusing on building international brands in China, operating global brands, and promoting its own brand internationally [5][11]. - The successful acquisition of Amer Sports in 2019 marked a significant step in Anta's global operations, allowing it to manage global resources and brand integration [11][12]. - Anta's operational model emphasizes decentralized management, allowing brand CEOs to be accountable for their brands while ensuring strategic alignment with the group's overall goals [16][17].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [1] Core Views - Anta Sports announced its intention to acquire a 29.06% stake in PUMA SE for €15.06 billion (approximately ¥122.8 billion), at a price of €35 per share, representing a 62% premium over PUMA's closing price on January 26 [5] - The acquisition is seen as a significant milestone in Anta's multi-brand globalization strategy, enhancing its brand portfolio and market presence in Europe and globally [7][8] - PUMA, a globally recognized sports brand, faced challenges in 2025, with a revenue decline of 8.5% in the first three quarters, leading to a net loss of €3.1 billion [6] Summary by Sections Company Overview - Anta Sports is a leading global sports goods company with a diverse brand portfolio including Anta, Fila, Descente, and Amer Sports [7] - The acquisition of PUMA will complement Anta's existing brands and enhance its competitive position in the global sports market [8] Financial Performance - PUMA's revenue for 2024 was €8.82 billion (approximately ¥72.73 billion) with a net profit of €340 million (about ¥2.82 billion), reflecting a net profit margin of 3.9% [6] - Anta's projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated at ¥4.69, ¥5.10, and ¥5.67 respectively, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 12 [9] Strategic Implications - The acquisition is expected to leverage Anta's experience in brand management and retail operations to revitalize PUMA's brand value and market presence, particularly in China where PUMA's market share is currently low [8] - Anta aims to enhance its influence in the global sports market through this strategic investment, following its previous acquisition of Amer Sports [7][8]

当前价：76.35 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 2026 年 1 月 27 日 公司研究 大手笔收购 PUMA29%股权，多品牌全球化布局再一里程碑 ——安踏体育（2020.HK）拟收购公告点评 买入（维持） 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 27.97 | | 总市值(亿港元)： | 2135.24 | | 一年最低/最高(港 | 73.55-106.30 | | 元)： | | | 近 3 月换手率： | 32.2% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.2 | -10.8 | -37.1 | | 绝 ...

Core Viewpoint - Anta Sports Products Limited has announced a strategic agreement to acquire a 29.06% stake in Puma SE for €1.5 billion, becoming its largest shareholder, marking a significant step in the globalization of Chinese sports brands [1][2]. Group 1: Strategic Investment and Globalization - The acquisition aligns with Anta's core strategy of "single focus, multi-brand, globalization," enhancing its position as a leading multi-brand sports group with a market value among the top three globally [2]. - The partnership with Puma is expected to create a mutually beneficial ecosystem, leveraging Anta's resources in Asia and Puma's established presence in mature markets like Europe and North America [2][8]. - This collaboration signifies a milestone in the globalization of the Chinese sports industry, transitioning from "brand going global" to "ecosystem going global" [2][12]. Group 2: Historical Context and Growth Strategy - Anta's globalization strategy consists of three phases: establishing international brands in China, managing global brands, and promoting Chinese brands internationally [3]. - The first phase involved acquiring the rights to FILA in 2009, which has since become a significant revenue contributor, showcasing Anta's ability to reconstruct international brand value [3][4]. - The second phase included the acquisition of Amer Sports in 2019 for €4.66 billion, allowing Anta to transition from a regional operator to a global holding company [4]. Group 3: Operational Synergies and Capabilities - Anta's success in globalization is supported by three core capabilities: multi-brand collaborative management, multi-brand retail operation, and global resource integration [9]. - The collaborative management model allows for distinct brand identities while sharing resources, avoiding internal competition and achieving economies of scale [9][10]. - The direct-to-consumer (DTC) model has proven effective, with Puma's DTC sales growing by 16.6% in the 2024 fiscal year, indicating potential for mutual learning and operational enhancement [10]. Group 4: Cultural and Management Philosophy - Anta's approach to globalization emphasizes respect and empowerment in cross-cultural management, maintaining the integrity of Puma's brand identity while integrating operational efficiencies [11][12]. - The "loose control" governance model focuses on key outcomes without interfering in daily operations, fostering innovation and ensuring strategic alignment across brands [12]. Group 5: Future Outlook and Industry Impact - The partnership with Puma is expected to reshape the global sports industry landscape, challenging the dominance of Nike and Adidas and potentially establishing a "three-legged" competitive structure [12][13]. - Anta's evolution from integrating into the global market to empowering it reflects a broader trend in Chinese enterprises, showcasing their ability to create value on a global scale [13].

Investment Rating - The report maintains an "Outperform" rating for ANTA Sports [2][7]. Core Views - The sportswear and footwear sell-through pressure has eased as the weather cools, with industry growth expected to accelerate in 2026 [1][11]. - ANTA's full-year guidance has been downgraded to low-single-digit growth, reflecting a conservative approach amid weak macro consumer confidence and intensified competition [3][11]. - The management is optimistic about the company's strong channel capabilities and successful multi-brand operation model, which supports sustained growth and market share gains [13]. Financial Summary - Current share price is HK$82.10 with a target price of HK$103.00, indicating a potential upside of 25.4% [2][13]. - Market capitalization stands at HK$230.47 billion (US$29.66 billion) [2]. - Revenue projections for 2025-2027 are RMB 78.35 billion, RMB 86.81 billion, and RMB 95.11 billion, respectively, with year-on-year growth rates of 10.6%, 10.8%, and 9.6% [9][13]. - Net profit attributable to shareholders is forecasted at RMB 13.68 billion, RMB 15.50 billion, and RMB 17.23 billion for the same period, with growth rates of -12.3%, 13.3%, and 11.2% [9][13]. - The P/E ratios for 2025-2027 are projected to be 15.4X, 13.6X, and 12.2X, respectively [13]. Brand Performance - ANTA brand achieved low-single-digit sell-through growth in Q3 2025, with online sales growing by high single digits [3][11]. - FILA brand maintained its full-year guidance with low-single-digit growth in Q3 2025, supported by strong online performance [4][12]. - Other brands under ANTA, such as DESCENTE and KOLON SPORT, reported significant growth rates of over 30% and 70%, respectively [4][12].

Core Viewpoint - Anta Sports' Q3 2025 performance was slightly below expectations due to external factors like weather, but the company continues to show growth potential through its multi-brand strategy and expansion of new retail formats [1][2][3] Group 1: Q3 Performance - Anta brand recorded low single-digit growth in retail sales for Q3 2025 [1] - FILA brand also achieved low single-digit growth in retail sales for Q3 2025 [1] - Other brands, including DESCENTE and KOLON SPORT, experienced a significant retail sales growth of 45-50% in Q3 2025, indicating a strong performance in the outdoor segment [1] Group 2: Retail Expansion - As of mid-2025, Anta's main brand operates 7,187 stores, with various new store formats contributing to growth [1] - The company has introduced multiple new retail formats, including Anta Arena and Anta Champion, which are expected to drive future growth [1] - FILA's store count remains stable, while DESCENTE and KOLON SPORT continue to expand rapidly [1] Group 3: Multi-Brand Strategy - Anta Group completed the acquisition of JACK WOLFSKIN in H1 2025 and is developing a 3-5 year revitalization plan for the brand [2] - A joint venture with South Korean fashion group MUSINSA has been established, with Anta holding a 40% stake, aimed at expanding MUSINSA's presence in the Chinese market [2] - Anta has partnered with two universities to establish a sports shoe design program, focusing on integrating design, materials, technology, and digitalization [2] Group 4: Profit Forecast - The company is expected to achieve net profits of 13.443 billion yuan, 15.453 billion yuan, and 17.626 billion yuan for 2025-2027, with year-on-year growth rates of -13.81%, 14.96%, and 14.06% respectively [3] - The multi-brand strategy is anticipated to provide operational stability and growth, particularly in the outdoor segment, while maintaining controllable costs and overseas expansion potential [3]

Core Insights - Fujian has become a significant base for the garment industry, leveraging its geographical advantages and the influx of overseas orders and capital from local expatriates [2][4] - The seven major listed apparel companies from Fujian have rapidly transformed from local brands to national brands, achieving explosive growth in recognition and market presence [2][4] - The apparel industry in Fujian is characterized by a strong focus on both sportswear and traditional menswear, with distinct development trajectories for different brands [3][4] Group 1: Performance of Major Brands - Anta Group has entered the "trillion club" with record-breaking performance, achieving continuous growth for 12 years and surpassing both Nike China and Adidas China in revenue [10][12] - Xtep International has focused on the running segment, achieving significant profit growth by divesting from underperforming fashion segments and enhancing its product offerings [15][16] - 361° has seen a nearly 50% increase in stock price, driven by strong performance in both international and children's markets, with a focus on high-quality and cost-effective products [16][17] Group 2: Market Strategies and Innovations - Anta Group's strategy includes acquiring brands to fill market gaps and expanding its retail presence, with a notable focus on high-end outdoor and fashion segments [12][14] - Xtep has transformed its stores into "running social centers" and launched a new line of children's shoes aimed at supporting growth, enhancing its market position [15][16] - 361° has expanded its international footprint and optimized its store formats, launching a new type of store that aims for high sales volumes [18] Group 3: Specialized Product Lines - Jiumuwang has established itself as a leading men's pants expert, achieving a 248.54% increase in net profit by focusing on a diverse range of men's pants products [20][21] - Lilang has maintained a high gross margin above 50% while expanding its direct-to-consumer (DTC) model and enhancing its online sales channels [24][25] - Seven Wolves has positioned itself as a "jacket expert," achieving significant revenue growth through innovative product offerings and strategic brand partnerships [28][29] Group 4: Trends and Future Directions - The apparel industry in Fujian is witnessing a trend towards DTC models, multi-brand collaboration, and international expansion, with a focus on functional and scenario-based product offerings [33] - Companies are encouraged to either build a comprehensive brand portfolio like Anta or specialize in niche markets like Xtep and Jiumuwang to maximize their strengths [33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue growth of 14% year-on-year in H1 2025, driven by its multi-brand strategy, which is expected to support long-term performance growth [5][7] - The company reported a net profit of 70.31 billion RMB in H1 2025, reflecting a year-on-year increase of 14.5%, with a net profit margin of 18.2% [7] - The multi-brand strategy remains the core focus of the company, with significant contributions from various brands, including Anta and FILA, and a strong performance from other brands [7] Financial Performance Summary - Revenue for 2023 is projected at 62.36 billion RMB, with a year-on-year growth rate of 16.23% [6] - The company expects revenue to reach 78.99 billion RMB in 2025, with a growth rate of 11.53% [6] - The net profit for 2025 is estimated at 13.81 billion RMB, showing a decline of 11.43% compared to the previous year [6] - The earnings per share (EPS) for 2025 is projected to be 4.92 RMB, with a return on equity (ROE) of 18.31% [6] Brand Performance - Anta's main brand revenue grew by 5.4% to 16.95 billion RMB in H1 2025, while FILA's revenue increased by 8.6% to 14.18 billion RMB [7] - Other brands saw a significant revenue increase of 61.1% to 7.41 billion RMB, contributing to 19.2% of total revenue [7] Channel Performance - Online sales grew by 17.6%, accounting for 34.8% of total revenue, while the company continues to expand its offline presence with new store formats [7]