Core Viewpoint - Anta Sports has demonstrated resilience in a challenging retail environment, achieving positive growth in its core brands while other competitors face declines [1][2][4] Group 1: Company Performance - Anta and FILA brands achieved low single-digit positive growth in retail sales, while other brands (excluding those added after January 1, 2024) saw retail sales increase by 45%-50% year-on-year [1] - The company maintained stable discount rates for Anta and FILA brands, ensuring a healthy inventory turnover ratio, reflecting a focus on brand value and profitability rather than just scale [2][3] - The introduction of new products, such as the PG7 series and C202 marathon shoes, has driven sales growth in high-end performance categories, showcasing Anta's effective product strategy [3] Group 2: Market Trends - The overall retail growth in the apparel and footwear sector has slowed, with the sportswear segment facing increased competition and pressure, leading to a general market weakness [1][4] - International brands, including Nike, are experiencing revenue declines in the Greater China region, highlighting the contrasting performance of Anta in the same market [2] - The sportswear market is shifting from scale expansion to quality improvement, with Anta's multi-brand strategy proving effective in navigating market fluctuations [5] Group 3: Future Outlook - Anta's growth logic remains sustainable, with increasing penetration rates in outdoor and running categories, supported by a comprehensive multi-brand and pricing strategy [4] - The company is well-positioned to capitalize on the ongoing trends in the sportswear industry, with a focus on innovation and global brand integration [4][5] - Anta's strong performance in e-commerce platforms, particularly during the Double Eleven shopping festival, indicates robust competitive strength across its brand portfolio [5]

Core Insights - Anta Sports reported positive growth in retail sales for both Anta and FILA brands, with other brands experiencing a significant increase of 45%-50% year-on-year [1] - The sports apparel industry faced challenges in Q3 2025, with a general slowdown in retail sales growth, particularly in the clothing and footwear categories [1] - Anta Sports maintained a strong market position through a well-defined brand matrix and precise category strategies, outperforming industry averages [1][2] Industry Overview - The overall retail sales growth in Q3 2025 slowed compared to Q2, with the apparel and footwear sector showing only low single-digit growth, indicating market pressures [1] - The sports segment saw a divergence in performance, with sports apparel outperforming sports footwear, particularly in running shoes, while basketball and skate shoes faced ongoing challenges [1][2] Company Performance - Anta Sports' ability to sustain solid fundamentals in a weak consumer environment is attributed to its unique business model focused on "brand + retail" and its multi-brand management capabilities [2] - The company successfully maintained stable discount rates for Anta and FILA brands while keeping inventory levels healthy, reflecting a strategic focus on brand value and profitability [2] Product Strategy - Anta has focused on a core strategy of "mass positioning, professional breakthroughs, and brand elevation," successfully capturing market share with innovative products like the PG7 series and C202 marathon shoes [3] - FILA has shown resilience in the high-end sports fashion market, launching a tennis strategy and innovative products that have performed well despite market challenges [3] Growth Drivers - Other brand segments within Anta Sports have continued to grow rapidly, indicating successful positioning in high-end outdoor and professional sports categories [4] - The company’s growth logic remains sustainable, with increasing penetration in outdoor and running categories, supported by a comprehensive multi-brand strategy [4] Market Positioning - Anta Sports brands have demonstrated strong competitive performance in the market, with FILA leading in sales on platforms like Tmall and Douyin, and Anta also ranking highly [5] - The transition in the sports apparel industry from "scale expansion" to "quality improvement" has been effectively navigated by Anta Sports, establishing a unique competitive moat [5]