Core Insights - The company reported retail sales growth for its brands in Q2 2025, with Anta brand showing low single-digit growth, FILA brand achieving mid-single-digit growth, and other brands experiencing a significant increase of 50-55% [1] - For the first half of 2025, Anta brand retail sales grew in the mid-single digits, FILA brand saw high single-digit growth, and other brands reported a growth of 60-65% [1] Group 1: Anta Brand Strategy - Anta is implementing a "store type revolution" driven by DTC (Direct-to-Consumer) strategies, focusing on precise matching of "different people, different places, different products" [1] - The store network has evolved into a matrix of five differentiated store types, including Arena, Palace, Elite, Standard, and Basic, tailored to various regions and shopping districts [1] Group 2: FILA Brand Strategy - FILA maintains a high average price strategy in the mid-to-high-end market, with a product price range of 800-1200 RMB, strategically positioned against competitors priced at 600-1000 RMB [1] - The brand is agile in adjusting its product and operational strategies, focusing on high-margin, well-designed trendy sports items while reducing inefficient SKUs [1] Group 3: Other Brands and Market Position - During the 618 shopping festival, FILA ranked first in categories such as sports shoes and sports dresses, and second in sports polo shirts and t-shirts, with the latter showing nearly 10% year-on-year growth [2] - Other brands are collaborating effectively, with Descente opening a significant store in Huamao Center to reach high-net-worth consumers, and Kelong launching a new line of minimalist and functional outdoor apparel [2] - Anta's acquisition of German outdoor brand Jack Wolfskin is aimed at advancing its global strategy, particularly in the European market [2] Group 4: Financial Adjustments - The company has adjusted its revenue forecasts for 2025-2027 to 78.6 billion RMB, 87.8 billion RMB, and 98.1 billion RMB, respectively, reflecting uncertainties in the consumer environment [2] - The adjusted net profit forecasts for the same period are 13.5 billion RMB, 15.6 billion RMB, and 17.3 billion RMB, with corresponding EPS of 4.82 RMB/share, 5.56 RMB/share, and 6.16 RMB/share [2]

港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 户外亮眼，精进运营 公司公布 25Q2 及上半年零售流水 2025Q2：安踏品牌零售流水同比增长低单位数；FILA 零售流水同比增长中 单位数；其他品牌零售流水同比增长 50-55%。 2025H1：安踏品牌零售流水同比增长中单位数；FILA 零售流水同比增长高 单位数；其他品牌零售流水同比增长 60-65%。 安踏品牌：DTC 驱动"店型革命"，重构空间价值 迪桑特在华贸中心开出重量级门店，进一步触达高净值消费群体。 可隆推出全新先锋灵感支线，打造兼具极简模块化与功能性的先锋实验性 户外服饰，完美符合消费者想要无缝衔接都市与户外的穿衣需求。 安踏全资收购德国户外品牌 Jack Wolfskin 狼爪，推进安踏体育的全球化进 程，尤其是在欧洲市场。 调整盈利预测，维持"买入"评级 考虑到消费环境不确定性，我们调整公司 25-27 年收入分别为 786 亿人民 币、878 亿人民币、981 亿人民币（原值为 786 亿人民币、883 亿人民币、 1011 亿人民币）；归母净利分别为 135 亿人民币、156 亿人民币、173 亿人 民币（原值为 ...