8月27日，安踏集团发布半年报。财报显示，上半年营收385.44亿元，同比增加14.3%，净利润70.31亿 元，同比增加14.5%；经营利润101.31亿元，同比增长17%；经营利润率26.3%，高于市场预期。 安踏集团董事局主席丁世忠发布致股东的一封信中谈到，"2025年上半年，全球市场风云激荡。在不确 定性当中，我们迎难而上，沉淀企业价值，淬炼长期主义。集团收入再创新高，增长高于行业平均增 速，超市场预期，扩大领先优势，连续12年正增长，连续4年在国内体育行业领先。" 他表示，我们坚定"单聚焦、多品牌、全球化"的战略不动摇，聚焦主业，以多品牌满足不同圈层、不同 场景的消费需求；全球化为安踏带来广阔新空间，在东南亚、中东、北非、北美、欧洲等重要市场深 探。安踏和FILA两大支柱品牌均在超人民币300亿流水的大基数之上，保持超出行业平均水平的韧性增 长；其他品牌包括迪桑特（DESCENTE）、可隆（KOLON SPORT）实现强劲高质量增长。 他还提到，"我们将投资MUSINSA中国，安踏集团持股40%，这并非偏离主赛道，而是更好地贴近年轻 消费趋势，探索大时尚产业与体育产业的融合边界，为运动赛道带来新的启 ...

Core Viewpoint - Anta is facing a critical question regarding the continuation of its Direct-to-Consumer (DTC) strategy as both Nike and Adidas are reassessing their own DTC approaches amid slowing growth for Anta [1][3]. Group 1: Anta's Performance and Market Context - Anta's growth has begun to slow down, with its main brand and FILA showing only low to mid-single-digit growth in retail sales for Q2 2025, while emerging brands have seen growth rates of 50% to 65% [6][8]. - The overall sports goods market has been a growth highlight, with retail sales growth of 25.7% in the first five months of the year, compared to 15.2% the previous year [11]. - FILA's performance has been particularly disappointing, with a reported 6.8% growth in H1 2024, significantly lower than the main brand's 13.5% growth [7][10]. Group 2: DTC Strategy Insights - DTC, which allows brands to sell directly to consumers, was initially seen as a way to enhance growth and profitability, but its effectiveness is now under scrutiny as major brands like Nike and Adidas face challenges related to inventory and channel management [9][10]. - The DTC model can significantly increase gross margins by eliminating middlemen, allowing brands to retain a larger share of sales revenue [16][21]. - However, transitioning to a DTC model also increases operational costs, as brands must now cover expenses traditionally borne by distributors, which can pressure net profits if not managed efficiently [22][23]. Group 3: Anta's Unique DTC Approach - Anta's DTC strategy began in 2020 during a challenging market environment, allowing for a smoother transition and testing phase [29][30]. - FILA served as a successful testing ground for DTC, enabling Anta to validate its model with lower costs and risks [31][32]. - Unlike Nike and Adidas, Anta has maintained a higher number of franchise stores compared to direct stores, indicating a more integrated approach to DTC that does not completely abandon distributors [35][36].

Core Viewpoint - Anta Sports has successfully reclaimed ownership of nearly 10,000 stores from distributors, enhancing its market position and profitability [2][3]. Group 1: Financial Performance - Anta Sports has demonstrated impressive financial results, becoming a leading player in the domestic footwear and apparel industry, with no significant challengers emerging [3]. - The company has maintained a gross margin exceeding 60% over the past four years, significantly higher than competitors like Nike, Adidas, and Li Ning, which have gross margins below 50% [7][9]. - The gross margin of Anta's core brand has improved from 41% in 2019 to 52% in 2021, attributed to the implementation of a Direct-to-Consumer (DTC) model [14][18]. Group 2: DTC Model and Brand Strategy - The DTC model allows Anta to connect directly with end consumers, eliminating intermediaries and enhancing revenue recognition [14][17]. - Over 90% of Anta's revenue now comes from the DTC model and e-commerce channels, indicating a significant shift towards a direct sales approach [17]. - The successful transition to the DTC model is largely credited to the prior success of the FILA brand, which has maintained a gross margin around 70% and has been a key contributor to Anta's overall profitability [13][19][22]. Group 3: Market Expansion and Future Prospects - Anta's acquisition of the German outdoor brand Jack Wolfskin aims to leverage its existing supply chain and retail network to capture a larger market share in the outdoor apparel sector, projected to exceed 100 billion yuan by 2024 [35]. - The company is expected to face challenges in sustaining growth, as the DTC model and e-commerce have already reached a high penetration rate, and the FILA brand's store count has stabilized around 2,000 [30][35]. - Anta plans to finance the Jack Wolfskin project through bond issuance, indicating confidence in future revenue growth and profitability [36].

Core Viewpoint - The company is experiencing stable growth in its main brand and FILA, while all other brands are showing rapid growth driven by the outdoor sports trend [1][2]. Group 1: Company Performance - In Q2 2025, the main brand recorded low single-digit year-on-year growth, while FILA achieved mid single-digit growth, and all other brands saw a significant increase of 50-55% [1]. - For the first half of 2025, the main brand achieved mid single-digit year-on-year growth, FILA recorded high single-digit growth, and all other brands experienced a growth rate of 60-65% [1]. - The main brand's retail growth in Q2 was slightly below expectations, prompting a focus on the effectiveness of online and offline channel enhancement plans [1]. Group 2: Brand Performance - FILA's Q2 retail growth was in line with expectations, achieving mid single-digit year-on-year growth [2]. - The outdoor industry is thriving, with high demand for premium outdoor brands like Descente and KOLON, contributing to the rapid growth of all other brands [2]. - Maia Active is gaining momentum, with a new endorsement deal and the launch of a Yoga Studio store format expected to enhance brand visibility [2]. Group 3: Profit Forecast and Rating - The company is recognized as a leading player in the sports footwear and apparel industry, with a strong competitive edge and significant growth potential through multi-brand operations and overseas expansion [3]. - Projected net profits for 2025-2027 are 13.5 billion, 15.567 billion, and 17.163 billion respectively, with year-on-year growth rates of -13.44%, 15.31%, and 10.25% [3]. - The company maintains a "buy" rating due to the stability provided by its main brand and FILA, along with growth potential in the outdoor segment [3].

Core Viewpoint - Anta Sports reported mixed performance for Q2 2025, with the main brand showing low single-digit growth, while FILA and other brands experienced higher growth rates, indicating a diversified brand performance strategy [1][2] Group 1: Brand Performance - Anta's main brand recorded low single-digit growth in Q2 2025, slightly below expectations, with children's products performing better than bulk goods [1] - FILA achieved mid-single-digit growth in Q2 2025, meeting expectations, with children's and Fusion products showing strong performance [1] - Other brands experienced a significant growth of 50-55% in Q2 2025, with Descente and KOLON showing over 40% and 70% growth respectively [2] Group 2: Financial Projections - The company forecasts EPS for 2025-2027 to be 4.72, 5.26, and 5.88 CNY respectively, with a target price of 113.6 HKD based on a 22x PE ratio for 2025 [2] Group 3: Strategic Developments - The acquisition of Jack Wolfskin, a German outdoor brand, was completed in Q2 2025, which is expected to enhance Anta's presence in the outdoor market in China [2] - The company is implementing a "lighthouse store plan" to strengthen its offline presence while enhancing online sales strategies [1]

Core Viewpoint - The sportswear industry in Hong Kong is facing significant challenges in the second quarter of 2025, with major domestic brands experiencing a slowdown in growth due to weak consumer demand, inventory pressure, and intense price competition [2][10]. Group 1: Performance of Major Brands - Anta, Li Ning, 361 Degrees, and Xtep have all reported weakened performance in Q2 compared to Q1, with Anta and Xtep experiencing low single-digit growth [3][5]. - Anta's retail sales for its main brand showed low single-digit positive growth, while its FILA brand recorded mid-single-digit growth, both of which are slower than the high single-digit growth seen in Q1 [3][4]. - Li Ning's retail sales saw a decline in offline channels, with overall sales growth falling below expectations, indicating a challenging recovery trend [5][9]. Group 2: Market Environment - The overall consumer environment for the sportswear industry is under pressure, with a decline in transaction rates and average spending per customer, attributed to weakened consumer purchasing intent [6][7]. - In June 2025, the retail sales growth for clothing, shoes, and textiles was only 1.9%, a significant drop from previous months, highlighting the industry's struggles [8][7]. Group 3: Competitive Landscape - The competition among domestic sports brands is intensifying, with international brands like Nike and Adidas increasing promotional efforts, leading to deeper discounting strategies among local brands [9][10]. - The industry is shifting focus towards outdoor segments, with brands like Anta and Li Ning making strides in high-end outdoor products, which offer higher profit margins compared to traditional sportswear [9][11]. Group 4: Future Outlook - Analysts predict that the sales momentum for major sportswear companies will remain weak until at least Q2 to Q3 of 2025, primarily due to sluggish sales in lower-tier cities and increased competition [8][9]. - Despite the challenges, there are opportunities in niche outdoor markets, which are becoming a new growth area for brands looking to enhance product value [11].

Investment Rating - The investment rating for Anta Sports (02020.HK) is "Buy" (maintained) [1] Core Views - Anta Sports is advancing channel upgrades for its brand, with outdoor brands leading growth [1] - The company aims for high single-digit growth in overall retail sales for the year, despite short-term impacts from store renovations and online competition [8] Financial Forecasts - Total revenue projections (in million RMB) are as follows: - 2023A: 62,356 - 2024A: 70,826 (up 16.23% YoY) - 2025E: 78,173 (up 10.37% YoY) - 2026E: 86,079 (up 10.11% YoY) - 2027E: 94,239 (up 9.48% YoY) [1] - Net profit attributable to shareholders (in million RMB) is projected as: - 2023A: 10,236 - 2024A: 15,596 (up 52.36% YoY) - 2025E: 13,232 (down 15.16% YoY) - 2026E: 14,763 (up 11.57% YoY) - 2027E: 16,431 (up 11.30% YoY) [1] - Earnings per share (EPS) forecast (in RMB) is: - 2023A: 3.65 - 2024A: 5.56 - 2025E: 4.71 - 2026E: 5.26 - 2027E: 5.85 [1] - Price-to-earnings (P/E) ratios are projected as: - 2024A: 14.71 - 2025E: 17.34 - 2026E: 15.54 - 2027E: 13.96 [1] Retail Performance - In Q2 2025, retail sales for Anta brand grew low single digits, while FILA and other brands saw mid single-digit and 50-55% growth respectively [8] - The company is implementing a "lighthouse store plan" to enhance store image in lower-tier cities, which may temporarily affect sales [8] - FILA's performance met expectations with mid single-digit growth in Q2 2025, and other brands maintained rapid growth, particularly benefiting from seasonal trends [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 2025 operational data shows that the main brand achieved low single-digit growth, while FILA and other brands recorded mid to high single-digit growth [2][3] - The report anticipates high single-digit growth for the main brand and mid single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30% [4] - The report highlights the potential for KOLON and DESCENTE to enhance their market share and product competitiveness due to favorable outdoor market conditions [4] Summary by Sections Event Overview - In Q2 2025, the main brand, FILA, and other brands recorded low single-digit, mid single-digit, and 50-55% growth respectively [2] - For H1 2025, retail sales for Anta, FILA, and other brands showed mid single-digit, high single-digit, and 60-65% growth year-on-year [2] Analysis and Judgment - The main brand's growth in Q2 2025 slowed compared to Q1 2025 and Q2 2024, attributed to a slowdown in both online and offline sales [3] - FILA's growth in Q2 2025 was driven by improvements in children's and trendy brands, although it showed a slight slowdown compared to Q1 2025 [3] - Other brands like DESCENTE, KOLON, and MAIA experienced 50-55% growth in Q2 2025, which is a decrease from Q1 2025 but an improvement from Q2 2024 [3] Investment Recommendations - The report projects revenue forecasts of 770 billion, 859 billion, and 960 billion for 2025, 2026, and 2027 respectively, with net profit estimates of 138.74 billion, 159.07 billion, and 178.76 billion for the same years [4] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 15, and 13 [4]

Core Insights - Anta Sports is strategically positioning Jack Wolfskin as a key player in its outdoor brand portfolio, aiming to replicate the success of Arc'teryx and Salomon in the Chinese market [1][4][14] - The acquisition of Jack Wolfskin is seen as a move to activate an underperforming asset in Anta's portfolio, with the brand expected to fill a gap in the mid-range outdoor market [3][10][13] Group 1: Acquisition and Strategic Positioning - Anta has announced the acquisition of Jack Wolfskin, appointing Yao Jian as the new head of the brand, signaling a renewed focus on this historically significant outdoor brand [1][4] - Jack Wolfskin, with over 500 stores in Europe, is recognized as a reliable and practical outdoor brand, but has been relatively quiet in the Chinese market [3][6] - The brand is positioned to target consumers interested in light outdoor activities, such as urban hiking and family camping, which are rapidly growing segments in China [9][10] Group 2: Market Dynamics and Growth Potential - The light outdoor category in China is experiencing faster growth compared to extreme outdoor segments, making Jack Wolfskin's positioning timely [10][12] - Anta's strategy involves leveraging Jack Wolfskin's established European presence and technology, such as the Texapore waterproof fabric, to enhance its market appeal in China [6][10] - The acquisition is part of a broader strategy to create a comprehensive brand matrix that spans from high-end to mass-market offerings, similar to the LVMH model in the sports sector [14][16] Group 3: Future Challenges and Opportunities - The challenge for Anta will be to effectively integrate Jack Wolfskin into its brand narrative and resonate with younger consumers in China [18] - Anta aims to utilize Jack Wolfskin as a bridge to connect urban consumers with functional outdoor products, enhancing its overall market reach [16][18] - The success of this acquisition will depend on Anta's ability to revitalize Jack Wolfskin's brand presence and engage with the target demographic [18]

Core Viewpoint - Anta Sports is aggressively expanding into the outdoor market, aiming to build a "outdoor empire" by leveraging its brand matrix and channel advantages, following its acquisition of the German outdoor brand Jack Wolfskin for $290 million [1][7]. Group 1: Market Position and Strategy - Anta Sports has achieved a significant milestone by becoming the third global sports goods group to surpass 100 billion yuan in annual revenue, following Nike and Adidas [1]. - The company is focusing on capturing a larger share of the outdoor market in China, directly competing with international giants like The North Face and Columbia, as well as local competitors like Toread and Mobi [1][2]. - The outdoor market is characterized by intense competition, with various brands vying for dominance in both the mid-range and high-end segments [2][13]. Group 2: Acquisition and Brand Development - The acquisition of Jack Wolfskin is seen as a strategic move to fill gaps in Anta's outdoor portfolio, with the potential to replicate the success of brands like FILA and Arc'teryx [8][9]. - Anta has successfully built a brand matrix through acquisitions, including Amer Sports (which owns Salomon and Arc'teryx), and has seen significant revenue growth from these brands [5][11]. - The company is also focusing on localizing the operations of acquired brands to better cater to the Chinese market, addressing past shortcomings in marketing and product offerings [8][9]. Group 3: Competitive Landscape - The outdoor market in China is projected to exceed 240 billion yuan by 2025, with segments like camping, skiing, and hiking driving growth [16]. - Anta faces challenges from both established international brands and emerging local players, with competitors like KAILAS and The North Face gaining market share [15][16]. - The trend among consumers is shifting from "professional hardcore" outdoor gear to more casual and fashionable outdoor apparel, prompting brands to balance functionality with style [17]. Group 4: Sales and Distribution Channels - Anta employs a dual-channel strategy, establishing high-end brand presence in major cities while targeting lower-tier markets with affordable outdoor products [12]. - Online sales channels are rapidly growing, with significant year-on-year increases in GMV on platforms like Tmall and Douyin [12][15]. - The company is enhancing its marketing efforts through social media campaigns and experiential marketing to engage younger consumers [12][17].