以下文章来源于新莓daybreak ，作者程佳 新莓daybreak . 理解人，发现变化 来 源丨新莓（ID： new-daybreak ） 作者丨 程佳 编辑丨翟文婷 在互联网 集体 摁下 投资并 购的暂停键后，零售品牌安踏却 向前一步， 走上了靠 收购驱动增长的道路 。甚至这家公司的「绯闻」也跟并购有关。 8月 27 日，三个 头条新闻发生在 安踏 身上 。 这天是安踏 2 025 年半年报发布日，也是 与韩国时尚集团 MUSINSA 共同 成立合资公司 「 MUSINSA中国 」合作细节的官宣日。同时，关于安踏 可能 收购加拿大鹅 的 消息，也在发酵讨论。毕竟这家公司近几年横扫海外运动户外品牌，再收入一家，不是没有可能。 只是这次可能落空。 第二天， 安踏发布公告澄清， 并非潜在收购的一方。 即便不是加拿大鹅， 安踏也可能在考察其他品牌。 坊间 早已盛传 安踏将收购锐步、彪马。 在半年报发布日，安踏集团董事长丁世忠已经给出明确指引 ：「 我们坚信差异化、互补性强的多品牌组合是本集团持续增长的核心引擎。我们将坚定地强 化现有品牌，深挖增长潜力并继续推进战略性并购。 」 坚信， 坚定。这两个形容词足以说明 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company has shown strong performance in the first half of the year, achieving a revenue growth of 14.3% despite a relatively weak domestic consumption environment [9]. - The operating profit margin has improved by 0.6 percentage points year-on-year, attributed to refined operations and increased contributions from high-margin brands [9]. - The main brands, Anta and Fila, are expected to maintain steady growth, while other brands like Descente and Kolon are projected to grow rapidly, contributing significantly to overall revenue [9]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 4.80, 5.54, and 6.21 RMB respectively, with a target price of 135.86 HKD based on a 26x PE valuation for 2025 [4][10]. - Revenue projections for the company are as follows: 62,356 million RMB in 2023, growing to 97,528 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [4][12]. - The net profit attributable to the parent company is expected to reach 10,236 million RMB in 2023, with a forecasted increase to 17,427 million RMB by 2027 [4][12]. Company Performance Metrics - The company achieved a gross margin of 62.6% in 2023, with projections indicating a slight decline to 62.5% by 2027 [4][12]. - The net profit margin is expected to fluctuate from 16.4% in 2023 to 17.9% in 2027, reflecting stable profitability [4][12]. - Return on equity (ROE) is projected to decrease from 18.3% in 2023 to 17.3% in 2027, indicating a slight reduction in efficiency over the forecast period [4][12].

纺织服饰 2025 年 08 月 28 日 安踏体育 (02020) —— 中报表现超预期，多品牌发力再现高成长性 上 市 公 司 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 101.60 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 107.50/68.35 | | H 股市值（亿港币） | 2,852.13 | | 流通 H 股（百万股） | 2,807.21 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -5% 15% 35% 55% HSCEI 安踏体育 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 联系人 刘佩 (8621)23297818× liupei@swsresearch.com 投资要点： 财务数据及盈利预测 | 货币单位：人民币 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | ...

Core Viewpoint - Anta Group has managed to maintain its position in a changing market, achieving a revenue growth of 14.3% year-on-year to 38.544 billion RMB in the first half of 2025, despite a decline in net profit attributable to shareholders by 8.9% to 7.031 billion RMB [1][3][4]. Financial Performance - Anta's revenue growth is notable compared to competitors, with Li Ning's revenue growing by only 3.3% to 14.82 billion RMB and Adidas China achieving a 13% increase to approximately 15 billion RMB [3][4]. - The company's gross profit margin decreased by 0.7 percentage points to 63.4%, with the main brands, Anta and FILA, experiencing declines in their gross margins [11][12]. - Operating profit margin improved by 0.6 percentage points to 26.3% due to refined operations and resource optimization [15]. Brand Performance - Anta's brand revenue grew by 5.4% to 16.95 billion RMB, while FILA's revenue increased by 8.6% to 14.182 billion RMB. Other brands, including Descente and Kolon, saw a significant revenue increase of 61.1% [8][9]. - The performance of the outdoor brand Jack Wolfskin, acquired by Anta, is expected to enhance the company's market position in the mid-range outdoor segment [16]. Market Environment - The domestic market is currently experiencing fluctuations, with a 5.0% year-on-year growth in retail sales of consumer goods, and a 3.1% increase in clothing and footwear sales [7]. - Consumer confidence remains cautious, impacting overall market dynamics and contributing to the revenue decline of competitors like Nike in the Greater China region [7][8]. Strategic Initiatives - Anta is focusing on enhancing profitability through investments in innovation, digitalization, and retail transformation, while also seeking high-quality acquisition opportunities to strengthen its multi-brand strategy [10][17]. - The company has established a joint venture with South Korean fashion group MUSINSA to tap into the young consumer trend and explore the integration of fashion and sports industries [16][18].

Core Viewpoint - Anta Group has managed to maintain its position in a changing market, achieving a revenue growth of 14.3% year-on-year to 38.544 billion RMB in the first half of 2025, despite a decline in net profit attributable to shareholders by 8.9% to 7.031 billion RMB [1][3][4] Financial Performance - Anta's revenue growth is notable compared to competitors, with Li Ning's revenue growing by 3.3% to 14.82 billion RMB and Adidas China growing by 13% to approximately 15 billion RMB [3][7] - The company's gross profit margin decreased by 0.7 percentage points to 63.4%, with the main brands, Anta and FILA, experiencing declines in their gross margins [11][12] - Operating profit margin increased by 0.6 percentage points to 26.3%, indicating effective cost management despite market pressures [15][14] Brand Performance - Anta brand revenue grew by 5.4% to 16.95 billion RMB, while FILA's revenue increased by 8.6% to 14.182 billion RMB, and other brands saw a significant growth of 61.1% to 7.412 billion RMB [8][6] - The performance of specific brands like Descente and KOLON has been strong, with Descente's store efficiency improving significantly [9][8] Market Context - The domestic market is experiencing fluctuations, with retail sales of clothing and footwear growing by only 3.1% [7] - Consumer confidence remains cautious, impacting overall market dynamics and contributing to the revenue decline of competitors like Nike in the Greater China region [7][3] Strategic Focus - Anta is prioritizing profit enhancement through investments in innovation, digitalization, and retail transformation, while also seeking high-quality acquisition opportunities [10][16] - The company has completed the acquisition of Jack Wolfskin and established a joint venture with Korean fashion group MUSINSA to tap into the young consumer market [16][17] Future Outlook - Anta's strategy remains focused on "single focus, multi-brand, globalization," aiming to meet diverse consumer needs and explore new markets [16][18] - The company is balancing expansion with profit protection, which will test management capabilities in a volatile market [19][18]

Core Viewpoint - The company reported its Q2 2025 operational data, showing performance in line with expectations, with a double-digit revenue growth overall, while the main brand Anta experienced low single-digit growth [1][2]. Group 1: Anta Brand Performance - In Q2 2025, Anta's brand revenue growth was low single-digit, while the first half of the year showed mid single-digit growth, which was below internal expectations due to several factors [2]. - The company accelerated store upgrades in lower-tier cities, impacting short-term sales but laying a foundation for future growth [2]. - The competitive landscape during the online 618 shopping festival led to a cautious approach on discounts to maintain brand health [2]. - A new e-commerce head was appointed to enhance product differentiation across platforms, with expectations for improved sales performance in the second half of the year [2]. Group 2: New Retail Formats and Other Brands - Anta's new retail formats, such as champion stores and SV collection stores, have shown significant effectiveness, with champion stores achieving 80% higher sales efficiency than regular stores [3]. - FILA continued its steady growth with mid single-digit revenue growth in Q2, driven by a recovery in main products and strong e-commerce performance [3]. - New brands like Descente, KOLON, and Maia Active showed exceptional growth, with Descente exceeding 40% and KOLON over 70% in Q2 [3]. Group 3: Inventory and Financial Outlook - Inventory levels remained healthy, with a stock-to-sales ratio of around five months for Anta and FILA [4]. - The company maintained effective cost control, which is beneficial for stabilizing overall operating profit margins [4]. - The multi-brand matrix is seen as a valuable asset, with expectations for continued growth potential, maintaining a "buy" rating and profit forecasts for 2025-2027 [4].

Group 1: Anta Sports Products (2020 HK) - The second quarter revenue met expectations, with management reaffirming the annual guidance for 2025, indicating low single-digit, mid single-digit, and 50-55% year-on-year revenue growth for Anta, FILA, and other brands respectively [3] - Despite intense industry competition, management maintains growth guidance for all brands, expecting high single-digit, mid single-digit, and over 30% year-on-year growth for Anta, FILA, and other brands respectively [3] - The forecast for net profit from 2025 to 2027 is projected to be between RMB 13.41 billion and RMB 16.54 billion, with a target price of HKD 110.20 based on a 20x P/E ratio for 2026, maintaining a buy rating [3][4] Group 2: Junda Co., Ltd. (002865 CH) - The company expects a loss of RMB 0.94 billion to RMB 1.94 billion in Q2 2025, which is an increase from the loss of RMB 1.06 billion in Q1 2025, primarily due to a decline in battery prices following a surge in installations in mainland China [5] - Junda has signed a strategic cooperation agreement with Turkey and Europe's largest photovoltaic module manufacturer to jointly build a solar cell production base with a capacity of up to 5GW [5] - The outlook remains positive for the company, anticipating a turnaround in performance in 2026 driven by the commencement of production in Oman and supply-side reforms [5] Group 3: E-commerce Industry - In Q2 2025, adjusted year-on-year growth for physical e-commerce retail sales was 6.3%, with categories like home appliances and cosmetics experiencing a decline in growth [7] - E-commerce platforms are increasing investments in instant retail to drive cross-selling with traditional shelf e-commerce, enhancing user engagement [7] - Major players like Alibaba and JD.com are expected to maintain double-digit year-on-year growth, although profitability may be pressured due to increased investments in flash sales and delivery services [8] Group 4: Economic Data Insights - The consumer price index for June is expected to show a month-on-month increase of 0.30% in both the US and China, with the previous data being 0.10% [9] - The industrial product factory price index is anticipated to rise by 0.20% year-on-year in the US for June [9]

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Key Brands**: Anta, FILA, Descente, and others - **Recent Developments**: Integration of the Jack Wolfskin brand into Anta's financials Key Points Industry Performance - Anta's main brand performance during the 618 shopping festival was slightly below expectations due to controlled inventory strategies and increased competition from international brands [2][4] - FILA and Descente performed exceptionally well, with FILA ranking highly on both traditional and interest e-commerce platforms [2][5][7] Financial Performance - Overall revenue for the first half of the year met or exceeded expectations, with FILA's operating profit margin slightly down but better than market predictions [2][8][20] - Interest income is expected to decrease this year due to the overall decline in interest rates [9] - The financial impact of the Jack Wolfskin brand, which is currently in a loss position, is being managed through personnel restructuring and strategic planning [10] Strategic Initiatives - Anta plans to enhance its e-commerce channels and invest in new store formats (Arena, Super Anta) to improve performance, despite high initial costs [2][6] - The company aims to increase the proportion of high-end city stores and diversify its product lines, including launching black label products and Super Anta champion stores, with a goal to surpass Nike in three years [2][14] Marketing and Consumer Engagement - Anta is adjusting its marketing strategy to focus on core retail business and strengthen connections with female consumers [3][19] - The company is optimizing its supply chain and differentiating its outdoor brands to address market competition effectively [3][23] Future Outlook - Anta expects significant improvement in the second half of the year, with plans to recruit a new e-commerce head to streamline product matching across platforms [6] - The company is cautious about its future buyback plans due to recent acquisitions and aims to reassess in February 2026 [17] Brand Differentiation - Anta's outdoor brands are positioned with clear differentiation in pricing and target markets, ensuring they complement rather than compete with each other [23][24] - The company is focusing on enhancing its supply chain capabilities to support rapid response to market demands [26] Sales and Marketing Investments - Sales expenses this year are concentrated on trendy brands, children's series, and FILA Classic, with expectations of continued double-digit growth [22] Inventory Management - Current inventory levels are reported to be stable, with specific data to be released soon [12] Competitive Landscape - Anta is closely monitoring the competitive landscape, particularly the impact of international brands' promotions on its market performance [5][16] This summary encapsulates the key insights from the Anta Sports conference call, highlighting the company's performance, strategic initiatives, and future outlook in the competitive sportswear industry.

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][6] Core Views - Anta Sports reported a significant increase in net profit by 52% year-on-year for 2024, driven by gains from its joint venture Amer Sports and its successful listing and placement [6][8] - The company achieved a revenue growth of 13.6% year-on-year, reaching 708.3 billion RMB, with operating profit increasing by 8% to 166.0 billion RMB [6][8] - The report highlights the company's multi-brand strategy, with Anta brand showing double-digit growth and Fila brand maintaining steady growth [6][8] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: 624 billion RMB, 708 billion RMB, 779.5 billion RMB, 839.2 billion RMB, and 900.7 billion RMB respectively, with year-on-year growth rates of 16%, 14%, 10%, 8%, and 7% [6][16] - Net profit forecasts for the same period are 102.4 billion RMB, 156.0 billion RMB, 134.1 billion RMB, 147.0 billion RMB, and 160.1 billion RMB, with growth rates of 35%, 52%, -14%, 10%, and 9% respectively [6][16] - The diluted earnings per share are projected to be 3.61 RMB, 5.41 RMB, 4.65 RMB, 5.10 RMB, and 5.55 RMB for FY2023 to FY2027 [6][16] Brand Performance - Anta brand revenue for 2024 was 335.2 billion RMB, growing by 10.6%, while Fila brand revenue reached 266.3 billion RMB, up by 6.1% [6] - Other brands experienced a robust growth of 53.7%, with revenue reaching 106.8 billion RMB [6] Channel Performance - Online sales grew by 22% year-on-year, accounting for 35.1% of total revenue, while the company continued to expand its offline store presence [6][8] - As of the end of 2024, Anta had 7,135 adult apparel stores and 2,784 children's stores, with steady growth in store numbers across various brands [6][8] Global Strategy - Anta is accelerating its globalization strategy, focusing on Southeast Asia as its first overseas market, with successful entries into countries like Singapore, Malaysia, and Vietnam [6][8] - The company has established a significant presence in international markets, with a total of 216, 23, and 4 stores for Anta, Fila, and Descente respectively outside of China [6][8]