8月27日，安踏集团发布了2025年半年报。 今年上半年，安踏集团营收达到385.4亿元，同比增长14.3%，连续第四年稳居中国市场行业首位；经营利润超百亿，达101.31亿元，经营利润率达到 26.3%。 相较于李宁和特步营收分别增长3.3%和7.1%，安踏不仅收入增长速度快，而且今年上半年的收入超过李宁和特步两个品牌的收入之和（约为217亿元）。还 有媒体分析称，安踏半年的营收近乎阿迪耐克大中华区之和。 2024年，安踏集团和旗下Amer Sports的营收总和首次破了千亿，成为继耐克和阿迪达斯后达到这一规模的第三家运动集团。 安踏如何盘算千亿营收之后的下一步发展？ 多品牌矩阵的"甜蜜烦恼" 在不知不觉间，安踏也成为了包含着安踏品牌、FILA、DESCENTE、KOLON SPORT、MAIA ACTIVE、狼爪，以及Amer Sports旗下的始祖鸟、Salomon、 Peak Performance、Wilson等诸多品牌的超大集团。 具体来看，不同品牌在今年上半年的业绩表现均有不同程度提升，其中以DESCENTE和KOLON SPORT为代表的其他品牌表现尤为突出： 安踏品牌的收入达到169.60亿 ...

安踏体育发布2025年上半年业绩，集团业务稳健发展，收入同比增长14.3%至人民币385.44亿元。经调 整股东应占溢利增长7.1%至人民币65.97亿元，若不计Amer Sports上市摊薄影响，则股东应占溢利增长 14.5%至人民币70.31亿元。 具体来看，安踏分部收入同比增长5.4%至人民币169.5亿元，经营溢利率提升1.5个百分点至23.3%，公 司通过创新产品和全球化战略驱动增长。FILA分部收入增长8.6%至人民币141.8亿元，经营溢利率为 27.7%，品牌在网球、高尔夫、女子和户外等专业运动品类中表现尤为突出。安踏体育将继续坚持"单 聚焦、多品牌、全球化"战略，以实现可持续发展。 在此期间，安踏和FILA两大品牌贡献了稳健的业绩增长，而DESCENTE和KOLONSPORT在专业细分领 域实现了强劲增长，共同推动集团收入实现双位数增长，并进一步扩大了市场份额。 ...

Group 1 - The core viewpoint of the report is that Anta Sports (02020) maintains its EPS forecast for 2025/26 at 4.81/5.42 HKD, with a current stock price corresponding to 17/15 times the 2025/26 P/E ratio, and a target price of 120.92 HKD, indicating a 35% upside potential from the current price [1] - Anta and FILA brands achieved low single-digit and mid single-digit revenue growth respectively in Q2 2025, while all other brands saw revenue growth of 50-55% year-on-year [1] - The company is expected to achieve high single-digit and mid single-digit revenue growth targets for Anta and FILA brands in 2025, supported by adjustments in offline stores and online channel management, as well as a low base effect [1] Group 2 - The report indicates that the mid-to-high-end outdoor segment continues to show strong growth, with Anta brand achieving low single-digit revenue growth in Q2 2025, and FILA brand achieving mid single-digit revenue growth [2] - FILA's performance remains stable, with new categories like golf and tennis becoming growth highlights, and the company strategically increasing discount rates online to accelerate inventory turnover and drive revenue growth [2] - Other brands such as DESCENTE and KOLON experienced revenue growth of over 40% and 70% respectively, while the new brand Maia Active achieved over 30% year-on-year growth, indicating a strong expansion of new store types [2]