Investment Rating - The report maintains an "Outperform" rating for ANTA Sports [2][7]. Core Views - The sportswear and footwear sell-through pressure has eased as the weather cools, with industry growth expected to accelerate in 2026 [1][11]. - ANTA's full-year guidance has been downgraded to low-single-digit growth, reflecting a conservative approach amid weak macro consumer confidence and intensified competition [3][11]. - The management is optimistic about the company's strong channel capabilities and successful multi-brand operation model, which supports sustained growth and market share gains [13]. Financial Summary - Current share price is HK$82.10 with a target price of HK$103.00, indicating a potential upside of 25.4% [2][13]. - Market capitalization stands at HK$230.47 billion (US$29.66 billion) [2]. - Revenue projections for 2025-2027 are RMB 78.35 billion, RMB 86.81 billion, and RMB 95.11 billion, respectively, with year-on-year growth rates of 10.6%, 10.8%, and 9.6% [9][13]. - Net profit attributable to shareholders is forecasted at RMB 13.68 billion, RMB 15.50 billion, and RMB 17.23 billion for the same period, with growth rates of -12.3%, 13.3%, and 11.2% [9][13]. - The P/E ratios for 2025-2027 are projected to be 15.4X, 13.6X, and 12.2X, respectively [13]. Brand Performance - ANTA brand achieved low-single-digit sell-through growth in Q3 2025, with online sales growing by high single digits [3][11]. - FILA brand maintained its full-year guidance with low-single-digit growth in Q3 2025, supported by strong online performance [4][12]. - Other brands under ANTA, such as DESCENTE and KOLON SPORT, reported significant growth rates of over 30% and 70%, respectively [4][12].