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 ...

记者丨贺泓源 编辑丨骆一帆 中国运动巨头似乎并不太想接盘彪马。 近日，有媒体报道称，彪马主要股东之一的皮诺（Pinault）家族正在评估新的战略选项，其选项之一就 是出售彪马股份。皮诺家族通过其控股公司Artémis持有彪马29%的股份。 相关报道显示，皮诺家族已聘请顾问，并与潜在买家进行初步接触，了解收购意向。接触名单上包括安 踏、李宁等知名中国体育用品，也出现了美国公司以及中东地区的主权财富基金。 对此，李宁公司回应得相对干脆，其重心还是在李宁品牌上。 "李宁公司坚持 '单品牌、多品类、多渠道'的核心发展战略，目前仍会专注于李宁品牌的成长与发展。 截至目前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估。一切重大信息请以本公司官方 公告为准。"2025年8月26日，李宁如此回应21世纪经济报道记者。 安踏依旧是不评论市场传闻。而据21世纪经济报道记者了解，在"多品牌"战略下，安踏依旧有着种种新 品牌计划。 但彪马是否在优先顺位就不一定了。 彪马在二季度营收下 滑。数据来源：公司财报 动荡彪马 客观上，彪马眼下遭遇了运营困境。 2023年，彪马销售额增长同比增长6.6%至86.017亿欧元；但净利润同 ...

Core Viewpoint - Anta Group is reportedly close to acquiring Reebok from Authentic Brands Group (ABG), which could significantly aid its overseas expansion amidst a challenging domestic market [1][20]. Company Performance - Anta's retail revenue growth has slowed, with the Anta brand showing low single-digit growth in Q2, while FILA's growth is also fluctuating [3][5]. - In 2024, Anta brand revenue is projected to be 33.5 billion yuan, a 10.6% increase, but its revenue share is expected to decline to 47.3% from 48.6% in 2023 [5]. - FILA is expected to generate 26.6 billion yuan in 2024, with a 6.1% year-on-year growth, but has faced a decline in sales in Q3 2024 [6][7]. Market Context - The domestic sports market is experiencing increased volatility, with competitors like Li Ning and Nike also reporting lower-than-expected growth [8][10]. - Nike's sales in Greater China fell by 21% in the latest quarter, indicating a challenging retail environment [8]. Strategic Moves - Anta has a history of successful acquisitions and brand management, including FILA and Amer Sports, which have contributed to its revenue growth [11][12]. - The company is pursuing a "globalization" strategy, expanding into Southeast Asia, North America, and Europe, with significant market coverage [19]. Reebok's Background - Reebok, once a leading brand in the U.S. market, has seen its market share decline significantly since the late 1980s [15]. - ABG acquired Reebok in 2022, aiming for substantial revenue growth, but recent reports indicate a 19% decline in Reebok's revenue in 2024 [17][18]. Potential Benefits of Acquisition - Acquiring Reebok could provide Anta with a foothold in the U.S. market, where it has not previously operated, and leverage Reebok's brand recognition to enhance its global presence [20].

Core Viewpoint - Anta Group is reportedly set to acquire the Reebok brand from Authentic Brands Group (ABG), with the transaction already completed [2] Group 1: Reebok's Historical Context - Reebok was founded in 1895 in Bolton, England, originally known for its first spiked running shoes [2] - The brand transitioned to the U.S. market in 1979 and experienced significant growth, even surpassing Nike in market share during its peak [2] - Reebok partnered with the NFL in 2000 and sponsored numerous athletes for the 2004 Athens Olympics [3] Group 2: Recent Ownership Changes - Adidas acquired Reebok in 2005 for $3.8 billion to enhance competition with Nike, but Reebok's market share began to decline [3] - In 2021, Adidas sold Reebok to ABG for €2.1 billion, with ABG delegating regional operations to partners, including a focus on the Chinese market [3][4] Group 3: Current Performance and Future Prospects - Reebok's global market share is projected to remain below 1.5% by 2024, indicating ongoing struggles in the second-tier brand category [4] - Anta Group, founded in 1991, has successfully expanded its brand portfolio through acquisitions, including FILA, which has become a significant revenue contributor [5][6] - Anta's revenue for 2024 is expected to reach ¥70.826 billion, a 13.58% increase year-on-year, with a net profit growth of 52.36% to ¥15.596 billion [6]

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 - Anta Group, known as the "King of Mergers and Acquisitions," has expanded its brand matrix by acquiring the German outdoor brand Jack Wolfskin for $290 million, marking a significant step in its strategy to enhance its presence in the outdoor sports market [1][3][5]. Group 1: Acquisition Details - Anta Group completed the acquisition of Jack Wolfskin on May 31, 2025, making it an indirect wholly-owned subsidiary [3]. - The acquisition was part of a broader strategy to address the growing demand for differentiated outdoor sports products among consumers [3][5]. - Jack Wolfskin, established in 1981, focuses on outdoor activities and has a strong market presence in Europe and China, with 495 stores globally [5][6]. Group 2: Market Position and Strategy - Anta's acquisition of Jack Wolfskin is seen as a strategic move to strengthen its competitive position in the outdoor segment and to further its globalization strategy [5][6]. - The company has a history of successful acquisitions, including brands like FILA and DESCENTE, which have significantly contributed to its revenue growth [6][8]. - Anta's revenue for 2024 reached 70.826 billion yuan, a 13.6% increase, maintaining its leading position in the Chinese sportswear market [11][12]. Group 3: Future Outlook - The integration of Jack Wolfskin presents both opportunities and challenges for Anta, as it must navigate competition among its various brands while leveraging its operational expertise [10][12]. - The market will soon assess whether Jack Wolfskin can become a growth driver akin to Anta's other successful brands or if it will remain a performance drag [12].

Core Viewpoint - Anta's acquisition of the German outdoor brand Jack Wolfskin marks a significant expansion in its brand portfolio, being the 10th brand acquired by the company, which has a proven track record of revitalizing acquired brands in the Chinese market [1][2][9]. Brand Performance and Market Position - Jack Wolfskin, once a prominent player in the outdoor market, has seen a decline in brand recognition and store presence in China, with only 38 stores remaining by 2025, down from over 700 in 2015 [5][6]. - The brand's lack of distinct product identity and failure to capitalize on the growing outdoor trend has contributed to its diminished market presence [6][7]. - Anta's previous success with brands like FILA, which transformed from a loss of 32.18 million to a profit of nearly 7 billion RMB, suggests that Jack Wolfskin could similarly benefit from strategic repositioning [1][10]. Strategic Acquisition and Brand Management - Anta's acquisition strategy has focused on integrating international brands to dominate the mid-range market, with a total of 10 brands acquired, primarily from overseas [9][10]. - The company has demonstrated a strong ability to turn around struggling brands through effective management and marketing strategies, including precise brand positioning and diversified marketing efforts [11][14]. - The financial growth of Anta, with revenues increasing from 5.87 billion RMB in 2009 to an expected 70.83 billion RMB in 2024, highlights the effectiveness of its acquisition strategy [16]. Future Outlook for Jack Wolfskin - With the increasing popularity of outdoor activities among younger consumers, there is potential for Jack Wolfskin to become a trending brand under Anta's management [7][8]. - The brand's future success will depend on its ability to redefine its product positioning and marketing strategies to appeal to the evolving consumer preferences in the outdoor segment [6][7].