Core Insights - Anta Sports achieved a revenue of 38.544 billion yuan in H1 2025, representing a year-on-year growth of 14.3% [1] - The net profit attributable to shareholders, excluding the dilution from Amer Sports' listing, was 7.031 billion yuan, also up 14.5% year-on-year, with a net profit margin of 18.2% [1] - The company plans to distribute an interim dividend of 1.37 HKD per share, with a stable payout ratio of 50.2% [1] Brand Performance - Anta's main brand revenue grew by 5.4% to 16.95 billion yuan in H1 2025, with a gross margin decrease of 1.7 percentage points to 54.9% due to increased investment in professional products and a higher proportion of lower-margin e-commerce sales [2] - FILA's revenue increased by 8.6% to 14.18 billion yuan, with a gross margin decline of 2.2 percentage points to 68.0% [2] - Other brands saw a significant revenue increase of 61.1% to 7.41 billion yuan, with a gross margin and operating profit margin rising to 73.9% and 33.2%, respectively, driven by high-end outdoor brands like DESCENTE and Kolon Sport [2] Channel Performance - Online sales grew by 17.6%, with online revenue accounting for 34.8% of total revenue, an increase of 2.0 percentage points year-on-year [2] - As of mid-2025, Anta's main brand operated 7,187 stores, with various new store formats being introduced [3] - FILA's store count remained stable, while DESCENTE and KOLON SPORT continued to expand rapidly [3] Strategic Initiatives - The multi-brand strategy remains central to the company's operations, with the acquisition of JACK WOLFSKIN and the establishment of a joint venture with MUSINSA to enhance market presence in China [3] - The company is expected to see net profits of 13.814 billion yuan, 15.738 billion yuan, and 17.747 billion yuan from 2025 to 2027, with year-on-year growth rates of -11.43%, 13.93%, and 12.77%, respectively [3] Outlook - The company is expected to maintain stable contributions from its main brand and FILA, while outdoor segments are anticipated to drive growth [4] - The scalability of operations and overseas expansion prospects are viewed positively, leading to a "buy" rating [4]