智通财经APP获悉，中银国际发布研报称，安踏体育(02020)上半年经调整净利润同比增14.5%，符合预 期。 管理层上调对迪桑特(Descente)和Kolon的预测。该行相信，安踏中期业绩显示出集团成功执行多 品牌策略，并预期其最近与Jack Wolfskin及Musinsa相关的业务发展可作为公司的长期增长催化剂。该 行维持对公司"买入"评级，目标价由106港元上调至114.7港元。 ...

中银国际发布研报称，安踏体育(02020)上半年经调整净利润同比增14.5%，符合预期。管理层上调对迪 桑特(Descente)和Kolon的预测。该行相信，安踏中期业绩显示出集团成功执行多品牌策略，并预期其最 近与Jack Wolfskin及Musinsa相关的业务发展可作为公司的长期增长催化剂。该行维持对公司"买入"评 级，目标价由106港元上调至114.7港元。 ...

继集团于今年较早时间成功完成收购「Jack Wolfskin」业务后，公司正规划下一阶段发展。董事认为认 购事项将扩大安卡控股的资本基础，符合并有利于「Jack Wolfskin」业务的增长策略。 此外，向赏泰（待于交割前完成架构重组后其将由主要为集团高级管理层及雇员的利益而设的信托所持 有）发行相关认购股份，可激励集团高级管理层及雇员并将彼等的财务利益与集团保持一致，及推动彼 等继续为「Jack Wolfskin」业务的长远成长及发展作出贡献。 锐源为一家根据英属维尔京群岛法律注册成立及存在的公司，其为一家就投资控股而设立的特殊目的公 司，于本公告日期由丁世家先生全资拥有。 赏泰为一家根据英属维尔京群岛法律注册成立及存在的公司，其为一家特殊目的公司，于本公告日期由 赖世贤先生全资拥有。于交割前，赏泰将进行若干架构重组，现时预计待有关重组完成后，将有不少于 60%的赏泰股份会由主要为集团高级管理层及雇员的利益而设立的信托所持有。 格隆汇8月27日丨安踏体育(02020.HK)宣布，于2025年8月27日，公司的间接全资附属公司安卡控股与锐 源及赏泰各自订立股份认购协议，据此，锐源及赏泰有条件同意认购而安卡控股 ...

Summary of Anta Sports Products Research Call Company and Industry Overview - **Company**: Anta Sports Products (2020.HK) - **Industry**: Sportswear and Outdoor Equipment Key Points and Arguments 1. **Amer Sports Performance**: Amer Sports reported a solid 2Q performance with an adjusted EPS of $0.06, exceeding consensus estimates of $0.02/$0.03. Revenue grew by 23.5% year-over-year, surpassing expectations of 17.8%/17.9% [1][3] 2. **Guidance Update**: Amer Sports raised its FY25 adjusted EPS guidance to $0.67-$0.72 from a previous range of $0.64-$0.69, indicating strong revenue growth expectations of 20%-21% year-over-year [1][3] 3. **Greater China Growth**: The Greater China market for Amer Sports showed robust growth of 42% year-over-year, maintaining momentum from the previous quarter [2][8] 4. **Positive Outlook for Anta**: The strong performance and guidance from Amer Sports are expected to positively impact Anta's investment income, with an anticipated associate income contribution of approximately RMB1,046 million, representing about 8% of Anta's net income [3][7] 5. **Market Dynamics**: The outdoor segment in China remains strong, attracting younger consumers and luxury shoppers, which is beneficial for Anta's brands like Descente and Kolon [3][8] 6. **Internal Competition**: There are discussions regarding internal competition within Anta's outdoor brand portfolio; however, the company is expected to leverage consumer insights to differentiate its brands and capture segmented demand [3][8] 7. **Tariff Management**: Amer Sports management expressed confidence in managing higher tariffs due to strong pricing power and a diverse global footprint, expecting negligible impact on their business in 2025 [9] 8. **Salomon's Growth**: Salomon's footwear revenue accelerated by 35% year-over-year, indicating positive implications for Original Equipment Manufacturers (OEMs) like Yue Yuen and Feng Tay [10] Additional Important Insights 1. **Retail Strategy**: Amer Sports plans to optimize its retail footprint by closing less productive stores and focusing on high-quality direct-to-consumer (DTC) locations [11] 2. **Sales Trends**: Anta's retail sales growth has shown fluctuations, with e-commerce growth rates between 20-25% in previous quarters, while offline sales have been more variable [12] 3. **Valuation and Risks**: Anta is rated as a Buy with a 12-month price target of HK$117, reflecting a potential upside of 20%. Key risks include weaker brand growth and discount pressures [17][18][20] This summary encapsulates the critical insights from the research call regarding Anta Sports Products and the broader sportswear market dynamics, highlighting both opportunities and risks for investors.

Core Insights - Topgolf Callaway Brands Corp. has successfully completed the sale of its Jack Wolfskin business to ANTA Sports for $290 million, subject to customary closing adjustments [1][2] - The transaction, effective May 31, 2025, marks a significant milestone for the company as it refocuses on its core businesses and enhances financial flexibility ahead of the planned separation of Topgolf from its core operations [2][3] - The President and CEO of Topgolf Callaway Brands expressed confidence in ANTA Sports to maintain the integrity of the Jack Wolfskin brand and acknowledged the contributions of Jack Wolfskin employees [3] Company Overview - Topgolf Callaway Brands Corp. is a tech-enabled Modern Golf and active lifestyle company, offering golf equipment, apparel, and entertainment, with a portfolio that includes Topgolf, Callaway Golf, TravisMathew, Odyssey, and OGIO [4]

CARLSBAD, Calif., April 10, 2025 /PRNewswire/ -- Topgolf Callaway Brands Corp. (NYSE: MODG) ("Topgolf Callaway Brands" or the "Company") announced that it has entered into an agreement to sell its Jack Wolfskin business to ANTA Sports for a base price of $290 million in cash, subject to net working capital and other customary adjustments. The transaction is expected to close in the late second quarter or early third quarter of 2025 and is subject to customary closing conditions, including receipt of certain ...